Gerald Celente of Trends Research Institute, who apparently correctly predicted lots of events like the 1987 stock market crash, the fall of Soviet Union, the 1997 Asian currency crisis and the sub-prime real estate market crash, had this to say to Fox News (via LiveLeak.com):
"We're going to see the end of the retail Christmas….we're going to
see a fundamental shift take place….putting food on the table is
going to be more important that putting gifts under the Christmas
tree," said Celente, adding that the situation would be "worse than the
"America's going to go through a transition the likes of which no one
is prepared for," said Celente, noting that people's refusal to
acknowledge that America was even in a recession highlights how big a
problem denial is in being ready for the true scale of the crisis...
"There will be a revolution in this country," he said. "It’s not going
to come yet, but it’s going to come down the line and we’re going to
see a third party and this was the catalyst for it: the takeover of
Washington, D. C., in broad daylight by Wall Street in this bloodless
coup. And it will happen as conditions continue to worsen."
"The first thing to do is organize with tax revolts. That’s going to be
the big one because people can’t afford to pay more school tax,
property tax, any kind of tax. You’re going to start seeing those kinds
of protests start to develop."
"It’s going to be very bleak. Very sad. And there is going to be a lot
of homeless, the likes of which we have never seen before. Tent cities
are already sprouting up around the country and we’re going to see many
"We’re going to start seeing huge areas of vacant real estate and
squatters living in them as well. It’s going to be a picture the likes
of which Americans are not going to be used to. It’s going to come as a
shock and with it, there’s going to be a lot of crime. And the crime is
going to be a lot worse than it was before because in the last 1929
Depression, people’s minds weren’t wrecked on all these modern drugs –
over-the-counter drugs, or crystal meth or whatever it might be. So,
you have a huge underclass of very desperate people with their minds
chemically blown beyond anybody’s comprehension."
I feel better now, don't you? Maybe I'm being naive, but I just don't see it getting this bad. Bad, yes, but not this bad. Homelessness might get worse, but who profits from houses sitting empty? Certainly not the creditors and certainly not the government. There's literally a glut of housing right now and I think it's more likely that banks and other creditors would end up writing off losses and keeping people in homes.
And that last bit about a drug addled underclass? Makes it sound like the invasion of the zombies doesn't it? But he ignores the point that the major crime doesn't come from the drug addled underclass, but from the folks who traffic the drugs and control the drug markets. So we might get more drug gang activity but I wouldn't worry too much about meth addicts invading your neighborhood.
Finally, revolution? Maybe protests but America has a long way to fall before revolution will set in. Truth be told we could use some protests and some house cleaning in Washington and on Wall Street, but he's not giving Americans enough credit. Our system, as messy as it is, has survived much harder times and will likely do so through my lifetime and that of my children's.