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In 2006, Schiff warned of impending financial disaster, we all know what happened. Now, he's saying an economic crisis is imminent, and it will be worse than the great depression.
I believe it's a 100% certainty. By the way, they'll be rolling out the "shelter in place" orders, BIGTIME.
“I think we are heading for a worse economic crisis than we had in 2007,” 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.”
“The crisis is imminent,” Schiff said. ”I don’t think Obama is going to finish his second term without the bottom dropping out.
“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.”
This post was edited by katiecard 12 months ago
I believe Mr. Schiff is one who predicted hyper inflation for a couple of years beginning in 2009.
Well it will be fun to watch the robber barons have their houses sacked and raided by the angry rest of us if that happens.
I don't know how fun it will be, but that shit is going to happen at some point. I'd rather be dead and gone when it all comes apart. We are eventually going to be in need of a BIG correction in our culture and politics.
Beatles, Bill Withers, Citizen Cope, Jim James, Levon Helm, Lupe Fiasco, Waylon, Beastie Boys, Pink Floyd, Paul Westerberg, V-roys
maybe this is why homeland security is stockpiling ammo.
Agreed it's going to happen. Also agreed it's not going to be fun. I'm certainly not one interested in looting and chaos; I'm also worried who the "robber barons" are from one person's perspective to the next. I'd guess someone views me as a robber baron, or at least worth forcing entry into my home and stealing or using the anarchy to do other depraved things.
My preference would be that we correct course before we land in V for Vendetta. It won't be as clean as the movies make it out to be and there will be plenty of people who are seen as both the criminal and the victim.
When it all goes down, politicians will be the 1st to be hung in the streets.
Schiff says "we're broke", but I think we're worse than broke.
This post was edited by EmbalmEER 12 months ago
Most of the politicians, bankers and all the rest will probably sit it all out in large underground bunkers while the rest of us are left to fend for ourselves and tear each other apart.
Depends on how serious the party goers are. You start putting heads on sticks, I'm gone.
I was being sarcastic guys about the fun part.
My issue with the mega rich is that they act like they're some how immune to the collapse of the country. They keep cutting our legs out from underneath us. Eventually we're going to topple, and what they don't seem to understand is that with no one to prop them up they're coming with us.
The mega rich will be immune to the collapse. They can be serious assholes. Taxing the crap out of them is a nice theory, but the money extracted just gets shifted to the pockets of the politicians. The same ones incredibly held in such high esteem from our fellow ignorant voters that they get re-elected for decades. We voters have finally elected those as corrupt and ignorant as the worst of us are. Sleeping in the bed we ourselves made boys. Tolerate it, or celebrate it. But stop ******* crying about it.
This post was edited by BMXCARD 11 months ago
I posted the same thing a few days ago.
"The longer I live the more I am convinced the Beatles had the greatest single impact on western culture since Jesus Christ." -me
Sorry, I missed that.
Every time a rule comes out to tax the rich, they find ways around it. They shift capital and profits with an entry on a spreadsheet. The net effect of the new rule will be to increase the paperwork and tax load on small business - the unintended consequence of the exercise. BTW, what is 'carried interest? How the heck to you get $50 mil into an IRA? These are the loopholes that were inserted into well intended bills that most had no idea how they were going to benefit very few.
The easiest way to boost the economy would be to cut corporate tax to 20% over a 5 year period. At the same time start repealing exemptions or at least reducing them to the point that it would be easier and cheaper for a Corporation to just pay the tax. How many would move their corporate offices back to the US? I seriously doubt that we would see less revenue.
Some really good posts itt. I too am convinced the entire system is destined to collapse. Having said that I think it is impossible to predict the timing of it and take this prediction with a grain of salt. Reason being was given in the last paragraph, the system is being artificially propped up by the fed. That being the case, who is to say when they will stop QEing and devaluing the dollar to death. I would guess even Bernanke himself does not know when he is going to pop the balloon.
The bottom began falling out a while back.
One of the most glaring examples was with the ejection of Brooksley Born who was about to serve on the Commodities Regulatory Board and was jettisoned by the standard issue Goldman Sachs veterans of Summers, Geithner, the Gramms and company.
When Alan Greenspan appeals to you to rethink the very simple definitions of "Fraud", you know something is ****** wrong. "Fraud" is now compliance with normality. Instead of laundering money, we now invest it in insurance scams, forming our own insurance companies, lol, and paying mythical losses......to ourselves...from places like the Cayman's. The crooks - by that I mean business in the financial sector - are so far ahead of regulators, it may and probably will - never be caught up with. Indeed, their "success" at obscuring financial morality in the form of tax evasions, the authoring of completely rewritten laws, and the clown-like simplicity of moving money is so far ahead of the curve it seems cool.
This post has been edited 2 times, most recently by BMXCARD 11 months ago
"There is an eloquence in true enthusiasm."
Edgar Allen Poe
He should be just fine.
Either this website doesn't exist or is not currently available.
This post was edited by TheodoreSVader1 11 months ago
No biggie. Great minds think alike.
And just to put the icing on the cake
From Yahoo! Finance: There's no end in sight for the trend, experts say, and that's bad for workers' retirement goals.
I often ponder over various things.
Like which is the puppet and who pulls the strings?
If a company or corporation makes poor business decisions (ie lofty retirement plans without means to pay out said plans), they go out of business, file chapter 11, etc. If a politician makes poor financial decisions with taxpayer money (ie programs that cannot be sustained with current revenue levels), they get re-elected.
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