"The Greatest Depression" under way

By Gerald Celente Kingston, NY — “The Greatest Depression,” that is The Trends Research Institute forecast, well before Wall Street or Washington would acknowledge recession, is upon us. The global financial markets are collapsing. All the experts’ cautious predictions and business media’s hopeful expectations at the New Year for an economic turnaround and imminent market bottom were dead wrong. There will be no turnaround in the second quarter of 2009 or 2010 or 2011 … America and much of the world has entered “The Greatest Depression.” The global financial system, built on endless supplies of cheap money, rampant speculation, fraud, greed, and delusion is terminally ill and will not be coaxed into remission by stimulus packages nor restored to health by government buyouts and bailouts. Despite all the confidence building, stimulus programs, rate cuts, buyouts and bailouts, the world stock markets continue to vote "no confidence." Each new day produces a new record low. Today’s 281 point drop brought the Dow down to less than half of its October 2007 14,000 high. Undeterred, economists, analysts and pundits continue to speculate on buying opportunities and market bottoms. There is no stock market bottom in sight. The only figure that can be forecast with confidence is that the Dow won’t reach zero! As the crisis deepens governments will take draconian measures to prevent total economic collapse and public panic. We have cautioned the likelihood of such measures before. But the rapidity and severity of the economic unraveling now demands immediate attention. Expect massive bank failures, runs on banks, and bank holidays. Even if deposits are FDIC insured, quick access to money is by no means assured. At minimum, have reserves on hand for emergencies. …