{"id":52041,"date":"2020-03-30T13:55:34","date_gmt":"2020-03-30T18:55:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52041"},"modified":"2020-03-30T13:55:38","modified_gmt":"2020-03-30T18:55:38","slug":"peter-schiff-americans-are-in-for-a-rude-awakening-2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52041","title":{"rendered":"Peter Schiff: Americans Are in For a Rude Awakening"},"content":{"rendered":"\n

Peter Schiff: Americans Are in For a Rude Awakening<\/a><\/h3>\n\n\n\n
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All eyes have been on the stock market in recent weeks as it has reflected the fears about the coronavirus-induced economic shutdown and the hopes of massive stimulus. It\u2019s been quite a rollercoaster ride. But in his podcast on March 27, Peter Schiff said there\u2019s an even bigger problem looming on the horizon that people aren\u2019t paying any attention to \u2013 the potential destruction of the dollar. He said Americans are in for a rude awakening.<\/p>\n\n\n\n

The Dow Jones finished its best week since the Great Depression with a 915.39 point drop. But even with that big plunge, the Dow was up about 13% on the week, all on the strength of the spectacular rally on Tuesday, Wednesday and Thursday. In fact, the Dow had a bull market condensed into three days. But Peter said it was not really a bull market. He called it a \u201cvicious correction in a horrific bear market.\u201d And he said that bear market is \u201ca long way from over.\u201d<\/p>\n\n\n\n

But while most eyes are on the stock market, Peter said we\u2019re missing a more significant looming bear market \u2014 the bear market we\u2019re going to have in the US dollar.<\/p>\n\n\n\n

Peter has already explained how the actions of the Federal Reserve and the US government has set the stage to devalue the dollar, saying the dollar is cooked<\/a>. He said that with the central bank and government response to the coronavirus, hyperinflation has gone from being the worst-case scenario to the most likely scenario<\/a>.<\/p>\n\n\n\n

A bear market in the dollar can mask some of the other problems in the economy. Consider in the 1970s, the dollar fell by nearly 70%. That means that while nominal stock market losses in the decade weren\u2019t terrible, the real losses were significantly larger.\u00a0\u00a0It was a destruction of the value of US stocks and Peter said it\u2019s going to happen again.<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff: Americans Are in For a Rude Awakening All eyes have been on the stock market in recent weeks as it has reflected the fears about the coronavirus-induced economic shutdown and the hopes of massive stimulus. It\u2019s been quite a rollercoaster ride. But in his podcast on March 27, Peter Schiff said there\u2019s an […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1849,963,21879],"class_list":["post-52041","post","type-post","status-publish","format-standard","hentry","category-economics","tag-financial-markets","tag-peter-schiff","tag-schiff-gold"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52041"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52041\/revisions"}],"predecessor-version":[{"id":52042,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52041\/revisions\/52042"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}