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

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[jimmyle]

So with the dollars falling, where should we park our money? 90% of my money is in European and Asian stocks right now.

[an]

You might want to look at Canadian and Latin America too. All my investments are in European, Asian, Canadian, and Latin American mutual funds. They’ve been treating me well the last 2 years.

[jimmyle]

I have a question on owning foreign mutual funds. Let say I own a mutual fund with 100% Japanese stocks and the fund remains unchanged for the day however the yen appreciate 5% agaist the dollars. Does it mean that I made 5% on that day?

Thanks,

[an]

I don’t think so. At least that’s not what I’m noticing w/ my foreign mutual funds. These funds are run by American companies with American $. They just happen to either buy publicly traded foreign company in American market or converting it to foreign currency to invest in foreign companies. It’s not like the mutual fund just convert the $ into Yen and do nothing with it and converting it.

[an]

I don’t think so. At least that’s not what I’m noticing w/ my foreign mutual funds. These funds are run by American companies with American $. They just happen to either buy publicly traded foreign company in American market or converting it to foreign currency to invest in foreign companies. It’s not like the mutual fund just convert the $ into Yen and do nothing with it and converting it.

[an]

I don’t think so. At least that’s not what I’m noticing w/ my foreign mutual funds. These funds are run by American companies with American $. They just happen to either buy publicly traded foreign company in American market or converting it to foreign currency to invest in foreign companies. It’s not like the mutual fund just convert the $ into Yen and do nothing with it and converting it.

[an]

I don’t think so. At least that’s not what I’m noticing w/ my foreign mutual funds. These funds are run by American companies with American $. They just happen to either buy publicly traded foreign company in American market or converting it to foreign currency to invest in foreign companies. It’s not like the mutual fund just convert the $ into Yen and do nothing with it and converting it.

[jimmyle]

I have a question on owning foreign mutual funds. Let say I own a mutual fund with 100% Japanese stocks and the fund remains unchanged for the day however the yen appreciate 5% agaist the dollars. Does it mean that I made 5% on that day?

Thanks,

[jimmyle]

I have a question on owning foreign mutual funds. Let say I own a mutual fund with 100% Japanese stocks and the fund remains unchanged for the day however the yen appreciate 5% agaist the dollars. Does it mean that I made 5% on that day?

Thanks,

[jimmyle]

I have a question on owning foreign mutual funds. Let say I own a mutual fund with 100% Japanese stocks and the fund remains unchanged for the day however the yen appreciate 5% agaist the dollars. Does it mean that I made 5% on that day?

Thanks,

[an]

You might want to look at Canadian and Latin America too. All my investments are in European, Asian, Canadian, and Latin American mutual funds. They’ve been treating me well the last 2 years.

[an]

You might want to look at Canadian and Latin America too. All my investments are in European, Asian, Canadian, and Latin American mutual funds. They’ve been treating me well the last 2 years.

[an]

You might want to look at Canadian and Latin America too. All my investments are in European, Asian, Canadian, and Latin American mutual funds. They’ve been treating me well the last 2 years.

[jimmyle]

So with the dollars falling, where should we park our money? 90% of my money is in European and Asian stocks right now.

[jimmyle]

So with the dollars falling, where should we park our money? 90% of my money is in European and Asian stocks right now.

[jimmyle]

So with the dollars falling, where should we park our money? 90% of my money is in European and Asian stocks right now.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[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.

[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

[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.

[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.

[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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