Celente - Greatest Depression Underway
KINGSTON, NY, 2, March 2009 -
"The Greatest Depression" that The Trends Research Institute forecast, well before Wall Street or Washington would acknowledge recession, is upon us.
The global financial markets are collapsing.
All the pundit's cautious predictions and business media's hopeful expectations at the New Year for an economic turn around and imminent market bottom were dead wrong. There will be no turn around in the second quarter of 2009 or 2010 or 2011 America and much of the world has entered "The Greatest Depression."
The global financial system, built on endless supplies of cheap money, rampant speculation, fraud, greed, and delusion is terminally ill and will not be coaxed into remission by stimulus packages nor restored to health by government buyouts and bailouts.
Today, the MSCI World Index of stocks in 23 developed nations fell 4.9 percent to 713.75, the lowest closing level since March 2003, and its Emerging Markets Index slid 5 percent. The Dow followed, plunging 300 points, closing below 7,000 for the first time since 1997.
There is no stock market bottom in sight. The only figure that can be forecast with confidence is that the Dow won't reach zero!
As the crisis worsens, governments will take draconian measures to prevent total economic collapse and public panic. We have cautioned the likelihood of such measures before. But the rapidity and severity of the economic unraveling now demands immediate attention.
Expect massive bank failures, runs on banks, and bank holidays. Even if deposits are FDIC insured, quick access to money is by no means assured. At minimum, have reserves on hand for emergencies.
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