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8 Jul, 2009 07:22

G8 summit purely smoke and mirrors – Celente

Is the G8 actually capable of solving the world’s financial problems? The founder and director of the Trend Research Institute in the US Gerald Celente isn’t holding his breath.

“There’s not a lot that they can do other than send out a lot of confidence, hope and optimism, smoke and mirrors,” Celente said.

“They can’t print their way out of this problem, and the fiscal and monetary stimulus programs that they are coming up with are not going to be the solution. They’ve over borrowed, they’ve overspent and they’re overwhelmed. There are too many dollars in the world market. And now we are hearing India is joining Russia and China to look for a reserve currency, so it’s only a matter of time. The US has printed itself into a problem. It’s already happened. China and Brazil are now doing business using their own currency. America is not the country it used to be. Empire America is fading fast, and so is the dollar.”