Celente went on to discuss what is happening with gold right now,
and told KWN he is continuing to buy physical gold for himself ahead of this
financial collapse. Celente is the founder of Trends Research, and the man many
consider to be the top trends forecaster in the world.
Eric
King: “This is inside your (just released) Trends Journal (a small portion)
from Dr. Paul Craig Roberts (Former Assistant Secretary of the Treasury during
the Reagan Administration):
“2013 could be the year that the Western world, based
as it is on debt and fiat paper money that is printed in order to support debt,
comes to an economic end ... Hopefully, the derivative exposure – essentially
uncovered bets on interest rates, mortgages, currency exchange rates, and prices
of oil and other commodities and equities – nets out in some way so that the net
exposure to risk is far less than $227 trillion. Nevertheless, if enough of
these bets go wrong, banks can go bust.
So far the “euro crisis” promoted by the US and
Western media has protected the US dollar by sending euro holders fleeing into
dollars, and the Federal Reserve’s purchase of the banks’ bad bets has kept
economic Armageddon at bay. However, the Federal Reserve cannot forever create
new dollars with which to purchase the banks’ bad bets and with which to finance
the huge annual operating deficits of the US government without undermining
confidence in the dollar.
Sooner or later the world is going to abandon the US
dollar as the currency in which international accounts are settled. With this
drop in the demand for the dollar, its price or exchange rate will fall, and
import prices will rise. As the US is now an import-dependent country, from that
day on, Americans who walk into Walmart will think they have walked into Neiman
Marcus.”
Eric King: “This was powerful stuff from him, your
thoughts on this essay?
Celente: “Yes, very
powerful. This is Dr. Paul Craig Roberts. This is a guy who was a former
Assistant Treasury Secretary under Ronald Reagan. So when Dr. Paul Craig
Roberts speaks, I listen. We just saw the new trade data come out, and the
United States keeps importing a lot more than it exports, even though they’ve
devalued the currency in an attempt to export more.
The clock is ticking. We’ve seen this played
before. It was the Crash of 1929, the Great Depression, currency wars, trade
wars, World War...."
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