Just like the financial crisis of 2008 which investor Peter Schiff accurately predicted, there are warning signs again that are being ignored. “We are seeing a lot of warning signs people should be worried about, but again they’re dismissing them, much the way they did 10 years ago,” Shiff said.
Schiff is known for his “doom and gloom” market predictions, yet he’s been spot on in the past. And our current debt-based system is unsustainable to the point that a severe global economic crisis is imminent – we just don’t know when the global bubble will burst. Once again, Schiff is trying to warn people, because the signs are there, but who’s listening?
“We’re seeing a lot of warning signs people should be worried about, but again they’re dismissing them, much the way they did 10 years ago. You know, we’re getting close to the 10-year anniversary of the 2008 financial crisis. Remember, the whole thing started in August of 2008. Here we are August 2018, 10 years later. I think we’re heading for an even bigger crisis and the same people are even more clueless.” –Peter Schiff
A big problem that could compound the next financial crisis is one Schiff continues to point out: Americans are flat broke. Wages have been stagnant especially in the face of inflation. Rising interest rates will also harm those already living paycheck to paycheck. There are a lot of people buying stuff on credit. In fact, the entire economy is built on working-class debt and a system which transfers wealth to the elites from the workers.
Schiff is hard on Donald Trump too, and rightfully so. Lower taxes are always a good thing, the lower the better, in fact. But Republicans refused to cut any government spending while instead, increasing it to the point of running massive deficits, making them worse than Democrats when it comes to being fiscally conservative. The cold truth is that a back plan is needed, and most Americans don’t have that. Many would be in some serious trouble during a financial downturn, and the country is most definitely headed that way. -SHTFPlan
“Real wages, despite the 2.7% increase, real wages are actually down during that year. In fact, this is the biggest drop in real wages in six years. Now to hear Donald Trump talk, or anybody else talk, real wages are soaring, right? Everybody is getting a raise. They’re not. Inflation – consumer prices are rising faster than wages,” Schiff said in his recent podcast on the subject of the state of the economy.
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1) Schiff hasn’t been “spot on” very often. He’s been predicting this financial crisis since the last one, always saying it’s “just around the corner”. Of course he will be right eventually, but he’s been playing Cassandra daily for 10 years now.
2) The Repubs absolutely ARE worse than the Dems often on financial stuff. They always get around to tax cuts, which is good, but when cutting taxes they should cut spending at least twice or three times as much. Until they sack up and do that, they are gutless slimes who want to have it both ways.
They only know one rule: “Get more money.”
And the money they get is not theirs.
It leads to rampant spending and ends in poverty, but not for them.
If only they had the integrity to spend less. They would have to tell people, “No. You can’t have that.”
But it would turn out better for us.
We need a contitutional ammendment for a Zero based economic system
If Schiff keeps predicting the same thing long enough, eventually he’ll be right. Everything goes through repeating cycles.
Schiff was right one time in a row, I guess that makes him “spot on”.
A stopped clock is right twice a day.
Peter, Paul and Mary – If I Had A Hammer (1963 performance)
https://www.youtube.com/watch?v=XxWTDcP9Y5E
Imagine one day Trump gets out of bed and decides to take the bull by the horns and turn this economy around. What would it take? I’m no economist like Schiff. Schiff, who is he. Someone told me he is the grandson of Adam Schiff of New York, one of the richest men in the world; who sent 20 million dollars and a man named Trosky to Russia to murder the Czar and create a Communist coo.
But I digress.
Trump could do what? Stop welfare? No food stamps? A drop in the bucket financially. But think of the social ramifications. All hell would break loose. The negroes would riot and burn down cities. White people get welfare, too. Would these people riot?
So, what if police were allowed to actually stop the riots with tear gas and fire hoses?
What if rioters who set fires went to prison for arson and served twenty years.
What if the migrants with or without documentation started self deporting.
And what if we started putting criminals like the creators of the mortgage crisis in prison with the arsonists, because these rich SOB thieves are rich on swindled money.
And what if asset forfeiture applied to these rich thieves, and banksters the way it does to poor criminals.
After all, we’re all equal. Aren’t we???
_
BOA,
Democrats are more equal than others and don’t you FORGET that!
fraid not BfromCA.
Peter Schiff’s father was an American hero to all libertarians and sovereigns.
Irwin Schiff was a tax protester who was imprisoned by the IRS at age 87 and died in prison.
What have YOU done to stand up for your beliefs?
I meant Jacob not Adam.
_
Interesting info JRS.
Thank you.
_
Meh!
How to fix the American economy?
1. Ban all international trade.
2. Become isolationist. Halt economic and military aid.
3. Halt all military expenditures unless they are for domestic use
4. All products and services and natural resources are only purchased domestically and sold domestically.
5. Slow intentional debt forgiveness in stages.
6. Only offer technical assistance IF it demonstrably serves US interests.
7. Heavily invest in scientific research into new energy sources.
8. Promote ancestral skills in grade, middle, and high school.
9. Patients are checked quarterly and when they are medically compliant with weight, blood pressure, and medicine for physical ailments, then lower their healthcare premiums.
10. Promote a national calisthenics program for all as an initiative to reduce healthcare costs and when annual benchmarks are achieved, lower healthcare costs.
11. Close the Department of Education and offer education vouchers. Slowly end all public schools including universities.
12. Halt all guaranteed student loans. Require all universities to publish their rate of getting employment for students as a condition of staying open.
13. Make national infrastructure our primary goal as we have bridges that are failing.
14. Force universities to comply with nondiscrimination against Christian and conservative academia.
15. End marriage licenses as they are unconstitutional.
16. Promote a new national homestead program. After demonstable goals like a home and a working farm are complete, after seven years, the deed officially passes to the new owners.
17. Treat vocational training in high school the same as standard academic courses.
18. Stop all fractional reserve lending.
19. Balance the federal budget and fire excess workers.
20. Promote tax writeoffs for businesses who loan to workers by subtracting from paychecks at the pre-tax level.
21. Just as a deposit on new rural electric programs are used to keep the program going, use the same principle to repair troubled utilities especially clean water.
22. Offer full paid scholarships to engineering students who develop innovative ways to save money in industry through practical means. Promote the actual not the theoretical.
23. Offer microloans of less than $1,000 in agriculture emulating the Heifer Project who is world renown at this. The successful ones help by donating time in determining loan beneficiaries.
24. Teach appliance repair in high school. Have the kids sell their repaired items to consumers.
Marana,
Your list reminds me of the Chinese Cultural revolution.
I like items 7( makes sense), 11( I went to private universities), & 15( marriage is a contract between a man, woman, and God, anything else is a civil contract).
1,2,& and 3 are crazy and invite war.
4 is very good idea but you neglected to eliminate the EPA which is why we can’t do what used to be the case in America.
The rest are good ideas, except it requires tyranny to enforce.
It is NOT the responsibility of the USA republic to be policemen for the free world. That is a dated irrelevant paradigm and to be frank, the USA has zero allies.
I wholeheartedly agree with ending the EPA.
The problem though is I like the national parks and forests as well as the state park system. Enlightened people should care for the land but business often pollutes like mines and effulent. Somehow there has to be checks and balances, I guess through state legislatures? And there is nothing in the Constitution granting the government authority to oversee national parks.
Mara,
I agree on state parks. We disagree on National forests and parks.
Letting Liberals from New York city, Los Angeles, Chicago et al. decide how to use, for example Tongass Natl forest(AK) is offensive.
When Mt St Helens blew billions of board feet of wood was wasted due to City Democrats “feelings”.
In 1987 I bought 5 acres of land that had been clear cut. It was like a desert. When I sold it in 2000 there were over a thousand trees 20 to 40 feet high of a variety of species, Cedar, Fir, Alder, and Vine maple. I did not get ANY government help.
Maybe I’m special but I lived( and still live) in a rural environment and know nature is very resilient. I believe in conserve not preserve.
Schiff must live in a constant state of anxiety and grief.
All of these “anaylysts” would do well to get out of any financial speculation and begin leading a normal life.
Every single day – the threat!!!!! For years and years, Yes it may happen soon, maybe not. Assuredly, they and absolutely no computer can know, with any true measure of certainty, the day or hour nuch less the minute.
Quit following mammon; it is an elusive idol.
“Peter Schiff: ‘We Are Seeing A Lot Of Warning Signs’ Of A Financial Crisis”
Which of course, the imbecile left will forgo any kind of critical thought or reality to scream it’s all Trump’s fault.
The imebcile left does no thinking beyond
‘republican in office = republican policies that did it’
this man is still talking, giving advices.
wish I never knew him, and never bought Gold years back, still holding the bag of onion, 🙂
Gold is way down, us$ up and running with its huge deficit. and Trump imposing economic-sanctions left right and center lol
crazy world
Why are EBT cards needed for 41 million Americans? What is the genuine problem? The dollar has halved in value since 1990 and wages have not kept up. People get the idea that $35,000 is somehow middle class and therefore it’s not soundly based on logic. Everything is so much more expensive that efrectively a husband and wife are earning less combined than a husband would have made in 1990.
So poverty is genuine. If that family’s median income is $55,000, due to inflation, they actually have the spending power of $27,500.
This is the actual problem. This is why 67% of Americans don’t have $1,000 in the bank, and even if they did, that’s effectively only worth $500. Which is nothing!
A system like that is almost worthless and apt to collapse because an economy so lean means that in a month’s time, if a hsband or wife loses their job, they can’t pay their bills, and when the second moth comes, they are evicted. Because they have nearly nothing in savings.
This is extremely unstable and the most like SHTF scenario.
Why do you think the US federal givernment employees started getting armed and bought billions of rounds of ammunition? It’s so unstable that it’s a powderkeg.
It’s actually shocking that a revolution against the globalists and neocons has not started because were this 1776, it would have!
The feds can not just stop the EBT cards, because the people would revolt. Are there people abusing the system over a generation? Yes, but the real FRAUD is business owners manipulating the claims against the government by inflating sales on EBT cards. The former is a small number versus a large number in the latter.
The federal givernment could HALVE the cost of the EBT purchases by offering dehydrated food largely bought from farmers to boost their money as tariffs are going to hurt their income. Similarly, the federal government could buy meat directly from the farmers for the same reason. And the people would eat healthier.
Otherwise the primary beneficiary of the EBT program is Walmart. What Walmart does is pay a very low wage to their employees and this causes a large portion of them to actually to shop at Walmart and the same folks are using EBT themselves. In other words, the American taxpayer is supporting unsound business practices by subsidizing Walmart!
Now, I think halving the EBT budget but still feeding impoverished Americans to prevent rioting is a major accomplishment.
President Trump’s economic policies are buoying optimism in the business world and it’s been so effective that even African American unemployment has fallen to its lowest level. That is reducing who uses EBT cards.
The states have altered who gets EBT bemefits by insisting they must work in some manner even if it’s only volunteering. And that has reduced millions from the EBT roles.
But the genuine problem is Free Trade destroyed the industrial base through international slave labor that we cannot realistically compete against. The real problem began when the federal government in WW2 encouraged all women to work which doubled our labor pool. When there is a glut of workers, wages fall, which is basic economics. The real problem is massive infation caused by deficit spending which lowers the value og the dollar and the worst offender was OBUMMER. The real problem are megacorporations who use offshore labor like drug companies who end up having pharmaceuticals made in China and shipped to America to be packaged as that dramatically lowers labor costs by cutting American jobs.
These are the real problems and they are not going away. And it’s so bad and pervasive that a 31% of Millennials live with mommy and daddy. That is not sustainable but indicative of an imploding American economy.
I suspect that the reason revolution has not yet happened is it’s slow as molasses and so these new normals creep so slowly people are being boiled like the proverbial frogs.
But the federal government and the elite globalists and neocons fully expect systemic collapse. What will touch it off is obviously loss of basic necessities like FOOD and clean water.
And the leftist media and social media has the ear of the American public. Flash mobs prove how easily a riot could start. Antifa, BAMN, and BLM prove that there are folks just ready to riot as well.
I always buzz through most of the comments looking for a reply from Sgt. Dale. In my opinion he would be someone to go through a firestorm with. He has a lot of common sense in all of the speculations out there of one disaster after another coming our way in just the next 5 minutes. Good grief. Its all coming, but only God knows when. No human being has a clue when. Thank goodness.
🙂 true, no body knows!
peter talk sense, lots of it, but that is not enough to know which way things are going. we live in a world that is being influenced, controlled by some few people, some time sitting behind their computer!!!
if the US deficit is some where else than the US, they would have been toast by now, but No, and trump acting like a super powerful man, ya ya ya economically too, lol:).
Push come to shove, during the Civil War when effectively thrown off their land by war by actual soldiers and irregular militia, our ancestors FLED west to homestead. And since they knew ancestral skills, they could scratch out a living. But what is not commonly known is two thirds failed to make it seven years, so they didn’t get the deed. And it was rough to make it starting literally nothing but backbone and gumption. Imagine building a log cabin and raising animals and crops after clearing the land and removing stones…then walking away with nothing.
And that only worked from 1860-1885 or so.
Next the Great Depression came and again sharecroppers from the South and farmers from the failed Dust Bowl region FLED and found work generally as migrant workers in the West. They made it by living in shanty town shacks made from cast off garbage. And grew gardens. And when lucky and scratched together some money, bought a goat and raised some rabbits and some chickens. You were wealthy if you had a pig because they turned worthless scrap into meat.
Now people today would just quit and die because they wouldn’t last two weeks without food.
If anyone watched the Alone series, the finale was shocking because it wasn’t the strongest and the one with the best ancestral skills, but the one who just wouldn’t quit because it was the only way his wife would have a home and drive a dependable car. He was smart and loaded up body fat and then STARVED for two months and ate very little but an occasional mouse having 35 calories and when butchered and cleaned. He was the worst fisherman. In many ways…inept and plumb goofy.
But he just…wouldn’t…quit. You got to admire TENACITY. How many people are willing to suffer and onlh barely eating for two months? Now what he had was about four days of food rations and he stretched it out. And built a crazy poorly insulated cabin and daily had to gather firewood and water.
He knew just enough and had failed one time prior and was NOT going to fail again. And now, he’s $250,000 richer after taxes.
Typically the one who wins is a spiritual person. The first three are openly declared devout Christians. It gives you an edge.
When you get down to starvation and are daily suffering, if you don’t have faith in Jesus Christ, you probably will just quit.