The “Great Recession” as it will become known by 2007, will maintain its grip for at least a generation. Consumer bankruptcy filings, running at about 1.55 million in 2003, will more than double, home foreclosures will skyrocket, businesses of all sizes will collapse and government debt will soar as the income stream from tax sources shrink.
-Trends Journal 2004
Mr. Celente may have been off by 6 - 12 months, as most people did not realize we were in a recession in 2007 because of a heck of a job by the media to keep it under wraps, but the forecast was pretty spot-on. Even throughout 2005, 2006 and early 2006, with the the bubble-boom in full swing, Gerald Celente’s Trends Research Institute stuck with their forecast. The following excerpt, from the Autumn 2009 Trends Journal (Released October 10, 2009) gives us some insight as to why:
When the accumulated data force a conclusion that runs counter to popular opinion and perceived wisdom, it's essential to stick to your guns.
A case in point: back in 2009, popular opinion and the perceived wisdom was that recovery was on the way. But the accumulated data indicated a cover up, not a recovery. The collapsing economy was being propped up by giant pillars made of paper money, printed out of thin air and backed by nothing. But just as before, a majority, egged on by the media and the government, dismissed the hard facts because the big lie was more comfortable.
The data is clear - and it is REAL. The US (and nations around the world) are printing money with reckless abandon. We are bailing out insolvent institutions that should have failed long ago. The credit engine in the United States of America has seized up. Millions are losing their jobs. Homes are being foreclosed on in record numbers, with one foreclosure filing, on average, happening every 13 seconds. Consumer spending is dropping like a rock.
Popular opinion would have you believe the world is recovering. Contrary opinion, supported by facts, suggests we are not coming out of a recession, but rather, diving further into the Greatest Depression.