Leading Economist Peter Schiff: US in Worse Shape Than in 2008; We Are In As Bad or Worse Shape Than Greece (Video)
Posted by Jim Hoft on Tuesday, April 27, 2010, 7:05 PM
Doug Ross posted this earlier today–
Peter Schiff, president of Euro Pacific Capital, announced today that the US economy is in worse shape than it was in 2008. Schiff said, “You can’t have an economy based on spending borrowed money. You can’t consume your way to wealth.”
Tell that to Barack Obama and Pelosi:
Schiff says the worst is yet to come.
Yahoo Finance reported
Fear of a sovereign debt crisis in Europe resurfaced Tuesday, sending stocks tumbling around the globe. In the U.S. the Dow shed 213 points and the S&P lost 28 points. Meanwhile, gold rose to its highest level in 2 weeks, hitting $1165 per ounce at its intraday peak.
In other words, today was a great day for Peter Schiff, president of Euro Pacific Capital.
“A lot of people were confused – they thought the market going up was somehow ratifying what the government had done – that the stimulus and bailouts were good and the economy was improving – it’s not,” Schiff says. “The economy is in worse shape than in 2008.”
Rather than resolved the crisis, all we’ve done is papered over problems in the banking system with “phony accounting” and “dug ourselves deeper into debt,” says Schiff, a longtime deficit hawk.
The crisis of 2008 was merely the “overture” to the “real crisis” Schiff (still) sees coming: “The real crisis is going to be a currency crisis, a funding crisis, a sovereign debt crisis – and that’s when we have to pay the piper,” he says. “We’re in very bad shape. Sovereign credit risk in the U.S. is just as great — if not greater than [in] Greece.”
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Published May 24, 2012 at 8:46 pm - 84 Comments
Jo commented:
I see protests in Greece, I see protests in America. Well? It’s the economy stupid!
ar05075 commented:
Obama wants any reason to declare marshall law, he wants it so bad he can taste it.
jonyjoe101 commented:
I keep hearing in the regular news that the recession is almost over. I don’t really see it in the real world but the “regular news” wouldn’t lie would they?
Peter Schiff never has good news for us.
reliapundit commented:
NONSENSE.
WE’RE IN BAD SHAPE AND HEADED FOR THAT TERRITORY BUT NOT THERE YET.
VOTING GOP CAN STOP THIS FROM HAPPENING.
hudson duster commented:
Nah, I read on Huffpo about deficits and spending. In short, it’s all just numbers in electronic accounts and the government can “create” money, so just shut up and stop worrying.
reliapundit commented:
BTW: IN MY WORLD THE RECESSION IS OVER.
NYC.
RETAIL, APPAREL, HOME DESIGNER SERVICES.
Militant Conservative commented:
The time for rugged individualism is nigh. Prepare yourself for others have lied and stolen. Your monies will be worthless as it will have been devaluated. Tangable effects will be your only salvation. Food, ammo, camping gear, and fuel/energy. the collapse of the modern world is at hand due to our leadership.
We (might) avoid it but better to be prepared than not. Times are gonna get tough reguardless. powder is dry. (rose is wrong) LOL
squeaky commented:
fox had someone on who said we’re pulling out of a recession but are going to be hit by the repercussions of obama’s tinkering…. if he’s
right, “regular news” lost the rest of the story…
never deviate from the dem script.
Fiftycal commented:
Every man, woman and child in Greece owes $30,000 due to socialist spending tactics and featherbedding. Every man, woman and child in the U.S. owes $40,000 due to socialist spending tactics and featherbedding. Greece has maxxed out the credit card. No one will lend them more money. Obammao plans to INCREASE every persons debt by $4,000 PER YEAR FOR TEN YEARS! And the hidden costs of the socialist spending will be DOUBLE that. In 8 years, every man, woman and child in the U.S. will be in DEBT for $100,000, if not more. What is going to give?
squeaky commented:
OT – maybe this was why beyonce and jay-z
received the premo treatment at the white house…..
Beyonce Knowles Gets $425,000 Taxpayer Bailout On Her House In Texas
Unlike say, Nic Cage or Lindsay Lohan, Beyonce Knowles is living the life. She and her husband Jay-Z are worth a reported $265 million and she’s still the hottest singer on radio.
http://www.businessinsider.com/beyonce-knowles-gets-425000-taxpayer-bailout-on-her-house-in-texas-2010-4#ixzz0mM3W3EsS
http://www.businessinsider.com/beyonce-knowles-gets-425000-taxpayer-bailout-on-her-house-in-texas-2010-4#ixzz0mLAUm3Ho
ar05075 commented:
MC,
I could’nt agree more, except, rose is an idiot.
IOpian commented:
I have seen a video of clips where Schiff is ridiculed by all the economic ‘expert’ pundits when he made the call on the mortgage disaster.
He was right, they were wrong. It would be prudent to listen to him.
B. Obama commented:
Shut up you stupid angry crackers! Quit complaining what do you know about economics? I am a lawyer ! A f’n lawyer damnit and i got everything that i have with affirmative action ! Affirmative action ! What have you ever done?
dfhskdjfhs commented:
Obama’s “Bank regulation” is setting up another “financial time bomb” reminiscent of what caused Fannie and Freddy to implode but this will be a bigger bomb that will explode all of the big banks..
Scott Wiggins commented:
Greece is tied to the Euro, hence they cannot print more money to pay for government over-spending…They will probably default on their debt like GM…Unless they find a friendly lender their government will be forced to get its house in order by cutting spending because they simply will not have money for paychecks…Unfortunately, our government can print money. They will likely never get their house in order. Printing money will slowly, or not slowly in a crisis, erode the value of the dollar. In a global economy, this means that everything gets more expensive, gas, electric, food, heating oil, cars, trucks, machinery. You need hard assets as an inflation hedge…Get with a good financial manager and look into inflation hedging…Real estate, gold, copper…There are many ways to hedge inflation.
Carbon Monoxide commented:
Sure, we are coming out of the recession and heading for hyper-inflation.
Keep your arms and legs inside the ride at all times.
Fred commented:
Yeah, we all know the worst is yet to come. The real question is did Obama, Pelosi and Reid heist enough from the American taxpayers to hold it off until some one else is in the oval office because that was the real plan…
Corporal Vere commented:
Racist!
Neoavatara commented:
Greece is a total mess, and they may have the ability to take a large chunk of Europe with them.
I don’t think we are in as deep…but if anyone can take us there, it is Obama.
http://neoavatara.com/blog/?p=10817
Opus #6 commented:
Fred, #20,
The question is, did Obama/Reid/Pelosi heist enough from our children and grandchildren. Just thinking about it sickens me. Our kids deserve better than this.
Andreas K. commented:
You should join the EU. No really. The US would fit into this mess just perfectly.
Yeah, sure you’d not make the Euro-zone, but hey, not even Austria and Germany would make it anymore.
Andreas K. commented:
BTW… who’s going to bail out Greece?
I am apparently. Cause I’m a stupid tax payer.
donh commented:
We need a seismic Shiff in public policy. Peter is the only one I trust to keep Paul from lending us deeper into debt. He has promised to vote against raising the debt ceiling , an effective strategy the republicans abandoned under the corrupt Bush regime. I trust he will keep his word and have pasted Peter Schiff to my car bumper.
Andreas K. commented:
Jo
April 27th, 2010 | 7:09 pm | #1
I see protests in Greece, I see protests in America. Well? It’s the economy stupid!
That’s not quite right. Greece was brought on its knees by the government, which followed the logical fallacy of spending what you don’t have. Plus the little fact that Greece is very corrupt.
The problem now is, that Greece, since they’re part of the Euro-zone, has no control over the currency which is used in Greece anymore. Back in the days with the drachme they would have just devalued it a bit, thus would have sold their services and goods cheaper, and would have made money.
Greece can’t do this anymore, thanks to the Euro.
The Euro is not controlled by any government, but rather by the Eurocrats in Brussles. The legitimation for this is… none actually. None of the tax paying citizens have ever been asked if they even want that.
EU parliament… forced on us.
Euro… forced on us.
EU Commissars… forced on us (the English term is commissioner, yes, but in German they are really called “commissars”)
EU President… forced on us.
Lisbon Treaty… forced on us.
All these points were never ratified by the people in a vote. Only the governments, using the old excuse of doing this “on behalf of the people”, did it.
Now we’re being told that we have to bail out Greece, so that we keep the Euro stable. So we’re going to bail out Greece with money we don’t have to keep a virtual currency stable? Smart!
Yes, I don’t count the Euro as a real currency anymore, because it’s backed up by what exactly? Nothing really. It’s a theoretical currency at best. But ultimately Germany, Austria, France, the Netherlands, etc, are carrying it, while countries like Greece, Spain, etc, suck on the tits of the tax payer pig.
I’m expecting Spain and Portugal to be next. Then the eastern countries like Romania and Bulgaria (we’re already pumping billions into those, with little to no effect, why is my tax money used to build a road in Romania?!) Then Italy, then France most likely and then we’re already in Germany.
The Euro will collapse. The question is only: when?
donh
April 27th, 2010 | 11:38 pm | #26
the corrupt Bush regime.
Regime? Great. You have no idea what you’re talking about. If Bush was a regime, what is China and North Korea? Or Iran, Venezuela, etc?
The Republicans abandoned it? Really? They had the senate and congress majority under Bush? Really?
Besides, you’re blaming Bush for Obama’s BS? Smaaaaaart!
achleyboy commented:
Schiff predicted the housing crash in 2006. He was right then and he is right now. I took his advice already for investing and the truth is, I may not make big dollars but I sure as hades won’t lose big dollars. Anyone who remembers the Carter admin knows what can happen.
nadadhimmi commented:
Why worry about anything. We should all just hold hands and chant, yes we can, and become one in the great Leaders circle. In the secure comfort that we voted in Kind Leader to prove how un-racist and enlightened we are, and the hope the New York Times wouldn’t call us racist anymore, and perhaps the approval of Maureen Dowd. THE ANSWER IS O, dontcha know!. We shall prosper in the glow of his greatness and the halo ’round his glorious head. At the stroke of a pen, any problem will disappear at the wish of Dear Leader. Oh, I feel SO MUCH better now (sarc off). Well, at least the New York Times doesn’t call us “Racist” anymore!…… Wait!, huh? WTF, WAS THAT THE R WORD I JUST HEARD???????????
PJ commented:
Uh oh.
This guy has been right before.
John commented:
Peter and Thomas Sowell are my two favorite economists.
unbelievable! commented:
My two simple answers to this for the average housewife is pull your kids out of public school in an effort to break the union’s back and save our country, and vote Romney everytime you get a chance. And maybe send this week’s milk money to Pat Toomey or sumsuch.
aprilnovember811 commented:
I like Peter Schiff. He used to be on TV a lot. Haven’t seen him for awhile, but he was on target about the housing market. I trust this man.
befuddled commented:
B. Obama, you are truly right. this is the exact same thing i have been thinking about our president, the fiscal obumbler. he is the affirmative action president.