Money & Markets - Celente: Fed's 'Monetary Methadone' Causing 'The Greatest Depression'
Article by JT Crowe in Money & Markets
Trends Journal publisher Gerald Celente gave a rather stark interview Friday in which he said central banks around the world are causing “The Greatest Depression,” and that we’ve already passed Stage 1 as unrest builds in more and more countries.
Celente, speaking with Kitco News, first commented on the Federal Reserve’s latest interest rate cut, the third since July — and third since 2008 — essentially calling it a big mistake for everyone but stock traders and companies with massive corporate debt.
“It’s positive for the equity markets and the huge debt that corporations are taking in to keep expanding. But on the negative end, they’re just building more debt into the already over $250 trillion debt bubble,” he said. “So what it is, I call it ‘monetary methadone;’ they’re just shooting in more money to keep the addicted bull running. It’s not boosting economies around the world — we’re looking at a global slowdown.”
“The IMF, the World Bank, one after another are warning of a recession.”
Celente then pointed out that billionaire Bridgewater founder Ray Dalio has been following what Trends Journal has written about the beginning of the gold bull run, and how he came out a couple of weeks later and said he is bullish on gold.
“This is the head of the largest hedge fund in the world and then just a few weeks ago, he said now he’s worried about a Great Depression,” Celente said. “So the people see it and it’s just artificially being boosted by central banks injecting more cheap money, lowering interest rates, and now we have the Federal Reserve — we’re not going to call it ‘quantitative easing,’ we’re going to make up another story.
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