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Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*

 
Anonymous Coward
User ID: 19921627
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07/18/2012 01:04 PM
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Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
[link to finance.yahoo.com]

According to CEO and Chief Global Strategist of Euro Pacific Capital Peter Schiff, the U.S. economy is heading for an economic crash that will make 2008 look like a walk in the park. Stimulus programs can delay this day of reckoning, but only for so long and only at the expense of making the eventual meltdown much, much worse.

Schiff, who famously warned investors about the housing and financial crisis in his 2007 book Crash Proof, says the Fed's palliative efforts during the housing meltdown have made the next crisis inevitable.

"We've got a much bigger collapse coming, and not just of the markets but of the economy," Schiff says in the attached clip. "It's like what you're seeing in Europe right now, only worse."

In this nightmare scenario detailed in The Real Crash: America's Coming Bankruptcy, the current economic pause is actually the beginning of a material slowdown or recession into year end. At that point, the Federal Reserve will unleash a third round of Quantitative Easing — weakening the dollar without jump-starting the economy. As a result of dollar weakness, import prices rise, pressing the margins of corporate America. Lower margins lead to heavy layoffs, sending millions of workers into unemployment during a time when they can least afford it. Banks fail, housing collapses, and taxes are raised in a futile effort to give the tapped-out government the capital to try yet more futile stimulus.

"That's when it really is going to get interesting, because that's when we hit our real fiscal cliff, when we're going to have to slash — and I mean slash — government spending," says Schiff.
Anonymous Coward (OP)
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07/18/2012 01:16 PM
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Re: Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
bump 4 ahhh explosion abomb ahhh doomsol alone
FierySky

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07/18/2012 01:28 PM
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Re: Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
pnysoon
Rowsdower '12
oh, the doomanity!

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07/18/2012 01:58 PM

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Re: Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
shark
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07/18/2012 02:01 PM
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Re: Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
the comments are sheepish
Anonymous Coward
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07/18/2012 06:51 PM
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Re: Peter Schiff makes it on Yahoo front page! US Economy WILL COLLAPSE *video*
Peter says this shit everyday. He always thinks it's right around the corner. He does this so that when it does actually happen he can say he predicted it, which is bullshit. Of course the economy will collapse but Peter doesn't know exactly when that will happen. It's only speculation. The elites are the ones dragging everything out and extending it. It may be a few years until everything is in full effect, but it might also be tomorrow. You just never really know.

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