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When This New Bubble Bursts, It's All Over
Before we crucify the bank MDs
“Our society is now based on consumption .. 70 per cent of the GDP. This is more than we produce. So to pay our bills, we use funny money invented in 1913 with the creation of the Federal Reserve and the fiat dollar based on credit (debt).. the fractional reserve system.
In 1930’s you bought what you could afford. You saved up to buy your home. The easy credit of the 90’s has destroyed the country. Now you borrow what you can’t afford .. and the nation’s done the same.”
“Phantom dollars, printed out of thin air, backed by nothing … and producing next to nothing … defines the ‘Bailout Bubble.’ Just as with the other bubbles, so too will this one burst. But unlike Dot-com and Real Estate, when the “Bailout Bubble” pops, neither the President nor the Federal Reserve will have the fiscal fixes or monetary policies available to inflate another.” “This is much bigger than the Dot-com and Real Estate bubbles which hit speculators, investors and financiers the hardest. However destructive the effects of these busts on employment, savings and productivity, the Free Market Capitalist framework were left intact. But when the ‘Bailout Bubble’ explodes, the system goes with it.
The above are extracted statements made on the US and world economy by Gerald Celente, the . of the Trends Research Institute, a top trend-forecasting agency in the world.