Interesting Read: U.S. Economy Something to think about:

Paleodale

True or not,, interesting food for thought..... Read whole artical.... U.S. Economy Maybe we had better hang onto some of that Gold..

JoshL

Yeah interesting read. He is plugging his book.

It is hard to know what to believe anymore There are certainly interesting times ahead. The U.S. dollar has last 40% of its power in Canada. That is just amazing...and that has ALREADY happened. heh One wonders where all of this is leading us. I think we are in trouble in more ways than one.

Bumpy year ahead...Iran - the election coming up and so on.

Zoins

Let's see what happens with the next President.

Wolf359

It's nonsense to sell books. Don't give it 2 minutes of thought.

Bear

Oh Momma, It don't look good at all.

Coxe

Most of the article is laboring over very pedestrian economic simulations. He does issue a small disclaimer on the numbers but claims the overall effect is justified. The facts are (1) the basic idea is correct but others have voiced it more eloquently and with credible forecasting measures and (2) world economies are very intertwined and not just simply connected the the USA's per their exports to gluttonous consumers. Per capita GDP, however dubious way one chooses to measure it, is a rough indicator but one of the better ones still. I find it is much better to just look around. How many Americans are contributing to real growth in equity with their consumptioon of goods and services? Many are exceeding it but I think (without justifying evidence) most are not coming close. Then look at the abuse of credit. It is a problem of incredible magnitude from personal finances to (especially) local governments and beyond. I am not sure to what extent irresponsible leveraging is within the corporate world, but would be surprised if oversight has been lax. A huge problem for many industrialized countries is coming to terms with reduced work forces in the upcoming generations to support longer living aging populations. We complain about health care now....just wait. And not just here, also Japan and a lot of western Europe. Anyway, the bottom line is we have to be able to produce the goods and provide the services to maintain our quality of life per capita.

GrimReaper

Hope for the best , and expect the worst !! Bout as simple as it gets !!

roadrunner

All I can say is the trend is still in the wrong direction (ie towards where Schiff is predicting). Until the trends revert back, his predictions make as much sense as anyone's.

roadrunner

DoubleEagle59

I agree wholeheartedly,

as much as I think P. Schiff is a little 'over the top' with his predictions,

I do agree that the 'trend', be it mild, medium or heavy, is definitely with Schiff's point of view.

Paleodale

With the manufacturing jobs flowing out of this country faster than they were set up over the years, how is our children and our grandchildren going to have the same opportunity for a quality of life as we have now.... Our Children will not have a chance to be and do better than their parents did as we have... How is our government going to balance the budget if there is not a sufficient tax base to pay it off... how are our children going to pay this debt???????????????...... They are going to spend their adult working life working for some forgien company working for minium wages,,, how are they going to be able to send their children to college?????... how are they going to be able to buy a decent home on low paying jobs,,????????/

OneCent

Mr. Gloom & Doom...20% decline in GDP??? That would equate to a depression with the depth & breadth of the Great Depression.

I don't buy it. It's a play to buy gold, plain and simple.

derryb

I read his book. Excellent.

roadrunner

It's very hard to get a 20% drop in GDP (or even any drop) based on all the fudge factors now used by the BLS. The GDP deflator is so biased that it makes their CPI formula look good. Very little actual inflation is backed out of the GDP number. And there are a number of other factors that should be pulled out but are not. Once we went from GNP to GDP calcs things only went downhill in the accuracy. Check out stats below.

roadrunner

WaterSport

A fellow by the name of Jon Markman just wrote one heck of an article last week. For the "consumer" like me, who has no way of comprehending the global economy, he broke it down into such simple understandable details, that you have to wonder what the heck they teach at Harvard. Two points worth sharing...Before money left the US shores, it was regulated, But now, it leaves the US shores for the global economy and while my republican friends say Government regulation is bad, I am happy to report that virtually no one has a control of the scams out recently dreamt up and right now default is flowing out of the US on a 1 in 20 dollar ratio. In other words. Paper backed by paper, backed by even more paper. Sounds like 1929 dosen't it? Unfortunetly, All economist know and identify parts of the problem, but we must sit on the side lines and maybe even debate (as we are now) whether the sky will fall or not. If anyone cares for another article, PM me an email address, and I will be happy to send it along.

WS

plansim

As I posted in another thread, the debt to GDP ratio of the USA already is equal to that of Argentina's when its economy collapsed. It zoomed to 66% in 2006, after falling from 65% in 1992 to 58% in 2000.

I'm sure nobody is at fault for this. "Mistakes were made", in the immortal words of the "Party Of Personal Responsibility"