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Peter Schiff: ‘This Is The Beginning Of The End’ For The Economy

February 14, 2019

Peter Schiff: ‘This Is The Beginning Of The End’ For The Economy

Peter Schiff, the President and CEO of Euro Pacific Capital, and one of the few who predicted the 2008 Great Recession before it happened has said that what we are experiencing now is “the beginning of the end.” Schiff made his comments during his keynote speech at the Vancouver Resource Investment Conference.

The economic guru says that the Federal Reserve has made the decision to halt interest rate hikes in order to attempt to save the flailing stock market – the key indicator for far too many of how “healthy” the economy is at current. According to Seeking Alpha, the markets responded to the Fed’s decision in a positive manner, leading many to think we are “out of the woods” and no longer in danger of a recession.

However, Peter traces the moves of the Federal Reserve all the way back to the first rate hike of December 2015 and shows how the central bank has put the United States on a path toward a financial crisis that will be bigger than 2008. Peter insists he’s been right about what would happen all along, it’s just taken us a little longer to get to the actual financial disaster than he expected.

“The reason that I originally said that I did not expect the Fed to raise rates again was because I knew that raising rates was the first step in a journey that they could not finish, that in their attempt to normalize rates, the stock market bubble would burst and the economy would reenter recession.

Normalizing interest rates when you’ve created an abnormal amount of debt is impossible.

 …click on the above link to read the rest of the article…

Peter Schiff: The Dollar And American Standard Of Living Will Be ‘Biggest Casualties’

October 25, 2018

Peter Schiff: The Dollar And American Standard Of Living Will Be ‘Biggest Casualties’

The United States economy is about to crash and it will take the dollar and the American standard of living with it. Peter Schiff, who currently serves as the CEO of Euro Pacific Capital, says it is time to prepare for the global market crash in light of the recent downturn.

“All the signs are already there. Look at what’s happening out there. The stock market is falling, 40 percent of the S&P is already in a bear market. Look at homebuilders, the housing stocks, the financials, the retailers – all these are the same things that were happening in 2007 leading to that crisis,“ Schiff, who accurately predicted the 2008 recession, told RT America.  We don’t have much time left in this economic bubble if Schiff is correct.

After the dramatic early drop, U.S. stocks recovered but still finished lower after a wild day on Wall Street. By the closing bell, the Dow was down 126 points, or 0.5 percent, recovering most of its early losses. The Nasdaq closed down 0.4 percent, while the S&P 500 shed 15 points, finishing 0.6 percent lower. Schiff urged people to be prepared for not only an economic crisis but a political crisis as well with the current administration likely to take the blame.

According to Schiff, the US national currency is set to meet with the worst losses along with the American standard of living. Although the Trump administration is to blame for the trade war that is already wreaking havoc on American’s wallets, Schiff says the political crisis about to follow will be much worse.

…click on the above link to read the rest of the article…

Peter Schiff: The Next Economic Crash Will Be “Far More Painful” Than The 2008 Recession

October 15, 2018

Peter Schiff: The Next Economic Crash Will Be “Far More Painful” Than The 2008 Recession

Euro Pacific Capital CEO Peter Schiff is sounding the alarm after this week’s market selloff, saying Wall Street and the U.S. economy are on the verge of a recession.

“I think as Americans lose their jobs, they are going to see the cost of living going up rather dramatically, and so this is going to make it particularly painful,” Schiff said.

“This is a bubble not just in the stock market, but the entire economy,” he told Fox News Business.

Schiff is predicting a recession, accompanied by rising consumer prices, that will be “far more painful” than the 2007-2009 Great Recession.

As SHTFplan.com’s Mac Slavo notes, President Donald Trump blamed the recent stock market woes on the Federal Reserve and the rising of interest rates.

“I think the Fed is making a mistake. They’re so tight. I think the Fed has gone crazy,” Trump told reporters on his way to a rally in Pennsylvania on Wednesday.

Trump said that the United States’ central bank is solely responsible for the worst stock market selloff since February, saying the Federal Reserve “has gone crazy.”

Schiff said it isn’t entirely the Fed’s fault, however, because they have been acting “irrationally” for a very long time while slowly adding nails to the economy’s coffin.

“What is crazy is for the Fed to believe that they can raise interest rates without pricking their own bubble,” he said.

“All bear markets start off as corrections. I think this one is probably a bear market. It’s long overdue,” Schiff said on FOX News Business.

Schiff said investors are on the edge of a precipice that foresees a bear market far worse than the stock market crash of 2008.

…click on the above link to read the rest of the article…

Peter Schiff: In The Impending Collapse ‘Everything That Can Go Wrong, Will’

January 17, 2018

Peter Schiff: In The Impending Collapse ‘Everything That Can Go Wrong, Will’

peterschiff

The impending economic collapse is hidden from most. People only see a rising stock market, not the negative underlying factors that will cause the whole system to crash.

The weakening of the U.S. dollar is just getting started, warned veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital. “We have just begun a major, long-term bear market in the dollar,” he said, which should cause a spike in oil prices. He thinks oil will reach $80-$100 a barrel in 2018. The commodity currently trades at roughly $63 a barrel. Shiff focuses on oil as just one example of the inflation that will help collapse the dollar.

When the price of oil rises, it reverberates through the economy. Peter called it a gigantic tax hike for consumers. But the Fed is still worried prices aren’t going up fast enough and that they won’t hit the mystical 2% goal.

“They’re going to hit that out of the park. They’re going to be looking at 2% in the rearview mirror – in the distant rearview mirror. That is going to be the big story. They’re going to way overshoot and they’re not going to be able to do anything about it.” –Peter Schiff

Schiff also warns that the dollar’s decline is just getting starting.  He also says“everything that can go wrong, will.” We are not experiencing economic growth.  We are experiencing inflation.

“High inflation is not good for the dollar. By definition, high inflation means the dollar is losing purchasing power. If the dollar is losing purchasing power, that is bad for the dollar,” Shiff explains.

…click on the above link to read the rest of the article…

An Escalating War on Cash

February 25, 2016

An Escalating War on Cash
On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior Fellow Peter Sands, concluding that the abolition of high denomination notes would help deter “tax evasion, financial crime, terrorist finance and corruption.” In recent days, former Treasury Secretary Larry Summers, ECB President Mario Draghi, and even the editorial board of the New York Times, came out in support of the elimination of large currency notes. Apart from the question as to why these calls are being raised now with such frequency, the larger issue is whether these moves are actually needed or if they merely a subterfuge for more complex economic manipulations by central banks to extend control over private wealth.
In early 2015, it was reported that Spain had already limited private cash transactions to 2,500 euros. Italy and France set limits of 1,000 euros. In France, all cash withdrawals in excess of 10,000 euros in a single month must be reported to government agencies. In the U.S., such limits are $10,000 per withdrawal. China, India and Sweden are among those with plans under way to eradicate cash.
On April 20, 2015, the Mises Institute reported that Chase, a subsidiary of JPMorgan Chase and a bailout recipient of some $25 billion (ProPublica, 2/22/16), had announced restrictions on its customers’ ability to use cash in the payment of credit cards, mortgages, equity lines and auto loans. Before that, on April 1, 2015, Chase, in concert with JPMorgan, updated its safe deposit box lease agreement to provide, “You agree not to store any cash or coins [including gold and silver] other than those found to have a collectible value.”

…click on the above link to read the rest of the article…

Clueless in Davos

January 26, 2016

Clueless in Davos
Making their annual pilgrimage to the exclusive Swiss ski sanctuary of Davos last week, the world’s political and financial elite once again gathered without having had the slightest idea of what was going on in the outside world. It  appears that few of the attendees, if any, had any advance warning that 2016 would dawn with a global financial meltdown. The Dow Jones Industrials posted the worst 10 day start to a calendar year ever, and as of the market close of January 25, the Index is down almost 9% year-to-date, putting it squarely on track for the worst January ever. But now that the trouble that few of the international power posse had foreseen has descended, the ideas on how to deal with the crisis were harder to find in Davos than an $8.99 all-you-can-eat lunch buffet.
The dominant theme at last year’s Davos conference, in fact the widely held belief up to just a few weeks ago, was that thanks to the strength of the American economy the world would finally shed the lingering effects of the 2008 financial crisis. Instead, it looks like we are heading straight back into a recession. While most economists have been fixated on the supposed strength of the U.S. labor market (evidenced by the low headline unemployment rate), the real symptoms of gathering recession are easy to see: plunging stock prices and decreased corporate revenues, bond defaults in the energy sector  and widening spreads across the credit spectrum, rising business inventories, steep falls in industrial production, tepid consumer spending, a deep freeze of business investments and, of course, panic in China. The bigger question is why this is all happening now and what should be done to stop it.
As for the cause of the turmoil, fingers are solidly pointing at China and its slowing economy (with very little explanation as to why the world’s second largest economy has just now come off the rails).

…click on the above link to read the rest of the article…

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