Tag Archives: Peter Schiff

Well-known financial guru tells us: “We will live through another Great Depression which will be MUCH, MUCH WORSE” than anything we’ve seen before

Financial guru Peter Schiff, who accurately predicted the recession of 2008, says the problems we face now are even bigger. We will live through another Great Depression if Schiff is correct. And one of the main concerns is something very few dare to even mention or show a concern about: the national debt.

Schiff’s podcast from a few days ago highlights a very important problem with not only the economy as we know it but the mainstream media as well. Unable to take their attention off gun control regulations for even a moment to focus on a much bigger concern, the national debt, the mainstream media is effectively trying to hide what’s coming down the pipe. The lack of coverage seems to be spurring a lackadaisical attitude about the almost $21 trillion debt.



Let’s start at the beginning. Schiff begins his podcast talking about a book his father wrote; one of the only books to have been banned by the United States government. Yes, the US government banned a book titled “The Federal Mafia: How It Illegally Imposes And Unlawfully Collects Income Taxes” by Irwin Schiff in the “land of the free.”

“The bad news is, we are going to live through another Great Depression and it’s going to be very different. This will be in many ways, much much worse, than what people had to endure during the Great Depression,” Schiff says. “This is going to be a dollar crisis.”

“These hot inflation numbers that we’ve been getting are going to get a lot hotter…all this inflation that has been in the financial markets, in the stock markets, in the bond market, in the real estate market, everybody loved inflation when it was making you rich…the problem is going to be when it makes you poor. That’s when it starts showing up in the cost of living; all the things you need to buy end up being a lot more expensive.”

When you are talking about the magnitude of the debt we have, that extra money [raising interest rates] is big. That’s going to be a big drain on the economy to the extent that we have to pay higher interest to international creditors…a lot of this phony GDP is coming from consumption, while the average American who is consuming is deeply in debt and they are going to be impacted dramatically in the increase in the cost of servicing that debt…given how much debt we have, and how much debt is going to be marketed the massive increase in supply will argue for interest rates that are higher.”

“The Fed thinks they create economic growth…by [saying] ‘let’s jack up the stock market and then the economy’s going to grow and people are going to go out and spend more money.’ It’s actually doing damage. If you create a bunch of phony wealth, and people end up spending money that they otherwise would have saved, you are undermining economic growth.”

Everything the Fed has done has undermined real economic growth, that is why this coming collapse is going to be so devastating,” says Schiff. “It’s shrinking government that grows the economy.  When you make government smaller and you free up resources back into the private sector, that’s what grows the economy.”

 Schiff again suggests looking at gold as a way to protect yourself against the dollar’s collapse.


[By Mac Slavo, writing for SHTFplan.com. Article appeared on LewRockwell.com]




As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis




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America’s Liar-in-Chief fails to disclose the country’s true and desperate financial condition

As we all know, Oval Office Occupant Obama isn’t above telling a lie.

His latest fairytale offers further insight into the desperate financial condition of the U.S. federal government.

If bestselling author and renowned financial expert, Peter Schiff, is correct, Uncle Sam’s desperation will soon result in bankruptcy.

A two-year investigation into the 2013 debt-ceiling debate brought Mr. Obama’s most recent untruth to light.

The investigation was conducted by the House Financial Services Oversight Subcommittee, which exposed Mr. Obama as the mastermind behind an extensive government cover-up.

Subcommittee members discovered that the President – in collusion with the U.S. Treasury Department – blatantly lied to the public about the government’s ability to service its debt.

In an effort to get Republican support to raise the debt ceiling, Obama claimed that bondholders, retirees, and the military may not get paid if Congress failed to raise the current limit.

During a press conference in October 2013, Obama said that if the debt ceiling wasn’t raised, payments to bondholders, retirees, and military personnel wouldn’t be realistic. “No option is good in that scenario,” said Obama.

Treasury Secretary Jack Lew played along, too, asserting that the federal government couldn’t pick and choose who gets paid and who doesn’t.

Both turned out to be blatant liars.

According to the investigation, the New York Fed was already working on contingency plans to accomplish what Lew and Obama were calling impossible.

Worse yet, internal Fed records indicate that the Treasury restricted the flow of information (concerning its contingency plans) “to pressure Congress” about the debt ceiling.

Peter Schiff believes that the Obama administration has been misleading the public for years.

When Obama first claimed that the debt ceiling needed to be raised because “America always pays its bills,” Schiff was quick to point out that

“If America actually paid its bills, we would not be $17 trillion in debt. You don’t pay your bills by going deeper into debt. If you pay your bills, there is no debt, as your obligations are extinguished. You avoid paying your bills by going into debt, and that is precisely what the President wanted to do by raising the debt ceiling.”

Schiff is renowned for being the most accurate forecaster of the 2008 Financial Crisis.

Now he’s warning that Obama’s fiscal mismanagement could lead to a system-wide collapse worse than anything in America’s 240-year history.

When factoring in unfunded liabilities like Social Security, Medicare, pensions, and government-secured bank accounts, the U.S. is more than $100 trillion in debt.

Such a reality forces the government to spend 14% of its tax revenue on interest payments.

America pays $86-billion every month just to service its debt.

Can Uncle Sam sustain this dangerous imbalance?

According to Peter Schiff, “absolutely not.”

Schiff predicts that America will soon face a crisis of epic proportion – far worse than any terrorist attack.

“We’re broke. There’s no question about it. Our liabilities far exceed our assets. The question is, when is the world going to wake up? But you can’t wait for that question to be answered. You need to prepare in advance.”

Peter Schiff is famous for throwing America a lifeline ahead of the Subprime Mortgage Meltdown.

His 2007 bestseller, Crash Proof, was eerily prophetic, detailing the housing collapse a full year before it happened.

Schiff even gave investors a golden parachute out of the crisis.

But in his latest book, The Real Crash, Schiff calls what happened in 2008 “the tremor before the earthquake.”

Is Schiff about to be proven correct yet again?

Many of his preliminary warnings are beginning to materialize.

The endgame, according to Schiff, is a federal bankruptcy, riots, and looting – all leading to America’s next Great Depression.


More information at REALCRASH2016.COM.




As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis



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“US is one gigantic bubble economy,” says Peter Schiff

The admission that the economy is so weak that it needs more QE is going to destroy the narrative that the U.S. economy is in great shape and it’s no longer going to be the safe haven for capital around the world…it’s going to prick the bubble in the dollar…and people are going to realize that we’ve never recovered from anything, the economy is sicker than ever, the Fed’s going to make it even sicker with more of its toxic monetary policy, the dollar’s going to tank and the price of gold is going to skyrocket – and people need to prepare for that now.  

– Peter Schiff on the Shadow of Truth

When Mt. Vesuvius blew, no one knew when it would happen or how big the eruption would be.  Everyone knew a volcanic event was going to occur and yet, the magnitude of the event caught a lot of people by surprise. The eruption destroyed two Roman cities and several surrounding settlements.  It killed an estimated 16,000 people.  The question is, how come more people didn’t leave the area surrounding Vesuvius when they knew that something was going happen at some point?

The United States financial system – including the viability of the U.S. dollar – is analogous to the eruption of Mt. Vesuvius.  A lot of people know something is wrong – evidenced by the growing support for the Trump candidacy – and yet 99.5% of the population is ignoring the warning signs of a systemic eruption of unknown magnitude.  It’s an event that draws closer with each passing day.

The warning signals of the coming financial markets collapse are in full view.  The warning signal from the junk bond market, triggered by but not limited to the collapsing energy sector, is beginning to spread into and infect the rest of the financial markets like an uncontrollable virus. If you are an investor or a professional money manager, what more of a warning do you need?

S & P IndexThe chart above resembles a giant tsunami that has coiled offshore and is getting ready to slam into the the nearby beach. Only in this case millions of people remain on the “beach” to watch the horror show unfold without leaving for safer ground. It’s as if everyone knows a catastrophe is about to occur and yet most remain embalmed with the hope that it can’t really happen.

The willingness of people to park their paper in financial assets like bonds is simply a function of their lack of understanding of problems that exist and their false confidence in Central Banks.  – Peter Schiff

The systemic causes of the financial crisis that hit in 2008 – and which was really a de facto financial system collapse – were never properly treated. Rather, they were medicated by heavy doses of money printing and free money, the latter which is otherwise known as ZIRP. The moral hazards of this monetary policy have fomented in impending systemic eruption which will be the financial market’s equivalent of the historic Mt. Vesuvius volcanic blast. The timing of this is just as unpredictable as the consequences.


[From an interview with Peter Schiff, presented/sponsored by Ready Nutrition]




As always, posted for your edification and enlightenment by

NORM ‘n’ Al, Minneapolis

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“The life the Fed was trying to breathe into the financial markets was really being sucked out of the US economy”…

The presses are humming...

“If you think the Fed is finished printing money…they’re just getting started.”


The printing presses are firing up all over again… err, at least the digital ledgers are, anyway.

Financial expert and infamous goldbug Peter Schiff was interviewed by Fox Business from the floor of the U.S. Stock Exchange.

Schiff warned viewers that “everyone is preparing for the wrong outcome with the U.S. economy.”

That outcome? The financial world has been waiting with feverish anticipation for “the big day” when the Federal Reserve finally raises interest rates – a quiet move big enough to shift economic tectonic plates.

But contrary to conventional wisdom about when the Federal Reserve will raise interest rates, and thus turn the page on a new era of the economy, Schiff says they can’t and won’t raise rates anytime soon – though they should have several years ago.

It didn’t happen months ago when many expected it. It won’t happen now in September, and likely not for a long time.


Because the Federal Reserve can’t raise rates without collapsing the bubble economy.

“I was saying they weren’t going to raise rates. Not because they shouldn’t, but because they can’t, because they will prick this bubble economy that they worked so hard to inflate,” Peter Schiff told Fox Business.

Instead of letting certain markets fail as they should have, they were propped up by the Fed. And these zombie banks and businesses have been sucking life out of the real economy – at great expense to average people.

“The economy has never been good. We’ve really been in a recession, I think, for the entirety of the recovery. I think the policies that the Federal Reserve has used to prop up the stock market and the real estate market have hurt the real economy. That’s why things are actually getting worse. But on Wall Street, yeah, things look good. But if the Fed takes away those monetary supports, we’re going to be in a bear market. We’re going to be in a deeper recession. We’re going to resume the financial crisis that was interrupted by this monetary policy.”

“The problem is that when the Fed was breathing life, or breathing air, into the financial markets, it was sucking it out of the real economy. That’s why we haven’t had a recovery. But everybody who thinks that the Federal Reserve policy succeeded, there’s no success here. There’s no success until you raise interest rates and shrink your balance sheet. And the Fed can’t do that. That’s why rates have been at zero for seven years. Why didn’t they raise them two or three years ago?”

And things are sure to get worse before they get better…

Market Watch was among the outlets making excuses for Yellen’s non-decision on raising rates:

The job of easy money isn’t done, and its inflation risks are still way over the horizon. August’s employment report makes that clear, just as the Fed nears its big day. […] sometime around the Fed’s third quantitative easing program in 2012, the purpose of easy money moved from supporting once-more stable markets to the still-shaky real economy.

But the real truth is that the system who created this illusion isn’t about to burst its own bubble, and doesn’t know how to land the thing without a spectacular and shocking crash.

The Fed has little choice at this point but to print ever-greater quantities of money, and inflate the stock market and the broader artificial appearance that all is normal and well. According to Schiff:

“The Federal Reserve caused all the problems that led to the 2008 financial crisis, and now they’ve made them all worse. So all they can do is keep interest rates at zero.

They’re setting up for another round of quantitative easing. People who think the Federal Reserve is finished printing money – they’re just getting started.”

Schiff claims some investors are buying into the U.S. dollar because they are expecting the Fed to reduce its balance sheets and increase interest rates. But nothing could be further from the truth.

“QE4 is coming, and you want to get out of U.S. assets, take advantage of the fact that other people have no idea what the U.S. economy is really going to do, what the Fed’s going to do, and buy foreign assets when they’re on sale. You can buy foreign stocks, you can buy commodities, and yes, you can buy gold.

Bottom line: Hold on for as long as you can to whatever makes the most sense to you.


[by Mac Slavo, writing for SHTFplan.com]




As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis




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Next wave of “Obamacare outrage” is about to hit… “horrific details” of the program will “wreck the federal budget”

“Obamacare’s narrow networks are going to make people furious,” says Sarah Kliff of The Washington Post.

Narrowing a network means limiting patient choice of doctors and hospitals in an effort to cut costs. A McKinsey and Co. study says that 38% of Obamacare plans allow patients to choose from only 30% of the 20 largest hospitals in their geographic regions, with another 32% leaving patients 31%-70% of these.

Even Obamacare supporter Timothy Jost, who writes for Health Affairs, concedes Obamacare enrollees will be “unhappy to learn that their doctors are not available and shocked to discover charges from out-of-network specialists when they go to in-network hospitals.”

The controversial Obamacare program remains overwhelmingly unpopular; the latest RealClearPolitics average of polls finds just 40% of Americans support President Barack Obama’s signature legislative achievement.

Obamacare will cost U.S. taxpayers $2.6 trillion over the next ten years.


It’s fair to say Peter Schiff despises Obamacare.

“If current trends continue, the rollout [of Obamacare] may go down as the worst major product launch in history,” Schiff writes in his latest Euro Pacific Capital newsletter.

Schiff believes that even if the Obamacare website starts working, it won’t fix Obamacare.

“Given the government’s enormous resources, it’s safe to say that the site itself will ultimately be fixed,” says Schiff. “But when it is finally up and running, the plan’s many deeper, and more intractable, flaws will come into focus. That’s when the fun will really begin.”

He adds that “republicans should destroy this monster that threatens us all.”

“The real shock of Obamacare is not the unbelievable ineptitude in which it was launched, but the naiveté in which it was designed,” says Schiff.

Schiff warns, “The fact that Obamacare does nothing to rein in costs while providing an open-ended insurance subsidy may be good news for hospitals and insurance companies, but it’s bad news for taxpayers, on whom this increased burden will ultimately fall.”

Obamacare was supposed to make affordable healthcare available for all.

Yet, not only will healthcare costs rise, but Obamacare could actually increase the amount of uninsured Americans.

That’s because millions who have insurance have been told that they will lose their plan, even though President Obama promised “if you like your plan, you can keep it.”

And that’s just one of the many lies Americans are finding out about Obamacare.

“Put simply the program is built on a mountain of false assumptions and is covered by a terrain of unanticipated incentives. Any cleared-eyed observer should conclude that it is perfectly designed to raise the costs of care and wreck the federal budget.” says Schiff. “However, like just about every other complicated problem that bedevils the nation, the public has become far too caught up in the politics and has ignored the horrific details.”

The silver lining, according to Schiff, is that Obamacare could unravel before it does any long-term damage.

“Unlike other major entitlements, like Social Security and Medicare which took years to produce red ink that was far in excess of original assumptions, the financial shortfalls in Obamacare should show up very quickly.”

With the implementation of Obamacare quickly approaching, Americans are asking what they can do to prepare for all the new costs and rules.

One expert, Betsy McCaughey, former Lieutenant Governor of New York and constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-selling book showing Americans how they can survive Obamacare.

McCaughey is one of the only people in the country — including members of Congress – who has actually read the entire 2,572 page law.

Her book, titled Beating Obamacare: Your Handbook for Surviving the New Health Care Law breaks down the complicated bill into 168 pages of actionable advice.

The book, written in an easy going, easy to read style, shows some startling facts about Obamacare not seen in the mainstream press.

For example, she points to a little known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance — even if you do actually have it.

She also goes into detail explaining how one third of all U.S. employers could stop offering health insurance to their workers.

In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage even if they never touched a drink or drug in their life.

According to McCaughey’s research, senior citizens will get hit the hardest. “If you’re a senior or a baby boomer, expect less care than in the past,” she says. “Hip and knee replacements and cataract surgery will be especially hard to get from Medicare in the months ahead.” Details on how to pick up her book here…

She warns seniors to get some of those types of procedures done now before Obamacare goes into full effect.

In addition, many will find it difficult to keep their medical records private, according to McCaughey.

“The law will compel Americans to share with millions of strangers who are not physicians confidential private and personal medical history information they do not wish to share.”



As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis

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