Economic forecaster: ‘Greatest Depression’ coming

[SarahB]

Collapse of middle class means there's no fuel for recovery, Gerald Celente argues

The US economic recovery in recent quarters is little more than a "cover-up" and the world is headed for a "Greatest Depression," complete with social unrest and class warfare, says a renowned economic forecaster.

Gerald Celente, head of the Trends Research Institute, told Yahoo!News' Tech Ticker that there's no risk of a "double-dip recession" because the first "dip" never ended.

"We're saying there's no double dip, it never ended," Celente said. "We're looking at the Greatest Depression. There's no way out of this without productive capacity. You can't print out of it."

Celente, who has been credited with predicting the 1987 stock market crash, the collapse of the Soviet Union and the subprime mortgage crisis of recent years, said the US and other developed countries can expect to see the sort of social unrest the world witnessed in Greece this year once government attempts to shore up the economy fail and lawmakers turn to "austerity measures" to plug gaping budget holes.

http://rawstory.com/rs/2010/0820/economic-forecaster-greatest-depression-coming/

You might want to bookmark this thread it case this happens and people begin saying "No one could have seen this coming!"

[Rosa Luxemburg]

1. so this will be worldwide? Even china?

[Joanne98]

2. Yeah. He's probably right. We saved the rich and let everything else fail!

[CoffeeCat]

5. Kinda makes you wonder...

...where the billions missing from the Iraq war are. Or what the banks really did with the
bailout money.

It's as if they've been amassing money--before it all crashes.

It feels as if this country is gliding along on the Titanic--with the elites hoarding all of the lifeboats
while most of steerage sits around in oblivion.

[SpiralHawk]

3. "I gots your solution right here. More tax cuts for the rich." - Rush DraftDodger Limbaugh (R)

"More more more more more more more more more for rich republicons. More more more more. Urp. Smirk. Sneer."

- Rush DraftDodger Limbaugh (R - Propagandist)

[CoffeeCat]

4. ...and the saddest thing about Rush Limbaugh...

...is that he's got middle-class fools arguing for the uber rich and insisting that the
rich get those tax cuts. Rush has bamboozled those chumps into believing that the elite
need more and more and more money--so they walk around vociferously advocating for the
enrichment of the top 1 percent.

Can you imagine the top-1-percent cocktail parties and how they howl with laughter about
those middle-class chumps, and how they've been persuaded to advocate against their own
interest and act as minion lobbyists for the uber elite?

The elite knows that we'll all be unemployed, suffering, and broke--while they'll be on
their emerald-encrusted yachts mingling with each other.

They hate us. We are insects.

The revolt will happen when the Freepers finally realize that they've been used to promote
and prop up an agenda that will ultimately destroy them, and our country.

[SpiralHawk]

6. "Smirk." - 'Elite' Republicon Fatcat Overlords