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Peter Schiff. the FED is promoting INFLATION!!!!!

 
Maguyver

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09/22/2010 06:07 PM

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Peter Schiff. the FED is promoting INFLATION!!!!!
[link to www.europac.net]




Last Edited by Maguyver on 09/22/2010 06:08 PM
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Maguyver (OP)

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09/22/2010 06:11 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
bump
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Anonymous Coward
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09/22/2010 06:16 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Well now! No fucking shit?

Got gold and silver?
Maguyver (OP)

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09/22/2010 06:19 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Well now! No fucking shit?

Got gold and silver?
 Quoting: Anonymous Coward 1106727


No wonder the spike in price! Unfrick'n believeable: these people.
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Anonymous Coward
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09/22/2010 06:20 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Well now! No fucking shit?

Got gold and silver?


No wonder the spike in price! Unfrick'n believeable: these people.
 Quoting: Maguyver


Agreed, but get ready for another beat-down in the PMs.

Which will be a mega buying opportunity for us "Long-Walkers".
Bullfrog

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09/22/2010 06:21 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Austrian economics is poised to ruin the dreams of keynes
Maguyver (OP)

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09/22/2010 06:21 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Thanks for da pin!
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Anonymous Coward
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09/22/2010 06:26 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
This is standard economics. Pay back debt with inflated dollars. Thus the transfer of real weath is limited.
Punk-A$$ets

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09/22/2010 06:26 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Naw...


...ya think?
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
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09/22/2010 06:28 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Austrian economics is poised to ruin the dreams of keynes
 Quoting: Bullfrog


Here is one possible scenario. When austerity is necessary to keep the ship afloat, Austrian economics will be touted as necessary and the necessary pain will be so excruciatingly bad I suspect the socialists and marxists will actually revolt. They tried getting the conservatives to revolt already, that isn't happening they are educating and fighting back in the political/educational arena. Once austerity begins and the pain is induced it will be far easier for the PTB to incite the socialist/marxists to revolution.
Punk-A$$ets

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09/22/2010 06:28 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Well now! No fucking shit?

Got gold and silver?


No wonder the spike in price! Unfrick'n believeable: these people.


Agreed, but get ready for another beat-down in the PMs.

Which will be a mega buying opportunity for us "Long-Walkers".
 Quoting: Anonymous Coward 1106727

Don't count on it...

I thought this too but it never came to pass. Just kept on riding higher. And at an AMAZINGLY steady rate.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
User ID: 1106965
United States
09/22/2010 06:29 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
I like Peter, but not sure he addressed the issue that these 'bond traders' are few and far between. The FED has been buying up the Treasuries because there are no customers out there. The yield is too low to attract investors, but the borrowing costs are also low and this does not add that much in interest to the national debt. Perhaps if we consider 'inflation' in terms of money velocity, which at this point in time is either 0 or negative, needs to speed up to grease the wheels of recovery. Fiat banking pre-supposes an ever-increasing money supply to keep the hot air balloon afloat and there is not enough oxygen in the system to sustain it any longer.
Andromeda

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09/22/2010 06:29 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
They have to, given that they've chosen to prop up banks and the faux value of mortgage-backed asset portfolios.
Andromeda

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09/22/2010 06:30 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
The rise in the price of gold this week is not just an increase of its value but the loss of value of the dollar is in there too.

FOMC meeting yesterday.

Last Edited by Andromeda on 09/22/2010 06:31 PM
FatalWishes

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09/22/2010 06:36 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
The rise in the price of gold this week is not just an increase of its value but the loss of value of the dollar is in there too.

FOMC meeting yesterday.
 Quoting: Andromeda


That is 100% accurate.
They should take the warning labels off of everything and let stupidity sort itself out.
Anonymous Coward
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09/22/2010 06:39 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Austrian economics is poised to ruin the dreams of keynes
 Quoting: Bullfrog


Truth always wins out, in the end!

It's usually a long and shitty battle, though!
Anonymous Coward
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09/22/2010 06:41 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Where is the M3 monetary aggregate?
How did you get all that gold that was in Ft. Knox?
What happened on Jekell island?
Guess what Bernakie Geithner and Co. you will have to answer one day for your actions, soon.
Anonymous Coward
User ID: 1106727
United Kingdom
09/22/2010 06:43 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
The rise in the price of gold this week is not just an increase of its value but the loss of value of the dollar is in there too.

FOMC meeting yesterday.
 Quoting: Andromeda


There will be the "blow-off", "melt-up" top, in the PMs, particularly silver, as happened in 1979-1980.

The PMs leapt well-ahead of the inflationary "dollar" over that one-year period.

PM investors who are on the ball, and frosty, will make out like bandits, in REAL terms!
Anonymous Coward
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09/22/2010 06:46 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
WARNING! What ever they say, the opposite is what to expect!

If they are promoting Inflation, expect deflation.

They want to sucker people into massive quantities of metals before they pull the rug out!
Anonymous Coward
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09/22/2010 06:47 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
DUH!!!!!!! Seriously whats new Peter! Of course the fed wants to inflate, it would solve a lot of their problems and the treasuries also, by inflating away the debt they ow? Did I say they? Sorry i mean we, the tax payers owe.

They could care less that gas hits $10 a gallon or bread $20 a loaf. Just as long as inflation gets them out of trouble.
Anonymous Coward
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09/22/2010 06:52 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Well now! No fucking shit?

Got gold and silver?


No wonder the spike in price! Unfrick'n believeable: these people.


Agreed, but get ready for another beat-down in the PMs.

Which will be a mega buying opportunity for us "Long-Walkers".

Don't count on it...

I thought this too but it never came to pass. Just kept on riding higher. And at an AMAZINGLY steady rate.
 Quoting: Punk-A$$ets


I've probably been holding onto PM investments longer than you have, sonny-jim!
Anonymous Coward
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09/22/2010 06:53 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
WARNING! What ever they say, the opposite is what to expect!

If they are promoting Inflation, expect deflation.

They want to sucker people into massive quantities of metals before they pull the rug out!
 Quoting: Anonymous Coward 1090353


What "rug" are they going to pull out.

Feel free to elaborate.
Know it all's better half

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09/22/2010 06:57 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Yes, the dollar is going to lose it's AAA status, but can't they set a gold price with a simple signature?
Punk-A$$ets

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09/22/2010 07:04 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Yes, the dollar is going to lose it's AAA status, but can't they set a gold price with a simple signature?
 Quoting: Know it all's better half

A worldwide price?
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
User ID: 1106727
United Kingdom
09/22/2010 07:05 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Yes, the dollar is going to lose it's AAA status, but can't they set a gold price with a simple signature?
 Quoting: Know it all's better half


Here's the thing.

The US Treasury values its gold holdings at $42.22/Toz.

And we are expected to believe that it holds over 8 thousand tonnes of .999 gold, in its vaults.

Although, there has never been an objective audit of this holding, since Eisenhower's Presidency.

Ron Paul is trying to put a Bill though Congress that will enable an objective audit, but I would suggest that you don't hold your breath.
Anonymous Coward
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09/22/2010 07:06 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Of course they are. They said they were concerned avout the lack of inflation.

Deflation can be just as or even more dangerous.
FatalWishes

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09/22/2010 07:07 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Ron Paul is trying to put a Bill though Congress that will enable an objective audit, but I would suggest that you don't hold your breath.
 Quoting: Anonymous Coward 1106727



They should take the warning labels off of everything and let stupidity sort itself out.
Know it all's better half

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09/22/2010 07:08 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
WARNING! What ever they say, the opposite is what to expect!

If they are promoting Inflation, expect deflation.

They want to sucker people into massive quantities of metals before they pull the rug out!


What "rug" are they going to pull out.

Feel free to elaborate.
 Quoting: Anonymous Coward 1106727


We will see a repeat of history except that the U.S. dollar will no longer be king. They will implement the world currency as planned back then and them a set price for gold will be established to prevent it's rise. Currency exchange rates will be locked into a narrow band.

[link to en.wikipedia.org]

Fixed exchange rates
The rules of Bretton Woods, set forth in the articles of agreement of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provided for a system of fixed exchange rates. The rules further sought to encourage an open system by committing members to the convertibility of their respective currencies into other currencies and to free trade.

What emerged was the "pegged rate" currency regime. Members were required to establish a parity of their national currencies in terms of gold (a "peg") and to maintain exchange rates within plus or minus 1% of parity (a "band") by intervening in their foreign exchange markets (that is, buying or selling foreign money).

In theory the reserve currency would be the bancor (a World Currency Unit that was never implemented), suggested by John Maynard Keynes; however, the United States objected and their request was granted, making the "reserve currency" the U.S. dollar.

This meant that other countries would peg their currencies to the U.S. dollar, and—once convertibility was restored—would buy and sell U.S. dollars to keep market exchange rates within plus or minus 1% of parity. Thus, the U.S. dollar took over the role that gold had played under the gold standard in the international financial system. (Rogue Nation, 2003, Clyde Prestowitz)

Meanwhile, to bolster faith in the dollar, the U.S. agreed separately to link the dollar to gold at the rate of $35 per ounce of gold. At this rate, foreign governments and central banks were able to exchange dollars for gold. Bretton Woods established a system of payments based on the dollar, in which all currencies were defined in relation to the dollar, itself convertible into gold, and above all, "as good as gold". The U.S. currency was now effectively the world currency, the standard to which every other currency was pegged. As the world's key currency, most international transactions were denominated in US dollars.
Burt Gummer

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09/22/2010 07:11 PM

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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
DUH!!!!!!! Seriously whats new Peter! Of course the fed wants to inflate, it would solve a lot of their problems and the treasuries also, by inflating away the debt they ow? Did I say they? Sorry i mean we, the tax payers owe.

They could care less that gas hits $10 a gallon or bread $20 a loaf. Just as long as inflation gets them out of trouble.
 Quoting: Anonymous Coward 1050726


That will only be the half of it.

You will have no job and therefore that $10 of gas or $20 of bread might as well be $1000 or more....it would be unattainable.

Just think what is going to happen to the economy with $9-$10 a gallon fuel prices.

hopechg
Anonymous Coward
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09/22/2010 07:19 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
WARNING! What ever they say, the opposite is what to expect!

If they are promoting Inflation, expect deflation.

They want to sucker people into massive quantities of metals before they pull the rug out!


What "rug" are they going to pull out.

Feel free to elaborate.


We will see a repeat of history except that the U.S. dollar will no longer be king. They will implement the world currency as planned back then and them a set price for gold will be established to prevent it's rise. Currency exchange rates will be locked into a narrow band.

[link to en.wikipedia.org]

Fixed exchange rates
The rules of Bretton Woods, set forth in the articles of agreement of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provided for a system of fixed exchange rates. The rules further sought to encourage an open system by committing members to the convertibility of their respective currencies into other currencies and to free trade.

What emerged was the "pegged rate" currency regime. Members were required to establish a parity of their national currencies in terms of gold (a "peg") and to maintain exchange rates within plus or minus 1% of parity (a "band") by intervening in their foreign exchange markets (that is, buying or selling foreign money).

In theory the reserve currency would be the bancor (a World Currency Unit that was never implemented), suggested by John Maynard Keynes; however, the United States objected and their request was granted, making the "reserve currency" the U.S. dollar.

This meant that other countries would peg their currencies to the U.S. dollar, and—once convertibility was restored—would buy and sell U.S. dollars to keep market exchange rates within plus or minus 1% of parity. Thus, the U.S. dollar took over the role that gold had played under the gold standard in the international financial system. (Rogue Nation, 2003, Clyde Prestowitz)

Meanwhile, to bolster faith in the dollar, the U.S. agreed separately to link the dollar to gold at the rate of $35 per ounce of gold. At this rate, foreign governments and central banks were able to exchange dollars for gold. Bretton Woods established a system of payments based on the dollar, in which all currencies were defined in relation to the dollar, itself convertible into gold, and above all, "as good as gold". The U.S. currency was now effectively the world currency, the standard to which every other currency was pegged. As the world's key currency, most international transactions were denominated in US dollars.
 Quoting: Know it all's better half


That is a good synopsis but it doesn't address the real problem. The real problem is that global trade blossomed during the mid 1800's to the late 1800's based on bills of credit that matured into gold. This fostered a stable international trade and the bills of credit appreciated, maturing into gold at the term of the bill. Using this method of appreciation, usually 90 days, labor could be paid upon maturation of the bill.

However, the banks wanted an elastic currency that they could inflate to their advantage thus their attempts to establish a central bank in every country and establish legal tender laws in each country that mandated use of their fiat currency. What this did was set a depreciating bill of credit since that bill is now based on debt, the value of which over maturation depreciates.
Anonymous Coward
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09/22/2010 07:37 PM
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Re: Peter Schiff. the FED is promoting INFLATION!!!!!
Fed wants prices to rise faster. Inflation is too low for its mandate????

What about Social Security – if you will be retiring in a year or so and you see you are to get maybe $1,500 - $2,000 a month?

What about if you are expecting a Pension from your company when you retire of approximately $1,500 a month.

If we hit a depression, those monthly amounts might make you rich.


Could that be why they want to keep inflation??

People’s stock markets would collapse in a depression, but the pension and social security are a fixed amount.