Trend Alert – Biden Admission: Obama Plan Doomed By Gerald Celente

eHezi Archives 37 Comments

Celente_Gerald Kingston, NY  — Vice President Joseph Biden's admission that the Obama Administration's economic recovery plan was predicated on egregiously inaccurate forecasts consigns the entire effort to failure, predicts Gerald Celente.

"The plan is based upon false premises," said Celente, Director of The Trends Research Institute, referring to White House projections used to sell the stimulus package to the nation.  To make their case, Washington warned that without the Obama stimulus, unemployment, then at 7.2 percent, would rise above 8 percent in 2009 and peak at 9 percent in 2010.

Yet, only midway through 2009, the unemployment rate is already 9.5 percent and rising.  "This is an enormous miscalculation," contends Celente.  "In real world terms, it means that 2.5 million more Americans than anticipated have lost their jobs. The inaccuracy of the forecast undermines the validity not only of the plan, but also of the planners."

Joe Biden sidestepped blame, pleading "guilty with an explanation."  Weaseled Biden, "The truth is, we and everyone else misread the economy."

NO!  "Everyone else" did not "misread the economy."  The Trends Research Institute read it correctly, and has been reading it correctly for decades.

"How often does the government have to be wrong, and how wrong do they have to be before people and the media stop taking them seriously?" wondered Celente.  "The first spending package didn't deliver as promised, and now Obama's advisors want another stimulus, as if doubling up on failure will achieve success."

"If we made forecasts as inaccurate as the Obama team's and implemented similarly unsuccessful plans, and then tried to salvage the situation by repeating exactly the same mistakes, we'd have been laughed out of business long ago," Celente said.

Celente contends there are but three possible explanations for President Obama and his "brilliant" team of economic advisors "misreading how bad the economy was":  

       1. They're ignorant, despite PhD's and impressive resumes.
       2. They are so arrogant they are incapable of acknowledging that anyone outside the incestuous Beltway circle could possibly get it right … when they've got it wrong.
       3. They actually do know better, but are lying.

"None of these suffice as excuses," concluded Celente, "but the inability or unwillingness to make accurate forecasts appears to be a Vice Presidential prerequisite."  This past January, departing VP Dick Cheney sloughed off his administration's central role in accelerating the financial crisis and failure to head it off, claiming, "Nobody anywhere was smart enough to figure it out."

Anyone in the media interested in interviewing one person who was "smart enough to figure it out" should talk to Gerald Celente.

The Greatest Depression is at hand.  The stimulus, bailout and buyout packages being forced on the nation by an Administration that "misread how bad the economy was" will only lead to "Obamageddon": The Fall of Empire America.

Learn more about Trends Research Institute and Director Gerald Celente online, or by calling 1-845-331-3500. © MMIX The Trends Research Institute®

eHeziTrend Alert – Biden Admission: Obama Plan Doomed By Gerald Celente

Comments 37

  1. Your pictures chosen is so good that we can understand the topic you show, but I suggest you add some introduction to express it.

  2. an intellectual discussion of issues…why
    don’t you explain why the fractional reserve
    system is a transfer of wealth…i am listening carefully

  3. There he goes again! Only he understands the way this world works. The rest of us are just a bunch of ignorant rubes taking up space on this planet. Makes one wonder why the hell he spends his time blogging on here?

  4. none of you understand economics supply
    and demand or the banking system..you simply
    have predetermined views that people like
    celente prey upon…fractional reserve banking does NOT TRANSFER WEALTH…it simply
    expands the money supply ..do you understand
    the difference?

  5. You liberals never stop with the blame Bush… Why did Obama even run fro president if Bush screwed things up so bad??? We should just go for worldwide suicide and be done with it according to you morons!

  6. hey grouch , your an idiot. Fractional reserve banking is transferring wealth. If banks lend more then they have in reserve and there’s a run on the bank, the fed. steps in and helps out by printing more money. When that money is not backed by a precious metal and excess unbacked money is printed out of thin air, and floods the economy, massive price inflation occurrs. More dollars searching for less goods causes that. That extra cost that you’r paying for that item is a tax, which of course goes right back to the goverment , who redistributes it as they see fit.

  7. hey grouch , your an idiot. Fractional reserve banking is transferring wealth. If banks lend more then they have in reserve and there’s a run on the bank, the fed. steps in and helps out by printing more money. When that money is not backed by a precious metal and excess unbacked money is printed out of thin air, and floods the economy, massive price inflation occurrs. More dollars searching for less goods causes that. That extra cost that you’r paying for that item is a tax, which of course goes right back to the goverment , who redistributes it as they see fit.

  8. hey grouch , your an idiot. Fractional reserve banking is transferring wealth. If banks lend more then they have in reserve and there’s a run on the bank, the fed. steps in and helps out by printing more money. When that money is not backed by a precious metal and excess unbacked money is printed out of thin air, and floods the economy, massive price inflation occurrs. More dollars searching for less goods causes that. That extra cost that you’r paying for that item is a tax, which of course goes right back to the goverment , who redistributes it as they see fit.

  9. Several yrs. ago I read a book titled “Global Tyranny Step by Step” sub-title ” The United Nations and the Emerging New World Order.” The author put forth a very scary scenario. According to his research this merger with Canada and Mexico has been planned for yrs. They just need a crisis to put it into play. The book is still available on Amazon

  10. Robert,
    I have read of the AMERO, a combination of the US and Canadian dollar and the Mexican Peso. This would go along with the creation of an entity called the North American Union, basically, an economic and security partnership.
    Whatever it’s called, your suggestion has much merit. It could work. The rest of the world would suffer along with the US but the damage to North America would be lessened compared to the alternative.
    Gold might be a good bet this time but maybe not. Roosevelt promised that he would not “take your gold” during the election. Once elected, he took the gold. What escaped that though, were gold mining stocks which appreciated substantially while everything else tanked or stayed tanked.

  11. Bernanke may un-wind the Dollar before
    the Chinese, Russians, India, Brazil and
    Asian countries by declaring an AMERON
    CONVERSION DATE. After 90 days all stocks, bonds, US currency,credit cards and financial instruments will be transacted in Amerons,meaning the DOLLAR will not be honored. It
    will become a worthless, non-tendered piece
    of paper.
    I believe Bernanke will have to do this BEFORE the other countries decide to un-wind
    the DOLLAR first, and declare a NEW RESERVE CURRENCY.
    The US GOV. could put a tax on all gold
    transactions and the reserve banks could dump gold in a concerted effort to prevent
    the present US DOLLAR from totally collapsing and causing a DEPRESSION far worse than 1929.
    Gold is still a good bet…but I myself prefer the Swiss Franc.
    From what has already happened, I would NOT put anything past what the GOV. would do to those holding gold.

  12. Reminds me of Teddy Kennedy. He’s for windmills but not off Cape Cod. This Edelman character is for development but not in his neighborhood.

  13. Is JTF claiming that the Ciba Geigy area on Saw Mill River Rd. is residential?? How absurd! When Ciba moved from lower Manhattan around 1958 that may have been God’s country, but not any more.

  14. Oh yes and if you really want to know whatreallyhappeneddotcom, do a search for,
    the zionist elephant in the room
    Democrat or republican, someone else controls America, the traditional parties have both been hijacked.
    Do a search on YouTube for Dr Ron Paul, Texas Congressman. He’s been talking sound money and balanced budgets for 30 years. The media mostly ignores and often tries to discredit him.
    Remember a guy named Ross Perot? Independent run for President. He abruptly quit the race after his family was threatened. He too was trying to bring us to our senses about deficit spending and sound money.
    We are ten trillion in debt with 40 trillion in unfunded liabilities. China has two trillion in the bank and growing. Even RUSSIA, another (former) communist country has at least a trillion in the bank.
    The US has become a third world debtor nation. The only reason it hasn’t gone under long ago is because the US dollar was made the world’s reserve currency thanks to the Saudi dictatorship’s collusion. We can print all the money we need out of thin air and it doesn’t cause massive inflation because the money is exported to the rest of the world.
    Was Iraq about bringing democracy to the Middle East? Sure it was. Saudi Arabia and Egypt are dictatorships and no one notices. Sure.
    Do a search for,
    The confessions of an economic hitman.

  15. Grouch,
    There is EVERYTHING wrong with fractional reserve banking. That’s like a retailer being able to sell the same item multiple times to different customers. ITS A SCAM.
    Do a search for Money as Debt and,
    Zeitgeist the movie.
    Also, if you want to know what’s really going on, do a search for,
    the five dancing Israelis

  16. there is nothing wrong with fractional reserve banking which applies to the per
    centage of total banking reserves they
    have to have on hand.it does act as a
    multiplier in that if you have to have
    20% on hand and can lend up to 100%^
    obviously 80% is not on hand…however
    this is only a problem if all depositors
    require their money at the same time..and
    in the case of our federal reserve and
    banking system the deposits are FDIC
    insured so the government is the insurer
    of last resort…to say that the object
    of fractional reserve banking is to
    transfer wealth is not to understand the
    underlying economic principal which does
    not transfer wealth although it does increase the base money supply…transfering
    wealth would be when a government taxes
    the wealthy to subsidize the poor…simply
    making the money supply expand doesn’t do
    that unless it is coupled with shoddy
    lending practices…as in the subprime situation..but that had less to do with
    the money supply then with stated clintonian
    policy

  17. I’m not smart enough on that one…
    Could you please tell us about fractional reserve banking?
    I’m not familiar with the term and would like to understand.
    Thanks, Grouch

  18. When you understand the object of fractional reserve banking, our predicement is easily predicted. The goal is the most massive transfer of wealth in history. By DESIGN. Everything else is just window dressing.

  19. it also appears from a review of the link
    above that mr celente did indeed not buy
    into the sub prime housing bubble scam
    and for that he should be commended..however neither did I and I
    predicted it five years ago in an op ed
    to the WSJ…but that is another issue
    the issue is whether or not we are heading for a depression…and the answer is no..this is a bad recession brought on by
    the greed of mortgage lenders and borrowers
    who didn’t understand what they were getting into, coupled with the clinton
    administration encouraging lower income
    people to be homeowners and loosening the
    regulations to accomodate that social view.
    there are however a sufficient number of
    protections in place now that were not
    in place in the 1930’s to stop a depression
    number one is the FDIC..no bank runs because
    savings are insured…number 2 is the SEC
    which is continually attempting to impose
    needed re regulation eliminated by the bush
    adminstration particularly for oil and
    natural gas speculators…number three
    is that students of the great depression
    understand that the government has to
    spend when the consumer doesn’t in order
    to prime the pump..and finally, people
    now have started to save 7% of their income
    as opposed to spending all of it plus
    borrowing on their credit cards…the
    recovery will be slow..and there maybe
    some inflation along the way ..but there
    will not be destruction of assets as there
    was in the 1930’s and deflation which is
    the sign of a true depression

  20. The ciba geigy issue was one of whether
    the new tenant would create jobs in “ardsley” which it won’t necessarily
    it may create jobs in the area but since
    the move is from long island its hard to
    say…and no one can argue with the traffic
    issue on route 9A..you can’t drive down it
    during most of the day…all of which has
    nothing to do with Yonkers development
    one is a residential two way street..and
    one takes a city on the brink of collapse
    to a whole new level…one is not development its just a tenant moving in
    the other is new building, both commercial
    and residential

  21. There was a Mike Edelman mentioned in an article yesterday about a biotech company relocating to the old Ciba Geigy property on Saw Mill River Road in Ardsley.
    Is this the same Mike Edlman on this site??? If so, it was interesting to read his opposition to the project after he basically tells everybody in Yonkers to take any and all development projects being pushed through by his political cronies $$$$$$. yet we are supposed to feel sorry for his cry baby nonsense over development unwanted by him. LOL.
    Arch Stanton
    YONKERS TRIBUNE RULES

  22. Edelman is just jealous of this guy because
    1. Celente is much smarter than edelman
    2. Celente is better looking than edelman
    3. Celente gets air time on real networks

  23. Bailouts,
    yet another infringement on our rights by the gov’t. Add it to the ever-growing list of violations:
    They violate the 1st Amendment by caging demonstrators and banning books like “America Deceived” from Amazon, Wikipedia and Facebook.
    They violate the 2nd Amendment by confiscating guns during Katrina.
    They violate the 4th Amendment by conducting warrant-less wiretaps.
    They violate the 5th and 6th Amendment by suspending habeas corpus..
    They violate the entire Constitution by starting illegal wars without declaration.
    Impeach them all (both parties) and save this great country.
    Last link (unless Google Books caves to the gov’t and drops the title):
    http://www.iuniverse.com/Bookstore/BookDetail.aspx?BookId=SKU-000083883

  24. Celente did predict the last downturn and much more.
    nice to see just the facts speak about what he obviously doesn’t know anything about.
    TRY TO RESEARCH and know what you are talking about before you spout. it will be less embarrassing for you.

  25. Just the facts is just trying to justify the mistake he made voting for Obamanation. He can’t bring himself to admit he made a BIG mistake.
    “Hell is truth seen too late.”
    Thos. Hobbs

  26. If you believe the mainstream media is on your side and telling you the truth, then I have a bridge I want to sell you in some swampland with bigfoot living in it.

  27. just the facts, the name is like the patriot act, it means just the opposite of what it reads…patriot act = anti patriot act…just the facts= any thing but the facts…poor half wit
    the lot of the obama administration could not shine celente’s shoes

  28. Celente has been on Fox news many times. Plus his accurate predictions are on the record going way back. Truth is Obama and the Dems in congress are sending us down the drain.
    It’s time to start taking back our liberty.

  29. I see him all the time on MSNBC. Me thinks you sound jealous. His columns also appears on LewRockwell.com a very popular libertarian web site.

  30. even a broken clock is right twice a day
    if celente was so good he would have been
    already interviewed by the media..guess
    they overlooked his genius…

  31. Look Obama is just carrying on the borrowing of Bush, who truly put this country into harms way and needs to be jailed, along with the rest of the Cheney crew.

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