Celente predicts gold standard won't save US economy

Gerald Celente - Trends Journal

Terence Aym
Helium

Sometimes controversial trends analyzer Gerald Celente is forecasting that a return to the gold standard will not be enough to save the US economy from collapsing.

Celente is the publisher of Trends Journal and a consultant and adviser to many of America's top corporations. Celente has no ax to grind and calls himself a political atheist. An author, Celente appears regularly on many of the mainstream media's most watched news programs. He is prolific with his predictions on emerging trends concerning global finances and major historic turning points.

Recently he was asked his opinion on the idea of the US returning to the gold standard.

Although a solid core of gold bugs have advocated the US return to the gold standard for decades, many economists thought the idea radical and unworkable in the changing world economy. Now, however, more people and states are seriously considering the idea to stabilize the dollar and forestall a future currency crisis such as that experienced by the German Republic during the 1920s.

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How's That New World Order Working Out?

The multipolar moment has arrived -- and it's nothing like Americans imagined.

Portugal protests: AFP - Image

Parag Khanna
Foreign Policy

Looking for a sign of when the multipolar moment suddenly seemed real? You could do worse than mark the day when Brazil and Turkey -- two of the world's most avidly internationalist emerging powers -- joined together this May to announce they had stepped in to broker a nuclear-fuel swap deal with Iran that potentially -- though sadly not actually -- paved the way toward a peaceful solution to the standoff. Turkey and Brazil aren't superpowers, nor are they permanent U.N. Security Council members. But just as U.S. President Barack Obama came into office preaching a renewed focus on multilateralism, rising powers are reminding us that respect for hierarchy is no longer on anyone's agenda.

What a difference a couple of decades makes. A little over 20 years ago, then U.S. President George H.W. Bush -- who had just witnessed the fall of the Berlin Wall and saw the Soviet Union disintegrating before his very eyes -- stood at the granite podium of the U.N. General Assembly in New York and proclaimed a "new world order," a U.S.-dominated international system "where the rule of law supplants the rule of the jungle." Two decades later, the "new new world order" we are in fact living looks almost nothing like what Bush -- and most Americans -- imagined or hoped.

The United States still has the world's most powerful military, of course, but its utility is diminishing as the capacity to deter and resist spreads. Just look at Iraq and Afghanistan. Military might and political influence no longer necessarily go together, and too much of the former can even undermine the latter. More fundamentally, the world has quickly become multipolar, with the European Union a larger economic player than the United States while China rises quickly on all measures of hard and soft power. Obama couldn't give the "New World Order" speech today; he'd have to negotiate it first with his peers in Brussels and Beijing. And as for democracy: Meet authoritarian state capitalism, a new entry into our lexicon that underscores the non-Western options every state can pursue today. Nobody's talking about the Washington Consensus anymore -- instead the Beijing Consensus, the Mumbai Consensus, and even something only half-jokingly called the Canuck Consensus are competing for the hearts and minds of global elites.

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Barack Obama: We Must Embrace Globalism And The Emerging One World Economy

The Economic Collapse

Although it received very little coverage in the mainstream media, Barack Obama made some comments about globalism during his speech in Mumbai, India that were very eye-opening.  As he was discussing the new realities of world trade in 2010, Obama warned against “those who see globalization as a threat” and he spoke of the “integrated world” in which we all now live.  But is merging the entire globe into a one world economy, a one world financial system and a one world labor market really the best thing for the American people?

For the past two decades, all U.S. presidents have been heralding the benefits of merging the American economy with the rest of the globe.  George Bush Sr., Bill Clinton, George W. Bush and Barack Obama have all steadfastly supported the emerging one world economy.  These presidents have each used different terms to describe this process such as “globalism”, “globalization”, “an integrated world”, “the global economy” and even “a New World Order”, but they have all meant the same thing.  All of these presidents have sought to integrate the United States even more deeply into the developing one world economic system.


Barack Obama showed very clearly how he feels about globalism when he made the following statement during his speech in Mumbai….

“This will keep America on its toes. America is going to have to compete. There is going to be a tug-of-war within the US between those who see globalization as a threat and those who accept we live in a open integrated world, which has challenges and opportunities.”

This is something that Barack Obama has obviously thought quite a bit about. In fact, during the same speech he warned that those supporting globalization will need to “guard against” those who would seek to put up barriers to the full integration of the economies of the world….

“If the American people feel that trade is just a one-way street where everybody is selling to the enormous US market but we can never sell what we make anywhere else, then the people of the US will start thinking that this is a bad deal for us and it could end up leading to a more protectionist instinct in both parties, not just among Democrats but also Republicans. So, that we have to guard against.”

But in this new “global economy”, aren’t jobs leaving the United States and heading to developing nations at a blinding pace?  Of course, but apparently we are just supposed to shut up and accept this new reality.  In fact, Obama says that persistently high unemployment is “a new normal” that we are all just going to have to get used to.

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The New World Order of Global Markets

Tectonic plates are shifting as emerging markets become major drivers of the developed world.

Bob Lenzner
Forbes

The best minds in finance--George Soros, Mohammed El-Erian, Larry Summers, Joseph Stiglitz and Robert Rubin--were not exactly raving bulls at the Financial Times conference on "The Future of Finance" this week. They were not the force driving the Dow Jones industrial average through 11,000 Friday, rather they were arguing convincingly of the constraints evident in the global economy that are bound to make investing anywhere more difficult and different than ever before.

Martin Wolf and Gillian Tett, FT editors, did a superb job of drawing out the puzzling tensions acutely active in the global economy. Food for thought: Wolf pointed out that China (20%) and India (8%) were both still only small fractions of the GDP of the U.S. In other words, the emerging economies are fast growing midgets versus the slow growing giant. "The potential is unimaginable and vast," said Wolf, "We have never had a low per capita income country with such responsibility and power."

One conclusion was crystal clear: Expect realignments in financial power both globally and nationally. The financial services industry worldwide will never be the same. Asian and Latin American banks survived the storm better than U.S. and European banks. Therefore, the global pecking order among financial institutions is shifting.

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