Does a Greatest Depression Loom? (Part 1)

Part one of our snapshot of the current American economy.

Part 2 here:
http://www.youtube.com/watch?v=rwr1zCHNP_o

Gerald Celente - who predicted the 1987 stock market crash, the fall of the Soviet Union and the current economic downturn thinks the future looks grim for the United States.

Celente thinks the United States is heading for a depression instead of the double-dip recession that other economists have forecasted, arguing that we still haven't made our way out of the current recession.

According to Celente, 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. If real unemployment was measured the way it was during the great depression it would actually be at 17.5 percent and could hit 22 percent in the coming years. A recent indication of how bad things are is the near riot in Atlanta when 30,000 people showed up to be put on a housing waiting list.
"We went from a country that used to be merchants, craftspeople, manufacturers, to clerks and cashiers," Celente said. "We have to bring manufacturing back to America."
Celente agreed that the green economy, which seeks to replace fossil fuels with alternative and renewable energy sources, is a good place to start on an economic recovery, but he said the Obama administration's handling of the issue was misguided.
Celente pointed out the US has committed $54 billion for nuclear power expansion, and has also committed to "clean coal" -- neither of which he sees as being large drivers of the green economy.
The government is "not putting money where it should go," he said.

Read the full story here:
http://rawstory.com/rs/2010/0820/economic-forecaster-greatest-depression-coming/


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[efeez1986]

I'm not sure if I'm over simplifying what needs to be done or if I'm not fully educated about the economy but couldn't they just simply stop using money for wars and other useless things and just start new businesses and create jobs for people with that money?

[TheDailyConversation]

@efeez1986 Essentially, yes :)

[markpartalis]

Only the comprehensive re-regulation of banking fix the problem.

[grandmahurliman]

what is fossil fuel? now proven crude oil does not come from fossils. Coal is now being burned very cleanly - near zero impact on air quality.

[grandmahurliman]

what is fossil fuel? now proven crude oil does not come from fossils.

[waltermh111]

@SirSafer Also, I would like to point out, even in the late 90s online purchasing was growing, and it was tax free, or unreported, so it would even out alot also, but then maybe you can say surplus would have only been greater if only, so easy to play your side

[waltermh111]

@SirSafer lol, the only reason?

Tax revenue is gained with taxes, and his decent tax level wouldnt have been under Paul which means you wouldnt have had a surplus on Paul by your reasoning

We werent in major wars so thats not something he could save us from.

Sounds like its easy for you to downplay anything you disagree with.

Paul is no god anyway, theres always this criticism about Obama being peoples messiah, but then I hear so much talk of the Messiah Ron Paul.

Crazy stuff

[dylantuzyk]

@SirSafer

Actually I love Ron Paul.

[waltermh111]

@SirSafer first, fiscal conservatism is false, there is no such thing that I have ever seen. I hear of small town fiscal conservatives but even they spend alot of money on things that are supposedly against fiscal conservatism, its just subjective what money should be spent where I guess

Also, we havent had a liberal president in quite awhile now, we sure dont yet, and the last time we had a left centrist president, we had a surplus.

[dylantuzyk]

@SirSafer

Ah yes, the fiscal conservative years of Reagan and Bush, which generated three hundred thousand dollars' worth of surplus. Oh wait, wrong President...

[dave777blaster]

@SirSafer Like Bush ?

When will Americans wake up and realize that the  Republicans and the Democrats are 2 horns on the same Bull ?

[dave777blaster]

Nothing can be done because the elite raped USA they took 28 trillion dollars on the Bush watch and then another 13 trillion on the Obama watch so far.

When they are done raping America by the end of the Obama term nothing will be left to fix.

in all of the history of America it never spent 30 trillion dollars.

this is the final looting after they sent the jobs offshore.

this is the end there is no recovery possible now.

The magnitude of theft has not been met with any resistance .