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Peter Schiff Warns About the "Worst Economic Downturn Including the Great Depression"
Accuracy in Academia ^ | July 12, 2016 | Alex Nitzberg

Posted on 07/12/2016 9:26:25 AM PDT by Academiadotorg

The Federal Reserve's monetary policies have manufactured a "super bubble" that " … may give us the worst economic downturn including the Great Depression," economist Peter Schiff declared during an interview with Accuracy in Media.

He explained that low interest rates prop up the government’s feckless fiscal policies and generate " … really systemic structural problems in the economy … " that “manifest themselves in bubbles that then burst."

" … the Fed’s policy does not work and has not solved our problems, it has simply exacerbated our problems, and … we're gonna have a currency crisis, we're gonna have a sovereign debt crisis and it'll make the financial crisis of '08 really look like the Sunday school picnic."

Schiff, who publicly warned about the Great Recession before it actually occurred, said "…the problems I see now are basically the same problems I saw then … we never really had a solution, we never let the markets fix the mistakes that underlie the economy because it was short circuited by more bad monetary policy. So now we're in even worse shape than we were going into the financial crisis. But it's the same bad monetary policy that’s caused the problems … "

Condemning the Fed's manipulative monetary tactics, he asserted, " … no matter how smart you are you can't outsmart the market. You don't want a centrally planned economy, you don't want monetary policy made by a group of bankers … you don’t want interest rates fixed by a group of central bankers. It doesn't work. It didn't work when a politburo in the Soviet Union was fixing the price of bread, and it doesn't work when a similar organization fixes the price of money."

Asked why the media reject his economic predictions but accept the Fed’s statements, Schiff quipped, "… I think that people want to believe in the Fed, maybe just like little kids want to believe in Santa Claus." "But people want to believe that things are gonna be ok, and they’re not." He explained, "…people don’t want to give me the credibility that I deserve because then they have to deal with what I'm saying."

Alex Nitzberg is an intern at the American Journalism Center at Accuracy in Media and Accuracy in Academia. Follow him on Facebook, Twitter and Instagram.


TOPICS: Business/Economy; Government; News/Current Events; Philosophy
KEYWORDS: depression; fed; peterschiff; schiff
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To: Academiadotorg

Worse than 2008-2016?


21 posted on 07/12/2016 9:58:35 AM PDT by CodeToad (Islam should be banned and treated as a criminal enterprise!)
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To: DiogenesLamp

” When you see snow accumulating on the mountainside, you know an avalanche is inevitable.”

Spring comes, melts the snow and no avalanche. Nature has its own way to kick the can down the road.


22 posted on 07/12/2016 10:20:51 AM PDT by aquila48
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To: CodeToad

Worse than 2008-2016?

##############################################

Everything is going to be worse if Hillary is elected.


23 posted on 07/12/2016 10:24:58 AM PDT by Graybeard58
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To: Graybeard58

The Chinese banking crisis may preceded it, but the whole world economic health is a house of cards, about to collapse according to Schiff and a lot of others. Socialism has brought us to this point. And the answer will not be more socialism, other than from the tyrants.

When it does collapse it may happen very fast.


24 posted on 07/12/2016 10:40:20 AM PDT by Wildbill22 ( They have us surrounded again, the poor bastards- Gen Creighton William Abrams)
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To: Academiadotorg

The Federal Reserve keeps interest rates low for just one reason - the federal government is massively in debt.

The economy overall is actually booming - the stock market is at a record high.

It’s just that the government has favored some people and not others - Obamacare is an example of that.

Now Obama is trying to favor other people with $15/hour wage goals.

However, people relying on savings are being shortchanged by the government. They are getting ~1% interest in the face of the average ~5% inflation of the Obama administration.

The people living off savings being hurt by the Federal Reserve include tens of millions of people, including me. I have less than $1 in readily available funds. A CD will mature tomorrow. I have lived on about $125/month for the last two months.

If government “helps” nearly everybody, it actually helps nearly nobody, it just distorts the economy haphazardly - great for Wall Street speculators, but bad for most other people.


25 posted on 07/12/2016 11:02:39 AM PDT by Brian Griffin
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To: Graybeard58

“Everything is going to be worse if Hillary is elected.”

Well, that’s true.


26 posted on 07/12/2016 11:26:12 AM PDT by CodeToad (Islam should be banned and treated as a criminal enterprise!)
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To: Academiadotorg

Already happened in 2008-2009.

That doesn’t mean it can’t get worse.


27 posted on 07/12/2016 11:31:51 AM PDT by <1/1,000,000th%
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To: aquila48
Spring comes, melts the snow and no avalanche. Nature has its own way to kick the can down the road.

You've been watching the news and think Spring is coming?

Man, I need to start watching YOUR channels!

28 posted on 07/12/2016 12:25:54 PM PDT by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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To: aquila48

G. Edward Griffin says the misery can be prolonged indefinately without a doom crash.


29 posted on 07/12/2016 1:03:28 PM PDT by TheNext (Hillary Hurts Children & Women)
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To: NRx

you are absolutely correct about the index funds angle.

S&P and Nasdaq.

they are giving better % returns than most of the active managed funds I am in. Over the long haul, of course.

that said, I still like to play with some active managed funds......just because it satiates my desire to day-trade...

I am NOT smarter than the market....none of us are. Thus......index funds.


30 posted on 07/12/2016 1:09:11 PM PDT by QualityMan (I will not comply.)
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To: DiogenesLamp
It has already been longer than I would have believed possible.

About a year after the 2008 crash where we pumped trillions and came up with QE1,2,3+++, a business associate told me the US can do this indefinitely. American dollars are now the crack cocaine that every other nation can not do without. None of them will stop.

Look at how an insignificant rise in interest rates by the fed slowed the stock market. You would have thought someone was offering 6% bonds or something.

31 posted on 07/12/2016 1:50:03 PM PDT by stig
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To: stig
About a year after the 2008 crash where we pumped trillions and came up with QE1,2,3+++, a business associate told me the US can do this indefinitely. American dollars are now the crack cocaine that every other nation can not do without. None of them will stop.

Look at how an insignificant rise in interest rates by the fed slowed the stock market. You would have thought someone was offering 6% bonds or something.

Years ago someone said we need to quit paying taxes so as to "defund" the beast. I told him "Silly Rabbit, the beast doesn't run on real money any more."

And it doesn't.

It is now a giant "virtual reality" money scheme that will evaporate as soon as enough people recognize that the money no longer has any real value.

32 posted on 07/12/2016 2:13:29 PM PDT by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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To: DiogenesLamp

Peter schiff is now a part of www.goldmoney.com . He seems to have changed his mind regarding the company as in the past he was against it. Has anyone tried that?


33 posted on 02/27/2017 11:52:21 PM PST by Bobjones555 (Gold)
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