Saturday, November 20, 2010
Ireland and The Coming Debt Revolts!
Gerald Celente is the world's most respected trends' forecaster. His company - the Trends Research Institute - has been, over the years, commissioned by governments, multinationals and others to give an insight into their futures.
Gerald is absolutely furious about what is going on between governments and international bankers. He is absolutely adamant that bailouts are morally and economically reprehensible and predicts that no good will come of them. You can get a wealth of information by subscribing to his Trends Journal.
Below is an interview he gave to an Irish radio programme two weeks ago. It turns out that his message of not bailing out private debts with public money and the folly of austerity was prescient in Ireland. The Irish presenter was already getting at the whole idea of debt repudiation and that's before the latest crisis.
Here's my forecast:
There will be a groundswell of debt revolt in Ireland which will spread to the UK as austerity moves closer. Trust in the political class will diminish quickly. Banks who indulge in repossessions will have their services boycotted. People will withdraw their money from big banks and deposit it in local independent banks or credit unions or they will buy precious metals to protect themselves from quantative easing which is jargon for defrauding the population.
The sooner these options are explored in Scotland the better. Over to Gerald -