Celente: The 2013 Financial Collapse Will Be One For The Ages
January 18, 2013
Today top trends forecaster Gerald Celente told King World News the Western world is heading into a massive financial collapse in 2013. Celente also provided KWN exclusively with a small portion of a frightening new piece from the former Assistant Treasury Secretary under Ronald Reagan, which is contained in the interview below.
Celente went on to discuss what is happening with gold right now, and told KWN he is continuing to buy physical gold for himself ahead of this financial collapse. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world.
Eric King: “This is inside your (just released) Trends Journal (a small portion) from Dr. Paul Craig Roberts (Former Assistant Secretary of the Treasury during the Reagan Administration):
“2013 could be the year that the Western world, based as it is on debt and fiat paper money that is printed in order to support debt, comes to an economic end … Hopefully, the derivative exposure – essentially uncovered bets on interest rates, mortgages, currency exchange rates, and prices of oil and other commodities and equities – nets out in some way so that the net exposure to risk is far less than $227 trillion. Nevertheless, if enough of these bets go wrong, banks can go bust.
So far the “euro crisis” promoted by the US and Western media has protected the US dollar by sending euro holders fleeing into dollars, and the Federal Reserve’s purchase of the banks’ bad bets has kept economic Armageddon at bay. However, the Federal Reserve cannot forever create new dollars with which to purchase the banks’ bad bets and with which to finance the huge annual operating deficits of the US government without undermining confidence in the dollar.
Sooner or later the world is going to abandon the US dollar as the currency in which international accounts are settled. With this drop in the demand for the dollar, its price or exchange rate will fall, and import prices will rise. As the US is now an import-dependent country, from that day on, Americans who walk into Walmart will think they have walked into Neiman Marcus.”