Posted on 01/11/2023 8:10:33 PM PST by patriot torch
Peter Schiff warns about the biggest crisis in more than a decade, worse than 2008. He elaborates on skyrocketing inflation and explains how to protect yourself during these times.
Peter D. Schiff is an economist, stock broker, financial specialist, host of the Peter Schiff Show Podcast, and author. He is the CEO and chief global strategist of Euro Pacific Capital Inc. Mr. Schiff has also written a number of books on investing over the years. He educates people all over the world about free market economics and the principles and benefits of individual liberty, limited government and sound money.
(Excerpt) Read more at youtu.be ...
(It does not provide any constructive advice at all on how to “weather the storm” or protect yourself in any way)
Don’t know if there’s much that can be done, FRiend, except batten down the hatches. And to try riding the storm out, for the time being.
🛐🙏✝️
“Worse than I think?”
I don’t think so. I have a pretty good imagination.
It seems the corrosion resisting coating on the inside of cans of food has gotten thinner in the last few years: they corrode right around their "expiration" date. Might be a way they cut costs, and it might be the companies justify the thinner coating by citing the increasing tendency for people to toss any and all "expired" food just because it's "expired". It used to be a can was good for nearly twice its expected life, but no more.
“I mention Dinty Moore because folks caught up in the Kosovo war valued cans of Dinty Moore above all else.”
plus it’s excellent food for your dogs, since it’s nearly dog food in the first place ...
His fears are overblown. But gold is indeed looking strong.
“I mention Dinty Moore because folks caught up in the Kosovo war valued cans of Dinty Moore above all else.”
I recall reading about women that would trade sex for cans of food. So they could feed their children.
I don’t know for sure, but would it be a combination of the Soviet Union and communist China?
I am afraid you are right. What is coming is not beyond what we imagine, it is beyond what we currently can imagine.
Lots of ammo.
Lots of superior optics.
Frankly, I barely noticed the economic recession in 2008. Didn’t have a house and little debt. Maybe it made a difference in wealth accumulation, but really wasn’t concentrating on that then.
Yes, that too. 🤗🤪😅
so basically $150,000 a year...and I know couples where both are nurses....
how can people on fixed incomes keep up with this....we can't....
I’ve argued that very point with some on FR. The response was usually some form of, “But inflation is out of control; we need higher wages to keep up.” And THAT is the attitude that makes the inflation problem into an inescapable trap. Rising prices are bad, but trying to match them by inflating wages creates an inflationary spiral that is FAR worse.
Everyone knows that inflation is caused by “too many dollars chasing too few goods.” Well then, when you’ve already got government-induced supply shortages of various kinds causing inflated prices, how in the world does anyone believe that putting even more dollars artificially into consumers’ pockets will stop that inflation? On the contrary, it will only cause MORE inflation, causing demands for even higher wages, which will just cause prices to spiral ever higher, ad infinitum until we become the Weimar Republic or Venezuela, where you need a wheelbarrow full of your devalued currency to buy a loaf of bread. Higher wages are not the answer. In fact, so long as the government keeps meddling and causing prices to skyrocket the only counter to that is to keep wages where they are (or lower) and to probably lay off a lot of people as well. The Fed is currently trying to reign back in the inflated money supply (very tepidly) through interest rate increases, but that doesn’t look like it will be enough. It will probably take a serious recession, because one way or another demand MUST be tamped down.
Of course, it would be far preferable to just get the government to take their grubby hands off the neck of the energy industry, in particular, stop over-regulating everything, and especially stop injecting trillions of “printed” federal dollars into an already inflated economy, but that won’t happen anytime soon, so we’ve got to slow down demand. As you point out, those on fixed incomes will be absolutely destroyed if wages are allowed to spiral upward, but it won’t be good for those receiving the raises either, in the long run. It will just create even bigger asset bubbles, as well as non-stop price inflation, until the whole thing finally collapses in spectacular and devastating fashion.
You can’t make people prosperous by just giving them more money artificially. If we gave everyone in the U.S. a million dollar per year salary starting tomorrow, it wouldn’t make them wealthy. It would just reset the baseline for the entire economy and very quickly it would take a million dollars per year just to scrape by, while anyone who didn’t receive that inflated wage (think: retirees) would be left behind to starve. The only exception to this is if wage increases occur because of increased PRODUCTIVITY, but that’s not what people are clamoring for now. They just want more money because prices are increasing. That’s understandable, but will be catastrophic if we give in to that demand.
Just look at what third-party money, in the form of easy grants and loans, has done to the price of “higher education.” Then imagine how different the situation would be if we didn’t fall for the emotional pleas for financial assistance and instead forced everyone to pay for college themselves, out of their own pockets. In that scenario, the colleges and universities would have to price their product according to what people could afford to pay directly, and the cost would fall dramatically as a result. The same dynamic of “easy money” from third parties (mortgage lenders) caused the last housing bubble collapse and the financial crisis of 2008. More money is NOT the answer, it’s part of the problem.
I actually like Dinty Moore stew once in a while. It’s damned tasty. But I’m continually surprised and disappointed at how expensive that DM and similar canned favorites of my youth (e.g., Nalley’s tamales, Mary Kitchen corned beef hash etc.) have become. Not really cheap food anymore when you’re talking about $3 a can or similar. But, yeah, you’re right. Dogs absolutely love DM. I know this from personally feeding it to dogs a few times.
[I am afraid you are right. What is coming is not beyond what we imagine, it is beyond what we currently can imagine.]
There was a significant shut-down in 2008. Ships idled in the Indian Ocean (parked there). Commercial airliners; maybe freighters, parked in the desert.
Along came Manchurian Candidate Barack Hussein Obama. And the idiots cheered. Many of them still do.
And things have gotten steadily worse in the USA since then.
I wish it weren’t true; there’s just no avoiding the reality of it all.
Hospitals need to be made into real estate leasing companies.
A British man wound up in a Spanish hospital. His wife was his nurse.
Nurses could be employed by agencies serving insurance companies.
My friend says Kaiser Permanente leased floors in the hospital he was in.
There are ways of dealing with Hospitalzillas.
Before Covid the US was in a slow decline.
Covid sped up the decline massively.
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