246

Trend forecaster G. Celente slams new CPI data, says ‘game is rigged’

Trend forecaster G. Celente slams new CPI data, says ‘game is rigged’
Ana
Nicenko
2 months ago
3 mins read

After the new Consumer Price Index (CPI) report for July came out more favorable than expected, the stock and cryptocurrency market immediately went up, but one American trend forecaster believes more is at play behind the scenes.

Specifically, the Trends Research Institute’s founder and director Gerald Celente slammed the latest figures, voicing his opinion that “the game is rigged,” in his YouTube video that went live on August 12.

In his video, Celente blasted the “8.5% inflation rate when you got interest rates at 2.25 or 2.50 basis points,” claiming that the true number would be closer to the 17% inflation rate, as he cited John Williams’ Shadow Stats website that offers alternatives to official economic statistics.

Commenting on the data that the gas prices went down, Celente compared them to grocery prices rising 13.1% in July from a year ago, stating that “wages didn’t go up 13% (…) so eat gas and blow it out your a**.” 

Is the game rigged?

Quoting the media headlines that partially attribute elevated inflation to lower interest rates and government stimulus, Celente noted that the numbers were artificially propped up. 

According to him, the inflation was “fueled totally” by the government, adding that “zero interest rate policy and over $6 trillion dumped into it to artificially pump it up, and the Fed has been bulls****ing that they were going to raise interest rates when the rate hit 2%.”

Furthermore, Celente compared the U.S. figures with those of other countries, such as Mexico which recorded an increase in consumer prices of 8.15%, stressing:

“Hey, wait a minute, 8.15% and you raised interest rates and they’re at 8.5% and America’s average interest, average inflation rate is probably about 8.8%, and you have a 2.25%? The game is rigged. They’re doing everything they can to keep artificially propping it up.”

Comparing the U.S. figures with those of Argentina’s, which recorded a 71% increase and the United Kingdom’s, Celente also concluded that:

“So they got a 71% inflation rate in July overall, it’s about 70%, 69% when you average it out to the whole year and they’re about 1% over it. We have about an 8.8% annual inflation rate, and we’ll have a 2.25% inflation rate and over there in the U.K. they’re looking for a 13% inflation rate this year and they got under 2% interest rate and we got a 2.25% interest rate – you got it, the game is rigged.”

Effect on the crypto market

Notably, the crypto market went into the green after the CPI data came out, with more than $50 billion flowing into its total market capitalization in a single hour. The market continued to advance, adding up to the $250 billion inflow that it received over the past month. 

Earlier this year, both Celente and American businessman and author of the personal finance book “Rich Dad Poor Dad,” Robert Kiyosaki, criticized interest rates, saying “this is a whole scam.”

When giving his advice to hedge against inflation at the start of 2022, the founder of Trends Research recommended investing in gold, silver, and Bitcoin (BTC).

Featured image via Stansberry Research YouTube.

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Ana Nicenko
Author

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.

AD