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Peter Schiff: Next President will preside over the economic collapse

On May 21st, Coast to Coast AM aired a special Financial Crisis show, with several different financial and economic analysts appearing during the four hour broadcast. During the second hour, investment advisor Peter Schiff appeared as a guest and laid out the inevitable path of America's financial future.

Focusing primarily on our country's debt, and the unsustainabilty of the dollar to hold back inflation, Shiff predicted that no matter who wins the Presidency in November, that individual will be presiding over an economic crash that will make 2008 pale in comparison.

George Norry: When I was 20 years old Peter, and that was a long time ago, I kept looking at the cost of living increase every year, and I used to say there is no way, 20 or 30 or 40 or 50 years from now, it can sustain this kind of growth rate. There is no way these things can continue to grow at this percent. Prices and everything else...

It's got to collapse one day.

Peter Schiff: Oh no, we don't have... I'ts going to happen. Whoever wins this presidential election is going to preside over this collapse.

GN: Whether they want to or not.

PS: We cannot postpone it anymore. The numbers are just too big.

Continue:
http://www.examiner.com/article/peter-schiff-next-president-...

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Can someone post a youtube or

Can someone post a youtube or mp3 of schiff on coast to coast earlier this week? i missed the broadcast.. thanks!

youtube

Great interview from Schiff

Part 1

starts 38:00
http://www.youtube.com/watch?v=RgWHPfyggEA

Part 2

0:01 - 26:00
http://www.youtube.com/watch?v=FlT8o9Ajk74

Gold backed real estate

Paul said real estate is a good investment.

Use real gold as collateral to secure a loan at precrash dollars value.

Then use a bit of your gold to fill a wheelbarrow full of FRNs and payoff your loan.

Oh yeah, and hire some bodyguards for the trip to the bank.

Did you all see the several

Did you all see the several executive orders he's signed this year? All of which increase federal control and are counter to the constitution. I really wish we had decent media in this country! It just really scares me sometimes.

Actually that was on a link

Actually that was on a link at the bottom of the Schiff interview.

http://www.examiner.com/article/obama-signs-new-e-o-to-allow...

Looking on the bright side...

If the collapse happens before the election, Ron Paul will be seen as a prophet, and the people may vote him in to fix the mess.

Minnesota Mary

Henry...

The criminals at the top are not stupid, nor do they not understand what they are doing, but way too many Americans fit in that category. The collapse of the US has been intentionally orchestrated, with patient and purposeful implementation to keep the people in the dark....but it is escalating at a rapid clip.

I, myself, had to spend hours a day for months before I could understand, and then believe what I was understanding was true. How many people are going to do that. Thank heaven for Dr Paul and thank heaven we found the Daily Paul.

Just keep spreading the word. If friends and relatives you have attempted to educate to the gigantic mess we are headed for, have looked at you like you are possessed, well just know that you will have reached some of them as the truth comes to light. As corny as it sounds, I actually told a relative, I can lead the horse to water but I cannot make it drink.

Your 100% Correct..so is Schiff!

People pls goggle "coast to coast am" for the past week in a video search and you will find the full program less the commercials. Schiff explained whats next for the U.S. and it isn't pretty. Plus , he hasn't been wrong, just like Paul in predictions.
It also took me several months of learning to tie all the pieces together. I seriously believe that a lot of our passion for the Doc is rooted in what many of us know to be the inevitable truth. The next President will have to deal with the collapse and that's why we need Paul.
The government will need a major overhaul and he is the only leader we have that could make that a possibility.

The crisis of 2008 was analogously like having the roof collapse

during an unexpected storm.

What we did since then can be compared to hiring fly-by-night swindlers with no ability whatsoever to remove the old roof and to rebuild using things like gum wrappers and rubber bands.

Its going to disintegrate entirely with the next storm.

Linda Cross's picture

I heard Ron Paul saying

that a world financial collapse might occur before the election and in that case he could be elected President. I haven't heard him get that specific again, instead he just says "you never know what might happen" and I think he is referring to that. It's on video somewhere, but there are thousands of videos about Ron Paul. If you run across it, please post, might be very relevant right about now.

If you see something, say something, the government is listening.
Silence isn't golden, it's yellow.

Eventual economic collapse is inevitable.

Why?

(1)The money system we use is unstable, unsustainable, predatory, counterfeit, and unconstitutional. It creates the boom/bust cycle. In 1932 at the low of deflation, the M2 money supply was $50 billion; today it is almost $10,000 billion. You might ask where the huge increase originated, and the answer is simple; using the Federal Reserve fractional banking system, new money is created out of thin air by both the Federal Reserve Bank and Commercial banks and loaned into circulation. The Federal Reserve bank provides the reserves to Commercial banks so that they can honor the checks people write to spend these new checking account balances.

The effect of this system is first to stimulate business to expand to meet the demand that appears as people, businesses and governments spend the new money they have borrowed. This drives up prices because the larger supply of money is used to bid these prices up. But higher prices have a negative effect on purchasing since we can buy less at higher prices than at lower prices. Since the "out of thin air" money is loaned out, debt levels increase, but these debts must be repaid so when you write a check to the bank to repay your loan, it takes money out of circulation, and send it back into thin air from whence it originated; when your income is going to pay banks, it is not being used to buy things and this is negative to economic activity. Additionally fear or exuberance affects the rate of spending so when people are afraid they hold on to what money they can for a rainy day.

The system keeps ratcheting up money supply, debt and prices. The Federal Reserve Bank since its inception has attempted to manage the economy to keep the expansion influence of new money ahead of the contraction influence of higher prices, debt repayment and fear. Each time the contraction influences overcome the expansion forces, we have a recession and each recession requires a higher level of money supply expansion to overcome them and prevent depression. If you look back at 2007 when we hit the peak of the most recent expansion phase, prices were skyrocketing; remember the housing bubble and $5 gasoline. Debt levels were and are beyond comprehension with the average private debt per person being $50,000, while that same person would need to pony up another $50,000 to pay his share of federal government debt, and another $370,000 to make Social Security and Medicare solvent.

So the battle rages. In 2008 the Federal Reserve Bank doubled bank reserves in an effort to liquify banks and make it possible to make all the new loans possible, if they could find worthy borrowers. Only the federal government showed up and even though they are not a credit worthy borrower, the banking system took their debt anyway. All this did was to stretch out the agony as debt levels and some prices continued to rise giving even more power to the contraction forces.

Ultimately the forces of contraction will prevail which is why depressions are in depth proportional to the debt levels built up during the long boom, and in length proportional to the efforts of government to prevent them.

So what happens when the banks become so blatantly insolvent because debts to them cannot be repaid and even accounting fraud will no longer hide it, and people run to banks to take out Federal Reserve Notes instead of holding their checking and saving account balances? The banks close and lose any ability to create new money out of thin air. Collapse is another word for default. We default on debts to banks and they default on their checking, saving and CD liabilities to us. The economy comes to a halt because most people don't have jobs or money to spend.

All this could have been prevented if we followed the Constitution which in Article 1, Section 8 authorizes Congress to COIN money and in Section 10 prohibits States from making anything but gold and silver COINS legal tender. But banks lobbied for the Federal Reserve Act in 1913, full well knowing it would allow them to plunder and control the public by indenturing us with loan agreements in order for us to get money. The interest they have collected is a significant factor in the redistribution of wealth to banks from the public.

The solution is to let the system collapse and as rapidly as possible get gold and silver coins in circulation. My view is that any gold and silver in Ft. Know and in possession of the Federal Reserve Bank should be minted and distributed pro-rata to the the public. If the economy needs more money, which it will, mining will be stimulated by better profits as the gold they produce becomes more valuable relative to other things.

New gold/silver bank must be required to hold 100% gold and silver reserves against any deposit liabilities arising from accepting gold and silver for safekeeping. The function of these gold/silver banks would be to safeguard deposits and to account from transfers among customers. A separate group of banks would be needed to accept deposits that cannot be withdrawn on demand and loan out these deposits to credit worthy borrowers. This system would keep debts at extremely low levels because the only money that would be available to borrow would be what people are willing to save and invest. Government could not be larger than the taxes they could collect without causing revolt.

Prices would be stable, and would fluctuate based on real demand or lack thereof. Homes would be more affordable since they would be bought with savings and not with debt. You pay twice the purchase price for a house when you add in the interest on the loan to buy it. Cyclical swings in the economy would be driven only by natural forces and not the government/bank created cycles.

Those of you who anticipate hyper inflation I think will find that deflation is a much more likely future. It is true that money can become worth less because of inflation of the supply, but as explained above, there are counter forces of deflation that build and build until they overwhelm the ability of banks to print and loan.

(2) Government regulation inhibits economic activity and picks winners and losers. An example that should shock you is the environmental regulating of coal electricity generators out of business. The prices for electricity to be delivered in 2015 was established in recent auctions, and will be 8.5 times the 2012 rate. If you had a monthly $200 electricity bill in 2012 in 2015 it will be $1,700 in 2015 thanks to government regulation and manipulation. This will literally kill a portion of the population and greatly impoverish many more. Thank Obama for that one.

(3) Energy is becoming more expensive. Since it fuels the economy less output will result. This will place additional stress on the already teetering financial structure.

Boy, do we need Ron Paul in the Oval Office. The rest of these clowns are just puppets doing what the highest bidder demands; they don't have a clue or don't care if they do understand the evils of the present monetary and regulatory systems.

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.

Interesting

A couple years ago he predicted that it would happen in the current presidency.

What is on the horizon

Is the Jubilee. How this will happen one can only conjecture but that it will happen is beyond question.

The men who built the Tower of Debt are bringing about its collapse with a view to introducing a new world currency and three sectoral currencies. Their plan is to foreclose on the world and seize or buy up everything cheaply.

The CDS derivatives that are looked upon as threatening the banks are held in large amounts only by the real insiders like JPM and GS. Written into these derivatives is a claim on all the resources, assets and properties of any nation whose debt was so covered. This makes JPM and GS the first ranking creditor on every country presently going broke including the US.

This is their plan but it will not succeed. The Jubilee will intervene.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Jewbilee?

"The events predicted for 2012 by the ancient Maya are not substantially different than those predicted by sages throughout the millennia. Christian, Muslim, Jewish, Hindu, Buddhist and other seers have predicted similar events marking 'the end of time.' And the Maya are only one of many indigenous cultures that have spoken of their deeply held vision for the events near and immediately after the end of time...."
http://www.godchannel.com/grandfatherinterview2.html

I'm _STILL_ Voting Ron Paul, end of the world or not!

Freedom is my Worship Word!

End of the world?

I didn't say anything about the end of the world. We are approaching the end of a particular world system and we are transitioning into the next Age which will be very different than the one we are in presently.

I do agree with you about the intimations of these things within all religious systems. These were the original revelations given to mankind in the beginning and they were corrupted over time by the carnal imaginations of men. These corruptions gave rise to the many different world religions, sects and denominations.

God had to cleanse the record from time to time and he did so through a particular genealogical line to begin with, the line of Abraham, Isaac and Jacob. They also muddied the waters a great deal during the years of their possession of the revelations and they had to be pruned and disciplined until the Originator of the revelations, the Word of God, became flesh in the person of Jesus of Nazareth. He established the next Age when He died and rose again, ascended whence He had come and returned in Spirit to anoint and empower His waiting disciples.

After the apostolic age the institution of the Christian Church grew up which also fell into apostasy over the centuries and the revelations became corrupted once again. However there was always as in the past a remnant of grace who maintained the faith and the Body of Christ grew in the unseen realm. We are now approaching the time of the final manifestation of the Lord Jesus Christ in and with His brethren, the sons of God, the Head and Body of Christ. From that point onwards we who are alive shall witness the Restoration of the Creation and the remaking of mankind in the image of God.

This is what I meant by the Jubilee, the time of deliverance, cancellation of all debts and return to our inheritance. This was indeed foreshadowed in the Law of Moses but the prescribed Jubilee was never kept by the ancient israelites.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

"Claim On All Resources

...is written into these derivatives."

Perhaps most on the DP knew this...I have never heard this. Could you expand, David? In my head, I am also lumping in the revelation that so many of our national landmarks and parks have been "given" to the UN and the most recent disclosure about the islands that are being or have been "given" to Russia.

Gives new sinister meaning to "stealth" moves and what kind of country we have become. Would appreciate your thoughts and also more on the Jubilee intervening. Is biblical history merely repeated over and over until....we get it.

(I've been out of town visiting grandchildren for the past week and in read only mode. A lot to catch up on!)

Hope you have time to respond.

fonta

I read an article on Zero Hedge.

This information was also new to me when I read about it at the same time the whistleblower from JPM posted his letter to the CFTC website in the middle of March.

I didn't bookmark the article or the supporting documentation but it was very convincing and I read it all.

It also makes perfect sense and I was kicking myself that I hadn't already thought about it. After all there is a pecking order for claims against collateral when any debt instrument is declared to be in default.

When a corporation goes belly up the banks are always first in line and the bigger the bank the more likely they are to have written stringent rules into their bond agreement and they would have the legal muscle to carve out the lion's share of the booty.

This is all the owners of the CDS have done. Since they are covering the losses of the bond holders they have written their agreements to make sure they are first in line and apparently the legal language makes sure they get their pound of flesh and then some. If it is a sovereign bond then everything in the country of issuance will be up for grabs. This gives the term "auction" after a sovereign bond default an entirely new dimension of meaning.

When I learned of this a light went on and it all fell into place. It fit perfectly with the rest of the picture of what the real rulers are after. Most of us have thought of the big banks as being perilously close to falling into the abyss and of course we cheer the prospect. After all they are just getting their comeuppance. However they have covered themselves and have indeed arranged it all to happen this way.

Let us not forget that the big banks themselves have used the crisis to actually grow through acquisition of other banks that they have forced into liquidation; even two of their own Bear Sterns and Lehman Bros. They are consolidating the banking industry down to just a few and GS and JPM were set up as holding companies to facilitate this process.

Ultimately the kingpins, the Rothschilds and their bosom buddies, are going to own it all. At least that is their plan. This news, when it becomes clear that this is the case, will likely knock the stuffing out of everyone who is calling for justice.

I am relieved to know, as I am sure you will be, that they have been weighed in the balance and found wanting. Their plans will all come to nothing.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Brilliant Wolves in Sheeps' Clothing

Suppose I have held onto scaffolding that perhaps this is just the inevitable outworking of the lower nature of man; however, it is apparent that there has for a long time really been an unfolding plan.
Lucifer is/was a brilliant being.

But like that Battle in Heaven...the real battle is not with guns, but the swords of truth and ultimately it will win.

Thank you for the expansion. Am reading articles I missed on Zero Hedge now. There is some great info exploding in my head. This article today is good although I do not agree with the title:

http://www.zerohedge.com/contributed/2012-21-23/it-worth-fig...

There is not only hope, but also knowledge of sure winning. I feel excitement in a sense that all of the exploring spiritually I have done in the past is being illuminated by current events in such a clear manner. There have been other times in my past where I was almost obsessed with connecting the dots...but never like this where my limited understanding of a projected future and my new knowledge of the past is brought into the present moment in such a mind boggling manner.

Unbelievable times we live in. "To he whom much is given, much is expected." Complacency is no longer an option, you know? Thanks David.

fonta

I wouldn't be so quick to declare victory

this is gonna be a hell of a fight. They also have a lot of propaganda mechanisms at their disposal. They convinced the world that 2 hijacked commercial airplanes caused 3 buildings to collapse... well kinda convinced. You know what i'm saying though. The propaganda and disinformation isn't easy to overcome.

No Victory Declared Husker

...just bring on the fight!

I know what you are saying and it is quite an octopus with many tentacles. But we are no longer uselessly striking at the tentacles...we are striking at its lifeblood and we will win in the *fullness* of time.

In the interim, we are experiencing many small victories on the Road to Damascus (interesting that Damascus in Syria is now under siege) as we are persuaded that "neither death, nor life, nor angels, nor principalities, nor powers,nor things present, nor things to come,
Nor height, nor depth, nor any other creature, shall be able to separate us" ...from the pursuit of truth and liberty and justice.

We've turned this train around, IMO!

fonta

I'll agree with that!!! We do

I'll agree with that!!!

We do have a lot of momentum!

People like us have been saying this for 40 years...

Im not so sure that Peter is correct. It will have to happen eventually, if the necessary corrections are not made - and the longer that we wait the worst that the corrections will be - but, considering the state of the entire world, right now, we've probably got a decade or so until a serious collapse. Reform is still possible, it just needs to begin shortly. Also, the corrections cannot happen over night, or it will be worse than anything that the financial world has ever seen.

We've still got time. Peter is one on his own with this prediction. Not many, even those with our perspective, agree with him on this one.

When injustice becomes law - rebellion becomes duty.

http://www.facebook.com/parishbenjamin

A Voice of Reason!

I agree. I think Ron Paul has been very clear on this issue, that no one really can predict. The urgency is in getting going on a path to solutions.

This is why they want Romney... a Mexican America Family...

...to priside over the merger to a North American Currency, North American Union and North American Religion (LDS).

This is sooo damn obviously orchestrated it is ridiculous.

.

Here's another..

link:
http://www.coasttocoastam.com/show/2012/05/21

" First, global financial strategist Peter Schiff argued that the crisis of 2008 is nothing compared to what is coming; former senior banking officer John Truman Wolfe discussed how the current world economic crisis is an intentional coup designed to take down the U.S. dollar".

WOW!...glad I'm a C2C Insider..Listening to it again.

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

can you or someone else post

can you or someone else post a youtube or mp3 of Schiff on coasttocoast? i missed the broadcast!

Thanks Danton

Thank you for the link.

"...former senior banking officer John Truman Wolfe discussed how the current world economic crisis is an intentional coup designed to take down the U.S. dollar".
Good stuff.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

Looking at this contrarily and pessimistically

Whoever gets elected.... his party isn't going to be elected again for a LONG time.

There is nothing anyone can do to stop what is going to happen.

Our man, Ron Paul, can minimize it and set us on the right course again, but he or anyone else is going to take one hell of a political hit.

The political hit will be from those that don't get a bailout.

The rest of us have crashed already, I doubt we'll be interested in their crying tantrums.

Free includes debt-free!

The fiat debt needs to

be wiped clean. We didn't create it, the criminal federal reserve, the associated banks, and the inbred nwo globalists. Let those cretins take the fall. The American Citizens and the Taxpayers of the world are not responsible for their criminal acts.