Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter Schiff Read more: New Crash will

Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter Schiff Read more: New Crash will be worse than 2008 says economist

He points out that today’s “safe haven” investments — the U.S. dollar and Treasurys — are anything but safe. “There are a lot of people who don’t understand what is going on. Look at how many people are buying the dollar. Look at people buying Treasurys. That makes no sense either. The risk lies in the dollar. The risk lies in Treasurys and other currencies being printed into oblivion.” A noted economist agrees with Schiff that a much worse stock market crash is coming. And unlike Schiff, he has given very specific details about just how bad it will get. “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”

Terrifying prospects, to say the least...

first the crash than the war, same story different time..it`s allways repeating..2012 welcome to the end of days

Things do seem to be carefully choreographed, don't they?

I've recently pulled everything out of the stock market. The DOW creeps back up and my investments stay down. I'm considering cashing out my 401k entirely. Right now my 401k isn't invested and just sitting in a bank account. I'm tired of playing this game. Sure 401ks have worked out for some people but those days are over. The golden age of the United States has passed.

I am also tired of constantly worrying about money to the point of illness.
With my money out of the market my stress level has gone down and I no longer fixate on it.

Kind of a slight rant.

Anyhow I agree in your post.

When I see gloom and doom stuff like this, I immediately suspect the motive behind the message.

This whole piece (I won't even call it an article) is an informercial for this guy's book and they're trying to bilk gullible folks out of 47 bucks.

There is a "secret" chapter that was too controversial to publish



There may be another crash coming, but these guys just want your money.

reply to post by dxdydz


I understand completely, the idea of having money tied up anywhere scares me to death. But, if a new crash is as bad as these people predict, (and who knows, they could be wrong too), cash won't have much worth either.

reply to post by Zarniwoop


Nice catch, I completely missed that! Seems like everyone prostitutes themselves for whatever turns a buck anymore.

Not sure how long you've been following this schmuck, but he's sold a lot of bs to a lot of people over the years.

He banks off this doom and gloom stuff. He speaks at seminars around the world and spouts the same nonsense.

The USD is incapable of crashing without a WW3, and nato losing. Our military supremacy ensures we stay afloat via the "petrodolar".

reply to post by BobM88


That's what I get for being skeptical of everyone. Has it's ups and downs.

These folks have your interests so much at heart, that they auto-renew your subscription at 99 dollars per year!

IMPORTANT NOTE: Your subscriptions come with our convenient automatic renewal. This means no chance of interrupted service and you lock in the low annual rates forever. Thirty days prior to the expiration of your subscription to The Financial Intelligence Report and your trial subscription to The Ultimate Wealth Report, and each year thereafter, we will notify you that your subscription is ending. If you like them, simply do nothing and each year we will renew them automatically by charging your credit/debit card on file for $99

The really sad thing is that they are probable making money.

This kind of thing ought to be illegal.

reply to post by unityemissions


To be fair Schiff was actually closer than most of the doomsayers when he first did his rounds. Not that I support the guys that make money selling books on fear, but he was actually one of the few who raised a few good points before he hit on something.

reply to post by boncho


Thanks for the perspective balance for the thread!

Gave you a star


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back on topic, before this 50%, 90%, 100% deal would ever play out, we would be in another global war. that would take care of a good chunk of those numbers....basically, it's not really plausible any which way you swing it.

reply to post by unityemissions

“The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”

This is complete nonsense. To try and predict accuracy like this is not possible in the money markets. It could happen, and it couldn't. And there are a million factors that could lead to something like this and probably just one or two decisions that could spark the onset.

The problem is that money markets are entirely manipulated. There have been countless occasions when people called for monetary markets to implode, but nothing happened. Because there are write-offs and bankruptcies, and other nefarious factors that lead to a redistribution of wealth, by political and legal wrangling to scoop money from the witless.

Originally posted by boncho
reply to post by unityemissions

 

“The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”

This is complete nonsense. To try and predict accuracy like this is not possible in the money markets. It could happen, and it couldn't. And there are a million factors that could lead to something like this and probably just one or two decisions that could spark the onset.

This first paragraph....

The problem is that money markets are entirely manipulated. There have been countless occasions when people called for monetary markets to implode, but nothing happened. Because there are write-offs and bankruptcies, and other nefarious factors that lead to a redistribution of wealth, by political and legal wrangling to scoop money from the witless.

....seems to contradict this next one. While in theory, there are a "million factors that could lead to something like this", in reality, the markets are manipulated, so the only way it can happen is after those manipulative forces are trumped by more powerful forces.

The only one I can honestly imagine is the petrodolar being dropped, and that doesn't seem to be possible through civil action. We will act to protect our national interests.

If enough countries stop buying dollars, and set up their own basket of currencies or what have you, we can sit here and say our credit rating is AAA, but that doesn't matter. The true confidence is lost, and the illusion is realized.

Originally posted by unityemissions

The USD is incapable of crashing without a WW3, and nato losing. Our military supremacy ensures we stay afloat via the "petrodolar".

Too bad most of Asia and now Brazil are rejecting that "petrodollar" without the US being able to do a damn thing about it. So you're predicting the US takes on the entire world, including China, all of Asia, the middle east, and even some of South America? And you think the US would win that without destroying the entire world in nuclear ashes?

reply to post by 00nunya00


Please resist from putting words in my mouth.

You have a history of doing this with my posts.

Obviously, the US wouldn't go it alone in a great war.

The USD is incapable of crashing without a WW3, and nato losing. Our military supremacy ensures we stay afloat via the "petrodolar".

I dont know where Peter gets the stuff he comes up with - but I would imagine him being about 40% correct - I have been listening to him and I agree with a lot of what he says - but, what he probably knows is - the Federal Reserves Charter is up in a few months - all of this economic stuff is the Federal Reserve balancing its books before it is put out of busines or will have less power over the economy in a few months. I think they are going to lose 50% of their mandate instead of Price Stability and Full Employment - there mandate will be tasked with Price Stability dropping the full employment mandate - We are going to go back to a metals backed economy - which should bring manufacturing back to the USA. (this information is from private sources and deemed creditable - I can not release as I was told not to release where or from whom this information was obtained by)
there are a lot of issues to be ironed out and it appears Ron Paul will be President of the United States from this source - so, I dont know -- make up your own mind.

Originally posted by 1BornPatriot
the Federal Reserves Charter is up in a few months - all of this economic stuff is the Federal Reserve balancing its books before it is put out of busines or will have less power over the economy in a few months.

Do you have a reliable, credible source for this expiration?
Something besides wikianswers and other online forums?

reply to post by unityemissions


Don't get your panties in a bunch. You're good at nit-picking, but what about answering to the fact that the world is rejecting the "petrodollar" and the US can't do anything about it? You really think we're going to declare war (NATO or not) on all of the countries who have stopped using the dollar for all trades and who engage in currency swaps? Under what pretense?

A COMMON MISCONCEPTION...

People wrongly think that stockbrokers were jumping out of windows when the stock market crashed in 1929. This is untrue. Indeed, the statistics show that suicide rates in New York were marginally down that week.

It was when the BANKS COLLAPSED in Janyary 1930, that people began sticking their head in the oven. Anyone can lose their shirt or savings and walk away, annoyed, but ready for another day. I is when they have bills to pay and there's nothing in the bank, THEN they crack.

For a crash to happen, there must be loads of people selling all at once...hence there are two requirements...

1. That everyone wants to sell and no-one buy
2. That everyone is actually IN THE MARKET.

As a result, crashes NEVER take place in June, July, August... because NO-ONE IS THERE...they are ON HOLIDAY.

...So, even if people start panic selling, there is not the inertia to cause a crash.

The danger period therefore is September to the third week of November. After that, folks are away for Christmas...

...So, all you folks, you still have time, but not much!!!