The Collapse of ’09 will follow the Panic of ’08, says Gerald Celente, founder and director of The Trends Research Institute, on The Lew Rockwell Show.
This is one of the direst forecasts that I have run across. Calente calls the current mess “a global meltdown, a global economic crisis.” He says the Obama administration may do some drastic things, such as close banks.
Further, he says Obama may even confiscate gold. Still, Calente says he’s buying gold, the form of money that can survive the collapse. On the Rockwell site, there’s another podcast in which Calente forecasts $2,000 gold.
Calente sees a collapse of the commercial real estate market as large retailers close stores. He and Rockwell also discuss the Treasury’s taking over the banking industry, a big increase in the police state – an increase that will continue under Obama – and the potential for domestic riots with the worst living conditions ever. Calente sees “crime going off the scale.”
If you’re concerned about the government taking action against gold, consider buying silver. If silver’s bulk and weigh present challenges, consider palladium, which is now selling its lowest level in years. Although palladium has not been used as money, it is a precious metal that has important industrial uses and will survive the destruction of the dollar. CMIGS has PAMP 1-oz .9995 palladium bars.