Today top trends forecaster Gerald Celente warned King World News that people around the world need to brace themselves for a powerful and destructive “big bank holiday,” which he now predicts will happen this year. Celente, who had correctly forecast back in 2012 that a bank holiday would occur in Europe, is the founder of Trends Research and the man many consider to be the top trends forecaster in the world.
Eric King: “Gerald, earlier you mentioned a ‘big bank holiday,’ what do you mean by big bank holiday?”
Celente: “Look at what’s going on in Italy, they don’t have a government yet. It’s been going on for two months (in Italy). Look at their debt/GDP ratio. It’s approaching 130%. How are they going to pay off this debt?
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Look at what’s going on in Spain, Portugal, Greece. Those are the bigger bank holidays (that are still to come). They called a bank holiday in the United States in 1933. That’s not ancient history. And what did they do? They devalued the dollar.”
Eric King: “Is that what you see eventually happening here?”
Celente: “I can definitely see it happening….
“Remember, they warned about it before, and that’s after spending trillions of dollars in bailouts and nothing has improved the economy. The money has only gone into the hands of the ‘too big to fail.’
You can see the gap between the rich and the poor has widened. You can see that personal incomes continue to decline. You can see job creation declining. So yes, I can see a bank holiday, particularly if there is a false flag or real geopolitical incident that they can then use as an excuse for a bank holiday.
When you go back to the 1930s, it didn’t happen in one day. There were runs on the banks in Michigan first. Cyprus may be the Michigan of 2013, the test case.”
Eric King: “As we move toward the end game, what does it tell you about where we are in the cycle?”
Celente: “It tells us that we are getting closer to it. As I said, you are seeing the slowdown in job creation. We are seeing mortgage applications falling. So even with record low interest rates you are seeing job creation declining, mortgage applications falling, and growth in unemployment claims.
So the end game is coming quick. There is only so long they can keep pulling this off. I believe that by the time the new year comes the game will be over. You know what happened to me with MF Global: My money was in a segregated account. They stole it. Now they call it a ‘haircut.’ Isn’t that wonderful? They call it a haircut when they steal your money.