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Peter Schiff Issues a Rather Large Economic Warning… “It’s Gonna Be Awful”
The interview below is vintage Schiff vs. CNBC. After being “demoted” to only doing CNBC website interviews for the last several months, something Peter hasn’t been too shy about mentioning in other interviews, within the first 22 seconds Peter manages to sneak in a jab about finally being IN studio again, jokes about how his competition at CNBC aren’t really full fledged bears, but rather “little cubs that haven’t matured into full grown bears yet,” and when asked how bad he thinks the coming financial crisis will be, Schiff responds saying, “It’s gonna be awful,” all while he’s laughing.
To elaborate, Peter says he’s of the belief that the Fed plans to keep misleading people by manipulating the markets. For a while, the Fed will be able to make it look like the stock market and real estate market aren’t hemorrhaging money like they were back in 2008, and the obvious reason to do so would be for political purposes. By making sure everyone’s investment statements aren’t showing massive losses every month, it will be much easier for Hillary to campaign on the fictional “recovery” narrative. The downside to that plan is the Fed keeps the markets from taking a nosedive for a while, but only by sacrificing the U.S. Dollar in the process.
By sacrificing the Dollar, eventually everything goes to hell in a hand basket anyway, but if the Democrats have their way, that won’t happen until AFTER Hillary has managed to steal the White House. Democrats are well aware that with the changing demographics of the country, if the GOP doesn’t secure the White House in 2016, they may never do so again, therefore THIS presidential election is more important than ever! For that reason, the “ends justify the means” with the Democrats, and if a few million Americans get wiped out financially in the process, so be it.
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Regardless of what CNBC thinks, one need look no further than the actions of George Soros to determine if Peter’s prediction about the Fed and the U.S. Dollar are accurate. George Soros is a billionaire, and one of the wealthiest people on the planet. He’s made his fortune by crashing the currencies of entire nations, which has earned him the nickname, “The Currency Killer.” As I covered in a story titled, Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold, gold historically trades inversely to the U.S. Dollar. So, the only reason one of the wealthiest men on earth would dump 37% of his stock portfolio to buy gold, is if he’s planning on the Dollar imploding.
I am not the only one who sees the move by George Soros as a way to confirm the prediction that Peter lays out. Michael Snyder from The Economic Collapse Blog has also taken notice of Soros’ huge move, and in the article that follows the Schiff interview he says, “Unfortunately, the reality of what is happening has not sunk in with the general population yet.”
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Considering his nickname, the smart money says Schiff, Snyder, and Soros are correct, and it’s lights out for the Dollar. THEN, the real pain begins. Since no one under the age of 70 has ever lived in a world where the U.S. was not the World’s Reserve Currency, unless they’ve taken the time to study the issue, Americans have no comprehension of how badly their households are going to feel it when Dollar does collapse. For more on that you might want to check out, How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold (Video)?
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Why is George Soros selling stocks, buying gold and making “a series of big, bearish investments”? If things stay relatively stable like they are right now, these moves will likely cost George Soros a tremendous amount of money. But if a major financial crisis is imminent, he stands to make obscene returns. So does George Soros know something that the rest of us do not? Could it be possible that he has spent too much time reading websites such as The Economic Collapse Blog? What are we to make of all of this?
The recent trading moves that Soros has made are so big and so bearish that they have even gotten the attention of the Wall Street Journal…
Worried about the outlook for the global economy and concerned that large market shifts may be at hand, the billionaire hedge-fund founder and philanthropist recently directed a series of big, bearish investments, according to people close to the matter.
Soros Fund Management LLC, which manages $30 billion for Mr. Soros and his family, sold stocks and bought gold and shares of gold miners, anticipating weakness in various markets. Investors often view gold as a haven during times of turmoil.
Hmmm – it sounds suspiciously like George Soros and Michael Snyder are on the exact same page as far as what is about to happen to the global economy.
You know that it is very late in the game when that starts happening…
One thing that George Soros is particularly concerned about that I haven’t been talking a lot about yet is the upcoming Brexit vote. If the United Kingdom leaves the EU (and hopefully they will), the short-term consequences for the European economy could potentially be absolutely catastrophic…
Mr. Soros also argues that there remains a good chance the European Union will collapse under the weight of the migration crisis, continuing challenges in Greece and a potential exit by the United Kingdom from the EU.
“If Britain leaves, it could unleash a general exodus, and the disintegration of the European Union will become practically unavoidable,” he said.
The Brexit vote will be held two weeks from today on June 23rd, and we shall be watching to see what happens.
But Soros is not just concerned about a potential Brexit. The economic slowdown in China also has him very worried, and so he has directed his firm to make extremely bearish wagers.
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According to the Wall Street Journal, the last time Soros made these kinds of bearish moves was back in 2007, and it resulted in more than a billion dollars of gains for his company.
Of course Soros is not alone in his bearish outlook. In fact, Goldman Sachs has just warned that “there may be significant risk to the downside for the market”…
Goldman Sachs is getting nervous about stocks.
In a note to clients, equity strategist Christian Mueller-Glissmann outlined the firm’s fears that there may be significant risk to the downside for the market.
Ultimately, George Soros and Goldman Sachs are looking at the same economic data that I share with my readers on a daily basis.
As I have been documenting for months, almost every single economic indicator that you can possibly think of says that we are heading into a recession.
For instance, just today I was sent a piece by Mike Shedlock that showed that federal and state tax receipts are really slowing down just like they did just prior to the last two recessions…
US federal personal tax receipts receipts are falling fast. So is the Evercore ISI State Tax Survey.
The last two times the survey plunged this much, the US was already in recession.
Is it different this time?
And online job postings on LinkedIn have now been falling precipitously since February after 73 months in a row of growth…
After 73 consecutive months of year-over-year growth, online jobs postings have been in decline since February. May was by far the worst month since January 2009, down 285k from April and down 552k from a year ago.
Last week, the government issued the worst jobs report in nearly six years, and the energy industry continues to bleed good paying middle class jobs at a staggering rate. The following comes from oilprice.com…
That may seem counterintuitive in an industry that has been rapidly shedding workers, with more than 350,000 people laid off in the oil and gas industry worldwide.
Texas is one place feeling the pain. Around 99,000 direct and indirect jobs in the Lone Star state have been eliminated since prices collapsed two years ago, or about one third of the entire industry. In April alone there were about 6,300 people in oil and gas and supporting services that were handed pink slips. Employment in Texas’ oil sector is close to levels not seen since the aftermath of the financial crisis in 2009. “We’re still losing big chunks of jobs with each passing month,” Karr Ingham, an Amarillo-based economist, told The Houston Chronicle.
At this point it is so obvious that we have entered a new economic downturn that I don’t know how anyone can possibly deny it any longer.
Unfortunately, the reality of what is happening has not sunk in with the general population yet.
Just like 2008, people are feverishly racking up huge credit card balances even though we stand on the precipice of a major financial crisis…
American taxpayers are quick to criticize the federal government for its ever-increasing national debt, but a new study released Wednesday found taxpayers are also saddled with debt, and are likely to end 2016 with a record high $1 trillion in outstanding balances.
Wallethub, a site that recommends credit cards based on consumers’ needs, said that will be the highest amount of credit card debt on record, surpassing even the years during and before the Great Recession. The site said the record high was in 2008, when people owed $984.2 billion on their credit cards.
Will we ever learn?
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This has got to be one of the worst possible times to be going into credit card debt.
Sadly, the “dumb money” will continue to act dumb and the “smart money” (such as George Soros) will continue to quietly position themselves to take advantage of the crisis that is already starting to unfold.
We can’t change what is happening to the economy, but we do have control over the choices that we make.
So I urge you to please make your choices wisely.
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IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)
Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)
What Exactly Does Global Economic Collapse Coming May 2016 Mean?
Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming
Economic Implosion Will Lead to Stock Market at 5,000 by 2017 Forecaster Says
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FOR MORE GREAT MATERIAL FROM JIM WILLIE:
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Dr. Willie: Americans Will Be Armed With Pitchforks Looking For Who to Blame
Dr. Jim Willie: Death Sentence for Banks, Businesses, Families, and the US Dollar
Dr. Jim Willie: There Are No Prisoners Taken in The Global Money War
Dr. Jim Willie, Threat’s by Putin, Death of U.S. Dollar, and a New Arms Race
Dr. Jim Willie: Deutsche Bank Could Very Well Collapse Entire Banking System
Dr. Jim Willie: 7 Signs U.S. Economy Collapses; Gold Will Soon Back US Dollar!
Dr. Jim Willie: “Violent Gold and Silver Breakout” Coming to Economic Markets!
Dr. Jim Willie: Western Economic Markets Collapsing; Eurasian Markets Rise
Dr. Willie: Economic System is Collapsing Right Now; Us Dollar in a “Short Squeeze”
Dr. Jim Willie: The Dollar is Dead! Even Mainstream Media Realizes it!
Jim Willie: Chinese Replace US Swift Banking System, Hastening US Dollar Collapse
Dr. Jim Willie – Secret Meeting at the G20 to Take Down the US Dollar
Dr. Jim Willie: Financial Deals Happening Behind Closed Doors; US Not Invited
Dr. Jim Willie: Economic Collapse is On Our Doorstep
Jim Willie: “The Quickening” is Approaching Global Economic Markets
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, the Crumbling Global Economy, and the Dollar Crisis
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: “Trump’s Very Massive Recession May Have Already Begun”
Peter Schiff: Americans Fear Future With ‘Dead-End Economy, Crap Jobs, and Awful Wages’
Peter Schiff: “Can Donald Trump Really Make America Great Again?”
Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People
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 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
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There will be food riots and general unrest – and the stock market will still be strong. The elite have it fixed so that our pain is their gain.
They have to hold it together until most of GEN X is old and tired. Then the millennials and gimmi dats will be SO EASY to control. I think GEN X is the last generation with at least the memory! of past of our grandparents and parents who worked so hard. Conservative thinking will die with GEN X. All that will be left will be a bunch of cry baby socialist, free loaders, useless eaters, and transsexuals.