Lately I’ve been concerned about the potential collapse of the dollar. Although it is tempting to blame George W. Bush (or any other politician – Clinton if you’re Conservative) for the current financial difficulties, its really not any one person and/or administrations fault. Rather it is a generational habit of living in debt. We allowed this Republic to run record deficits, fight wars with borrowed money and we didn’t hold them accountable. What concerns me are the words of David M. Walker, Former Comptroller General:
“declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central governmentâ€. He compares Americas self-destructive tendencies to those that
Brought about the fall of the Roman Empire.”
Listen to Peter Schiff accurately predict the subprime crisis and the bail out of 2008 two years before it happened.
Man, I love this country. I still believe the dream and principles on which this country was founded are the best in the world. This is my home, my birth place and I have been so proud of our accomplishments, so it really pains me to see us on the brink of collapse. At the same time, I can’t help but think that it is the only thing that will save us from ourselves and reign in our feeling of invincibility, naive arrogance and complacent ignorance of the representatives that have turned their backs on this Constitutional Republic.
As an American, Peter Schiff’s predictions are very difficult to accept. I want to believe that everything will magically get better. I want
To believe that the best economic times are ahead of us, but then I hear this guy talk.
As one Fox contributor said, “I don’t know whether to shoot him or shoot myself.â€
My hope and prayer is that Peter is just a very pessimistic guy who was extremely accurate by accident. Maybe his total negative
view is bound to be right 50% of the time because that just how the chips fall 50% of the time. But my gut is telling me that he is
right because he has a fundamental understanding of how economics work; much like Newtonian physics can accurately predict
how fast an object will fall. He deals with science not speculation.
You can’t watch these video from here, but you should send this link to your home account an watch them there.
Peter Schiff is so right that its scary. If you actually watch the video, go a little further and check out some of his Fox news
Appearances from 2006 to now. I watch them and it made me sick to my stomach because he paints a very ugly picture
of what is ahead of the United States economy. At first, I found the more I watch, the more angry, depressed, frustrated
I got. But now I’m just looking for solutions and ways to prepare myself and family. Even if he is wrong, it won’t hurt to
Get prepared.
David Walker on $56 deficit
Peter Schiff predicted the collapse in 2006
Imagine it. The U.S. Government defaults on all debt and files for bankruptcy. The dollar officially collapses. The world economies are in big trouble because they held so many dollars and they are now as worthless as the paper they are printed on. In about 8 months the rest of the world (Asia & Europe) start to show signs of recovery. The world starts to collectively unload the dollar and they come flooding back into America. With no surplus, no savings, a weakened export economy and ZERO financial credibility the U.S. starts to feel the pain. Business slows WAY down. Credit markets almost completely stopped, fearing the worst people begin withdrawing large sums of money from their bank accounts, turning dollars into other Euros and sending them abroad, causing a run on the banks. “The government then enacted a set of measures that effectively froze all bank accounts for twelve months, allowing for only minor sums of cash to be withdrawn.†(see http://en.wikipedia.org/wiki/Argentine_economic_crisis). The U.S. government enacts a new form of currency, the Amero. That is when the civil unrest really starts. There is about a year and a half where the crime and violence is so bad Martial law is necessary in some cities.
The government starts aggressively pursuing financial, energy and commodity independence. The action slows some of the job loss but the dollar is still a corpse.
http://www.cnn.com/2008/POLITICS/10/16/beck.crisis/index.html
When it gets this bad, the greatest threat will be crime because people will be without homes, hungry, without jobs and without hope… which is ironic since the President won his election on “hopeâ€.
1.) Offense against burglary: A gun safe & a gun.
2.) Home Security: Alarm system, automatic garage door opener
3.) 6 months Perishables supply
a. Gas (enough to get around if you absolutely have to)
b. Water (lots)
c. Dried foods
d. Toilet paper
e. Diapers
4.) $1000 emergency cash on hand
5.) DO NOT invest money in domestic securities
Is the Weimar Republic happening to us?