Trends Research founder Gerald Celente joins Goldseek Radio September 5, 2009 to discuss unemployment, the economy, the Great Recession DepressionÂ and a host of other issues.
(Interview follows excerpts and comments below)
The effective unemployment rate is about 19% right now when you add in people that no longer have jobs and can’t find any -Â they’ve given up looking, or they have part-time jobs and want full-time. It’s not going to hit home because of the cover-up. When the cover is unfolded and it’s pulled back, then the real pain will strike the [head].
Gerald Celente seems to be spot on with the ‘cover up’ analogy here. Go out and talk to 50 regular Americans, and I would venture to guess that a majority will tell you that we are in recovery mode, most citing the stock market and government bailouts as their underlying reasons for believing this. In reality, the fundamental economic numbers paint a grim picture, with unemployment estimated to continue to rise well into 2010. Reality will hit hard for most Americans who will be ill prepared to handle a situation where their primary (job) and secondary (credit) income streams disappear.
And for those who think that getting a job now is as easy as getting one in the tech booms of the late 1990’s, think again. Gerald Celente points out when many people refuse to believe until, that is, they actually have to hit the street looking for a new gig:
They’re not going to find a job. And what about all these kids getting out of college with a mountain debt that they’ve taken on to get a diploma that’s as worthless as a piece of toilet paper. They’re not going to be able to do anything with this thing. Oh, you got a degree in business administration? Whoopee Do. How about a job at Sports Authority, but only part-time so you don’t have to get any benefits.
The problems are escalating and building upon eachother. And, what kind of jobs are being created? Let’s look at the facts. Hey, you want a good job as a home health aid? We can get you one. You one stock shelves at Walmart till one in the morning? There’s a job for you.
As Karl Denninger at the Market Ticker has pointed out recently, there is no way to service the debt we’ve taken on as we continue to lose jobs, lower wages and reduce work hours. People will simply not have the means to pay off their credit card debt, car loans and mortgages. We are a consumer driven economy which will not survive without the consumer. Gerald Celente points out that absent boost in productive capacity in the United States, the Greatest Depression will continue.
Gerald Celente on Goldseek Part 1 of 2:
Gerald Celente on Goldseek Part 2 of 2:
Full Two Hour Interview with Eric Coffin, Gerald Celente, Bob Chapman, Chris Waltzek at GoldSeek