Peter Schiff: Catastrophic Economic Collapse Will Hit the U.S. Economy In 2013 or 2014

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financial-crisis2InvestmentWatch reported on the recent predictions of Peter Schiff.  Economic Crisis: 2007 and 2013 – Peter Schiff: A Collapse Happened In 2008, But Even More Catastrophic Economic Collapse Will Hit the United States Economy In 2013 or 2014

“In 2006, when he faced off with many well known Titans of investing and warned of an impending financial disaster and economic collapse, Peter Schiff was laughed at by his colleagues.

He urged Americans to exit financial markets and take steps to protect themselves before the wealth held in their savings accounts, retirement investments and real estate was wiped out. Few listened…

We know what happened next.

Now, those same financial experts who publicly vilified Schiff for his predictions six years ago are at it again. Many, including our politicians, central bankers and leading economists, have unequivocally stated that the worst is behind us, and that a global recovery is on the horizon.

Once again, Peter Schiff disagrees:

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said.  “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.

According to Schiff, these numbers are unsustainable. And the Fed has no credible “exit strategy.”

Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.

Bookingcom fill ad2“The crisis is imminent,” Schiff said.  I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”

“We’re broke, Schiff added.  We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”

“The Fed knows that the U.S. economy is not recovering,” he noted. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”

A noted economist, Schiff has been a fierce critic of the Fed and its policies for years. And his warnings have proven to be prophetic.

His recent warnings, however, have been even more alarming.  Will they also prove to be true?

In his most recent book, “The Real Crash” How to Save Yourself and Your Country”, Schiff writes that
when the “real crash” comes,” it will be worse than the Great Depression.

Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, “wiping out all savings and sending consumer prices into the stratosphere.”

“All we can do now is prepare for the crash,” Schiff said. “If we brace ourselves properly and control the impact, we will survive it.”

Indeed.

financial crisis 1We must understand that none of the fundamental problems leading up to the 2007/2008 financial crisis have been resolved. If anything, it’s gotten worse.

Our politicians will not change, and therefore, will change nothing in Washington. Wall Street is as corrupt as ever. Our central bank continues to devalue our currency.

There is no end in sight for these people. They will continue on this unsustainable path until we as a country finally hit the proverbial brick wall.

obama-economy-sinking-ship-political-cartoonAs Peter Schiff notes, the destruction to life as we know it in America and the world is imminent. It’s going to be severe.

So much so that the government has been simulating the collapse of our financial system, the collapse of our society and the potential for widespread violence.

A collapse happened in 2008, but THE collapse is still ahead.” [Read more]

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11 thoughts on “Peter Schiff: Catastrophic Economic Collapse Will Hit the U.S. Economy In 2013 or 2014

  1. Pingback: Prepare for massive wealth destruction | Badass Andersons

  2. Thanks peter for this awakening. I am an asian investor , As collapsed happened we feel consiquences in emerging markets. Great work ,we will keep propagating your message around the world.

  3. The financial destruction of America is very near may be with in 5 years time, after that American hegemony will finish forever !!!!

  4. Pingback: Avoiding Financial Pitfalls

  5. Very few financial analysts noticed the first indications of our American financial doom back in the 1990s. Whistle blower -Catherine Austin Fitts, the former U.S. Assistant Secretary of Housing/Federal Housing Commissioner, under George H.W. Bush was one of the first to warn the American public of an approaching housing bubble. Her prediction that a ‘strong dollar policy’ would ultimately lead to a weakened federal credit is currently being proven correct. Catherine Austin Fitts and her company actually saved taxpayers billions of dollars by creating a program to help HUD sell its defaulted loans. Fitts understanding of the global financial system and the inner workings of the Wall Street-Washington axis are still unparalleled.

    All Fitts warnings proved to be right on the mark- trillions have been lost in the real estate bubble, and trillions more were thrown away in the frantic borrowing and bailouts that soon followed. Way back on 9/10/2001, Donald Rumsfeld announced that there was $2.3 trillion missing in Pentagon transactions. In 2003 Catherine Austine Fitts, provided the public with hard evidence that the defense department “misplaced’ at least a trillion dollars (during an interval that Congress increased defense spending from $300 billion to $400 billion over three years ).

    Unlike the 2.3 trillion dollar Pentagon swindle, Catherine Austin Fitts provided us with clear evidence of exactly who made off with all that loot.
    See (Catherine Austin Fitts on Goldman Sachs) http://www.youtube.com/watch

    Nonetheless, here we are: stuck with trillions in lost equity combined with trillions more in debt.
    America must demand answers now; How could the financial elite be allowed to intentionally crash the global economy and then utilize their powerful wall street lobbyist to persuade (bribe) our lawmakers and politicians to bail them out thereby creating double and triple profits?

    Back in 1990, Fitts left HUD, declining an offer from the White House to become a member of the Federal Reserve Board. Instead she started Hamilton, a Washington-based investment bank focusing on financial software and database development. Money to start the company came from her 401(k) retirement plan and savings account, the sale of her house and investments by employees.

    After Fitts went public with proof that corporate financial terrorists deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore as a means of sacrificing the American middle class, providing hard evidence that trillions of dollars went missing from government coffers in the 90′s., Fitts own company was raided by the FBI and the U.S. Attorney’s office in Washington, and all her files and assets were confiscated in retaliation for her exposure of the high level fraud targeted her, other than that the program she put together at HUD “was offending a lot of important people who stood to lose hundreds of millions of dollars if the program continued.”

    Fitts explains how every dollar of debt issued to service every war, building project, and government program since the American Revolution up to around 2 years ago – around $12 trillion – has been doubled again in just the last 18 months alone with the bank bailouts.
    “We’re literally witnessing the leveraged buyout of a country and that’s why I call it a financial coup d’état, and that’s what the bailout is for,” said Fitts.

    See related video; Catherine Austin Fitts on The Looting of America (www.youtube.com/watch

    Related link and Articles

    http://communiversity.groupsite.com/beta/discussion/topics/542061/messages

  6. WAKE UP Americans!!! Did we forget we still have choices? Because we are so mired in the immediacy of situations, we don’t often have a “helicopter view” of the economic deception being perpetrated upon us!!! the money by creating a groundswell of necessary change before we reach a full blown “economic collapse”

  7. Pingback: Total Economic Collapse in 2014 - Fuzzy Puma

  8. Pingback: Billionaires Dumping USA Stocks and shares Worldwide!!!!! | Looking for reasoning to a complicated world

  9. LOL. Economic collapse. Depression. These are optimistic scenarios. These imply some sort of recovery. Lets not forget that the great depression was a man made paper problem. There where plenty of resources still to plunder hence a rather swift recovery. Quite different to today’s scenario. We need to stop thinking about the world in terms of a man made fiction (the economy) and start thinking about it in a realistic scientific manner. The fact is in a world of 7 Billion people and rapidly diminishing fossil fuel we are heading for a world of poo the likes of which mankind has never seen. 6 Billion of us only exist because of oil. The economy is merely the first red flag. You won’t sleep at night when you see the other flags. The signs are everywhere but most of us have been too dumbed down to notice. I give us 2 years (around 2016) and the proverbial sh&t will hit the fan. It’s going to make Mad Max, the book of Eli and the Road all rolled up together look a fun outing in the park. Rule #1. There is NO solution with 7 Billion people.

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