Anyone agree with what Peter Schiff had to say on July 17th ?
pmcollectour
Posts: 1,211 ✭
pmcollectour
Posts: 1,211 ✭
Comments
In God We Trust.... all others pay in Gold and Silver!
Interesting that EVERYTHING will crash, you name it, except for the things he sells, Multi national & Foreign div stocks?, miners and PMs.
really? those will go up while everything tanks? Personally, I think he's like all the self serving, attention seeking market "callers" that delude themselves into believing they know the future.
Schiff tells congress, again, what they do not want to hear
I think you will find most stackers stack because of what they believe is coming. Schiff is just saying what many already know. His predictions in the 2007 book "Crash Proof" were met with skepticism, but he was proven correct then and will be proven correct again. He made a good case for gold in 2007, convinced me to move all savings into $650 oz. physical gold. So yes, he has my ear. The long term economic future of this country and now the civilized world is no longer that difficult to predict.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
–John Adams, 1826
Just how long can a country print worthless money and expect the worlds' creditors to accept it?
Would you sell me your entire collection and I'll pay you with my own freshly printed 'DoubleEagle59' dollars?
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
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Would you sell me your entire collection and I'll pay you with my own freshly printed 'DoubleEagle59' dollars? >>
Hey, another poster comparing his credit and the quality of his personal debt instrument to that of the United States of America.
Anyone know what is the current exchange rate of a Jmski51 lawn mowing coupon, reckoned in terms of "doubleeagle59" credit units?
is either one liquid to, well ... anyone? for even one FRN? no takers??
Liberty: Parent of Science & Industry
Well, there's no telling just how many of those doubleeagle59 dollars that he's going to put out there, and besides that - he doesn't say whether or not they are backed with anything.
The jmski52 lawnmowing coupon is backed by the promise of actual physical labor. That's right - a solid, gold-plated promise (nanotechnology plating job) of actual physical labor, and it's not like I'm issuing a trillion of them (at least not yet). The only question is one of "when" it gets redeemed.
I knew it would happen.
My numbers/stats may not be exact, but you'll get the point:
70's=
interest rates went into the teens
High Inflation
Rationing of gas - yes it was a one hour wait for 10 gallons.
Home Foreclosures
<< <i>He's a business man that has been successful in times of economic crisis. The fact that he shares his insight with all that will listen indicates he believes there's plenty to go around for those that are prepared. I do not fault him for his success, he is far from greedy with what he knows. I have followed him for years and tend to agree with most everything he has to say, especially this:
Schiff tells congress, again, what they do not want to hear
I think you will find most stackers stack because of what they believe is coming. Schiff is just saying what many already know. His predictions in the 2007 book "Crash Proof" were met with skepticism, but he was proven correct then and will be proven correct again. He made a good case for gold in 2007, convinced me to move all savings into $650 oz. physical gold. So yes, he has my ear. The long term economic future of this country and now the civilized world is no longer that difficult to predict. >>
"crash proof" that's a good one, his model portfolio dropped about 50% in the crash of 2008...hardly "crash proof" imo.
Maybe it's me, but if anyone convinces you to move "all savings" into one asset, somethings not quite right.
The savings has done just well, thanks to Schiff's also correct call with gold. Very much "quite right."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Didn't everything drop in the 2008 crash, that by the way, Schiff correctly called?
The savings has done just well, thanks to Schiff's also correct call with gold. Very much "quite right." >>
Nope, the dollar went up.
Knowledge is the enemy of fear
We shall see.
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<< <i>Didn't everything drop in the 2008 crash, that by the way, Schiff correctly called?
The savings has done just well, thanks to Schiff's also correct call with gold. Very much "quite right." >>
Nope, the dollar went up.
Dollar value didn't go up, dollar index went up. Index just says the dollar faired better than the currencies it is being compared to, while they have all lost value. Ugly remains ugly, even when compared to real ugly. And, thanks to the FED, what has happened to the dividend that the bank is paying on those dollars they hold for you? Schiff was right, paper dollar continues to decline in value while real money is paying a much greater return.
Saying the dollar looks good compared to the Euro (57.6% of the dollar index weight) is not saying very much. How's that dollar performance compared to gold performance?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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<< <i>
<< <i>Didn't everything drop in the 2008 crash, that by the way, Schiff correctly called?
The savings has done just well, thanks to Schiff's also correct call with gold. Very much "quite right." >>
Nope, the dollar went up.
Dollar value didn't go up, dollar index went up. Index just says the dollar faired better than the currencies it is being compared to, while they have all lost value. Ugly remains ugly, even when compared to real ugly. And, thanks to the FED, what has happened to the dividend that the bank is paying on those dollars they hold for you? Schiff was right, paper dollar continues to decline in value while real money is paying a much greater return.
Saying the dollar looks good compared to the Euro (57.6% of the dollar index weight) is not saying very much. How's that dollar performance compared to gold performance? >>
Nope, the dollar did go up. I could buy more gold, silver, corn, cars, houses, beans, ect than I could the year before. The dollar did indeed go up.
Knowledge is the enemy of fear
<< <i>
<< <i>
<< <i>
<< <i>Didn't everything drop in the 2008 crash, that by the way, Schiff correctly called?
The savings has done just well, thanks to Schiff's also correct call with gold. Very much "quite right." >>
Nope, the dollar went up.
Dollar value didn't go up, dollar index went up. Index just says the dollar faired better than the currencies it is being compared to, while they have all lost value. Ugly remains ugly, even when compared to real ugly. And, thanks to the FED, what has happened to the dividend that the bank is paying on those dollars they hold for you? Schiff was right, paper dollar continues to decline in value while real money is paying a much greater return.
Saying the dollar looks good compared to the Euro (57.6% of the dollar index weight) is not saying very much. How's that dollar performance compared to gold performance? >>
Nope, the dollar did go up. I could buy more gold, silver, corn, cars, houses, beans, ect than I could the year before. The dollar did indeed go up. >>
Everything else went down further, most of it temporarily. As with all financial crisis, the dollar becomes the temporary safehaven.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
How High can it go? I mean we rate its value now against dollars, right. At what point would that fall apart?
How would gold value relate to another external market or the world market then?
(If our dollar falls to 1/3 of what its worth now, would gold be $5k+++? )
Would our gold be valued differently in the world, and do we tavel to Canada or to Britain?
See where I'm going -in a practial sense of what ya going to do then- situation.
...Dollar faulters, you have gold, so what the heck do you do with it then?...
<< <i>So what happens to gold$ then? Does it go higher and higher and higher as the dollar drops? >>
yes, if buying with dollars
<< <i>How High can it go? I mean we rate its value now against dollars, right. At what point would that fall apart? >>
when dollars are worth zero or when gold is worth zero. Which is more likely to happen?
<< <i>How would gold value relate to another external market or the world market then? (If our dollar falls to 1/3 of what its worth now, would gold be $5k+++? ) >>
as currencies weaken, you can buy more gold with them.
<< <i>Would our gold be valued differently in the world, and do we tavel to Canada or to Britain? >>
it's all relative to the value of the currencies being used to buy the gold.
<< <i>See where I'm going -in a practial sense of what ya going to do then- situation.
...Dollar faulters, you have gold, so what the heck do you do with it then?... >>
As long as dollar as some value, you convert the gold to dollars only in the amount of dollars you need at the time you need them. Your balance remains in an asset that keeps up with dollar devaluation until you need more dollars. You let gold serve its role - protector of wealth.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Peter Schiff will again fail in his investment management. Why? Because he has no control of his ego. Ego creates blindspots, and if you dont know there are blindspots you will surely have an accident.
Knowledge is the enemy of fear
<< <i>Temporary or not, the dollar did in fact go higher. >>
and thankfully provided another PM buying opportunity as it is doing now, because students of the economy know where the dollar is really heading. Schiff has always known where it's headed, those that have listened to him know where it's headed. good luck with the savings account.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
How long can one spend more than one earns, while borrowing to pay debts.
<< <i>Peter Schiff +1
How long can one spend more than one earns, while borrowing to pay debts. >>
indefinitely, they have a printing press. My concern is not them running out of money, but them destroying the existing money with each new press run.
Sure wish there was something out there to protect the value of what little I have.
The highly respectable David Stockman hammered the FED today.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Peter being Peter. MJ >>
He certainly is good at being Peter. He does put on a good show and offers good advice to not only Congress but to all. We do have to always keep in mind though, that he is in business to make money and that can be a weak point for anyone to overcome or to disregard at times. To be cautious, to check and verify, and to gain knowledge and understanding from a multitude of resources is ones own responsibility to master.