Peter Schiff - Death of the Dollar

[NorthMass]

God bless him for continuing to speak the truth.

[US_Ranger]

I had to stop listening at 1:30. I don't want to be pissed off for the rest of the day.

I've been saving my money, cashed out my mutual fund, etc but I really do need to start investing in actual "things" versus worthless monopoly money. Oh well, time to get that H&K .40 that I've been looking at I think. Silver looks good too.

Also, he's right. It's painfully obvious that our dollar is damn near collapse. No one wants our currency anymore.

[NorthMass]

Originally Posted by US_Ranger

I had to stop listening at 1:30. I don't want to be pissed off for the rest of the day.

I've been saving my money, cashed out my mutual fund, etc but I really do need to start investing in actual "things" versus worthless monopoly money. Oh well, time to get that H&K .40 that I've been looking at I think. Silver looks good too.

Also, he's right. It's painfully obvious that our dollar is damn near collapse. No one wants our currency anymore.

That is what is so immoral and ridiculous about these policies, people who save money are the ones who get hurt most because their savings evaporate with inflation.

[5x10]

hyper-inflate in relation to what?

also, net foreign treasury sales are up for 3 consecutive months with these low returns, which shows they are not shying away from the dollar

he compares our policies to zimbabwe and weimer republic, yet our economy is much more established and functional than those

some of his scenerios just dont make sense

btw, im in gold

[mjfan12]

im so angry about gold! my mom got me an ounce like in 04 or something when it was only 250ish. I looked at the recent trends and it was around there for the last few years.

i decided to get rid of it for 250, believeing it would never reach the heights its at now.

250=2000

dammit.

[Stizzel]

Originally Posted by 5x10

hyper-inflate in relation to what?

also, net foreign treasury sales are up for 3 consecutive months with these low returns, which shows they are not shying away from the dollar

he compares our policies to zimbabwe and weimer republic, yet our economy is much more established and functional than those

some of his scenerios just dont make sense

btw, im in gold

The only thing we have going for us is our status as the world's reserve currency. Thats it. And thats not going to last much longer.

[IraHays]

Originally Posted by Stizzel

The only thing we have going for us is our status as the world's reserve currency. Thats it. And thats not going to last much longer.

Having the world's largest military also helps. I doubt other nations are looking forward to the country with the largest military going bankrupt.

[corpsedub]

i bought physical at the 770 mark. glad i did

[reyalp]

When I was in New Orleans all the time and making more money than I am now, I was buying a gun almost every week. I'm glad I did, they faired better than the few mutual funds I had money in, and better than the value of my properties.
I'm taking a little bit of a loss right now to employ some people, but if I can put them in some new contracts in the future I will probably start buying more again.

Haven't really gotten into handguns much, maybe that will be next

We're still on a good slide right now, the only question is, in the short term, will gold or the stock market be a better investment?
My gold has made 11% recently, but the DJIA has gone up 22%.
Of course gold has really just held even, as the USDX has gone down about 11% in that same time frame too.

[marmadogg]

Peter Schiff lost a phuck load of money for his clients.

His investment theories tanked his clients portfolios.

The USD is lousy but what fiat currency is better and why? The pound is worse, the renminbi does not even float and the Euro is no better.

All fiat currency is in a race to the bottom and the USD has temporarily taken the lead. No currency floats...they all sink a varying rates. Gold floats!

[5x10]

Originally Posted by Stizzel

The only thing we have going for us is our status as the world's reserve currency. Thats it. And thats not going to last much longer.

dont we have the worlds #1 gdp as well?

from what i understand, currency values are indicative of the countries overall gdp and production versus other countries

thats how i dont understand how we will hyperinflate

[marmadogg]

Originally Posted by Stizzel

The only thing we have going for us is our status as the world's reserve currency. Thats it. And thats not going to last much longer.

Where will the world run to when the markets tank again once the stimulus runs dry?

Eventually there will be no such thing as a reserve currency as diversification will be the name of the game.

[Stizzel]

Originally Posted by IraHays

Having the world's largest military also helps. I doubt other nations are looking forward to the country with the largest military going bankrupt.

So what? The world cant prop us up forever. Eventually they will have to go down with the ship or break off and try to make it on their own.

What are going to do, invade the rest of the planet and force them to keep using dollars?

Originally Posted by 5x10

dont we have the worlds #1 gdp as well?

from what i understand, currency values are indicative of the countries overall gdp and production versus other countries

thats how i dont understand how we will hyperinflate

There are a lot of financial tricks that go into inflating the GDP. The bottom line is America produces nothing. If the rest of the planet wasn't forced to buy dollars to operate then we would be sunk already.

Originally Posted by marmadogg

Where will the world run to when the markets tank again once the stimulus runs dry?

Eventually there will be no such thing as a reserve currency as diversification will be the name of the game.

There's already a bretton woods 2 system in the works. SDR's regulated by international banks like the IMF.

[reyalp]

Originally Posted by marmadogg

Peter Schiff lost a phuck load of money for his clients.

It's rather funny that even Schiff wasn't bearish enough.

[marmadogg]

Originally Posted by Stizzel

So what? The world cant prop us up forever. Eventually they will have to go down with the ship or break off and try to make it on their own.

What are going to do, invade the rest of the planet and force them to keep using dollars?

That was a poor assertion to be sure.

Originally Posted by Stizzel

There are a lot of financial tricks that go into inflating the GDP. The bottom line is America produces nothing. If the rest of the planet wasn't forced to buy dollars to operate then we would be sunk already.

Simple math...they end up with dollars when we buy imports and buying treasuries is better than putting the money in a mattress as they cannot buy ports, pipelines, utilities, coal mines, etc.

Originally Posted by Stizzel

There's already a bretton woods 2 system in the works. SDR's regulated by international banks like the IMF.

Wrong. With a global electronic FX market there will be no need to have a default currency. Oil will continue to be price in dollars and the the oil extracting nations will take Euros and other currencies much like they do now to diversify which they should have been doing for the past 10+ years. Nothing to see here...move along.

[IraHays]

Originally Posted by Stizzel

What are going to do, invade the rest of the planet and force them to keep using dollars?

No. We will just go down the sh*tter peacefully.

[BigMass]

Originally Posted by marmadogg

Peter Schiff lost a phuck load of money for his clients.

His investment theories tanked his clients portfolios.

Peter Schiff only lost money last year. LIKE EVERYBODY ELSE. On average he lost less for his clients than the DOW. He is an INVESTOR not a trader. Any losses from last year have already been made up this year and then some. People that have had their money with Schiff for the past 5-10 years are laughing. People that got in for a few months then bailed should have gone to a trader not someone that looks at the long term. So good job parroting more anti-Schiff BS

[LifeByTheHorns]

Originally Posted by US_Ranger

I had to stop listening at 1:30. I don't want to be pissed off for the rest of the day.

I've been saving my money, cashed out my mutual fund, etc but I really do need to start investing in actual "things" versus worthless monopoly money. Oh well, time to get that H&K .40 that I've been looking at I think. Silver looks good too.

Also, he's right. It's painfully obvious that our dollar is damn near collapse. No one wants our currency anymore.

Start investing your money in silver/gold. Start doing some research. in 5 years, you will be kicking yourself in the ass. I assure you.

Silver is my "savings account".

[Stizzel]

Originally Posted by marmadogg

Wrong. With a global electronic FX market there will be no need to have a default currency. Oil will continue to be price in dollars and the the oil extracting nations will take Euros and other currencies much like they do now to diversify which they should have been doing for the past 10+ years. Nothing to see here...move along.

Bretton Woods II -- No Way
By Patrick J. Buchanan
November 14, 2008

"Laissez-faire is finished, the all-powerful market that is always right, that's finished," said Nicholas Sarkozy, speaking ex cathedra, last month.

As a result, said the diminutive French president, it is "necessary to rebuild the entire global financial and monetary system from the bottom up, the way it was done at Bretton Woods after World War II."

Sarky's history is a bit off. The Bretton Woods Agreements were actually signed in July 1944, when German troops still occupied Paris, a month before France was liberated by the Americans, who let Charles de Gaulle and the Free French do the honors.

Our European friends seem positively giddy about this weekend's meeting in Washington, where they hope to impose upon us a new world economic order like the one we imposed in 1944.

We "must have a new Bretton Woods -- building a new financial architecture for the years ahead," says Gordon Brown, who is surely aware the first Bretton Woods was a British humiliation, with London yielding place and submitting to Washington's dictation.

Brown and Sarky will be here for what is being bailed as a historic gathering of the G-20, which consists of the G-7 -- the United States, Canada, Britain, France, Germany, Italy and Japan -- plus the BRIC four, the rising economic powers of Brazil, Russia, India and China, and other nine economic powers, like Saudi Arabia, South Korea and Mexico.

Yet, to call this a second Bretton Woods is absurd. At that Mount Washington Hotel gathering in New Hampshire, the United States, led by Treasury's Harry Dexter White, who doubled as a Soviet spy, dictated the terms under which the world economy was to operate.

The U.S. dollar, tied to gold, was to become the world's reserve currency. The pound, the franc and other currencies were to be tied to the dollar at fixed rates of exchange. An International Monetary Fund was established to lend to nations with balance of payments problems. An International Bank for Reconstruction and Development (World Bank) was created to provide loans for rebuilding war-torn Europe.

America provided most of the financing for the new institutions and assumed the lion's share of control. Though the most famous economist of the age, J.M. Keynes, led the British delegation, his ideas -- for a new world central bank and new world currency -- were brushed aside by Harry White and the Americans.

The Bretton Woods system endured until Richard Nixon. With his country hemorrhaging gold in 1971, Nixon slammed the gold window shut, cut the dollar loose and let it float against other currencies. Nixon's was an act of necessity. The Europeans, with more dollars than they needed or wanted, were coming to cash them in and clean out Fort Knox.

To suggest that Europeans possess anything like the hegemonic power of America in 1944 is delusion.

As Gideon Rachman writes in the Financial Times, Bretton Woods II holds promise of being a flop. Even in America's financial crisis, no one can dictate to the United States. Nor will rising nations like China, jealous of their sovereignty, accept proctorship from an effete and aging Europe.

Brown wants the IMF to become the "global central bank," the Fed of the world economy. No way, Brownie. Americans are not going to fund such a bank, nor cede it authority, nor abide by its dictates. We are not yet a Third World nation dependent on the IMF.

Globalists see in this worst of world financial crises since the 1930s what New Dealers saw in the Depression: an opportunity to geometrically augment government power and impose their visions upon mankind.

Barack Obama's chief of staff appears to entertain such thoughts.
Said Rahm Emanuel Sunday, "The crisis we have today is an opportunity to finally deal with what Washington, for years, has kicked down the road.''

Brown and Sarkozy may believe a new era of multilateralism is upon us, in which they will play great roles, as the bad old Bush era of American unilateralism ends. But should Obama begin to cede U.S.
sovereignty, he will find himself in the same firestorm that engulfed George Bush and John McCain when they sought amnesty for
12 million to 20 million illegal aliens.

The Europeans are dreaming. It is nationalism, not globalism or multilateralism, that is resurgent worldwide. Recall: China, India and the United States rejected the Kyoto Protocols on global warming. And even if Obama agrees to global climate change demands, Beijing will not.

And while China, India and Brazil may make even more demands, the United States is making no more concessions to conclude the Doha round of world trade negotiations. Doha is dead. Big Labor, which backed Obama, wants no more trade deals at the expense of U.S.
workers.

Russia, too, is ready to use its veto in the Security Council to protect its perceived great power interests.

American unipolarity, which all professed to abhor, is indeed at an end.

Let us see how the world likes the new multipolarity, with two, three, many centers of power -- economic, political and military.

This looks less like 1944 than 1904, with the Brits in decline and half a dozen other great powers rising.



Now, suppose the dollar had collapsed, and this was offered as the solution. Do you think there would be a lot of opposition? As Pat points out, as long as we're not a third world country we will oppose this and it won't work.

The powers that be have made their intentions very clear.

[marmadogg]

Originally Posted by BigMass

Peter Schiff only lost money last year. LIKE EVERYBODY ELSE. On average he lost less for his clients than the DOW. He is an INVESTOR not a trader. Any losses from last year have already been made up this year and then some. People that have had their money with Schiff for the past 5-10 years are laughing. People that got in for a few months then bailed should have gone to a trader not someone that looks at the long term. So good job parroting more anti-Schiff BS

Schiff's big mistake was thinking that the world would decouple when in fact we were headed into a global recession.

Schiff was wrong and continues to be wrong. These are facts. Stop crying.

[marmadogg]

Stizzle-

What you fail to realize is there will be no reserve currency because one is not needed.

FX transactions occur electronically world wide at the speed of light 24 hours a day.

You are wrong. The dollar will lose the status of reserver currency but the world does not need anything to take its place. Each country will decide which currencies they will accept moving forward.

Occums razor = diversification

Get over it.

edit: Pat Buchanan? That nut has his head in his @$$!

[XiZBiT]

Originally Posted by 5x10

hyper-inflate in relation to what?

also, net foreign treasury sales are up for 3 consecutive months with these low returns, which shows they are not shying away from the dollar

he compares our policies to zimbabwe and weimer republic, yet our economy is much more established and functional than those

some of his scenerios just dont make sense

btw, im in gold

He know what he is talking about wheather or not it makes sense to you or not. He has been badgered by many and always ends up right.

[Stizzel]

Originally Posted by marmadogg

Stizzle-

What you fail to realize is there will be no reserve currency because one is not needed.

FX transactions occur electronically world wide at the speed of light 24 hours a day.

You are wrong. The dollar will lose the status of reserver currency but the world does not need anything to take its place. Each country will decide which currencies they will accept moving forward.

Occums razor = diversification

Get over it.

edit: Pat Buchanan? That nut has his head in his @$$!

That is basically what I'm saying, and you can call Buchanan crazy if you want but this was also reported by the financial times of london. There will not be an actual global currency. There will still be dollars and franks and yen, so on and so forth. But their value will be determined by international banks like the IMF through SDR's.

So your dollar will only be a dollar in name, because its value will be controlled and regulated by the IMF. That is the bretton woods II system he and others are talking about.

This is also the 'new world order' historians have been talking about for the last 100 years.

[XiZBiT]

Peter Schiff is GOD!

[NorthernRaZ]

Peter Schiff - what happened to his prediction about us heading towards the next depression in February or the double dip recession in the summer?

Nevertheless, let's just listen to him blindly and not do our own research.

[BigMass]

Originally Posted by marmadogg

Schiff's big mistake was thinking that the world would decouple when in fact we were headed into a global recession.

Schiff was wrong and continues to be wrong. These are facts. Stop crying.

because a major global economic shift like decoupling would happen overnight right? If anything he was wrong on his timing, but he won’t be wrong in the long run. He was also wrong in his timing on the dollar collapse but again, in the long wrong he will be right.

[NorthMass]

Originally Posted by NorthernRaZ

Peter Schiff - what happened to his prediction about us heading towards the next depression in February or the double dip recession in the summer?

Nevertheless, let's just listen to him blindly and not do our own research.

We seem to be heading into a Great Depression, the Dollar is falling and unemployment keeps climbing.

[the next arnold]

Originally Posted by marmadogg

Peter Schiff lost a phuck load of money for his clients.

His investment theories tanked his clients portfolios.

Actually - most of the things he invests in for clients (energy trusts, mining companies, utilities and commercial real estate trusts) have performed better than the dow over the past 12 months, especially when you consider these investments are in currencies like the Australian Dollar, Canadian Dollar, Euro & Singapore Dollar - all near record highs.

They were all down for a short period of time but the positions have not only reversed but many things are setting new record highs + most of his recommended stocks have high dividend yield that continued to pay dividends during the past 12 months.

The only people who MIGHT be down now are those who invested when the dollar index was at 72 last year, all of his other clients, especially those who invested around Feb or March have made an absolute killing compared to any US based investment.

Schiff, like most Austrian economists, actually knows what's going on in the world.

[LifeByTheHorns]

Originally Posted by fat_chicks_rock

My dad is buying gold like crazy right now, he's getting out of every US based investment he has and converting it to actual stock.

Metals and land.

Smart man.

I hope he is buying silver too.

Hell, at age 17 you can start buying silver ETF's. It's cheap.

[LifeByTheHorns]

Originally Posted by fat_chicks_rock

I already am buying silver, and I'm aiming to have a kg of gold by the end of 2010.

Now, if my dad who didn't even finish high school, and a 17 year old kid can see the logic in this, it stuns me that so many people don't.

good job dave family.

Damn, you are well on your way. This is a one chance opportunity and to take advantage of it at age 17 is something I could only wish for.