- As Predicted, Economic 9/11 Hits Wall Street:
Depression Next, Trend Seer Says:
- "In 2008, Americans will wake up to the worst economic
times that anyone alive has ever seen. And they won't know what hit them."
-- Gerald Celente, 17 December 2007
- RHINEBECK, NY 18 September
2008 -- In 2007, Trend forecaster Gerald Celente predicted that an "Economic
9/11" would hit Wall Street in 2008.* As the world knows, on 9/15
- The financial world is in free fall and very few saw
it coming. As the The New York Times wrote, "A year into the financial
crisis, few dreamed that the situation would spiral down, so far, so fast."
(NYT, 15 September 2008.)
- Celente was one of those "few", accurately
predicting both the speed and the spiral.
- Even now, in the midst of the chaos, Wall Street, Washington
and the media, are in damage control mode, still unwilling to acknowledge
the dire implications of the acknowledged facts.
- According to Celente, the worst is yet to come, and it's
going to go global. He said, that the old adage, 'when America sneezes
the rest of the world catches pneumonia,' holds truer than the newly minted
"de-coupling" theory that global growth can be sustained absent
a strong US marketplace. "Equity markets worldwide have collapsed
and there is nothing in place that will support them," said Celente.
- "Lehman's Brother's was the biggest bankruptcy in
United States history and it won't be the last. There will be many more
'too big to fails' and there won't be enough money to bail them all out.
First it was Bear Stearns; then it was Freddie Mac and Fannie Mae, A.I.G.;
tomorrow there will be others," said Celente, Director of the Trends
- "And the failures will extend beyond the financial
sector," he predicted. "In the coming weeks, months and years,
we'll see a steady stream of banks, giant retailers, consumer product companies,
manufacturers, leveraged buyout firms and home builders going under. The
next economic shoe to drop will be in the commercial real estate sector,"
- Asked how he was able to see what others could not, Celente
marveled, "How could they not have seen it coming? Virtually every
day since July 24, 2007, when the Dow took a 226 point dive, we've been
bombarded with a steady stream of dire economic news and depressing data."
- When asked if the stock market has now bottomed, Celente
said "don't ask me, ask Cramer." The CNBC Mad Money guru, Jim
Cramer, asserted on July 29 that the market bottomed from "the panicked
lows it hit on July 15. "
- "It's black comedy," said Celente, "I
don't know whose bottom he was talking about. Even now, when you turn on
the business news, the "experts" who didn't see the panic coming
are still telling us the market has 'capitulated' and a 'bottom' is being
- "But I wouldn't be surprised if the Dow sinks to
8,000. When you add up the data it equals Depression," said Celente,
who also accurately predicted the 1987 stock market crash, the Asian currency
crisis, the last two recessions and the dot.com bust, to name a few of
his major calls.
- Celente has been alerting subscribers, clients and audiences
worldwide, for over a year, of the severity of the crisis and what to do
about it. "Our bold forecast for gold to hit $2000 and the dollar
to dive gained credence yesterday when gold had its biggest one day gain
ever and the dollar plummeted.
- "We've made scores of rock-solid recommendations
on how to preserve capital and prepare for the turbulent times ahead. But
despite the hard evidence and loud warning bells, many people are still
in denial. They hear what they want and hope against hope. Conventional
wisdom holds that the financial turbulence will pass and the long-term
fundamentals are sound. They are not. Empire America is collapsing and
neither the Fed, Congress, the President nor the Presidents-in-waiting
will be able to do anything substantive to reverse the course.
- To schedule an interview with Gerald Celente or to contact
the Trends Journal reporter for this story e-mail: <mailto:Dskriloff@trendsresearch.com>Dskriloff@trendsresearch.com
- *(See "Economic 9/11, Escape Plan," Trends
in the News, 12 November 2007; "Economic 9/11," Top Trends 2008,
Trends Journal, Winter 2008.)
- Trends Research | P.O. Box 660 | Rhinebeck, NY 12572