Economic Forecaster: ‘Greatest Depression’ Coming - RawStory

[WillyT]

Economic forecaster: ‘Greatest Depression’ coming
Collapse of middle class means there's no fuel for recovery, Gerald Celente argues
By Daniel Tencer
Friday, August 20th, 2010 -- 5:42 pm

<snip>

The US economic recovery in recent quarters is little more than a "cover-up" and the world is headed for a "Greatest Depression," complete with social unrest and class warfare, says a renowned economic forecaster.

Gerald Celente, head of the Trends Research Institute, told Yahoo!News' Tech Ticker that there's no risk of a "double-dip recession" because the first "dip" never ended.

"We're saying there's no double dip, it never ended," Celente said. "We're looking at the Greatest Depression. There's no way out of this without productive capacity. You can't print out of it."

Celente, who has been credited with predicting the 1987 stock market crash, the collapse of the Soviet Union and the subprime mortgage crisis of recent years, said the US and other developed countries can expect to see the sort of social unrest the world witnessed in Greece this year once government attempts to shore up the economy fail and lawmakers turn to "austerity measures" to plug gaping budget holes.

"You're going to see it all over the world," Celente said. "What they call austerity programs ... What are they doing? They're bailing out the banks and they're making the people pay for it. And the people don't like that."

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Link: http://rawstory.com/rs/2010/0820/economic-forecaster-greatest-depression-coming/

:evilfrown:

And... "One of the good businesses to get in to may be guillotines," Celente quipped. "Because there's a real off-with-their-heads fever going on. People are really fed up."

:evilgrin: