- On December 17, Gerald Celente told On the Edge host
Max Keiser:
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- "The entire financial system is collapsing. Look
what's going on in China. All of the empty buildings. Look at the home
sales and real estate market. They're in steep decline now."
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- "The only way they kept this global ponzi scheme
afloat following the 2008 panic is for the central banks around the world
to keep juicing money into the system to keep it going, and now it's collapsing."
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- "When all else fails, they take you to war....They're
going to do it again."
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- A year ago, Celente's predictions were spot on. He said
"America's trend is nowhere bottomed, and the worst is yet to come."
Now it's happening in real time as debt piles on more of it, politicians
are gridlocked, and conditions ahead look grim.
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- He said "(t)eetering economies will collapse, currency
wars will ensure, trade barriers will be erected, (and) economic unions
will splinter."
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- Today, Eurozone countries are in sovereign debt crisis.
Currency wars are happening, and America and China trade barbs.
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- Out of work, money and indebted, "legions of on-the-edge
desperate (people) will do whatever they must to keep a roof over their
heads and put food on the table."
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- Today, "(t)hieves are stealing copper piping and
cables, cooking oil and temple donation boxes. Criminal recycling is flourishing.
In 2011, a record number of cyber crimes is reported....more than 23,000
per month."
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- During hard times and growing poverty, "authorities
will intensify their efforts" to get funds for their fiscal obligations.
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- Today, America has a "two-tier" justice system.
Corporate crooks get slap-on-the-wrist fines. In contrast, ordinary people
are severely punished for "small time crimes." Justice means
"just us!"
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- New graduates and others without jobs "are mad as
hell, and they're not going to take it anymore."
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- Today, OWS and other global protests show no signs of
ebbing.
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- Expect ordinary people to face "get touch on crime"
policies. Everyone will be "suspect until proven innocent."
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- Today, people face TSA strip searches, and political
Washington just abolished due process protections.
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- Internet access, social networking, and other ways let
people "reach across borders and language barriers. Journalism 2.0
has the potential to influence and educate citizens" in ways worrying
authorities and corporate bosses.
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- As a result, free web access is under threat. Sites and
computers considered threatening national security may be shut down. Bad
as things have been so far, 2012 will be worse.
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- Celente also calls perceived OWS weaknesses, in fact,
strengths. Activism without leaders or a unified message sustains street
protests. Invasion of the "Occtupy" is here.
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- Look what happened to WikiLeaks, he said. It's been weakened
by cutting off the head of its leader. "Occtupy" has no head.
Cut off one tentacle and another grows. "This is huge, and it's just
going to spread" worldwide because politicians are ignoring growing
need.
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- Worrisome Bank of Canada Comments
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- In mid-December, Bank of Canada Governor Mark Carney
was unusually candid, saying:
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- "Global economic activity has slowed markedly since
June and downside risks remain elevated. In addition to the risks associated
with a failure to contain the European sovereign debt crisis, there is
the risk that household deleveraging and (US) fiscal consolidation"
will have serious global implications.
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- "Deleveraging is already amplifying the economic
downturn now underway, and is likely to have additional detrimental effects.
There is a risk that a broad-based fire sale could lead to a general decline
in asset prices, which would raise investors' funding liquidity risk through
margin calls and exacerbate funding difficulties further."
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- America's real estate market is especially weak. It "remains
fragile and vulnerable to further deterioration. Stagnant wage growth"
is seriously impacting consumer households.
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- He also expressed concerns about China, saying "credit
booms are often accompanied by an increase in the overall riskiness of
banks." As a result, loan repayments are being jeopardized. Moreover,
"anecdotal evidence suggests that a large number of properties are
being purchased (speculatively) for investment purposes and that the vacancy
rate is rising" to dangerous levels.
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- Global economic stresses are intensifying, not ebbing
four years into a serious economic crisis. The entire European continent
is on credit watch. Everything tried so far failed, and policies going
forward promise worse, not improved conditions. In fact, the December Brussels
deal was farcical.
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- Europe already is heading south. Expect much harder times
in 2012. Its trouble will spread. China's greatly impacted. Production
contracted five of the past six months. Analysts visiting there, India,
and Brazil note a dramatic downturn in activity. Also in Germany, Europe's
economic engine, where manufacturing orders fell three straight months.
In Britain, pension funds are being raided to fund projects.
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- As major emerging economies go, so do most or all others.
As Europe goes, so does America. As America goes, so do economies globally.
The grim outlook ahead keeps darkening.
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- Concerns Expressed by Progressive Radio News Hour Guests
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- Progressive Radio regular Bob Chapman calls conditions
in Europe "disastrous. Confidence continues to erode....Greece (is)
in standoff until there are February elections. (It) refuses to reduce
sovereign debt and take any more austerity cuts."
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- "What (financial) masters of the universe don't
understand, or want to understand, is that Greek debt, in fact, all"
excess debt won't be repaid. Eurozone breakup looks increasingly possible.
If Marine Le Pen becomes France's president next year, it's "sure
to happen."
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- European "illuminist bankers have painted themselves
into a corner and there is no way out." Failure to address major problems
years ago caused today's.
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- "All major US, UK and Europeans banks are broke,
and they are staying alive by using inside information (to profit on) every
trade. No one trusts anyone anymore, and the bankers can no longer control
their own system. Systemic debt has undermined the entire structure."
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- The entire Eurozone hasn't enough money to service debts.
As a result, it's only a question of when, not if, the union collapses
with its euro currency.
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- Progressive Radio regular Jack Rasmus also forecasts
2012 trouble. At yearend 2011, America and global economies are deeply
retrenching. As a result, "the Eurozone currency and banking system"
are increasingly vulnerable to crashing, possibly next year.
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- He also sees America heading south. Headline economic
reports conceal depressed jobs, housing, and state/local conditions. Around
26 million have no work. Public worker layoffs continue. Washington focuses
on deficit cutting, not stimulus when it's most needed. Further Fed QE
will do little more than lift asset prices.
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- Post-2012 elections, expect trillions more austerity
cuts. Medicare, Medicaid, Social Security, public pensions and other social
benefits will be greatly impacted. They'll be compounded by middle income
tax hikes affecting mortgage deductions, employer funded health insurance
and other formerly untouchable benefits.
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- At the same time, measures to stimulate job growth are
absent. Exports will soften. Production will weaken. Corporate taxes will
be cut. Bush era ones for America's super-rich will continue.
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- Major European banks may fail, especially in France,
Germany, Italy, Austria, and Finland. Vulnerable Europe's collapse will
spread global contagion.
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- Key realities are fragility, contraction, decline, contagion,
and systemic protracted global crisis conditions affecting economies and
growing millions disastrously.
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- No wonder Celente predicts financial collapse and war
perhaps spreading globally to replace public anger with fear. When other
measures fail, there's nothing left to try.
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- Will it work given growing depravation levels? Only the
fullness of time will tell, but if public pain levels cross thresholds
of no return, all bets are off.
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- According to the December 17 Global Europe Anticipation
Bulletin Bulletin (GEAB), expect 2011 "wrath" to become "rage"
in 2012 and 2013.
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- Stephen Lendman lives in Chicago and can be reached at
lendmanstephen@sbcglobal.net.
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- Also visit his blog site at sjlendman.blogspot.com and
listen to cutting-edge discussions with distinguished guests on the Progressive
Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central
time and Saturdays and Sundays at noon. All programs are archived for easy
listening.
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- http://www.progressiveradionetwork.com/the-progressive-news-hour/.
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