{"id":66085,"date":"2023-11-01T07:28:17","date_gmt":"2023-11-01T12:28:17","guid":{"rendered":"https:\/\/olduvai.ca\/?p=66085"},"modified":"2023-11-01T07:29:52","modified_gmt":"2023-11-01T12:29:52","slug":"peter-schiff-a-crisis-is-already-playing-out-under-the-radar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=66085","title":{"rendered":"Peter Schiff: A Crisis Is Already Playing Out Under the Radar"},"content":{"rendered":"

Peter Schiff: A Crisis Is Already Playing Out Under the Radar<\/a><\/h3>\n
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The mainstream remains optimistic about the trajectory of the economy.\u00a0Price inflation has supposedly been beaten down<\/a>. GDP growth was even better than expected, and most economists have tabled their recession predictions. But in his podcast, Peter Schiff explained that it\u2019s all an illusion. The financial crisis has already started, and it continues to play out beneath the radar.<\/p>\n

Nobody understands that this crisis has started. But believe me, it has. This was the way the 2008 financial crisis started. It didn\u2019t just happen when Lehman Brothers went bankrupt.\u201d<\/p><\/blockquote>\n

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\nBy the time Lehman went under, everybody knew there was a crisis. But it was obvious long before that.<\/p>\n

That\u2019s the reason it went under. It didn\u2019t just go out of business out of the dark. It wasn\u2019t just happenstance. The reason that Lehman Brothers, and Bear Sterns, and Fanny and Freddy, and AIG, and all these companies went under was their exposure to the mortgage market. That exposure was obvious to me for years, but particularly in 2007 when the subprime market blew up. That was the point where even the village idiot should have been able to figure out what was coming. The problem was most people on Wall Street weren\u2019t even smart enough to qualify as the village idiot, so they still couldn\u2019t figure it out.\u201d<\/p><\/blockquote>\n