Stocks Plummet as Market Wakes Up to "Real Crisis," Says Peter Schiff

[Duds47]

How you move back to a manufacturing based economy without destroying standard of living. getting rid of beaurocracy surrounding labor hiring and business start up only gets you so far...eventually, to make manufacturing viable domestically you have to compete with countries with a fraction of the US's standard of living. so yes he's right, hyperinflation will kill the standard of living in this country but so will going back to a globally competitive manufacturing based economy

[mongoose704]

@Duds47 Hyperinflation will be much more severe than allowing a recession to occur.

We're going down, it is inevitable. But I'll take a recession over inflationary depression ala Latin America. Our standrd of living has to go down because we are living meyond our means.

[lizardgizard2002]

OH NO

stocks are coming back. That should disapoint Shifty. The world did not end.

[mongoose704]

@lizardgizard2002 Stocks are down for the year and down nearly 10% over the last month.

[lizardgizard2002]

@mongoose704 OH NO the world is comming to an end!

[mongoose704]

@lizardgizard2002

What are you babbling about now, kid?

[pig5689]

The market will drop to 500 in a matter of hours thanks to greedy, thieving bank execs. The greedy bank execs have wrecked half the world. Now they laugh & play golf. There has to be some accountability for these greedy execs stealing & destroying the economy. Think it was bad in Greece? When the Dow sinks to 500 this country will self-destruct within two days. Protesters will drag greedy bank execs down the street by the hair. Thaen there will be accountability.

[crk140]

@pig5689 should be equal accountability for liberal politicians that forced banks to make loans to unqualified persons throught the community reinvestment act, fanny mae, freddi mac etc. current liberal plan of action is going to bankrupt this country. current social security situation, unemployment compensation and social welfare programs are all unsustainable... not to mention health care.

[christo930]

Do the retail sales figures take inflation into consideration, and if they do, what inflation numbers do they use?

[throwerofturds]

i think Peter will do very well and be very votable in the next election . can you imagine him debating a demococrat on a economic subject ?

[toshibavoodoo]

gratzz

[00dfm00]

Price inflation took a few years in Germany (1920s) and more recently in Zimbabwe. It's a process that starts with monetary inflation. The US is doing exactly what you need to do to bring about high price inflation in the future.

[turboz1k]

@00dfm00 You act like the U.S. is printing sheets of 100 trillion dollar bills. Compare what were printing to our GDP & compare what Zimbabwe printed to the GDP of Zimbabwe at the time.

[00dfm00]

@turboz1k Printing sheets of 100 trillion 'dollar bills' is where Zimbabwe ended up, not where it started. GDP, real or nominal, is a useless agregate during hyperinflation for obvious reasons.

[throwerofturds]

@00dfm00 have you seen videos put out by "inflation nation"

they are good

[strongbadXCP]

@turboz1k M1 (cash) is a tiny part of the money supply. The Fed has created an enormous amount of credit over the last couple years. Plus you have to worry about what it will have to create in the near future when the USGovt needs money to cover its debts and liabilities.

[throwerofturds]

@turboz1k theu.s. has just printed a trillion dollars and also has just borrowed a trillion . that is the equivalent at todays price -of ALL the gold that has been mined in the last two thousand years . it looks like the powers that be are going to keep printing money . watch the value of that money go down and down .

[turboz1k]

@throwerofturds Why did the value of that money go way up very shortly after printing & borrowing that 2 trillion????????????? & it seems that it's going to continue to go higher up.

[turboz1k]

@throwerofturds I bet your still buying gold right? Or even just started in on the precious metals trade. The real bet is in uranium. Buy uranium, not gold, golds going down, might go up some more very short term, but your buying in the highest end & hoping it will go higher with half the world piled aboard the gold train. So unless your selling quickly, I'd stay out of gold. Gold is going to go down.

[throwerofturds]

@turboz1k you may be right and then again you may be wrong . peter schiff thinks it will maybe go up by thousands . time will tell . if you buy gold and have posession of it then you have :money" ,see videos hyperinflation nation parts1 2 and 3 .

marc faber says buy wheat and natural gas , i think hes rigth on the wheat , wrong onthe gas . uranium would be better than gas .

[turboz1k]

@throwerofturds Hi, Great reply. The issue I see with buying gold for "safety reasons" like using it if the government goes bankrupt, is the Patriot Act states in certain times anyone caught possessing gold or silver will be sentenced to 1 year in prison. I see it as anyone who is spending over $1K an ounce for gold, should just buy crucial supplies now with their "fake money", & sell to people for gold to trade with in a scenario where fiat money is wallpaper.

[throwerofturds]

@turboz1k buy stuf and dont declare it . buy old silver coins pre 65 or whatever it is in the us . go to gold and silver and buy old gold coins maybe , i think they are reasonable .

[turboz1k]

@throwerofturds What is gold worth if your starving with no shelter, at that point I wouldn't trade a loaf of bread for 5000 bricks of gold, unless I need them to build shelter to cook my arm to eat it.

[truthislibertyus]

Peter is tripping over his words. He said "the rally is doomed" the market rallied over 70% off its low! You will go broke listening to him. It is great he called the Housing bubble, but he is wrong on this one! BIG TIME! No inflation coming!

[deke76]

@truthislibertyus

Inflation is already happening. What are you smoking?

[rubantin]

truthislibertyus has been consuming some of that talking head hash

[throwerofturds]

@deke76 i think that commodities are inflating a little bit . but not retail goods , not yet

[deke76]

@throwerofturds

Well, food and energy is up. But yeah, you can still get a lot of electronics and other goods of that nature for cheaper prices.

[throwerofturds]

@deke76 i find that food is still cheap and also like you say electronics and a lot of retail goods . also airfair . but gold silver , and other metals are high along with energy . it has nt really started to move yet but watch if those assholes keep printing money . and watch if they change the interest rate . 25 percent would make us a new world .

[turboz1k]

@throwerofturds .25 percent won't make us a new world. The rest of the world has already started raising rates while the U.S. said they will keep the same rates for short to mid term. Are you a political extremist? I don't know if that's the term I'm looking for, but if something is a certain way, do you see it as really really really really that way, or do the other possibilities still stand out to you?

[jhunted7667]

@deke76 no he's talking about super inflation , you know $8.00 a gallon gas and $5.00 loaf of bread or even higher food costs

[yomamanodros]

@truthislibertyus Anyone who thinks people will go broke listening to Peter's advice has no idea what they are talking about. The US markets may have rallied 70% off it's lows but the foreign markets that Peter invests in have already been making new highs! Plus he buys dividend paying stocks so not only have his stocks recovered much quicker than US stocks, they have also been paying good dividends which many US stocks have stopped doing.