Schiff: 2/3 of America to Lose
Everything Because of This CrisisBy MONEY MORNING STAFF REPORTS
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 $17.2 trillion federal debt and the Fed's never ending money printing.
Currently, Yellen and The Fed are buying $65 billion per month of Treasury and mortgage bonds and will increase or decrease this number as they see fit.
According to Schiff, this "exit strategy" is not credible and will unravel.
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.
Editor's Note: As a service to our readers, we've arranged a way for you to get a copy of Peter Schiff's best-selling book, The Real Crash: How To Save Yourself And Your Country, for free, including shipping. The book shows in plain language exactly what economic dangers ordinary Americans face right now and how you can protect yourself. Please go here for your free copy.
"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."
Schiff points out that the market gains experienced recently, with the Dow first topping 17,000 on its way to setting record highs, are giving investors a false sense of security.
"It's not that the stock market is gaining value... it's that our money is losing value. And so if you have a debased currency... a devalued currency, the price of everything goes up. Stocks are no exception," he said.
"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."

http://www.thepennyhoarder.com/i-need-money-10-ways-to-make-money-for-tomorrows-rent/
pay attention to number 10.

Quote from: the_big_m_in_ok on March 04, 2014, 05:41:24 PM

(...snip...)

Right.   Get ready for a super-duper recession when this happens.   I BELIEVE it WILL happen, too.   I do have an exit plan, so this development above doesn't bother me.   Others might not be ready, however.''
--Lee

Hey, all, and triffid, especially...

http://www.globalresearch.ca/the-greatest-depression-has-only-begun/25089

So, then.   As I said in the past, and the subject of this thread I started, It'll happen sooner or later.

Hey, WilbyInebriated...?

Quote from: the_big_m_in_ok on March 09, 2014, 07:01:57 PM
       Hey, all, and triffid, especially...

http://www.globalresearch.ca/the-greatest-depression-has-only-begun/25089

So, then.   As I said in the past, and the subject of this thread I started, it'll happen sooner or later.

Hey, WilbyInebriated...?
       You once asked me when the predicted economic collapse that I assert will take place in this country and the world will happen?
My present assertion is that people have free will and because of that, and the likes of an......unknown(?)......amount random variance(a weather forecasting term) always occurring everywhere and at all times; this makes predictions a less than 'a sure thing'.
       How do I know?
Are you a shamanistic-oriented Native American?   I've known several in my life.   I say these things with the expectation that readers will 'take this with a grain of salt', so to speak.   For you however, a ton of salt may be necessary.

I've been told the reason you have the literary attitude you have on this forum and then I was told not to be specific about that.   You have a tendency to piss people off and so does another posting Member of a technical 'web site I had belonged to in the past.   You and he write with exactly the same literary style.    I'm not kidding and I'm not stupid.   I'm allowed to say this and post this unchanged because it's just an opinion, vague as it is, and THAT'S ALL I CAN SAY ABOUT IT.
       More than that will get me into 'hot water', as it were, but you can state an opinion about what I just wrote, you know.   Oh, another opinion:  Did I say I know WHY I say you have a habit that:  You don't mind pissing people off, in my opinion.
       I do know why---I just can't tell you or anyone else.   I have information, now, I didn't have before and I can only share some of it.

But, if you have a question or opinion of your own, let's hear it, by all means.

--Lee

Oh, by the way, Wilby...?   You accused me of carrying out a vendetta against you in the past?   Something like that?   That's what I mean.   You're doing that on purpose to try and piss me and anyone else you can, and so is this other guy, IMHO.   EXACTLY THE SAME WAY.    I was pissed at you for a while---until I figured out why you and "pfcem" on another site were doing exactly the same thing.

Really.   Not kidding.   Opinion(s) of your own?   I'm waiting.

greeting all...then barter system will exist again