Peter Schiff Predicts Imminent Doom

Originally posted by RetinoidReceptor

Originally posted by cognoscente
reply to post by RetinoidReceptor

 

You're thinking short term in the scope of perhaps one or two weeks. Your reasoning shortsighted and ultimately incorrect.

[edit on 8-1-2009 by cognoscente]

Right. So a collapse of the U.S. will only take one-two weeks to be factored in and discarded by the world. Yet a collapse of the U.S. financial sector hasn't been fully factored in yet and it has been about 2 months. Right. But I am sure I am wrong. Everything will be fine around the world in a week or two if the U.S. collapsed

So let's see the powers that be crash the economy worldwide, with the help of the greed of the masses.

1) Eminent doom and financial chaos scenario is created.

2) All the masses to swallow the bait completely before pulling the line hard.

3) Reel in the fish

4) Now point out how deep and dangerous the hook is to the fish

5) Tell the fish, that there is a solution to fix the problem

6) The fish praise and worship the solution.

) Classic cause a problem, but have a solution before you create the problem

So will all of you praise the solution when it comes?



[edit on 8-1-2009 by Realtruth]

PRECIOUS-Gold rises 2 pct as dollar falls on jobs data

This is already starting. Job figures are going to get much worse, and those seeking safety will move to precious metals for some back up. Unfortunately the vast majority of Americans will not be privy to this information.

reply to post by RetinoidReceptor


I agree with the fact that you should invest in things that are essential to life if this thing really comes crashing down. But from his stand point all he is saying is to invest in foreign currencies because they are safer than the dollar is. See countries such as China who actually manufacture goods have that against the United States. We don't produce anything so the dollar isn't worth anything, but the Chinese (amongst other countries) do produce which makes their currency worth more and is safer, as long as they continue to produce. He's just saying if your going to invest in bonds, stocks, or currencies that foreign is the place to go, because eventually the dollar will be worth nothing while the foreign currencies will still hold value.

reply to post by questioningall


Great find. Star and flag for you.

Mr. Schiff and Mr. Paul...two of the few people in this country that make any sense when it comes to our economy.

I dont know about you guys, but I "put my dollars" into paying the rent and keeping food on my table....thats about all that I can afford to do these days. Whatever is going to happen is going to happen...do you really think that putting your money into Swiss Francs is going to protect you?

reply to post by mecheng


Guess you can always trade in your dollars for pesos at the bank?

Originally posted by PokeyJoe
I dont know about you guys, but I "put my dollars" into paying the rent and keeping food on my table....thats about all that I can afford to do these days. Whatever is going to happen is going to happen...do you really think that putting your money into Swiss Francs is going to protect you?

I think your doing the right thing, and yes whatever is going to happen is going to happen.

As long as you have your health and ability to work, things will be ok, we just can't let the powers that be divide us.

[edit on 8-1-2009 by Realtruth]

reply to post by Realtruth



I have put my money in food, but every other dime I have had - I have put it in metals. To keep the value of my dollar right now - as every analyst says, including Schiff - is buy metals.

The silver and gold market has been manipulated - but at some point it will have to stop. Once that happens gold will skyrocket and then be out of reach for lots of people.

I have even taken out my IRA - my insurance policies everything and converted them to metals.

Research what the top (not MSM) economist are saying: Protect yourself from the eventual collapse of the dollar - Today!

I'd recommend reading Schiff's book, "Crash Proof". In regards to what happens to the U.S. economy, Shiff's claim is that it is holding back other economies of the world. Foreign countries continue to finance U.S. debt and consumption at their own expense. Sooner or later they'll decide to invest in their own economies, they'll untie their currency from the U.S. dollar, stop financing U.S. debt, and switch to another currency for the reserve currency. China is already recommending a different reserve currency.

When the Chinese currency is no longer held down, the Chinese will have increased purchasing power allowing them to buy their own products. At this point, the U.S. will no longer be the #1 economic power. On the plus side, with the U.S. dollar down in the dirt, products made in the U.S. will be cheap and perhaps the U.S. will start creating industries and manufacturing jobs that have been out-sourced to such a huge degree.

Originally posted by RetinoidReceptor
As things go on and on and Peter Schiff explains his positions more and more and I think his position is a fallacy somewhat. We will be getting massive inflation and the economy will continue to get worse but it will not be armageddon. The rest of the world is doing the SAME exact things. My economics teacher once was talking about treasuries and she said that they are safe as long as the U.S. government and economy is safe, if it isn;t, well, we are all screwed wherever you are anyway.

Honestly, how can he think foreign stocks of all things would be safe if the U.S. collapsed. It is crazy.

OK, well here is another small economics lesson for ya mate..

When a major economy crashes, the effects are felt in 100% of the World Economies.. they literally erase money that won't be seen for years, production (and the need for production) collapse..

HOWEVER .. and this is a big however..

When a major economy crashes and world wide economies like wise crash, smaller economies only have so much dependence on international trade. Service countries (smaller economies feeding into larger economies) will almost always be producing something of some nature. Be it as simple as agriculture or basic production.. Anyways. The point is, is that economies are measured on growth, and we usually see that in the form of a %. If America Collapses then we will be in a # storm of trouble.. if a country like Lithuania crashes.. well .. it set them back 5 years and they just pick up where they are and continue what they where doing. % wise they will do better then most of the major economies which have to literally readjust their entire economic outlook, way of life, way of consuming, their very identity often has to change. China for instance, has double digit growth, which is unheard of anywhere else in the world, and it is this way simply because China had nothing, then demand shot through the roof.

What Peter is saying, is move money from the major economies into the "emerging" economies, because when it comes down to it, they will in the end produce the largest gains on your investment in the event of a catastrophic economic melt down.

Hope that makes a little more sense as to why you would get out of an American economy into a "smaller" economy when we are all headed for the same outcome.

Another way to think of it...

The higher you are, the further you fall.

reply to post by mecheng


actually it is.... get yourself a self directed ira and trasnfer your 401k cash there and buy gold using it.. not sure on specifics.. talk to accountant



[edit on 8-1-2009 by thefreepatriot]

Originally posted by questioningall
Easy buy gold and silver and I would especially buy the Chinese yaun now,

Oh good lord, please don't do that.

Buy PMs if you want, but make sure it's physical. Have the coins/bars/etc in your hands.
Don't convert your money to a currency that's #1 pegged to the US$ and #2 used in an economy based entirely on providing for American consumption. That's just silly.

Firstly, Peter Schiff was right when most of the rest were wrong AND he still did not back-down.

Secondly, we have 14 of the worlds most important, non-european countries actively planning to dump their USD:

newsusa.myfeedportal.com...

In other words - this is serious folks.


What I think (grain of salt):
Pres. Bush has started a secret policy of purposefully over-spending so that we can default on our loans sooner than the Chinese and the GCC'ers can send a ship full of goods/oil to us. Bring in the AMERO and all is solved, albeit we all lose serious wealth - but better than totally serious wealth disappearing. Look at it like a preemptive strike, although of the financial kind.

Hi.
I accurately predicted the price of crude would be $30/bbl by years end (predicted months before).
I predicted the stock market, if headed for depression, would hit 5920 by year's end. It did not. Numbers based on prior depression.

The good news: we're not headed for depression. However, we are headed for recession deeper than most have had in their lifetime.

The solution to the problem: increase M1 and M2. Print money.

Why is this a solution? Consider the controls exercised by the Fed Reserve:
Solution for inflation: raise the Fed Reserve rate, make money tight.
Causes of inflation: printing too much money, or economy heating up.

Clearly, we do not have a problem with the economy heating up.
We do not have a problem with inflation.
Simply put, we need to print money.

Why do we need to print money? Every once in awhile, there is not enough money to go around. More is in use, making the economy constrict due to lack of availability of money. Try to get a loan. If it is a problem, it is because money is scarce. Print more.

Printing money can lead to inflation. If we inflate the economy, it will reverse the trend we are in towards extreme recession.

The Fed Reserve has control of the printing of money. They need to "write a check" to the US Treasurer and ask it to print about an extra trillion or two to reverse the deflation and bring it level at zero inflation.

That's the solution. The control is in the hands of the Fed.

The next problem: the money should go through normal channels, and not be "invested" into companies with an expected payback. This makes the government an owner of the company. Simply put, this makes our nation become a socialist country. So, as you see the government purchasing large portions of companies and regulating them, you are seeing your freedoms go down the tube.

You are watching America become a socialist country in your lifetime. I repeat, the money must be printed and issued through normal means, not invested.

America does not have a problem. It has a solution for the world that will stabilize all. Print money now.

reply to post by Realtruth


Honestly, I didn't even look at the video. Some things are just obvious. Not in all my life has some put out a free financial video designed with me in mind. I am sure Peter Schill has a magnificent resume, so did Bernard Madoff.

But, I would bet my money that Mr. Schiff, and/or whomever he works for, is perfectly positioned to benefit first from people who take his advice. Most likely he'll get paid with your money, or find someone else to take the advice so you can close your position.

I'd place another bet that by not doing anything Mr. Schiff proposes and/or doing something else I am just as likely to earn a return.

Nevertheless, good luck to you, but I don't hope I am wrong.

Originally posted by Jim Scott

America does not have a problem. It has a solution for the world that will stabilize all. Print money now.

With all due respect, your ending quoted above both shows firstly that you are in denial with the first sentence and secondly that you are one from the Greenspan (what happened to him?) frame of thought who wants to just try and keep the bubble going.

If it was that easy... only if it was.

And what does Peter Schiff have to say about Russia's state?

There were a lot of people saying exactly what he was saying, housing bubbles, etc., etc.

If American's are to blame for buying "consumer electronics" and "new cars" as he describes what is the rest of the worlds excuse for their financial problems? They're having the same problems or worse.

What will happen when the euro becomes useless?

[edit on 8-1-2009 by Electro38]

reply to post by mckyle


I just skimmed through his Wiki entry. Based on where he's from, who he has worked for throughout his career and with and the topics of his discussion, I'd say he's about worthless; to me at least. I was wrong, he doesn't have a magnificent Resume.

When I saw his name, the first thought that arrived in my head is that he's a plant of the Vatican. Peter, first Pope and Schiff, drop the C and change the f's tp l's.

I believe my own madness.

Buy Dollars!





[edit on 8-1-2009 by huckfinn]

Originally posted by huckfinn
reply to post by Realtruth

 

Honestly, I didn't even look at the video. Some things are just obvious. Not in all my life has some put out a free financial video designed with me in mind. I am sure Peter Schill has a magnificent resume, so did Bernard Madoff.

But, I would bet my money that Mr. Schiff, and/or whomever he works for, is perfectly positioned to benefit first from people who take his advice. Most likely he'll get paid with your money, or find someone else to take the advice so you can close your position.

I'd place another bet that by not doing anything Mr. Schiff proposes and/or doing something else I am just as likely to earn a return.

Nevertheless, good luck to you, but I don't hope I am wrong.

Hi Realtruth - let me summarize a link above in one of my earlier posts:

1) China and Asia (8 countries) to switch from USD to the YUAN (testing)
2) GCC Wraps up Summit with Approval of Monetary Union (to drop USD)

What that means is that there is a good chance our USD will not be used anymore as the world currency, nor for that matter as the currency used to trade oil. When that happens, we all, almost overnight, will lose great value. People will dump our dollars and our Treasurys, with lightning speed.

So, one or someone out there may say, "so what. I am living pay-check to pay-check as it is." Well, are you paying $100 for a loaf of bread? That is what it would mean and worse. IF it happens. (I am with you though, hopefully because it is "out here" it will not happen.) But, if Obama and his infamous transition team just go out there and print, print, print; then we have a problem Houston. (Unless of course the AMERO sounds good to you.)