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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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We will be waiting.
They will but if you can't get fuel, out of shape, used to getting things from a store with a EBT Card. How far out in the country side can you really get on foot? The country is a big place. 20 miles, 40? 100? not a chance. I would be more worried if you are in a suburban area out side a large city. The suburban folks are gonna need ammo and lots of it.
"I would be more worried if you are in a suburban area out side a large city. The suburban folks are gonna need ammo and lots "
That's me. And I do... I also have a place to get to up in the mountains should things start to go that way. At least 60 miles away from my suburban domicile, no one is walking that. Well, maybe... My only real concern is that if things do go bad, how quickly they deteriorate. Will I be able to make it to the other location without zombies/cops/whoever trying to stop me? I cannot reliably predict when I need to leave.
I'm in a similar situation, have a good place to go but concerned about not bugging out ahead of the shit. We are usually at our bug out location on the major holidays and just about every weekend during the summer so I'm hoping that if the SHTF we are already there, on our way or at least have a few hours to get moving.
Plus it's really low density. Where my place is, it's about 2-4 homes per square mile, that's an awful lot of work (plus risk of getting shot by people that do long-range shooting all the freaking time) for very little payoff: there's simply not that much to steal, and why you'd get would only support a small group for a week.
Not that it can't happen (millions of them, v. thousands of us) but the work/risk/reward ratio is not favorable at all. Honestly, while I'd never in a million years be on the FSA team, but if I were, I'd focus on staying in the city and getting really good at looting warehouses and supply trucks.
The suburbs will be a hamburger grinder for the urbanites trying to escape. Suburbanites where I used to live are very heavily armed, and they'll be jittery.
I doubt that the zombies won't come out to the countryside looking for food.
They won't have to. The USA produces an incredible surplus of food.
We throw away nearly as much as we eat. Say what you will about Central Plannings ability to build an economy, but it can be really effective at drawing out a collapse. This slow motion train wreck will likely continue for decades. Hell, if you measure it from it's true beginning when Nixon killed Bretton Woods, it already has. Buy the dips, sell the spikes, take care of you and yours. Planning "on" not "for" the apocalypse is a fools errand.
The food may indeed be available, but is in the wrong places. Try trucking stuff around when every TD&H is hungry, kids screaming and the wife worse.
Oh, and they are armed.
Not much trucking going on.
yes, for food....and braaaaaaaaains.
back stateside my cache is a pair of shotguns, a pair of handguns, a carbine for plinking and 2 rifles.. one for hunting and one for defense. more than enough ammo for all. Not really all that expensive to be honest. So that's there for fun and insurance, and we just live normal. sure, there's a "coming collapse", there's ALWAYS a *coming* collapse. The apocalyptic collapse that ZH is trying to sell though... money doesn't matter, gold is fucking worthless compared to ammo and food and skills, so who the fuck cares as long as you can defend yourself anyways?
there was an article/videos posted here last week titled "the politics of fear".
and here, we have an example of the "economics of fear".
ps.
downvoters don't get the joke!
My bad, i was laughing so hard i hit the wrong button
You know you can change your vote, right?
Think i have to change my sarcasm
C'mon...Yellen says: "all clear lets blast off to the moon !"
The Fat Lady already sang her last gig.
the fat lady is back in the dressing room choking on a turkey leg.
The fat lady is getting ready for election season and is the democrat party front runner.
"The Fat Lady already sang her last gig."
Janet Yellen?
Lol. "SHTF Plan". This website has been on ZH for years warning of impending collapse. I feel sorry for all those gold and silver buyers who bought at the recommendation of that website and had all their canned food expire. Who wants to take a dump at Mac Slavo's house? No water bill, just use the three tons of kitty litter he bought for the day the water stops working!! COLLAPSE PARTY!!!
I notice all the downs but what you say is true.
Everyone expects a a cataclysmic event when really we are just sinking further into Hell. This takes time so thinking the collapse will be a "googled click have" quickness is stupid.
trader1 nailed it.
I expected it. A lot of bitter Hedgers lost their shirts if they had to sell any gold or silver. And I've actually been reading the Hedge since its first year removed from their blog account. Great analysis, questionable calls on precious metals but then again who could predict the power of The Bernank and Yellen's Slophole. Only started posting a couple years ago.
muppet
Present.
@J Pancreas
It is evident that in the 2+ years here at ZH, you haven't learned anything because you don't read, can't read, can't comprehend what you read, have zero critical thinking skills, or are just blind, deaf and dumb as to what is going around you. Pick one, some or all...
BTFD then.
My "waiting tables" indicator agrees. I make 40% less of what I was making last year. I have a job waiting when my M.Ed is finished in November. One more year of suffering.
interesting. i would love to hear a bit more of your waiting tables history and the ebb and flow you have/are witnessing.
I have been in the "biz" since the early 90's. I have performed all functions within a restaurant. Great, mobile gig if you are good.
I moved to NYC in 2006 and the money was halved by 2008/2009 when the money stopped. It is doing the same now, but what is interesting is the abruptness. Maybe this is due to me being in a mid-Western city compared to NYC, but the 2007 down slide was over a year. This has happened within a few months now. It has been very quick. On Thursdays I would make 120-150 from 4-11PM; the perfect job for a student. I made 33 dollars from 4-9 last Thursday. I have given up Thursdays because outside of the weekends, it is not worth it so I plan on keeping my weekend night shifts and substitute teaching(a fate worse than death) if it gets very bad. I picked up a brunch spot so I work Friday-Sunday doubles. I was making about 600-700 in three to four days. I make about 450 now. I am almost done with my M.Ed and we will be ok because by January 2017 I will be able to be hired as a teacher(critical thinking and undoing liberal shittiness is my focus and style) at a solid school district. It's not absolute, but very probable. Just need to hold fast. I have paid for my undergrad and M.Ed outta pocket, but we bought a house(I know I know) in one of the best neighborhoods for well under value and we have fixed the place up with about a 60-70% return at current valuation standards; read unicorn cum.I took a mild loan for school to buffer, but most was paid outta pocket so little debt there.
Anyway, the discretionary money for restaurants and entertainment is drying up very quickly. I believe this is due to the Middle-class and folks having more money outflow for healthcare. Belts are tightening rapidly. I suggest others do the same as we are. Thankfully my better half has a very solid job in healthcare rding the extra needs there with great employment and future advancement. We hope at least unless shit goes Mad Max.
Hope this helps. Just trying to protect and prepare via education, tangible items, community and penchant for reading the sentient posts of ZHers.
Thanks. A main reason I come here is to read real people talk about what is happening in their world. Boots on the ground kind of thing that is invaluable IMO.
I totally agree. Keep holding it down Northern Ohio. I got things covered in SW Ohio.
have a friend waiters in S.F., for him things are pretty good and he thinks things are better than before the 2008-09 bustup ... happy for him
Good for you, and good luck with teaching. It comforts me knowing there are many good souls out there trying to undo the system. We're fortunate to live in such a place. The teachers here throw up in their mouths a little bit when someone utters "common core" and they follow it as little as possible - just enough to keep compliance eyes from looking too hard. Our little district has some of the best schools in the state and a handful of wealthy powerful people so they don't fuck with the district too much. As my daughter's second grade teacher told me when I saw her at a social function "Bill Gates can kiss my ass". I'd like to believe most teachers feel this way. Soldier on.
College is the issue, truly. Many HS and MS and elementary teachers are conservative. College is the real issue.
I have had to fake sympathy at certain points for my Profs to get the grades. I am in an enviro science class and you should hear these fuckers.
Once the degree is had, THE GLOVES ARE COMING OFF.
the John Coleman, weather channel founder, interview last Thursday on infowars.com is worth listening to. {re: the climate "change" bs}
Also, he's totally convinced GRAPHENE is the invention to move us forward. Nearly limitless potentials
very informative. Thank you.
Worse yet, the sky is falling!!!
If nothing else, Schiff is reliable, consistent, predictable.
what i can't get my head around is how now u have a bunch of "strategists, economists, etc." coming out calling for multiple rate hikes next year. i for 1 have thought she would raise 1-2 times and then have to reverse course because then it begins the exposure of whats been covered-up & rolled-over (ie. hiding the ramifications of excessive debt).
goldman i think is looking for 4 rate hikes next year. tony dwyer (most bullish on the street) today was interviewed on CNBC saying he is looking for 5-6 rate hikes next year. i simply cannot square any of this. this is NOT a rate hike cycle that can be gauged against ANYTHING we have seen before. IF the fed were to raise somewhere between 4-6 times, you drive the yield on the U.S. 10-year up-thru the dividend yield on the S&P 500 IMO because stops are gonna trigger and the long bond guys are gonna get CRUSHED. if ANYTHING i can't envision a scenerio she raises more than twice; once in a 2 weeks and then maybe she slips one in at mid-year IF the market hasn't collapsed.
back to my point, how can you be bullish going forward with stocks at/near all-time highs, haven't raised rates in a decade, $19 trillion in U.S. debt, over $100 trillion in global debt, high yield on the cusp of imploding (levered-UP on cheap, dollar-denominated debt), oh, and throw in the fact that oil continues to vomit all over itself??? if she raises 4-6 times starting in december throughout next year, i can't see the dow being anything but thousands & thousands of points lower.
it's all show. No rate hikes because something will conveniently come along to delay them.
They are talking about electricity rates.
Why do rates have to rise at all? With the Fed's printer always available there's no need for savings. Seems to have worked up to now. How, I dont know.
Yep. Those who denegrate Schiff for being a stopped clock forget that these so-call analysts, economists, et. al are less than right twice a day. But then again; if a man's livlihood depends on him not understanding what is going on....
Schiff is a strong hand.
Are you a confident trader? https://www.youtube.com/watch?v=3V80zdn7oKY
I wish I could upvote you a Million for sharing that video. I'm a changed man.
How can US be broke when they can print as much as they like.
cramer blames opec for the oil bust. what an idiot. i suppose opec is responsible for all the other commodities crashing too? anyone who listens to him deserves to lose their money.
"we export dollars - we don't actually make anything of value"
this is by far the most important quote though I think his prediction is a little off - the future isn't walmat w/neiman prices, it's soviet era empty shelves (w/neiman prices)
"Export dollars..." The United States does less of that too!
Remember before Owe-bama's "Energy Independence Plan " how many US $'s went out the door to overseas markets for oil purchases? ....as the US (3% of the world's population) consumed 23% of the world's energy...those dollars stopped and the world noticed. (Herein lays world oil overproduction)
To fill in the dollar gap we now have the New Development (BRICS) Bank and the Asian Infrastructure Investment Bank ( AIIB) as the world switches away from US $'s that simply aren't there any longer.
The solution is to bankrupt the Russians so the US can sell Europe oil & gas piped in from Saudi Arabia and Qatar? How long have the "oil Presidents" been setting up this deal? Please tell me you've got more than that!
I'm sure he's still buying and selling stocks and bonds.
Don't get my hopes up.
When the Obamacare rate hikes kick in in 2017, it will be the coup de grace bitchez!
But hey, all you trendy faggot metrosexuals can still pretend to be so smart on your fixie bikes cause you elected the gay negro that destroyed your futures. Vote Bernie to accelerate the process.
I've lost count of the number of people I've talked to that are having to outright drop insurance in 2016. That hike will probably affect far fewer people than imagined, simply due to that.
Between this, trying to repeat the fiasco of the '94 AWB (remember, we had the biggest shift in congressional seats in history after that), and the liklihood of a few more attacks from people that came across the border, we're probably going to see an epic shift right in the government, which means O-care gets repealed.
This, of course, will fix nothing and the collapse will still happen regardless. It's the result of damage accumulated over the past 100 years.
<<<<<<<<<<<<<<<< Takes out the liberty jar, shakes it and sticks hand down in it to find last crumbs of liberty to toss at them and save everyone............again.
It's sometimes like they want to go boo and have you puke up any remaining freedoms you might have squirrelled away. On the bright side once you've lost everything the taking is over with.
He should be camped out in Yellen's office at the Fed offering his expertise for free instead of giving interviews. At least 1 of the Fed resources is smart enough to know they're screwed and admit they need help. Maybe not in the most diplomatic way but I don't see the BoD stepping up.
So that must mean everyone else in the Fed is:
1. Too arrogant to ask for help
2. Too ignorant to know they need help
3. Too complicit in the plan to let it all crash and burn and screw with an endless number of people's lives
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015...
The Fed is a central part of those nice Jewish people. I'm sure they know what they are doing and have wars and a new fiat currency all lined up for us. They have it under control and everything is going to be ok.
Need to use that plastic then. .do my part to spend what I don't have
What's a good mail order amo company for .40
Good luck finding .40 SW if the feds haven't already bought it all up.
CHEAPER THAN DIRT
Fuck CTD...after sandy hook they stopped selling ARs.
http://www.gunbroker.com/Pistol-Ammunition/BI.aspx?Keywords=.40
http://gunbot.net/ammo/pistol/40sw/
http://www.midwayusa.com/s?targetLocation=%2F_%2FN-0%2B653%3FNp%3D2%26Nr...
Cheaper Than Dirt does have some goiod deals but I swore never to darken their doorstep again when they profiteered off the gun scare of 3 years? ago. I really like Midway, not the cheapest but a solid company. .40SW is a great calibre btw but you knew that or you would of asked where the deal was on 9mm.
Join the CMP
www.thecmp.org
http://www.gunbot.net/ammo/pistol/40sw/
This fiasco will continue longer than Pete can remain rational.
Our industry(PVF) is dead slow right now. Massive government stimulus just moved projects up. Waste Water Treatment Plants got rebuilt but no new capacity was created because it takes 20-25 years of dealing with 30-40 different governmental agencies just to build a new plant so they only replaced perfectly good parts on existing facilities. New WWTP’s are desperately needed in this country but our brilliant leaders will just issue even more debt to start rebuilding plants not scheduled to wear out until 2030 and that money will end up in the pockets of our factories owners just like last time.
the reason the economy is in such fragile state is the 20 trillion in debt. It wasn't near enough borrowing, if the .gov had only borrowed 40 trillion everything would have been fine.
I nominate you for the Paul Krapman prize.
The timing of the collapse, systemic collapse that is, requiring massive Gov't intervention in food supplies, power generation, and of course cash benefits, will be timed just before the NOV '16 elections. Sept '16 seems like a good guess.
Trump will win the poisoned chalice, except the Medi and Federal Reserve will not bail him out like they did Obungler.
Shemitah, Shemitah, Shemitah!!!
well trump does have plenty of hands on experience........with bankruptcy.
Possibly. But get this; The Fed will be audited and then ended if your prophecy comes true. So I hope you are not a Fed-Groupie, for they will lose their jobs in whatever industy they occupy and may never find 'suitable' work again. As for Obozo, he will be cemented in history as the worst leader in the history of the 'Free' world. He may end up like I thought he would while in office....and all the big money that supported him will be revealed and they will fear for their lives.....
Not sure why we get these articles, it is not like we have not seen this coming amidst a chorus of alarming voices.
We know we are facing world wide debt deflation as the debt cannot be serviced and demand drops. The key will be the response of the CBs, to print or not to print. We fully expect them to print massively as this is their nature. As Von Mises says, credit collapse or currency destruction. Here we are, facing the music.
Days, months or years, it matters not. The question is not if, but when.
To me the question is not if we face a financial calamity, it is what the social ramifications of this collapse means, martial law, chaos, depression, revival. This will determine my kids future.
sschu
When post World War I Germany faced this deflation problem, that most highly educated, cultured and sophisticated society went with currency destruction first. Is USA so vastly superior to those Germans that it will choose more wisely?
two takeaways. whatever happened in 2008, they learned something from that, and the business cycle is now the political cycle. the oligarchs get nervous and pull their money off the table until they decide which candidate they want to buy. so i am paying attention to the election. it will be over well before november, if its not over before november then peter may get the last word. its a shame that the 1% cant get together on this.
Basing your life's decisions on the oligarchs is a fool's errand. Better prepare yourself physically, emotionally, and spiritually. You will be tested beyond your wildest dreams. If you are made of clay, as those who worship at the feet of the 1% are, who are themselves cowards; you will be mowed over by those with real integrity and character.
God, this is depressing; I need to visit a slutty slut for an attitude adjustment...
I'm selling my entire stack on a next "bigger" upswing (100 or 200$ dollars up). Been waiting uselessly for 5-6 years now. At that rate I'm going to be dead sooner than get rich holding gold. Time to start living.
At least you didn't get taken in by the silver bulls -- biggest bunch of bs ever. Yes the silver miners convinced the treasury to use it as money years ago but convincing the average Joe to put tens of thousands into tubes of silver is one of the greatest con job ever.
Everyone knows how to make a small fortune in silver, you start with a large one!
Bunker Hunt passed away this year - rather unique looking fella
To those who believe in paper via fiat: The blind lead the blind and they all fall into the ditch....PM are insurance and real money. To think you will get rich is the same thought process of those who create fiat. Save in PM for your children and well-being.
If you keep gold to get rich, you're in it for the wrong reason.
Gold just keeps your wealth, not an investment, just a guarantee.
Probably for the best, because it sounds like your holding PMs for all the wrong reasons. Go get your fiat, everything will be fine
e_u_r_o: Your ignorance preceeds you.
Eventually, Peter will be correct. As unfortunate as that is...
hedge accordingly.
Since when did Schiff change his tune? I thought he's a perpetual optimist.
Yesterday is gone and it ain't coming back, but that does not necessarily comprise a disaster.
Ham and eggs,
Oh yeah baby how I love your legs!
/original words for the Beatle's tune, "Yesterday"
My prep stash and survival agenda is more about Earthquake aftermath than the economy going shithouse overnight, though there is certainly mutual usefulness.
So hold the food, ammo, water, precious metals, fuel, a few luxury items like b00ze and cigars. It wont go to waste no matter what.
From the perspective of US STEM workers, the recession started in the late 1990s/early 2000s, and never really abated. There was no upside to the housing bubble for the STEM sector. Top grads mostly had their resumes thrown out over the pat 15 years in favour of foreigners on H-1B's (with the exception of a few token young Americans hired in the front offices of Silicon Valley tech firms). Even many of the nation's top schools in STEM are hard pressed to prove more than 1/3rd of their graduates found employment. Economic collapse indeed, and sooner or later the government-istas and finance-istas will join the crowd in the gutters.
We should be thankful that food and fuel is affordable. The end game will not be a spectacular collapse, but a continued grind until people are so squeezed that they can barely breathe.
How long will this last? I'm in the quite awhile camp.
The financial unwind is likely to be high profile bankruptcies, no available credit, tranches of layoffs, bankrupt municipalities (Meredith Whitney was just early) and growing homelessness. 100 million on foodstamps coming?
The Machine must keep this movie moving in slow motion. Food insecurity is the tipping point
I know at least 5 people on disabilty that are all capable of working. It's now easier to get welfare or disabilty than it is to get a job. And the question is, why work for peanuts when I can lay on the beach all day instead. This country deserves what's coming, there will be blood.
Hey Mac,,, do you consider yourself a "Joe Sixpack" or is that relegated to the rest of us subhumans?
I think that moniker is insulting. It's bad enough when government calls us "consumers" or "laypersons" and about anything else EXCEPT citizens but when pundits start using it...
This Joe Sixpack says "up yours baby"
Don't forget "taxpayers".
maybe that's sixpack ab's , not beer. lighten up. and I don't mean bud light.
If I had a Gold Eagle for every time Schiff said this, I'd be kicking it on a beach in the south pacific somewhere right now.
The Ant/Grasshopper benchmark is established.
“The average American has less than a $5000 net worth”
If you have less than the 5K, you’re the Grasshopper.
How many times is this dude going to say that? Still fucking waiting, don't give him a penny.
He's baffling you with bullshit. You don't have to pay the debt and even if you pay some interest well that is money in someone's pocket and it might trickle down to you. He's making sure he gets some. He's trying to sell gold but I bet when the dollar collapses that they come out with a new PAPER dollar.
What a load of bollocks. Peter has been selling this idea for fucking years - collapse my arse - we are so fucking way off fucking collapse give me a fucking break. Who was that other idiot - Michael something who was continually saying we're about to collapse - he moved to LA and then committed suicide when all his predictions were just going nowhere - zeroH really does like this shit though.
Regardless of your personal beliefs in the security of the oligarch system, is it not the case that by the Keynesian-Monetarist "business cycle" theory that the contrived economy is due for a recession? It's been 6-7 years since they claimed the recovery started, which is prime recession territory by standard reckoning.
He's not talking about a 'recession' he is going on (again) about a complete collapse. Its the only way to support his idea that Gold is the anwer to all our problems (as if huns of sparkling metal is what you'll want when there's no food around). Ha. And look at all the mugs here who listen and believe like he does. Humans have never had it go good. And its going to get better. Stop fucking complaining and go enjoy your life before its too fucking late. Let's watch how many of the sheep give me a negative now for that.
If it has already imploded people are partying on the way out. Christmas season here seems to be booming.
Comfort comes in being prepared for likely scenarios.
Hurricane prep is excellent training.
Forget about how long Schiff and others have been banging the drum. If the direction we're heading is not apparent then one is not paying attention.
Consensus amongst the ZH Vets would be to inform Newbies to get prepared. Don't just talk about it. There's little room for an argument that shit will not get worse for the average citizen. Life gets ugly fast when you can't pay your electric bill.
Peter is like ZH, for 7 years they keep saying a crash is coming. Just think, AFTER the DOW is down 10,000 from here they can both say "I told you so".
yeah yeah... BUT WHEN?
I like Shiff, but he lost a lot of points with me when he appeard with Molyneux, and even let him guest host his show at least once. Maybe Shiff didn't really know who he was talking to. One can hope anyway.
Do you have a specific beef with Molyneaux, or is it a general distaste?
I wanted to contribute to Freedomain Radio, but his followers made it clear that anyone who does not pledge unquestioned allegiance to atheism will be marginalized and rebuked. The man himself has also said that anyone who believes in God has no place in a free society. Sorry, no matter how much I agree with you on gun control and non-agression, I can't support you when you think I should have no voice in society.
Everybody needs to remember that the coming economic crisis is entirely the responsibility of the political parasites. The political parasites led us to economic disaster in the Global Financial Crisis, then did everything in their power to deny their responsibility and then implemented even more of the same policies that cause the GFC in the first place. They'll lie and deny their responsibility until their dying breaths. But they are the ones who, with straight faces, say that debt doesn't matter. They have been spending our money, money that we don't have, like drunken sailors on their first night in port. They were bribed to pass the Federal Reserve Act into law. They are bribed to look the other way as the Federal Reserve System transfers ever greater amounts of the American People's wealth to Wall Street, Banking Criminal Class, Crony Capitalist Corporatists, obscenely rich Oligarchs, and others. They are responsible for everything that is going to befall us economically. They can't blame this on the American People because, after all, when have they ever followed through on their campaign promises to rein in government spending, balance the Federal budget, or anything else that the American People know should be done to prevent the coming economic calamity? It doesn't matter which politician you vote for because they are all in the pockets of Oligarchs, Wall Street, Banking Criminals, Crony Capitalist Corporatists and others.
Its getting time to eradicate the parasites the way I see it.. or slightly overdue.
You forgot the Free Shit Army -- they've been benefitting from the redistribution of others' wealth too for decades now.
yeah but no matter, what that money gets funneled back to the top 1%
Collapse is not comming it's happening. Since 2008 btw.
Correct. It is the acceleration that we are all awaiting.
And I don't believe that we will have to wait any longer than the end of next year.
since 2008...
since 2000...
since 1971...
since 1933...
since 1929...
since 1913...
since 1865...
since 1776...
since 1492...
since 0000...
and especially...
since most humans started believing absurd fictions were real.
example: since humans started to tolerate "being governed by others".
Any individual who is willing to accept, sanction, even demand they and others be governed by others (individuals and/or fictitious entities) is utterly, completely, stark raving lunatic insane. Which means, at least 99.999% of humans are.
Humans are a failed species.
Humans are hopeless.
Humans are doomed.
In those days there was no king in Israel; everyone did what was right in his own eyes. Judges 21:25
Criminal putin regime attacks last independent private TV company after it covered criminal putin regime corruption system under which criminal putin regime steals money from Truckers. This corrupt scheme name is "Platon" you can google it.
RUS: https://youtu.be/hxH9WIzvOqY
Independent Russian TV channel subjected to extremism investigationFellow liberal-leaning media outlets express outrage at prosecutors’ request for station to submit to anti-extremism checks
Russian prosecutors have launched an investigation into the opposition television channel Dozhd – or TV Rain – for alleged extremism, as part of an intensifying crackdown on independent media outlets.
Rain’s owner, Natalya Sindeyeva, said on Facebook that local prosecutors had ordered the station to submit to checks on whether it was complying with anti-extremism legislation, as well as licensing and labour laws.
Friday’s notice said the channel was being checked at the request of unnamed “citizens”, but did not say what programming was deemed extremist.
Under Russian law, media outlets accused of broadcasting or publishing content that is deemed to incite or justify extremism can face a fine of up to 1m rubles (£9,600).
The channel has been ordered to produce a number of legal documents, as well as accounting records. The network’s studio was checked for compliance with fire safety regulations, said the presenter Maria Makeyeva.
“I don’t think prosecutors waited for some kind of request [to launch the investigation],” Makeyeva told the Open Russia pro-democracy foundation, suggesting they were following official instructions.
Representatives of Russia’s dwindling liberal-leaning media outlets were indignant at the inquiry, saying it upped pressure on the last independent voices in the country.
“It is clear that the probe against Dozhd is absolutely political in nature,” Alexey Venediktov, the editor-in-chief of the liberal Ekho Moskvy radio station, wrote on Twitter.
Rain, which gives airtime to opponents of Vladimir Putin, has had previous run-ins with authorities. Last year the channel was forced out of its headquarters and had to temporarily move into a cramped apartment belonging to a staff member.
Rain lost 80% of its 15 million-strong audience in January 2014 after leading cable providers dropped the station from their packages. The ostensible reason was a poll run by the station asking whether Leningrad (now St Petersburg) should have surrendered to Nazi Germany during the second world war rather than hold out under siege for nearly two and a half years.
Here, have a potato...
Standard Disclaimer: You might even find a Greek prostitute that will give you a blow job in exchange for your potato ration.
Don't you mean last bankster-controlled TV company?
Guess what? Your shit TV channel does not have a God-given right to be provided by any cable outlet. Russian cable companies have understandably decided that in a country where people have access to a wealth of real news and investigative journalism, the number of viewers still interested in CIA-approved prolefeed is no longer big enough to continue to bother offering it to subscribers.
That's not censorship. That's how the free market of ideas is supposed to work.
n/t
Zinu- you haven even the slightest clue as to what you are talking about-my suggestion: GO RENT ONE, PRONTO!
Haven't heard much about the collapse in gold (and silver) lately.
I really like Schiff. A lot.
But his predictions about gold have been DREADFUL for years. So no matter what he says about gold, I recommend not doing what he says. Martin Armstrong, who I do not really like, is simply far more accurate.
He predicts even if the economy tanks, that stocks will go up to at least 20-22,000... bond yields go negative, real estate drops, and gold drops to at least the 850 level. Maybe 650.
Don't bet against him.
Wouldn't that all just be a question of timing? Finality of right and wrong don't really mean much when you are surfing.
There is much ruin in a nation -- Adam Smith
I thought everyone was laughing at Peter Schiff for the doom and gloom he was predicting AFTER 2008?
Peter....you need to change your name to "Dick" "Fall off the Cliff" .... in your world there is nothing but hurricanes, tornadoes, hail, fire, brimstone, wars, failed institutions, unsound currencies, catastrophes, etc. I guess there is nothing left to do but wait for an asteroid to hit the earth and start over with a currency backed by a gold standard.
The Bank of International Settlements agrees with Peter Schiff.
The truth is that when we began de-industrializing the US in the 1980s, we also began dismantling the American Dream.
There's really no way to put it back together.
At this point, all we can do is brace for impact and hope we survive.
Until debt service approaches tax revenue it will continue.
The one thing about Schiff et al (or two, three, four, five, etc.)
Ask him what a derivative is. How exactly does he answer this?
Does he have a clue about U.N. Contract #4?
Does he know what a credit worthy bank is? Has he ever been a credit worthy bank and/or worked with one?
Has he ever shown a balance sheet for a profitable organization netting 900 BILLION?
Does he have a plan to construct a high speed rail system (mag-lev) equal to and/or exceeding the interstate highway system? A rail system (passenger and industrial) planet Earth has yet to witness. All from private funds. No union kick-backs.
Can he claim to taking down a known accessory to the JFK murder?
Does he know where Putin was in the winter of 1990? That is what city was he based out of in the his capacity of Vice Chancellor under the new Russian Federation.
So why should be even listening to Schiff et al?
Is he truly any kind of macroeconomic and geopolitical expert of worth?
When Schiff et al speak, should everyone else drop what they are doing and listen?
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
Start at 3rd interview with Wanta Dec 19 2014.mp3
About 19 minutes in, a derivative is explained like no one can explain it. One had to be present at the conception of a derivative to fully explain it ..
Then go back to the 1st and 2nd interview in Dec. '14. Follow through to 3/24/15 discussion ..
Happy full comprehension of what truly and honestly is actually going on ..
Ask yourself why even via Infowars, or Drudge, or RT, or the Guadian, or the Daily Mail, or PressTV, they have not published the Gov. Sundquist / Senator Songstadt (both working for Sen. Corker) audio ..
Can you cite a credible example of a "macroeconomic and geopolitical expert"?
None of these guys can predict anything. If they could, the casino would have to close and besides, if they could, why would they let you in on it?
I predict the economic forest is tinder dry and if we don't get some good rain soon enough one of those many little financial bush fires is gonna become a firestorm. Hope that helps, and I confess, even though I've read up on it I still don't properly understand a derivative.
Well what Mr Schiff, Yellen, and the rest of you don't know is that the markets will not collapse until I invest in them. See when I put my money into the market, it crashed in '08. When I pulled all my money out we had a huge rally. Now all the markets are basically just waiting for my next move. I've been on the sidelines for years so everything is just moving sideways and nobody knows what direction to go in. My biggest concern right now is keeping my money in the bank might start a bail-in or negative interest rate, and if I take it all out in cash it will be banned. It's really tough not knowing which market to collapse next.
Thank you for pulling your money out after the "adjustment" in 08, otherwise we'd be eating squirrels and wearing buckskins by now.
"otherwise we'd be eating squirrels and wearing buckskins by now.".....I'm rather offended by that very personal remark on my lifestyle, sgorem.
i'll front ya the cash to start this collapse
and i'd even consider it a wise investment...just to get this game over with
Jesus, man! STOP INVESTING! LMAO!
When something ramps up like stock sectors or houses, it reaches a point where I finally think 'What am I waiting for?" and get in big.
It then crashes. I've done this over and over.
I call it "having missed the boat I walk down the dock and jump in the water"
Hog, a fortune awaits you. Simply start an investment advisory newsletter, in which you tell everyone what precisely what you're gonna do and just when you're gonna do it.
Why don't you buy precious metals? Physical, no tracker bullshit or ETF's.
You should buy US Treasuries...bwahahahaha
He is not his father's son.
Very few of us are.
There is no disputing that life will end on this planet when the sun dies. Nothing will collapse as long as they keep kicking cans down the road. The sun will die before we run out of cans. The sucky thing about doom porn is that the cum shot never comes.
I am constantly amazed by people like Peter who keep predicting the "game is over". Folks, if you have watched markets since Clinton starting rigging them in the 90's you know that there is always another way. When the feds/gov say they "have tools", believe them. They will do whatever it takes to make sure what he and others predict does not come true, no matter the price. They will run negative interest rates, steal your savings including pensions, IRS's and 401K's, raise taxes in every stealth way you can imagine and tell you they aren't, take away tax deductions, increase SS withholding amounts and on and on. These dudes are not stupid, the america people are, and they will have their way whenever they so desire. Invest accordingly, and remember, they will try to take your gold, they have done it before.