My Mortgage Bankers Speech from Nov 13th 2006 is now in one video clip. I gave this presentation at the the Western Regional Mortgage Bankers Conference in Las Vegas. There were over 2,000 mortgage bankers in attendance. I also made similar comments when I addressed this conference a year earlier in 2005 at the height of the real estate bubble. For those people who said no one saw it coming, this presentation is a real eye opener. Let's see if we can get this clip to go viral.
Thanks to a YouTuber called "csabasand" here is a full transcript:http://www.csaba.se/2009/09/26/peter-schiff-mortgage-bankers-speech-2006-complete-transcript
Category: News & Politics
A thought,
ReplyDeleteWhat will the new currency be after America has destroyed its fiat currency? Maybe Gold. And maybe the Federal Reserve (our favouraite organisation) has, over the years, accumulated a HUGE amount of it. For all we know they could have secret stores of the stuff, hidden from market awareness, that they have been buying up (and maybe secretly digging up...out of the ground) for years. What would stop them from doing as such, if they wanted to?
And maybe after the collapse of the dollar and likewise inflation of Gold, the Federal Reserve (as I private organisation) will use their Gold to buy up all those productive industrial stocks in China, and elsewhere: and they could do so because they have all the Gold in terms of relative monetary dominance*
So America will write off all its debt via the ruined dollar. And China will honour these monetary games because if they don't, the New American Federal Reserve Fascist Emipre will use its all-power military industrial complex to put those China boys in their place (Let's not forget where power ultimately resides). And it will all be "technically justified". I mean hey, who's got the Gold? (and that 'technical justification' will ensure that the American public supports the wealth grab...not to mention that they will soon be too desperate to not support it).
I would not be surprised if the Fed' is one step ahead of us. They could only too easily already have both hands firmly on both financial worlds: the present Fiat-based world, and the future Gold-based world. America may not finally go down as we logically predict, it may only be changing its monetary position into an even greater internationally-dominant role. And as I have said, possibly positioning itself to take over China's industrial base (by buying it up) . Is it a total fantasy to suggest that China could, one day, be America's virtual slave nation?
Food for thought? I think it's a possibility worth keeping in the back of our minds.
Andrew
*And relative dominance is what counts. Dont forget that Gold is still abstract value. Digging up gold "out of nothing" is ultimately the same as printing more fiat money "out of nothing". Just like with fiat money, gold can ultimately be debased with progressive new extraction. Maybe Peter Schiff has not got it 100% right? Maybe the safest long-term place to stick your wealth is not in Gold, but real assets. Who knows what the Fed' is going to pull out of the bag in the future. They've gotta be planning something!