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Peter Schiff: Recovery Fantasy Persists Despite Recession Evidence

Thursday, February 4, 2016 23:47

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(Before It's News)

In the following video, Peter starts off talking about the U.S. Dollar Index, and comments on how the index has lost about a percentage point for each of the four days that we are currently into the month of February.

Then, when Peter begins to talk about the rise in gold when compared to the decrease in the U.S. Dollar, he half-heartedly jokes about his most recent interview, which was an appearance on CNBC Asia that I covered in the post titled, Peter Schiff: Here Comes the Great, Great, Great, Great Recession! In a rather snarky tone, Peter jokes about how Wall Street wants nothing to do with him right now, and neither does CNBC America, so the only place he’s welcome for interviews is places like CNBC Asia. Why?

The reason he’s not welcome on Wall Street, is because for the umpteenth time, when everyone on Wall Street laughed in his face, it was Peter Schiff who accurately predicted what was going to happen. While everyone else was living in “Fantasy Land,” and telling the American people we’ve been in a “recovery,” Peter Schiff has been one of the lone voices screaming from the rooftops that the economy is in AWFUL shape, despite the “fiction the Obama administration has been peddling” about some nonsensical “recovery.”

Peter Schiff, never one to pull punches, refers to the person he debated on CNBC Asia as a clueless moron. Like most of the idiots in the media, Peter’s opponent was only telling part of the story, and talking about how American households in general have less debt and cleaner balance sheets. Uh, really? Tell that to the people in their late 20’s or early 30’s living at home because they can’t afford to buy a home, and working two part-time jobs because there are no quality full-time jobs available, or to the person who’s “balance sheet” is clear of their mortgage debts, but only because they were FORCED to sell their house because they could no longer afford it.

Student loan debt, car loans, and credit cards are at all time highs, and real incomes are NOT rising. Anyone who wants to argue that gas is low, and therefore everyone has more disposable income is talking foolishness that is patently false. Sure, gas is falling, but rents are skyrocketing, and so are health insurance premiums, so no one is saving anything. All the talking heads in the media have become master wordsmiths, constantly redefining what economic terms mean, so they can keep claiming the economy is doing fine.

EARTH TO THE MEDIA: THERE ARE 94 MILLION AMERICANS OUT OF WORK!

THAT’S ROUGHLY 30% OF THE POPULATION!

I’ll let you hear Peter’s forecast for the coming year for yourself, but if history is any indication of what the Fed will do, then there is good news and there is bad news. The good news is we’ll see QE4 to stabilize the markets (if they can even be stabilized), the bad news, is the inevitable crash gets worse and worse with each time we fire up the printing presses and start printing money.

After you hear Peter Schiff’s diagnosis and forecast, Michael Synder, one of the few other economic minds out there that understands this mess we are in, talks about some statistics he calls “eye-popping!” He gets into how layoffs are increasing at a pace we haven’t seen since the last recession (except we had genuine 5% unemployment going into the last recession, and this time there are ALREADY 94 million not working), and he talks about the number of major retailers are shutting down hundreds of locations, corporate profit margins are plunging, global trade is slowing down dramatically, and several major European banks are in the process of completely imploding. I

WISE UP AMERICA! START SAVING NOW!!!!

REMEMBER WHAT DR. JIM WILLIE SAID ABOUT GETTING YOUR WARNING…

THIS IS YOUR WARNING!!!

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Michael Snyder writes:

As bad as the month of January was for the global economy, the truth is that the rest of 2016 promises to be much worse. Layoffs are increasing at a pace that we haven’t seen since the last recession, major retailers are shutting down hundreds of locations, corporate profit margins are plunging, global trade is slowing down dramatically, and several major European banks are in the process of completely imploding. I am about to share some numbers with you that are truly eye-popping. Each one by itself would be reason for concern, but when you put all of the pieces together it creates a picture that is hard to deny. The global economy is in crisis, and this is going to have very serious implications for the financial markets moving forward. U.S. stocks just had their worst January in seven years, and if I am right much worse is still yet to come this year. The following are 22 signs that the global economic turmoil that we have seen so far in 2016 is just the beginning…

1. The number of job cuts in the United States skyrocketed 218 percent during the month of January according to Challenger, Gray & Christmas.

2. The Baltic Dry Index just hit yet another brand new all-time record low. As I write this article, it is sitting at 303.

3. U.S. factory orders have now dropped for 14 months in a row.

4. In the U.S., the Restaurant Performance Index just fell to the lowest level that we have seen since 2008.

5. In January, orders for class 8 trucks (the big trucks that you see shipping stuff around the country on our highways) declined a whopping 48 percent from a year ago.

6. Rail traffic is also slowing down substantially. In Colorado, there are hundreds of train engines that are just sitting on the tracks with nothing to do.

7. Corporate profit margins peaked during the third quarter of 2014 and have been declining steadily since then. This usually happens when we are heading into a recession.

8. A series of extremely disappointing corporate quarterly reports is sending stock after stock plummeting. Here is a summary from Zero Hedge of a few examples that we have just witnessed…

SHARES OF LIONS GATE ENTERTAINMENT FALL 5 PCT IN EXTENDED TRADE AFTER QUARTERLY RESULTS – RTRS

TABLEAU SOFTWARE SHARES TUMBLE 40 PCT IN AFTER HOURS TRADING – RTRS

YRC WORLDWIDE SHARES DOWN 16.4 PCT AFTER THE BALL FOLLOWING RESULTS – RTRS

SPLUNK INC SHARES DOWN 7.6 PCT IN AFTER HOURS TRADING – RTRS

LINKEDIN SHARES EXTEND DECLINE, DOWN 24 PCT AFTER RESULTS, GUIDANCE – RTRS

HANESBRANDS SHARES FURTHER ADD TO LOSSES IN EXTENDED TRADE, LAST DOWN 14.9 PCT – RTRS

OUTERWALL SHARES FALL 11 PCT IN EXTENDED TRADING AFTER QUARTERLY RESULTS – RTRS

GENWORTH SHARES DOWN 16.5 PCT AFTER THE BELL FOLLOWING RESULTS, RESTRUCTURING PLAN

9. Junk bonds continue to crash on Wall Street. On Monday, JNK was down to 32.60 and HYG was down to 77.99.

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10. On Thursday, a major British news source publicly named five large European banks that are considered to be in very serious danger…

Deutsche Bank, Credit Suisse, Santander, Barclays and RBS are among the stocks that are falling sharply sending shockwaves through the financial world, according to former hedge fund manager and ex Goldman Sachs employee Raoul Pal.

11. Deutsche Bank is the biggest bank in Germany and it has more exposure to derivatives than any other bank in the world. Unfortunately, Deutsche Bank credit default swaps are now telling us that there is deep turmoil at the bank and that a complete implosion may be imminent.

12. Last week, we learned that Deutsche Bank had lost a staggering 6.8 billion euros in 2015. If you will recall, I warned about massive problems at Deutsche Bank all the way back in September. The most important bank in Germany is exceedingly troubled, and it could end up being for the EU what Lehman Brothers was for the United States.

13. Credit Suisse just announced that it will be eliminating 4,000 jobs.

14. Royal Dutch Shell has announced that it is going to be eliminating 10,000 jobs.

15. Caterpillar has announced that it will be closing 5 plants and getting rid of 670 workers.

16. Yahoo has announced that it is going to be getting rid of 15 percent of its total workforce.

17. Johnson & Johnson has announced that it is slashing its workforce by 3,000 jobs.

18. Sprint just laid off 8 percent of its workforce and GoPro is letting go 7 percent of its workers.

19. All over America, retail stores are shutting down at a staggering pace. The following list comes from one of my previous articles…

-Wal-Mart is closing 269 stores, including 154 inside the United States.

-K-Mart is closing down more than two dozen stores over the next several months.

-J.C. Penney will be permanently shutting down 47 more stores after closing a total of 40 stores in 2015.

-Macy’s has decided that it needs to shutter 36 stores and lay off approximately 2,500 employees.

-The Gap is in the process of closing 175 stores in North America.

-Aeropostale is in the process of closing 84 stores all across America.

-Finish Line has announced that 150 stores will be shutting down over the next few years.

-Sears has shut down about 600 stores over the past year or so, but sales at the stores that remain open continue to fall precipitously.

20. According to the New York Times, the Chinese economy is facing a mountain of bad loans that “could exceed $5 trillion“.

21. Japan has implemented a negative interest rate program in a desperate attempt to try to get banks to make more loans.

22. The global economy desperately needs the price of oil to go back up, but Morgan Stanley says that we will not see $80 oil again until 2018.

It is not difficult to see where the numbers are trending.

Last week, I told my wife that I thought that Marco Rubio was going to do better than expected in Iowa.

How did I come to that conclusion?

It was simply based on how his poll numbers were trending.

And when you look at where global economic numbers are trending, they tell us that 2016 is going to be a year that is going to get progressively worse as it goes along.

So many of the exact same things that we saw happen in 2008 are happening again right now, and you would have to be blind not to see it.

Hopefully I am wrong about what is coming in our immediate future, because millions upon millions of Americans are not prepared for what is ahead, and most of them are going to get absolutely blindsided by the coming crisis.

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FOR MORE GREAT MATERIAL FROM JIM WILLIE:

Dr. Jim Willie and How To Simplify Your Finances To Survive Economic Collapse

Jim Willie: Global Banking Cabal and Their Satanic Rules Are Ready to Strike

Jim Willie: Both Our Allies and the American People Absolutely Hate Our Government

Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions

Jim Willie: Armageddon Coming to U.S. With Trillions Exposed In Derivatives

Jim Willie, The Fed’s Week of Reckoning, and an Isolated United States

Jim Willie: After Banks Fail, Government Seizes IRA’s, 401k’s, and Pensions

Jim Willie, the Crumbling Global Economy, and the Dollar Crisis

Jim Willie: What Do the Oil Black Market, NATO, and ISIS Have in Common?

Jim Willie; One on One -Taking Questions On the Most Pressing Matters of the Day

Jim Willie: The Fed, Yellen, US Dollar, and Negative Interest Are a Joke!

Jim Willie Explains U.S. Nuclear Threats to China & Russia Over Challenging the Dollar

FOR MORE GREAT MATERIAL FROM PETER SCHIFF:

Peter Schiff: Here Comes the Great, Great, Great, Great Recession!

Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”

CNBC Actually Admits Peter Schiff Was Right… Again (Video)

Peter Schiff: Due to the Feds Antics, the Market is Very Dangerous Now

Peter Schiff: 2015 Was The Worst Year Since 2008 and Stocks Still Dropping

Peter Schiff: Janet Yellen Strayed From Her Own Plan and Went Nuts!

Peter Schiff: Higher Spending During Holidays Does Not Fix Screwed Economy

Peter Schiff and “If The Economy Is Fine, Why Are So Many Large Retailers Imploding?”

Peter Schiff: Take a Good Look at the “New” American Dream!

Peter Schiff: Did the Fed’s Luck Run Out On Friday the 13th?

Peter Schiff and “The 4 Harbingers Of Stock Market Doom”

Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead

Peter Schiff: Warning! Economic Storm Clouds Ready to Rain

Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options

Peter Schiff: 11 Trillion In Global Stock Losses and Awful Jobs Report

THE VOICE OF REASON:

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