Gerald Celente of the Trends Research Institute sits down with Anastasia Churkina of Russia Today on September 17.
Flying in the face of Bernake’s announcement that we are in recovery, Celente says, “It’s not a recovery, it’s a cover-up. They’re papering over the damage with paper money. There is no recovery, it’s a cover-up.”
Nicolas Retsinas tended to agreed in an interview on Bloomberg TV. While economic news is better than six-months ago, there is still the looming prospects of jobs lost and increasing foreclosures, so it may be too early to declare a recovery.
“Everything’s related to everything. It’s a Rubick’s Cube, if you will, in terms of the economy—in particular the residential sector,” Retsinas said. “As people have lost their jobs—what happens when you loose your job? You can’t pay your mortgage. You can’t pay your mortgage, there’s a foreclosure. If there’s a foreclosure, whoever now owns the property will accept any price to sell that property further driving down prices.”
Celente, in his interview, added, “We’re in the midst, right now, of the second American revolution. We’re going to have to see how it plays out. We’re in the early stages of a revolution. We could go into a revolution, or we could go into a Renaissance. Both opportunities are there. The direction we see it going in, in the short term, is revolution.
“America’s a first, second and third world country. Revolutions don’t happen from people that are going to be watching American Idol or waste their time away playing video games and their mind’s lost in celebrity culture. Pop culture.”
As for what might happen in 2012, Celente is a little more cautious than other forecasters. “…you don’t know what will happen by 2012. However, the way the trends are going now—I want to make that clear, the way the trends are going now and nobody can predict the future, there are too many wildcards thrown on the deck—President Obama will not only be a one term president, but we’ll also see the emergence of a third party.”