This country’s top trends forecaster, Gerald Celeste, was a guest on yesterday’s Pensacola Speaks.
When people are complaining about what’s going on, and saying it’s a failure of capitalism, it’s not,” said Celente. “It’s Bankism, that’s what we’re calling it, in the sense that the whole system is being manipulated by the banks.”
He explained, “The fact of the matter is the banks have not raised interest rates in almost ten years. Who is this helping? It’s helping the equity markets. That’s why you see all these mergers and acquisitions. The big guys can borrow big money for virtually nothing, and do these deals. The second part of the growth in the equity markets is, very simply, companies buying back their stocks. They’re borrowing money for nothing, and they’re buying back their stocks, driving up the equity prices.”
Celente said it has create a huge gap between the have’s and the have not’s. “Eighty-five people have more money in the world than half the world’s population, according to Oxfam. According to the Pew Research Center, the gap between the rich and the poor in the United States, right now, is wider than it was during the wonderful days of the Gilded Age.”
