Gerald Celente: Wall Street has hijacked Washington

Publisher of the Trends Journal and Director of the Trade Research Institute, Gerald Celente, sat down with Russia Today this week to discuss the United States economy and what he sees as Wall Street hijacking Washington, D.C..

As Reuters reported, George Soros, co-founder of the Quantum Fund, recently stated that the United States economy is going to be a drag on the global growth, “The world economy is going to have some growth, but we are bound to be flat.” Gerald Celente, an author who predicts global financial markets, sat down with Russia Today on Monday to discuss Soros’s views on the economy and where Celente himself sees the financial markets in the US. Celente’s opening statement on Russia Today was, “It's not going to get worse before it gets better but it's going to get worse and then worse and worse then that. There is no reason for it to improve.” He does agree, however, with Soros on the fact that the US economy will not increase but he disagrees with Soros’s assessment that it’s the US economy is correcting itself because “the markets have been hijacked.” Later adding, “The system is fine, it’s just been perverted and under this perversion it’s not going to get better.” A lot of market analysts foresee a US dollar crash such as Texas Republican Congressman Ron Paul, Senatorial Republican candidate Peter Schiff, famed investor Jim Rogers and of course Celente. Their arguments are that you can’t keep printing money to stimulate the economy and, as a result, will force the Chinese and other countries to dump the Dollar. “In reality, everyday people are going to be paying a lot more for everything they buy that comes for overseas.” Russia Today host asked Celente how one makes sense of all the financial talk of an economic recovery. Celente replies, with a smirk on his face, “One contradiction is the banks. Yes, they're making record profits but guess what? They're borrowing it for nothing and then loaning it back at high-rate governments. They're borrowing it from Central Banks at zero and then loaning it back. Do you think you can profit from that?” Soros also showed outrage, as many others, over banker bonuses, according to Reuters. He recently said that taxpayers have the right to be enraged with the bankers who received at least $700 billion in bailouts, “Those earnings are not the achievement of risk-takers. These are gifts, hidden gifts, from the government, so I don't think that those monies should be used to pay bonuses. There's a resentment which I think is justified.” Celente is not surprised at the banker bonuses because as he said, “Look who’s running the Obama team; they come from Citigroup, AIG and so on.” “Under George Bush you had Henry Paulson, former CEO of Glodman Sachs. Now you have Geithner, former President of the Federal Reserve bank in New York and now has the key to the treasury,” and later concludes, “Wall Street has hijacked Washington.”