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S & P AA+ rating on U.S. Sovereign Debt not Low Enough ( P.Schiff )
http://www.youtube.com/ ^ | August 05 2011 | Peter Schiff

Posted on 08/06/2011 11:16:02 AM PDT by Para-Ord.45

Peter Schiff lays the smack down :

- New Zealand is better than USA with AA+. NZ dollar at record high. Net public debt at only 10% of GDP. Far more solvent than USA

- Fiscal situation will continue to deteriorate.

- Another round of money printing coming.

- Monday next week? Market rally behind the Euro, flight from USD.

- Japan spent 50 Billion propping up USD.

- Treasury market will come down, increase cost of financing deficit.

- Downward spiral ensues. S&P, Fitch and Moody`s forced to downgrade again.

- Fed and WH ramps up printing more money, faster. Death spiral continues.

- Any GOP who voted to increase spending should be voted out of office.

- S&P must now review corporate debt and downgrade it.

- Get out of all debt denominated in USD and get out of USD.

(Excerpt) Read more at youtube.com ...


TOPICS: News/Current Events
KEYWORDS: peterschiff
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http://www.youtube.com/watch?v=SgNLTb58K_Y

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1 posted on 08/06/2011 11:16:04 AM PDT by Para-Ord.45
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To: Para-Ord.45
Get out of all debt denominated in USD and get out of USD.

And get in to what? (Does it even say in the vid?)

2 posted on 08/06/2011 11:22:12 AM PDT by Jane Long (2 Chron 7:14)
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To: Para-Ord.45

Couldn’t agree more, Thanks are due to the Boehner Republicans in the house; we knew there were not 41 conservatives in the Senate. They will be remembered in 2012.


3 posted on 08/06/2011 11:22:17 AM PDT by Billyv (It is our commonality (desire for liberty) NOT our diversity that makes America great.)
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To: Jane Long

Silver & Gold. Convert as much as your assets to precious metals as humanly possible.


4 posted on 08/06/2011 11:24:05 AM PDT by rjeffries
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To: Billyv

Did Congressman West from Florida vote yes on the debt limit increase?


5 posted on 08/06/2011 11:26:50 AM PDT by rawhide
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To: Jane Long

Swiss Francs.

Or New Zealand Dollars. Solid, stable currencies.


6 posted on 08/06/2011 11:28:57 AM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
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To: rjeffries

“Silver & Gold. Convert as much as your assets to precious metals as humanly possible.”

Yep.


7 posted on 08/06/2011 11:30:00 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: rjeffries

This guy said the same thing:

http://confoundedinterest.wordpress.com

And now Germany claims it can’t save Italy. Watch the dominoes fall for real this time!


8 posted on 08/06/2011 11:30:24 AM PDT by whitedog57
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To: rawhide

Yes


9 posted on 08/06/2011 11:30:47 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Para-Ord.45
Peter Schiff is absolutely correct. We have been defaulting on our debts, as standard Federal practice, ever since FDR and the corrupt New Deal began the systematic corruption of millions of Americans by spending inflated currency to fund projects for which there was no Constitutional authorization.

When you pay your creditors back with coin that is not worth what they loaned you, you default in real terms, however the Leftist & Keynesian spin doctors seek to spin it. Value in, should equal value out. But it simply has not for almost three generations.

To understand the Economics Of A Sociopath. For more on the The Function of Money.

Of course the rating agencies are afraid to really evaluate the credit-worthiness of the Obama administration. It has us far along on the path that the Wiemar Republic followed, and Peter Schiff is one of a few brave economists who is willing to call reality, "reality"; and Keynesian idiocy, "idiocy."

William Flax

10 posted on 08/06/2011 11:31:39 AM PDT by Ohioan
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To: rjeffries

I’m thinking Monday will be a good buying opportunity. The stock market will go up before it tanks. Silver and gold will go down for a few hours then shoot through the roof.

On what do I base these predictions? My wife told me. What does she know about it? Absolutely nothing.


11 posted on 08/06/2011 11:34:49 AM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Georgia Girl 2

12 posted on 08/06/2011 11:36:41 AM PDT by blam
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To: Terry Mross

As I said earlier, the flight from bonds may make the DJIA shoot up at least temporaily.


13 posted on 08/06/2011 11:39:02 AM PDT by catfish1957 (Hey algore...You'll have to pry the steering wheel of my 317 HP V8 truck from my cold dead hands)
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To: Para-Ord.45

14 posted on 08/06/2011 11:40:18 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Para-Ord.45
The U.S. is too big to save. While smaller countries might be too big to fail, and other countries come to their rescue and place a safety net under them, there is no safety net big enough for the U.S.. There is not enough money on the planet to bail out the U.S.. If we go down, we will pull other countries with us, but there will be nothing and nobody to stop the fall.
15 posted on 08/06/2011 11:42:21 AM PDT by Prokopton
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To: Jane Long

And get in to what? (Does it even say in the vid?)


GOLD

New Zealand Bonds

a couple of things mentioned.


16 posted on 08/06/2011 11:44:57 AM PDT by Presbyterian Reporter
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To: Para-Ord.45
One of the few guys out there truly making sense right now.

Schiff for President!!

17 posted on 08/06/2011 11:46:07 AM PDT by comebacknewt ((on second thought, never mind, go away again Newt))
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To: Billyv
Thanks are due to the Boehner Republicans in the house; we knew there were not 41 conservatives in the Senate. They will be remembered in 2012

As I've posted before, If I had the choice, I would vote for a Democrat over the Crybaby. We can afford one less Republican in the House. We cannot afford Boehner as the "leader" of the House.

18 posted on 08/06/2011 11:47:05 AM PDT by Prokopton
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To: Ohioan
Let me run this by all of you. I am former Morgan Stanley and I know all about the S&P Rating. And don't think there are not influences and crap going on in the background relative to our credit. Nobody is going to care about that and the credit will come back, IF WE MAKE A CHANGE.

There is a solution to all of this. Cutting spending is nice, but guess what, its never happened in the history of our government.

This can all be corrected and we can pay off the debt, and do away with taxes as we know it.

Here are the taxes that will be gone: Income Tax Gone Captital Gains Gone Death Tax Gone Gas Tax Gone State Sales Tax Gone State Income Tax Gone Real Estate Taxes Gone

Its called a Transaction tax, it is not add on, some countries tried it as an extra tax. That is a mistake and a typical socialist country will add it on.

It is not a VAT or Retail Sales Tax.

It is a tiny fee attached to transactions, every transaction.

Example: You earn $100,000 per year, and you transact say $300,000 in transactions a year (money churn, stocks etc), you would pay only a little less than $3000 for your total tax per year based on movement of $300,000 in money transactions. That's a fee automatically paid when you transact money. The genious of this is everybody pays a little, and nobody gets away without paying. Now, 50% of the populations pays NOTHING.

The Forex market would more than pay for the federal budget.

Stocks and Bonds would pay for the State and local

Individual transactions would probably make Social Security solvent.

This is better than a 23% National Retail Sales Tax (which is my distant 2nd choice), because the impact to individual tax payers is very small on this transaction fee. The whole thing would bring our economy back to life. Our economy essentially becomes TAX FREE!

We suck back money form overseas, investment in business, more hiring, everything you can imagine will turn us around.

No compliance, no IRS, no audits, and business has a free hand again. Go to APTTAX.com and read. The guy that did this web site, gives the facts, but its not a graphic illustration like it should be.

Comments?

19 posted on 08/06/2011 11:51:27 AM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Jane Long

Libertarian rhetoric is all rhetoric and has nothing effective in mind, nor anything factual to back it up.

Next!


20 posted on 08/06/2011 11:52:18 AM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: Para-Ord.45

what countries stil have an AAA rating?


21 posted on 08/06/2011 11:53:01 AM PDT by TheRightGuy (I want MY BAILOUT ... a billion or two should do!)
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To: agincourt1415

Stop making sense.

That sort of rational thought is verboten in Washington.

EVEN IF the whole Statist Govt. crashed the same elites will still be running the show.

You think they`re going to give up that much power now and the potential to aggrandize even more in a self manufactured “crisis” by going to a 10% T.T. , devolve medicare/cade and SS to the States, end all unconstitutional government programs !?


22 posted on 08/06/2011 12:03:54 PM PDT by Para-Ord.45
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To: TheRightGuy

Canada, Germany, NZ, France, UK,Switzerland i think


23 posted on 08/06/2011 12:05:18 PM PDT by Para-Ord.45
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To: Para-Ord.45
Larry Kudlow had Stephen Moore of the Club for Growth and John McIntyre of RealClearPolitics on his radio show today, and all three of them agreed that it is absurd for any rating agency to assign something other than a AAA rating to U.S. government debt.

Their rationale was very simple: "Does anyone on this planet really believe that the U.S. is more likely to default on its debt than countries like Germany, France and Canada?"

The whole idea is preposterous, though I'm happy to see S&P downgrade U.S. debt for symbolic reasons. This country really needs a slap in the face and a kick in the @ss to get our financial affairs in order.

24 posted on 08/06/2011 12:16:25 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: agincourt1415

An interesting idea. I suspect that it would also put a curb on some of the computer generated trading that leads to flash crashes.


25 posted on 08/06/2011 12:17:29 PM PDT by Ohioan
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To: Para-Ord.45
Not 10%, its less than, lets say .3 to .9 maybe. Forex would be lower. Tiered for larger volume.

This is already being talked about in Washington, but they are too stupid, to realize the true benefits. The EU is looking at it too. Again, stupid socialists want it as an add on tax. This is not add on, it pays for everything.

It will happen, because its the only WAY OUT of this mess, and get our economy back.

How many of you are emotional about keeping the Income Tax?

26 posted on 08/06/2011 12:17:39 PM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Ohioan

Bfl.


27 posted on 08/06/2011 12:19:44 PM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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To: Ohioan
The traders will be pissed off for 5 seconds till they realize THERE IS NO CAPITAL GAINS TAX!

We will give volume discounts, and let them continue to TRADE LIKE before!

The market will go to 20,000 in a few months, the economy is tax free, GO LONG on everything!

28 posted on 08/06/2011 12:19:58 PM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Ohioan

Bfl.


29 posted on 08/06/2011 12:20:01 PM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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To: Ohioan
I agree with everything you've said about the path this country has taken since FDR, but that misses the whole point of a credit rating. What other credit instruments since the 1930s have outperformed U.S. Treasury bills in terms of safety and reliability? Government bonds from Nazi Gerrmany? Japanese bonds from the Hirohito regime? Corporate bonds issued by General Motors?
30 posted on 08/06/2011 12:21:30 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: Alberta's Child
Keynesian economics corrupted much of the Western World. So, no, most of the major national debt offerings since the 1930 have been even worse investments than U. S, Bills & Bonds. There are exceptions, of course. Any Swiss Franc denominated obligation, for the obvious. The Swiss Franc at one time was worth 20 cents (U.S.). It has lately been worth well over a dollar. The dollar is now worth only about 77% of a Swiss Franc. Whose bond would you rather cash in?

Now there are bonds that have guarantees against currency devaluation. But the history of such is suspect. When they are really needed, they may not function as promised. When FDR devalued the $ from 1/20.67 ounces of gold to 1/35 ounces of gold; he also repudiated the gold clauses in such bonds. And one of the most tragic of the many terrible 20th Century Supreme Court cases, was the one where by a 5 to 4 vote, they allowed FDR to get away with it.

William Flax

31 posted on 08/06/2011 12:33:23 PM PDT by Ohioan
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To: TheRightGuy

Found it:

18 Countries with a higher credit rating than the United States.

http://michigantaxes.com/wordpress/2011/08/18-reasons-to-view-the-debt-decision-negatively/


32 posted on 08/06/2011 3:11:33 PM PDT by Para-Ord.45
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To: Para-Ord.45

http://www.youtube.com/watch?v=SgNLTb58K_Y&feature=channel_video_title

I love Schiffs’ clips. Brilliant.


33 posted on 08/06/2011 3:20:00 PM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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