Posted on 04/18/2013 12:58:20 AM PDT by 2ndDivisionVet
A record breaking stock market is distorting a frightening reality: The U.S. is being eaten alive by a horrific cancer that will ultimately destroy the economy and impoverish the vast majority of its citizens.
That's according to Peter Schiff, the best-selling author and CEO of Euro Pacific Capital, who delivered his harsh warning to investors in a recent interview on Fox Business.
"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.
Currently, Bernanke and company is buying $1 trillion of Treasury and mortgage bonds a year. That's about $85 billion per month against a budget deficit that is about the same level.
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....
(Excerpt) Read more at moneymorning.com ...
I like Peter Schiff but on this one he is dead wrong. The US dollar is being saved by the fantastic rise in US oil production and the sudden increase of US oil & gas reserves by 50-100 trillion dollars.
I like Peter Schiff but on this one he is dead wrong. The US dollar is being saved by the fantastic rise in US oil production and the sudden increase of US oil & gas reserves by 50-100 trillion dollars.
Remember it well!Edward G. Robinson’s last flick!
Any day now probably.
Yes...you are correct. But, just in case I have been collecting all three....food, ammo, and...well, some other stuff.
These same realities will drive gold up again. Big time.
It is evident that printing money lowers its value and causes inflation, because the money is worth less.
During inflationary times interest rates rise. If interest rates rise, the US debt will increase. The only way this doesn’t destroy our economy is if the government somehow forces interest rates down. This has never been done before and no one knows what will be the result, long term.
I’ve only seen Soylent Green and the Ten Commandments by him. His IMDB list of flicks is quite long. He’s a bit before my time.
Check out his old B&W gangster flicks.Really good and 95% of the prison population is white!
bump
Sweet, I”ll check them out...thanks.
For an important hedge to help you survive more comfortably the inevitable economic collapse you may want to consider buying silver (more than gold) coins and some gold coins as well. Coins will be easier to trade and silver values are easier for normal day to day purchases...gold can be pricy. Remember, when currency collapses so will prices (I am talking after currency is no good...post inflation) gold and silver hold their “relative” value quite well. I think we will have a one to three month period where there will not be a accepted governmental currency. So, I would advise you try to obtain about three to six months living expenses in silver and gold coins...stashed somewhere other than safety deposit boxes at banks. Hope this helps...
Smart money is also on land you can grow food on. But, defense, survival items are your first concern. After that...barter type items come second to mind. And of course a good supply of silver and gold coins will be helpful. Personally I am investing in solar energy so that my home will have power if the grid goes down...and in powering various outbuildings I have. I own a small farm and hope to raise food...based upon Christian principles of giving food to those who cannot afford to buy food and charge reasonable amount to those who can.
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