Peter Schiff--only guy who knows what's gonna happen to the USA

[brocktonblockbust]

[Kirkland Laing]

Peter Schiff on Glenn Beck, Dec. 28, 2009:

PAYNE: So, where are you then, Peter, with respect to inflation? Do you think this is going to be the big story of 2010?
SCHIFF: You know, look, I know inflation is going to get worse in 2010. Whether it’s going to run out of control or it’s going to take until 2011 or 2012, but I know we’re going to have a major currency crisis coming soon. It’s going to dwarf the financial crisis and it’s going to send consumer prices absolutely ballistic, as well as interest rates and unemployment.
PAYNE: And what does that mean? For people watching this show, what does that mean for the average American?
SCHIFF: It means their life is going to get a lot more difficult. It means things that they need to buy, things like food and energy, are going to be much more expensive. Ultimately, interest rates are going to rise and their entire standard of living is going to plunge.
And I’m hoping the government doesn’t respond to this inflation with price controls because that’s going to make it even worse. Now, you’re going to be waiting in long lines to get basic food items or to get energy because there’s going to be shortages. People might be going to the black market.
PAYNE: You’re talking you’re talking Zimbabwe, Weimar, Germany — I mean, you’re really talking about something like that actually happening in this country.
SCHIFF: It will happen if we don’t change policies. There is still time to change.
PAYNE: Right.
SCHIFF: I mean, I’m running for the United States Senate, so I can try to change that myself. But if we don’t reverse course, if we continue to stimulate, then we will end up with hyperinflation and it will be like Zimbabwe.

[brocktonblockbust]

schiff is right. not sure if you were criticizing him there or not. but he's right. he wrote a book in 2007 predicting the housing bubble would burst, he predicted the dot.com bubble burst in the 90s and he predicted the bailouts back in 2007-8.

we do have inflation as he said we would, but Obama and the goct accounting office is fudging the numbers, cooking the books. They suddenly don't include food and energy in the CPI basket of goods & services that has always been used since this data was calculated I think since 1949. Why is that?

because if you factor in food and energy, then anyone can see we certainly DO have inflation. Also, with all this QE-Infinity shit, the value of the US dollar has been throughoy undermined. You cant print phantom money out of thin air, backed by nothing and producing nothing. Just ask the Weimar Republic about that. The US dollar is toast shortly.

SChiff is now rightly predicting a currency collapse. The US dollar is only hanging in there because it is still for what rason I cannot imagine pereived as the world's reserve currency. Not for long.

Get out of US dollar-denominated investments. Also oil conttracts are all priced in US dollars. That is already changing. Russia, China and Iran are all trading oil contracts now in rubles and RMB. Brazil and india will follow shortly.

China will no longer lend the US money. They are already owed 3 trillion dollars in principal and the interest keeps growing. US will never be able to pay that back. Also, by the time the QE is done, the dollar will be worthless. Who wants to get paid back in worthless US dollars?

[Kirkland Laing]

He predicted meltsowns and bursting bubbles every year or so as regular as clockwork since the early nineties. It's like predicting your train to work is going to crash every day you get on it, and on the one day it does crash you think you're Nostradamus.

Food and energy prices are going up for reasons completely unrelated to the meltdown. There are more and more people and less food and energy to go round. Otherwise inflation ias running at less than 2%, a tiny amount historically, and the central banks are struggling to maintain even 2%.

The dollar will be fine, China will keep buying it and if they did start selling it they'd be doing the US a favour. Bond investors are the smartest investors on the planet and they're currently taking negative interest rates -- paying America money -- to buy US bonds. So stop wetting the bed. If you knew the first thing about this you'd stop worrying. The more you learn the less you'll worry.