In early July of 2007, before the August panic, I sold everything and went 100% cash in several currencies. I held on to my cash for many months while studiously trying to figure out how the sub-prime fiasco would pan out and how the Federal Reserve would respond. I finally figured it out.
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This commentary is not about the Federal Reserve, it’s about central banks in other regions that are following the Federal Reserve down a path to self destruction. Foreign central banks are deliberately inflating their own currencies along with the Federal Reserve, against the best interest of their citizens, in a vain attempt to help Americans move beyond the consequences of their own irresponsibility.
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Over the course of a few days, a reader who goes by the name “General Public” discussed with me the merits of using food as money, instead of gold. I’m still not sold on the idea, but it was a meaningful discussion that deserves more publicity.
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Whether China will emerge unphased from a significant slowdown in the American consumption machine is a debate that has been raging for well over a year. Many respected economists disagree on this important question.
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America produces nothing and can only sustain its standard of living because every fabricated fiat dollar spent on imported goods eventually gets recycled back into Wall Street as investment. Those investments filter down throughout the country and the end result is a cycle that sustains a service and consumption based economy with a dwindling manufacturing base.
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In this video Peter explains why current global market volatility is caused by America’s failing consumer based economy and once foreigners learn that America adds no value to the global economy and begin to end their subsidies, they will decouple and America will fall. In that context, the following Ottoman warning is quite relevant.
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Jim Rogers is probably most famous for selling his house and moving his entire family to Singapore. Recently on Bloomberg he called on Ben Bernanke to resign and abolish the Fed. What follows is a collection of several compelling interviews.
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The world has realized that after years of lending Americans the money to buy the goods they produce, the money to repay those obligations has all been squandered and nothing is left. The credit crisis that began in the summer of 2007 has occurred primarily because foreigners are now refusing to invest in American debt.
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I recently came across this fantastic discussion with Peter Schiff from 2002. He accurately describes the economic conditions at the time and how he planned to profit from them. His commentary has proven to be remarkably prescient in light of the current state of the global economy.
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What follows is a series of interviews involving Peter Schiff, President of Euro Pacific Capital and the author of a book called “Crash Proof: How to profit from the coming economic collapse” in which he describes a terrible crash scenario for 2008 and beyond. They are sorted with the oldest first so you can see his predictions gradually coming to fruition in front of your eyes. His prediction for the real estate market is found in the last (most recent) video.
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