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361 Comments
- TexasCanuck, on 10/11/2008, -5/+136I hope for all our sakes Schiff is wrong on this one...
- garrydolley, on 10/11/2008, -1/+82Time to buy stock in Campbell's Soup.
- cubicledrone, on 10/11/2008, -3/+63This is what happens when you create an economy that builds nothing and creates nothing. This is the result of contempt for education and contempt for your neighbor. This is what happens when the mechanics and teachers of this country: the bus drivers, accountants, technicians, craftsmen and builders are fired becuase one number is bigger than another. This is what we have produced from the inestimable wealth given us by previous generations: men and women who somehow managed to house, clothe and feed themselves while building the space program, the Interstate Highway system, pensions, hospitals, volunteer organizations, the Civil Rights movement, the Hubble Telescope, cable television, the G.I. Bill and the Internet.
We should be ashamed of ourselves. All we have managed to do is take up sides and throw insults at one another while we sell off the accumlated wealth of two centuries of freedom. We have failed to educate the next generation, failed to secure their liberty, failed to promote the general welfare and failed to live up to the legacy that was trusted to us by heroes who took their last few exhausted breaths looking up at a star-spangled flag and believing in their hearts all would be well.
We should be truly and deeply ashamed. - dixon1e, on 10/11/2008, -2/+61How about "Martial Law" http://en.wikipedia.org/wiki/Martial_law
Spelling counts, even during the revolution. - AugustusOsari, on 10/11/2008, -5/+61Marshall law, huh?
Who is the Marshall guy I keep hearing about? - TheMachine1, on 10/11/2008, -6/+62Prices of everything are falling so deflation is more likely.
Predicting one thing right does not mean an "expert" has a crystal ball. People who make amazing predictions undoubtedly fail to reveal all their wrong predictions. Plus
they often fail at the precise timing and degree things will happen. People that know the future with any reliability would be able to earn a good living using that to profit in the financial market not in journalism. - StingingNettle, on 10/11/2008, -1/+55Are you confused as to what this experience might be like? Please read http://www.pbs.org/wgbh/commandingheights/shared/m ...
- inactive, on 10/11/2008, -0/+48We basically defeated the Soviets the same way we defeated ourselves.
- hugolp, on 10/11/2008, -3/+50Dont bet on it.
- maz2331, on 10/11/2008, -1/+40Or hyper deflation if credit dries up and too many bogus investements go belly-up.
- Hoogie7Dowser, on 10/11/2008, -2/+34A can of Campbell's soup is ***** expensive. WTF!
Ramen. That's the way to go. - steakneggs, on 10/11/2008, -4/+32Well, the dollar has actually strengthened over the past week, when the bailout was voted in. As long as the rest of the world is facing the same kinds of economic and credit related problems as the US is, then the currency market should stay in check.
When things get ugly, people are still fleeing to the dollar. - doublefelix, on 10/11/2008, -1/+26Personally, I'm really looking forward to hyperinflation to pay down my credit card debt.
- MrColdheart, on 10/11/2008, -0/+24I hear he's making a stop in your town.. ooohhh im sooo exited!!!
- mardraum, on 10/11/2008, -0/+21marital law is scarier.
- brad3378, on 10/11/2008, -3/+24At least if Federal Reserve Chairman Ben S. Bernanke leads the U.S. into financial ruin, he’ll still have his Canadian Treasury bonds to fall back on.
http://articles.latimes.com/2008/jul/22/business/f ... - brad3378, on 10/11/2008, -2/+22I'm betting on him being right. I'm investing in commodities.
- marcabminion, on 10/11/2008, -3/+23They should bring Laffer and Schiff back on the show for another round!
I predict a round in Schiff's favour, because Laffer will still be in denial.
KO win by Schiff in round 3. - machine82, on 10/11/2008, -0/+19Don't buy stock in the soup. Stockpile the soup.
- essjay, on 10/11/2008, -0/+18Or lipstick.
Or, actually, companies with strong fundamentals. There are many stocks out there at the moment that look hugely undervalued. Any company with a strong base, good fundamentals, strong growth and exposure to emerging markets is a good bet. Especially if you can identify the ones that have dropped in value because of market sentiment as opposed to any specific problems or over exposure to the current credit crisis. - R2Bacca, on 10/11/2008, -17/+35"So, buy my book..." what a douche.
- sjbdallas, on 10/11/2008, -8/+26It would seem to me that we've already had inflation (houses, cars, food, etc) thanks to the oil rise and readily available credit. Not really sure how no one having any money creates inflation.
- odigity, on 10/11/2008, -0/+18@jeremymerrill:
I'm not investing in commodities futures contracts. I'm investing in commodities. Food, water, medicine, ammo, tools and equipment, and silver rounds. You know, stuff that has intrinsic value, and that I can physically possess. - inactive, on 10/11/2008, -2/+20it's not that it strengthened. The other currencies have gone down more...think about all the billions they are printing out of thin air for the bailouts...and now the plan is to buy stock.
- thegrantman, on 10/11/2008, -1/+16Grab a towel and don't panic.
- inactive, on 10/11/2008, -0/+15i predict carbs will be back in style...
- JoshuaGross, on 10/11/2008, -2/+17Exactly. People have been predicting the end of the world for millennia. At some point, they'll be right. Doesn't mean they aren't still idiots.
- dhughes, on 10/11/2008, -1/+15 If you guys in the USA start using the Canadian dollar then I'll be worried.
- LordSkywalker, on 10/11/2008, -8/+22Ron Paul's been talking about the inflation tax for a long time now. Of course, injecting hundreds of billion of dollars (created out of thin air) will launch inflation into Hyper-mode. http://isupportronpaul.blogspot.com/2008/01/what-i ...
- birge, on 10/11/2008, -0/+13Aren't Austrian school econs the people who warned us that fractional reserve lending and Fed intervention in the credit markets would lead to this kind of credit bubble in the first place? I'm not sure, and am sincerely asking.
- Perk, on 10/12/2008, -0/+13That's the point though, the government keeps INCREASING the money suppy in order to counteract natural deflationary pressures. They keep adding fake yeast to the recipe and wonder why they get ***** instead of cake.
- torgarman, on 10/11/2008, -0/+12Reagan somehow got credit for defeating the Soviets by pushing their economy over the brink. In doing so, he racked up a lot of US debt.
We should be consistent. If Reagan defeated the Soviets, then he defeated us as well. George W just finished what Reagan started. - Balanced, on 10/11/2008, -2/+14Capitalism as a core concept relies on enlightened self interest. If the only source of soup is a $4/can rip-off, then it's an opportunity for someone to make it cheaper. Then the $4 guy either lowers his prices or the market corrects.
- Richandler, on 10/11/2008, -10/+22Austrian economists look at trends, not what is happening today or over the last week. Simply put what Schiff is looking at is what will eventually happen. Whether it's next week or two years from now, it will eventually happen.
- jeremymerrill, on 10/11/2008, -3/+15What makes you think that when "marshall" [sic] law is imposed your commodities futures contracts will be honored?
- Perk, on 10/12/2008, -1/+13Unfortunately, my read on the situation is similar. The economy has been trying desperately to deflate for at least the last two to four years. The continued attempts by the Fed and now Congress to prop up down-trending markets with fiat money is preventing this from happening and will eventually lead to hyper-inflation of the dollar.
The housing and energy (oil) bubbles have also had a large inflationary effect. In the first case, people have been borrowing against their (artificially inflated) home equity which increases cash in the economy (which invariably leads to higher prices as demand increases). In the second case, higher energy cost results directly in increased manufacturing and transport costs throughout all sectors of the economy.
Now that these bubbles have burst, and people are realizing that there is too much money in the economy in comparison with the real value of goods, the money supply must deflate as well. Unfortunately the government is trying to prevent a short-term correction by creating even more money. This will, if unchecked, necessarily lead to even more inflation, and eventually to collapse of the currency. The public sentiment about the bail-out bill was correct. Unfortunately the government no longer answers to the public.
The solution is actually fairly simple. Get your paws out of the economy and let market forces work. Let the banks who made bad loans fail. Concentrate government resources on actually enforcing the fraud and tax laws that are already on the books. Start acting like a capitalist democracy and not like a fascist oligarchy.
Start holding Congress accountable. Here's a link to the roll call vote on the Bailout: http://clerk.house.gov/cgi-bin/vote.asp?year=2008& ... If your congressperson voted for it, don't vote for her. Simple as that. - aaronirwin31, on 10/11/2008, -0/+12The best thing you can do is sit back and relax. Panic is a disease. Keep your cool, keep your head about you, and you'll be fine. If most people were honest with themselves they would discover they generally worry 100% of the time to prepare themselves for the 10% of the time when their fears come true. We've weathered depressions, great wars, civil wars, social unrest and revolutions. We will weather this. Since I first set a tiny foot on this planet, I've been listening to people telling me that the world as we know it was going to end tomorrow. They've claimed terrorists were going to get it, the economy was going to get us, the Middle East was going to get us, the Soviets were going to get us, God was going to get us, super volcanoes, killer asteroids, Armageddon, pandemics, super bugs, global cooling, global warming, mass extinctions, ice ages, alien invasions, government conspiracies, new world orders, illegal immigration, Y2K, .... sheez! And that's just in the 37 years I've been here. History books are full of hysterical predictions.
Take a deep breath. Realize the planet has been here for millions of years. We've been here for hundreds of thousands of years. And people have been warning others that the sky is falling the entire time.
It's true, nations rise and fall. We may find ourselves in a period of restructure and reevaluation. We may find ourselves taking stock of our lifestyles and spending habits based on runaway debt. But trust me, over the long haul, everything will be fine. My grandmother lived through the great depression in the 30s.. and she's still here to tell you about it. You'll be fine. - dalesmatrix, on 10/11/2008, -1/+13well said, spiraling defense costs can't be helping the US economy.
- RIPtechtv, on 10/11/2008, -0/+12Time to bring out that amero anyone? :(
- doublefelix, on 10/11/2008, -0/+11Sorry about that kid. I think thanks to the Bush Administration future historians (a la Tom Brokaw) will be calling the Baby Boomers "The Most Selfish Generation".
- Rixar13, on 10/11/2008, -4/+15Peter Schiff is correct I am sorry to say. Hyperinflation will occur due to printing up money at Federal Reserve with dollar value at all time low, could spiral out of control.
- JacksonYaya, on 10/11/2008, -0/+11We've been on the loony standard for a long time.
- inactive, on 10/11/2008, -0/+11watch as the media make it worse..
- inactive, on 10/11/2008, -5/+16This is much easier to read and says about the same thing.
http://img375.imageshack.us/img375/296/expierenceh ... - hsfrey, on 10/11/2008, -1/+12Without real income and with huge debt service, the US will go further into debt. The only way it will be able to pay off those dollars is by making the dollars cheap. That's inflation. The Chinese will get pennies on the dollar. Foreign goods (i.e., just about everything manufactured which we buy in the US) will become much more expensive.
I'm waiting to hear some apologies to Perot from those who ridiculed his "giant sucking sound" prediction! - JacksonYaya, on 10/11/2008, -0/+10He created the Martial Plan after WW2.
- yellowfish04, on 10/11/2008, -0/+10This comment really pissed me off.
Because you're right. - fortressgame, on 10/11/2008, -0/+10prices falling doesn't mean we won't end up with hyperinflation. you have to think more steps ahead than that.
government bailing out banks and backstopping works because the government has unlimited dollars. why unlimited? because they PRINT MORE. That means the dollar goes down in value, and prices go UP as businesses try to compensate for the falling dollar.
That's inflation. - Scaryclouds, on 10/12/2008, -1/+11So in other words you prefer our known failed policies over the theories of a person who accurately predicted this event would occur? Gotcha.
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