Sunday, May 16, 2010

"Meltup" Video Warns of Hyperinflation and Massive Devaluation of the Dollar


This 54 minute video was posted May 13 and by early May 18, it had 265,973 hits on YouTube at this link: http://www.youtube.com/watch?v=eb1n1X0Oqdw&feature=player_embedded

The video, which features the views of Gerald Celente of Trends Research Institute, warns of a coming era of hyperinflation and the collapse of the dollar if nothing is done to turn around America and return the economy to free market principles and the government to Constitutional principles. Celente predicted the market crash of 2008.

Among other things, the video warns about the likelihood of a Comex default on silver based on the possibility that many commodity traders, like J.P. Morgan Chase, are manipulating silver and selling more silver than actually exists presumably in an effort to drive down the price. A Comex default would drive up precious metals prices dramatically.

The video also catalogues dramatic increases in food prices already under way. Gerald Celente warns of food riots and tax riots as prices rise so high many cannot afford food and energy.

The video also raises questions about whether or not the full amount of the gold reserve still exists in Ft. Knox and calls for an annual audit, noting further that even if the full amount of the gold reserve remains in Ft. Knox, it would only be about worth about $300 billion or so.

The video argues that the Fed engages in price-fixing by setting interest rates and has prevented the functioning of the free market. By competing inflation artificially low, the Fed distorts economic forces. Interest rates are likely to soon rise to 5 percent to control inflation and, as a result, interest payments on U.S. debt will rise to $500 billion a year, the video forecasts.

The dire picture the video paints of the future need not come true. Gerald Celente argues that if 20 percent of Americans buy better quality goods made in America and not cheap goods made overseas and if America becomes better educated on the economy, Americas can begin the second American revolution and restore the Amercian economy to a better balance.

Viewers are invited to sign up for a newsletter from the National Inflation Association and are called on to know and support the U.S. constitution as the "last line of defense."

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