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President Barack Obama will use his poll shattering popularity to swiftly enact policies that will prove to be among the most costly and potentially destructive in America's history, predicts Trends Research Institute Director Gerald Celente.
"We are forecasting dramatic measures will soon be taken by the Obama Administration that will worsen the credit crisis and severely damage the nation's economic system," says Celente.
According to The Trends Research Institute Director, the new President who swept into the White House on a tidal wave of unprecedented enthusiasm and the blessings of a strong majority, will have free reign to take whatever actions he deems necessary.
"Whatever Obama wants, Obama gets. Desperate, scared and not knowing what to do to survive the economic storm, people are seeking a messiah to save them, and Obama is their man," said Celente. "When fear rules, reason and logic are ruled out." (According to an AP poll, 71 percent of Americans believe the economy will improve during the first year of the Obama presidency.)
The 332-point stock market decline that greeted Mr. Obama into office (a record breaker for Inauguration Day) and today's 105-point market decline will be followed by a steady stream of worsening economic news and major financial calamities, Gerald Celente forecasts. Just as President Bush exploited 9/11 as a pretext to wage the War on Terror, invade Iraq, abrogate the Constitution and exert broad Executive powers (with bipartisan and majority public support), President Obama will be given even greater latitude to fight a war on economic terror, predicts Celente.
For example, Timothy Geithner, President Obama's nominee for Treasury Secretary, has pledged to expand and prolong government intervention in the financial markets. He said his economic team would take "forceful" and "substantial action" on a "very dramatic scale" to "forge an integrated strategy on how best to achieve currency realignment."
Celente advises to closely read the signals that have been clearly telegraphed by Mr. Geithner. "From proclaiming a bank holiday, confiscating gold to backstop devaluing currencies, mega-bailouts for the too-big-to-fails ... to nationalizing public firms and dollar devaluation ... whichever of these or other actions are taken, the financial burden will fall on the American people," Celente forecasts.
Originally posted by invisibleman11
CODE RED: Economy in Collapse - Drastic Actions Will Be Taken
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For example, Timothy Geithner, President Obama's nominee for Treasury Secretary, has pledged to expand and prolong government intervention in the financial markets. He said his economic team would take "forceful" and "substantial action" on a "very dramatic scale" to "forge an integrated strategy on how best to achieve currency realignment."
first off, the presumed new Treasury Secretary, was I'm sure not Obama's
selection....Geithner is the puppet-masters choice for Treas. Secretary --> because he's from the NY Fed, lock-stock-&-barrel.
I would suggest a replacement Secretary should be from.... let's say
KansasCity.
Next, all the derivatives, which are valued in the Trillion$, should not be
given value or substance, which the Paulson's and Chairman of the NY Federal Reserve of the world have done by monetizing the bogus debt paper in the first place.
Now, the real, asset based notes/bonds/ & mortgage related paper is
a different story... that $1.5Trillion problem needs to be wound-out of the system. But surely not the rich-folks fraudulent debt-paper, which they traded amongst themselves ('paper' with no assets or collateral to back-it-up) and created more than several 100 Trillion of these private 'bets'...
which Fed & Treas are in the process of Bailing-Out to the detriment of
the US Taxpayer.
If Obama wants to 'save' the financial system... he would be advised to
make a distinction between the mortgage debts/bonds/papers...
And the Default Swaps/SIVs/CDOs, interest-rate swaps, & the myraid of
betting slips we generalize as 'derivatives' (debt-out-of-thin-air)
which is then exchanged for Reserve-Notes-out-of-thin-air,
which in turn is collapsing the whole global financial system which once was based on "Trvst"
thanks