Market analyst and financial guru Peter Schiff says that the United States economy is headed for a disaster. In a recent interview, Schiff said that when the dollar goes away as a reserve currency, so will the American standard of living.
Schiff says the U.S. is flexing more muscle than it has. After the arrest of Huawei chief financial officer, Meng Wanzhou, a Chinese businessman who is accused of violating U.S. sanction laws, the Chinese are already planning economically destructive ways to reduce the dollar’s influence and power.
“The dollar, having the reserve currency, that status is in jeopardy. And I don’t think the world likes giving America this kind of power that we can impose our own rules and demand that the entire world live by it. So, I think this has a much bigger and broader ramifications other than what’s going on in the stock market today. I think long-term, this is going to undermine the dollar and its role as a reserve currency. And when that goes, so does the American standard of living because it’s going to collapse.” –Peter Schiff
Schiff added that he thinks China is in a much better position than many are willing to admit.
“People think we have the upper hand because we have this huge trade deficit with China. But I think it’s the other way. I think the fact that they supply us with all this merchandise that our economy needs, and the fact that they hold a lot of our bonds and continue to lend us a lot of money so we can live beyond our means, they’re the ones, I think, that call the tunes and we have to dance to it.” –Peter Schiff
There is a growing movement around the world to create alternatives to the global dollar system. The Russians have developed a money transfer system that could one day compete with SWIFT, and even the Europeans have announced plans to develop a special payment channel to circumvent U.S. economic sanctions and facilitate trade with Iran.
When RT‘s host told Schiff that China was “wobbly” right now, Schiff said that the U.S. economy isn’t exactly rock solid, despite the media’s talking heads declaring it as such.
“I was listening to the broadcast before I came in and you talked about how the U.S. economy was sailing along. It wasn’t sailing anywhere. It was blowing up like a gigantic bubble. That’s what was happening. And now the air is coming out. We are headed for a much worse financial crisis than the one we experienced in ’08, and we are headed for a much greater recession than the one we lived through following that crisis – the one we call the ‘Great Recession.’ And what’s going to make it so much worse is it’s going to be inflationary. Consumer prices are going to be going up as the economy is going down.” –Peter Schiff
But that’s not even the worst news. Because of all of the problems being underscored by so many, the collapse of the dollar and the American standard of living that will follow aren’t even a concern for most. But the bubble is bursting, according to Schiff, and the market will go so much lower.
“This is a bear market. That’s why the market went down. If it wasn’t that, they would have found another excuse. If we were in a bull market, I think the market would have shrugged it off. So, we’re going lower.”
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~65yrs ago.
Demand side economics creates an intentional scarcity of resources, so that middlemen can charge a premium.
60 yrs later Today, Wallstreet Futures Manipulate the price, so the suppliers do not have to supply so much product to make the same profits. Or supply the same and make a lot of profit. This is how Oil and gas prices at the pump work today, and state taxes added to the price of a gallon. Has nothing to do with supply and demand.
And we can call that fascist monopoly capitalism. Keep shrinking the competition until there are only about 5 players in the world. Like the MSM media owned by 5 globalist families.
TharSheBlows, good points. But what we have today with all the illusions created is not really capitalism. It is a manipulated morphing of bots and other various control mechanisms to make people think we still have some form of capitalism. What we really have is a corporatocracy that is more akin to Fascism than capitalism and it is well disguised. It is the root core of the deep state apparatus, the glue that holds it all in place, money. Most of which is your own tax dollars used against you in a myriad of ways 24/7/365 ! That is the grand game, access and use of your tax dollars as a control mechanism. Just take a look at the recent farm bill and the massive pork as just one example. On the other end the futures are manipulated so it is actually a closed loop.
Then realize it is all maintained by the use of PRAVDA/MSM, the propaganda arm of the elites. They can create any false narrative or cover up any bad act as they desire. So they are in effect creating a false reality for the masses and few have a clue they are being mind fucked continuously. The illusions are always ongoing and never ending because they have to be to keep the facades working ! Same exact thing is true of the DEM/DSA and the Mueller sham. It is all a facade and an illusion to fool the masses. Nothing new at all here in USA today.
And here is something you will NOT fond on PRAADA/MSM or most outlets in USA ! An open letter from French generals accusing Macron of treason for his open borders insanity !
They are telling the people to revolt openly ! So again the French are schooling us, amazing stuff.
https://www.paulcraigroberts.org/2018/12/14/the-camp-of-the-saints-2/?utm_source=newsletter&utm_medium=email&utm_campaign=french_generals_accuse_macron_of_treason_over_un_migration_pact&utm_term=2018-12-14
This French woman can school me 24/7/365!
https://www.youtube.com/watch?v=RcIfcjQfJKY
https://youtu.be/y0Bq72cMOSY
Can someone list the codes you use to embed a YT video and have it show here as a graphic?
This was Greg Hunter’s latest video. Worth watching.
No we cannot give you the YT codes. I mean, we could give you the YT codes but then we would have to kill you.
Greg Hunter is boring. I never learn much from his videos. And most of the time he is selling gold.
What an ass.
One, Greg Hunter doesn’t sell anything on his channel. It’s an opinion channel, you can watch it or not. I think some of his guests are interesting. The perspective of a European was interesting.
There are no YT codes, I was asking for the XHTML codes that work to embed a video, here. Always some jerk like you on these forums.
The Poe’s Law is strong in this one.
That guy stutters a lot for being on a podcast or radio.
I don’t think so. The market was red for days, profits were made in the millions for some. Now like magic the markets are healthy and the rich get richer. I was recently laid off but have a phone full of messages and an inbox full of potential offers, so I think it all depends on one’s desire to roll over or to stand up and work things out.
Peter Schiff again? HO HUM back to sleep.
I see these swings and think the dump retail investor picking their own stocks is getting killed and some professional (wealthy) investor is making millions (or more) on dips and peaks in wild swings like these. If you have a 401K don’t pick individual stocks, you’re not that smart. ETF’s don’t have the swings. If you don’t have that kind of dough, stay away. Used to be people could buy the grand kids one or two issues of GE or Chrysler and be ok. Not today. It’s a shark tank.
The economic collapse is already here, Mac, just based upon outrageous infation since 1990. Inflation and free trade destroyed the industrial base that allowed largely high school graduates to be middle class from 1945-1990.
Say you are an average pastor and your salary is $41,000. That is only worth $20,500 in 1990 dollars ie poverty. The middle class benchmark of 35,000-45,000 has been nullified.
This affects everything like your recent articles on home sales and credit card deliquencies. It likely affects even the diet of American consumers eating farmore starchy food to get by. It affects the fact that the average American has almost no savings or retirement and cannot come up with an extra $500 to pay for an unexpected car bill. It affects health insurance.
Why don’t more people prep? They lack the extra $500 just to start on basic things like food supplies for their pantry.
Practically every article on your site comes down to inflation and free trade being responsible for America’s demise. When in fact, with the fall of the Berlin Wall, and being the sole superpower, we should and could be a utopia in America.
Maranatha, you’re right that “the economic collapse is already here!” It started when Trump was elected and the Federal Reserve started raising interest rates. It takes time for the effects of those rate increases to work their way through the world economic system.
The collapse is really showing up in foreign markets now. It always starts in the foreign markets first.
I hope that some of the old timers start posting again now that the Sh*t is starting to really hit the fan.
WTF! The economic situation vastly improved since Trump got elected. Your argument has no basis in reality. Look at unemployment and how that affected industrial capacity.
My gosh, if Hillary had been elected, we would be not only worse off, but likely at war with Russia. How could you miss her saber rattling?
Even extreme liberal rags will admit the economy improved under Trump. My gosh, the Chinese are flexing on tarifs.
Maranatha, what I mean to say is that since 2008 the FED has kept the economy afloat with cheap/free money. That started changing when Trump was elected. Almost immediately the FED started raising rates. It typical takes between 12 to 18 months for rate increases to work their way through the economy (depending on the Velocity of the Money).
Higher rates and tighter credit will inevitably slow down the economy. While Trumps economic policies have helped the situation, the money supply is the primary factor in today’s debt saturated economy.
So you admit the globalist Federal Reserve, which has nothing to do with President Trump, is responsible. Why? Because the globalists want to blow up the economy as many extremely wealthy folks are in a cash position and hope to swoop in and buy securities at a fraction. Which is precisely what the industrialists did during the Great Crash of 29.
https://www.thebalance.com/how-is-the-fed-monetizing-debt-3306126
When the Federal Reserve in 2010 began monetizing the debt with quantitative easing, that was the moment we were doomed. It’s a farce.
The collapse started more than ten years ago and was not allowed to self-correct. Interference in the markets, by the government, merely extended the eventual crash. To blame this upcoming event, on Trump, shows your lack of economic awareness and understanding of basic market forces.
Philosopher Deplorabilis, I clearly don’t blame Trump. I attribute the immediate cause of the coming collapse to the FED raising rates.
It is FED policy that is the 800lb gorilla.
Maybe your right I should ask for a refund on my Finance degree and the several years I spent at the SEC (they hired me under the Outstanding Scholar Program) and many more years writing the Loan Documentation for Multi-Million Dollar loans.
But really anyone who says they know whats going to happen is mistaken because what we are seeing is unprecedented in history. We are in unchartered territory here folks.
In 2008, I used to write long detailed posts on Market Watch, however, I am now tired and lazy.
All I know is that when record debt exists at every level of the economy, rising interest rates are not good. Watch out below because we are getting ready to enter unchartered territory!
You should get a refund.
This is not unprecedented. It was predictable. All fiat currencies, fail. The USD is merely the latest, in a long string of failed world reserve currencies from various empires, over the centuries. Spain, Holland, France, England. All have seen their power come and go. From Ancient Rome to the modern era, the same cycle repeats, over and over again.
If you cannot see that pattern, I pity you the paucity of your so-called education.
Those who prepare in advance, will do well. Pompous asses, such as yourself, that think your education gave you special knowledge, will learn, the hard way, that ignorance is not bliss.
I am prepared. I am especially prepared for people such as yourself. I’ll laugh when you beg me for a crust of bread.
Philosopher Deplorabilis, indeed the illusions are failing on every level. That is all we are seeing, the natural order playing out as it will.
Interestingly many of the illusions revolve around what is called education here in USA today. That too has become exposed as just another facade and bad joke on the people. In fact it is clear the supposed educated with their MBAs and PHDs are the same people that destroy everything they touch. As well they are highest order of criminals at the top of the food chain. Just look at FBI/DOJ for starters.
Why anybody would have any respect for any of it is a big question to me ? I trust none of it for good reasons
Justice, so you are saying keep the massive debt cycle game rolling as long as possible and keep the flood gates wide open as they have been for a decade and many trillions later ?
You are clueless and obviously bought into the mind fucking willingly. If anything Trump has been against the fed tightening and very vocally. On that basis I completely disagree with him, but I know he is a big time materialist at heart and all about keeping this economic facade afloat. My only concern is that he expose and destroy the deep staters. And I support that by any means necessary, including hanging them in public !
Time to rethink a bunch of things
America has been on a down slide since 2008, 2010 and 11 foreclosures and a lot of American business closed. Everybody got tight, and not spending but on essentials. Look at the empty malls, they are dead. Kids today spend all their allowance on their cell phones, and not spending it in the malls. Retail is dead, the Post Office gave Amazon basically free shipping, which crushed localized businesses. It costs a lot of money to keep a store’s shelves stocked with products just sitting there for a year, just hoping to sell it off the shelf finally. Inventories have shrunk, which also raises the price point. People cannot afford to buy in bulk and sit on inventory. And all of these awful taxes attached to everything we do, eat, spend, talk, move or energy to heat your house. Yeah the Tax Man.
https://www.youtube.com/watch?v=hb-RPGhpBSI
This is my favorite tax song. In the 60s the Kingston Trio was almost as big as the Beatles, but that was long ago.
https://www.youtube.com/watch?v=MbtkL5_f6-4
Amen! Since the year 1998 my husband lost 2 good jobs due to free trade. Now he has had to retire due to health. He has a solid pension, Social Security, and a part-time job making $14/hr and I have income ~and we still cannot afford a car payment. Who is able to buy all these new cars rolling out? The problem is that the man building Ford trucks can’t afford to buy one!
Load up before the dollar buys nuthin…..
it’s very unsettling to watch. you hope that the elite are finally being rebelled against but you know the result of that could be either a depression or venezula.
would be nice to sit on the sidelines while it all goes to hell, but in a real economic collapse no one will be untouched, even the preppers will eventually run out of something or be in need of something that is no longer avaialable.
western civilization and the usa had a good run but it’s evident from the debt, non stop govt, non stop immigrants and muslims; that it’s best days are behind it. enjoy the moment in the sun trump is providing.
Wow, really? I am enjoying the present time. Do I think this is the end of western civilization? No. I do not.
But snotflakes like you will bend over and melt. Too bad.
lena, agree 100% and there is and will be plenty to enjoy if we have our health and thinking capacities intact.
Basically what Schiff is saying is correct and in motion as we speak. But it is always slow motion because of the many facades to hold this broken and failing system together a little longer. Many foolishly think those facades are reality and they are NOT!
It all works until the day it doesn’t ! And of course then it is a disaster for most.
Unfortunately, I think you are correct. We are on the Titanic – it’s going to the bottom.
If this is true, and it very well may be true, the USA is going to become Venezuela. That means that food prices, along with everything else, will be unaffordable. Remember that much of California’s agriculture has been burned and or is under federal control. California is crucial to our USA food supply. Furthermore, a great deal of our food is imported.
Buy locally.
It is not too late to start planting fruit trees, olives, nuts. Find out what grows best in your area.
Stock up on food and necessities. Stock up on organic non-GMO heirloom seeds. Keep them between 55 to 75 degrees. In spring plant a small garden. Plant perennials that automatically produce every year.
_
B from CA, this spring I am going to start planting potatoes. They say it’s a very easy crop to grow and you can get a good yield from a small garden.
I hope that planning a crop will eliminate some of my food insecurity. It’s difficult to store several years worth of food. At some point I will have to supplement my pantry with a bulk crop.
you guys better buy your own farm, a back yard garden isn’t going to last long if something like the dollar going under really happens.
So negative! A back yard garden is perfect for many people! It will last, especially if other neighbors do the same thing. You can grow a surprising amount of food in a small space.
It’s obvious by your comment that the closest you have gotten to growing food is picking it off the shelf at the grocery store.
By all means, do a back yard garden! It produces a lot. Start with easies – squash, zucchini, tomatoes, carrots. Can. Freeze. Dehydrate. You will be amazed at how much you can grow.
Justice, good thinking. My female cousin I share the BOL with, along with the other relatives nearby, all grew up on farms so they can grow food in their sleep. Every one of them has gardens to supplement the food storage.
Large sections of the SJ valley in California are a dust bowl, as water is sent into So Cal cities. And the fact that the environmental activists block the construction of new dams and reservoirs means billions of gallons go into the Pacific Ocean yearly. But as long as we save the habitat of the blowfly and the endangered transgendered salamander (Senilicus Pelosium), we can all feel good about the dead crops and high water costs. Millions of alleged conservatives in Cali don’t vote. But Ballot harvesting is legal in Kali, illegal in the other 49 states. And there are plenty of progressive voters— college students, illegal immigrants, welfare recipients, union members, LGBTxyz, gov workers, and grownups with student loans.
Absolutely right Vicente Pox. Calif is not letting the farmers have the water they need any more. A friend had a mandarin orange farm for years and then was denied water for it. no more oranges. And driving down the central valley – the road is dotted with farmers’ signs protesting water rationing. But they can have a Nestle water bottling plant. Crazy
https://www.youtube.com/watch?v=T1A-H5ZcP-4
Love your sarcasm!
I spent time on a ranch in SJ valley, as a teen. The owner was from Holland, and was part of the Dutch Resistance. He survived WWII but landed in the US with a tattoo after spending time in a camp. He was a Christian. Came to the US and ended up with a section of land (around 2000 acres) in the San Joaguin Valley. Long time dairy farmer who also grew oats, soybeans and three to four cuttings of alfalfa. This was back in the 1960s and 1970s.
Those days are over. So sad to see what has happened to the SJV. The ecofreaks have destroyed the place with ridiculous rules and regulations. I’ll never return to Commiefornia, again. Ever. It has been taken over by pure communists.
PD,
I was always taught a Section of land, that being 1 mile square, was 640 acres. More like three sections for 2000 acres.
Agreed about CA, I escaped in 1979 after voting for Prop 13.
Thank you for the correction!
My point was that a hard-working European Christian, escaped the death camps of Europe and was able to become successful by working hard in the US. Only to see much of that effort destroyed by the ecofreaks. To escape the Nazi camps of Europe only to land in the US and discover the same attitude, here. The left doesn’t even realize they are the real facists, now, as they were during WWII.
Those commies want only one thing: power and control over every facet of our lives. Of course, they will be exempt from those very same rules. Much as Bernie spent $300K on private jets in one month. Pure hypocrisy. It makes me sick.
Philosopher Deplorabilis, yep Kawleefornya is a whores nest of maniacs and illegal aliens who have much more representation than you do.
But there is a saving grace and that is approaching and already in motion. How long can the insanity in a place like Kawleefornya or perhaps Portland, Oregon or Seattle be maintained spending other peoples money ? When does that well run dry ?
I have no definitive answer for when ? I just know it is not sustainable in perpetuity. Seems to me that is all one needs to know. History does not lie, only the control freaks lie and manipulate until they no longer can. Then they go insane as we are seeing ! Far too much has been exposed to ever get it back in the bag again.
BFC,
“California is crucial to our USA food supply”.
I pay a lot of attention to where my food comes from.
Other than an occasional can of almonds, or some
Dungeness Crabs, I don’t get much from California.
Oops I forgot rice, we eat a lot of rice, but I suspect most Americans don’t buy it by the #25 bags like we do.
Granted I live in an area with year round farming, ranching,
and most my neighbors owns chickens or pigs, but America will
do just fine without CA food.
BTW even with all the disasters and Liberals
choking the state with regulations, CA still produces a LOT
of food.
Doesn’t California food come with the warning, “This food product is known to the State of California to cause cancer.”
California was probably the source of the latest Ecoli breakout in spinach lettuce. An full recall because they had no idea where it came from.
Rellik, I do just fine without any Cali food myself and don’t want any. I might catch something, LOL.
The best way to start prepping is figure out a food budget for a year. Then scrimp and save at least 60 days worth of food that your family will eat. Build upon that success. At first it will be buying bulk vegetarian dried foods and incorporating this in. Then bulk pork and chicken that is frozen. Be careful when buying a freezer and investing too much because a power outage can then cause you to lose your investment unless you can distribute it to friends and family for temporary storage. Chances are they lost power too.
Then start dehydrating and learn canning. That likely means careful frugal gardening and finding a master gardener for a mentor. Don’t reinvent the wheel.
60 days worth of food that your family will eat.
So many people want to run out and buy freeze dried garbage but they don’t realize that it tastes like shit.
Stockpile what you eat right now.
Our house has about 14 different meals that were rotate through in a given month. Like spaghetti. Buy 100 cans of tomato sauce, 100 packs of noodles, 100 sauce mixes. Freeze the hamburger.
It is food you will regularly eat, so when you eat ten meals worth, replace ten meals worth. Keeps up the rotation and you will get to eat what you would normally like, not freeze dried dehydrated garbage that the dog wont even eat.
Stiner, you’d eat the asshole out of a skunk if you were hungry enough. Prepare 5 different ways you can cook food. Where do you think they got the phrase, “to boil the piss out of it” from, as they say?
JS,
You are right about freeze dried entrees.
They taste like shit.
I found two that weren’t too bad if you added
things like meat and chilies. However the
suppliers won’t sell you what you want,
they just sell what they think you want.
So like my first aid kits, I made my own pantry
to suit my own tastes and needs.
Most these survival places don’t have a clue.
Some will say when you are starving you eat anything,
which is true, But I’d rather eat beans, rice, and Spam
than the Mountain crap or some soybean meat substitute.
Rellik and JS, agreed about the freeze-dried foods. They’re even worse than MREs. Also really loaded with sodium. I try to limit my sodium intake as much as possible. I stockpile mostly canned goods and certain prepackaged foods which I then put into different containers. I use water BOBs for storing water at the BOL. There’s also some 55-gal. drums in the rain catchment system on the cabin with built-in filters for storing rainwater. With a nice deep well and a year-round creek close by we’re covered damn good on water.
When traveling, I like to stay at hotels that provide free breakfasts. You know the big trays of scrambled eggs they serve are powered eggs out of a can. I watch people gobble them down, and laugh because of having seen so many here say “I’d never eat that crap”!
Prepper secret number one, buy small can assortments of freeze dried foods, try them and buy in quantity the ones that provide the most energy, nutrition, good taste and don’t mess up your regularity.
Secret number two, buy a good supply of spices, freeze them factory sealed, for long term storage, they take up little space and once defrosted retain most of their original room temperature shelf life. You can also buy bottles of olive oil that normally only has a shelf life of a year or two and freeze it. It’ll keep 10 to twenty years frozen, and defrosts is good for the original year or two. Olive oil is nutritious, has lots of calories and can be added to most any freeze dried meal to boost calories, flavor and nutrition.
Secret three, buy a few things that are just fun, long term stored brownie, cookie, and cake mixes come to mind. Really good for moral.
Secret four, learn to dry can dry foods in mason jars. Coffee, tea, sugar, flour, rice, spices etc, you can buy this stuff bulk really cheap, then dry can it to get a 10 to 20 year shelf life. There are lots of DIY videos. Dry canned goods often taste as good as the day they were sealed. Mason jars are superior to Mylar bags and buckets because they are rodent proof. Save the boxes the mason jars come in, they protect the jars from breakage and protect the contents from light damage.
Trump must nationalize Fed. Reserve, gold and other precious metals backing bank notes. Stop paying welfare for illegals and able bodied Americans who can get a job.
well, you’re an optimist to think trump is going to stop and reverse everything that has been building. literally going to take an act of God to reverse things now and given how the country treats God today; I wouldn’t expect it.
Just look at all of the Christians that got screwed by the 3ews who wrote “IN GOD WE TRUST” on the money supply. Since when did God indorse a Debt instrument as a good thing? Another example of Religion being hijacked by the cabal.
Why not engrave “IN GOD WE TRUST” on our guns and ammo and declare them all as Religious Ceremonial Historical Artifacts.
lena: me and friends have high expaectations on Trump, if he fails first term on these issues, we will stay home and give up on lying politicians forever. This incl. securing border w/military and weapons- aviation,tanks, etc, US out of UN and NATO! yes, expectations are high and people trusted him to “take Amer. back”. Deporting Muslims back to Middle E also is high onlist.
Trump must nationalize Fed. Reserve
Trump is no savior and the Republicans are no better than the democrats. Trump is running yuuuge annual deficits just like Obama did.
Nobody is REALLY ready for what is coming upon the earth..
No, but some are more ready than others.
You would be surprised the percentage of the population that eats hand to mouth, lives paycheck to paycheck with no wiggle room.
Hoss, I ate farina growing up. There were times when there was no butter, sugar, or milk. If we had that and a little cocoa, I felt like everything was okay. It was a wonderful extravance.
Pick almost any family budget, and I bet you a dollar to a doughnut, I can make it cheaper and more nutritious. Then folks have a little extra to buy necessities like lamp oil and lanterns and pool shock and basic tools.
TPTB will do everything possible to see to it that the US has sufficient (virtually unlimited) funding to its military as they are their global enforcer. There is no other nation, or nations that are a substitute as the political control TPTB exercise over the US is virtually omnipotent. This implies that the USD remaining the worlds reserve currency is their desire. The US existence is intrinsic to its military capability and use for TPTB.
Preach it Comrade! More power to the proletariat!
john stiner
One need not like it but it is what it is. That “Deep State” recently incorporated into common language is not a new phenomenon; they are the oligarchs.
JS, I like your sarcasm. Carry on, Comrade STINERVITCH. [JUST KIDDING]
It’s not just the “standard of living” collapsing…
the USSA ITSELF is going to collapse – in the “Blink Of A Eys”
Something so rotten-to-the-core cannot stand.
Apparently Mr. Schiff, like so many other economists, has forgotten that America and its comprehensive economy can ignore world disfavor. We have done so in the past, and merely had everything “Made in U.S.A.” As most of the infrastructure that made that possible has not been disassembled, we can do that in the future.
Unless we choose to subscribe to the mistruth that the United States relies on foreign markets, we will remain aware of our options should said foreign markets ignore us. ! We, despite being the 4th or 5th largest nation in the world, and having high debt, and carrying massive trade deficits, remain the largest economy and the largest market. China, with its 1.1 billion people (3x America), is still the second largest economy, and they are starting to cut back their economic engine because of internal issues.
For us to suffer from the loss of the dollar as a backing currency, we’d have to be down to the 3rd or 4th largest economy, and heavily invested in other markets, and wholly reliant on other markets for certain necessities, like food or fuel or technology. (We are still close to wholly reliant on foreign sources of anime and manga. And we are mostly reliant on China for lithium and a few other rare metals. And that’s it.)
This is what I see when I look at the past 10-20 years of our trade and economic issues. We have options that we refuse to acknowledge, because it is easier to listen to single-focus economists and doom-predictors and the corporate elite. And we, like most humans, panic easily when those feeding us their perspective hint at doom. And we calm down quickly when our favorite spokesperson changes the subject.
(It is AMAZING how quickly the people who were/are panicking stop panicking when the doomsayers mention “Oh, I had the timing wrong” or “Something else has come up.” You’d think those people were on electronic collars, plugged into their brains, wirelessly attached to remotes held by talking heads. It boggles my mind.)
If being the world’s reserve currency was such a good thing, we should be in great shape now-being the reserve currency has stretched us to the breaking point. Forget being the world’s currency and bring those dollars HOME-where they can circulate in the US economy. I do NOT need to stimulate CHINA’s economy!
Financial numbers reported today say the economy continues to grow. If we were in or on the verge of a recession, that would be negative.
That said, historically the last one to two years before a big crash, see the largest expansion and growth. We are in an environment where you must watch investments closely, even if it’s just a 401K. Invested wisely you can get a piece of that 2 to 3 X growth. Just be ready to get out when there is a problem.
If people listened to Schiff, they would have their money in cash and would have missed out on one of the biggest bull markets in history. Schiff is a proven false prophet.
I was just watching a Clint Eastwood interview from 1982. He related how during the Great Depression, people would knock on the door and not beg for money or a sandwich but instead would offer to chop wood and would geta sandwich for their work. It was likely a lard sandwich which could keep you alive. He said, “People are nt rugged individuals but expecting Big Daddy Givernment to help them today.”
That is what we are facing. We have mollycoddled folks who have never missed a meal or chopped wood who will think their skills in an office will somehow save them. Instead, some will become laborers and prostitutes.
Always the same with Schiff. He gets some things right and is horribly wrong on others. Prices cannot possibly rise if there is deflation and nobody has any money!~ But he won’t cop to the simple arguments.