Topic: Real Estate Bust

Falling oil prices are identified as a signal of a declining global economy and reduced demand. A major banking bust is predicted for 2024, driven by $117 billion in commercial real estate debt defaults. As the dollar is devalued and interest rates are manipulated to keep incumbents in power, the "death of the dollar" is expected to accelerate.

The discussion covers the decline of major American cities like San Francisco, which Celente attributes to the "COVID war" lockdowns. He notes the rise in "smash-and-grab" robberies and the collapse of businesses dependent on commuters. The segment warns of a real estate "doom loop" that will eventually bankrupt major financial institutions.

Celente analyzes the AI boom, comparing it to the 1990s dot-com era but noting that AI is currently a "born" trend that will displace middle-class workers. He predicts a major economic crash in October 2023, driven by a "lousy September" and a massive bust in the office building sector. He cites data showing office values have tumbled 31% since March 2022 as remote work becomes permanent.

Celente discusses his long-standing prediction of a "commercial office building bust," which he claims is now being realized as occupancy rates in cities like New York remain at 46%. He argues that the "COVID war" permanently changed work habits, leading to an inflection point for real estate. He notes that the Financial Times is now reporting on the risks this poses to bank balance sheets.

A homeowner in New Jersey was reportedly arrested for hosting a wedding during the pandemic, an act Celente calls "gutless" on the part of the state. He predicts a massive "office building bust" as commercial real estate occupancy remains at 50% post-lockdown. This impending crisis is described as potentially worse than the Silicon Valley Bank failure due to trillions in revolving loans.