Posted on 11/24/2008 4:02:29 PM PST by Free ThinkerNY
It’s Peter Schiff, Cassandra of the collapse, sounding off on Bloomberg TV over the weekend. He also predicts a bear market for another five to 10 years, with lows for the Dow somewhere between 4,000 and 6,000 but actually much worse in real dollars as the U.S. is crushed by hyperinflation. The only solution? Bring on the apocalypse and let’s muddle through.
If anyone needs me, I’ll be out back killing myself.
(Excerpt) Read more at hotair.com ...
One hundred million dead agree with you - or would, if they hadn't died at the hands of socialists in the Twentieth Century.
Well, Rahm Emmanuel (sp?) did say last week that it would be wrong to let a crisis go to waste; they should be used to advance agendas which would not go over well in ordinary times.
What's the rush to pay off debt? If money is becoming hyper-inflated why not wait and pay your debt (which is a fixed amount) off with ultra cheap dollars later. Buy gold or silver now while your dollars still have some traction.
1. Paying off debt has a guaranteed rate of return of the interest rate of the return. Nothing else out there has a truly guaranteed rate of return, or even a return.
2. Paying off debt now will free up income later in times of high inflation, because that income will be available. It isn’t as if 200% inflation will immediately show up in your pay check as fast as it does in the store.
3. If we get high inflation, unemployment will probably go up too. If you have paid off your debt, then you don’t have the risk of having your life repossessed due to lack of income.
4. My grocery store doesn’t accept silver coins, unless they are mainstream denominations (dimes, quarters). Gold isn’t much use, unless you’re buying a whole cow or making soldering wire.
bump..........
They all look like they are ready to go to a funeral.
lots of booze? sweet. i’ll bring the mixers, some snacks, and the ladies.
you know, I just wish someone will tell us WHAT a depression looks like....is it deflation or hyperinflation....there's people saying both...
what happens to the food supply?...if we have a some cash, won't we get by?....
what will be the first thing that goes?.....
and Peter Schiff is great at the bad news, but Peter, what should we do?.....if you have no solution, stopping sermonizing....
okay so right there...what do you mean "cash disappears"?
sergeantdave that’s a heck of a quote amen!
Peter was on the Savage Nation on the way home but did’nt catch much of it
It’s already deflationary. Deflation will continue with a few exceptions along the way. But if Obama and Co. create enough government-funded jobs, inflation would probably happen much later on (takes time to organize government projects and actually get millions of workers on them).
On the food supply, the best way to go for unprecedentedly bad times is to have a way to do gardening and storage or faithful (well treated) laborers to do it for you.
BFLR
On cash disappearing, numbers of authorized borrowers have fallen too much. Many are either defaulting or avoiding new loans. High credit scores are needed for borrowing and for getting good jobs. Banks, other groups and individuals are also hoarding cash (money, gold, deposit banking instead of investment banking and so on).
In short, too many are afraid to invest in many of the kinds of projects that produce real wealth—things that we use.
“What will be the first thing that goes?”
Here is a consensus on the first 100 (no particular order):
http://goldismoney.info/forums/showthread.php?t=2738
We would have to have the dumbest treasury and Fed Reserve in the history of the world for hyper-inflation to take hold, as they are the only ones who could create such a scenario.
Right now, there is TREMENDOUS deflationary forces at work, and they are not going to let up anytime soon...and that's even more destruction than hyper-inflation.
Just today the big headlines have been how the airlines are doing the unthinkable: lowering air fares because no one wants to fly home for the holidays.
When people don't want to buy things, prices get lower, not higher...but there could be an exception for food and healthcare.
I'm even expecting that Big Education is finally going to see their bubble burst, as more kiddies head off to the local Jr. College, or even the military....God bless 'em.
Thank you very much; it was most interesting indeed.
He really is very good. He is absolutely right about the printing press as what the government is going to keep accelerating the use of.
How we are going to get through what is coming is what is of the greatest concern. It is difficult to see how the Constitution is going to survive given what the public demonstrated in the election.
When the economy tanks and unemployment goes WAY up.
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