Peter Schiff or Nostradamus?
I read a lot of blog posts that I forget about a few minutes later, but I read one today that just put me in a real bad mood….
Jon Symons on his art of money blog has a mashup of Peter Schiff videos where Peter Schiff predicted the financial economic collapse close to two years ago while others laughed at his predictions (really, you can hear other ‘experts’ laughing at him in the background). For me, the real scary stuff in the post are the more current videos when he talks about now and then predicts where our economy is heading in the coming years.
Hyper inflation and total economic collapse is the general theme. Normally, I would think Peter Schiff is just another mouth piece trying to sell his book “Crash Proof” but he was so spot on about what is going on now, could he be correct on what is yet to come?
As a good friend that works for Chrysler has told me; “there are two types of metal to own in the new economy gold and lead. Gold to barter with and lead for guns to protect what you have.”
Let’s hope it doesn’t go there.
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Category: The Economy
Good post John! Robert Kiyosaki and health advocate Mike Adams also a few who’ve also predicted the economic recession way ahead of time.
P.S. Apologies for the late reply. I tested CommentMilk and it didn’t work on my blog! I am using TwitTip instead to add another URL field for Twitter profiles.
I wouldn’t worry about inflation too much.
Inflation is only bad if you are the only one who has it. If everyone has high inflation( all countries) it is of no particular concern except for those with cash in the bank. For those with heavy debt( usually the young) it will be a blessing.
People who think that gold is of any true benefit in the long run are living in the past-just as diamonds have no true value in the modern day presence of synthetic diamonds then gold has no true value in the presence of modern metals- In fact gold is of only cosmetic value.
I personally think we will see a sustained period of deflation. This again is neither good or bad in the long run.
What is more important is that the west weans itself off oil. If the west remains an oil addict it will end up in a much worse position as time goes on.
Yes, massive inflation has it’s perks. The nice thing about inflation, my mortgage will be much cheaper for an easy pay off as long as I am able to charge more dollars for my services as inflation increases. With deflation, things are a bit more dicey. No one wants to work all day for a few dollars when they have a $2000 mortgage to pay (the problem during the great depression).
I like Obama’s commitment to becoming energy independent in 10 years, the US will be so much stronger if we win the energy independence war instead of the fighting hopeless oil wars at 5 billion a month. It is very nice not to have an oil man in the white house and have a president that is actually intelligent. Intellectualism is the new red neck.
Thanks for the note about Schiff I’ll have to check that out. First time here..looking forward to hearing about your blog network idea. I’ll add you to Twitter in hopes of keeping up to date. Best of luck.