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Peter Schiff: Everybody Is Preparing for Wrong Outcome in US Economy
FOR MORE NEWS BY VOICE OF REASON CLICK HERE!
In the video below, Peter Schiff gives his version of an, “I told you so,” on the issue of Fed rate hikes, and I don’t blame him. I’ve also said all along there was no chance the Fed would raise rates. How could they? PLEASE! If you recall, in the beginning of the year there were two camps of economists, the ones who thought the Fed would raise rates in March, and those who said they would raise rates in June. BOTH positions were LUDICROUS, just as anyone who thinks there is a snowball’s chance in hell the Fed will raise rates ANYTIME soon are not only wrong, they are DEAD WRONG! Did anyone notice what happened to the artificially inflated stock market when there was even a suspicion the Fed MIGHT raise rates? The stock market dropped 1700 points in 8 days. Sadly, I know plenty of people who have changed their financial positions in a material way (and to their own detriment) in anticipation of a Fed rate hike, and it’s mind boggling. Personally, I SOLD a home while the getting was good, and there was still a huge pool of ignorant morons thinking we are in a recovery, and yes, it sold for an overinflated price that in a year will be inconceivable how I got that much for it.
As Peter very accurately points out in the video, there has been NO recovery. All the gains people have seen in real estate or their stock portfolios have been artificial. Temporary bubbles have been created in both markets as a result of the loose monetary policy of the Fed, which has resulted in the APPEARANCE of a recovery within both the stock market and the real estate market. Once those bubbles pop, and they will, the Obama presidency will have nothing to show for doubling the nations debt since the country was founded taking the national debt from $10 TRILLION to $20 TRILLION dollars in only eight years, but the economy he will leave behind will be WORSE than the one he inherited in 2008. Watch the video for more of what to expect in coming months…
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Regarding the 2,200 Points the Market Has Already Lost in 2015, Michael Snyder writes:
Those that watched their stocks steadily increase in value for years are now seeing all of that “wealth” disappear at a staggering pace. The only way you actually make money in the stock market is if you get out in time, and many Americans are discovering that all or most of their gains have already been wiped out. At this point, the Dow Jones Industrial Average has dipped below where it was at the end of the 2013 calendar year. That means that nearly two years of gains have already been obliterated. On Friday, the Dow was down another 272 points, and it is now down more than 2200 points from the peak of the market back in May. For months, I have been detailing how things were setting up for this kind of financial crash in textbook fashion, and now events are playing out just as I warned. But this is just the beginning – what is coming next is going to shock the world.
We have already seen the 8th largest and 10th largest single day stock market crashes in all of U.S. history happen within the past few weeks. In fact, it was actually the very first time that we have ever seen the Dow fall by more than 500 points on consecutive trading days.
On August 25th, I warned that there would be some huge rebound days where we would see lots of “panic buying”, and on August 26th we witnessed the 3rd largest single day stock market increase in all of U.S. history.
Headlines all over America trumpeted the “fact” that the stock market had “recovered”, but the mainstream media failed to mention that the only two better days for the stock market were right in the middle of the stock market crash of 2008.
In this article, I explained that this is exactly the type of market behavior that we expect to see during a full-blown market meltdown. There are going to be even more violent swings in the market in the weeks ahead, but the general direction will be down.
Friday was definitely another down day. The following is how Zero Hedge summarized the carnage…
Dow Industrials lowest weekly close since April 2014
Dow Transports lowest weekly close since May 2014
S&P 500 lowest weekly close since Oct 2014’s Bullard lows
Nikkei dumped over 7% this week – worst week since April 2014
Utilities collapsed 5.1% this week – worst week since March 2009
Financials lowest weekly close since Oct 2014’s Bullard lows
Biotechs lowest weekly close since Feb 2015
Investment Grade Corporate Bond Spreads worst since June 2013
Treasury Curve (2s30s) flattened 6bps today – biggest drop in 2 weeks.
JPY strengthened 2.4% on week against the USD – strongest week since August 2013 (up 4.5% in 3 weeks) – major carry unwind!all
I wish I could tell you that things are going to get better, but I can’t do that. There are some giant financial bubbles that are starting to unwind, and this process is going to take time to fully unfold.
And this is truly a global phenomenon. Chinese stocks have been crashing horribly, Japanese stocks just had their worst week in over a year, Canada and much of South America are plunging into recession, and Europe is probably in worse shape than everyone else if you look at the fundamentals.
Even though U.S. stocks have already fallen substantially, the truth is that they easily have much farther to fall. Yale economics professor Robert Shiller believes that we could actually soon see the Dow plunge all the way to 11,000…
In what amounts to an ominous message for Wall Street, Robert Shiller, a Yale economics professor and author of Irrational Exuberance, doled out some serious bear talk this morning.
Shiller told CNBC Thursday morning that “this is a dangerous time” for the stock market.
Shiller, who has a reputation for calling market tops, warned that the Dow Jones industrial average, which closed Wednesday at 16,351, could fall as low as 11,000, a potential drop of more than 30% from current levels.
At the moment, the Dow is sitting just above 16,000, which is an exceedingly important psychological level.
If the Dow breaks below 16,000 and stays there for a few days, it is quite likely that full-blown panic will set in.
And once we see the Dow dip below 15,000, people will be going insane.
Another key indicator to watch is the VIX (the CBOE Volatility Index). If you are not familiar with the VIX, here is a pretty good definition from Investopedia…
The ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the “investor fear gauge.”
Right now it is sitting at 27.80. If the VIX rises above 40 and stays there, that will be a major red flag.
We have entered “the danger zone“, and events are going to start moving very rapidly now. If you have been listening to the warnings, you are going to understand why things are happening and you are going to know what to do.
Unfortunately, most people are going to have that “deer in the headlights” look because they will not understand what is happening and they will be frozen by fear.
Stay tuned to this website and to End Of The American Dream because things are about to get very weird and I will do my best to explain them as the coming weeks and months play out.
So what do you think the rest of September will bring?
FOR LINKS TO UNDERSTAND THE ECONOMY & THE COMING ECONOMIC COLLAPSE:
- Elite Have Prepared For the Coming Economic Collapse – Have You?
- 50 Best Investment Blogs Giving You Straight News Without The Nonsense!
- China Issues Warning Confirming It’s Been Liquidating Treasuries
- 2 Day Crash That Was Larger Than Any 1 Day Market Crash In U.S. History
- 10 Signs the US is Transitioning to Third World Country Status (Videos)
- Peter Schiff On China’s Currency Devaluation and the Federal Reserve Board
- 10 Horrifying Realities Americans Find Too Awful To Face
- Gerald Celente: Massive Market and Trade Instability Will Cause WW III
- Warning: New Technological Breakthroughs Threaten Up to 47% of U.S. Jobs
- China Knocking on the Door of Reserve-Currency; World Teeters on Collapse
- Peter Schiff on Greece, Puerto Rico, and America’s Looming Economic Crisis
- Peter Schiff: Greece Was a Sideshow. Americans Need to Worry About Starving
- Gerald Celente Predicts Economic Collapse Means World War III (Video)
- Can You Imagine Empty Grocery Stores?
- Putin Makes Chilling Threat to Obama That Could Change Everything
- Gerald Celente: America Headed Towards Total Financial Collapse
- Peter Schiff: China and Switzerland is Killing U.S. Dollar
- So it Begins: The Bond Crash Looks to be Here, and Investors Are Panicking
- What Makes The Trans-Pacific Partnership So Bad? You Better Sit Down.
- Global Reset Coming! Central Banks Are Losing Control Of Financial Markets
- Deathblow to the Dollar – Even Our “Allies” Abandoning U.S.
- What Will Happen To You When The Dollar Collapses?
- Gerald Celente: “America Is A Collapsing Third World Country”
- Trouble Ahead: ‘Within One Year 9 Out of 10 Americans Would Be Dead’
- How Will the Dollar Crash Affect ME PERSONALLY?
- DOLLAR DOMINATION IS OVER!!!! – OMFIF Discusses Alternatives
- Gerald Celente: A Worldwide Panic Is Beginning And “There Is No Recovery”
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Once more, national debt is misunderstood. Debt is attributed by the fiscal year, corresponding to a President’s budgets, which he proposes and approves.
When Bush took office in 1/2001, he inherited budget surpluses and a national debt of under 6 trillion. By the end of his 8th budget, in 2009 (which Obama inherited), the budget had risen from 5.8 trillion to 12.8 trillion. Of this 12.8 trillion, Obama was responsible only for 200 billion, the advance on the stimulus package. So the Bush debt ran from 5.8 to 12.6 trillion, more than doubling the debt.
In his six years, the debt under Obama went from 12.6 trillion to 18 trillion, or about 45% so far.
When a President inherits a budget, he is by law obligated to execute it. He can seek to have it changed but he cannot repeal it and must carry it out. The worst spender in US history was Reagan, who tripled the debt.
Who cares? the point is we spend way too much, Ever since old man bush “pretty much” we have been in a high gear run to complete destruction ALL the Leadership has participated,(Both Parties) this is planned and on purpose, and all you fcking morons can do is say NO IT WAS HIS FAULT NOT OURS?, The powers that be are using partisan politics to destroy this country, and both sides are falling for it, but the LEFT will support ANYTHING no-matter how foolish if they perceive that someone is attacking their guy or gall, or any position their guys or gals take,.. The left would support the sacrificing of their first born and eating it at a ritual barbecue as a sign of solidarity and sustainability if the DNC wanted to make it popular, You’re all a bunch of idiots, brain dead and in lock step,.. Not that the Right is that much better but at least the Right still has some semblance of individual thought, some idea of the reality of things and some remaining instinct for self preservation,.. This is planned ruin, and so far the plan is and has been successful and as far as I can see it will continue to be, until we end up just like Thomas Jefferson’s Prophesy, Or worse!!!……….
Thomas Jefferson once said:
“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)
Way way before georgie bush- sr, jr and their little half-black cousin barry. The USA Corp has been owned since we went broke right after the Revolutionary war. America has never been a financially sovereign nation- period.
I agree with you but, that is beside the point,..
My point is that there is a plan and there has been a plan to destroy the USA, the American way of life, Whether our freedoms were real or just imagined it once was the best place to live on Earth,.. And now that is being brought to an end,.
ON PURPOSE,..
The US national debt was pretty flat pre-WW2 it jumped for WW2 then remained flat until 1975 when it started to climb dramatically and by 1990 it went almost vertical, just google, “graph of American national debt”,..
Yes you are correct, but no one is arguing that point here and now though, you seem to be a one trick pony,.. But I bet it makes you feel reel smart in your one trick World,..
This is what happens when Secret Societies take over. Hang on folks, gonna get bumpy!
Take over? Haha, the Masonic Order founded it- from day one july 4, 1776. Not some silly (Jew)udeo christians, lol. What kind of ritual do people think Washington was performing at the laying of the conerstone of the white house? A Masonic Ritual, I should know my father was a 32 Degree Member of the Ancient and Accepted Scottish Rite of Free Masons- but so what- so was Paul Revere and John Wayne for allah’s sake. Take over,lol. NWord please.
Urgent warning. There will be a market crash while the pope is in America. You heard it here first. Go to locutions.org to learn more.
But why? Because the pope is evil>lol. The pope needs to come here and smoke a big fat joint during his speech so every can say look the pop is on dope- he is evil LIVE., lol
Go to Locutions.org. and you will learn why. He is being put in the situation for the good of the country. The Pope is not evil. He is a holy man. God bless Pope Francis.
Just so author is aware:
A stock market “point” today cannot be compared to a “point” from 1929 or even 2011. Just because the DJIA has dropped 500 points and is ranked high on single-day losses, does not mean a crash is inevitable. The recent drops, while substantial only represent about a 3-4% loss. Dropping 500 points in 1929 would have brought the DJIA to an impossible “negative” index.
Please for future stories, let’s use percentage gains/losses and not points. Much harder to scare us, I admit, but much more accurate.
Hurry up with the Dow dropping to 2,000….. this way I can buy up all google stocks for $1.00 each and monsanto coca cola and those popular stocks for 10 cents or something.
Eat More GMO
Oh the crash is coming for sure, how bad will it be! guess we shall find out, wont we? is it coming soon? are you a fortune teller, i sure as aint, i dont want to know when it is coming! well…it aint over till the fat lady sings, right? i dont even see a fat lady, do you? Are they planning to put a whole bunch of us in FEMA camps, are they gona try and kill off a whole bunch of us? are you going to wake up tomorrow to a purple sky? Is your dad/mom going to win the LOTTO then die one week after? Is Obummy evil, does the POPE smoke DOPE? very interesting questions! Ponder this then, why are you on the WWW when the world is falling apart, get up now, open up your window, or whatever and scream to the top of your lungs! I AM MAD AS HELL, AND I AM NOT GOING TO TAKE IT ANYMORE!
@ usa1 – love the sarcasm. The problem with our world, and our society and way of life in general, is we the citizens are too busy working 5 days a week through out the year, just so we can pay our mortgages and vehicles etc. that wont stop until something disruptive happens, until then, who has time to protest our world issues on a global scale? I sure don’t- And although I care enough to do something about it. Who am I to get everyone else on board on what we believe is coming down the pike? I have a hard enough time getting my family to believe destruction may be just around the corner, much less my whole town and what are we to do? Stop working because I believe our government is so wickedly corrupt and go to the white house and protest against them? No matter what you believe, its going to take something that changes our day to day lives dramatically, for everyone to come together of great magnitude to put an end to our corrupt world. The hour glass is running out of sand, but when?
The Creators’ notice:
In US civil war occurs in September, 2015 and New American People’s Revolution wins
Sep. 7, 2015
According to a notice from the Creators of the Cosmo-blocks control world, in the 2nd half of this September the huge collapse of US dollar and economy will occur, more than 100 million American people will face the threat of survival and the new civil war will occur. The Federal army will collapse from its underneath and their big parts will transfer to the side of armed revolutionary forces. In this process the worldwide financial and econimic crisis occur. Currencies around the world turn to waste papers.
Thus, the New American people’s revolution will occur and win. The UN troops in the US must stick with the principle of non-interference to internal problems of countries, which is guaranteed by the veto at the UN Security Council.
US dictators’ clique of Rockefellers being shapeshifters of invaders-rulers of the Earth since ancient times, i.e. shapeshifters of reptilian-humanoida of the Lizard is trying to distort this revolution to ex Soviet Union type where the reformist form of the capitalist system’s plutocratic slave rule of state-capitalist system ruled Russia, etc.
But, they will be annihilated by shooting in the process of the civil war and the revolution.
The new America, following the Destiny by the Creators, will advance toward transition to the new society of everything gratuitous services in all areas of the people’s social life. The other way doesn’t be permitted as the hostility against the Creators.
Flying disks and spacecrafts coming from the advanced civilization planets of the Galactic Federation where are no barbarous, evil and corrupt monetary system, are suggesting the future of Earthians and the Earth.
In the UK, SPGB and the CPGB have set the strategic goal for abolishment of the monetary system, and British workers staged a demonstration under a banner of “Abolish Money!” for the strategic goal against the G8 summit in London. These British revolutionary workers have become standard-bearer of the liberation movement of Earthians and the Earth.
American working peoples of “Occupy Wall Street!”, “We are the 99%!” should riseup and fight in solidarity with these British revolutionary workers. The Earth changes its history. The new history of human liberation begins on the Earth.
However, according to a cosmic info, if the Earth continues the current situation and the evil and corrupt capitalist system’s plutocratic slave rule, and continues ceaseless wars against the Destiny of the Creators, then due to the general cleaning of the Earth the US Eest, CA State and Israel will sink into the sea. The UK’s Britain Island will sink into the sea. Next, in Japan sinking into the sea of the Kyushu island and the North-eastern region will occur. Also a large earthquake and large tsunamis will occur offshore to the northern coast of Mediterrenean Sea, and in result the big parts of the EU countries will sink into the sea.
Schiff is a jew, never trust a jew.