Business Irish

Sunday 31 August 2014

Sell your euros and hoard gold as 'war' looms, says forecaster

Tom Prendeville

Published 28/10/2012 | 05:00

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Renowned trend forecaster Gerald Celente is famed for having accurately predicted everything from the 2008 global economic crash to the demise of the dotcom bubble.

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As publisher of the Trends Research Institute Journal, the gritty, no-nonsense, straight-talking New Yorker is an investor, historian, economist and philosopher, and has appeared on every major TV show in America. The New York Post said of him: "If Nostradamus were alive today, he'd have a hard time keeping up with Gerald Celente."

This week, Mr Celente will be in Dublin giving a talk in the Gibson Hotel and ahead of his visit he shared some interesting thoughts on what lies ahead in 2013 and beyond.

"Ireland is heading the same way as the rest of Europe -- down. Why would it get any better when you are imposing austerity, cutting pensions, raising taxes and making people work till they are dead? Ireland had its option to walk away from the EU -- but didn't. The people voted in the austerity coalition government -- are they into sadomasochism? Sadly people often get what they deserve."

As for giving Europe more centralised power to solve the economic quagmire, he is doubtful. "They say give us more power and we will fix it. They don't know how to fix it."

Although the EU is now effectively running Ireland, Mr Celente predicts that it will soon disintegrate.

"The EU is not helping Ireland from the bottom of their heart but the bottom of their wallet. The golden rule is 'those who have the gold -- rule.' I had given the Irish more credit than to turn their freedom over to Brussels. The best thing Ireland could do is to get out and regain your independence and culture."

More ominously, he likens the present global economic turmoil to the Thirties depression and predicts WW3.

"Once the bailout bubble collapses -- and it will -- you are looking at the next great war. You are already looking at 'currency wars' and 'trade wars'. The US has devalued, Russia and China have ditched the dollar and inflation has begun due to the devaluations. The currencies are all buying less and less -- and these things lead to real wars.

"WW3 is going on already -- look at Yemen, Bahrain, Egypt and Tunisia. Look at Spain, Greece and Portugal with millions on the streets -- and it is only going to get worse.

"When people have lost everything and have nothing left to lose -- they lose it. The young people on the streets have degrees in worthlessness and they can't get a job. The young people are cyber-savvy, the testosterone is raging, they know they have been screwed and they don't like it."

He believes the euro and dollar will become worthless and suggests that Irish people should purchase gold and silver coins as a hedge.

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