Gerald Celente: EU Collapses in 90 Days, Bank Holiday and War

Gerald Celente: EU Collapses in 90 Days, Bank Holiday and War

"If you live in Greece, you're in a depression; if you live in Spain, you're in a depression; if you live in Portugal or Ireland, you're in a depression," Celente said. "If you live in Lithuania, you're running to the bank to get your money out of the bank as the bank runs go on. It's a depression. Hungary, there's a depression, and much of Eastern Europe, Romania, Bulgaria. And there are a lot of depressions going on [already]."

And as far as a Chinese riding in on a white horse to save the day, Celente said, it's "highly unlikely. China has 1.3 billion people with a million problems . . . If the Europeans and Americans don't buy a lot of crap, then the Chinese can make it and sell it to them."


He continued to explain that China will then likely slow its imports of materials from countries which have been supplying mined product during the commodities boom, leading to a vicious spiral of increased unemployment and declining economic activity—a scenario strongly intimated by Dow Theory Letters author Richard Russell in his latest letter to investors (excerpts posted on King World News). Russell, too, expects a steepening U.S. depression, with 25 percent unemployment in the America as his target at the bottom of the depression.




Read more: http://www.beaconequity.com/gerald-celente-eu-collapses-in-90-days-bank-holid...

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[gorillatwist]

I think when the solar flare hits us many will go on to the next earth into a higher dimension, not even knowing that we are leaving others behind. Those who want more of this will stay here and fight about it, forever.

[DC180]

Celente has been ranting about economy gloom and doom for YEARS... but what has happen.. JACK! It's all fear mongering and he is making $ doing it!

[makjac46]

Britain has other problems besides/as well as, the depression setting in. Far too many immigrants are allowed to flood in whilst the increasing unemployment should signal a halt. To make it worse, further problems will arise as cultures will clash. Riots will be a regular event and more police powers will breed violence and overcrowding of prisons.

[makjac46]

@halycyon1234 China, I feel will be affected in the interim by less demand for their electrical/digital gadgets and cheap exports as America, Australia, Europe and the UK will have no money left after food and fuel costs and the austerity cuts as their governments try to lower their deficits and rebuild their own industries again. That action, will lower demand for raw materials which in turn will hinder export earnings for the USA, Australia. A vicious circle! Developing countries will do OK

[halycyon1234]

@makjac46 Point made, although the unrest is mainly in Greece and the one anomaly of the London riots. As for US debt, it is about the same as the time of the great depression. I'm not entirely sure that China is immune from social unrest.

[makjac46]

@xspettacolare Just like (raincityusa2010) said, money that's printed by the Federal Reserve against Trillions loaned to the USA by China means the USA is in deep Depression now, take stock and see.

[makjac46]

@halycyon1234 Europe is collapsing and there is social unrest, riots etc. already. You wont see the world as it is now again in your lifetime. America is bankrupt, Europe is bankrupt, and more to come

[halycyon1234]

@makjac46 Yes, but if Europe collapses, the RMB will go through the roof. The Europeans will be the cheap labor. Some manufacturing would come back. The only way things would really get bad is if there is social unrest.

[makjac46]

@halycyon1234 Of course no sane person would want a collapse like the one predicted, and yes, Europe did recover very well from WW2, but you must add China to the mix, with it's almost total dominance of TRILLION dollar loans. How will/can countries repay China when they import from China it's cheaper goods?

[halycyon1234]

@makjac46 Europe recovered from WW2. i'm sure it can recover from the euro experiment, IF it collapses.