Peter Schiff Predicts 2010, (4.1.10) not good

After the introduction tape from LAST year, showing Schiff to be bang on ,

He still gets confronted by his predictions (MSM defending the recovery),

Everything he says , he backs up so the silences the critics quickly,

His predictions are DIRE, I hope he's wrong this time.

reply to post by Sean48


I would love to see this video, can you give a little re-cap of it ?

reply to post by poedxsoldiervet


He says he would avoid US stocks , better bargains abroad.

Inflation and interest rates will be higher by years end.

Housing prices will fall , that they are artifically propped up by lower interest rates, and incentive programs

A young guy tries to say the economy is fine , growing, and Schiff schools

him as to the fallacies of his argument .

OK i came back to this thread in hopes the video was working, and it is now!

if he has been right before, then this is worries me. 2010 will be one hell of a year....

[edit on 1/6/2010 by ugie1028]

Well. I just started watching this, and it's hard to decipher....

Pretty much the guest is saying that by the end of the year:

1. US Economy will be in worse shape than it is today,

2. Foreign Stocks, Gold and commodities will outperform US stocks, and

3. The dollar will end lower than it is today, possibly in the midst of a currency crisis.

The part that is hard to decipher is who to believe.

Schiff in all of responses answers straight forward, with the body language of confidence, meaning that he at least believes everything he's saying as fact.

The people debating against him seem to be frantically trying to tell him that things will never be as bad as he is saying.

So it goes like this, either:

A. The group trying to prove him wrong are being paid to get us to believe that everything will be alright so we start to put money back into the economy,

B. Schiff is getting paid to be a fear monger to further some agenda that as of now I'm not exactly clear on,

C. Both of those things are right and it's just a clash of agendas, or

D. Neither are right, and Schiff really is just reading the market, and the egos of the panel can't accept the fact that maybe America will fall just like Rome before it.




Watch for yourself, it's worth it.

Flag and Star for you. He did a great job in holding his ground as they try and ridicule him.

I think he is spot on but it will actually get worse then what he is seeing.

reply to post by whoshotJR


I hope not because he predicts a 50-70% decline of the dollar by the end of 2010, or sometime in 2011...

Wow, what are you Americans going to do when a loaf of plain-ass bread costs $4.00 a loaf?

And that's just the bread you need more bread for.

How would this US dollar collapse affect Canada?

Look at this:

apparently, you Americans already pay more for bread than we do
I find that quite surprising.



[edit on 6-1-2010 by Toadmund]

[edit on 6-1-2010 by Toadmund]

Diddnt he say the dollar would fall in 2009? Or did he the economy would collapse? We should be able to see a trend here i hte next couple of months but I will be stocking up on Beans and bullets.

Are you guys just coming to the party? The dollar is doomed. Thats a foregone conclusion that the rest of the world has already reached, and from the policies of the Fed and US government, it seems to be a conclusion that US leaders are fully willing to carry out. Its not a question of "if" its only a question of "when" and I think Schiff's estimate that the collapse will happen in 2010-2011 is reasonable.

Get prepared for a new "world currency", where the US dollar is no longer the reserve currency of the world. And when that happens, the US dollar will be all but worthless, because no one will want it, and US prices will skyrocket when worthless dollars are chasing real goods. It aint gonna be pretty.

reply to post by Sean48

S&F
Yes, Schiff seems to be bang on!
I don't look forward to the collapse, but I am preparing for it.
It seems that the Obamation will just get worse, more taxes, less money, more expensive food with less availability, fewer jobs, and becoming a ward of the state. This is their goal.
Our goal is to be free, and thrive And We Will Do It!

Great find stars and flags for you.
I love listening to Peter Schiff, he’s the only one back in 07 and 08 that saw the housing crises coming and the doom it would bring. He would be scoffed and laughed at time and time again on all the network money shows. But I guess he showed them.

I’d listen up people, he was right when everyone ells was way wrong. There is no reason to believe he’ not going to be correct on this one ether.

Thanks for my daily dose of doom, I was feeling a little too good today. LOL

watch this
www.youtube.com...

I like peter schiff, he is an amazing man and predictor! however, he seems to make the doom sound bigger than it really is... and if i read corectly, didnt he predict february, not april?

Originally posted by willis7737

(...snip...)

So it goes like this, either:

A. The group trying to prove him wrong are being paid to get us to believe that everything will be alright so we start to put money back into the economy,

B. Schiff is getting paid to be a fear monger to further some agenda that as of now I'm not exactly clear on,

C. Both of those things are right and it's just a clash of agendas, or

D. Neither are right, and Schiff really is just reading the market, and the egos of the panel can't accept the fact that maybe America will fall just like Rome before it.

Like many"doom-and-gloomers" on ATS and elsewhere, Schiff has been saying that "this mess" would happen for a long time, back before the bubble popped. Now he is correct and has been vindicated, at least over the last two years, so he is confidant. He is not "being paid" by anyone but his own fund, which has invested as he believes, and his media appearances. He is perfectly sincere, and at the same time he has a vested interest in the current situation getting worse, because that is where he has placed his fund's money and his own growing reputation.

The young person to prove him wrong is just a PR shill/media type hired to give an "opposing opinion." He says what he is told to say because that's his job, and he doesn'T want to lose it. He may even agree with Schiff inside, but he has to do what he's told because he's young, hungry, and low on the totem pole, so to speak. From his perspective, whatever his personal beliefs, he is wise to do so -- this is no time to go looking for work, especially in the media/PR world.

As to other people opposing the "doom and gloomers," there is no need to imagine any overarching conspiracy. They are "the heard" or "the greater fools" who bought into bubblemania and want it to return. Its called "wishful thinking" or "blind belief" and is the general thought pattern of the majority of humans. Remember, the median IQ is 100, meaning the majority are always going to have an easier time emoting than reasoning.

Another factor -- Many humans in all walks of life, some intelligent and some not, are suffering because they have seen great loss, and thus they are hoping for a return to better times -- a perfectly natural response to loss, and nothing sinister at all. Yet such thought is based in emotions and wishes and hopes rather than hardheaded analysis -- the same kind of thinking that created the bubble to begin with.

It always feels good to "lead with your gut" rather than your brain...until, of course, it no longer feels so good anymore.

I think they've only managed to slow the decent of the economy.

I find it very telling when longtime democrats decide not to seek
re-election. They know its screwed so they're getting out while they can.

Originally posted by CAPT PROTON
I think they've only managed to slow the decent of the economy.

Without correcting any of the problems, they have been only prolonging

the slide.

Let the problems correct themselves, no intervention, then the

economy can heal

As an outside observer, I find it funny that people still try to hang this collapse around Obama's neck. Thank 8 years of Neo-Con War spending and breaks for their buddies and a nice fleecing of the treasury. He's the backup QB brought in to throw the hail mary pass because that was all that was left to salvage the US and it was a massive gamble and appears to be failing. In his defense he wasn't left with any real choice. Bush & Cheney doomed him from the start.

On topic I think Schiff is pretty bang on. He's been right so far. The US dollar took a good beating last year and is almost at parity again with CDN$. It's hard to say how severely this will impact us. Our banks are in better shape but when our largest trading partner goes down it's going to hurt us.

A responsible leader would say the buck stops here, and not to pass the buck.

It was stupid for TPTB to put an inexperienced person in office at a time like this. It's not unusual though for TPTB to put a democrat in when they know the economy is tanking. So far everything Obama has done is opposite of what he should do. He's completely screwing up from the advice of his extremist socialist friends, his background in corrupt Chicago politics, and a corrupt incompetent staff advising him which is more known for their extreme leftist ideals than any professional knowledge. The damage he's caused in the first year alone will take many decades to repair and undo.

Now this goes for most of those where he comes from, Congress. Congress is the root cause of the financial problem by forcing banks to give loans to unqualified buyers. The last few presidents didn't help either, thinking people who owned homes caused less trouble than those who didn't. Qualified people saw and got the unfair deals given to unqualified buyers and the race was on as far as the property bubble. Even with property value cut in half in many places, it's cheaper to rent than to have a mortgage, which means property is over valued.

Thanks to Congress, debt (delayed tax), earmarks (immediate tax hit), and fees are created. All the taxes roll down to the individuals, raise the cost of living, and make life miserable for those who are trying to get above the poverty level. There's always something that starts a domino effect of knocking you back down into the poverty level, and it's usually government. There's a point where you finally start making enough to create a cushion of savings to bounce you back from the poverty level.

These trillions of dollars from bailouts and TARP and other programs are unnecessary. They should've let failed companies fail, and failed banks fail. This would purge the weak from the system quickly. Instead we will have to pay interest on those trillions for the rest of our lives, an additional burden that will be obvious or packaged into hidden cost of living.

If the s**t ever hits the fan for the USA economy as this guy predicts - I think you Americans will regret the lapsic gun laws you have in place and defend so much.

Good luck.

[edit on 15/1/10 by vonspurter]

Collapse of the dollar? You people sound poor.

What backs up the dollar is our might and our right.

The US dollar buys a helluva lifestyle here in the good ol' USA.

Come on in for the big win. Our markets go up and down. Take the ride!