Gerald Celente: Global economy weakened by insane sanctions imposed on Russia

The European economy and much of the global economy is on a severe downtrend. Sanctions on Russia are adding to the misery.

Sanctions and trade wars between Russia and the West will have severe economic consequences, Gerald Celente, publisher of the Trends Journal, told RT. He added that it is "absolutely insane" to impose sanctions when much of the global economy is so weak.

RT: US Vice President Joe Biden admitted that the US had to - in his words - embarrass Europe into sanctioning Russia. But how embarrassing is this revelation for Brussels?

Gerald Celente: Well I do not think it is embarrassing at all for them, because they have been kowtowing to what America wants them to do now probably since the end of World War II. So it is very clear that Europe does not have what it takes to stand on its own.

And worse than that, well not worse than that but equal to it, is that this is at a time when the European economy and much of the global economy is on a severe downtrend. And to have sanctions at a time when the economy is weak is absolutely insane. And I say that not for myself. If you pick up today's Financial Times - a warning over global economic growth, from the Brookings Institution. If you go back to Friday - IMF expects to cut its forecasts following the loss of output momentum. And I could go on and on. One forecast after another showing slowing economic growth. And sanctions on Russia? To destabilize the region even more? It is insanity.

RT: Germany's coordinator for Russian affairs, Gernot Erler, said because the issue is so serious, Europe's economic interests are put on the back burner...But does that make sense? Economic or otherwise?

GC: They do not make sense at all in anything they have done. By their deeds you shall know them. Show me one success that America and NATO has had since it's been on this war path of aggression?

They did a great job in Afghanistan. It is only the longest war in American history. It's wonderful, we're now back in Iraq bombing away. Look what Obama, the humanitarian peace prize winner, did to Libya. Now we are involved in Syria. It is one losing adventure after the other. Why would any sane person believe that the strategies that they are putting in place are going to bring anything more than more war, and more hardship to anyone involved?

RT: Germany's factory orders had their sharpest drop since 2009 in August. Yet Chancellor Merkel says it's too early to lift sanctions imposed on Russia. How big is the risk for the country's economy with sanctions remaining in place?

GC: It is huge, because when you look again, just look at the facts..."IMF warns new threats against global economy due to global risk taking." This was September 17. "Rich countries risk permanently weak demand - IMF." This is from September 30. How much more proof do people need, to see where the trend is leading?

So to say these sanctions aren't going to hurt? They are not only going to hurt Europe, they are going to hurt Russia. And they are going to weigh down on the global economy because following trade war sanctions, you have real wars. So this is just a mix of more volatility.