Peter Schiff Predicts 2010, (4.1.10) not good

PETER SCHIFF IS BEING WAY TOO OPTIMISTIC

There is a MONUMENTAL ACCIDENT about to happen in the world economy that is being ignored in the USA.

The UK is a staggering accident waiting to occur.

The UK MUST, by law, go to a General Election by 3rd July 2010.

Gordon Brown has zip chance of winning and only by being in power is a whole raft of corruption being hidden away.

Result, the Gordon Brown Government....
1. Is one of the main architects of the NWO
2. Is one of the main architects of the bail-outs.
3. Is actually ACCELERATING SPENDING as the deficit skyrockets in the UK. He has more than doubled the national debt in 15 months.
4. He has created thousands of phoney jobs such as inspectors handing out $400 tickets for not closing your trash bin lid and now condemns the opposition Tories for plans to slash spending.
5. Part of the reason why the dollar si still strong is because the British pound is already in a tailspin.
6. After severe deflation, retial prices are soaring as the collossal boost in currency feeds through into hyperinflation.

In March 2010, Gordo will almost certainly try a give-away budget to regain reelection.

This will result in a currency crisis and the major risk that UK bonds will be downgraded from AAA to AA. The Governemtn will then have difficulty in financing itself and UK bonds will crash, followed by the stock market, triggering, probably, as it did in 1987, a world market crash.

Once this happens, the Banks, awash with UK bonds will start to go into crisis. Gordo has followed a policy of taking over failing banks which will add further to the UK's debt load, aggravating the crisis in the financial markets.

This CATASTROPHY IN THE UK will then trigger CATASTROPHY in the USA.

Massivew layoff will nbow occur as this new crash takes place.

inflation is already skyrocketing after a period of deflation and there is already real anger as Government worker unions keep striking for extra pay as people in the private sector are taking 20%, 30%, 60% pay cuts to keep their jobs.

Gordo is highly predictable and unimaginative and he will likely bribe the state workers unions to keep at least some voters behind him, anger finally spills into the streets.

At this point, one of two things will occur...MARTIAL LAW, but under a new name and the election cancelled or Tories elected on a landslide with EXACTLY the ooposite policies as Labour and Obama.

Either way, fear of what has happened in the UK spreading to the USA will become a self-fulfilling prophecy and Obama will suddenly find the UK crisis dropping like an anvil on the US economy and his administration before August.

reply to post by EvilBat

If people stop buying stock in a company wouldn't the company layoff/fire people to make up for the loss?

When the company I was with stocks where well over 45 a share we had 3 shifts many employees, even sold our "stuff" over seas, when the stocks hit 30 we went to 2 shifts and well right now we don't exist anymore. Yes the product wasn't selling as much as it used to but before the tumbling started it was when the stocks dropped was the first of the big layoffs.

Actually the loss of jobs was not likely due to the stock falling, rather it was more likely because the owners needed to cut costs and as you stated product wasn't selling as much as it used to (falling demand). Think of stock as a loan to the company. For each stock you own the company pays you a piece of the profits. (Also if no one buys your stock, you might have no cash to operate in some cases.)

When the company is paying a lot of this profit to stockholders, the price to own the stock goes up. The stocks with your company were going down because they were likely in trouble and paying little to no profits.

Maybe it was due to poor management. As the profits shrink the managers look to cut costs, and labor is the quickest and usually largest expense you can change. So axe the workers and expect the others to pick up the slack.

I hope this helps. No flames please; I was trying to keep it super basic. I am sure there are other factors that could have caused the problems, but this seemed likely per the information given.


On the topic, I too am noticing small changes in inflation. Fuel is creeping up again and I noticed several items in the store at the same price, however they are in smaller packages. Less for the same price.

Spelling and more info.

[edit on 19-1-2010 by Absum!]

Originally posted by DEEZNUTZ
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.

I hold Obama responsible for encouraging the US spending its way into bankruptcy at a much faster rate than George Bush. Yeah Bush was bad, but Obama is even worse. Not only does Obama want to increase military spending but spending in every single possible area of government! Government spending is going up faster than under Bush. Under Bush, it is arguable whether the US would go bankrupt. Obama has left us little doubt we'll be bankrupt and replacing the US dollar by about 2017 if not sooner.

Either way, congress sets the spending for the US federal budget, NOT the president. So while you can say Bush encouraged more spending and so did Obama, US congress are much more responsible, and in turn the people who voted for those congress people are in turn to be blamed. There is plenty of blame for everyone, but ultimately voters were not forced to vote for the two main parties which are both pro-bankruptcy and pro-financial-suicide.

As far as I'm concerned those who voted in the debts we have by supporting their congress person year after year, those are the people we've got to find and make them the debt slaves for life... they are the ones who vote for debt slavery so clearly they want it. Let them have it then.

So in summary you can pretend it was the red team or the blue team when in point of fact it was twisted brain-dead voters who don't give more than 30 seconds of thought about what to do at the polls. Want to hold someone accountable? How about your neighbor... how about your friends or family... how about you?