The Crunch: “It’s Going to Happen In the Next Administration; Regardless of Who Wins This Election”

IMG Auteur
Published : August 31st, 2012
462 words - Reading time : 1 - 1 minutes
( 8 votes, 4.6/5 ) , 1 commentary
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
1
comment
Our Newsletter...
Category : Market Analysis

 

 

 

 

Our incumbent President says that things are getting better, jobs are being created, and America is on the road to recovery. His opponent, Governor Mitt Romney, says the opposite, but claims he has a plan that will turn things around and bring prosperity back.


According to free market proponent Peter Schiff, it doesn’t matter who wins, because the crunch is coming – and it’s going to become apparent during the next President’s administration.


He [Mitt Romney] is not going to prevent the crisis.


We’re headed for a real economic collapse regardless of who wins this election.




The government has over-promised. There are gigantic Ponzi schemes. They do not work.


Meanwhile, the only reason the economy has not collapsed is because interest rates are artificially low. the Fed cannot keep interest rates low indefinitely, and when interest rates go up the party is over. And then we’re not going to have a choice anymore.


We’re going to have to finally deal with these problems or destroy our currency, and that is a real economic crisis that is going to make 2008 look like a walk in the park.


[The crunch] is going to happen in the next administration.




We can’t fix these problems by repealing Obamacare and cutting taxes. We have structural problems that underline the U.S. economy that are very deep that require real free market reforms, and unfortunately none of the major candidates are even talking about that right now.




Video via: Steve Quayle, Before It’s News


Peter Schiff was ahead of the collapse of 2008, warning clients of his firm Euro Pacific Capital that global equities would crash as a result of fraud, unservicable debt levels and a failed monetary policy. After the crash he, like many others, urged Congress to address the fundamental problems within the US economy, including fiscal, monetary and economic policy reform.


He and the American citizenry were ignored as Washington not only didn’t listen, but engaged in exactly the opposite of what should have been done.


Four years on we’re worse off than ever before, with more money having been borrowed from foreign creditors and stolen by the government from taxpayers under the guise of bailing out essential financial and manufacturing sectors of the global economy.


We’re in too deep folks. At this point, it cannot be stopped.


Trillions of dollars are owed, and as a country we have no way to make good on that debt.


Confidence in the US dollar will soon be lost, and when that happens we will experience a collapse in the United States and the global economy unlike any that has ever been witnessed in the history of the world.


Historians will write about this era for centuries to come, just as they write of Rome today.

 

 



Source : www.shtfplan.com
<< Previous article
Rate : Average note :4.6 (8 votes)
>> Next article
Comments closed
  All Favorites Best Rated  
Did you notice ~ when the subject of REDUCING THE DEFICIT was brought up ~ Peter Schiff immediately said "we must reduce the size of Government" which Stewart instantly followed with "yes, reduce Social Security and Medicaid" ?? It's obvious Stewart doesn't realize that REDUCING THE SIZE OF GOVERNMENT MEANS: Eliminating the TSA (Transportation Safety "Grope-Me" Administration), eliminating the DRONE program, eliminate the WAR COSTS by ending the wars, eliminate housing a few million NON-VIOLENT prisoners by sending them to probation, eliminate the costs of turning local police forces into MILITARILY ELITE KILLING FORCES, eliminate almost ALL zoning laws which costs trillions in useless end-costs and enforcement costs, eliminate Spying on Americans costs, . . . . I could go ON AND ON. Let's not get stuck in that "Social Security / Medicare" belief system. There is SO VERY MUCH MORE involved here.
Rate :   7  0Rating :   7
EmailPermalink
Latest comment posted for this article
Did you notice ~ when the subject of REDUCING THE DEFICIT was brought up ~ Peter Schiff immediately said "we must reduce the size of Government" which Stewart instantly followed with "yes, reduce Social Security and Medicaid" ?? It's obvious Stewart doe  Read more
Gypsy - 9/2/2012 at 1:43 AM GMT
Rating :  7  0
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS