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.
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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.
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“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.”
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“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.
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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.”
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“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.
I was a hoarder before I was a prepper, so having lots of stuff in my house seems normal for me w/r my family.
I’m surprised you didn’t talk to your kids about it. I mentioned things like economic collapse and preparing for it to my son (age 22) and he didn’t seem at all surprised. So I’ll keep talking about it off and on so he’s not caught off-guard when it happens. And knows where to come for supplies.
It’s also partly selfish on my part - he’s young and strong. His dad and I are not as young as we’ll need to be to do all the physical things required. So I’m hoping if we provide the stuff and the direction, he’ll help with the work ;)
An acre is a good amount of land to grow things on. I was told by a prepper once that he had 11 acres and that was a perfect amount to grow crops and raise animals for his family - and that included an extended family and many neighbors that he shared with. So I keep that in mind when looking for land.
I was going to freepmail but thought others could benefit as well.
I tried to make some sour sourdough today with limited success. The loaf rose fine, the texture is dense and divinely chest, the crust is brittle and crunchy - but there is only a hint of sourness.
I fed the starter 3 times before using - using a small amount of rye flour which really made it smell more sour. Then I let the sponge rise 24 hours at a cool temp (I read that slow long risings at a cool temp increases the sourness so I used my wine frig at the highest temp setting for the risings -neat to make it a Multi-tasked since I got the wine frog to age my cheese in.
But I digress. Then the dough - made with the sponge, water, flour, and salt - rose for 5 hours, taking it out and folding it twice to give it strength since I made the dough a wet one. Then formed the loaves and let them rise overnight in the frig . Baked at 450 with a pan of hot water on the bottom rack for steam.
My starter is from Carl ‘s sourdough and is pretty well known.
Any ideas would be greatly appreciated. I thought preppers might be interested since a starter eliminates the need for commercial yeast. It can be dried and will last for eons. I have buckets of wheatberries stored, so if I have the starter, water, fire and my lodge dutchoven - I can have bread.
The crust is CHEWY - my kindle changes words on me. Between this and Dragon misunderstanding me, I hardly sound literate!
Where do you get that? Local, or on the net?
So then, how do we come to terms with the conceptual errors of our times? One way might be to try to understand how and where freedom fits into the hierarchy of the good, avoiding the widespread abuse of the word "freedom" (to the point of its becoming an anti-concept) and asking how freedom relates to other good things, what gives it substance, and what makes it good? Hopefully this can help us differentiate genuine freedom from the perilous idolatry of the Autonomous Self, and to recognize the contradictions in the latter that have us tied up in knots in the "real world" while the culture is enslaved to unseen manipulators.
Just as we were getting ready to build another home out there. Events changed, and financially, we couldn't do it. However, the land is there, and it has a creek and plenty of forage possibilities too. We'll be developing it further, or else sell part of it and buy the lots next to our back yard.
Not talking to the kids is part of OPSEC. Inadvertent loose lips. I do make it known that the excessive money printing could cause runaway inflation, and explain the importance of being the world's reserve currency.
All the things that are the likeliest scenario tornadoes, power outages, earthquakes, drought etc. In addition, I talk to them about how I felt in the past when the cities were burning, and Americans were being attacked all over the world etc.
I get peace of mind from imagining the worst, and having a plan for that. This drives them crazy, and somehow makes it harder for them to deal, so I do things my way. And they will be taken care of.
Sometimes we talk about, well if times get bad without elaborating the details of that, and then talk about the various things that we can each do. Like who is talented at cooking, sewing, gardening, etc.
I even talk to them about what it was like growing up and staying on Granny's farm without running water, heated by a wood stove, no bathroom indoors etc. So that's knowledge they'll have if they need it.
Do I tell them that Martial Law could be declared, and Homeland Security is stockpiling ammo, and could turn out to be the American version of the Gustapo?
NO I don't, but I might tell them that would make the premise of a good movie, and ask them to brainstorm what they think could bring on something like that and how do they think it would play out.
Youngest daughter and I share an interest in pesticide free heirloom foods, free range chickens, etc. Local food that we know more about exactly what we are eating. So food independence is something we work anyway.
Like I said, independence is a way of life. I don't consider myself a doomsday prepper, with some bunker mentality. I don't have a crystal ball, so I plan for contingencies starting with the usual and moving on from there.
Found it! Sending off for it today...
The "free ride" will be over either way. A family can live in a mansion and live the good life while scamming credit card debt (pay off one with the other) until the bills come due and the credit line is cut off. Then it all comes crashing down and it's all gone except the pain. Wait until DC politicians then try to steal money from IRAs and bank accounts - then even the Democrat enablers will feel the pinch and pain.
Sounds like a great way to instill the seeds in them so they won’t be caught off-guard when something happens. But to not cause them to panic by being too upfront if that makes them nervous. I guess a lot of people are like that - they’d rather not think about the worst. For some reason, I get comforted by thinking and planning for the worst that could happen.
I consider myself a prepper by necessity now - but will be a homesteader when I get the right conditions, like you have. Neat to have so much useful land nearby. I guess I’m a prepper when in the city, but in the mountains - that’s just the way of life up there. Simpler, closer to nature, splitting and stacking and using firewood to heat, the power and water outages that occur often - it’s all wonderful, IMO.
They are pretty quick with it. Weird thing though - it’s Carl’s Oregon Trail Sourdough, but the return address was somewhere in New England....
Let me know if you have luck making SOUR sourdough. I’m enjoying my last batch of bread, but am missing the San Francisco-type sourness.
Hubby just called from the SF airport - wanted to know if I wanted him to bring home some Boudin bread. But since he’s driving a motorcycle (new toy - his 3rd M/C) home from Washington, I think the bread would be a bit stale by the time it got here.
Well I grew up in the Ozark Mountains (really just hills LOL), and it is just a way of life. One that I enjoy. We had all this stuff already before “prepping” was a common term.
When people start acting like the world has ended, just because there’s no electricity, I just kinda think, well for most of man’s recorded history we didn’t have electricity so what’s the big deal.
When I was really young, we didn’t even have a refrigerator or freezer. There was no TV, Computer’s, and a lot of people didn’t have phones-and by the way, the ones that did have phones-well they weren’t smart-they were dumb!LOL
For some reason, I get comforted by thinking and planning for the worst that could happen.
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Me too. I don’t deal well with uncertainty. So I ask myself, well what is the worst thing that can happen? Then I decide the best way to handle it.
Once I have the solution, I usually think, well that’s not so bad after all-I can deal with that. Then I relax and go on about my daily life.
Oh, I meant crunchy. Not chewy.
The heck with this post.....;)
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