On June 13th, Trends Journal subscribers and the global media received this Trend Alert®: “Collapse It’s Coming! Are You Ready?”
In that Trend Alert®, Gerald Celente accurately predicted that a global economic collapse was imminent. “The economy is on the threshold of calamity … another violent financial episode is looming,” he wrote.
Celente warned that the trends of the Summer of 2011 paralleled those in play during August of 2007, trends that had culminated in the “Panic of ’08.” He dismissed the assurances of world leaders that policies were in place to mitigate the escalating European and US debt crises.
He discounted “media experts” promoting an imaginary recovery or debating the prospects of a double-dip recession.
It was all bogus. Those assurances were hot air, and the “recovery” talk and “double-dip recession” debates were just red herrings.
In that Trend Alert®, Celente urged readers to resist the urge to lapse into a vacation state of mind. And he warned that the coming panic was going to be distinctly different!
In the Summer of 2007, before the “Panic of ‘08” set in, the Dow had hit a high of 14,000, the real estate and credit bubbles had not yet burst, and unemployment was a manageable 4.7 percent. People actually still felt prosperous.
The “Collapse of 2011” follows four years of relentless economic decay. The combination of plummeting real estate values, intractable unemployment, and a US/European government debt crises dwarfs the banking/financial institution turmoil of 2008.
Back then, Washington and the Federal Reserve treated the critically wounded economy with trillions of stimulus dollars, low interest rates, and quantitative easing. But in 2011, those fiscal and monetary band-aids are not viable options.