Last week the Federal Reserve finally made clear what should have been obvious for some time – the only weapon that the Fed is willing to use to fight the economic downturn is a continuing torrent of pure, undiluted, inflation. The announcement should be seen as a game changer that redirects the fury of the financial storm directly onto our shores FULL ARTICLE
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10 comments ↓
I don’t think most people realize what’s coming. The Obama team talks about recovery in 2009-10, but in reality we’re just at the very beginning of the collapse. It’s not going to be pretty.
The amount of money they’re creating out of nothing (thin air as schiff calls is) is staggering. how can prices do anything but skyrocket if there’s more dollars going after the same amount of products?
Peter Schiff has been scarily accurate about our crisis and current policy has been impotent in its attempt to solve the problem. If you believe what Schiff has to say, check out his site for his 2010 senate campaign…lets make some real long term changes…it may be our only hope.
http://www.schiff2010.com
Bill, thanks for posting that link. There’s a lot of good commentary, articles, videos, etc there. One point that I’d like to make – is that I’ve heard Schiff in many many interviews say that he is not planning on running for senate – that he can be far more effective doing what he’s doing now. Schiff2010.com is run by third parties not affiliated with him as a way to get grassroots support and encouragement to get him to run.
But, you’re right – his understanding of economics in the broad scope are outstanding. I wouldn’t say that he’s predicting things, he just understands economic cause and effect.
Got Gold is right! And while the dollar is still holding for a bit, there’s no better time to protect your assests, what little we have left.
While many of us here, can pick apart something anyone has to say, but the point is and remains, we allowed and permited this to happen by our ” implied consent” which gave the elected officials over the last several decades all they needed…as it would seem that even as far back a when Ronald Reagen took office there was “apathy,and dispair” in our nation and the economy. Things like this can be looked at as cirmetrical as things like this do happen in cycles. Some will say that even with a weaker dollar, we are beter off than others. That may very well be true, but why push our luck. America had the chance to Make change on Jan.20,2009…but we blew it when those 3-4 million people showed up to see history, instead of having the brass balls and courage to be there to make history! As and even with this latest press conference tonite, all we are going to hear is what They want us to hear . Change ? Hell no there hasn’t been any change…except from bad, to worse…and that’s the way i see it…and yes…back up your assits…with gold…
I sure as hell wish I could create enough out of thin air to pay off my mortgage and other debts and just break even. My pension is not stretching far enough to do it, or keep current, and it is further down the slippery slope every month.
Ah, well, I guess it is just the current version of “the American way” that Superman used to protect. Remember “Truth, justice and the American way”?
Steve, Truth, Justice, and the American Way, sadly I have to report there’s much of that left in our Government. Speaking of Dollars:
I went to CNNmoney and got a list of all the money allocated for bailouts of one kind or another since this mess came to the public’s attention. The first in December of 2007 up to this day totals $11.6 Trillion. I divided the number of families into that amount and found that the average family of four has saw their family assessed $151,000 to bailout the rich. And this has all happened in the last 15 months. I wonder how many people have made that much during that year and 3 months.
Now if 1/2 of America’s families owns their own homes then the bill to save homeowners grows to $302,000 per household. But listen what if only 1 in every 100 homeowners have received help from the government? Well that would mean that the cost of helping each homeowner would balloon to $30,200,000 for each home mortgage saved.
You getting mad yet?
That’s why I am po’ed about the rhubarb over the bonuses. It is merely a diversion to keep us from think about that damn $30 million per household.
Don’t you wish you could wake up from this nightmare? But there is some good – for the super rich, they’re getting richer. I watched some sweet young thing on CNN last night coo about how good that was for the economy. No she wasn’t kidding, she believes it.
some are even claiming that America is now up to $70 TRILLION in debt with total financial obligations (here: http://www.goldworld.com/articles/born-into-debt/379) There’s no way that the country will be able to pay this out in the long-run without massive hyper-inflation.
Good link, thanks for sharing that Mike. No doubt that massive inflation is the only way to pay an amount so huge. That’s why I think the campaign to “repudiate the debt” is quite an interesting and moral one – these politicians are creating debt for generations without people’s approval. maybe they should pay for it.
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