Skip to comments.“When The Real Crash Comes It Will Be Worse Than the Great Depression” (Shortened)
Posted on 04/30/2013 3:08:21 AM PDT by Kartographer
The Crisis Is Imminent: When The Real Crash Comes It Will Be Worse Than the Great Depression
The United States is like the Titanic, and Im here with the lifeboat trying to get people to leave the ship I see a real financial crisis coming for the United States.
Peter Schiff August 2006
In 2006, when he faced off with many well known Titans of investing and warned of an impending financial disaster and economic collapse, Peter Schiff was laughed at by his colleagues. He urged Americans to exit financial markets and take steps to protect themselves before the wealth held in their savings accounts, retirement investments and real estate was wiped out.
We know what happened next.
Now, those same financial experts who publicly vilified Schiff for his predictions six years ago are at it again. Many, including our politicians, central bankers and leading economists, have unequivocally stated that the worst is behind us, and that a global recovery is on the horizon.
Once again, Peter Schiff disagrees:
I think we are heading for a worse economic crisis than we had in 2007, Schiff said. Youre going to have a collapse in the dollar a huge spike in interest rates and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.
Schiff says that, despite phony signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Feds never ending money printing.
According to Schiff, these numbers are unsustainable. And the Fed has no credible exit strategy.
Eventually interest rates will rise and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.
The crisis is imminent, Schiff said. I dont think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.
Were broke, Schiff added. We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.
The Fed knows that the U.S. economy is not recovering, he noted. It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.
A noted economist, Schiff has been a fierce critic of the Fed and its policies for years. And his warnings have proven to be prophetic.
His recent warnings, however, have been even more alarming. Will they also prove to be true?
In his most recent book, The Real Crash How to Save Yourself and Your Country, Schiff writes that when the real crash comes, it will be worse than the Great Depression.
Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, wiping out all savings and sending consumer prices into the stratosphere.
All we can do now is prepare for the crash, Schiff said. If we brace ourselves properly and control the impact, we will survive it.
We must understand that none of the fundamental problems leading up to the 2007/2008 financial crisis have been resolved.
If anything, its gotten worse.
Our politicians will not change, and therefore, will change nothing in Washington. Wall Street is as corrupt as ever. Our central bank continues to devalue our currency. There is no end in sight for these people. They will continue on this unsustainable path until we as a country finally hit the proverbial brick wall.
As Peter Schiff notes, the destruction to life as we know it in America and the world is imminent. Its going to be severe.
So much so that the government has been simulating the collapse of our financial system, the collapse of our society and the potential for widespread violence.
A collapse happened in 2008, but THE collapse is still ahead.
I agree with Schiff that we are heading for disaster, I only wish I knew how to save my savings.
When governments stand to lose the most with interest rate hikes, you can bet interest rate hikes will be very late occurrences.
Banking and Government are fingers on the same hand pulling together.
The struggle begins.
We already hit our heads on several balconies (some more stealthy than others).
And that is why when the “crash” comes, regular folks will have been squeezed quite enough already.
I have this feeling its very imminent, and that I need to liquidate some possessions very soon and just leave the country for about two years.
Nobody is fighting, nobody gives a damm and or trying to even organize any movement. I don’t see any mass resistance, no Revolutionary forces mustering or marching, everybody is too dammed scared to go up against Obama, and those that say they will though numerous have no collective goal and thus will never amount to anything more than a bug smear on a windshield.
I don’t know how to protect myself either ,,, I’m thinking buying good land on a long term dollar denominated loan and setting aside the payment money ahead of time to get larger lots cheaply when the dollar crashes.
People talk of barter goods ...
I can’t stop thinking of the smarties that bought IBM and Coca Cola during the 1930’s/40’s after the bottom...
I don’t see any salvation except an asset backed currency ,, wishing a few states issues oil backed notes or silver/gold backed notes. Canadian $$$ is good because of their oil and lumber resources.
The only true way to preserve wealth is to preserve your ability to create it. Ever wonder how a millionaire can lose everything and be back on top a few years later, yet a lottery winner will manage to be broke in that same time?
It will either usher in a new birth of Freedom, or a great Tyranny. Either way, I hope it happens in my lifetime and not my children’s.
If we go down, the whole planet goes down with us. There will be no other place to "ride it out".
We are more “together” than you might think. As far as armed resistance? More than you might think.
One April morning....
I was born here; I’ll die here.
IOW, there is no Leonidas, and this particular Spartan is grabbing a bus to Athens - to h*ll with holding the pass!
I can see it in the lower 48 but I am cursed with living in Alaska that has gone libertarian, they would rather stand in the middle of the road getting their head smacked by mirrors of opposing political vehicles. Alaskans used to be conservative.
Too timid to fight, too much hooked on handouts.
And by being in Alaska its too far to be where the action will be.
At 70 my ability is a bit limited.
Worst case scenario - A Zimbabwe-style seizure of your land. Done in the interest of "fairness" of course.
Likely scenario - Property taxes soar through the roof so that you pay your "fair" share.
When SHTF, land ownership will mean squat.
Oh, no doubt - another of several reasons not to "run away"!
1) The whole earth's economy will be in collapse.
2) We are Americans - we will right this ship together (well, the Patriots anyway).
3) We are Americans - this is OUR country.
4) We are Americans - we don't run and we don't lay down.
Think “Margin Call” on a massive scale.
Not to mention the fact that 2nd ammendment supplies and accessories basically can go no where other than here. I’m going nowhere. SHTF or no SHTF.
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