On Saturday's program, Ian Punnett welcomed experts in finance and the economy to discuss the outlook in 2010 for markets, commodities, and the U.S. Dollar.
In the first hour, trends analyst Gerald Celente predicted a crash in 2010. According to Celente, last year's economic collapse never hit bottom because government bailouts kept things propped up. To make matters worse this year, there will be a collapse in the commercial real estate market, he continued. Celente anticipates a 9/11 level terrorist attack that banks will use as an excuse to devalue our currency. He suggested people refrain from debt spending, keep some cash on hand, and buy local (American made) products when possible.
Financial consultant Joseph Meyer appeared in the second hour. Meyer said he sees a double-dip recession on the horizon, similar to the one the U.S. had in 1981-82. The average recession lasts for nine months, he explained, pointing out that our current economic slowdown is now in its 25th month and expected to last another 9 months to a year. Meyer reiterated Celente's concerns about the commercial real estate market, noting that banks have greater exposure to commercial real estate than they did residential properties. He talked about commodities, including oil, and recommended investors participate in the current commodities bull market.
Third hour guest, investment advisor Catherine Austin Fitts, announced a bull market in both emerging markets and precious metals. According to Fitts, precious metal prices will continue to rise because of inflationary monetary policies and a long-term movement to privatize gold and silver stores out of the central banks. Fitts commented on how the global economy is shifting away from America, why she expects residential real estate to continue tumbling, as well as how the current health care reform will economically devastate the U.S.
In the final hour, Robert Chapman, editor and publisher of International Forecaster, said he anticipates continued pressure on the U.S. Dollar that may ultimately lead to an official devaluation. Chapman also spoke about what's driving precious metal prices, the coming inflationary wave, and manipulation in the oil market.
Check out Ian's latest musings and insights at his blog site.
Canadian couple, Chris Ansell and Kathleen Kirby, reported witnessing four starlike lights over Mount Benson (in Nanaimo, British Columbia) on Christmas Day. According to the two, glowing orange spheres zigzagged across the sky, then turned green and disappeared upwards. Ansell and Kirby snapped a few photos before the unidentified objects vanished and hope the images will lead to an explanation of their sighting. More details at Canada.com.
Bumper music from Saturday January 02, 2010