This coming crisis will hit everyone in the wallet. Money manager Peter Schiff, who accurately predicted the 2008 financial crisis, can already see the writing on the wall – and he says everyone is going to get wiped out.
Schiff says that this time, gold will explode and the dollar will be wiped out. USA Watch Dog‘s Greg Hunter interviewed Schiff about the impending financial disaster we are facing. Almost ten years after the 2008 meltdown, Schiff had this to say:
“I predicted a lot more than just the stock market going down back then. I predicted the financial crisis, but more importantly, I predicted what the government would do as a result of the financial crisis and what the consequences of that would be because that’s where we’re headed. The real crash I wrote about in my most recent book is still coming. . . . This is the third gigantic bubble that the Fed has inflated, and when this one pops, it’s not going to be ‘the third time is a charm.’ It’s going to be ‘three strikes and you’re out.’ I think this bubble is too big to pop. I think it’s the mother of all bubbles, and when it bursts, there is not a bigger one that the Fed is going to be able to inflate to mask these problems, meaning we can’t kick the can down the road anymore.” –Peter Schiff
Schiff thinks it could get even worse too. It could go beyond just a financial crisis.
“I think the problem we are going to be confronted with is going to be much worse than a financial crisis. It is going to be a dollar crisis, and it is going to be a sovereign debt crisis where the bonds people are worried about are not some sub-prime mortgages. . . . It’s going to be the U.S. government that people are worried about and the solvency of the U.S. government and the Treasury bonds. If it’s a dollar crisis and people are worried about the dollar, the only thing worse than owning a dollar today is owning the promise of being paid in dollars in the future. I don’t think we have the courage to default and admit to our creditors that we don’t have the money and we can’t repay. I think we will create all the money that we need so we can pretend to repay, but what we end up doing is wiping out the debt with inflation.”
Inversely, Schiff says it is the same with the suppressed gold and silver markets.
“They can’t keep doing it, and it will end. It’s just like how much debt can we take on. It’s not an unlimited amount. We will know when we get there. How long can they keep the price of gold suppressed? We will know when we get there. At some point, the price is going to explode because there is real physical buying, and all that paper selling can’t camouflage that. . . . People don’t trust fiat currencies . . . . More and more people are looking for alternatives, and the real alternative is gold. When they embrace it, it’s going to overwhelm central banks’ ability to suppress the price. In the meantime, enjoy the gift that they are giving.”
Schiff also said no one knows when this is going to happen for sure, only that it will happen, and you are better off to be prepared in advance.
“A crisis rarely stops with a triggering event. The aftermath can spiral, having the capacity to cripple our normal ways of life. Because of this, it’s important to have a well-rounded approach to our preparedness efforts,” says Ready Nutrition author Tess Pennington in her book, The Prepper’s Blueprint.
It may be the time we all take a step back and consider the impact the government has had on what Schiff says will be the ultimate destruction of the dollar and prepare as best we can.
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Schiff is great. Sometimes his timing can be off, tho. Still, better to be a year too early in getting out than a day too late. Ask your grandparents who lost everything in 1929 about how that works!
Schiff will be right one day… Just not today….
Lets see 2017 minus 1929 = 88 years ago, and to be able to experience the 1929 crash you would need to have been about 15 years old, so 88 plus 15 means your grandparents would be 103 years old. How many of you know someone 103 years old with a sharp memory?
My mothers 93 and up till last year was shart as a tack. Went thru the depression, but was so poor she said they didn’t know the difference.
Schiff “accurately predicted the crash of 2008” because he makes the same prediction every year. Even a broken clock is right twice a day.
problem is its been 9-10 years. The year early only works if you’re still alive when the change happens lol
like peeta says know one knows when
Patriot Bob had an IRA
I’ll have enough to retire he’d say
With deffered taxes and all the rest
No one can touch my safety nest
He’d file his paperwork every year
Confident that he had no fear
Then one day it all went down
The economy crashed into the ground
The Govt. froze all assets
To cover all the banks bad bets
A paper trail led straight to Bob
Made it easy for them to rob
With nothing left he went to his shelf
Grabbed his gun and shot himself…
i like the happy ending on your poem?
Yep they told everyone right here on the mainstreet CBS news that you are not going to get what you think you are when it comes to social security and yet the dumbed down populace when told can understand what they were just told.
Here is the link.
Can you count on Social Security?
https://www.youtube.com/watch?v=zarAqJAjnhw&t=116s
we should just pay more, that will fix it
Ok….all you people that think the dollar is going to be worthless
please send to me and I will dispose of it for you.
All those countries holding trillions of dollars of U.S. money
will attack the banksters if they get stiffed…..likewise in this
country by anyone with savings in a bank.
Those in the “Money changing business” better drain their
own off shore accounts, and come up with tangible values
to pay off citizens bank accounts it they want to enjoy life. ?
There will be blood!!!
American people are tired of being screwed over
time and time again by the elite banker scum.
Dollar debt buys oil and that is the only reason people hold the turds ( overseas-here we don’t have a choice ). But the PetroDollar has been in decline for some time. When it crashes, the dollars you love now become TP. Oil has backed our dollar for forty years. Global Peak Conventional Oil was 2005. Unless you believe in Glittery Unicorn Farts like Fracking Oil, contracting oil means a doomed dollar.
Right , and Iran sure didnt balk at pallets of cash Obama dumped there !
The US is a damn sinking ship folks . . .
Sinking Ship? Hell yea, and it’s already left the surface and is nose diving to the deep dark depths at breakneck speed…
RUN FOR THE HILLS !!!!!!!
I strongly believe a crash will happen – when TPTB decide this ponzi scheme is no longer allowed with the Dollar.
I agree that people’s investments will be wiped out.
Some people are naive and some are not about the phony Market System.
Those that know it is bogus seem to not care – they say “look at my returns that I am getting back each month!”
They are thrilled that they are making great returns – they care not if the system is phony or not, they think they are going to end up be the winners when they are ready to retire.
Sad … but at the same time I can’t help but laugh at them.
P.S.
… also … there are those that say – “My stocks are safe, I put them in a Guaranteed Investment Fund.”
Then I say: “You actually believe in such a thing?”
The look on their face is beyond being dumbfounded and they start to question to themselves if they are doing the right thing.
In 2008 I was certain that they would’t make it this long; I was very wrong. Conventional wisdom would lean towards Peter Schiff and a host of others making the same prediction correct. The fact is however that all of this is far from conventional. One plus one ceased becoming two some time ago. I see all of this as alchemy not chemistry.
Kevin – my reaction was “not so fast Peter!!! If it crashes I’m not going to be wiped out. I’ve no debt; nor, do I play the market.” But, I’m with ya K2… I never thought this pin-the-tail-on-the-donkey game would last as long as it has either. Figured by now at least some balloon would be popped. You know the prepper mantra, right? “Two is one and one is none”? It ain’t mystical. The game is rigged to extract the maximum out of all of us before the curtain is brought down. Keeping putting up those beans, bandaids and bullets guys. Stay practiced, stay alert…. the world needs more ‘lerts’. Too, remember… ‘even a broken clock is right twice a day’. The problem as I see it is we’re now talking digital clocks is all. Just stuck on flashing 12:00….. still – it is bound to right sooner or later.
” I don’t think we have the courage to default and admit to our creditors that we don’t have the money and we can’t repay”.
Most of our debt is held by Americans, not foreigners. It is money we owe to social security, medicare, and various government bond holders. The Federal government owns lots of land, we voters will make them sell it, mine it, drill it, and clear cut it, to pay those debts regardless of what the ecologists want.
Rellik,good luck with selling those lands. Environmentalists will go to war if any of those lands are put up for sale. And who will get them? Corporations,not me,you,or anybody else
We have heard this over and over again. I Call B.S.
Sgt.
Holy Fook!
So whats first? will we starve to death or become little filth merchants standing on the corner panhandling?
First we sit on the deck at the cabin and have a drinky poo and say “I told you so” lol.
Oh hell yeah!
The money printing, borrowing and deficits can go on a lot longer than you (and Schiff) think. Yes, they will inflate the debt away, and destroy the value of the dollar over time….as has been happening for decades. This great Ponzi scheme has a ways to go, before it all comes down eventually. Just transfer your paper wealth to tangible hard assets over time, and relax.!!!!
Don’t know don’t care. No point in worring about things you cannot prevent. Prep for a stone age existence.
Since you live in Arkansas, you already know what a Stone Age existence is.
yep the Depression didn’t end here until the 60,s. We have a saying Thank God for Missisippi or we would be in last place in everything. In my region there are lots of caves.
Here’s MY stoneage existence ha ha ha…
https://www.youtube.com/watch?v=FqdTBDkUEEQ
AND…
https://www.youtube.com/watch?v=fEZGaLlLfcY
I just keep stacking. There’s something to be said for being debt-free.
You are correct sir.
Exchange the worthless paper for products that will provide you with some basis for barter.
Invest in your own skill set. Whether it is clothes making, chicken raising, tractor fixing, food growing (pretty important this one is), or hitting a quarter at 50′ with your .22, develop these and find like minded people that you will be able to pool resources and try to make it thorough the first winter. Don’t expect anyone to come to help you.
Pray often, rejoice always, keep your eyes open and watch your back.
I’ve heard Pete’s stories before. Snooze…
TPTB need to take Trump down. Either kill him or sink the economy and blame him.
Still trapped in your over priced house, strapped to high property taxes and little freedoms? And when the hoards start looting and raping, nobody will want to buy your house and in fear of your life you abandon it all and try to escape with your bugout bag on foot fleeing the cities as a lost refugee with no where to go as you think you can just go live in the woods. Come and try to live in my woods and harvest my game you will be shot, burried and never to be seen again. Hey Genius, toast with the drinky poo, we both told you so.
CSS – hey, I listen/read all of you. And each here and there has good ideas. Sometimes, not so good. It’s what makes for strength if this “S” does happen. I seriously doubt any of us here intend on coming to take from any other here. Sure as all not my plan. We all have our own families, our own strategies to survive. In the end, it’ll be luck, Provenance, individual skills, practice and all the rest that’ll show each of us just who made it through to the other side. I don’t delude myself thinking my way is the only way or the right way. It’s just my way. As is your’s. I know my learning is nowhere near over. As are all of the rest heres ways and need to keep learning are. What I’m saying is we all can gain info even from enemies, from those we disagree with most. If anything we can learn from poor examples, poor judgments and errors. But…. we must – absolutely must – not turn on one another. Only if certain common denominators are missing. Such as a real love of the USA for instance. Or the opposite, if one of us has some demon within that is wrecking their soul. Those are reasons for conflict. But carping, civil disagreements are just the state of the tensions we’re all feeling. Take care. Okay?
I agree with Crack I happen to own places in three counties. and they indeed look abandoned. But they are fenced. Posted with purple trespassing paint. And I will not tolerate tresspassers and thieves. If there is a SHTF WROL situation anyone I catch I will made certain they don’t do that no more times. The game and Resources on my land are for me & mine.
They are killing silver, it’s down over a dollar in the last three weeks. It’s approaching sale prices.
Gold is down too, but not like silver.
If your in the market, be ready to move soon.
I agree. Silver is in the $15 range. The last time I bought when silver was $13 / ounce. But $15 an ounce is still very, very cheap. I don’t know any asset you can buy that is so undervalued. None.
Right now AR prices are very low. Get’em while you can. It won’t be a piston AR but a DI one will do.
Peter Schiff and Ron Paul were screaming that there was going to be a “dollar crisis” in 2008. I made the mistake of believing them, and was hurt badly financially.
Sorry all you Gold bugs but this collapse will be so great your gold will end up being worthless. What you really need to buy is food, water/water filters, first aid supplies, batteries, firewood, lots of lighters and tons of toilet paper & survival supplies. But most important is lots of food and water/water filters as food will be the NEW GOLD in the future. Want to see a 2 pound bag of beans go for an ounce of gold? Stick around ‘it’s coming’ and then it will go to 2 pound bag of beans for 10 ounces of gold,
SO NOW WHAT IS YOUR GOLD WORTH???
Two pounds of Beans for an ounce of silver will only happen if no one has any beans.
Historically in total collapses and famines, precious metals do occasionally become worthless. It is incredibly rare and always short lived.
Right now in Venezuela gold doesn’t buy much food, cross a border from Venezuela and your gold will buy a boatload of food.
The old adage, you can’t eat gold, is immature and short sighted. On a site like this everyone knows that people need water, food and shelter first and foremost.
I was speaking with my broker and we discussed physical gold and silver holdings. I said I thought people should have enough physical gold to pay their taxes on their home during an economic crisis, for a year if possible. He said he never thought about it in those terms. After a few minutes he said, you should double thase holdings if possible. Yeah he’s a prepper too
Your gold may not buy beans because the beans don’t exist, but it could keep you in your home or pay rent elsewhere in an economic disaster. The homeless are the first to die in disasters and SHTF. I have seed for growing food, it would be nice to keep my land to grow it on, the shelter of my home and not join the homeless.
The native americans had no use for Gold. They where pretty much stone age. I have buckets that have steel traps, snares, candles, fire starting equipt, fishing stuff, first aid kit . vitamans , knife, a few canned goods ect. made up several and placed them in different hidden locations. I also filled as many LP tanks as I could and have them hidden. One of my places has a rusty LP tractor. setting on blocks tires flat. I have removed the magneto. I can reinstall the mag. Hook a 100 pound bottle to it and with the hand crank start it up. Then air up the tires with a spark plug air pump. LP never goes stale can run a vehicle. you can cook or heat with it. It will freeze anything you spray it on. It can run a refrigerator also.
Don’t forget the Locusts !!!
I agree with his take but like some others here feel gold will not be a useful hedge for the average person. Food, silver, ammo, seed stock and a small, paid-off small farm might prove far more useful along with items for barter such as tools, medicine, tobacco and booze, etc.