Skip to comments.S & P AA+ rating on U.S. Sovereign Debt not Low Enough ( P.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 ...
And get in to what? (Does it even say in the vid?)
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.
Silver & Gold. Convert as much as your assets to precious metals as humanly possible.
Did Congressman West from Florida vote yes on the debt limit increase?
Or New Zealand Dollars. Solid, stable currencies.
“Silver & Gold. Convert as much as your assets to precious metals as humanly possible.”
This guy said the same thing:
And now Germany claims it can’t save Italy. Watch the dominoes fall for real this time!
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.
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."
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.
As I said earlier, the flight from bonds may make the DJIA shoot up at least temporaily.
And get in to what? (Does it even say in the vid?)
New Zealand Bonds
a couple of things mentioned.
Schiff for President!!
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.
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.
Libertarian rhetoric is all rhetoric and has nothing effective in mind, nor anything factual to back it up.
what countries stil have an AAA rating?
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 !?
Canada, Germany, NZ, France, UK,Switzerland i think
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.
An interesting idea. I suspect that it would also put a curb on some of the computer generated trading that leads to flash crashes.
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?
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!
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.
18 Countries with a higher credit rating than the United States.
I love Schiffs’ clips. Brilliant.