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Peter Schiff Explains What Today's Global Fed-Funded Bailout Means For The Future
If anyone is still confused by what has transpired today, here is Peter Schiff explaining in simple words, why what happened "may be one of the most important economic events of the year" and what to do next: "Today’s unprecedented announcement by the world’s most powerful central banks was a loud and clear bell ringing to buy precious metals. The move, disguised as an attempt to help the fragile state of the global economy, is in reality a move to prop up failing banks in Europe and the US. By reducing interest rates paid for dollar swaps, central bankers are in effect increasing the quantity of global dollars in circulation. The result? The dollar will weaken, inflation will rise, and gold will soar. Gold was up more than $30 today, and the dollar got crushed. I urge you to take 7 minutes to watch the video I recorded exclusively for my subscribers a few hours ago. It explains, in plain language, what happened today – and what is the likely outcome for your portfolio. This may be one of the most important economic events of the year." And pardon Schiff's self-promotional piece at the end, but the truth is that he is essentially correct about what the actions means from a big picture perspective. Furthermore, as Goldman made all too clear, this is merely the beginning as more and more inflationary actions have to be undertaken by central banks to save banks from being crushed by untenable debt loads. Whether they succeed in overturning the deflationary tsunami is unknown. What is certain is that they will bring fiat currencies to the verge of viability (and beyond) in trying.
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I think you're full of shit. No one slandered your precious free shit army. They've been pandering to the drum beating "fuckwits" funded by Soros and Moore, fuckwits in their own right.
Your "government gives us roads" argument is so tired and sad only a monkeyassback would buy it, Your union boss is calling, slave.
My life is my own. No government built a road good enough to give it up to a bunch of army ant socialist idiots.
well go a hundred mile up the yukon for a few weeks and stop talking the talk.. prove you aint no nappy wearing socialist...might garner some respect..
@Terryfuckwit.......Go fuck yourself you pinko commie. Do the world a favor and die, you useless creature. Where do you think the money came from for your roads? From people working and paying taxes. Working at capitalist jobs, you Neo-Communist. You make no sense and you make me sick.
This is why I try not to read comments here anymore. Most of them make me gag.
Do any of you stipulate buy-back agreements with your phys bullion dealers? 2% under spot or a figure like that?
Makes me feel a lot more comfy with my metal. Still remember the spike of '79.
Schiff is clueless as always. Didn't he forecast the collapse of the Dollar like 6 years ago? Still waiting. This guy is a broken clock clown who sees hyperinflation always (!) starting 'soon'. In 2007 he said 'soon'. In 2008 he said 'imminent' and in 2009 he said 'right around the corner'.
He's been wrong a million times and has just become a joke.
He is right, however when you have the FED lying to the sheeple you get wild Black Fridays. Sheeple still going on vacation. Sheeple watching Jersey Shore verses whats going on in the real world. The FED prints money out of thin air to prevent the above, making a mother of all bubbles. Friday the FED will buy and sell Treasuries at the same time???????? So now they are buying and selling to themselves and you believe hyperinflation will not happen?? The banks have not put out all the money they have accumulated in the past 6 months or we would have hyperinflation.......1.7 Trillion dollars, really!!