Bernanke Is Wrong! The Economy Is Getting Worse, Not Better, Schiff Says

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video included

The Fed upgraded its view of the economy Wednesday, declaring: "Economic activity has picked up following its severe downturn."

But forget all the talk about recovery, V-shaped or otherwise. The economy is actually worse today vs. during the depths of the recession, according to Peter Schiff, president of Euro Pacific Capital and author of Crash Proof 2.0.

"Ben Bernanke is keeping his record of perfection intact of never getting anything right. Once again he's gotten it wrong," Schiff says. "If the Fed really thought the economy was sound, why does he have it on life support? If he pulls the plug, our sick economy is going to die."

Although the Fed never said the economy is "sound", Schiff is referring to the FOMC's renewed pledge that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."

Nothing that's occurred in the past six months has changed Schiff's view that America's economy is headed for disaster. In fact, he's even more convinced a true "currency crisis" awaits, and that China will soon stop enabling our reckless borrowing, the basis our "phony" economy. The coming collapse of the dollar and bursting of the Treasury bubble will have devastating consequences for ordinary Americans, and any investors based in dollars, he says.

The economy today is "worse [because] we are much more deeply indebted than in March," Schiff declares. "We've dug ourselves a deeper hole."

Why is Schiff one of the few who "gets it"? Are all our economists stupid or just gutless wonders? I can't understand why I can grasp the problem and they can't.

Schiff says: "Our phony economy is going to come to and end." I guess the key word is phony. Kudos to Schiff for proclaiming the truth.

These politicians are feeding a dead, bloated horse that's going to pop in the sunlight and heat.

You speak the truth, sad_eyed_lady!!!

We have crossed over the peak of the mountain and have now begun are slow descent into oblivion.

People wonder why all the huff and puff about H1N1 and vaccinations, but if you dig beneath the pseudo surface you will see the light. We are on unsustainable levels, so if you were the TPTB what would you prefer?

1. 300,000,000 insolvent Americans looking to their fearless leaders for some answers and payback?

or

2. Millions of dead Americans, millions more quarantined, disillusioned, confused and helpless with maybe just a few million more organized, steadfast and looking for a little payback.

The choice is quite obvious if you ask me.

The fact is, get in those last bit of meaningful experiences that you currently appreciate in your life today while you still can, because you most likely won't get those opportunities again for a long long time.

Very sad indeed.

Why is Schiff one of the few who "gets it"? Are all our economists stupid or just gutless wonders? I can't understand why I can grasp the problem and they can't.

The Bankers set up and funded the university economics departments in 1913 so their tame economists could write glowing praised for the federal reserve bill in 1913. The economics departments have been a Federal Reserve Chorus ever since. Mises seems to be a little more based in reality.

I am also very worried about the USA. Texas is making noises about secession and several states have State Sovereignty Resolutions

I am beginning to think the state need to "dissolve" the US government and the Federal Reserve and reform with the Constitution and amendments only. I think that is the best way to get rid of the debt.

There is also

On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury for numerous criminal acts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, AND TREASON. The petition for Articles of Impeachments thereafter referred to the Judiciary Committee and has YET TO BE ACTED ON. www.apfn.net...

Unfortunately China is giving money to the IMF so I think what the USA is actually looking at is what just happened to Iceland

Here is what happens when nation to go bankrupt as a result of the subprime mortgage crisis and is bailed out by the International Monetary Fund (IMF) or World Bank.

Please keep in mind the US has no more industry. Over 70% of the GNP is now foreign owned. All we have are our farms which are now under Attack by the international AG cartels under the guise of bogus Food Safety Bills

Structural Adjustment Policies are economic policies which countries must follow in order to qualify for new World Bank and International Monetary Fund (IMF) loans and help them make debt repayments on the older debts owed to commercial banks, governments and the World Bank. Although SAPs are designed for individual countries but have common guiding principles...

SAPs generally require countries to devalue their currencies....

SAPs often result in deep cuts in programmes like education, health and social care, and the removal of subsidies designed to control the price of basics such as food and milk. So SAPs hurt the poor most, because they depend heavily on these services and subsidies....

SAPs encourage countries to focus on the production and export of primary commodities [food and agriculture]

By devaluing the currency and simultaneously removing price controls, the immediate effect of a SAP is generally to hike prices up three or four times, increasing poverty to such an extent that riots are a frequent result
www.whirledbank.org...

reply to post by sad_eyed_lady


Nothing has improved in the economy except the stock market and that's the work of the PPT and major traders like Goldman Sachs who were told of the market manipulation. Talk about insider trading!!!

US May Face 'Armageddon' If China, Japan Don't Buy Debt

The US is too dependent on Japan and China buying up the country's debt and could face severe economic problems if that stops, Tiger Management founder and chairman Julian Robertson told CNBC.

"It's almost Armageddon if the Japanese and Chinese don't buy our debt,” Robertson said in an interview. "I don't know where we could get the money. I think we've let ourselves get in a terrible situation and I think we ought to try and get out of it."

Robertson said inflation is a big risk if foreign countries were to stop buying bonds.

“If the Chinese and Japanese stop buying our bonds, we could easily see [inflation] go to 15 to 20 percent,” he said. “It's not a question of the economy. It's a question of who will lend us the money if they don't. Imagine us getting ourselves in a situation where we're totally dependent on those two countries. It's crazy.”

www.cnbc.com...