Posted on 06/04/2013 7:46:07 AM PDT by blam
Imminent: “I Don’t Think Obama is Going to Finish His Second Term Without the Bottom Dropping Out”
Mac Slavo
June 3rd, 2013
One year ago this month it was revealed that throughout the course of this crisis some 40% of all wealth in America had been vaporized. It was a stunning number to be sure, and one that many analysts predicted would reverse as the Bernanke/Obama recovery took hold. Now, a full year on, the news has not gotten any better. It’s gotten much, much worse. According to a new report, the average American household has lost 55% of their net worth since the onset of the recession in 2008.
Many are likely holding to the belief that our benevolent government politicians and financial leaders have taken the necessary steps to turn this economy around.
But they’d be wrong.
The next wave of crisis is imminent and the end result will be a total wipe out for Americans:
“I think we are heading for a worse economic crisis than we had in 2007,” [Peter] 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.”
…
According to Schiff, these numbers are unsustainable.
And the Fed has no credible “exit strategy.”
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.
…
“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 14,000 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.“
Via Money Morning
Peter Schiff knows a thing or two about what’s going on, and he’s been sounding the alarm since before 2008. He, like many others, understand that there is no way out.
There is no credible financial or economic exit strategy.
The government knows this and that’s why they are actively implementing an expansive control grid across this entire country.
Those with insider knowledge fully understand what’s coming and they have been war-gaming large scale economic collapse and the widespread civil unrest that will follow.
Make no mistake. The powers that be have an exit strategy – it just doesn’t involve recovery, stability or your well-being.
The problem with these sites is the they are ALWAYS preaching the end of the world. And it never happens.
I see the AP broke a story today that Lisa Jackson was just the tip of the iceberg when it comes to Obama cabinet members with fake email ID’s. Well played!
Who was it that said you should not go picking a fight with people who buy ink by the barrel?
The problem - dem thugs want the economy to collapse.
Dems will declare martial law. Obama gains massive power in a crisis. Janet's primed - she's got the ammo... and control over Obama's small army. Laws on drones killing Americans tweaked to include 'extremest' which will be interpreted and defined as Obama's political opponents...
Of course that's a worst case ... this IRS expose is going to put a damper on much of that...
The Chinese are helping to destroy our economy with their attacks on US reserve currency status. That said - there's a very good chance it'll hold until we can get a Republican in office...
When the Dems get hammered in the next mid-term, the administration will crater the economy in the name of "fairness". You heard it here first.
Even during the Great Depression the stock market rallied.
The fed is pumping trillions into the markets, freeing up money in one area to allow money to flow into another. It is all artificial.
The sad thing is while I believe Obama is a disgusting leftist, I don’t think they are doing this to destroy the country, they are just such craven politicians they find it easier to do this than to just tell people they have to endure a bit of stress in order to correct the problems.
So they are destroying the country rather than suffer any election defeats for telling people they can’t have the latest increase in whatever federal program.
” the average American household has lost 55% of their net worth since the onset of the recession in 2008.”
I read a financial article (WSJ I think) and it explained that of all the wealth that was lost in 2008, only 45 per cent of that was recovered. The report didn’t say that 55 per cent of all total private wealth was lost. The report wasn’t clear as to exactly how much total aggregate wealth was lost how ever.
If you think about it, people have money in piggy bank, gold and silver coins stashed away, stocks, cars, food, land,ect. I read one figure that suggested that all private wealth, (not counting bank accounts and stocks, bonds, IRA’s, pensions, and 401k’s that could easily be confiscated by the government), in private hands was equal to some 120 trillion dollars. Private citizens could do a national “yard sale” of sorts and put this nation’s finances to right if they could trust the governing authorities not to fall into corruption in applying such funds!
The big investors are not oblivious to what is happening, they are directly involved with the systematic looting of any value our domestic economy has available, and know full well what the final results will be. When you see a lot of big name investors suddenly dumping their US based assets, and relocating to more tropical, and not US jurisdiction locales, you will soon see the SHTF, and the market collapse. The is the point when the US economy has been bled for all its worth.
>>The problem with these sites is the they are ALWAYS preaching the end of the world. And it never happens.<<
Tell that to the folks that lost 30 to 50% of their retirement wealth from 2000 to 2008.
I know folks who have gone back to work after retiring in an effort to build back the retirement dollars lost during the two major market events.
Here we are yet again. Folks pouring money into the market in hopes of quick gains. UP up up it goes, how far nobody knows.
When she pops again...$$$$ gone!
For over 50 years the radical left has worked to completely destroy the US with the idea of rebuilding it into a perfect Utopian Marxist society.
What makes you believe that the radical left has suddenly changed their plans from destroy and rebuild to just not loose an election?
Obama is going to finish his Presidency on a golf course, quietly kvetching about the fact he got absolutely nothing done during his second term.
In other words, revolt will come.
Winner!
It doesn’t matter if the bottom falls out or not because we’re going to be stuck with him and/or his administration for the next few decades.
“I don’t think they are doing this to destroy the country”
I do. It has been their goal to crash the US as to instill Communism as the answer. He has stated so many times in many ways.
Maybe so, but the end is coming—Matthew 24—we just don’t know the day or the hour.
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