While the mainstream media outlets continuously bring up the talk of “recovery”, the US economy continues its decline. These are some of the facts from the first six months this year:
- 14.7 million Americans without a job, the most since 1948
- Every single job since The Great Depression has been wiped out
- California defaulted on its short-term debt obligations
- Consumer delinquencies hit new highs in the US
- $1.3 trillion in American wealth wiped out in 1Q
- US home prices falling at record levels
- US auto sales collapse to 30-year lows
- 1 out of 10 Americans relying on food stamps
- Trillions of dollars in government spending and stimulus plans
- US housing starts drop to 50-year low
Green shoots? Recovery? Easing? Signs of positive impact? No way! As the unfounded talk of “recovery” begins to lose ground, Vice President Joe Biden admits that the “Administrations “misread” the economy.
Looking back at the past 6 months, the picture becomes clear, the US economy has been collapsing in slow motion. The trillions spent to save banks and automakers as well as stimulate the economy and save jobs has at best, slowed down the collapse, but without a doubt not brought it to a halt, and much less to any recovery.
So what can we expect next? Trend analyst Gerald Celente, from the Trends Research Institute, predicted the 1987 stock market crash and the fall of the Soviet Union, as well as the current crisis, and now he is predicting something even worse – now Gerald Celente is predicting Obamageddon:
“While the decline has been decades in the making, the acceleration of ruinous policies under the current Administration is leading the United States – and much of the world – to the point of no return”
But Celente is not the only predicting doom and gloom. Peter Schiff, the economic adviser for Rep. Paul’s presidential campaign, predicted the crash and the severity of the crash years in advance in a series of television interviews that today are compiled into a series of “Peter Schiff was right” videos on YouTube that have garnered millions of views.
While the “recovery” talks continue and economic analysts as well as courageous individuals like Celente and Schiff, continue to expose “lies” and “cover-ups”, the freefall continues. What’s next? Time will tell…
By Greg Schellhammmer, author of the e-book Survive the Global Crisis.
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Man, you got that right. Things are bad for a lot of people. Funny thing is, a lot of people are still milking the system and doing OK for themselves. This sets up a very unstable situation. If it keeps declining like this, the situation now will seem good by comparison.
Good luck. Nice blog, by the way.
Hi Charlie, yes you point it out, the system is definitely unstable and unbalanced. Let’s see what the summer brings…..
All the talk about green shoots, stock market bottoms, housing bottoms, etc. is mostly by folks who want one more chance to cash in on suckers before heading for the hills. The fact is that as soon as the federal government turns off the spigot, the green shoots will wither away and the crash will resume. If, because of fear of that, the federal government continues to spend trillions of dollars we don’t have to prevent the crash, it will lead to fiscal collapse. We need to take our medicine like we did in the early 1980s (I was an adult then as well and remember the bitter pill we had to swallow, but it worked) or we are going to head off the cliff. Of course, I am hoping for the former, but I’m betting on the latter.