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Peter Schiff: History Will Define This Economy as a Great Depression (Video)
For whatever reason (cough, the globalist controlled media trying to use sheer willpower to force a narrative into reality, cough), there have been several articles that have come out lately suggesting gold and silver might getting ready for a potential crash. If you happen to own gold or silver, don’t worry, because the vast majority of most economists are long on both metals.
Nonetheless, since there have been a fair number of rogue articles suggesting a possible a dip in prices, or even a crash, in the following interview between RT television and Peter Schiff, it’s the first topic Peter is asked to comment on.
If you follow Peter Schiff, then you probably know what his response was. Peter says he doesn’t see prices falling much, but even if they do, he said to ride it out. Why? As Peter explains, the Fed is still perpetuating the same nonsense they have been for over a year about the possibility of a “potential” rate hike at any time, but anyone with any sense SHOULD know the Fed is NEVER going to raise rates right now. I’ll explain why in the second video.
What the Fed knows, but most Americans don’t, is that the mere talk of a “potential” rate hike is enough to keep the U.S. Dollar propped up as long as possible for this election season, on what amounts to nothing more than a giant bluff. Since that can be a bit tricky to understand, I explain that in more detail in the second video.
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The first video with Peter and RT is a short interview, so Peter doesn’t elaborate much, which is why I include the second video. In short, Peter says that anyone holding gold or silver has a bright future ahead, because once all the talk of a “potential” rate hike is put to rest for good until after the election, the “bluff” will no longer be there propping up the Dollar, causing it to weaken, and when the Dollar weakens, commodity prices will begin to rise.
During the interview with RT, Peter is also asked about rumors of the U.S. actually being in a depression, to which he responds by saying that when historians look back on the times we are in now, they will indeed say we were in the midst of a great depression.
In economics, a recession is a negative economic growth for two consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity. In a depression, the economy slips into an extended period of negative economic activity (as measured by GDP), and it is often marked by not just contracting GDP, but also having extended unemployment, spikes in credit defaults, broad declines in income and production, currency devaluation and a deflationary economy.
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In the second video, to prove Peter’s point, I review the GDP numbers for the U.S. economy so far for 2016. To say they are awful would be to give Obama and his “recovery” a compliment. Obama is the first president in history to not even hit 3% GDP ONCE during his entire presidency. Hmmm. Do you think that might be because redistribution of wealth doesn’t work? Naaahhh.
Anyway, the 2016 economy originally kicked off the year first quarter of the year at a whopping 1.1% GDP. Despite the fact that nothing (other than perhaps Obama’s pet unicorn), suggested there were any signs of a better second quarter, Team Hope and Change gave estimates for second quarter growth between 2.2% and 3.4% depending on who you talked to. Here in reality, where the rest of us reside, Obama’s recovery didn’t even make it to half of the “so called” projected figures..
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The second quarter GDP initially came in at only 1.2%. Making matters even worse, the pathetic 1.1% growth Obama thought he had during the first quarter was revised downward to a mere .8%, and the revised numbers from fourth quarter of 2015 were also revised DOWN from what they thought was 1.4% down to a whopping .9% GDP. Keep in mind the numbers we’re talking about (the ones slightly above ZERO), are all coming from the Sociopath in Chief, so take them with a grain of salt.
Obamacare was supposd to be affordable too, remember? In all likelihood, once some honest accounting is done after Obama is gone, we’re almost certainly going to learn that all the numbers were grossly inflated. After all, we have 100 MILLION people unemployed. Give me a break.
In the second video, I also talk about a few other reasons to hold onto gold and silver if you own them. It just so happens, what I’m going to share isn’t exactly the type of thing you’d expect the CEO and chief global strategist of Euro Pacific Capital Inc. to say in a television interview, if you catch my drift.
DO NOT MISS: Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
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Finally, for further confirmation to hold onto your precious metals, the following article by Joel Bauman from SchiffGold Precious Metals, and the accompanying podcast with Peter Schiff, should help dispel any rogue reports that anyone should be worried about their gold or silver. The views expressed by Joel are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold. Joel writes:
It seems at least once a week, a Fed official is coming out of the woodwork to suggest the “possibility” of a September rate hike. Right now, investors are nearly split over whether or not that is likely to happen. What’s really prompting this more aggressive posture by the Fed? In his latest podcast, Peter Schiff looks at the real motives behind the faux-hawkish statements from the Federal Reserve.
Basically, it comes down to a bait-and-switch move by the Fed to create some wiggle room for actually doing nothing. Here’s an analogy: a fish monger tells his customers, “It’s possible I will raise the price of fish.” Since he’s created the idea that a price increase is possible, he can now tell my customers, “I’ve decided NOT to raise prices.” The fish seller wants his customers to appreciate how “inexpensive” the current price is. They will now feel as if they’ve gotten something (“inexpensive” fish) when in reality nothing has changed.
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HIGHLIGHTS FROM THE PODCAST:
“The price of gold continues to retreat. Gold was down about $12 today; it closed around $1310. The dollar index was up again as more and more people begin to contemplate the possibility of a rate hike in either September or December. Or maybe even both, because the odds of a rate hike, either in September or December have now increased to about even money.”
“If you go back to June, the odds were practically zero. What has changed in the last couple of months? The only thing that has really happened is that you’ve had various Fed officials going out of their way to mention that a rate hike is still possible. Why would they do that?”
“Obviously, a rate hike is possible. Usually, they are asked the question and they mention the possibility. If the Fed had no intention of raising interest rates, I doubt they would admit it at this juncture. They want people to believe that a rate hike is possible because if you admit that it’s not possible, that opens a can of worms that the Fed isn’t interested in opening just yet.”
“Even if we do get a rate hike in September, I bet the odds would drop sharply for another one in December. We would have one rate hike in 2016. We had one in 2015. The Fed is on a pace of one hike per year, although I doubt they will be able to maintain that pace in 2017 because they’re going to be cutting rates by then for sure. The election will be over, and there will no longer be a need to pretend that there is still a recovery going on.”
“The Fed wants to maintain the possibility of a rate hike so they can take away that possibility as their first real easing. That’s like a rate cut. So if they change their forward guidance from ‘a rate hike is possible’ to ‘a rate hike is probably not going to happen,’ then they can say a rate cut is possible to actually cutting rates. Since they have so little wiggle room to actually cut rates, they want to have a lot of room to alter their forward guidance.”
“By maintaining this possibility of a rate hike, they still have some dry powder in reducing the probably of that possibility or taking the possibility off the table. I still think they’re trying to reserve that after the election.”
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BE SURE TO CHECK THELASTGREATSTAND.COM FOR SURVIVAL GEAR!
FREE DETAILED GUIDE TO SURVIVING ECONOMIC COLLAPSE OR MARTIAL LAW HERE
As I promised in my video above, the following video is from the Next News Network, and at about the 2:00 minute mark, Gary Franchi discusses a newly developed method that allows for people who own gold to actually carry around small denominations to barter with, because obviously carrying around one ounce coins or gold bars just isn’t practical with their super high value. The new technology involves embedding small amounts of gold worth manageable amounts to trade with, directly into credit cards that can be carried in a person’s wallet.
Perhaps not so ironic is the fact that the first two minutes of the video deals with a recent move made by George Soros, one of the wealthiest men on the planet, when he sold off 37% of his equity portfolio to buy gold. For those who don’t know, gold trades inversely to the Dollar, so the only reason someone would do that, is if they were banking on the Dollar collapsing. Incidentally, did I mention George Soros became one of the richest men on earth by trading currency, so he knows a thing or two about what he’s doing. In currency markets he has two nicknames:
1. The man who broke the bank of England; and
2. The Currency Killer
Just sayin. You can decide for yourself if you think Soros’ decision to liquidate 37% of his equity portfolio, and then buy gold is of any consequence when considered with everything else you’ve learned. With so many factors here in the U.S. contributing to what could be a total societal collapse, whether it’s from the 2016 election, a terror threat, rising racial tensions, the threat of World War III, Martial Law, or of course the collapse of the U.S. Dollar, if you’re looking for what you can do to protect yourself, you can get a FREE GUIDE for how to survive Martial Law here.
I also suggest you consider one of the best books available for helping ordinary people of average means to make sure their families are taking the BEST steps possible to protect one another, and that book is titled, “Conquering the Collapse.” Since I have it, and rely on it personally, you can read my personal review of it here: Be Ready For Any Emergency – The Crucial Guide For Any Family’s Safety. For now you can check out the video from the Next News Network.
BE SURE TO CHECK THELASTGREATSTAND.COM FOR SURVIVAL GEAR!
FREE DETAILED GUIDE TO SURVIVING ECONOMIC COLLAPSE OR MARTIAL LAW HERE
IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)
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
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: Expect An Economic Crisis Infinitely Worse Than 2008 (Videos)
Peter Schiff Calls Federal Reserve’s Bluff, Scott Nations Folds As Usual (Video)
Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)
Peter Schiff and Jim Rogers on the U.S. Economy: Be Afraid… Be Very Afraid (Videos)
Peter Schiff: Are People Going to Wake Up? The Economy Is Out of Road! (Video)
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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Guy in the second video: Love you stuff, but say your name slower so I know who you are.