On the heels of continued chaos in key global markets, the top trends forecaster in the world just warned King World News that the coming trade wars may turn into world war.
By Gerald Celente of Trends Research Institute
August 19 – (King World News) – History is repeating itself. While the times are different and the names have changed, the underlying circumstances and basic fundamentals remains the same. The Crash of ’29, The Great Depression, plunging commodity prices, currency wars, trade wars, world war. Now, four score and six years later: The Panic of ’08, The Great Recession plunging commodity prices, currency wars….
Continue reading the Gerald Celente piece below…
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Are Trade Wars And World War Next?
Commodity prices’ continuing downward dive is indisputable evidence of a deteriorating global economy. For many, the Great Recession is depression. The equation is simple: there’s a glut of product and not enough people with enough money to buy them.
And today — just as it was prior to World War II when countries were denounced for devaluing their currencies to gain competitive export advantage — world reaction to China’s recent yuan devaluation continues to intensify. Trends are born, they grow, mature reach old age and die. As evidenced by Ben Bernanke’s appearance before the US Congress in 2011, the war of words against China is a trend in progress.
Bernanke criticizes China over currency:
The chairman of the US Federal Reserve has accused China of damaging prospects for a global economic recovery through its deliberate intervention in the currency market to hold down the value of the renminbi.
Speaking just hours after the Chinese government sharply criticized a US congressional bill that would punish Beijing for alleged currency manipulation, Ben Bernanke told a congressional committee that an undervalued renminbi was preventing the rebalancing of global demand towards emerging market economies.
“Right now, our concern is that the Chinese currency policy is blocking what might be a more normal recovery process in the global economy,” he said. “It is to some extent hurting the recovery.” (Financial Times, October 2011)
Trade Wars
The day before Bernanke’s accusation, the US Senate voted overwhelmingly to open debate on a bill to impose tariffs on imports from countries with undervalued currencies. In response to the bill, the Chinese government warned that if passed, the legislation would lead to a trade war. Now, some four years later, and with scores of currencies substantially devalued, we forecast growing political pressure among nations to raise tariffs and/or impose import quotas.
World Wars
The 14-year Afghan War, the longest war in American history, continues with no end in sight. The 12-year America-led Iraq War has re-ignited. Since the overthrow of Libyan leader Muammar Qaddafi, the war-torn nations grows more violent. Syria’s war ravaged, Yemen’s being bombed and throughout Africa, civil wars and cross-boarder wars rage. Bomb blasts in Bangkok, unrest in Egypt, massive protests in Brazil, war in Ukraine … and civil unrest ready to explode in countries where commodity prices have plunged, unemployment soars, debt levels grown and corruption is rampant. Is world war on the horizon? ***ALSO JUST RELEASED: Art Cashin Warns China Chaos Now Spreading To Other Asian Nations And Barry Habib Weighs In On Inflation CLICK HERE.
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