Comments on: What To Do With Your Money Just In Case Trends Forecaster Gerald Celente Is Right

By: MoneyEnergy

MoneyEnergy — Wed, 25 Aug 2010 23:21:13 +0000

@Tom – the point about the financial sector not actually “producing” anything is a good one and this point is going to become more and more important. It’s not to say the financial sector is useless – it is needed to facilitate financing, after all – but it has grown too complex and out of proportion to the real needs of a real economy. Read up on how hedge funds and private equity funds actually work and you’ll see what I mean.

By: Ian

Ian — Mon, 23 Aug 2010 16:23:32 +0000

1. US Govt debt is 13 Trillion dollars. GDP is 14.5 Trillion. The Financial Sector (which doesn’t actually *produce* anything) is 8% of GDP or 1.16 Trillion. So if you take away the useless and blood sucking financial sector you get 13.34 Trillion, which is the same as the debt, which means that the national debt is basically 100% of GDP.
2. There is still 1.5 Trillion dollars in mortgage default WAITING TO OCCUR (good summary here: http://tinyurl.com/29ct2qm). When that hits, it will take everything else down with it.
3. Ever since your kind government supported so many fascist dictators in Latin America, Latin Americanos have been heading your way to become your maids and slaves. They now do all the menial jobs and live within their means on 3 bucks an hour. To stop an unemployment free fall, you would need to round up all 12 million of them and kick them out. This may not happen peacefully. (oh, and you would need to do your own cleaning again).
4. US manufacturers can no longer compete in a global market. Your education system has funnelled your best and brightest to a casino in New York. Your current generation of entrepreneurs were born in Russia, India and China.

Ultimately, it doesn’t really matter when the crash comes. It might come in 2010, it might come in 2012, what really matters is that the economic fundamentals (save, invest, research and prudence) no longer exist in the USoA, so the economic decline was inevitable anyway, but as you are an Empire, you think you can shoot your way out of it. This has led to a worsening of the situation, as you use your military to enforce petrodollar hegemony, delaying the inevitable collapse of your currency by some years, but not for much longer.

By: Gary

Gary — Thu, 27 Aug 2009 18:03:48 +0000

The only for sure thing is that we are going to be paying more taxes to pay the debt off…as far as the US going down the tube…if we do so does everyone else…the world felt this last debaucle…its a world economy not a US economy…GOLD…LMAO…can you eat it and besides when the economy does right itself the value of gold will plummet too…money currency is just a way to keep score…if you really want to protect yourself buy some land where you can grow plenty to eat and raise livestock like our forefathers did 100s of years ago…and remember its only life dont take it too serious as no one gets out alive anyway…quit worrying and enjoy simple life.

By: Dyski

Dyski — Thu, 13 Aug 2009 11:48:32 +0000

I have many doubts about what any expert in Fox News says (I think it is not hard to understand why). To be honest I don’t have many savings and just try to keep them on my bank account but if I had really huge amount of money I would put them in few places to be certain that if one thing will go bad, others will assure me that I’m not broke :) I would use few different bank accounts, I think that is the safest way of not loosing money. I would not risk playing in stock market next few months, I’m too nervous :)

By: Tman

Tman — Tue, 04 Aug 2009 21:41:52 +0000

There is the off chance that the democrats in office get whacked hard enough by their constituents during their August recess that they see the incumbent death notes on the wall and reverse course in regards to their insane spending proposals. This may allow the markets to shore up and find the bottom so a true recovery can start.

By: MoneyEnergy

MoneyEnergy — Tue, 04 Aug 2009 16:05:27 +0000

@FFB – yeah, his Buffett comment is probably stupid and better directed at someone else. However, that is the first time I’ve ever heard him say anything about Buffett, so it’s probably not very reflective of Celente’s other conclusions or his company, really. Celente would have made the comment about any Wall St. banker, I think.

By: FFB

FFB — Tue, 04 Aug 2009 16:01:07 +0000

Right off the bat he’s asking what Buffett has done for society. Does he realize Buffett is giving away most of his money not to his heirs but to charity? This was highly publicized. Makes me question anything else this guy says.

I do wonder where the US will be but we have a knack for re-inventing ourselves too!

By: MoneyEnergy

MoneyEnergy — Tue, 04 Aug 2009 15:36:17 +0000

@Penny – sorry, wasn’t trying to depress anyone!:) it is worrisome, though, you’re right!… I always think it’s better to look at all the possible facts; I know that Celente has had plans to leave the U.S. if he thinks he needs to; that is extreme. But I still think it’s good to diversify into other currencies, etc. – I wouldn’t call it “hoarding” which makes it sound like one is a crazy hermit or something – all hedge funds and institutional investors do it – individuals should too!

By: Penny

Penny — Tue, 04 Aug 2009 12:54:13 +0000

Wow, that’s the most depressing thing I’ve read all day! While I have been wanting to diversify my portfolio with foreign currencies. If the US is really going to burst into flames I’m not sure what hoarding gold, francs, and canned goods will do for you unless you plan to jump ship to a new country.

By: MoneyEnergy

MoneyEnergy — Tue, 04 Aug 2009 02:37:04 +0000

@NoDebtPlan – “internal panic lever,” yes, I have one too:) I view Celente not quite with full-on “skepticism,” but more just with cautious realism – I separate out his own personal extreme views and try to take his company’s findings for what they are. It’s possible there’s some ego involved in his appearing on media show after media show, but I doubt he’s trying to rally up gold or anything for his own benefit. But yes, if the extreme end of what he says happens, there will be bigger probs than just our investments!

@Jordan – I didn’t know there was “Buffett hate” going around but I didn’t mean to contribute to any… I guess that’s just Celente’s polemical opinion. I agree with your general point about people vilifying whomever/whatever sticks out from the average…