“As far as I’m concerned, the U.S. has already lost its AAA rated status,” said Schiff. we have been paying our debt by printing money..., The dollar is going to fall like a rock said Peter Schiff this morning on CNBC ,sell US Stocks , sell US bonds sell your dollars, buy gold buy silver and go overseas before the hyperinflation hits said Peter schiff...
Ron Shah, of Jina Ventures, and Peter Schiff, of Euro Pacific Capital, discuss the dollar and re-emerging markets.
The American dollar kept falling Friday, notching fresh multi-month lows against the loonie, euro and pound over concerns that the massive U.S. deficit may drag down the country's credit rating. BMO Capital Markets deputy chief economist Doug Porter said the sudden intense focus on the U.S. credit rating - following a warning that Britain's rating is in doubt because of its government's heavy debt - has driven the greenback to its low for the year "As well, the dollar is also rapidly losing its safe-haven appeal, as global credit markets continue to gradually heal, and investors become ever more confident that the worst case scenario for the global economy has been averted," Porter wrote in a note to clients.
PETER SCHIFF
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I really want to slap that woman
ReplyDeleteI think it is possible that Schiff is correct about hyperinflation, but I don't think so. At least not the 'hyper' part. Inflation, even steep inflation, sure. But the unrelenting deflation is still larger than even the 10T of fiat emission committed to the crisis. Remember that was a 70T pool of money sloshing around the world in the early 2000's looking for any subprime shady deal to pour itself into, and it will all have to come unwound. Further, as the US is in danger of losing its creditworthiness and bond yields continue to rise, sovereign default itself is on the table--but even this isn't ipso facto proof of inevitable hyperinflation, because any sovereign default reorganization for the benefit of the creditors will itself involve massive cramdown, and this will destroy a huge portion of extant fiat.
ReplyDeleteSo to recap, I agree with Schiff that it's wise to get out of the USD, I agree with Schiff that gold and silver are wise investments (physical gold please, not paper), and I agree with Schiff that we will see inflation--perhaps high inflation--in the future, but only in SOME sectors. Where I disagree with Schiff is thinking that the deflation is anything close to completed. Remember, Schiff was correct on his bubble-bursting predictions of 2006, but he still lost his customers a hell of a lot of money in the last 18 months. Your mileage may vary.
Finally, my prognosis: If you want a simple one sentence view of your economic future, here it is: Inflation in the things you need; Deflation in the things you don't. We suffer overcapacity in everything but food and energy and perhaps medicine. These will rise painfully high in cost. Cars, DVDs, boats, houses, fashion clothing, neon dog collars... all these things will continue to deflate, taking your job with it if you work in those industries.
Remember: Inflation in everything you need; Deflation in everything you don't.
His "faith" is in a sinking ship. Dollars will be scrap paper.
ReplyDeleteI just would like to ask Mr Celente When will America be at its worse?
ReplyDeleteIs it by the end of the year?
Or the beginning of next year?
Thank you very much
Elizabeth Wensjoe