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Peter Schiff Warns "Don't Be Fooled By The Madness Of Crowds"

Tyler Durden's picture




 

Submitted by Peter Schiff via Euro Pacific Capital,

Going into 2015 the economic outlook held by the U.S. investment establishment could not have been much more positive, and more unified. Pundits saw all the variables aligning to create the best of all investment worlds, a virtual "no-brainer" of optimism. Many believed that the 5.0% annualized growth in 3rd quarter would stay strong in the 4th Quarter and then usher in a strong 2015, which many believed would be the best economic year since the crash of 2008. The only question that divided most forecasters was how good the year would be.
 
High degrees of certainty can be dangerous. Herd mentality can cause investors to chase returns en masse and pile into positions that may already be overvalued. But herds can be spooked, most often by unexpected developments which can catch the herd wrong-footed and spark major movements when the masses scatter at the same time. When that occurs, those who resisted the herd may find themselves rewarded. We believe that we are approaching such a point.
 
Although the employment reports continue to bathe the economy in the diffuse light of recovery, many of the less followed economic indicators have further diverged from expectations in the opening months of 2015. Many economists initially believed that GDP in the 4th quarter 2014 would come in at an annualized pace north of 3.0%. But, in January the actual number came in at 2.6% (which was revised down to 2.2%). Recent data in such categories as consumer spending (which after falling in December, declined again in January  - the first consecutive monthly declines since 2009), factory orders, trade, manufacturing, and business investment have missed on the downside. But these lesser reports are often explained away and have not made much of a dent on overall optimism.
 
In the six years since the Great Recession began in 2008, the economy has been boosted by both monetary and fiscal stimuli. The Federal Reserve has held its overnight rate at 0% while expanding its balance sheet by almost $4 trillion, and the Federal government had run four consecutive $1 trillion plus budget deficits (before pulling back to less than half a trillion annually more recently). But despite these unprecedented levels of stimulus, real GDP growth in the U.S. averaged just 2.2% from 2010 through 2014, which compares with an average of almost 3.5% in the post-WWII period. If this substandard growth is all we could achieve with the floodgates wide open, why should we expect that the economy will improve in 2015 if the stimulus doesn't return, as few expect it will?
 
Despite the records being set almost daily on Wall Street, (today the NASDAQ eclipsed 5,000 for the first time in almost 15 years), optimists claim that the market is not overvalued because the current S&P 500 price-to-earnings ratio, of about 19 times trailing 12 months earnings, is not too far above the historical norm of about 14. But most investors have not considered the extraordinary factors that helped push up earnings, artificially we believe, in 2014.  
 
According to Bloomberg, in 2014 S&P 500 companies spent an estimated $565 billion (or 58% of corporate earnings) on share buybacks, a figure that is extremely high by historical standards. Money spent on buybacks is not available to purchase new plant and equipment, to fund research and development, or to spend on marketing and logistics. In that sense, buyback spending generates current earnings at the expense of future earnings. Corporate results have also been boosted by zero percent interest rates, which have allowed businesses to borrow cheaply.
 
To factor out these short-term earnings distortions, we suggest that investors should look past current P/E ratios and instead look at Cyclically-Adjusted-Price-to-Earnings (CAPE), which is also known as the Shiller Ratio, a metric that looks at earnings over a 10-year period thereby smoothing out cyclical and economic anomalies. Looked through a lens of CAPE ratios, the U.S. markets begin to look very expensive in comparison to other global markets. The graph below tells the tale:
 

In addition, U.S. stocks currently offer some of the lowest dividend yields to compensate investors for the higher valuations (see chart above). The current estimated 1.87% annual dividend yield for the S&P 500 puts it far below the annual dividend yields of Australia, New Zealand, Finland and Norway.
 
In 2014 the S&P 500 outperformed stocks in the rest of the world (as represented by the MSCI Index of non-U.S. global markets) by an astounding 20%. This was by far the largest gap in the past 13 years.  But on Wall Street, investors generally chase returns. After six consecutive years of positive gains in the S&P 500 (and more than 200% return since March of 2009), few forecasters see any reason to suspect that the upward run of U.S. stocks will end anytime soon.
 
But should we really expect another year of such results? Would it not be more logical to suggest that the slowing economy will crimp potential over-performance of U.S. markets in 2014? Given that the S&P 500 has not been among the top performers over a 10-year timeframe [see 2015 Global Investor Newsletter] news, would we not at least expect the index to begin moving back to trend, and perhaps underperform world markets in coming years?
 
Don't be fooled by the madness of the crowd. The U.S. is not the sole remaining engine of world growth as the talking heads would seem to have you believe.
 

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Tue, 03/03/2015 - 12:48 | 5849911 SethDealer
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this is bullish for US stocks

Tue, 03/03/2015 - 12:53 | 5849931 LawsofPhysics
LawsofPhysics's picture

Peter needs to ask himself whether technical and "logical" analysis matter.

Tue, 03/03/2015 - 13:28 | 5850114 KnuckleDragger-X
KnuckleDragger-X's picture

Philosophers and people of wisdom have been warning about the madness of following the herd for centuries and the warning has never been heeded. Trying to push a camel through the eye of a needle is doomed to failure.

Tue, 03/03/2015 - 14:02 | 5850306 Lost My Shorts
Lost My Shorts's picture

I don't know -- is this even a current post?  Or did ZH accidentally repost a Shiff comment from 2013?  Or 2014, or 2012, or 2011, or 2010?

Shiff is probably asking himself how he makes such a fine living as a stopped clock.

Tue, 03/03/2015 - 14:07 | 5850333 LawsofPhysics
LawsofPhysics's picture

Precisely.  Technicals and fundamentals have looked like shit for 6+ years, and yet here we are...

Tue, 03/03/2015 - 14:14 | 5850369 PrecipiceWatching
PrecipiceWatching's picture

Of course, the question is:

 

HOW LONG can the current state of fiscal/financial irrationality be sustained? 

 

Since Schiff has been SO wrong on his timing, if not his core analysis, I would like to hear his answer to that simple query.

Tue, 03/03/2015 - 14:23 | 5850410 LawsofPhysics
LawsofPhysics's picture

Everyone is fretting over the "bond market".  This is supposedly/traditionally how governments fund themselves.  Unfortunately, now that everyone is directly monetizing, there is no fucking market.

Bottom line. For every seller, there must be a buyer.  The question everyone needs to ask is what happens when the buyer and seller are the same entity.  That's where we are.  I postulate that so long as all those paper claims don't start chasing real goods and services, this can good on for a very long time.

Tue, 03/03/2015 - 14:32 | 5850467 realWhiteNight123129
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The facility is to believe that stocks move up because they economy does great. In fact in the later part of the XIX century the US economy was booming but the demonetization of Silver was making the dollar harder. As a result the stock indexes were not moving much in USD but in real terms were appreciating.

In Zimbabwe and in Venezuela the stock indexes have done great in local currency but poorly in real terms.

The Nasdaq is at 5,000 but the USD is probably worth half what it was worth in 2000, as a result the investor in the Nasdaq has lost half of his money.

Banks love currency debasement because they avoid bankruptcy, money managers love debasement because as long as the rates are controlled down the nominal game generates fees for them.

If you download the Shiller data on S&P when the US was on a Gold standard, the index is doing nothing for decades yet the standard of living were increasing. In that environment the 2% + 20% is not fun at all.

The S&P is a ratio = (Real Value of the INdex) /  (curency yardstick, i.e. USD).

THe USD has plummeted against the Swiss France since 1999. Measured in Swiss Francs, the S&P is down.

The movement of stocks is monetary phenomenon mainly, the fundamentals matter for multi-decade investments, not for the short term.

Tue, 03/03/2015 - 15:28 | 5850787 LawsofPhysics
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Precisely why it is so important for monetary policy to peg the underlying currency to reality.

Fundmentally, over the long term, all fiat, die.  The "dollar" has technically "died" twice over the last 100 years, revalued against gold once outright, then by stealth and then complete dissolved from PMs (Nixon).  People ignore this.

Tue, 03/03/2015 - 16:33 | 5851155 Lost My Shorts
Lost My Shorts's picture

For most American Joes, the only available asset allocation choice is between dollars and US stocks.  And Peter "Stopped Clock" Schiff is uniquely useless in making that allocation.

You seem to agree that nothing in the current picture necessarily makes US stocks a bad investment relative to dollars.  The central banks clearly think their accumulated wisdom and close cooperation with financial companies enables them to manage medium-large chunks of currency debasement in the range of 50 to 100% per policy phase without any crisis or runaway movements, and that confidence seems to guide their actions.  Waiting for the plunge of stocks in dollar terms is the 21st century version of waiting for godot.

Tue, 03/03/2015 - 19:05 | 5851711 realWhiteNight123129
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Well the issue is that the arbitrage between borrowing at no cost and stock yield a tiny bit only works for so long as the Central Bank can keep the control of interest rates. If they lose it, GAME OVER, the ratio of Present Goods (Current GDP) to Financial Assets (Promises on future GDP) comes back to normal abruptly. (Deleveraging).

You can deleverage slowly or abruptly. You can deleverage abruptly either by wacking down the numerator of the ratio of (Financials Assets i.e. promises on future GDP)/ (Current GDP).

That was Cyprus.

 

You can wack the ratio by pushing the denominator upwards (That is Argentina).

THe first does not print its own money /the second does.

The first kicks the government out, the second keep them in power.

The decision to print money is controlled by politicians...

I let you choose the ultimate outcome.

John Fullarton wrote about the sequence of money printing and where it goes.

1. In debt instrument (Junk Bonds after 2009) --> inflates up the crappy debt (TARP)

2. Lands (Agriculture land price) --> Inflates land prices.

3. Stocks --> Inflates stock (right now)

4. Circulation of present goods (GDP components of immediate value). --> (what is generally called inflation, but it is the same just that it goes in the criculation of present goods, instead of financial asset).

 

Only when we get to 4 that the ratio of (Financial assets - promises on future GDP) / (Current GDP- present goods of immediate consumption value)  GETS BACK TO REASONABLE.

Normally the ratio overshoots down when inflation is raging to its last extremity.. Think 1979.

Conclusion, buying Gold now is still early, but not a bad idea. Gold will outperform vastly when the money starts to kick in the Present goods (Components of GDP) producing another type of inflation.  Right now it still plays with financial assets.

Velocity will pick-up and then we have a decade of chronic inflation starting. Once the velocity starts to kick, game over for stock because the rates will start to rise... And the arbitrage current yield vs stock will make stocks unattractive.

Note that while nominal rates will rise they will lag inflation, so real rate will stay negative = BULLISH FOR GOLD>

 

In that environment stocks might still go up in nominal terms (they were up 50% in nominal terms in teh 70s) but the PE shrink and the components of GDP (present goods of immediate value) rise much faster than the stocks which have the headwinds of contracting P/E due to rising nominal rates on the short term.

 

 

 

Tue, 03/03/2015 - 23:56 | 5852710 TheRedScourge
TheRedScourge's picture

Well, considering that pension funds are accessible to most Americans through their employers, and since most plans offer funds which specialize in foreign stocks, and since foreign stock markets often outperform the US and the USD both, that is not entirely true.

Tue, 03/03/2015 - 15:24 | 5850776 PrecipiceWatching
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So why didn't anyone think of, or attempt this venal paper charade before?

Tue, 03/03/2015 - 15:27 | 5850797 LawsofPhysics
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They have.  Do a little homework on the history of reserve currencies.

Same as it ever was.

Tue, 03/03/2015 - 18:14 | 5851576 thinkmoretalkless
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If anyone knew when for sure why would they tell us? This is just wondering out loud.. Good therapy to review the straws in the wind when you feel the lure of the herd. One of those straws may just land on the camels back.

Tue, 03/03/2015 - 14:57 | 5850625 JRobby
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And the day traders that read a best seller on shorting now reside in tent towns, culverts, underpasses..........

Tue, 03/03/2015 - 12:57 | 5849947 Edward Morbius
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Don't fight the FED/BOJ/BOE/SNB/ECB Hydra.

Tue, 03/03/2015 - 13:03 | 5849974 freddymercury
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Cut off one central bank, two will replace it (or 5 for that matter)...Hail Hydra!!

Tue, 03/03/2015 - 13:01 | 5849956 new game
new game's picture

just a matter of time before THE GREAT WOOOOSH...

AND THAT SUCKING SOUND AINT MONICA

Tue, 03/03/2015 - 13:02 | 5849967 Seasmoke
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And yet week after week Month after month we continue To see $10 drops in gold in seconds. IM tired of reading these past 6 years any moment now. It's time for less wordS and lots more actions. Otherwise shut the Fuck Up

Tue, 03/03/2015 - 13:22 | 5850084 VegasBD
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gold is currently priced by paper products. who cares what the price is until it's priced by physical. you're watching the wrong thing

Tue, 03/03/2015 - 14:05 | 5850321 Seasmoke
Seasmoke's picture

I'm sorry what's the current physical price ?? Mine is $10,000USD but everyone laughs and keeps offering me $1200USD. 

Tue, 03/03/2015 - 14:18 | 5850388 angel_of_joy
angel_of_joy's picture

If you're not happy with the bid, don't sell ! Easy as pie...

Tue, 03/03/2015 - 14:59 | 5850639 JRobby
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Gold & Silver are massively suppressed by CB's. If you want to fight the CB's...........

Tue, 03/03/2015 - 13:02 | 5849973 FieldingMellish
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Crowds? Has he seen the volume in the last year or two? There are only algos and the Fed, there is no "crowd".

Tue, 03/03/2015 - 13:03 | 5849977 forputin
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Putin killed russian soldiers:

http://youtu.be/AqetCJW-GL4

Tue, 03/03/2015 - 13:05 | 5849986 skilaki69
skilaki69's picture

Where is that collapse that Peter and so many others here have been saying for how many years now?

 

2010....2011...2012...2013...2014...2015 FOR SURE this time!!

Tue, 03/03/2015 - 13:08 | 5849998 new game
new game's picture

THIS WILL BE THE YEAR, ON SCHEDULE FOLLOWING THE 7 YEAR THINGY.

Tue, 03/03/2015 - 13:10 | 5850009 ok
ok's picture

Yeah, and where is the mortgage meltdown Schiff was running his mouth about in 2003...2004....2005...2006......

Tue, 03/03/2015 - 13:18 | 5850059 philosophers bone
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Very slow motion trainwreck.  It's in process, you just have to open your eyes. 

Tue, 03/03/2015 - 13:06 | 5849987 skilaki69
skilaki69's picture

One can only cry wolf so many times.

Tue, 03/03/2015 - 13:10 | 5850008 Quinvarius
Quinvarius's picture

He is not crying wolf.  He is right...again.  But if it makes you feel better, believe otherwise.

Tue, 03/03/2015 - 13:10 | 5850014 Antifaschistische
Antifaschistische's picture

you nailed it.......and the end of that story, is that the wolf does end up eating you.

timing is everything.

Tue, 03/03/2015 - 13:12 | 5850018 Clint Liquor
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Crying wolf. The exact same thing was said about those warning of a Mortgage Crisis in 2006. Funny though when they were proved correct it was said that 'nobody saw it coming'.

Tue, 03/03/2015 - 13:58 | 5850254 Ham-bone
Ham-bone's picture

Only problem with Peter's analysis is the record stock buyback announcements for 2015...Feb was greatest single month on record at $92 billion...and corporate buyback are far in advance of retail and pension continued selling.  As long as money is free, corporations will issue as many bonds and take on debt at ever lower rates...but of course if rates started to rise even a .25 point...the corporate engine which is the net buyer would blow sky high.

Tue, 03/03/2015 - 14:36 | 5850500 sTls7
sTls7's picture

With Grandma at the wheel, I don't see that happening.

Tue, 03/03/2015 - 14:44 | 5850538 Ham-bone
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Actually, another miss from Peter is the collapsed corporate tax collections as a % of their record earnings...it is now @ 20% vs 50 yr average of 40%....this is handing in excess of $2 trillion back to corps below the typical collections

read it and weep...

http://econimica.blogspot.com/2015/02/fundamentally-flawed-chapter-35-taxes.html

Tue, 03/03/2015 - 15:02 | 5850660 JRobby
JRobby's picture

Must have switched to H&R Block??

Tue, 03/03/2015 - 13:10 | 5850007 WillyGroper
WillyGroper's picture

whoa, is this why Gross left PIMCO?

Austrian bale in tyme...

Tue, 03/03/2015 - 13:10 | 5850013 RSDallas
RSDallas's picture

Actually the US is the prettiest pig in the litter. For that reason alone, we will continue to see the market expand until the dam breaks somewhere else in the world. Your guess is as good as any as to where that dam is located. There seems to be many leaks throughout the world.

Tue, 03/03/2015 - 13:33 | 5850148 SoilMyselfRotten
SoilMyselfRotten's picture

I like Max K's, 'leper with the most fingers' analogy.

Tue, 03/03/2015 - 13:35 | 5850155 Mister Ponzi
Mister Ponzi's picture

Maybe they are just better than others in manipulating their statistics?

Tue, 03/03/2015 - 17:34 | 5851407 Nick Jihad
Nick Jihad's picture

My guess is, that dam is Japan (who also have lasted much longer than anyone thought possible).

Tue, 03/03/2015 - 13:12 | 5850023 Downtoolong
Downtoolong's picture

I’m loving watching BABA breaking bad to new lows again.

It’s The Silencing Of The LamBaaBaas -  Part Deux

In this sequel, Hannibal is played by Jack Ma who eats the livers of an entire mob of Sheeple Investors with fava beans and a bottle of chianti. He had planned to eat them with 10,000 bottles of rice wine, but, the supplier he bought it from on Alibaba never fulfilled the order.

Meanwhile Clarise Starling, played by Marissa Mayer, spends the entire film this time scared shitless, lost, and wandering aimlessly in pitch black darkness in the basement of Yahoo Headquarters trying to find her way out and answer the question, “Why did my Directors put me in this position?”. 

P.S. I am aware that sheep herders most often refer to their livestock as a flock, or possibly frock if they happento be Chinese sheep herders. However, I heard that herd and mob are also acceptable names for a large group of sheep, the latter being the best choice for a herd of Sheeple reacting to the price of their BABA stock tanking before having their livers eaten.

Tue, 03/03/2015 - 13:32 | 5850140 cyclist
cyclist's picture

That is some funny shit downtoolong

Tue, 03/03/2015 - 13:12 | 5850028 phoenixdark
phoenixdark's picture

petey schitt the guy that's been predicating dollar/economic collapse since 2002, before that his imprisoned father, Irwin. This guy has zero Cred.

Tue, 03/03/2015 - 13:28 | 5850116 Quinvarius
Quinvarius's picture

And then the Second Great Depression started along with an ongoing global currency collapse.  Yep.  He was totally wrong alright.

Tue, 03/03/2015 - 13:34 | 5850152 rejected
rejected's picture

Irwin Schiff was absolutely correct. That's why he is still in jail at 87 so dangerous they think he is....

Tue, 03/03/2015 - 15:19 | 5850748 JRobby
JRobby's picture

Don't forget to pay every penny of taxes you owe by April 15 phoenixdarkdickheadpissdrinker

Tue, 03/03/2015 - 13:20 | 5850069 forputin
forputin's picture

Russian soldier story about his expierience in Ukraine:

http://www.novayagazeta.ru/society/67490.html

Tue, 03/03/2015 - 13:42 | 5850198 Jack Burton
Jack Burton's picture

We have been warned since 2008 that stocks were a bad place to be. The real main street economic collapse, mass under employment, falling incomes, and people leaving the labor force, plus student loan debt burdens, etc. etc. made stock valuations a bubble. The 2008 collapse was papered over, and sooner or later stocks would blow up. Since 2008, the Fed have driven stocks upward relentessly! Record close after record close. 2009-2010-2011-2012-2013-2014-2015 Up, Up, Up.

While the real economy has seen only fake growth numbers. The Fed has printed and distributes money in infinite quantities to markets and banks and corporations, all a zero interest rates. While American savers have has every penny of their interest income stolen since 2008 and given to bankers.

I have heard for half a decade now about stocks being overvalued and in a bubble. But what we are really saying is that the Fed has shown the power to print money and juice asset classes without pause. All we ask now is "How much more printing and juicing can the Fed keep doing." Economic fundamentals are no longer a part of the equations defining asset prices.

Tue, 03/03/2015 - 14:33 | 5850483 sTls7
sTls7's picture

It's obvious, no one gives a rat's ass about Main Street. 

Tue, 03/03/2015 - 14:43 | 5850544 TeethVillage88s
TeethVillage88s's picture

Good Points Jack. You are not a one hit wonder, you see both war and finance equally as efficiently.

You point out that USA & International Community has been subjected to an Intelligence Operation by TBTF Wall Street Banks.

TBTF want to continue to attract Investors of all kinds from all sectors.

- Somehow we need to get TV & Movies to start revealing the Banks as Intelligence Operatives who both commit Felony Fraud and whom actively misinform the public while trying to Enlist the Public to Invest.

Guess that is it.

Repost:

Seems like a good Symbol of a Banking Intelligence Operation just like a Military Intelligence Operation.

- Intelligence the All Seeing Eye, Banking has always been about gathering Intelligence, then setting up Operations to rack in the money, Building takes Money & Engineering, Pyramids Symbolize the Cunning of a King to get a large Building Successfully Built

Now I had two examples in mind last night.

1) 1910, Jekyll Island Op where in 1913 in December during a Christmas Recess the US Congress put together a Quorum to pass the Federal Reserve Act
2) WWI & WWII, Propaganda & Defense Loans & Contracts
3) Vietnam, False Flag, Propaganda & Defense Loans & Contracts
4) 1995-2005, Sub-prime started, HUD Advocated, Citigroup & Travelers Merger, Brooksly Born Shut-out, Gramm-Leech-Bliley Act, Commodity Futures Modernization Act of 2000,
McCain–Feingold Act, Bankruptcy Abuse Prevention Act
5) 2008 US Financial Crisis orchestrated as just short of martial Law in the Streets, Bank Runs, Riots, Food Shortages, Rape & Murder, culminated with handing power over the TBTJ Banks who had operated the Secondary Mortgage Market to create Tranches of Mortgages for Derivatives of AAA Rate Fraud, No Punishment, TBTJ Got TARP, Bonus & Compensation Preserved, and QE Infinity

- Intelligence the All Seeing Eye, Banking has always been about gathering Intelligence, then setting up Operations to rack in the money, Building takes Money & Engineering, Pyramids Symbolize the Cunning of a King to get a large Building Successfully Built

I say this is 5,000 or 6,000 years old and provable as such by someone.

Wed, 03/04/2015 - 00:40 | 5852828 hedgiex
hedgiex's picture

Yes. These spins grow by the day piling one on top of the other. The same asinine analyses of today's dysfunctional markets with collapsing price discoveries. (You can use even sun spots to explain such markets).

Much of these spins come from the whole army of clueless market pundits who have to say something to keep their paychecks. Few tell you the reality that you find in ZH. These markets are recognized by traders who maximize gaining access to free monies from more and more Central Banks and leverage to front run the next CB's move. (You can call it a casino with card sharps).

NB. Not that these traders will not crash. In fact, the attrition rate is escalating by the day. What you expect from wannabee F1 drivers without skills? They land in the heaps that ironically with the monies of trusting muppets. Game also goes on because of the high addiction to snake oils that the Banksters like drug lords keep concoting for muppets.

Crying for Govt's interference would not help as the Umpire is also now the Poacher. Just take personal responsibility and leave the game of paper assets.

 

 

Tue, 03/03/2015 - 14:03 | 5850313 Peter Pan
Peter Pan's picture

There is often wisdom in the madness of crowds but the problem is that you have to get the exit timing right.

Tue, 03/03/2015 - 14:24 | 5850419 angel_of_joy
angel_of_joy's picture

The true problem is that by the time you decide to get out, the door disappeared (no bid). Try that for wealth preservation...

Tue, 03/03/2015 - 14:33 | 5850481 brushhog
brushhog's picture

Peter Schiff, possibly one of the most accurate long term forecasters on the planet. Definitely pays to listen when Peter talks!

Tue, 03/03/2015 - 14:39 | 5850516 quasimodo
quasimodo's picture

Which year are you referring to? Otherwise, this reads like another puff piece from KingWorldNews.

Tue, 03/03/2015 - 14:43 | 5850543 farmboy
farmboy's picture

I feel like a brave cowboy standing in front of a herd of buffalo's that trample me.

Tue, 03/03/2015 - 15:08 | 5850680 DOGGONE
DOGGONE's picture

Peter Schiff,

Stop whoring for Wall Street.
http://www.showrealhist.com/yTRIAL.html
http://patrick.net/?p=1223928

Tue, 03/03/2015 - 15:11 | 5850691 badger10
badger10's picture

AUDIT THE FED!

Tue, 03/03/2015 - 15:21 | 5850712 badger10
badger10's picture

I believe the market has been propped up by low interest rates for six years and that has but bubbles in our market! That has resulted in a programmed bull market that hasn't shown sustained growth that verifies the higher stock prices. All we are doing is setting ourselves up for a deflationary bear market that will last for years.

Sun, 03/15/2015 - 11:22 | 5891054 ArtOfLife
ArtOfLife's picture

There is never any good economic news on Planet Schiff, where Schiff is always right and federal income taxes are voluntary.

Do NOT follow this link or you will be banned from the site!