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Peter Schiff comments last night

http://mp3.rprradio.com/16k/200803/

20080316_Sun_Vincent1.mp3
20080316_Sun_Vincent2.mp3

They can be saved to your computer, as well.

-1:30 music
- just before 5 minutes Schiff introduced

While listening to Peter Schiff last night on www.rprradio.com, two comments shocked me:

1. Americans won't be able to "retire" for a *generation or two*.

I assume that means that those who are 60 or older will no longer have paid-off houses plus an adequate pension plan to not require working.

However, no mention was made of age discrimination or competition with very cheap foreign labor in finding a job (if any will exist after this economy implodes).

Minimum wage jobs, anyone?

2. Credit card companies were slashing credit card limits (I believe he mentioned that his had been cut *in half*, likely due to his financial industry connections).

Look at the ripple effects of slashing credit card limits:
a. Since credit rating/FICO scores are largely based on the ratio of credit balances to credit limits, the FICO scores of all of those "customers" would plummet through no fault of their own.
- What happens to the ability to *rent* (if a landlord will even consider a tenant with a poor credit rating), let alone to buy?
- Some employers are now doing credit checks for potential employees.

Are these credit card companies harming the ability of people to get jobs *at all*?

b. As the financial institutions are finding out, *solvency* is the issue, not bankruptcy.

Somehow, I don't think those $800 checks would replace the total loss of remaining credit card limits *with no warning*, particularly with IRS tax payments and summer real estate tax payments coming due.

c. And with no consumer option of "borrowing from Peter to pay Paul" (at high cash advance rates), cutting credit card limits would trigger even *more* credit card defaults!



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Audio and Transcript From Glenn Beck

I really like Shiff and love hearing him tell the truth on TV. Hope someone has the video.

http://www.glennbeck.com/content/articles/article/196/7369/?...

Pray that Schiff is wrong,

Pray that Schiff is wrong, but as the days pass his argument continues to be more and more compelling. I'm mean other than the market kind of staying flat or receeding only a little how can these guys on cnbc say we have hit the bottom?
What does it matter if the federal funds rate is low? The banks don't have money to loan to anyone, besides everyone is in debt to their eyeballs.

Crashproof is excellent.

Crashproof is excellent. Everyone should get it yesterday. First off most of Schiff's advice won't be to damning to your finances if he is wrong. He's not as extreme as many of the other people telling you to buy bunch of storable food he just says maybe buy an extra pair of shoes now this year because inflation may cause them to cost twice as much next year. Schiff's main point is to put 70-80% of your investments in foriegn stocks preferably conservative foriegn utilities and various conservative foriegn stocks like that. The other point he makes is be very liquid and have at least six months of expenses in cash on hand. To correct any goldbugs on here he reccommends 10-20% in gold and silver coins that you have physical ownership of. Either in a safe deposit box or safe. Most pro-u.s. investors that tout mutual funds such as Jeremy Siegel Phd. even suggest nowadays that americans should put 35-40% of their money into foriegn stocks, so Schiff's advice isn't that far from the mainstream. While the foriegn markets were hurt this year the last eight years or so have been quite well.
As mentioned earlier the silver lining to this is that Schiff doubt any country would want to unite currencies with us.

Maybe they will be so desperate for something that they will

allow Ron Paul to be elected??
That would be suicide for them, but maybe they will be desperate??? LOL, nice thought anyhow.

Who knows?

Anything is possible!

They could figure that this would be perceived as a boost to the

dollar by the world, and once again faith in the dollar would be restored. However, the down side is that RP would expose the feds and irs for the crooks they are, and then try to get Congress to disband them.
So my theory is, they won't let it happen without a fight.

I Hope He Is Full Of Crap

But I fear he is not. We have lived way beyond our means like Dr. Paul says. Shiff gives us a picture of what will happen if the people in control of this country, stay in control. If we take it back this can be avoided.

Odd...

One of my CCCs just gave me a 10% limit increase. But they do tend to do that when you pay a large chunk of it off...

And what they don't mention is this: once you get the balances paid off, DON'T get rid of the cards or cancel the accounts! With the credit crunch as it is, you want to keep all you can as an emergency cushion if you need it. That does mean put them away and only use them if absolutely necessary and live within your means.

Has anyone read his "Crash Proof" book?

Some of the Amazon comments suggest that he is touting the eurocap fund more than giving "crash" advice. He mentioned 100 / 200 dollar silver, the dollar will have to go a lot further down for that to happen. I did like his comment on the fed's option to raise interest rates to stop the dollar from bleeding further - he said that raising gov't paper rates wouldn't stop inflation because the interest on the debt would rise to 2 trillion a year due to the fact that most of the paper sold to finance the debt is in short term bills; no one wants to hold debt that spans more than a few years. If the interest rates do rise, he is saying that Bernanke would have no other choise than to print more money to pay the paper at the higher rates. Sounds like we get shafted either way! And also sounds bullish for the metals. Besides the metals has anyone looked at the CHN (china fund) as a place to hide for a while? peace

"The question is not who will let me- the question is who will stop me" - Ayn Rand

"The question is not who will let me- the question is who will stop me" - Ayn Rand

Unless you have a government pension

Most people can't retire now anyway. My husband is a retired chiropractor but still working. We own our home but everything is so expensive that there is no way we can start living on any of our retirement investments. Besides it was difficult to save enough substantially because my husband is going to live to be 100. We thought having our house paid off would help and it does but everything else costs so much.
No, unless you worked for the government and the taxpayers pay for your retirement, nobody will be able to retire. It sounds like Peter is saying that the government is going to default on those pensions, though, so that might change.

Healthnuttie for Ron Paul

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

The BEST retirement plan is to be SO HEALTHY you never NEED

to retire!
--I am quoting myself here from my book, The Live Food Factor.

Well, yes

I am a nutritionist primarily a vegetarian with a little cold-water fish now and then. I seriously exercise and am a personal trainer, too. My husband and I are incredibly active and take our health very seriously. He has never used any prescription drugs and we use supplements for health. So, I totally agree with you. That is why I know my husband will live to be 100. However, we would prefer to be traveling the country in our RV camping, hiking, and kayaking with a lot of bird watching. Working was not part of the equation.

Healthnuttie for Ron Paul

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

Amen to that!

We have worked LONG ENOUGH. Been slaves long enough and deserve a break or at least semi-retirement.

Try to listen to it...

What surprised me was that he doesn't think we will see an all out economic crash....but that the dollar may drop to .50 eventually. He doesn't seem to think that we'd move to the "amero" due to Canada not willing to adopt it. What struck me was that he mentioned that Americans will probably end up writing bicycles more, using mopeds, of course eating out less, etc....and that the other countries who have been serving us and laboring for our profit will finally reap a better harvest in their economy and we will be the ones to hurt - not them....it's a great interview....well worth listening to. I'm sure it's all in his book - but I haven't read it yet.

I thought the Canadian govt.

was in on the whole NWO thing too...from what I have read sure seems like it.

well..

that's what I recall hearing....check it out....I want to listen to the entire interview again.

Is there a link?

i would love to see it.

Found it!

http://mp3.rprradio.com/16k/200803/

20080316_Sun_Vincent1.mp3
20080316_Sun_Vincent2.mp3

They can be saved to your computer, as well.

-1:30 music
- just before 5 minutes Schiff introduced

Great interview it was

Surprised he talked so long, Great and interesting though.