Peter Schiff opines on the economy, global trade, the currency war, jobs, inflation, precious metals, offshoring and more. Schiff, who called the real estate bubble, debt crisis and the rise of precious metals well before they happened, was at one time laughed off of television for his dire predictions. More people are now taking him seriously, because he might just be on to something:
Most wars – the object is to kill the enemy. In the currency war, the object is to kill your own troops.
Because, in a currency war it’s a nation’s own citizens that suffer because they’re the ones being made poorer.
Unfortunately, America is going to win the currency war, so our citizens have the most to lose because we’re going to be the greatest casualties in the currency war. It’s going to be American retirees, people living on fixed incomes – because unforetunately that’s how you win the currency war.
Whichever country succeeds in making its citizens the poorest is the winner.
“…history makes clear that countries that continually spend beyond their means suffer slower growth in incomes and living standards and are prone to greater economic and financial instability.”
We have not only analysts and economist like Peter Schiff and Marc Faber saying it – the head of our monetary system has alluded to the same thing. Folks, this is serious. When we talk about losing the currency war, we’re not talking about a 3% to 7% decline in purchasing power per year, as has been the traditional loss of purchasing power for the dollar over the last hundred years.
We’re talking about losing 3% to 7% PER MONTH. It’s actually happening right now! The Federal Reserve is pumping massive amounts of “liquidity” into the system either directly (through offshore bank accounts) or indirectly (through lending to so-called banks, which are actually large investment firms), and this money is making it’s way into commodities like oil, rice, wheat, etc. Just in the last thirty days we’ve seen a 7% devaluation in the US dollar vs. these critical assets. And the Fed doesn’t plan on letting up soon. At 7%, you’re looking at losing more than half your purchasing power per year.
If you are saving money, the intention of the Federal Reserve and powers-that-be is to wipe you out. Recommendation: Put your money into a hard asset or two.
Watch Peter Schiff:
Hat tip: Chef contributed to the content of this article.
Click here to subscribe: Join over one million monthly readers and receive breaking news, strategies, ideas and commentary.
Please Spread The Word And Share This Post
Mac Slavo Views:
Read by 711 people Date: October 8th, 2010 Website:www.SHTFplan.com
Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.
The content on this site is provided as general information only. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a financial interest in any company or advertiser referenced. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader.
SHTFplan is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.