- RHINEBECK, NY --The
same question has been asked throughout history: "How could it have
been that, with all the evidence staring them in the face, people couldn't
see disaster coming?"
- History is again repeating itself. Despite the mountains
of evidence and baskets of statistics pointing to "Panic," the
media, the man on the street and the politicians avoid the facts and deny
the ugly truth or defend their beliefs with a vengeance attacking those
who beg to differ.
- Battered equity markets, rising unemployment, a diving
dollar, $100 per barrel oil, soaring commodity prices, plummeting real
estate values, record home foreclosures, slumping retail sales, crumbling
consumer confidence, a credit crunch, the subprime crisis, write- offs
and write-downs the data doesn't lie. Banks, brokerages, and bond insurers
begging for bailouts and pleading for cash.
- SIVs, CDOs, ARSs VRDNs, hedge fund operators, derivative
players, buyout specialists an alphabet soup of exotic scams, rigged
games, Wall Street cons and double dealers.
- America's on the rocks and sinking fast and there's no
one there to save it. Not the Federal Reserve, the President of the United
States, nor the presidential wannabes in waiting. There are no quick
fixes or human geniuses that can make the debt-bloated pig fly, yet a
desperate public prays that its pathetic politicians will lead them to
- Dumb and Dumber
- Of the Democrats, Hillary Clinton's and Barak Obama's
economic plans are essentially the same, and there is little dispute between
the two when arguing the differences. "My opponent came to Wisconsin
a few days ago and basically gave my speech. That's OK, I want everybody
to agree with me," said Clinton claiming that Obama heisted her economic
- Either ignorant of the facts or afraid to say the word,
both candidates have yet to admit America is in recession, nor have they
warned of the critical conditions that will soon face the nation.
- Prescribing a stimulus package of bromides and minor
trade agreement modifications, their promised tax adjustments, infrastructure
building and "green" job schemes will neither relieve fiscal
pain nor cure the nation's economic malignancy. (See "Panic and Fear
Solutions and Hope," Trends Journal, Winter 2008.)
- On the Republican side, John McCain falters badly on
the economic front. "I don't believe we're headed into a recession,"
he said as the global markets trembled during January's historic bout
of financial turmoil. "I believe the fundamentals of this economy
are strong and I believe they will remain strong," he fantasized.
- Proclaiming that "The issue of economics is not
something I've understood as well as I should," McCain said, "I've
got (Alan) Greenspan's book," as though reading the former Fed Chief's
book would somehow matter. "I'm going to be honest: I know a lot
less about economics than I do about military and foreign policy issues.
I still need to be educated," the presidential contender had said.
- Publisher's Note: In addition to being economically challenged,
McCain's promise to "Follow Osama bin Laden to the Gates of Hell"
and fight the Iraq War "for a hundred years" if necessary, calls
into question his military and foreign policy prowess.
- Cast as a "genuine war hero" and military strategist
McCain's serving time as a prisoner of war after his plane was shot
down while bombing Vietnamese, qualifies him as neither. More accurately
termed a victim and survivor, McCain's torture at the Hanoi Hilton (as
with those persecuted at Guantanamo) does not elevate him to hero status
nor does the loss of his jet fighter during battle qualify him as a military
- Trendpost: A financial market meltdown is in the making.
As the cascade of negative data particularly unemployment numbers
worsens, and as the odds for major business failures and/or geopolitical
crises increase, an Economic 911 could strike as early as March. Secure
your future. Consider taking precautionary measures now in expectation
of a worsening economic future. (See "Economic 9/11: An Escape Plan,"
16 November 2007.)
- Gerald Celente
- The Trends Research Institute
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