Peter Schiff is back on the state of the US Economy

[tgull]

People don't remember, but Peter Schiff called the last financial crisis well before it occurred. Here are people laughing at him in 2006 well before the collapse:




Now this is his latest prediction as of today, albeit much easier to predict since the collapse is already in the works, but he still brings up good points to consider. All this cheap money the last 25 years is going to set us back a generation. Unless you are fabulously wealthy, most are going to be in for a rough time the next couple decades. The virus is simply the pin in the bubble we have been warned about since the Dot Com era of the 90s.

[Daly]

I’ve read some of his books and one night I actually went to one of his lectures where I was able to shake his hand and ask him a few questions. Definitely a smart guy who understands classic Chicago school economics. A libitarian by libitarian standards and for an economist one hell of a funny guy. I’m a fan if anyone who isn’t a hypocrite and he is far from that and I honestly believe he believes everything that he says.

I’ll give Peter credit for one thing above all else. Eventually he will be right.

The problem is the entire world is working against him every day. And I’m not talking about Mumbles, Tine, Tgull and Daly from PFA - I’m talking about all the heads of stare from across the entire world and the deep state within. The Illuminati and all of the 1%. Literally the entire world wants to keep the current system in place for as long as posible. USA, China, The Middle East all of Europe - everyone that “matters”. The whole world is working together to prevent the collapse he is talking about..... eventually he will be right but world wide markets representing the most powerful people in the world are working against collapse.

If you want to dumb it down into a results driven excercise you could have invested in Gold in 2008/9 in the teens and rode it up to 1900 before it eventual fell off. Right now it’s ~1700 and you would have spent the last 13 years up but close to even. During that timeframe you could have bought a house that doubled. BTC - special case for sure but up by a factor of 1000. Stonks went from 670 to 3400 on the S&P. You could
Sell it all right now at depressed prices to 4 months ago and still be light years ahead of “his book”.

Smart guy - worth the listen. Just don’t sell it all and go live in a bunker.

[tgull]

Yeah, Peter has been on this gold kick for 20 years now. I have never seen him live, but watched maybe 100 of his podcasts over the years.

He is much more direct in this interview below, especially the second half of it. I think where his argument gets a little shallow is it's not like any other economy is going to emerge stronger than the US. I mean China is going to get routed in all this and Europe is a mess. But whatever, he is bringing up good points in that its going to be a long 10 years or so for just about everyone. I believe the socialist movement will gain steam in the US and might even become a third party and potentially hijack the Democrat party altogether. People are going to get addicted to stimulus, just the way it is, especially if the service industry erodes to half of what it is from 2019.

[BCR]

I’ve read some of his books and one night I actually went to one of his lectures where I was able to shake his hand and ask him a few questions. Definitely a smart guy who understands classic Chicago school economics. A libitarian by libitarian standards and for an economist one hell of a funny guy. I’m a fan if anyone who isn’t a hypocrite and he is far from that and I honestly believe he believes everything that he says.

I’ll give Peter credit for one thing above all else. Eventually he will be right.

The problem is the entire world is working against him every day. And I’m not talking about Mumbles, Tine, Tgull and Daly from PFA - I’m talking about all the heads of stare from across the entire world and the deep state within. The Illuminati and all of the 1%. Literally the entire world wants to keep the current system in place for as long as posible. USA, China, The Middle East all of Europe - everyone that “matters”. The whole world is working together to prevent the collapse he is talking about..... eventually he will be right but world wide markets representing the most powerful people in the world are working against collapse.

If you want to dumb it down into a results driven excercise you could have invested in Gold in 2008/9 in the teens and rode it up to 1900 before it eventual fell off. Right now it’s ~1700 and you would have spent the last 13 years up but close to even. During that timeframe you could have bought a house that doubled. BTC - special case for sure but up by a factor of 1000. Stonks went from 670 to 3400 on the S&P. You could
Sell it all right now at depressed prices to 4 months ago and still be light years ahead of “his book”.

Smart guy - worth the listen. Just don’t sell it all and go live in a bunker.

I don’t have your financial acumen, but your post feels particularly insightful. He’s always fundamentally right. I’m just not sure any of us live long enough to see the point in time where he’s right in the big picture sense. Like he nailed the housing bubble but expected gold to crack $2000 by the end of 2009. I don’t believe it’s ever gotten quite there. He’s right on all the concepts about the fake dollar and is printing it, but he’s been kind of wrong on most of his calls about it cratering a decade ago. Like you say, when everyone is working against allowing the fundamentals to play out, they can play a shell game almost forever.

I mean Madoff lasted over 40 years doing shit that half the street knew couldn’t be possible. If not for housing crash, he still would. I’m waiting for similar ponzis to start surfacing if it gets worse this year and people start snatching cash. He kept it afloat a few months until it was unsustainable.

If one dude can keep a scam going that long, how long can basically the entire world keep one going?

[tgull]

I’ve read some of his books and one night I actually went to one of his lectures where I was able to shake his hand and ask him a few questions. Definitely a smart guy who understands classic Chicago school economics. A libitarian by libitarian standards and for an economist one hell of a funny guy. I’m a fan if anyone who isn’t a hypocrite and he is far from that and I honestly believe he believes everything that he says.

I’ll give Peter credit for one thing above all else. Eventually he will be right.

The problem is the entire world is working against him every day. And I’m not talking about Mumbles, Tine, Tgull and Daly from PFA - I’m talking about all the heads of stare from across the entire world and the deep state within. The Illuminati and all of the 1%. Literally the entire world wants to keep the current system in place for as long as posible. USA, China, The Middle East all of Europe - everyone that “matters”. The whole world is working together to prevent the collapse he is talking about..... eventually he will be right but world wide markets representing the most powerful people in the world are working against collapse.

If you want to dumb it down into a results driven excercise you could have invested in Gold in 2008/9 in the teens and rode it up to 1900 before it eventual fell off. Right now it’s ~1700 and you would have spent the last 13 years up but close to even. During that timeframe you could have bought a house that doubled. BTC - special case for sure but up by a factor of 1000. Stonks went from 670 to 3400 on the S&P. You could
Sell it all right now at depressed prices to 4 months ago and still be light years ahead of “his book”.

Smart guy - worth the listen. Just don’t sell it all and go live in a bunker.

I don’t have your financial acumen, but your post feels particularly insightful. He’s always fundamentally right. I’m just not sure any of us live long enough to see the point in time where he’s right in the big picture sense. Like he nailed the housing bubble but expected gold to crack $2000 by the end of 2009. I don’t believe it’s ever gotten quite there. He’s right on all the concepts about the fake dollar and is printing it, but he’s been kind of wrong on most of his calls about it cratering a decade ago. Like you say, when everyone is working against allowing the fundamentals to play out, they can play a shell game almost forever.

I mean Madoff lasted over 40 years doing shit that half the street knew couldn’t be possible. If not for housing crash, he still would. I’m waiting for similar ponzis to start surfacing if it gets worse this year and people start snatching cash. He kept it afloat a few months until it was unsustainable.

If one dude can keep a scam going that long, how long can basically the entire world keep one going?

I know a guy and a couple years ago he introduced me to an 'investor' who was essentially guaranteeing 20% gains with no downside. I took his card and used it to wad up some gum I was chewing the next day in my car. The acquaintance who introduced me to this guy said he had every penny invested with this guy. I pushed back and naturally he got really defensive saying he had a bunch of clients, etc... To your point there is going to be a lot of ponzi victims that are going to surface. It's going to be a rough one, social unrest, etc..

I am speaking from experience, I got roped into an oil and gas scheme in my mid 20s. Guy in a suit and a "roughneck" oilman who turned out to be an ex-con. Lost $20K. Their 'firm' was eventually raided, never saw a penny back. Quick wealth can be intoxicating.

[Walter Sobchak]

I don’t have your financial acumen, but your post feels particularly insightful. He’s always fundamentally right. I’m just not sure any of us live long enough to see the point in time where he’s right in the big picture sense. Like he nailed the housing bubble but expected gold to crack $2000 by the end of 2009. I don’t believe it’s ever gotten quite there. He’s right on all the concepts about the fake dollar and is printing it, but he’s been kind of wrong on most of his calls about it cratering a decade ago. Like you say, when everyone is working against allowing the fundamentals to play out, they can play a shell game almost forever.

I mean Madoff lasted over 40 years doing shit that half the street knew couldn’t be possible. If not for housing crash, he still would. I’m waiting for similar ponzis to start surfacing if it gets worse this year and people start snatching cash. He kept it afloat a few months until it was unsustainable.

If one dude can keep a scam going that long, how long can basically the entire world keep one going?

I know a guy and a couple years ago he introduced me to an 'investor' who was essentially guaranteeing 20% gains with no downside. I took his card and used it to wad up some gum I was chewing the next day in my car. The acquaintance who introduced me to this guy said he had every penny invested with this guy. I pushed back and naturally he got really defensive saying he had a bunch of clients, etc... To your point there is going to be a lot of ponzi victims that are going to surface. It's going to be a rough one, social unrest, etc..

I am speaking from experience, I got roped into an oil and gas scheme in my mid 20s. Guy in a suit and a "roughneck" oilman who turned out to be an ex-con. Lost $20K. Their 'firm' was eventually raided, never saw a penny back. Quick wealth can be intoxicating.

Micon only lost what, $11-12K to Justin Wade Smith?

[OSA]

I don’t have your financial acumen, but your post feels particularly insightful. He’s always fundamentally right. I’m just not sure any of us live long enough to see the point in time where he’s right in the big picture sense. Like he nailed the housing bubble but expected gold to crack $2000 by the end of 2009. I don’t believe it’s ever gotten quite there. He’s right on all the concepts about the fake dollar and is printing it, but he’s been kind of wrong on most of his calls about it cratering a decade ago. Like you say, when everyone is working against allowing the fundamentals to play out, they can play a shell game almost forever.

I mean Madoff lasted over 40 years doing shit that half the street knew couldn’t be possible. If not for housing crash, he still would. I’m waiting for similar ponzis to start surfacing if it gets worse this year and people start snatching cash. He kept it afloat a few months until it was unsustainable.

If one dude can keep a scam going that long, how long can basically the entire world keep one going?

I know a guy and a couple years ago he introduced me to an 'investor' who was essentially guaranteeing 20% gains with no downside. I took his card and used it to wad up some gum I was chewing the next day in my car. The acquaintance who introduced me to this guy said he had every penny invested with this guy. I pushed back and naturally he got really defensive saying he had a bunch of clients, etc... To your point there is going to be a lot of ponzi victims that are going to surface. It's going to be a rough one, social unrest, etc..

I am speaking from experience, I got roped into an oil and gas scheme in my mid 20s. Guy in a suit and a "roughneck" oilman who turned out to be an ex-con. Lost $20K. Their 'firm' was eventually raided, never saw a penny back. Quick wealth can be intoxicating.

Shoulda had Jewish friends to convince you otherwise.

Was probably a guy from Long Island in a indistinguishable white office building.

[tgull]

I know a guy and a couple years ago he introduced me to an 'investor' who was essentially guaranteeing 20% gains with no downside. I took his card and used it to wad up some gum I was chewing the next day in my car. The acquaintance who introduced me to this guy said he had every penny invested with this guy. I pushed back and naturally he got really defensive saying he had a bunch of clients, etc... To your point there is going to be a lot of ponzi victims that are going to surface. It's going to be a rough one, social unrest, etc..

I am speaking from experience, I got roped into an oil and gas scheme in my mid 20s. Guy in a suit and a "roughneck" oilman who turned out to be an ex-con. Lost $20K. Their 'firm' was eventually raided, never saw a penny back. Quick wealth can be intoxicating.

Shoulda had Jewish friends to convince you otherwise.

Was probably a guy from Long Island in a indistinguishable white office building.

It was outside Philadelphia. I was young and flush with cash, but yeah I got rolled. I should have known, I met this crew after being introduced by another guy who also got rolled. We met for happy hour and the 'firm' paid for our drinks, but we literally got cut off after two beers and the roughneck (who turned out to be a prop) kept questioning the waitress on happy hour prices. That should have sent me to my car in retrospect.

We met at their office the next day, typical shell game. Like 7 offices all were empty with computer stations that likely did not work. See, all the employees were out signing up new deals they told me, visiting the oil wells, etc.. To my defense this was really before the internet exploded with information so it was not like you could do all this organic research. They had the prop charts, the oil well data, the portfolio, etc..

They got raided a year later when some whale really got torched, but I never did see a dime even though I filled out all this paperwork at the law firm that was going to get us something. All said and done it was a drop in the bucket when I got hooked into online poker and Atlantic City visits. Long time ago for sure.

[tgull]

Very sad we have a bunch of deadbeats like Muck running around without the ability to pay their bills.


https://www.cbsnews.com/news/federal...ancial-crisis/

[Crowe Diddly]

Got Peter Schiff confused with Morris Schlaff. Oh well.

[SPIT this]

Got Peter Schiff confused with Morris Schlaff. Oh well.

I got him confused with Adam Schiff tbh

[duped_samaritan]

Don't know about Peter but his brother fucked up Trump pretty good at that Senate trial.