Posted on 01/29/2016 12:01:58 PM PST by blam
Bob Bryan
January 29, 2016
Based on today's GDP release, it appears that the US economy is slowing but not near any sort of massive collapse.
Peter Schiff begs to differ.
The CEO and chief global strategist for Euro Pacific Capital, and noted perma-bear, said that serious economic destruction is just a few months away.
"I think the Fed is going to have negative interest rates before the election because we're going to be in a serious recession," Schiff told Business Insider on Friday.
In fact, Schiff said that we may already be in recession and this one is going to be a doozy.
"We're in worse shape now than we were in 2007," he said.
Chief among his concerns is a growing bubble of debt that has accumulated in the US, which he said "is even bigger than the real-estate bubble" that burst in 2008.
He said that there isn't as much debt in the real-estate sector, but the total sum of debt from student loans, auto loans, government debt, and the Fed's balance sheet is massive. According to Schiff, this total is by far bigger than what we saw before either the housing or tech bubbles.
Once this bubble pops, and Schiff fears that it may already have, the following recession will force the Federal Reserve's hand. This will make them pull interest rates into negative territory, much like the Bank of Japan's move on Friday.
"The Fed is going to go negative because they want to do something stimulative to try and boost the economy so the Republicans — or someone like Donald Trump — don't just walk away with the election," Schiff told us.
(snip)
(Excerpt) Read more at businessinsider.com ...
It would have been better if Schiff won instead of Rand Paul.
Schiff is a business meltdown guy but even he made a video calling out the lieing Trayvon Martin story.
The people no longer vote pols in or out of office.
Voter fraud does.
And it’s getting worse, neither party wants to stop it.
Dems don’t because it gets them in power.
Republicans don’t because they would rather be in second place as a party because they will still get their perk$
This one party system we have going here is gonna blow up in the elite’s faces.
The economy is doing just fine...in tech anyway.
We have ourselves to blame as well...for we all pulled back from following the ways of God and did not put Him first in our lives in the manner that He wants.
When we fully turn to Him, He will forgive us and heal us.
The BDI was down to 317 today. An historical low.
Negative interest rates go hand and hand with the future cashless society. Because you can’t the hold cash, you must hold “money” electronically...but if you do hold it, your charged negative interest rates. Which will be an incentive to spend the money as fast as possible.
People that live week to week, won’t mind.
The elite wants to train you to live week to week...and they will do that by making making savings an act of folly.
The governments answer to the healthcare non-crisis was to force you to buy more costly healthcare.
The governments answer to the economic debockle that they created is to force you to spend more and faster.
Why would they repatriate?
You are correct - it would boost the stock market. However this is not a good thing.
With a few exceptions the stock market is horrendously overpriced. It's been boosted to the moon by the Fed, not just by index-buying but by denying gains to savers.
They've printed insane amounts of 'money' and have created a zero-rate environment that has led to gross malinvestment. Now they want us to empty our accounts and join in. They're trying to leave us nowhere to go!
Fortunately there is somewhere to go. We can buy Gold, buy Silver and make the usual Freeper preparations. 2016 is going to be bad, but real money is going to help a lot.
as Rush said, we can probably withstand bammey, but can we withstand the type of people that would vote him in office, TWICE?
however, we still have them...
someday....someday...they'll be something for somebody down the line I think.....I have some silver bullion too and I just think the grandkids will get some use out of them...
Why are you selling and will you buy something else? I’m really thinking of selling, but then the problem...do I want to buy again in this market, and if not, where do I live? Rental rates around here are ridiculous.
And we have 3 old dogs, so renting is kind of out of the picture. So yeah, buying again.
All this talk has me thinking about my canning supplies and seeds again, lol.
Yeah, Im in a great situation as far as what I’m paying and my location, but I’ve got issues with my neighborhood, etc. plus investors are in line to buy here right now and I’m feeling like I should strike while iron is hot (and before this pseudo market implodes). But it means I would have to move a lot further out. My commute would go from 12 minutes to an hour+. I also love my home. I just hate my neighborhood and it’s becoming unsafe. I wish I could pick the whole house up and move it with me like a turtle.
David Stockman had another very similar artile last week on his site called “Soon Comes The Deluge”. Things are going to get very bad.
We went to Home Depot about 2 weeks ago and they had a huge kiosk of all kinds of seeds in the garden center. Heritage and organic seeds as well as hybrids. Last year in Jan I went everywhere and no seeds of any kind to be found. Another telling bit of trivia.
I bought a bunch of heritage and organic seeds and I just harvested the last of my collards and swiss chard. I’m going to start prepping my garden frame and all my containers so I can plant at the first possible moment.
Mr. GG2 is getting my chicken coop built and I’m getting the 5 hens we are now allowed to have in our county as soon as it warms up a little.
We are noticing that the stores are not keeping the inventory you would usually see. SHTF Plan had an article that the big box stores in rural areas are really poorly stocked. Mr. GG2 spoke with one person in the industry who says they can’t get the shipments like they normally do.
Six years of prepping may pay off after all. I feel sorry for all the people I know who have no extra food around. Of all my friends only my best friend an attorney has come around and prepped. She also got some backyard chickens. Our inlaws started prepping when we did and my sister and BIL got scared a couple of mos ago and went out and really stocked up. Mr. GG2 has made everyone in the family a rocket stove, gravity water filter and colloidal silver generator.
I’m about as ready as I will be. Albeit, I’ve been buying garden tools and assorted canning things at garage sales to use as barter.
rocket stoves eh?....did he just make up his own plans or did he get it off the internet....where we live, a rocket stove would be great...
I agree. We need to go back to the pre-1965 immigration rules, get rid of “anchor relatives” (family reunification), and use having critical skills as the determining factor.
I think he got it off the internet. But its pretty simple. you use a #10 can and a regular size can and some quickcrete and vermiculite. It takes him about a half hour to make one. Currently he is working on a larger rocket stove using an ammo can.
China is barely afloat right now.
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