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And Now We're Headed For The GREATEST Depression, Says Gerald Celente

Posted Aug 20, 2010 08:47am EDT by Henry Blodget in Recession

The fake "recovery" was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun's over, and we're headed for what Celente describes as the "Greatest Depression."

Specifically, the always startling Celente says the country is headed for rising unemployment, poverty, and violent class warfare as the government efforts to keep the economy going begin to fail.

The crux of the problem, Celente argues, is that the middle class has been wiped out. America used to be a land of opportunity for all, where hard-working people could build their own small businesses in their own communities and live prosperous and fulfilling lives. But now a collusion of state and corporate interests that Celente describes as "fascism" have conspired to help only the biggest companies and the richest Americans. This has put a shocking amount of the country's wealth in the hands of a privileged few and left the rest of the country to subsist on chicken-feed wages and low job satisfaction as Wal-Mart "associates" -- or worse.

The answer, Celente says, is to bring back the laws that prevented huge companies from getting so big and powerful, and put some opportunity back in the hands of ordinary people.  But doing that is going to take a while.  And in the meantime, we're headed for trouble.

(Celente's dead right about U.S. wealth inequality, by the way.  It's shocking.  And it's getting worse.  For a quick overview, see "15 Mind-Blowing Facts About Wealth And Inequality In America)

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602 comments

  • A Yahoo! User
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    A Yahoo! User Thu Sep 09, 2010 02:53 am EDT Report Abuse
    Want your prosperity back? Bring back capitalism. Break up all of the big companies and monopolies. And the first big break up should be the AFL-CIO.
  • 2 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    KAREN Tue Aug 31, 2010 08:44 am EDT Report Abuse
    Bust up the robber barons (Big banks, investment companies,
    Insurance companies, fannie/May, and, espically the federal reserve and its game of usury at the expense of citizens, and especially the military-industrial-political complex, American middle class will come back. Much work is required. It can happen and start with a major change in the house of representatives and a leader in the executive branch. The senate? Useless. Monopolies are to be elminated...and we the people will create the incentives for a reconstruction of a healthy middle class.
  • A Yahoo! User
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    A Yahoo! User Sat Aug 28, 2010 09:23 am EDT Report Abuse
    Attention Tiny Tots! Don't give me these little thumbs down. Show me how big you can be. Read all my postings here and on Middle Class Hit Celente video and if you still have beef with the Supreme Leader, spit it! Russ Stahl, the Supreme Leader
  • A Yahoo! User
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    A Yahoo! User Fri Aug 27, 2010 12:01 pm EDT Report Abuse
    The last Recession did not result from high unemployment but from the housing bubble and the financial crisis. No one believes anything like them will happen again soon. Growth has coexisted with high unemployment for a year. This is ongoing. Our corporations are enjoying greater eanings every quarter. Intel has 2 trillion in cash, Caterpiller is sold out for the year, GM is in the black. Europe and Asia are surging. Our goofball analysts routed the Market by predicting the decline and possible breakup of the EU in the second quarter when Germany was in fact surging. My BRKB was up smartly this morning, making me feel rich. We have a vibrant economy. In the Great Depression the Market did not recover for decades and consumer spending decreased 40%. There was no underground economy then . Ours equals 30% of the reported. This is why you don't see peeps selling apples on street corners.Now they are doing ten million things. Let me hear an amen. Yes, I can make us much richer( read my postings below) but no one will listen to me. They want leaders like W who remind the of their highschool gym teacher. Here's the lesson of the day , my homies: unemployment can coexist with growth. We have proved it. Russ Stahl, the Supreme Leader
  • 1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    Tony Fri Aug 27, 2010 09:23 am EDT Report Abuse
    The decline of the United States has been underway for a long time now. We justifiably destroyed our biggest economic rivals in WW2, then they grew back and now we are feeling the pain. Add the fact that China has a middle class, like your boy finally big enough to drop you. Not good. For a while simply being beholden to our biggest creditors (you know, they bought our bonds and we fought their wars) seemed to be working, but now it's just a mess because the average American showed with the Jimmy Carter administration that they would throw out any politician who presided for a term of doing what's right in the long term even if it hurts in the short term. Our CEOs followed suit. They're all rich. The rest of us are wondering why a good job can't support the lifestyle our wives and kids thought it should - hell, why it can't support the lifestyle that it should! Why? 30 years of popularity contest-government policies, with most of our companies imitating our government. Folks, this mess isn't the result of Obama, any bad decisions on his part aside.
  • 5 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    Fvvvvvvvvck uuuuuuuuuuuuu ... Fri Aug 27, 2010 07:48 am EDT Report Abuse
    Sigh. There will be no revolution. The government has done its job well - we're too tired from working three f*cking jobs. Band together with unfortunates of all races? Ain't gonna happen. The press has made sure we're aware of how much we hate one another - even if we don't. No, the government of the wealthy, by the wealthy and for the wealthy has done its job well.
    There will be no revolution. We are right where they want us. Tired, angry, bitter, demoralized and BROKE.
  • 1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    Fvvvvvvvvck uuuuuuuuuuuuu ... Fri Aug 27, 2010 07:46 am EDT Report Abuse
    Sigh. There will be no revolution. The government has done its job well - we're too tired from working three f*cking jobs. Band together with unfortunates of all races? Ain't gonna happen. The press has made sure we're aware of how much we hate one another - even if we don't. No, the government of the wealthy, by the wealthy and for the wealthy has done its job well.
    There will be no revolution. We are right where they want us.
  • 2 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 1 users disliked this comment
    Happy ☹ Fri Aug 27, 2010 05:27 am EDT Report Abuse
    O. Hi Folks !
    The Bamster, your favorite megalomaniac, pathological liar here -- me 'n' " Pluggs" Biden just want to wish you all a happy "SUMMER OF NARCISSISTIC DECEIT & DENIAL" !!

    So far, its been great! Me 'n' the missus are taking OUR 8TH VACATION within a couple months time! That's right! # 8 !!!
    So kick back have a beer summit, relax, Do the Freddy and the Fanny and watch as I allow another bubble to pop just like the first one Frank and Dodd did and I still erroneously blame Bush for, Lose more Jobs and generally tank your miserable life , and oh yea, mendaciously take credit for Iraq........ and remember......THINGS COULD BE WORSE !!

    See you at the mosque !

    Hope"N"Change and focused like a laser on a gulf course.

    all over ya, and sucks to be you

    Barry O.
  • 1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    MADGUNNER Fri Aug 27, 2010 03:40 am EDT Report Abuse
    Here we sit within the $hit of movements of our past; To scrutinize within our eyes, directions lost from sight; To see the ways of times unknown and wander why we tried; When all we get at the end of the road, is tired lay down and die. dammit We ain't hit bottom yet, we only hit the top of the bottom.
  • A Yahoo! User
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    A Yahoo! User Fri Aug 27, 2010 12:20 am EDT Report Abuse
    Interesting that it is not mentioned in this article that recent IRS documentation states the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers COMBINED. It's hard to lower your taxes if you aren't paying much tax in the first place, so a huge number of Americans don't see a change when tax breaks are put in because they are not paying the taxes to begin with. The top 1% pays over 40% of the entire US taxes paid while the entire lower 95% of Americans pays a sum total of only 39%. People need to give credit when credit is due. Our problem is unauthorized taxation bloated with impossible- to-understand bureaucracy and wasteful spending that is putting a crimp on everyone and their future families while holding any real growth at a stagnant standstill. Look into the Fair Tax system -- it is the only fair way that will WORK.

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