Economic forecaster: “Greatest Depression” coming | Raw Story

Posted on August 23, 2010

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“One of the good businesses to get in to may be guillotines,” Celente quipped. “Because there’s a real off-with-their-heads fever going on. People are really fed up.”

Celente argued that the conditions needed for an economic recovery simply don’t exist. “Let’s go back to the 1990s. We’re in a recession. What got us out of it? The Internet. It wasn’t a government policy, and Al Gore didn’t invent it.”

But today, Celente argued, there are no new booming industries pushing towards economic expansion. And the US middle class may not have the right skills to take up the challenge.

“We went from a country that used to be merchants, craftspeople, manufacturers, to clerks and cashiers,” Celente said. “We have to bring manufacturing back to America.”

Celente agreed with his Tech Ticker interviewers that the green economy, which seeks to replace fossil fuels with alternative and renewable energy sources, is a good place to start on an economic recovery, but he said the Obama administration’s handling of the issue was misguided.

Celente pointed out the US has committed $54 billion for nuclear power expansion, and has also committed to “clean coal” — neither of which he sees as being large drivers of the green economy.

The government is “not putting money where it should go,” he said.

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