Gerald Celente on US debt insanity: Collapse inevitable

While the politicians battle it out over who would be to blame if the American economy hit a brick wall, Gerald Celente from the US-based Trends Journal says the political elite will not recognize simple solutions to curb America's deficit. ­"The country is going bankrupt -- just look at the numbers. The numbers do not lie -- politicians lie," nails Celente. The bigger picture includes the long-predicted devaluation of the dollar, says the forecaster, recalling that gold gained $US 115 an ounce last month alone. And against that background the talks about deficit reduction do not mention the most obvious measures like cutting the military budget or slashing foreign aid, which topped $US 57 billion a year. "How about companies like General Electric that made $US 14 billion last year, paying no taxes?" says Celente, who is sure there is plenty of room to turn the deficit situation around and clean up the economy. "We do not have a representative form of government, we have a government that represents only the very powerful and the very rich and that is all this is about -- letting them keeping their perks.