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Peter Schiff the economy will blow up like a bomb in Trump will be the fall guy Peter Schiff isn't known for mincing words or sugarcoating the evidence the financial broker an economist said in an interview the economy is going to blow up like a bomb and when that happens Donald Trump will take all of the blame not even a full minute into an interview with Alex Jones of Infowars Schiff says it's not a good thing that the economy is going to crash and burn unfortunately that's what Trump has inherited from Obama but it's not even really just Obama it's the Federal Reserve it's the monetary policy that has been passed like a baton from Clinton to Bush to Obama and now to Trump and we're near the end of the game and unfortunately Trump's gonna be the fall guy this thing is all gonna collapse while he's president the tax cuts will give Democrats a reason to blame the collapse all on the Republicans says shift and we are getting close to this collapse the important thing is if you look at what's happening in the dollar for example last year was the first year in five years that the dollar went down and it was the biggest decline in 14 years we has the biggest drop against the Chinese one in nine years and in fact I think this year we're gonna fall to an all-time record low against the one I think we're gonna hit record lows against other major currencies like hero and the yen maybe by 2019 or 2020 Jones then asks Schiff what Trump is supposed to do to stop the crash Schiff says there's nothing he can do it's set up to crush so the United States will line up with the left of socialist dictators such as Bernie Sanders is the next president he Trump campaigned and said it the stock market was a bubble it wasn't his bubble now it's his bubble that's the problem but if he would have said it's a bubble and it's going down it wouldn't have been his fault because part of the cure for the economy is deflating these bubbles it has to be done someone has to rip this band-aid off and he was elected to do it Jones then asks shift to walk him through what an economic implosion would look like here's how it's gonna go down so what's gonna happen as interest rates are gonna keep rising commodity prices are gonna keep rising the dollars is gonna keep falling so you're gonna start to see pickups in the official inflation rate and so rising consumer prices and rising interest rates are gonna start to be a powerful headwind for the economy because Americans are gonna be spending a lot more money on basic necessities if they have an adjustable rate mortgage costs are going up credit card debt auto loans all this cheap money is gonna be gradually going away and the economy is going to be weakening and as the economy is weakening unemployment is gonna start to pick up now the Fed is going to see this the Fed is going to see the economy slowing down and if they continue to raise rates it will go into recession now that's better than the alternative but the alternative if the Federal Reserve decides that they want to prevent or recession or maybe fight off a recession if it happens and they don't recognize it in time if they want to prop up the stock market then what they have to do is call off the rate hikes in fact I think that they have to go back to zero they have to launch QE 4 in order to keep interest rates from really spiking and to prop up the market but that will set off a currency crisis the dollar will plunge not just make new lows that will set up an economic crisis that's far worse than the financial crisis or the recession that we are trying to avoid Schiff then says the problem is also unfunded liabilities such as Social Security and Medicare he says that China doesn't have any of those the Chinese rely on themselves have disposable income and save 30% of their income and taxes are almost nothing to keep businesses booming while Americans pay a lot of taxes save only 3% live paycheck to paycheck and rely on the deeply indebted government becoming self-reliant and preparing yourself for this crash we'll give you a hand up and during the dollar's collapse Jones then stated that betting against America wasn't a good idea but Schiff fired back I'm not betting against America I'm betting against the Socialists in central bankers who have destroyed America in the long run maybe America's gonna come back but first we're gon have to pay the piper Schiff thinks it could get even worse - it could go beyond just the financial crisis I think the problem we are going to be confronted with is going to be much worse than a financial crisis it is going to be a dollar crisis and it is going to be a sovereign debt crisis where the bonds people are worried about are not some subprime mortgages dot dot it's going to be the US government that people are worried about then the solvency of the US government and the Treasury bonds if it's a dollar crisis and people are worried about the dollar the only thing worse than owning a dollar today is owning the promise of being paid in dollars in the future I don't think we have the Kurds to the fault and admit to our creditors that we don't have the money and we can't repay I think we will create all the money that we need so we can pretend to repay but what we end up doing is wiping out the debt with inflation inversely Schiff says it is the same with the suppressed gold and silver markets they can't keep doing it and it will end it's just like how much debt can we take on limited amount we will know when we get there long can they keep the price of gold suppressed we will know when we get there at some point the price is going to explode because there is real physical buying and all that paper selling can't camouflage that people don't trust fiat currencies more and more people are looking for alternatives and the real alternative is gold when they embrace it it's going to overwhelm central bank's ability to suppress the price in the meantime enjoy the gift that they are giving Schiff also said no one knows when this is going to happen for sure only that it will happen and you are better off to be prepared in advance a crisis rarely stops with a triggering event the aftermath can spiral having the capacity to our normal ways of life because of this it's important to have well-rounded approach to our preparedness efforts says ready nutrition author test Pennington in her book the Preppers blueprint it may be the time we all take a step back and consider the impact the government has had on what Schiff says will be the ultimate destruction of the dollar and prepare as best we can economic collapse in dollar hegemony how did this start from gold to paper to understand what is happening today we must look back to simpler times back when people bartered with each other the utility and availability of commodities determined their value gold in particular represented a finite good that was difficult to find that was useful in various fields for this reason gold has always been considered the highest example of a valuable good together with diamonds platinum silver and other elements that are difficult to find but have a common or daily use for example the importance of utility transformed uranium and otherwise worthless element into a valuable commodity following the discovery of atomic energy returning to gold one can understand how in the era of barter gold was the reference element with which to price the value of everything little by little gold was joined by silver and then bronze in simplifying the exchange of goods and increasing convenience of use gold had its own intrinsic value and was valid in every Empire around the world the same with silver and bronze gold had become not only a means of exchange and a measure of value but also a reservoir of value to be bequeathed to heirs above all it was a means of payment when silver coins began to become scarce payment with currency printed on leather was introduced however they were often refused due to lacking the basic principles that gave gold silver and bronze their measure and reservoir of value the skin of this currency could wear out and though it was a means of payment it was not as solid and trustworthy as precious metals the real revolution began in the 1700s when the French central bank began to take gold bars from its citizens in exchange for pieces of paper with the corresponding value written on it this change would have enormous repercussions on the world economy over the next 300 years the most important aspect of this change was psychological whereby the ordinary person is willing to deliver his physical gold to the French bank in exchange for a piece of paper indicating the amount of gold owned there are two fundamental reasons that have led to this choice both relating to human nature the simplicity of use and trust in the system the French state through central bank withdrew from the public gold silver and bronze and exchanged it for physical paper currency without any intrinsic value but the paper currency offered a high degree of portability and the ease of use aiding in its use as a means of payment and exchange of goods capitalism was thereby born and the transfer of wealth complete the world was transitioning from a real economy based on intrinsic value such as with that represented by gold silver and bronze to a fictitious one anchored to pieces of paper world reserve currency the British Empire and then the American one have thrived enormous Leon this arrangement thanks to the accumulation of gold in their central banks the Bank of England had accumulated huge reserves of gold and so was able to issue a massive amounts of pounds building up the concept of a world monetary reserve the pound had slowly replaced the French currency as the main medium of exchange around the world leaving Britain in a privileged position as a result of London central role in the global economy throughout history the rise of major empires has coincided with their currency being the global reserve currency up until the British Empire currency had always been a mix of valuable currencies in substitute currencies but with sterling gold was completely replaced with the pound giving Britain and its colonies a disproportionate power to manipulate the global economy to make the system sustainable the obligation was to print currency only in relation to the quantity of gold actually owned each pound issued corresponded with the gold fee that was only borrowed from the British central bank each currency holder first in France and now in England could theoretically have asked for his gold back instead of sterling her French florins this arrangement relied on the trust placed in central banks in the state liberating the average citizen from having to transport and protect the precious coins at the end of the Second World War the United States emerged as the biggest winner in the West in Washington soon replaced London as the premier global power with the dollar taking the place of the pound as a global reserve currency the real negative change came when Nixon decided in 1970 you want to drop the dollar from the corresponding gold value that had been established at the Bretton Woods Agreement the Fed was no longer required to have the gold price printed on its paper money the 1973 oil crisis further fixed the value of the dollar as a result of this oil shock bringing Saudi Arabia and the OPEC countries to sign a secret agreement with Washington this Agreement provided that in exchange for Washington's political and military protection the OPEC countries would be required to sell a long lean dollars the petro dollar was thus born being the replacement for the gold linked standard that existed prior to Nixon over the space of a few years the world economy experienced a dramatic and catastrophic shift American military and economic power had prevailed and the Fed was free to print endless amounts of dollars without worrying about its sustainability or credibility relying on war the media and consumerism to prop up the facade the world began to send consumer goods to the United States in exchange for a wastepaper with no relationship to gold the scam of the century was now complete it is a farce that relies on the collusion between banks federal agencies rating agencies and governments to create the illusion that US government bonds are the safest asset in the world even more so than gold itself which began to slowly disappear from the radar as a store of intrinsic value fast-forward to the end of the 1980s and the situation began to worsen with the transition to a digital reality regulated by Wall Street and financial speculation central banks could create money simply by transferring money to banks digitally this phenomenon brought about an enormous divergence between real assets and the value of currencies many countries lacking a certain level of international credibility could see inflation rise in a matter of hours as a result of strong financial speculation devaluing the value of their currency with disastrous consequences for the real economy twenty years later the crack revealed by Lehman Brothers suddenly amplified all the existing problems the risk was that citizens would lose trust in the dollar of the Euro undermining the understanding that had existed since the 1700s where citizens would exchange gold for paper safe and the knowledge that the integrity of this process was guaranteed by the central bank of their country rather than heal the financial system the solution devised sought to increase the power of the banks and financial institutions and to above all flood the market with money to save the banks that were too big to fail the ordinary taxpayers all of the sudden found themselves saddled with an eight hundred billion dollars debt with a simple mouse click the Fed working through the night to create money from nothing in order to increase the liquidity of banks thanks to a continuous stream of mainstream media propaganda the average citizen was little concerned by these actions and the global economy avoided going downhill the central banks found themselves in an unprecedented situation forcing them to admit that the only way to save the economy was to create more money out of thin air such an absurd situation has led Deutsche Bank in 2018 to accumulate such toxic financial instruments as derivatives worth approximately 46 trillion dollars twice the American economy this is degenerating and too meaningless madness as we will see in the next and final article of the series in the next and last article of the series I will explain how cryptocurrencies can save the whole financial system in the event of a new crisis and why this means the end of the only polar moment for the USA oops that will set up an economic crisis that's far worse than the financial crisis or the recession that we are trying to avoid Schiff then says the problem is also unfunded liabilities such as Social Security and Medicare he says that China doesn't have any of those the Chinese rely on themselves have disposable income and save 30% of their income and taxes are almost nothing to keep businesses booming while Americans pay a lot of taxes save only 3% live paycheck to paycheck and rely on the deeply indebted government becoming self-reliant and preparing yourself for this crash we'll give you a hand up and during the dollar's collapse Jones then stated that betting against America wasn't a good idea but Schiff fired back I'm not betting against America I'm betting against the Socialists in central Barents a reason to blame the collapse all on the Republicans says shift and we are getting close to this collapse the important thing is if you look at what's happening in the dollar for example last year was the first year in five years that the dollar went down and it was the biggest decline in 14 years we has the biggest drop against the Chinese one in nine years and in fact I think this year we're gonna fall to an all-time record low against the one I think we're gonna hit record lows against other major currencies like hero and the yen maybe by 2019 or 2020 Jones then asks Schiff what Trump is supposed to do to stop the crash Schiff says there's nothing he can do it's set up to crush so the United States will line up with the left of socialist dictators such as Bernie Sanders is the next president he Trump campaigned and said it the stock market was it bubble it Peter Schiff the economy will blow up like a bomb and Trump will be the fall guy Peter Schiff isn't known for mincing words or sugarcoating the evidence the financial broker an economist said in an interview the economy is going to blow up like a bomb and when that happens Donald Trump will take all of the blame not even a full minute into an interview with Alex Jones of Infowars Schiff says it's not a good thing that the economy is going to crash and burn unfortunately that's what Trump has inherited from Obama but it's not even really just Obama it's the Federal Reserve it's the monetary policy that has been passed like a baton from Clinton to Bush to Obama and now to Trump and we're near the end of the game and unfortunately Trump's going to be the fall guy this thing is all gonna collapse while he's president the tax cuts will give Democrat wasn't his bubble now it's his bubble that's the problem but if he would have said it's a bubble and it's going down it wouldn't have been his fault because part of the cure for the economy is deflating these bubbles it has to be done someone has to rip this band-aid off and he was elected to do it Jones then asks shift to walk him through what an economic implosion would look like here's how it's gonna go down so what's gonna happen as interest rates are gonna keep rising commodity prices are gonna keep rising the dollars are gonna keep flowing so you're gonna start to see pickups in the official inflation rate and so rising consumer prices and rising interest rates are gonna start to be a powerful headwind for the economy because Americans are gonna be spending a lot more money on basic necessities if they have an adjustable rate mortgage costs are going up credit card debt auto loans all this cheap money is gonna be gradually going away and the economy is going to be weakening and as the economy is weakening unemployment is gonna start to pick up now the Fed is gonna see this the Fed is gonna see the economy slowing down and if they continue to raise rates it will go into recession now that's better than the alternative but the alternative if the Federal Reserve decides that they want to prevent a recession or maybe fight off a recession if it happens and they don't recognize it in time if they want to prop up the stock market then what they have to do is call off the rate hikes in fact I think that they have to go back to zero they have to launch QE 4 in order to keep interest rates from really spiking and to prop up the market but that will set off a currency crisis the dollar will plunge not just make new low
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