KINGSTON NY, 15 September 2009 --Today commemorates the first anniversary of the greatest bankruptcy in American history, the collapse of Lehman Brothers, quickly followed by the biggest drop in stock prices since the Great Depression and a near-global market meltdown.
In December 2007, the Trends Journal predicted that an "Economic 9/11" would strike America in 2008. "Just as the Twin Towers collapsed from the top down, so too will the US economy ... when the high-stakes speculators, banks, brokerages and buyout firms that leveraged billions with millions get hit, everything underneath them will turn to rubble," we wrote.
Today also marks the anniversary of the onset of a sequence of major financial failures and subsequent government bailouts, buyouts, rescue packages and stimulus plans that -- in the course of a single year -- have reshaped the American free enterprise system.
Yesterday, President Obama visited Wall Street and admonished its players for the "reckless behavior and unchecked excess at the heart of the crisis." He credited his administration with pulling the country back from the brink. "We can be confident that the storms of the past two years are beginning to break," Obama said.
At the Trends Research Institute we are anything but "confident." What is ballyhooed as 'recovery' is nothing more than a cover-up; papering over historically unprecedented financial losses with historically unprecedented trillions of dollars spun out of thin air, backed by nothing, and producing practically nothing.
And while President Obama asserts that his policies signal a "return to normalcy," the Fed policy of flooding the market with phantom money -- meant to kick off another borrowing and spending spree -- is regarded by the global financial markets as neither normal nor healthy. Gold prices have broken through the $1000 ceiling. The dollar is at a yearly low against key currencies.
This is not the American media, Wall Street or Washington speaking, it's the world ... and the message is unmistakable; it is a global vote of "No Confidence." Gold doesn't lie.
The Autumn Trends Journal will be published at the end of September/early October. For a preview, see Gerald Celente's interview on Russia Today (filmed at The Trends Research Institute)where he discusses the Cover-up that masquerades as Recovery.
Click here: http://www.youtube.com/watch?v=JhaEc_4zuFI
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