Peter Schiff: ‘The Truth Is We Don’t Have A Booming Economy’

[DamianTV]

http://www.shtfplan.com/headline-new...onomy_11072018

Economic guru, Peter Schiff doesn’t mince words when he declared the precarious state the United States economy has found itself in. Schiff says “the truth is we don’t have a booming economy,” and he’s not the only one who has noticed.

October was the worst month for global equities in more than six years. Globally, stock markets lost 7.5%, their worst month since May 2012. Even with the late rally, it was the biggest monthly decline in the Nasdaq since 2008.

“All of the bulls were out in force on the financial networks claiming that the correction is over. Everybody was confident that the lows are in, that the big back-to-back rally is proof and you better buy now, otherwise you’re going to miss the rally, and this is the typical correction and now it has run its course. And you know what? If this really was the end of the correction, most likely there wouldn’t be so many people that were so confident that it’s over. You’d have a lot more fear, especially on Halloween. The fact that there is no fear, to me, shows that it’s more likely that this is not the end of the correction, but the beginning of the bear market and that this rally is a correction.” –Peter Schiff via Seeking Alpha

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Full article at link. Ten bucks says the next post will be from Zippy telling us that everything is awesome.

[Zippyjuan]

Just curious because I am unable to find it. When does Schiff say the "good old days" were? When were we not either in or on the verge of an economic crisis?

[r3volution 3.0]

A.K.A. the largest bubble in the history of the world

That represents a massive, multi-trillion dollar subsidy to uneconomic enterprises: i.e. sustaining the bubble.

But it's coming to an end, because even the CBs are starting to get worried about inflation.

The markets (incl. esp. debt markets, nevermind idiot equities) are down because these subsidies are being phased out.

The 10YUST is currently 3.23%...

The "correction" isn't even close to done.

[oyarde]

A.K.A. the largest bubble in the history of the world

That represents a massive, multi-trillion dollar subsidy to uneconomic enterprises: i.e. sustaining the bubble.

But it's coming to an end, because even the CBs are starting to get worried about inflation.

The markets (incl. esp. debt markets, nevermind idiot equities) are down because these subsidies are being phased out.

The 10YUST is currently 3.23%...

The "correction" isn't even close to done.

For some reason everyone thinks this is great . Congress was just reinvigorated with some new , bigger spenders too . Guess the Central banks can add more .

[r3volution 3.0]

For some reason everyone thinks this is great . Congress was just reinvigorated with some new , bigger spenders too . Guess the Central banks can add more .

In the end, that's what they'll do.

The whole purpose of central banking is to finance government spending which, for political reasons, could not be financed through taxation.

But we're just building up to a bigger and bigger crash, which can be delayed but not avoided.

President-Commissar Roosevelt came to power because of such a crash.

Next time, the New Deal is going to look like hardcore laissez faire by comparison.

[Krugminator2]

Just curious because I am unable to find it. When does Schiff say the "good old days" were? When were we not either in or on the verge of an economic crisis?

That's a good question. He was super bearish the decade before the financial crisis and the decade after the crisis. There is basically only one way to be perpetually wrong and that is to be a permabear. He has such an anti-progress view of the world.

He basically say the world is going to hell on every selloff. For example. https://www.cnbc.com/2015/08/25/pete...is-ending.html

I just came across this gem when he was explaining why his managed accounts were down a zillion percent during the financial crisis he "predicted". "My actual forecast in my book "Crash Proof" was that the Dollar Index would fall to 40 (currently about 85), with a realistic worst case scenario, assuming " Current dollar index nine years later is ..... 96 https://www.marketwatch.com/investing/index/dxy/charts


He was very certain QE 4 was happening and if didn't the economy would just collapse. Well.. Not so much Peter. Almost 4 years since QE 3 ended and well.... Lowest unemployment in history. https://www.cnbc.com/2015/03/17/forg...er-schiff.html

"I think without QE4, we will be back in recession," he said. "It's going to be horrible. There's going to be a worse financial crisis than 2008."

I track insider buying everyday. I couldn't help but notice regional bank insiders are buying shares at a higher rate than I have ever seen. Almost zero chance of a financial crisis worse than 2008.

[oyarde]

I would not consider the economy booming , nor did I think after the last crash it really would . Growth is stagnant . My guess was that it would remain that way . I do not think boom days are really on the table . Govt has reached the thresh hold where it is too big , bloated and too large for the flow to operate correctly . What you have now is as good as it will be until the next downturn . If the economy was booming gas , oil , copper , wages would be much higher .

[Zippyjuan]

That's a good question. He was super bearish the decade before the financial crisis and the decade after the crisis. There is basically only one way to be perpetually wrong and that is to be a permabear. He has such an anti-progress view of the world.

He basically say the world is going to hell on every selloff. For example. https://www.cnbc.com/2015/08/25/pete...is-ending.html

I just came across this gem when he was explaining why his managed accounts were down a zillion percent during the financial crisis he "predicted". "My actual forecast in my book "Crash Proof" was that the Dollar Index would fall to 40 (currently about 85), with a realistic worst case scenario, assuming " Current dollar index nine years later is ..... 96 https://www.marketwatch.com/investing/index/dxy/charts


He was very certain QE 4 was happening and if didn't the economy would just collapse. Well.. Not so much Peter. Almost 4 years since QE 3 ended and well.... Lowest unemployment in history. https://www.cnbc.com/2015/03/17/forg...er-schiff.html

"I think without QE4, we will be back in recession," he said. "It's going to be horrible. There's going to be a worse financial crisis than 2008."

I track insider buying everyday. I couldn't help but notice regional bank insiders are buying shares at a higher rate than I have ever seen. Almost zero chance of a financial crisis worse than 2008.

Well, he did predict the recession of 2008. And the one in 2009. And the one in 2010. And the one in 2011. And the one in 2012. And the one in 2013. ......