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Peter schiff's delusional forecast Peter Schiff is back that simply means he is talking more today we learned schiff's accurate prediction of the subprime mortgage meltdown inspired the Academy Award nominated film The Big Short his prediction allegedly inspired the movie really is that delusional or what schiff's delusions don't stop there in the very next sentence shiff predicts no police and shiff is back at it with hyperinflation nonsense this will be the first event that will touch every single living person in the world all human activity is controlled by money our wealth our work our food our government even our relationships are affected by money no money in human history has had as much reach in both breadth and depth as the dollar it is the deao world currency all other currency collapses will pale in comparison to this big one all other currency crises have been Regional and there were other currencies for people to grasp onto the dollar collapse will be the single largest event in human history this collapse will be Global and it will bring down not only the dollar but all other Fiat currencies as they are fundamentally no different the collapse of currencies will lead to the collapse of all paper assets the repercussions to this will have incredible results worldwide what makes this story even more infuriating is that it wasn't necessary it didn't have to happen scream on I have seen shift's hype in other places recently and in each excerpt shift textual screamed in bold cap the dollar collapse will be the single largest event in human history Schiff also says when the economy crashes parts of America will resemble a third world country pedaling snake oil I assure you any upcoming dollar crisis will not be the single largest event in human history ahead of World War II WWI the Great Depression the medieval collapse the Renaissance and countless other ideas including the internet and the future impact of self-driving vehicles whenever anyone makes such absurd claims you know they act like Carnival barers pedling snake oil Reflections on gold like shiff I advise holding gold for a couple of years however doing so was a very painful experience it now appears gold has bottomed and if so here are five reasons negative interest rates competitive currency debasement totally out of control Central Bank action s trillions of dollars of debt that cannot possibly be paid back renewed lack of faith that central banks have everything under control without making absurd claims of where gold is headed I simply advise holding a decent portion of one's Assets in the metal how much depends of risk tolerance but a level of 20% or so seems like a reasonable starting point of discussion for those who do not understand gold and for those who would be uncomfortable holding much of anything that does not have a yield a level of 5% might be more appropriate for others 35% might be appropriate if any investment causes a loss of sleep it's too much Global currency crisis like shiff I am a firm believer a global currency crisis awaits I have stated that belief many times over the years however a currency crisis is more likely to start outside the US leading candidates include Japan China and the Euro Zone Canada is a possibly as is the UK even if a currency crisis starts in the US the crisis won't be the single largest event in human history unlike shiff I don't pretend to know so many details on how it will play out I also don't pretend to know when it starts shifts dollar myopia with every country doing the same thing even more so than the FED in regards to negative rates it's downright silly to focus on the dollar why not put a spotlight on the UN or the Yen what about the possibility if not outright likelihood of a very destructive breakup of the Euro Zone shiff not only maintains his US dollar myopia he brought that myopia to a new level to the point of believing police will vanish in the US Peter Schiff is either delusional or he buys into the idea that Preposterous marketing hype sells I strongly suspect both there's little doubt that America is one of if not the greatest nation to have ever existed our unprecedented experiment in democracy has fueled production growth and wealth accumulation that are unmatched in human history today even in troubling times and in spite of pressure from rising competitors like China the United States is viewed by most as a global Arbiter and a Bastion of unparalleled though imperfect equality it is is undoubtedly the wealthiest Nation on the globe and the home of the world's Reserve currency and yet every great nation and Empire in history has eventually succumbed to one destructive force or another will America be any different according to Peter Schiff best-selling author of Crash proof and The Real Crash American Armageddon is inevitable yet it won't be disease or Warfare that topples America instead it will be economic hubris that's right the the same Peter Schiff who accurately predicted the housing bubble and the subsequent financial crisis believes we're in for an even more devastating economic collapse one that will result in a total government bankruptcy shiff calls 2008 just the beginning The Real Crash he says is the one that's still coming how did we get here now the coming crash may not look anything like 2007-08 but the effects will be far worse Peter predicts Fallout on a calamitous scale civil unrest lawlessness borderline Anarchy In other words a genuine economic crisis after all a total government collapse leaves vital institutions such as police departments and fire stations unfunded without these fundamental government services the center can't hold Things Fall Apart the problem lies at least in part with bad money monetary policy given a chance to learn from the mistakes that fueled the Great Recession the government instead decided to double down on those same mistakes an era of easy money policies has reated the housing and stock markets but created a debt burden so huge that the government is now completely insolvent and now on the brink of collapse the average American remains ill prepared to survive the events that are about to unfold that Peter says is the consequence of all this bad monetary policy and the moral hazards of the United States government what can you do here are three steps you can take right now to protect your wealth by overseas the dollar is extremely overvalued right now indeed the current dollar bubble is historic but it won't last forever so long as the dollar is inflated Peter Schiff recommends buying assets abroad that you can hold forever they may be cheap now but once the dollar bubbl bursts and the currency collapses those overseas assets will suddenly be very valuable go for gold next Peter recommends holding physical gold A desperate US government has almost no limitations meaning any other assets savings accounts 401 KS Etc are at their disposal the only thing that's guaranteed to remain in your possession and guaranteed to maintain its value is physical gold Peter recommends hiding some gold in a safe place and also storing some offshore in your name one place he would not keep gold is in a safe deposit box at a bank that's the first place the government would go looking for valuable assets Peter says to the teeth finally people should not only be armed but they should also be stockpiling bullets worst case scenario you can barter them you can trade them to somebody they're going to have value but they might have a lot of value if you actually need to use them Peter says it's not too late now you may not believe that an American Armageddon is on the horizon but Peter Schiff was right about the housing bubble and he was right about the Great Recession and now he believes that it's only a matter of time before the economy crumbles and we Face a real financial crisis the coming crash will wipe out anyone who isn't prepared but it's not too late to save you yourself if a stock market crash does not happen this month or by the end of this year that does not mean that the experts that are predicting a stock market crash are wrong it just means that they were early as I have said so many times there are thousands upon thousands of moving Parts in the Global Financial system so that makes it nearly impossible to predict the timing of events with perfect Precision Financial conditions are constantly shifting and changing but with without a doubt another major Financial collapse similar to what happened back in 2008 or even worse is on the way let's take a look at some of the financial experts that are predicting really bad things for our financial markets in the months ahead Doug short according to Doug short the vice president of research at advisor perspectives the stock market is somewhere between 33% and 51% overvalued at this point in a recent article he offered the following evidence to support his position Peter Schiff Peter Schiff the CEO of europacific capital has been one of the leading voices in the financial Community warning people about the crisis that is coming during a recent interview with Fox Business Schiff stated that the massive Financial collapse that we witnessed back in 2008 wasn't The Real Crash and he boldly declared that The Real Crash is coming so is shiff right we shall see Robert weer Economist Robert weer warned people what was coming before the crash of 2008 and now he is warning that what is coming next is going to be even worse so are these guys right we shall see but I do find it interesting that some of the biggest names in the financial world are currently making moves as if they also believe that a massive financial crisis is coming for example as I have written about previously George Soros has dumped all of his Holdings in banking Giants JP Morgan City group and Goldman Sachs Infamous billionaire hedge fund manager John pson the man who made somewhere around $20 billion betting against the US housing market during the last financial crisis is making massive bets against the Euro right now so where are these Financial Titans putting their money so why would they do this why would they pour Millions upon millions of dollars into gold well it would make perfect sense to put so much money into gold if a massive financial crisis was coming so is the next financial crisis imminent we will see most Financial analysts that appear in the mainstream media would laugh at the notion that a stock market crash is imminent most of them would insist that everything is going to be perfectly fine for the foreseeable future in fact most of them are convinced that quantitative easing is going to cause stocks to go even higher after all isn't quantitative easing supposed to be good for stocks didn't I write an article just last month that detailed how quantitative easing drives up stock prices yes I did so how can I be writing now about the possibility of a stock market crash aren't I contradicting myself not at all let me explain the first two rounds of quantitative easing did indeed drive up stock prices the same thing will happen under qe3 unless the effects of qe3 are overwhelmed by a major crisis for example if we were to see a total collapse of the derivatives Market it would render qe3 totally meaningless estimates of the notional value of the worldwide derivatives Market range from $600 trillion all the way up to $ 1.5 quadrillion nobody knows for sure how large the market for derivatives is but everyone agrees that it is absolutely massive when we are talking about amounts that large the $40 billion being pumped into the financial system each month by the Federal Reserve during qe3 would essentially be the equivalent of spitting into Niagara Falls it would make no difference at all most Americans do not understand what derivatives are so they kind of tune out when people start talking about them but they are very important to understand essentially derivatives are side bets when you buy a derivative you are are not investing in anything you are just gambling that something will or will not happen five very large US Banks including Goldman Sachs JP Morgan and Bank of America have combined exposure to derivatives in excess of $ 250 trillion keep in mind that US GDP for 2011 was only about $15 trillion so we are talking about an amount of money that is almost inconceivable that is why I cannot talk about derivatives enough in fact I apologize to my readers for not writing about them more if you want to understand the coming Financial collapse one of the keys is to understand derivatives our entire Financial system has been transformed into a giant casino and at some point all of this gambling is going to cause a horrible crash do you remember the billions of dollars that JP Morgan announced that they lost a while back well that was caused by derivatives trades gone bad in fact they are still not totally out of those traits and they are going to end up losing a whole lot more money than they originally anticipated sadly that was just the tip of the iceberg much much worse is coming when you hear of a major derivatives crisis in the news You Better Run for Cover because it is likely that the entire house of cards is about to start falling and don't get too caught up in the exact time timing of predictions if a stock market crash does not happen this month don't think that the storm has passed a major financial crisis is coming it might not happen this week this month or even this year but without a doubt it is approaching and when it arrives it is going to be immensely painful and it is going to change all of our Lives I hope you are ready for that
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