US is in recession, currency and sovereign credit crises looms: Peter Schiff 31 July 2011

Good update from Peter Schiff regarding the state of the US economy currently and future directions, though I think even he is being a little cautious saying something to the effect that the US will not hit a significant crisis for another one,two or three years tops. Recall Schiff was one of the few voices who was predicitng the sub-prime crisis back in circa 2007/07.

One thing I was meant to mention here additionally is that Schiff doesn't include other developments in his analysis such as the Eurozone crisis and slowing growth in the global economy, which would likely hasten economic deterioration in the US as well.

Nah ah!
Obama said the recession ended in June of last year.

How dare you commit this treasonous act of deceit!

Originally posted by SpringHeeledJack
Nah ah!
Obama said the recession ended in June of last year.

How dare you commit this treasonous act of deceit!

Lies as we are still in recession and you know it.

You already know that

The EuroZone crisis (and Japan) is actually interesting timing and appears to give an advantage to the U.S. currency as it navigates the debt pitfalls.
If the EuroZone was fiscally strong right now then there would have been a massive move to security in Euro's which would have hastened the take down of the dollar.
It would also have increased the chances of oil being priced for sale on the international market in Euro's rather than dollars.
The EuroZone crisis is actually very convienent for the U.S.
Japan's Yen would have been a strong contender too, but their own domestic issues following the tragedies of this spring have toned down that option substantially.

Finally, there was talk of using a basket of Arab currencies to price the oil. That was, of course, before the Arab Spring.

Lots of convienent coincidentals working to the advantage of the greenback.
Make of it what you will.

(Still doesn't mean the dollar is in the clear though)

Originally posted by surrealist

Good update from Peter Schiff regarding the state of the US economy currently and future directions, though I think even he is being a little cautious saying something to the effect that the US will not hit a significant crisis for another one,two or three years tops. Recall Schiff was one of the few voices who was predicitng the sub-prime crisis back in circa 2007/07.

One thing I was meant to mention here additionally is that Schiff doesn't include other developments in his analysis such as the Eurozone crisis and slowing growth in the global economy, which would likely hasten economic deterioration in the US as well.

edit on 2-8-2011 by surrealist because: Additional comments

Hate to break it to you but this ain't a recession anymore. This "recession" technically began around 99-01, they only closed the books on it by saying stuff like "recover-less end to the recession" and only looking at the well being of the rich when making the determinant of if we are in a recession or a depression.


economics.about.com...

Originally posted by watcher3339

The EuroZone crisis is actually very convienent for the U.S.


(Still doesn't mean the dollar is in the clear though)

edit on 2-8-2011 by watcher3339 because: (no reason given)

Not really. Quantitative Easing, the action's taken by the Fed that devalued our currency(leading to high inflation in fuel, food and basic commodity prices) was to help the EU. If we would of just let the Euro collapse we would be in way better shape.

Gas would be "cheaper", food and other supplies would be more affordable. People would have more disposable income to save, pay on bill's, take vacations or make a big purchase. Instead this inflation is nuking peoples retirement, long term saving, home values and our basic ability to survive.

And if the Arabs re-price oil in a different currency we could just flip them the middle finger and open up our own reserves thus rendering them bankrupt.

Originally posted by SpringHeeledJack
Nah ah!
Obama said the recession ended in June of last year.

How dare you commit this treasonous act of deceit!

It's true there's no recession. The world economy is doing fine. The whole debt crisis was a bunch of swamp gas, folks, everything is fine, now move along, nothing to see here.

BTW, when are you going to start a thread or two? Jump in on something that's interesting. Can't wait to read and flambe. LOL.

reply to post by surrealist


I just got done watching the Colbert Report, and he had a segment talking about childrens chores and stuff, and said something along the lines of "even the children are starting to suffer during this new recession".

Plus, Adam Kokesh, on his newest episode of the adam vs the man show, he says we are hitting a double dip recession right now.

It seems that the "we are entering another recession" talk has started growing in the media. (Yes, I also believe we are in a recession)


ETA - Not to mention stocks around the world are hurting a bit right now since the debt deal to.