what do they know?"
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 I’m 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.
Few listened.
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. “You’re 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 Fed’s 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 don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”
“We’re 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.”
Indeed.
We must understand that none of the fundamental problems leading up to the 2007/2008 financial crisis have been resolved.
If anything, it’s 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. It’s 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.
Good point that at least we'd get some warning. We're also doing better in the stock market than in our FDIC insured money market. Not only on paper, but in actual dividend returns. I suppose if CD's start making better than 2% we'd pull out of the market pretty quickly. Just like the rest of the world.
That ‘s true about CD rates - if I could get just half of what our real inflation is, I ‘d take it. As it is, I am sadly happy to have found 1% CDs and savings account for the money that is not in the market.
No rescue is coming. Only God's judgement is left.
My disposable money is going into more preps at all levels. I'm using money to be able to grow more food, buying more medical preps (includes more over the counter meds), more nonperishable food. I can't produce as much food as Johnny or greeneyes so more nonperishable food is a backup. I have enough for me, but I know in a very bad situation, the two liberals I consider family, will show up with nothing, plus my son will show up with nothing.
The sister-in-law’s and husband's minds are completely closed to anything adverse happening. They understand preps for a hurricane here as I've been through those before with preps and they know it. But they don't get having more than a week preps for me and they have none.
The sister-in-law of the group is an easily frightened person. Power went off one time when she was here and she freaked out. Now, she won't go to bed here unless one of my flashlights is beside her bed as she is sure power will go off again. If power went off everywhere, she would crawl here because she knows she will be safe in my house. Until that time happens, she thinks I am nuts.
A few of you have said you would like to live close to me. Compare your feeling about that to the liberal sister-in-law and husband who think I am nuts. Although they have been here many times, they never ask me to tell them all I have. I think they are afraid to find out because they might have to think something could actually happen. Talk about normalcy bias - they won't even consider something could happen.
At some point, they talked among themselves because the next time they came, they said they had decided the only threat was global warming - I didn't argue the point as one cannot change liberal minds and they are the best examples of liberalism on the face of the earth. They live in delusion - a fake world in their mind.
They live on the Texas coast with nothing stored. It takes five hours to get to my house. He thinks he has that covered as he, as a volunteer, goes to a hospital there to run their emergency communications in case of a hurricane. He think he can take the wife there and they will live in the hospital. What if the hospital uses someone else for communication? What if they won't let the wife be there?
They are depending on other people to save them and that's a very bad idea. I expect them to come here if the hospital plan doesn't work out.
Strange, isn't it? They think I'm nuts, but would drive here as fast as possible if there was an emergency.
Do any of you have family you would save even though they think nothing will ever happen and they think you are crazy to have preps?
Heck, I make quilts myself.
/johnny
I had four extra Katadyn siphon filters (filters thousands of gallons) and told her she could have one. She was glad to have it and he couldn't figure out why she would like to have one. He said they would be at the hospital if a hurricane happened. (I will use my Big Burkey so I didn't need the Katadyn I gave her.)
They only eat fresh food, nothing from a can so there is no canned food in their house.
Liberals are nuts - I am not nuts.
I crocheted a blanket for my grandson before he was born. I crocheted a gray vest with leather inserts and leather buttons for my father in law because he had a heart attack and was always cold.
I still have my crochet needles and bunches of rolls of thread.
I have a crocheted bedspread my mom made. She worked on it when I was out on dates - took a lot of dates to crochet the whole bedspread.
I had to learn to sew, and how to repair sewing machines. Just like when my brother bought his first car. I had to learn with him, how to do repairs, and eventually how to weld and do body work.
My parents thought it was best to keep my busy, for some reason, when I was growing up. ;)
/johnny
In another post, you said you didn't play well with other kids in kindergarten. I might have drowned you as a pup in order to keep my sanity.
what do they know?"
____________________________________________________________
Convert your savings to silver, other precious metals like brass & lead, real estate and consumables.
Where every you end up putting your money don't depend on someone else to protect what ever it is you have it in. Business will fail. Banks will fail. If you have real estate get it paid for. Do it NOW!
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.
__________________________________________________________
Tyranny is on its way!
I feel the same but I have to save them due to payback for when they helped me during the months my husband was dying. He was her brother and they were here a number of times through that and helped me immensely. I did have to suffer through a number of their tirades about conservatives, but I would have been much worse off if they hadn't come and helped me.
I so wish they were not severe liberal fruitcakes. One of the times they came, when they left, they were going to Houston and show support for the camp-in “Occupier” group that was camped in a park in downtown Houston. They even had T shirts on showing their support for “Occupiers”.
That was discussed, several times.
/johnny
Wow - they are extremely left-wing. How frustrating for you! And very kind of you to let them know you are prepping so they know where to go when the time comes.
My son and daughter-in-law are the only ones I’d take in. The others - my mother and sister and their husbands - are thousands of miles away so I don’t think it would be an issue.
Didn’t post it as I posted the article in entirety, but here it is:
They are as far left wing as one can go. Obama is not left enough for them. They hate big companies as companies don't give ALL their money to employees (and he works for a big company and hates them at the same time.) They want completely free medical care for everyone. There is no way to describe how left they are - complete radicals. Both are hippies who never gave it up.
My immediate family are the only ones that live close enough to come here. The others are country people who live about 5 hours from here. They all know how to grow food and survive.
My kids are living the frugal life, and don’t have much to put back, so I try to make sure and stock everything to last for 4 months including all the ones likely to show up. I’ll just keep buying extra to increase that.
They also know how to hunt and fish. My sister’s kids grew up raising rabbits and hunting and fishing for food. They probably have not put back a lot, but they do tend to stock up on good deals, so their pantry would likely be full enough to tide them over until they could figure out what to do for survival.
My sister’s kids all live close to her except for one who lives with an ex-navy guy in California. She and hubby have the skills, and the mind set to survive. Course they all fight like cats and dogs, so their days might be pretty interesting.LOL
If family shows up here, I’ll help them, and I’ll help neighbors as I can. Especially when it comes to foraging, and recognizing edible weeds.
None of my family, except hubby, knows anything about my thinking on preps. They just know that I buy stuff on sale and store it so that I have a well stocked pantry.
Older daughter joked that I was well prepared for the apocalypse. I told her that I was sure we were all in for some hard times and rampant inflation somewhere down the line, but I wouldn’t call it an apocalypse.
My storage has all been purchased with my family in mind, and I figure they will all join me here, since I have the room. If we get too many to support on my 1 acre, then the younger ones will have to cultivate some additional land to grow their own food.
Everyone will have to tend enough of the garden to provide for their own food. Oldest daughter was in the Coast Guard Academy- she and my other daughter know their way around self defense, including guns.
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