Gerald Celente interviewed on 57gold.com in mid-March 2009 discusses the making of the 2nd Great Depression and what is ahead for 2009.
http://57gold.com/catadmin/media/OnAir.mp3
source and high quality download version: http://57gold.com/interviews.asp
Gerald Celente on the market rally:
We’re going to have these temporary uplifts. Our Trends Journal will be putting down these headlines that they’re speaking about. And, then as we move into the future we’ll see how wrong they were. There’s no recovery in sight.
On Credit Markets:
Let’s listen to the language from Washington… What they want to do is to unfreeze the credit strain so that people can go out and borrow again, so that they can buy more. I mean, this is instanity and they call that normal. They’re going to make it possible for people to borrow more money when they’re in debt way above their head so that they can borrow more of what they don’t need?
…these are just drugs that they’re pushing on the market.
On Commercial Real Estate:
Let’s look at the real group of criminals out there. And the real leveraged buyout scam artists. These are people who were buying 20 billion dollar companies with no money down on the basis of future earnings. That’s when the real credit crisis hit back in 2007, when these guys couldn’t pay back. They’re blaming it all on the sub prime problem.
The next shoe to fall is the collapse of the commercial real estate sector. It’s going to dwarf what we’re seeing sub prime. All of these developments that have been built, all of these malls, all of these office buildings – with virtually no money down…
Look at all of the vacancies that you see all over the country in retail space. Who’s going to rent these spaces? The answer is nobody.
So this is where you’re going to start seeing the collapse of ’09 begin.
On Elimination of Market-To-Market Accounting:
Well, why not? They make up other criminals games. It’s Dodge City. They do whatever they want. They make up stuff. I mean, you know, it’s just to keep the casinos going. And, they’re going to do anything they can.
Crime:
Crime is our greatest concern.
You’re going to start seeing violence and gang violence like this country’s never experienced before. When we say Mexico City, you’re going to start seeing kidnappings start happening more and more.
You know what the reaction’s going to be from the moronic politicians is going to be? Let’s get tough on crime.
On his pessimistic forecasts in the Trends Journal:
People used to write to us and say “we agree with what you’re writing,” but can’t you write about something more positive? Like they’re a bunch of little kids.
The ship has just taken 7 torpedos, it’s taking on water faster than you can bail it out.
And what do you want us to say – Oh, doesn’t the band sound wonderful?
The people that are going to survive this Greatest Depression are those that are going to be the strongest physically, emotionally, spiritually, and the ones that have the faith to invest in themselves and find the greatness within them.
http://57gold.com/catadmin/media/OnAir.mp3
source and high quality download version: http://57gold.com/interviews.asp
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