Gerald Celente, one of the top trend forecasters in the world, and who accurately predicted the collapse of 2008 well in advance of it occurring, is once again sounding the alarm, along with many [others] in the precious metals community.
The comments above & below are edited ([ ]) and abridged (…) excerpts from the original article written by Nathan McDonald (SprottMoney.com)
In a recent interview, he had the following to say:
51% of the people in the United States that are employed are earning under $30,000 a year… Less than half the population is considered middle-class in America… the gap between the rich and the poor is as bad as it was at the worst times of the Gilded Age going back over a hundred years.
So, what happens when the Panic of 201 happens?
The Panic of ’08 helped wipe out the middle class… this is going to eliminate it to a large degree, because they’re deep in debt.
Delving deeper into our current precarious situation, Celente goes on to highlight how the Central Banksters are now out of ammunition, and the solutions used in 2008 are no longer available to them:
Now, what this is going to do… it’s going to knock out the top… and the top survived the other crash because the top are the ones that are totally leveraged out… there’s no more savings anymore… there’s no more savings anymore… it’s only markets because of zero interest rate policy.
The markets have been artificially juiced up… so when this thing comes down it takes the top down… the last time it pulled out the bottom… so this is going to be a top-down crash – and there’s not going to be anything to pump it back up because they’ve blown all their ammunition.
The next crisis is coming, whether people want to believe it or not. More and more people are waking up to this realization and can now see the writing on the wall. Economic indicators are poor, and nothing has been truly resolved from our last crisis.
The chickens are coming home to roost and it’s not going to be pretty. The best we can do is prepare for the worst and hope for the best. The question is, are you prepared?