Mission & Name
US Foreign Policy (Dr. El-Najjar's Articles)
We Will Recover,
No We Won't, Says
TRI, February 28, 2009
The wealth of plain, hard facts upon which The Trends Research
Institute's forecasts are based belie the lofty promises made by President
Obama's first address to Congress.
"We will rebuild, we will
recover, and the United States of America will emerge stronger than before,"
said President Obama.
Said Celente, "The government has yet to fix
the levees in New Orleans. There is still a hole in the ground where
the World Trade Center once stood. Washington has started two
wars it can't win and doesn't know how to finish. The massive bank,
brokerage, auto and insurance company bailouts have done nothing to
resuscitate the sinking economy. The Troubled Assets Relief Program (TARP)
that candidate Obama championed has not "relieved." President Obama's
$787 billion American Recovery and Reinvestment Act will not lead to
recovery and the nation will not 'emerge stronger than before,'" Celente
Distinguished Men and Women
With only a succession of
past Executive and Congressional failures to point to, and with the same
people responsible for those failures still holding high office, the belief
that this time around it will be miraculously different is nothing less than
"Tuesday's episode of The Presidential Reality
Show was a prime time exercise in human debasement and self-humiliation,"
said Celente. Some low lights: Congressman Eliot Engel (D-NY) arrived
at 8:30 a.m. to secure a prized spot on the House floor for a chance to
shake the President's hand on his way to the stage. "It's a special treat
for me to do it this year," Engel said, adding, "It's the office, it's the
aura ... but it's also the man."
Hillary Clinton, America's new
superstar Secretary of State, regally acknowledged the dutiful cheers of
lesser political lights as she strolled down the House's aisle.
Cabinet members and august Supreme Court justices were announced in
stentorian tones by a pair of Sergeants-at-Arms with all the exaggerated
pomp of a Groucho Marx send-up of British royalty.
And, to punctuate
the performance, there was the geriatric pom-pom girl, Nancy Pelosi, Speaker
of the House, repeatedly jumping from her seat, leading her pack of
Democratic trained seals in whoops of applause at every repetition of the
magic juju words: "Jobs!" "Prosperity!" "Confidence!"
the aisle, Republicans smirked, mugged and scowled darkly, in their new
roles as minority villains. Few GOP hands clapped.
public as well as the press should take this three-ring spectacle seriously
is as depressing an indication of the state of the nation as the empty
rhetoric of the speech itself.
Meanwhile, back on the planet, in
the midst of a global economic crisis, the public continues to pin its hopes
on a President, Senators and Congressmen willingly participating in such
obviously orchestrated buffoonery. How is this even possible?
How is such behavior tolerated? Why would anyone look up to these
In one sense it is understandable: President Obama's big show
was just another typical political performance. From the excesses of
Democratic and Republican nominating conventions, to photo ops of candidates
sitting on bales of hay pretending they're just plain folks, to staging
whistle stops from vintage trains dragged out of storage especially for the
occasion, to contrived Town Hall meetings, to the slick and vicious
marketing campaigns ... the public has come to accept such antics as
These political rituals, carefully staged, time-tested and
proven, create an illusion of superiority. President Obama made the
distinction clear in Tuesday's speech: "I have come here tonight not
only to address the distinguished men and women of this great chamber, but
to speak frankly and directly to the men and women who sent us here."
"Distinguished?" Distinguished for what? Having the skills
to do whatever they have to do - no matter how ruthless or degrading - to
win elections? Yet, the honorific is accepted without question while
the implicit patronization of the citizenry slips by unperceived. They
are "distinguished" and the rest are merely the "men and women who sent them
This is a confidence game. The elaborate staging is designed to inspire
the nation's people with "confidence" that their distinguished leaders have
the skills to save them from an economic disaster that both political
parties were instrumental in creating.
Just days earlier, former
President Bill Clinton urged the new President to play the confidence game.
"I just want the American people to know that he's confident that we are
gonna get out of this and he feels good about the long run," and that
President Obama "... is hopeful and completely convinced we're gonna come
through this," Clinton said on national TV.
"Completely convinced" or
not, in his speech, the newly elected President pitched "confidence,"
repeating the word seven times. It worked. Post speech polls,
the pundits and the press gave the President high marks for his performance.
And President Obama, the most distinguished among all those "distinguished
men and women of this great chamber," established his credentials as
Trendpost: What is a Confidence
Man and what makes us say President Obama is conning the public? A con
man succeeds by gaining the confidence of the victim. In this case the
victim is the taxpayer who is being shaken down for trillions to bail out
"too big to fail" businesses. The con lies in Obama's assurance
"... while the cost of action will be great, I can assure you that the cost
of inaction will be far greater."
The trillions already spent on
bailouts and buyouts make it clear "the cost of action will be great."
It is already great, and it has failed miserably. Why should anyone
believe that pouring still more trillions into the same bottomless pit will
now, somehow, prove effective?
And why should anyone believe Obama's
assurance that the "cost of inaction will be far greater"? He doesn't
know that. Why believe the assurance of the man who failed to
recognize the country was in recession until eight months after the
We forecast the recession well before it happened.
We are forecasting "The Greatest Depression." And having analyzed Mr.
Obama's speech, promises and plans, we can forecast, with assurance of our
own, that the cost of action will prove far greater than the cost of
While the public, both at home and abroad, express high
hopes and great optimism, the global financial markets remain unassured by
the assurances and continue to reach new lows.
Obama's $3.6 trillion budget and the additional trillions earmarked for
stimulus packages and further bailouts may provide temporary relief, but
will ultimately destroy the value of the US dollar. The global
financial system is in collapse. And neither stimulus nor spending
packages will reverse it. We remain bullish on gold and stand by our
prediction of gold at $2000 per ounce. (See Trends in the News® "Gold
$2000," 7 November 2007.)
To schedule an interview with Trends
Research Institute Director, Gerald Celente, please contact:
The Trends Research Institute
845.876.6700 Ext. 1