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Economist: "This Is Going To Be A Lot Worse Than 2008"
Noted expert Peter Schiff says the U.S. economy is on the verge of an economic collapse worse than 2008 and is warning investors to take immediate steps to protect themselves.
In a gripping interview on Yahoo Finance, Schiff warns that while any moves the Fed makes could "artificially" bolster the economy - and bring investors false hope that things are turning around - the truth is that the government will only be delaying the "Day of Reckoning."
"If the Fed ultimately comes through with QE3... it won't strengthen the economy, but it will weaken the dollar," Schiff said, noting that Bernanke's policies will eventually lead to a Greek style debilitating sovereign debt crisis where the dollar plunges and consumer prices and interest rates spike.
"We have a much bigger collapse coming, not just the markets, but of the economy. It's like what you're seeing in Europe right now only worse," Schiff said.
Schiff goes on to say that things will get truly ugly when we hit our fiscal cliff and have to slash government spending across the board.
"People on entitlements like Social Security and Medicare... they're not going to get the benefits they've been promised. Government workers are going to have to take pay cuts... banks are going to fail... people are going to lose money, not just investors but depositors. The housing market is going to fall again."
And Schiff isn't the only expert warning about the U.S. economy's dire predicament.
A group of prominent scientists, economists and geopolitical experts have uncovered an emerging pattern... one they believe could soon hasten an American economic catastrophe - and a radical hit to the wealth and financial security of millions Americans.
A large part of this has to do with the velocity of total credit market debt. It's part of a pattern of accelerating debt - and few have been able to track the speed of it, which is growing at a rate even faster than just a few months ago.
Chris Martenson, a highly acclaimed scientist and an expert on exponential growth, says the dangerous pattern of accelerating debt can go unnoticed at first. But what's happening underneath the radar is the speed of the doubling, which is now accelerating even faster to an unsustainable level.
"That's when chaos breaks out," Martenson says.
As of today, the total credit market debt is 357% larger than GDP. That represents an astounding $691,000 for a family of four in America.
Yet the doubling period for this gets shorter at an exponential rate that increases every day. "It's a very dangerous exponential growth curve," says Martenson, "one that's setting us up for a situation worse than we've seen in Greece and across Europe."
"Every American needs to know what this means and what steps to take with your finances, investments and day-to-day life to prepare for it, "Martenson added.
SOURCE: http://moneymorning.com/ob/warning-the-economic-collapse-could-begin-on-aug-1st-3/
In a gripping interview on Yahoo Finance, Schiff warns that while any moves the Fed makes could "artificially" bolster the economy - and bring investors false hope that things are turning around - the truth is that the government will only be delaying the "Day of Reckoning."
"If the Fed ultimately comes through with QE3... it won't strengthen the economy, but it will weaken the dollar," Schiff said, noting that Bernanke's policies will eventually lead to a Greek style debilitating sovereign debt crisis where the dollar plunges and consumer prices and interest rates spike.
"We have a much bigger collapse coming, not just the markets, but of the economy. It's like what you're seeing in Europe right now only worse," Schiff said.
Schiff goes on to say that things will get truly ugly when we hit our fiscal cliff and have to slash government spending across the board.
"People on entitlements like Social Security and Medicare... they're not going to get the benefits they've been promised. Government workers are going to have to take pay cuts... banks are going to fail... people are going to lose money, not just investors but depositors. The housing market is going to fall again."
And Schiff isn't the only expert warning about the U.S. economy's dire predicament.
A group of prominent scientists, economists and geopolitical experts have uncovered an emerging pattern... one they believe could soon hasten an American economic catastrophe - and a radical hit to the wealth and financial security of millions Americans.
A large part of this has to do with the velocity of total credit market debt. It's part of a pattern of accelerating debt - and few have been able to track the speed of it, which is growing at a rate even faster than just a few months ago.
Chris Martenson, a highly acclaimed scientist and an expert on exponential growth, says the dangerous pattern of accelerating debt can go unnoticed at first. But what's happening underneath the radar is the speed of the doubling, which is now accelerating even faster to an unsustainable level.
"That's when chaos breaks out," Martenson says.
As of today, the total credit market debt is 357% larger than GDP. That represents an astounding $691,000 for a family of four in America.
Yet the doubling period for this gets shorter at an exponential rate that increases every day. "It's a very dangerous exponential growth curve," says Martenson, "one that's setting us up for a situation worse than we've seen in Greece and across Europe."
"Every American needs to know what this means and what steps to take with your finances, investments and day-to-day life to prepare for it, "Martenson added.
SOURCE: http://moneymorning.com/ob/warning-the-economic-collapse-could-begin-on-aug-1st-3/
Not where I live ! One guy has a sign saying, I don't drink or do drugs, I'm just hungry. He's happy for anything offered.
Then there's the blind lady who stands on the corner praying.
Like you, I don't like seeing them eat at fast food restaurants but I understand it fills people up without costing much.
Many people have started putting partially eaten meals from restaurants or bottle of juice on top of the trash, instead of in it, so homeless people can have them rather than rummaging through the cans.
It's all so sad because this is a land of plenty.
Then there's the blind lady who stands on the corner praying.
Like you, I don't like seeing them eat at fast food restaurants but I understand it fills people up without costing much.
Many people have started putting partially eaten meals from restaurants or bottle of juice on top of the trash, instead of in it, so homeless people can have them rather than rummaging through the cans.
It's all so sad because this is a land of plenty.
Well, you're welcome and I have plenty of room.
We have many panhandlers here - one on all 4 corners of major intersections. Nearly all of them have the Mickey D bag/cup sitting beside them. Some even have signs specifying "no food or clothes; money only". I always figure they shouldn't be so picky, if they are truly without a home/food. I've seen many of them receive money from someone, and head straight across the street to Mickey's to buy lunch/breakfast, etc.
I guess I won't starve.
This is close to where I used to live and I still have friends with land in the area.
http://www.wonews.com/t-HuntingReport_RecordBoar_060612.aspx
This is close to where I used to live and I still have friends with land in the area.
http://www.wonews.com/t-HuntingReport_RecordBoar_060612.aspx
I know you didn't mean anything derogatory. It just got me thinking, not a bad thing.
They had a program here, maybe they still do, where teenagers would pick unwanted fruit from people's trees and delivery it to shut ins, mostly the elderly.
When I had my big garden we sold extra veggies for a while to a local store. Then they got too picky. So, we brought them to the food bank, which could not have been happier to have fresh food.
I've offered granola bars to people asking for money. Few have said no.
Teko: Not only does fracking pollute the water, it uses a lot of water as well.
Nasty thing, that fracking.
All of this still brings to mind my thought that the one major problem is overpopulation. Of course that does not excuse such wasteful abuses of our precious resources.
They had a program here, maybe they still do, where teenagers would pick unwanted fruit from people's trees and delivery it to shut ins, mostly the elderly.
When I had my big garden we sold extra veggies for a while to a local store. Then they got too picky. So, we brought them to the food bank, which could not have been happier to have fresh food.
I've offered granola bars to people asking for money. Few have said no.
Teko: Not only does fracking pollute the water, it uses a lot of water as well.
Nasty thing, that fracking.
All of this still brings to mind my thought that the one major problem is overpopulation. Of course that does not excuse such wasteful abuses of our precious resources.
I'm glad you didn't take offense........ I'm willing to work and I might want to come help you plant, cultivate and harvest those crops and raise the livestock...... I'm a farm girl and have experience with both....... :-)
There will be some farmers who save corn and oats to feed livestock. It will be those farmers, who have livestock, but don't grow feed crops that will have to sell the livestock, in order not to have to buy $7/bu corn.
Fracking isn't an issue in a lot of areas and only those of us near coastlines have a real issue with salt water intrusion. That said, here in FL, salt water intrusion is becoming a major issue as fresh water is drawn by the millions of gallons/day from fresh water springs, since no part of the state is more than 50/60 miles from a coastline. I live in the middle of the State and there are wells in my county that have salt water intrusion. The recent years of drought have made that more prevalent. That's a water quality issue, due to the popular thought that "water is free and there's plenty of it". How wrong can that be?
Corn for ethanol is a viable option and when corn is plentiful/excessive, which it has been until this year, it makes sense. I think the $7/bu corn is not because there's a real shortage right now, but because of an "anticipated" shortage; it's a lot of speculation with the markets. Some areas have already been declared disaster areas, but in other areas crops look good (I know this from your recent trip through/to the "corn belt". Just think - those farmers growing corn, who actually get a crop, will make a killing this year, with $7/bu corn. Let's not forget soybeans at an all time high, as well.
Fracking isn't an issue in a lot of areas and only those of us near coastlines have a real issue with salt water intrusion. That said, here in FL, salt water intrusion is becoming a major issue as fresh water is drawn by the millions of gallons/day from fresh water springs, since no part of the state is more than 50/60 miles from a coastline. I live in the middle of the State and there are wells in my county that have salt water intrusion. The recent years of drought have made that more prevalent. That's a water quality issue, due to the popular thought that "water is free and there's plenty of it". How wrong can that be?
Corn for ethanol is a viable option and when corn is plentiful/excessive, which it has been until this year, it makes sense. I think the $7/bu corn is not because there's a real shortage right now, but because of an "anticipated" shortage; it's a lot of speculation with the markets. Some areas have already been declared disaster areas, but in other areas crops look good (I know this from your recent trip through/to the "corn belt". Just think - those farmers growing corn, who actually get a crop, will make a killing this year, with $7/bu corn. Let's not forget soybeans at an all time high, as well.
I took no offense at all. And if things got really desperate I have no doubt my crops and animals would look pretty good to a lot of people.
So far, knock on wood, I have all the water I need but I too worry about fracking and I didn't get paid for the gas underlying my land due to a previous grant. I'm rather ambivalent about Marcellus Shale mining and I would be even if I got paid. I moved out in the country to live peacefully and not to get rich. But there sure are a lot of Jed Clampetts running around my neck of the woods.
So far, knock on wood, I have all the water I need but I too worry about fracking and I didn't get paid for the gas underlying my land due to a previous grant. I'm rather ambivalent about Marcellus Shale mining and I would be even if I got paid. I moved out in the country to live peacefully and not to get rich. But there sure are a lot of Jed Clampetts running around my neck of the woods.
I didn't mean anything derogatory with my remark to Mike. There are a lot of people who don't know (or aren't willing to learn) how to garden/farm, or have the means to do so.
There are always people who are willing to work for what they get, such as helping someone grow a garden for a share of the produce; then there are those who would sit back and watch it grow, then simply "take" it, without expending any effort in the planting, growing, harvesting process. That's what I was referring to.
Even a lot of farmers I know, don't know how to butcher an animal.... they know how to grow them, but then they send them off to market and their job is done. If they do eat meat they've grown, they send the animal to the nearest locker plant for processing. So - you're right- most people have no idea how to butcher an animal; they could look at a cow/hog all day long and not know what to do with it..... or know that they have pluck a chicken/turkey, maybe scale a fish.
"I pass vegetables that have bolted, things going to seed and fruit falling on the ground, being trampled while homeless people beg for food." There's another problem. People with more produce than they can use, can't just take it to a homeless shelter, or food pantry and give it to them, because government regulations won't let them; at least, here that's a problem. This year, I have more time and will do some checking around to see what I might do with the fruit off my own trees, that we can't use, to keep from having it go to waste.
Another thing we see a lot of here, is that homeless people don't really want to take food; they want money, so they can go buy the food of their choice, which is often Mickey D's or something on that order. Excess produce, here, often goes to feed livestock. Not to mention that a homeless person, often has no means of preparing/cooking produce or meat.
"I think many people could die of starvation while lying on a mountain of produce." You are absolutely correct, per the previous paragraph, produce isn't what many people want to eat.
There are always people who are willing to work for what they get, such as helping someone grow a garden for a share of the produce; then there are those who would sit back and watch it grow, then simply "take" it, without expending any effort in the planting, growing, harvesting process. That's what I was referring to.
Even a lot of farmers I know, don't know how to butcher an animal.... they know how to grow them, but then they send them off to market and their job is done. If they do eat meat they've grown, they send the animal to the nearest locker plant for processing. So - you're right- most people have no idea how to butcher an animal; they could look at a cow/hog all day long and not know what to do with it..... or know that they have pluck a chicken/turkey, maybe scale a fish.
"I pass vegetables that have bolted, things going to seed and fruit falling on the ground, being trampled while homeless people beg for food." There's another problem. People with more produce than they can use, can't just take it to a homeless shelter, or food pantry and give it to them, because government regulations won't let them; at least, here that's a problem. This year, I have more time and will do some checking around to see what I might do with the fruit off my own trees, that we can't use, to keep from having it go to waste.
Another thing we see a lot of here, is that homeless people don't really want to take food; they want money, so they can go buy the food of their choice, which is often Mickey D's or something on that order. Excess produce, here, often goes to feed livestock. Not to mention that a homeless person, often has no means of preparing/cooking produce or meat.
"I think many people could die of starvation while lying on a mountain of produce." You are absolutely correct, per the previous paragraph, produce isn't what many people want to eat.
salt water is mingling with the fresh. sorry.
As we see the farmers talking about selling their livestock to slaughter because of the inability to feed them due to the draught, Im not sure if this continues, farming and gardening will be an option. Fracking is contaminating the water as well as the water levels are so low in some places that fresh water is mingling with the fresh. Between this and the new bugs that will come as a result if this keeps up, the world will be in real trouble. As far fetched as that sounds I think it could happen sooner than we think. Not sure what we were thinking when we used corn for ethonal. Now it is going for 7 bucks a bushel. Just think about that. 7 bucks a bushel for corn! The market will be inundated with meat this year and a shortage of it in years to come at this rate. Lets just hope we get back to normal next year.
Gee Barb, I don't know about your remark to mike.
Here gardening is a cool thing to do. People put in lots of raised beds.
I pass vegetables that have bolted, things going to seed and fruit falling on the ground,being trampled while homeless people beg for food.
Last week a new gardener I was conversing with pulled up a clump of grass and asked me if it was a leek.
My point being, many people have no idea what to grow food, how to pick it and forget knowing how to butcher an animal. They've been too out of touch for too long.
I heard someone on the radio say you couldn't eat fertilized eggs !
Which brings me around to pigeons. They were originally used as food and now they're seen as flying rats.
I think many people could die of starvation while lying on a mountain of produce.
Here gardening is a cool thing to do. People put in lots of raised beds.
I pass vegetables that have bolted, things going to seed and fruit falling on the ground,being trampled while homeless people beg for food.
Last week a new gardener I was conversing with pulled up a clump of grass and asked me if it was a leek.
My point being, many people have no idea what to grow food, how to pick it and forget knowing how to butcher an animal. They've been too out of touch for too long.
I heard someone on the radio say you couldn't eat fertilized eggs !
Which brings me around to pigeons. They were originally used as food and now they're seen as flying rats.
I think many people could die of starvation while lying on a mountain of produce.
I don't look forward to the winter because since the spring we've had our garden full of lettuce, tomatoes, peppers, cucumbers, fresh herbs, strawberries and watermelon. I soooo dread going to the market and having to pay for it. I know produce is very expensive but we are ready for it....
You're going to have fight off all the people that don't have the same advantages and will want to take your livestock or crops, or let them help farm it, for a portion.
I figure that since I have a farm with livestock fencing for grazing and open fields for planting that at least I can eat when times get real hard.
I have read that when the economy crashes that the dollar will be just about worthless and food will cost so much more than it does now i.e. it will take a wheel barrow of money to buy a gallon of milk or a loaf of bread.
It is called hyper inflation and may look like the great depression with food lines, rationing etc. I don't think it will matter if you have debt or not, we will all be in the same boat.
I really hope these economists are exaggerating. I guess hope for the best, prepare for the worst will be our motto
It is called hyper inflation and may look like the great depression with food lines, rationing etc. I don't think it will matter if you have debt or not, we will all be in the same boat.
I really hope these economists are exaggerating. I guess hope for the best, prepare for the worst will be our motto
My Dad once saw a new watch on my wrist and asked me how could I afford it. I told him I paid cash. He said " I didn't ask you how you paid for it, I asked you how you could afford it". I figured that out as I got a little older - as I'm sure you guys have.
“And Schiff isn't the only expert warning about the U.S. economy's dire predicament.
A group of prominent scientists, economists and geopolitical experts have uncovered an emerging pattern... one they believe could soon hasten an American economic catastrophe - and a radical hit to the wealth and financial security of millions Americans.”
If this is true, it could explain why The Republicans seem to be throwing the election again. They don’t want to be in office when it happens. If the economy gets worse or remains the same 4 years from now, blaming the former Administration (from 8 years ago) would not be an option. The American people would be sick of excuses, The Democrats would get the blame; this would make the Republicans a shoo-in. 2016. I know, I know I see everything as a conspiracy but it is the only way I can find any Logic in how our Government operates.
A group of prominent scientists, economists and geopolitical experts have uncovered an emerging pattern... one they believe could soon hasten an American economic catastrophe - and a radical hit to the wealth and financial security of millions Americans.”
If this is true, it could explain why The Republicans seem to be throwing the election again. They don’t want to be in office when it happens. If the economy gets worse or remains the same 4 years from now, blaming the former Administration (from 8 years ago) would not be an option. The American people would be sick of excuses, The Democrats would get the blame; this would make the Republicans a shoo-in. 2016. I know, I know I see everything as a conspiracy but it is the only way I can find any Logic in how our Government operates.
Doesn't sound like the banks/finance companies, car makers, etc are making much off this bunch, are they?
We, too, have 0 debt; home and vehicles paid for.
We, too, have 0 debt; home and vehicles paid for.
If I don't have the money, I don't buy it. I have no debt and that's the way I like it.
We live by that philosophy as well. Except for our Mortgage, I'm proud to say we have no debt. Our motto in the Pincince household is "If we don't have the cash for it, we don't need it"...It's been working for us for the last 13yrs....
I have 0 debt. My cars - 2008 & 2001 - and both paid for. My home/farm is paid for. My business has no debt except for maybe a couple of car leases and copier/scanner leases. I am an immigrant - I pay as I go.
I'm ready for it this time.
Got my mattress stuffed with nuthin' but hundred-dolla-bills y'all!!!
In all seriousness, is there an economist out there that HASN'T predicted this?
Proud to say, I have zero revolving debt. H3ll, I don't even have a car-payment. Driving a 9 year old paid-for vehicle, and that's the way I like it. Mortgage is about the only real debt I have (thank god).
That said, when the credit-market crashes, I'm curious just HOW it will effect the economy as a whole. I just don't get how it will impact me, personally.
Anyone?
Got my mattress stuffed with nuthin' but hundred-dolla-bills y'all!!!
In all seriousness, is there an economist out there that HASN'T predicted this?
Proud to say, I have zero revolving debt. H3ll, I don't even have a car-payment. Driving a 9 year old paid-for vehicle, and that's the way I like it. Mortgage is about the only real debt I have (thank god).
That said, when the credit-market crashes, I'm curious just HOW it will effect the economy as a whole. I just don't get how it will impact me, personally.
Anyone?
He lost to Linda McMahon of the WWE Wrestling McMahon's.
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