Even as the Dow surges back above 17,000, today the top trends forecaster in the world shared a sad and deeply troubling email he received that exposes just how bad the economic collapse really is in the United States. Below is what Gerald Celente, founder of Trends Research and the man considered to be the top trends forecaster in the world, had to say in this timely and powerful King World News interview.
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Celente: “Right now we are hearing two stories. One is being fed to us by the White House, the Fed, and the other vested business interests in the financial world that keep telling us about an economic recovery. But then when you get into the real world, it’s a whole different story....
Continue reading the Gerald Celente interview below...
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“The desperation is really beginning to show. On Taco Bell’s new ‘dollar menu,’ everything will actually cost a dollar. And look at the big merger and acquisition news this week. We see a couple of those big dollar stores are merging. This is what America has become -- one cheap buck.
The U.S. has collapsed from a thriving middle class society and now we are down to a ‘dollar.’ So when you look at the real world, and put aside the stock market surging and the constant lies and propaganda coming out of the mainstream media, we are seeing a great deal of hardship and suffering going on.”
Eric King: “Gerald, you continue to receive firsthand emails and accounts about how bad the economy really is. You recently received the following email from an individual in the furniture business that is really shocking.”
“I read your comments on King World news on the state of the economy. I think you underestimated the severity of the decline we are experiencing. I am the sales manager for very old, well known, furniture company. For the past 15 years we have employed a sales staff of six very experienced sales people. They all earned between $75,000 - $90,000 per year. We saw 30-50 people a day. Now we see 3 people a day, and our TOP sales
person earns less than $30,000. They would all leave if they had a place to go. All of our sales staff has
owned homes for over 20 years and all are facing foreclosure. I am sure we will be closed before Christmas.
The economy hasn't slowed down, it has stopped. I am sure we are very close to a total financial collapse.
We are facing very scary times. The cure for obesity is right around the corner.” (Hunger).
Eric King: “Gerald, they were seeing 30 - 50 people a day, and now they are now down to 3 people a day. The business has collapsed. When you read something like that from somebody who is at the street level, what are your thoughts?”
Celente: “It’s a tragedy. It’s the mass layoffs that you are seeing that are hitting not only the manufacturing sector, but the high tech sector as well. The layoffs are coming from companies like Microsoft, Cisco, and a lot of this has to do with globalization. The more jobs that are off-shored, the less manufacturing and productivity we have in the states.
Whether it’s on the manufacturing end or on the intellectual end, so many jobs are being off-shored. So the worst is yet to come because the real pain is going to come when interest rates go up. There is no doubt about it. They cannot sustain the economy with record low interest rates. They cannot sustain the economy with trillions of dollars of quantitative easing. How are they going to sustain it when they taper off the rest of the QE and interest rates go up? And that is going to shake America.
Look at what’s going on in Ferguson, Missouri. Read the language and how they refer to it: ‘A struggling midwest city.’ Struggling? Oh yes, it used to be middle class. And you can just multiply that city times thousands in the U.S. that have been gutted. Yes, we have ‘struggling’ cities -- thousands of them throughout the United States.
Also, Chinese factory orders just fell to a 3-month low in August, and Europe is slipping into recession. And when we circle back to the United States, the news is that the Fed is supposedly going to be raising interest rates because ‘They have largely exhausted their ability to improve economic conditions.’
Let me get this straight, the Fed has dumped trillions and trillions of dollars into one scheme after another, we have record low interest rates to juice the economy, and it hasn’t worked. So as the person who sent us that very sad email noted, even with all the stimulus, the economy is completely imploding in many areas and we are nearing total financial collapse.
What is going to happen when interest rates go up when things are already this bad? Well, economic conditions are only going to get worse. Everyone in retail is ‘missing forecasts,’ with revenue ‘lower than expected.’ Now we see overqualified workers in the U.S. who are underpaid, or worse they just can’t find work and they are one of the nearly 23 percent who are unemployed.
Look at housing. Usually 40 percent of new home sales are to people under the age of 35. That number has now fallen to 26 percent from 40 percent. So the money is not there, the economic growth is not there, and interest rates are going to go up, and when they do this fake recovery goes down.
The Rust Belt is no longer just up in the north and the northeast, it’s spreading throughout America. America’s manufacturing, it’s intellectual capacity, its jobs, and it’s future, it’s all rusted, but it’s really going to crumble when interest rates go up.”
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