Peter Schiff, please continue

[bubba99]

Hipmatt started a thread about Peter Schiff which took me to the following fox news “debate” with some economic “experts”. Peter made some comments about next years global economic disaster.

http://www.europac.net/Schiff-FBN-10-31-07_lg.asp

Although he did not quantify the problem, Peter said that CC-debt has been collateralized in the same way as mortgages, and has unlike CMO’s have absolutely no real asset backing. Further that next year the credit card debt is going to blow up even worse than the CDO/CMO’s did/are. Since all the debt is being funded by Europeans and east and mid-easterners, that this will be the straw that breaks the camel’s back so to speak. They will stop buying the battered declining dollar debt.

So far, Mr. Schiff has been dead on in his analyses. Mr. Schiff or other Piggingtons’s if you can, please go into more detail about the size of the CC-debt problem and what we might expect.

[4plexowner]

the same issue exists with auto loans

and, the banking cartel has created numerous derivative products that are based on the underlying credit-card and auto debt – these derivatives and their underlying debt should be blowing up here shortly

the derivative mountain that is currently collapsing is ONLY the $20 trillion in real-estate related derivatives

at some point in our future (not long I’m thinking) the entire $450+ trillion mountain of derivatives sitting on top of credit-card and auto debt will blow up (along with derivatives based on interest rates, price of oil, etc)

as I said earlier today, the banking industry is in the process of collapsing – don’t be fooled by all the distractions – this is the failure of fiat currency, central banking and reserve banking

we are all witnesses to history

[4plexowner]

the same issue exists with auto loans

and, the banking cartel has created numerous derivative products that are based on the underlying credit-card and auto debt – these derivatives and their underlying debt should be blowing up here shortly

the derivative mountain that is currently collapsing is ONLY the $20 trillion in real-estate related derivatives

at some point in our future (not long I’m thinking) the entire $450+ trillion mountain of derivatives sitting on top of credit-card and auto debt will blow up (along with derivatives based on interest rates, price of oil, etc)

as I said earlier today, the banking industry is in the process of collapsing – don’t be fooled by all the distractions – this is the failure of fiat currency, central banking and reserve banking

we are all witnesses to history

[4plexowner]

the same issue exists with auto loans

and, the banking cartel has created numerous derivative products that are based on the underlying credit-card and auto debt – these derivatives and their underlying debt should be blowing up here shortly

the derivative mountain that is currently collapsing is ONLY the $20 trillion in real-estate related derivatives

at some point in our future (not long I’m thinking) the entire $450+ trillion mountain of derivatives sitting on top of credit-card and auto debt will blow up (along with derivatives based on interest rates, price of oil, etc)

as I said earlier today, the banking industry is in the process of collapsing – don’t be fooled by all the distractions – this is the failure of fiat currency, central banking and reserve banking

we are all witnesses to history

[4plexowner]

the same issue exists with auto loans

and, the banking cartel has created numerous derivative products that are based on the underlying credit-card and auto debt – these derivatives and their underlying debt should be blowing up here shortly

the derivative mountain that is currently collapsing is ONLY the $20 trillion in real-estate related derivatives

at some point in our future (not long I’m thinking) the entire $450+ trillion mountain of derivatives sitting on top of credit-card and auto debt will blow up (along with derivatives based on interest rates, price of oil, etc)

as I said earlier today, the banking industry is in the process of collapsing – don’t be fooled by all the distractions – this is the failure of fiat currency, central banking and reserve banking

we are all witnesses to history

[SHILOH]

When they are talking about GDP growth –in goods and services –is the growth in financial services or IT or what? Who benefits from it?

Despite some of this recorded *growth* it doesn’t change the truth about the growth in wealth disparity and that for most average Americans, technology has improved our standard of living, but wages don’t keep pace –even with inflation.

An analysis of that would bring some truth to what is happening in our economy.

[SHILOH]

When they are talking about GDP growth –in goods and services –is the growth in financial services or IT or what? Who benefits from it?

Despite some of this recorded *growth* it doesn’t change the truth about the growth in wealth disparity and that for most average Americans, technology has improved our standard of living, but wages don’t keep pace –even with inflation.

An analysis of that would bring some truth to what is happening in our economy.

[SHILOH]

When they are talking about GDP growth –in goods and services –is the growth in financial services or IT or what? Who benefits from it?

Despite some of this recorded *growth* it doesn’t change the truth about the growth in wealth disparity and that for most average Americans, technology has improved our standard of living, but wages don’t keep pace –even with inflation.

An analysis of that would bring some truth to what is happening in our economy.

[SHILOH]

When they are talking about GDP growth –in goods and services –is the growth in financial services or IT or what? Who benefits from it?

Despite some of this recorded *growth* it doesn’t change the truth about the growth in wealth disparity and that for most average Americans, technology has improved our standard of living, but wages don’t keep pace –even with inflation.

An analysis of that would bring some truth to what is happening in our economy.

[hipmatt]

Here is another new video…
Peter on the Glenn Beck show… great show BTW…
http://www.europac.net/Schiff-CNN-11-1-07_lg.asp

[hipmatt]

Here is another new video…
Peter on the Glenn Beck show… great show BTW…
http://www.europac.net/Schiff-CNN-11-1-07_lg.asp

[hipmatt]

Here is another new video…
Peter on the Glenn Beck show… great show BTW…
http://www.europac.net/Schiff-CNN-11-1-07_lg.asp

[hipmatt]

Here is another new video…
Peter on the Glenn Beck show… great show BTW…
http://www.europac.net/Schiff-CNN-11-1-07_lg.asp

[Arraya]

http://blogs.telegraph.co.uk/business/ambrosevanspritchard/oct07/skyhasfallen.htm

If you are a bear, you must accept that you will always be wrong in polite society, and you will continue to be wrong all the way down to the bottom of recession. That is the cross that bears must bear.

Over the last three months we have seen a rolling collapse of speculative debt and real estate across half the global economy, yet friends still come over to my desk at the Telegraph, with that maddening look of commiseration on their faces, and jab: “so when is the sky going to fall then, eh”?

Well, excuse me. The sky has fallen. The median price of new homes in the US has crashed from a peak of $262,6000 in March to $238,000 inSeptember. This is a 9pc drop nationwide.

[Arraya]

http://blogs.telegraph.co.uk/business/ambrosevanspritchard/oct07/skyhasfallen.htm

If you are a bear, you must accept that you will always be wrong in polite society, and you will continue to be wrong all the way down to the bottom of recession. That is the cross that bears must bear.

Over the last three months we have seen a rolling collapse of speculative debt and real estate across half the global economy, yet friends still come over to my desk at the Telegraph, with that maddening look of commiseration on their faces, and jab: “so when is the sky going to fall then, eh”?

Well, excuse me. The sky has fallen. The median price of new homes in the US has crashed from a peak of $262,6000 in March to $238,000 inSeptember. This is a 9pc drop nationwide.

[Author]

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