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Economists Warning of Recession!

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Marc Faber, Peter Schiff, Donald Trump, and Robert Wiedemer warn about yet another recession. They predict a total collapse this time, and are claiming that it is because of bad management on behalf of the government. (Namely Bernanke)

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let me guess, and to avoid being caught up in the turmoil we are supposed to buy the gold we were smart enough not to buy last year and these guys are sitting on?

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QM I sure hope you are correct. But the maths don't seem to work - not from my limited understanding anyway. If I spent many thousands of times my income in debt I know what would happen to ME.... and if I printed money without ceasing I know that that money would eventually have no value... so how can the government do it ?

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QM I sure hope you are correct. But the maths don't seem to work - not from my limited understanding anyway. If I spent many thousands of times my income in debt I know what would happen to ME.... and if I printed money without ceasing I know that that money would eventually have no value... so how can the government do it ?

Naturally it does not add up, the question here is what will really happen? And it is quite simple: look at the demise of the Soviet Union and you have an idea... the rest of the world will neither care nor long remember. That the US has been living on borrowed time is something we all know, but it will not be the end of civilization. Lets hope that what we build up after the crash is longer lasting than the model US of A 1980-2010.

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QM I sure hope you are correct. But the maths don't seem to work - not from my limited understanding anyway. If I spent many thousands of times my income in debt I know what would happen to ME.... and if I printed money without ceasing I know that that money would eventually have no value... so how can the government do it ?

Because household economics don't apply to countries. You don't get to print money. Too much debt for you means your belongings are repossessed. There are no repo men for countries. Too much debt is bad, true, but the US isn't on the verge of bankruptcy. For every dollar the US owes to someone, it is owed 89 cents by someone else.

http://www.cracked.com/article_20454_5-scary-myths-you-probably-believe-about-economy.html

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Posted (edited)

Marc Faber, Peter Schiff, Donald Trump, and Robert Wiedemer warn about yet another recession. They predict a total collapse this time, and are claiming that it is because of bad management on behalf of the government. (Namely Bernanke)

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Recession would be an understatement. All the insane money-printing and borrowing that world governments have committed (with the Obama government being the worst of them all, but no means the only one), has to collapse eventually.

Simply said, what they have done and are doing is "solving" debt by creating ever more debt. In the process, they have created a gigantic bubble of paper wealth that has no basis in reality. Eventually, that will have to do be corrected, and the correction will not be pretty.

So what we are looking at is a full-blown period of depression, not just a recession. Fasten your seatbelts, people.

Edited by Zaphod222
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Posted (edited)

let me guess, and to avoid being caught up in the turmoil we are supposed to buy the gold we were smart enough not to buy last year and these guys are sitting on?

No. It is not sure at all that buying gold is the best protection of your individual wealth. What the best strategy is depends on how the depression plays out and how deep the downturn gets. Alas, nobody can predict that with certainty. Gold is certainly good if you are expecting a prolonged period of strong inflation, while basically the economy somehow ticks on. If you are more pessimistic and expect a full-blown economic meltdown with the accompanying societal collapse, you should rather buy food conserves, barter goods, good padlocks, a bicycle, and a gun.

(You can read up on the Argentinian crisis of 2000, to get god descriptions of what that that plays out like.)

But nobody knows for sure.

Edited by Zaphod222
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let me guess, and to avoid being caught up in the turmoil we are supposed to buy the gold we were smart enough not to buy last year and these guys are sitting on?

+

No. It is not sure at all that buying gold is the best protection of your individual wealth. What the best strategy is depends on how the depression plays out and how deep the downturn gets. Alas, nobody can predict that with certainty. Gold is certainly good if you are expecting a prolonged period of strong inflation, while basically the economy somehow ticks on. If you are more pessimistic and expect a full-blown economic meltdown with the accompanying societal collapse, you should rather buy food conserves, barter goods, good padlocks, a bicycle, and a gun.

Well, apparantly brainiac Peter Schiff, who informs us of all the impending doom happens to be one one of the biggest gold pushers around.

Peter Schiff Comes Out Swinging: Gold’s Going 'to the Moon'

http://www.cnbc.com/id/100809693

But nobody knows for sure.

Oh but these guys in this o so very truthful article are super sure. 100% even to quote Dr.Doom Faber.

Wiedemer is even more accurate: “The data is clear, 50 percent unemployment, a 90 percent stock market drop, and 100 percent annual inflation… starting in 2013.”

Man these guys are smart huh. And so nice of them to share their visions of future with us, while asking nothing in returns. Really sweet guys.

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I will have to ask that you refrain from slandering people who are known experts in their fields. You might not agree with their opinions, but they are certainly much more qualified than some random person in an online forum.

As for the gold issue, I have heard it a million times over. I still don't believe that gold is the salvation for anyone in a collapsed economic system.

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Posted (edited)

I will have to ask that you refrain from slandering people who are known experts in their fields. You might not agree with their opinions, but they are certainly much more qualified than some random person in an online forum.

As for the gold issue, I have heard it a million times over. I still don't believe that gold is the salvation for anyone in a collapsed economic system.

Excuse me ? Slandering? It's not slander if it's the truth.

Maybe you should start with googling those names before you actually start believing what is said in the article.

Try and think critically.

Oh, and why do you post an article defending these losers, among them Peter Schiff. who is the number one gold jizzer? You believe him, but you dont? Make sense? No.

Edited by Render
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Gold is our saviour :w00t: :w00t: :w00t: :w00t: :w00t: :w00t: :w00t: :w00t: :w00t:

If it gets that bad - you can't eat metal and food, or labour, is what will get you through

Br Cornelius

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What the hell are you talking about? PS has been spot on for years, even in the face of ridicule.

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Oh, and why do you post an article defending these losers, among them Peter Schiff. who is the number one gold jizzer? You believe him, but you dont? Make sense? No.

If you had listen to Peter 10 years ago about gold, well you couldnt find a better investment. How many times does this man have to prove he's right, and main stream economists are wrong before the sheep listen?

http://www.youtube.com/watch?v=2I0QN-FYkpw

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What the hell are you talking about? PS has been spot on for years, even in the face of ridicule.

Another one fooled.

Apparantly the "Peter Schiff is right campaign" is still paying off.

Schiff is nothing more than a provocateur. He is known to be followed by disgruntled amateurs. Schiff has been freaking out over "hyperinflation" since 2009. According to him it was inevitably coming in 2010 .. then 2011, then 2012 ... and now still he freaks out about it. While inflation has actually been going down.

A stopped clocked is also right twice a day.

This guy isn't taken seriously by anyone, except amateurs.

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if you're gonna start posting meaninless videos of the Peter Schiff was right campaign, you may want to start googling "peter schiff was wrong" and "peter schiff is an idiot"

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Posted (edited)

QM I sure hope you are correct. But the maths don't seem to work - not from my limited understanding anyway. If I spent many thousands of times my income in debt I know what would happen to ME.... and if I printed money without ceasing I know that that money would eventually have no value... so how can the government do it ?

Maybe that's why the money says "in God we trust" ..we need a miracle. Sorry I couldn't pass that one up.

Seriously, units of money or widgets bartered are supposed to be a unit of stored valued of labor to make economics work favorably. Gross national product is a good tangible indicator of a country's true wealth or ability to recover IMO.

Edited by White Unicorn

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Another one fooled.

Apparantly the "Peter Schiff is right campaign" is still paying off.

Schiff is nothing more than a provocateur. He is known to be followed by disgruntled amateurs. Schiff has been freaking out over "hyperinflation" since 2009. According to him it was inevitably coming in 2010 .. then 2011, then 2012 ... and now still he freaks out about it. While inflation has actually been going down.

A stopped clocked is also right twice a day.

This guy isn't taken seriously by anyone, except amateurs.

Of course he is preaching about hyperinflation. We have printed several trillion dollars, thats inevitable. And he has always said the timing is going to depend on how much worse they will make it with further QE. Of which we are on round 4. He was one of a small handful of people who saw the crash coming in exact detail. Course you'd know that if you bothered to watch the video's. Oh I forgot, Video proving beyond all question that he knew more about what the reality of our economy as a whole then anyone from the main stream, is "meaningless". Then again Im talking to someone who somehow still trust Ben Bernanke.

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It's easy to laugh at someone before they're right. It takes substantial amounts of stupidity to continue mocking them after they're right.

Pumping even more air even faster into a leaking mattress wasn't any kind of a solution to the problem it's just delaying the inevitable for the dupes who are laying on it.

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What the hell are you talking about? PS has been spot on for years, even in the face of ridicule.

Exactly. Calling Peter Schiff a "moron" is, well, moronic.

Anybody who does that should look at Peter Schiffs track record and explain where he was wrong.

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Posted (edited)

As for the gold issue, I have heard it a million times over. I still don't believe that gold is the salvation for anyone in a collapsed economic system.

It is not as if this has not been tried out in reality. Gold is a phantastic commodity in a period of strong inflation, but when the the whole economy breaks down, it is a bummer. You can look at Germany after WW2, or Argentina in 2000. City folks got on their bicycles to get out to the countryside to barter for some food. Some of them had real valuables; gold bars, diamond rings and some such. In a functioning economy, they would have gotten a whole farm for that, but in the event they only got a sack of potatos anyway.

If the proverbial sh1t hits the fan, what you want to own is barterables: Sugar, salt, coffee, cigarettes, good shoes, some good clothing, band aids, medicine, canned food. A couple of bottles of Vodka are always guaranteed to get you something valuable in return.

The gold bars are nice to have later, when the economy picks up, goods are produced and distributed again, and a new currency is created.

Just look at the recorded precedents, all this has happened before.

Edited by Zaphod222
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Because household economics don't apply to countries. You don't get to print money. Too much debt for you means your belongings are repossessed. There are no repo men for countries. Too much debt is bad, true, but the US isn't on the verge of bankruptcy. For every dollar the US owes to someone, it is owed 89 cents by someone else.

http://www.cracked.c...ut-economy.html

God I hate these cop out statements "household economics don't apply" do you even realize that the best and brightest in this country are not in Washington and the dolts that are there have a hard time balancing their check book? most of the elected officials don't know or care about the economic impact of their votes. just because nobody is going to come and repo our country doesn't give anyone the right to ignore simple math you spend more than you make you go in debt. debt is bad no matter how you slice it. it cheapens the value of whatever you have be it gold, dollars, rare art, or employees. when the value of the dollar goes down the amount I pay in taxes goes a little less far. that means the government has to find more revenue to make up for the loss in value because they don't know how the live within their means.

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Posted (edited)

It is true that household economics do not apply for countries, in that households can not print their own money. (But if they write IOUs, the market will quickly determine their worth.)

But fundamental mathematics apply to countries, much as Obama and Bernanke would like to make us believe that they do not. Fact is, if you create more of one thing (money), it loses value compared to things that are not created out of thin air.

In Zimbabwe, you can see where Obamanomics leads you:

ZimbabweBread_450x30086p.jpg

Of course, that is a test tube example; the process plays out differently for a superpower. But the same laws of mathematics still apply.

Edited by Zaphod222
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Look at that kindling in his left hand he could be using to start a fire to bake the bread in his right hand. That's the value of money in Zimbabwe.

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Look at that kindling in his left hand he could be using to start a fire to bake the bread in his right hand. That's the value of money in Zimbabwe.

Maybe he could use his stash of gold to make a reflector for his solar oven and bake his bread that way :yes: .

Br Cornelius

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