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Peter Schiff Warns: "The Whole Economy Has Imploded... Collapse Is Coming"
Submitted by Mac Slavo via SHTFPlan.com,
Back before 2008 Peter Schiff was harshly criticized and laughed at for his predictions about a coming economic collapse. Among other things Schiff warned that consumer spending had hit a wall, stocks were overpriced and lax credit lending practices would lead to a detonation of the banking system. Rather than heed the warnings, the biggest names in mainstream media tried to discredit him for not toeing the official narrative. Shortly thereafter, of course, Schiff was vindicated and much of the doom he had forecast came to pass.
Today, Schiff continues to argue that the economy is on a downhill trajectory and this time there’ll be no stopping it. All of the emergency measures implemented by the government following the Crash of 2008 were merely temporary stop-gaps. The light at the end of the tunnel being touted by officials as recovery, Schiff has famously said, is actually an oncoming train. And if the forecast he laid out in his latest interview is as accurate as those he shared in 2007, then the the train is about to derail.
We’re broke. We’re basically living off of debt. We’ve had a huge transformation of the American economy. Look at all the Americans now on food stamps, on disability, on unemployment.
The whole economy has imploded… the bottom hasn’t dropped out yet because we’re able to go deeper into debt. But the collapse is coming.
Fundamentally, America is worse off now than it was pre-crash. With the national debt rising unabated and money being printed out of thin air without reprieve, it is only a matter of time.
Schiff notes that while government statistics claim Americans are saving again and consumers seem to be spending, the average Joe Sixpack actually has a negative net worth. But most people don’t even realize what’s happening:
I read a statistic… The average American has less than a $5000 net worth… it’s pathetic… we’re basically broke… but in fact it’s much less… If you actually took the national debt and broke it down per capita, the average American has a negative net worth because the government has borrowed in his name more than the average American is able to save.
…
What’s happening is pretty much what we would anticipate. I don’t see from the data any real economic recovery, certainly not in the United States.
We’re spending more money, but it’s not because we’re generating more wealth. We’re generating more debt. We’re using that borrowed money to consume and so temporarily it feels that we’re wealthier because we get to spend all that money… but we have to come to terms with paying the bill.
The bills are going to come due. Right now interest rates are being kept at zero which makes it possible to service the debt even though it’s impossible to repay it… at least we can service it. But once interest rates go up then we can’t even service it let alone repay it.
And then the party is going to come to an end.
The problem, of course, is that no one with any real influence over public perception, like our elected officials or the media, will do anything about it. They’ll continue the party until it comes to an abrupt and irreversible end, and anyone who goes against the official narrative will be branded a lunatic gloom and doomer or extremist.
But vilifying those who are blaring the warning sirens will do nothing to change the end result:
We’re going to have a crisis… There are always going to be people who say ‘well, you’re a stopped clocked… you keep predicting doom and eventually it happens’… but you have to back and listen to why… Why are they saying it?
If you look back at things that I’ve said and the things that Ron Paul has said… This is why it’s happening… it’s not like we’re just saying negative things to be negative and then when something negative happens we can claim credit for it happening.
If you look back at the events it bears out that we’re right… unfortunately our opinions are in the minority… and you have governments that have a vested interest in ignoring these opinions because they don’t want to change because they’re at the root cause of the problem. But they don’t want to acknowledge their role in creating the problem. They don’t want to acknowledge that the problem is more government and that we need less government because that’s not how they stay in power. They promise something for nothing… they promise that government is the solution for your problems, not the cause of your problems.
They’re never going to acknowledge people like Ron Paul for what they’re saying… but they’ll try to discredit you by saying ‘well, you’ve been saying this for years and nothing bad has happened.’
But look around. A lot of bad stuff has happened. We just haven’t had the final and complete collapse. But what good is it when that happens? Now it’s too late to do anything about it.
The reality is that the American economy is on its last leg. Black Friday sales were pitiful, some of the world’s leading companies are warning of recession, and U.S. national debt will soon surpass $20 Trillion.
Just as was the case before the Crash of 2008, all of the signs are there. And just like before, the stock market continues to hover near all-time highs.
If you’ve been paying attention you know what happens next.
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This can be understood as:
The unicorn was found and captured; it was really a mule with a carrot on his head.
The Unicorn is more talented than you think...
https://www.youtube.com/watch?v=YbYWhdLO43Q
DaddyO
Bullish?! http://1drv.ms/1TTJLiL
Peter,
You are a gentleman and a scholar. However -- this super bubble has another couple years to go. We'll get another dose of QE and perhaps NIRP before this thing goes full-on-retard. Shoot, we might even get bank account confiscations.
This will get worse before it gets better. The "getting worse" part will take another few years.
Yep we got a little more Hell to pay.....
Another alarmist bunch of crap.
This is the same thing CNBC says about Peter. And then he proves them to be useful idiots. Expect more of the same here. What bubble are you expecting to pop first? Because if you do not have one, you need an "alarmist bunch of crap".
Peter Schiff was wrong (about Bitcoin)
https://localbitcoins.com
It has imploded and I am now seeing zombies roaming in the streets. Help Help Help !!
The old economy exploded a while back and Yellen's New economy has already imploded ?? Does not compute.
It doesn't matter what happens to Main St., copper, silver, oil, natgas, gold, nickel, zinc.... as long as there is billion dollar FANG stocks.
This is RACISS HATE SPEECH !! Where's my safe zone ?!?!?!
The only difference between a hero and a zero in the finacial markets game is timing...
Just watch commodities, oil and the US$ index. That is all you need to know
I listen to Schiff's youtube podcasts as soon as he posts them. Usually posts one every couple days or so. Some of the best informed, straight forward commentary you'll get about what the fuck is really going on. Highly recommended if you haven't added Schiff to your daily routine of who to listen to regarding the economy and these fake-ass so-called "markets" and the crimes of the FedRes.
END THE FED!!!
Peter, thanks for getting us ready for shit storm.
Schiff has a terrible record on timing the market moves.
That which cannot continue forever will eventually stop. Way too many variables at play to even pretend at the timing. A friend of mine was at a furniture store last weekend and bought some very nice stuff. The salesman asked how many months of financing my friend wanted. Friend replied that cash was fine. The salesman was speechless.
No bubble burst this time. It will be a slow bleeding death ...
It seems like a no brainer the party for most of the country is over with the exception being NY/DC and maybe a few more. Over sixteen years of stupidity, greed, and corruption did this country in. Wall Street was so smart that they figured out how to suck every dime out of every person and every small business. The money they didn't get the government took the rest to give to large corporations and absurd military adventure which has become a job program.
Fuck it. Why am I wasting my time. I am going to go read a book
I like Peter Schiff as a radio host. But he's been pretty much wrong about everything for the last eight years. There's no hyper-inflation. And the dollar is about to get real strong. Me thinks he art a bullshit artist.
Quite literally, once the currency wars turn into shooting wars. Considering San Bernardino, and Paris, this may already be the case.
san bernadino and paris have nothing to do with wars - they are distractions, not real, they are an effort by the owners to consolidate their power in response to a made-up "emergency".
also, there is no pink floyd without roger waters.
So who doesn't?
what are you talking about, he has called 12 of the last 5 recessions/bear markets
Very well said. And this guy has been pushing gold for 7 years. What a horrible place to put money. Eventually, he will be right, but this guy has cost a lot of people, a lot of money. COuld he have predicted all of this QE? No, who could? Even Yellen doesn't know when it will end. But predicting when it ends is the whole enchilada. And this guy is just trying to creat fear to sell you gold.
So are your ounces going rusty or something? Cost people money? You mean USD?
Isn't that the point of buying physical gold, to get away from the USD???
Or are you one of those "I am looking to make USD profits on my gold" types? The more sensible stackers want to give their gold to their kids 20 years from now, others want to sell it when the new gold-backed currency is inevitably announced.
But you...
Exactly. It does not take a genius to tell you this will end badly. The big question is: WHEN? Frankly, back in 2012, I thought we'd be in hyperinflation by now. In fact, silly me, I thought energy stocks were the place to be. I still think that commodities and energy will be back in vogue, but in the meantime, sticking by my convictions has been fuking painful. Meanwhile, my brother (who majored in philosophy of pussy in college) has made me look like a jackass with his AMZN stock. He always snickers when I point out the P/E ratio is insane. But of course its impossible to argue with success.
I've had this conversation many times with my close friend; all we ended up with after the Yamazaki 18 was gone was "if you can't wrap your head around the reality of the madness you've no place entering into the club." It's why I will always suck and will end up "working for a living" - I simply lack the consruct required to enter the market matrix and actually flow with it - and thus like you, sticking to my convictions has been...not immediatly finanically rewarding.
However, while I could invest in the suite of military-industrial complex companies who really profit from, and to a degree help foster the continuation of, perpetual war, I don't want to. No judgement, I just don't want it, and will probably never arrive at the palce where I can swim in the rip tide of madness and be good with it. So I have learned several trades, worked hard, and tempered my appetites; that has afforded me comfort, and on the world stage, being comfortable IS being wealthy.
I'll never forget a rich guy coming to me when I was working as a junior admin SE at a startup - "hey, I am thinking of of buying one of these mobile phone companies that make those ring tone things....what do you think?" Said I thought it was bullshit but he'd probably make a mint from it. Turns out it was, he did, I didn't - just not me.
On an unrelated note, as for the "price of gold" - what difference does it really make? Buy it if you can, put it away somewhere, keep your mouth shut and go about your business. I've never looked at it like an investment - more like a tool that one hopes never to need to use, but will gladly use it if required.
Long on smog,
~ SD
The one silver lining of owning a lot of these stocks (esp energy) is that they pay good dividends. So you get paid to take take the wild ride and it helps if you don't look at your account balance (which I do anyway). The other thing about dividends, is that all bets are off if oil goes below $30/barrel, but I digress. Even so, I know two things will eventually happen:
1. The Saudis will kill off the competition, and/or themselves, and oil will start rising again.
2. Eventually, other countries will get tired of taking US dollars for real goods that are created out of thin air and backed by Jack Squat
But, again, the question is: When? Luckily, I am wealthy enough that I can afford to be patient. And I do own some speculative mutual funds, which have done well. Overall, I'm fairly well diversified, but it hurts my pride that the investments I'm most intellectually partial to have tanked.
I like Peter Schiff a lot, and I think he'll eventually be right, but he's been repeating himself for years now. I think he underestimates the ability of central banks to keep the music playing.
Hint: Try playing Monopoly with a 5 year old and let them be the banker.
Yeah... I'm pretty much there as well. Peter is incredibly sharp when if comes to almost everything business/economics. Then the Fed comes in and throws everything off. We are no longer in an economic situation. We're in a Central Planning situation - which always ends badly but nobody knows when.
The only way to get rid of all this debt is a war. Anything else is salad dressing.
Ok but it's hard to argue with a good balsamic vinaigrette
redpill, you have been missed
Tip: Mix balsamic vinagrette with ranch dressing. It sounds weird, but I swear it's delicious.
only if we invade and pillage a country that has 20 Trillion Dollars laying around....if not, the last time I checked...wars COST us a lot of money and will even accelerate our financial demise.
That's why I keep saying we gotta invade the Cayman islands. The. 001% have around 20 trillion stashed there. Just gotta make sure all communications are down or they'll xfer it out before the marines can confiscate all the 1's and 0's.
Zimbabwe?
Not just Peter, just about everyone has underestimated the amount of time this has dragged on. John Williams (much respect) said there would be hyperinflation in 2014. The silver bugs have been predicting silver armageddon for a decade. Jim Sinclair expected it all to go belly in 2015. When I read that (in 2011 or so) I thought, what is he smoking? There is no way it survives until 2015...
I carry a couple $100 Trillion Zimbabwe notes in my wallet at all times just in case the Shit HitsThe Fan. . .
A "war on climate change" would be really, really, really great, wouldn't it? Nobody gets hurt, bankers get richer, shyster "greenies" get slimier, and the pockets of the political pigs get fuller with the lobbying money from both! Ain't it great to be an American?!
'Stool
Since the Government is apparently modifying the weather by geo-engineering (pushing the Jet Stream south in the USA to get warm weather), they are self-creating the need for a war on climate change.
Yaaaa, they actually have YUUUUUUUUGGGGGGGGGEEEEEEEE fans that can divert vast quantiites of air in any desired direction and this can
be maintained as long as the fans are switched to the 'on' configuration. The concept was developed at MIT. Most fans are stored at Area 51
until deployed.
"hey actually have YUUUUUUUUGGGGGGGGGEEEEEEEE fans that can divert vast quantiites of air in any desired direction"
you mean Jim Cramer?
War just delays the day of reckoning. Won't do anything about the debt but make it bigger.
Technically true but war also allows governments to change the rules as they see fit even for it's own citizens. Mandatory rationing, shortages, reduced financial payments of all kinds. They can even stetch these things out for years after the war has ended. My bet is a fair number of public pensioners might be really surprised at the powers a government in an official war can swing around.
That is funny. Ive played with five year olds and the money/promises/deals they make to try to get you to keep playing are comical.
No one saw this massive manipulation of the markets lasting this long. However, Peter has been right and we are in fact seeing alot of pain in certain sectors that the Fed has lost control of like commodities, retial and energy where there's been yuuuuuuuuuuuuuuuuuuuuge job losses.
The housing market collapse and stawk market collapse are next.
A broken clock is right twice a day, best describes Peter Schiff.
Housing and stocks are at all time highs and Peter Schiff totally missed it for the last 7 years. Gold is HALF of what it was 5 years ago, and Schiff totally missed that.
redpill is correct that central banks can kick the can indefinitely. Japan has been doing it since 1991, and a quarter century later they are still chugging along.
That's not entirely correct. His comments about housing were spot on and his timing was right. He has failed regarding timing about the USD and precious metals. I fully agree on that part.
However, the central banks can't kick the can indefinitely. The bond market in Japan hasn't imploded yet, but USD/JPY was below 80 3 years ago and it's at 123 today. That doesn't sound like successful kicking.
Schiff has also been saying that the markets will continue to go up - to stay in. Many claim that Schiff is wrong but don't know what his positions are.
Yes, his gold predicitons for the past five years have been wrong.
Check back in three more years.
Agreed. Japan can't be successful in their can kicking if their youth are so pessimistic about future prospects that they refuse to get married or have babies. Japan is committing slow population suicide....
Japan needs more Mexicans.
I am pretty sure Mexicans have zero interest in moving to Japan.
FWIW: I think the EU will be the first to go down. It a monerty union with no union on taxation/regulations/etc and its primarily socialist. Sooner or later another PIGS will collapse like Greece did and the the rest of the EU will go down like a house of cards. I am sure the Syria Refugees will serve as a cataylst.
China is also severely over leavaged, overpopulated and over extended. Japan with its falling population and its export economy can probably hang on longer. The US is at the center, still has a huge military and all road/airports/shipping lanes lead to the US. Collapse of the US will begin at the edges of the empire and work its way in. That said, Life could get bad in the US as more jobs are lost, and the middle class completely evaporates over the next 5 to 10 years.
JApan needs MENA's Muslims
Housing and stocks are at all time highs .... Gold is HALF of what it was 5 years ago...
I love it when buffoons spout this shit. Statements like this mean you haven't got the foggiest fucking clue what you're talking about. Including the lie about the price of Gold.
1. Interest rates are still zero and in the EU they are below zero
2. US debt continues to Soar. Now close to 19T and rising fast
3. China and India continue to import record amounts of PMs
4. Comdex and other PM vaults are almost empty.
5. Stocks are running on Fumes as Buy-Backs are slipping as Corp Debt loads have climbed. EM is in recession, the EU is in recession, Canada is in Recession and the US will be in recession by the spring.
So unless these trends reverse, PMS are no liked to continue to fall in price.
Timing my man - - - but I don't have a Tardis like you.
From The Protocols...
6. The people, under our guidance, have annihilated the aristocracy, who were their one
and only defense and foster-mother for the sake of their own advantage which is
inseparably bound up with the well-being of the people. Nowadays, with the destruction
of the aristocracy, the people have fallen into the grips of merciless money-grinding
scoundrels who have laid a pitiless and cruel yoke upon the necks of the workers.
7. We appear on the scene as alleged saviours of the worker from this oppression when
we propose to him to enter the ranks of our fighting forces - Socialists, Anarchists,
Communists - to whom we always give support in accordance with an alleged brotherly
rule (of the solidarity of all humanity) of our SOCIAL MASONRY. The aristocracy,
which enjoyed by law the labor of the workers, was interested in seeing that the workers
were well fed, healthy, and strong. We are interested in just the opposite - in the
diminution, the KILLING OUT OF THE GOYIM. Our power is in the chronic shortness
of food and physical weakness of the worker because by all that this implies he is made
the slave of our will, and he will not find in his own authorities either strength or energy
to set against our will. Hunger creates the right of capital to rule the worker more surely
than it was given to the aristocracy by the legal authority of kings.
8. By want and the envy and hatred which it engenders we shall move the mobs and with
their hands we shall wipe out all those who hinder us on our way.
More info from The Protocls on what enables the transition from #6 to #7...
1 . We shall soon begin to establish huge monopolies, reservoirs of colossal riches, upon
which even large fortunes of the GO YIM will depend to such an extent that they will go
to the bottom together with the credit of the States on the day after the political smash ...
From what I understand about the Protocols of Zion is:
#1. The book was based on a fictional story that appeared in the German press decades before Protocols was published.
#2. The book was printed in the basement of one of Tsar Nicholas' palace basements. The purpose was, as later in Germany, to provide a convenient scapegoat for the crimes of the government.
Now we have the new group to target which is Muslims. This is an ancient trick which takes years if not decades to develop.
Nations are playing the same games that kings and queens did because of jealousy,envy, and narcissism. The only difference is the dates on a continuum back to the dawn of history and weapons used. The peasants didn't want war then and we don't want it now.
Yeah, the tsar's secret police thought there was a Jewish conspiracy afoot! Crazy! And then next thing you know the Tsar is dead, and the Bolshevik Jews financed by Wall St and City of London are running the country. Crazy secret police!
Great analogy, but the crazier the 5-year-old gets with his arbitrary decrees and expropriations, the more others playing the game will realize what's going on, lose interest, and walk away.
They'll come up with increasingly clever ways to play their own games that cut out the 5-year-old.
The higher the burden from extraction of wealth and removal of liberties, the more incentivized victims are to invest their time and energies into protecting against it, escaping it, evading it.
if he knew the timing he would not be telling us all this stuff. He would be on his private island.
No. He gives them the benefit of the doubt in that they are altruistic in their efforts to 'help'. Peter needs to soul-search a bit deeper to 'discover' their true motive.
There are many terms he would use to describe central bankers, but "altruistic" is not one of them. His father died in jail after being treated like shit for years, imprisoned for being a non-violent tax objector. I think he understands all too well the workings of the Leviathan.
And keeping the music playing is a good thing?
Take this man's platform away
and Bitcoin
If you sit in Starbucks all day, that is what you are going to see.
TROLLERAMA
The Ballad of The legend Fonestar, deceasd,
And His Evil Henchman, Igor Teh COINHEAD
" I like Shitcoin,
It's for real,
And the Fed,
Is never gonna steal.
Mah munnies gud,
Teh blockchain's solid,
I feel Coinhead's wood,
Said a guy named Walid.
Muh diapers r white,
Teh basement is cuhl,
Les Cheetos diet rite,
Playin wit me tool.
I's teh baysment troll,
On teh Zero Hedge,
Till teh day I fool,
Off teh high rise ledge.
Mah crypto is reel,
Saez teh Goldman Sachs
Till teh day I feel,
Teh takes it backs.
Teh net fell down,
In two zreo one six,
I lost muh azz,
When teh crypto kicked.
Now I sells meh azz,
For teh Fed bux needed,
TU buh muh Cheetos
Fo muh face tu feeded.
End uv muh storee
Is buh teh silver
So's u hev teh hedge
When electron's r over. "
teh
^^^^tis^^^
Calling the CNBC crew useful idiots is a significant elevation of their actual status.
Euthanize
The dollar will claps as soon as we run out of zeros.
Pete is a collapseatarian.
Like Japanese zeros 74 yrs ago
I upvoted you even though I disagree. I think assertions should be challenged. There is an old saying, "Wall Street predicts six out of every five recessions."
I was a member of an economics group and a few of our members predicted the crash of 2008, only they could not get the year right. One even got the magnitude right (-$14tril). Timing is hard. So, let's look at objective things that are verifiable.
1. Do we not have about $20t in debt and is it not rising pretty much forever? This is even at the historic low interest rates. That much debt all by itself (plus all other countries running similar debts) should have raised the price of money. It has not. This indicates distortion.
2. Last I checked the raw numbers, average individual incomes are still down roughly 5% from peak in 07/08.
3. Employment percentages are down, long term unemployment is up.
4. Incomes have not advanced at all. How can there be real prosperity or recovery if incomes are both down and not growing?
5. While CPI looks good, go to the grocery store and see what your personal CPI is doing. Only gas prices are down in real terms.
6. Commodities are scraping bottom. Not a sign of strength. If you think recovery is around the corner then you will expect increases, soon.
7. Most foreign economies are in depression, recession or at least flat.
8. Social budgets are under strain from a million Syrians, 10 million Mexicans and record high food stamps, etc.
9. People invest the government. What makes a bigger difference, Fedspeak or Apple's earnings?
On the positive side.
1. Stock market is up.
2. Gold and PM's are low indicating a preference for currencies.
3. Conditions are good for an expansion in low interest rates, surplus labor, surplus capacity. Demand has not yet arrived but you could be an optimist.
There are other things but on top of these you add the proclivities of governments. Are they more likely to spend more or really buckle down and tackle debt? Are they likely to screw with currencies and exchange rates or let them find balance? Will they maintain or increase current high tax rates or lower them? Will they tighten their grip on the throat of economies (whether global warming or new regs) or loosen? Can they lower interest rates even more or are they already bottomed out?
The single greatest factor in human nature which all governments abuse is the push to produce and prosper. Even though Obamacare is a kick in the nut sack to medicine, doctors still try to make a living along with all the other parts. They try to adapt, accept lower returns on labor and capital, etc. even while cussing the government. Government will always see just how much abuse you can take before you quit, rebel or break. Nothing short of those things ever stops them.
So Schiff may predict doom 6 out of 5 times but he is not being irrational or overly alarmist.
Personally, the busts are showing a sine wave and the next one should be the biggest of all (think Tacoma Narrows bridge collapse). There are quadrillions out there in the world of CDS's and the likes.
So you're saying the status quo is sustainable?
After all changing would mean recognizing it isn't sustainable and heeding the alarm, in which case it wouldn't be crap.
Actually, the economic collapse will just be the beginning. Assuming we don't blow ourselves up,,,it will be a generation before we achieve liftoff. It is going to be a long dark hard time and we'd better get used to the idea. Maybe we have a couple more years of economic prestidigitation or not, it is coming and we will all have to pay the price for our excesses.
Get right with the invisible hairy white guy in the sky or whoever it is you pray to, because retribution is at hand.
Get out of the cities and find a nice quiet community to shelter in place. Movement will become dangerous and difficult with either the highwaymen of the State or independent highwaymen all over the place. Stock up on essentials, and trade goods, and know where to get water!!!
Spoctor Din
You all have fun with that in the US. I punched out, joined a tribe of former East Germans ... who've done this gig before.
Hey Haus,
There was a good movie made along those lines: http://www.imdb.com/title/tt1034303/?ref_=fn_al_tt_2
2008: In this action-packed drama based on an extraordinary true story, four brothers fight back against Nazi soldiers and create a hidden community in the woods of Belarus to protect more than 1,000 Jewish refugees during World War II.
Enjoy,,,
Spoctor Din
Hiding the woods in Weiß Russland sounds about as horrible as it can get.
Fuck Spielberg!
How do you know that he is hairy? Is he hairy because he has a cure for baldness? If so.. Cha-ching!
Hey, just look at all the pictures... He is an elderly North European.
Spoctor Din
Mr. Spoc....
Get out of the cities: We did that in 2013 when we moved away from NYC to a Hamlet outside of Cincinnati with quick egress to the country and a horse farm not too far away with well water and support of all you say.
Find a nice quiet community to shelter in place: See above; upper affluent community with like minded folks, dedicated police force and like-minded individuals who hold fast to family and Constitution.
Movement will become dangerous and difficult with either the highwaymen of the State or independent highwaymen all over the place: We know. If movement is required we have a plan to egress via backroads and protection.
Stock up on essentials, and trade goods, and know where to get water: We have a river 1000 yards away, we have a stocked basement(well, we have just rotated via can donation and about to re-up this week with a month of water and essentials unless the fit hits the shan and we would just dip at that point). I also have many things like liquor and other tangibles for trade. I don't drink and liquor is always of value....to others.
Edit: I am a recovering alcoholic sober 9 years and I "got right" a while back with daily inventory and care for my fellow humans unless they decide to harm me and mine; a mistake indeed, but I always understand potential.
All good points we have prepared for so I agree with you and basically done what you said.
I just bought 20 cartons of cheap cigarettes...
;-)
We go to Va. in a couple weeks for Christmas and I have plans on buying those as well. Freeze them. They will last. Ammo like .223 is always a necessity and will hold value too. I strongly suggest buying liquor/wine and learning to home-brew or make a still will be worth its weight in gold.
that's how i keep my woman happy ---Whine & lick her
Im actually agreeing with you. Its time to get biblical.
You see Americas money woes are merely accounting and with much of the problem existing in the form of icompatible Excel spreadsheets its slightly suspicious that all this global financial calamity and innappropriate nailgun usage began round about the time microsoft changed the excel format from .xls to .xlsx.
So with some VBA programming and a rudimentary understanding of pivot tables all of this mess can be sorted by the Spring. The real problem is Fukushima which I understand is an unsolvable problem and will render the planet sterile in a few years.
When you therefore consider and reject all other possibilites of a solution to the worlds woes the only one remaining is divine intervention. Therefore your only news source from now on should be beforeitsnews and maybe try not to watch so much internet porn until the big man gets here as he is probably watching us right now from his Mountaintop palace on Niburu.
The problem is that half that 1s and 0s are in the hands of a criminal cabal (can't call it conspiracy apparently, even though they do breathe together).
Effectively all the electronic 1s are held by a criminal cabal and they are holding the rest of us hostage/seeking rent.
I'm inclined to think you're right, as extend-and-pretend is one of the USG's proven talents (along with lying, cheating, stealing, and killing, of course).
But one thing's for sure: the longer the inevitable is postponed, the worse it will be.
A friend told me I could come here and get some news about what's going on. But the articles are depressing, and the comments are actually matter-of-fact about the news, like it's been this way for awhile. I'm not really seeing the upside to frequenting a site that results in me drinking more and alienating my friends. Tyler, maybe there could be some balance, like what cnbc does. Banzai always has those disturbing pictures, and George Washigton is always confronting me with Fukushima, but I never see that on the nightly news, so he must be over-reacting. And I'm always hearing about the middle class collapsing, but I'm in the middle class, so that would just be more bad news. See what I'm saying?
Hi freewolf, yes doom porn is part of the shtick here at ZH. You just have to swallow hard and winnow down to the nuggets of insight. There is plenty of that here too. News is being polarized. The MSM will give you all the feel good fluff you can digest.
This is fight club. We don't pull punches,,,
Spoctor Din
Hi as well, freewolf, and not to take anything away from the good doctor, let me bring in a couple of movies to drive the point home:
1) "The Matrix": If you've seen it, you'll know that Neo was given the choice between the Blue Pill and the Red Pill, i.e., between ignorance-is-bliss and the truth, no matter how hard it might be to handle. Steadfast ZHers (as well as those who follow LewRockwell.com and, more recently, David Stockman's Contra Corner) take the Red Pill everyday, determined not to be overtaken by events, given that the MSM work exclusively for the Corporate State and spin the news accordingly (if not lying outright).
2) "A Few Good Men": Jack Nicholson's famous "You can't handle the truth" perfectly sums up the affect that the MSM has had on the vast majority of Americans, i.e., they can't handle the obvious fact (if you but look beneath the surface of things) that, for example, the government's 9/11 story is patently absurd or that the resulting War on Terror is in fact a war of terror that the USG has been prosecuting for decades, including a war on privacy that has turned the U.S. not only into a warfare state but a police/surveillance state as well. Which is to say that all the violence directed at the United States is but "blowback" — http://www.amazon.com/Blowback-Consequences-American-Empire-Project/dp/0... — for the USG's relentless military interventions in Eastern Europe, the Middle East, North Africa, and elsewhere.
So watch the MSM if you must, but once you've habituated yourself to "the other side," you'll tend to do so only to see how the truth is being spun, not how it's being told.
As always, and whatever form it takes, the State can kiss my ass.
the blank stares when I've brought up NDAA is quite amazing.
A couple days ago as I was arriving by bike to my destination I looked up and a very low lying spray was just above, and as there were 2 young people right by me, I thought the perfect time to mention it to them, "hey, look up, we just got sprayed" ... They looked up and though it was literally right above us, lingering maybe 200 yards long, and looked like one of the lowest i've seen, they were quite willing to assume it was nothing. I gave them the usual links, geoengineeringwatch.org and the docs "what & why in the world are they spraying" ....
Mice have found this a good year. a friend has been trying to rid them, d-con poison food traps, glue trays ... they seem to really enjoy that d-con food. Maybe they've built up a resistance to it, anyway it's been like 6 weeks now... i have to keep replacing the poison food for her in the traps... anyway, the other day i suggested that the Oligarch psychopaths might look at the general public as she looked at the mice - nuisances, slow-kill poisons.
Over 2.6 billion gallons of glyphosate on US crop / farm lands 1992-2012.
Navy/Air Force deploying by 2017 an electronic fence on our borders - (see craigbhulet.com for the podcast of the Oregon public briefing fall 2014) ....
fluoride - poison on tap, youtube free doc, watch it. fluoride = mice/rat poison.
why not read comic books and cook books - you dont need high level information for your existence - i assume you deliver postal mail or equivalent - please continue until you are obsolete
Sorry, guys. It was a /s comment.
You need to learn from MillionDollarBonus or one of the other sarc specialists. Until then, spare us.
Buttkiss, it takes a degree of intelligence to discern sarcasm. I'm glad you're not troubled with that condition. And it's not "us", it's just you.
No, it's also Dr. Spin, lasvegaspersona, and Jimmy Twinkle. That's four of "us."
Even so, you aplogized, which a seasoned practitioner like MillionDollarBonus never would.
But enough of this, as there are more important matters to discuss, sarcastically or otherwise.
freewolf
if you are ot very worried then you just don't know what is going on. This article spells it out. Schiff sees the same data as everyone else. He is right they are wrong. This is going to be an historic collpase. I'm sorry you are not up to speed. You should get there fast. This thing could blow any day. Most of us are shocked that it still appears to be functioning this long.
Fuck sake someone gotta cheer this guy up so it might as well be me.
You ever been to a 3/4 day music festival. They show you to a big field and dotted round it are big open top steel tubs with toilet seats over them. This is where you pee and poo and you and I would tend to avoid pitching our tent right next to them but each year I see kids there pitching tents right beside the thing. Six hours into the festival you literally cant stand next to this thing the stench is unbeleivable but these kids are having a barbeque with teeshirts tied round the bottom of their heads.
We could trade examples all day until you come to the happy conclusion that you are surrounded by dickheads and so you should stop worrying about all of this stuff. Its not gonna be like Brad pitt in World War Z where the zombies just pile out of nowwhere and youve got seconds to get in the car. dont doubt that you will fail to read the signs as you will trust me. Most people will die from behind while they watch reruns of Big Bang Theory.
Okay you havent quite got round to buying an old missle silo yet but you dont need to. Americas a big country you just need a couple of days food and water and some blankets in the car to find somewhere reasonably secluded. This is about culling the cities of dickheads which I know is terrible but unavoidable.
Also dont be paranoid that they are gonna round up all the people that have visited ZH. You see we are not their problem. There are only a handful of us and most of us have learnt that having a knowledge of whats really going on is of no social benefit at all are to think we are a threat to TPTB is laughable.
From a cost benefit analysis no one is gonna send a snatch squad to come get us the reactionaries, the whole point is reduction of the number of dickheads and so when the smoke clears TPTB will be keen to re-establish some sort of order. Your credentials as a ZH reader will not get you suicided but rather you will be given a job to do and for a couple of years it will be quite austere but after that things will be better.
Trust me man you and I and anyone that visits this site will essentially be okay.
And when it really starts going down. In comes the IMF with Special Drawing Rights. The entire IMF system is now geared to come in and print when nations can no longer print. So the Super Cycle might even have a leg up after a temporary crisis that trigger infinte SDR.
IMF printing is instantaneous dollar destruction. It's about as inflationary as you can get for the dollar without going full Weimar. The reason is that it will effectively be serving as a very very visible backstop to the world reserve currency. Well, if your world-reserve currency needs a non-street currency to backstop it, a currency that no one has and no one knows the value of, exactly what does that mean for the value of the Dollar?
IMF printing is the bell tolling for the Fed confidence game, because it visibly says, "The Dollar needs help to retain people's confidence in it."
Well, if your world-reserve-currency needs external help to maintain confidence, and this backstop currency seems to be "more stable" or people have "more confidence" in it.... then exactly why should you or anyone else be holding onto dollars? Either way, if the IMF prints, the dollar is doomed.
Please tell me: how can SDRs be settled?
The SDR is not even an IOU. It has no obligor. It is a ‘who-owes-you?’
Moreover, nothing is owed, certainly not gold, so it is a ‘who-owes-you-nothing?’ And it has no maturity date, so is a ‘who-owes-you-nothing-when?’ Surely it is the most
preposterous credit instrument ever invented by the mind of man, if indeed we can call it a credit instrument. No wonder it is hard to fix its rate of interest and determine who will pay that interest.
SDRs are distraction from gold! Gold rules!
Whoever has the moast powerful military can kick all the cans they want.
You have to be able to pay for it. Its why I am saying -- this can go on longer than any of us imagine.
In a controlled economy, with a controlled media, and "controlled" allies -- the military only gets you so far. You have to be able to pay for it. Ask the USSR.
It get's "paid" for by phoney financial tricks like QE. I'm not saying I like it, but having the giant military lets them push everybody around to enforce things like petro-dollar.
Sure, but their for every new financial trick they pull out Mr. Yellen's handbag -- its "net effect" on the economy becomes smaller. E.g., the law of diminishing returns.
It applies to Macro-economics as well.
That's the part where the military comes in and bombs the shit out of somebody and takes their stuff.
What poor nation with sufficient oil reserves, that isn't Saudia Arabia, that cannot fight back is up next then?
You've got a good point there; there aren't many left.
We're skipping along the periphery of social unrest as it is. It won't take much to cause a general uprising.
Oil can;t go to $80 a bbl or all hell will break loose,,,that's how weak we are.
Spoctor Din
Canada.
the Iraqi invasion doesn't seem to have worked out very well for USA.
think we could do another full deployment invasion ?
The USSR was admittedly COMMUNIST The USSA and GERMANY pretend to be DEMOCRATIC.
Perhaps true, but the most expensive military means your country has the most profitable MIC corporations, it does not necessarily mean you have the most powerful military.
Just as the massive Soviet military might crumbled when the Soviet Union collapsed, the US military will also be severely weakened when the dollar implodes. There is simply no way to sustain such large forces for any length of time with a discredited currency.
One of the first signs of the collapse will be military paychecks bouncing. Then we see how "patriotic" they really are. Probably they will do the same as the USSR soldiers did. Steal anything they could and sell or barter it for cash and vodka.
As people remove themselves from the economy it will only get worse. Once the consensus is to stop buying cars, paying bubble prices for homes, and cutting back on what is the most part crap that fills there lives, businesses will begin even a further process of layoff hence adding to the ineffectiveness of the average American consumer.
The storm will be coming down and the economists believe with their pomp and circumstance that we can weather it out but then boom ... believe this video demonstrates what is going to happen.
https://www.youtube.com/watch?v=TfvmbDOeo70
Doses of QE to come
Like Invega Sustenna, the once a month cure for the markets.
Who says it will get better???
Argentina was an equal in economy, wealth and future possibilities to the US at the start of 20th century.
Look at them now.
Gotta hold that collapse off until the first gay president is out of office.
HT, I agree with your analysis.
I like Peter Schiff and am sure he is an honest commentator. I think that his analysis, similar to that of some others, leaves out the sheer might of the powers that be to openly 'loot the system.'
As I understand it, parts of Europe already have NIRP; we all but have it here in the US with 0% rates with fees.
The other factor that never ceases to surprise is that of public psychology: The general public goes along with the media narrative for all kinds of imaginary things.
So, as people believe in completely made up valuations of FB, TWTR, etc., the show goes on.
Peter: I love you man. Your Dad was a hero.
Peter Schiff for "Czar" of all things financial.
What a good and honest dude.
I nominate John Hussman.
"We'll get another dose of QE and perhaps NIRP before this thing goes full-on-retard."
Don't disagree, but only differ on the definition of "full-on-retard". I think we went Full Retard the moment Krugman came up with DSGE.
Crazy when fractional reserve became the front running banking model.
Clinically insane when the Federal reserve was founded so that a private institution could charge interest to the public for the dubious privilege of printing their own money.
Batshit crazy when the gold standard was dropped.
Howling at the moon when the entire economy started to revolve on the false premise that debt is an asset.
Playing looney toons when trillions of dollars of wealth started to be transferred to the already wealthy in the vain fucking hope of continuing the dumb-capitalist's "trickle down economy". In full open view with NOBODY complaining for fear of being branded a "socialist".
When the entire system is a collection of deranged, demented dogma, downright fucking manifested in bullshit, theft, fantasy and rationalizations, then it's hard to find superlatives of "FULL RETARD" to describe it.
it may not be as far off as "a couple" years
r
https://enronnext101.wordpress.com/
And my broken clock is also 'spot in'. Twice a day. IOW... call me Skeptical.
Know anything about Brownian Motion or Stats? Didn't think so, judging by the sychophant club, constantly adulating the guy, even when he's wrong 95% of the time.
The last time I saw the guy, he was at an offshore shelters event, in S.Am. He was flogging his latest book, and a gold-backed credit card at his stand. The far bigger line was for two foreign banks, signing up people for bank accounts. That's just a fact, make of it what you will.
Bought some trim the other day. $5 a month for 48 months.
That is freakin funny!! And it is a real product! You don't own shares or anything do you DaddyO? Maybe you just like the ase cream.
This can be understood as. 'No shit Sherlock.'
FYI, sheeple, Peter Schiff has a HORRIBLE track record. He's been consistently wrong about everything from gold prices, to the dollar, and the Euro, for at least the past 4 years. Don't believe me? Check out his record, look at his mutual funds, all horrible!
Yes, the mainstream financial media is a disaster, but these so-called "alternative" con men, such as Peter Schiff, are even worse!
How is it that people are even still listening to this guy? How much money do you want to lose?
http://www.avaresearch.com/articles/1778/Peter-Schiff-Has-A-Terrible-Tra...
The only reason we haven't had a 2008 repeat is because of unprecedented quatitative easing. The cracks were apparent in the summer of 2012 and just a month later Uncle Ben announced QE3 buying 40 billion dollars of MBS a month which quickly turned into 80 billion a month and expanded to include Treasury bonds. QE is just delaying the inevitable (and making it a million times worse), a large correction due to being detached from the underlying fundamentals for so long. You sound like Mike Norman in 2007.
This guy has been saying this same shit for what, 10 years now?
PuhLeeze, tell us WHEN it is GOING to happen,
instead of blathering about HOW IT WIll EVENTUALLY happen.
A Neutron Clock strikes Once Correctly EVERY 21 Years!
Schiff will Be RIGHT EVENTUALLY.!!
Captain Obvious?
Yeah, at least he's consistent. Unlike dennis gartman.
I like Schiff, and he is consistent in warning of impending hyperinflation. He ignores the equally large liklihood of a preceding deflationonary depression (which, if you'll look outside your windows, I think you'll see what that looks like in the beginning).
Schiff, a decent Austrian economist, always focuses on printing yet ignores velocity which has been stagnating, or even slowing. ever since the crisis. Lots of currency without the velocity - the flow of funds - won't raise inflation at all. It can't. It hasn't.
It will eventually, but that could be a year off, depending on too many factors to count.
Kotlikoff says true US debt is $210 trillion or over $1,720,000 per taxpayer. Good luck ever paying off this debt.
Kotlikoff goes on to illustrate that the fiscal gap is increasing at an alarming rate and that delay makes our problem much worse. In 2003, just a little more than a decade ago, the fiscal gap was $60 trillion. But by last year it had catapulted to $210 trillion. The fiscal gap may not continue increasing as rapidly as it has over the past decade, but with each passing year - as Congress and the President do their best to avoid action - our hole grows deeper by substantial amounts.
http://www.brookings.edu/research/opinions/2015/04/08-federal-debt-worse...
Would you take a check? I'm good for it, really.
If you don't take my fiat paper, I will bomb you back to the stone age.
“I told them the real (2014) deficit was $5 trillion, not the $500 billion or $300 billion or whatever it was announced to be this year. Almost all the liabilities of the government are being kept off the books by bogus accounting. . . . The government is 58% underfinanced . . . . Social Security is 33% underfinanced . . . . So, the entire government enterprise is in worse fiscal shape than Social Security is, but they are both in terrible shape.” So, how much is America on the hook for in the future? Kotlikoff contends, “If you take all the expenditures that the government is expected to make, as projected by the Congressional Budget Office (CBO), all the spending on defense, repairing the roads, paying for the Supreme Court Justices’ salaries, Social Security, Medicare, Medicaid, welfare, everything and take all those expenditures into the future . . . and compare that to all the taxes that are projected to come in, and the difference is $210 trillion. That’s the fiscal gap. That’s our true debt.”
http://usawatchdog.com/financial-system-will-collapse-just-a-matter-of-w...
they can take a check, but no bank in the world will cash it without 1800 lbs of paperwork and 37 current forms of I.D.
Krispkritter check backed by KrispKritter Reserve Notes ? sounds like a good deal to me - you take a BerSpankMe Hundy Bucky Note in exchange? Could you divide that 1.7mill KK up into 4 separate checks please - wanna keep the SARs below 500k KK when depositing, ya know
hell 1.7 M, I got that in a change jar in the laundry room. No problema
Like Ellen Ripley in "Aliens"- they can bill me.
https://thinkpatriot.wordpress.com/2015/10/27/ignoring-the-absolutely-in...
On a side note, what is Peter's ZeroHedge username?
Ishmael. The avatar is a white whale.
same line as always eh? are things fucked? sure. But when will it all crash? It ain't gonna be tomorrow, and ZH has come out screaming that the sky is falling day in day out for years now. things are fucked on a global scale and when the day comes, there really isn't much of a way to hedge against it. Just have guns and ammo and family and a SHTF plan. Unless you live in the cities, you'll probably be fine regardless.
"Unless you live in the cities, you'll probably be fine regardless."
Surely you jest. A bit casual about the coming collapse, aren't you? If conditions will require ZHers to have "guns and ammo" to survive, I doubt that the zombies won't come out to the countryside looking for food.