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Peter Schiff has been adament all along about QE4...

Discussion in 'Economics, Business, and Taxes' started by Lukey, Jun 4, 2015.

  1. Lukey

    Lukey Senator

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    Being inevitable. Now Dr. Doom (Marc Faber) says the same:

    http://www.cnbc.com/id/102731438

    I respect both these guys' opinions because they don't play the politically correct (Keynesian) game that everything is wonderful in the economy and that these market levels are sustainable. But I'm not sure they are right about this. I think the Fed will raise rates this summer as they realize if they don't do it soon they will likely never be able to do it (which I guess is Schiff's position that they are already there). And they will likely rely on a manufactured (double seasonally adjusted) GDP growth rate, and the artificially deflated "unemployment rate) to show they have room to move off the zero bound. It's a dangerous game because the economy is flat lining and has been stuck at basically maybe 1% GDP (unadjusted) growth since Obama took office and implemented the most anti-capitalist agenda since FDR's. But the Fed has backed themselves into a corner and may try to get out of the zero bound with a wing and a prayer by raising rates and hoping for the best. I don't think they will get it and FDR, I mean Obama, will get his 1937, I mean 2015 "recession" (in quotes because in both FDR's and Obama's case the economy never really recovered before slipping back into declared recessionary conditions - that's what happens in a depression) as the rate increase drops a bomb on the only economic game in town - the stock and bond casino, I mean carry trade in financial markets where the banking elites and other 1%ers borrow money essentially for free and use it to lever up and make huge gains from the ever decreasing rate of increases in the markets.
     
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  2. georgephillip

    georgephillip Governor

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    http://www.cnbc.com/id/102731438

    "'All the central banks are so deep in the mud that, in my view, they will continue to essentially buy assets,' Faber said.

    "Faber also said the main problem hindering U.S. growth is the lack of affordability in its major cities. 'The prices have gone up so much that many cities in the U.S. and Europe are not affordable anymore. What people do is spend money, but they don't go out too often; they go out once a week or so.'"

    Will it all blow up before November 2016?
     
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  3. Lukey

    Lukey Senator

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    Hard to say, but it certainly wouldn't surprise this guy (if he hadn't died decades ago):

    http://www.zerohedge.com/news/2015-...ter-wall-street-turned-out-just-man-predicted
     
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  4. georgephillip

    georgephillip Governor

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    Thanks for your link; it is a real eye-opener.
    http://www.zerohedge.com/news/2015-...ter-wall-street-turned-out-just-man-predicted

    "In 1912, one person who warned against the passage of the Aldrich Plan, was Alfred Owen Crozier: a man who saw how it would all play out, and even wrote a book titled "U.S. Money vs Corporation Currency" (costing 25 cents) explaining and predicting everything that would ultimately happen, even adding some 30 illustrations for those readers who were visual learners.

    "The book, which is attached at the end of this post, is a must read, but even those pressed for time are urged to skim the following illustrations all of which were created in 1912, and all of which predicted just what the current financial system would look like. "

    Corporation currency?
     
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  5. Lukey

    Lukey Senator

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    Well if you think about Walmart and EBT cards...
     
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  6. georgephillip

    georgephillip Governor

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    "Alfred Owen Crozier (1863-1939) was a Midwest attorney who wrote eight books on the political, legal, and monetary problems of the United States.[1] He is best known for his work US Money Vs Corporation Currency, 'Aldrich Plan,' Wall Street Confessions! Great Bank Combine (1912), which argues against the formation of The Federal Reserve. He feared national banking, but he feared private control of the United States money system even more."
    http://en.wikipedia.org/wiki/Alfred_Owen_Crozier
    Would wresting control of a private corporation's ability to control a country's money supply increase or decrease the size/power of government?
    "'If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.' -Andrew Jackson"
    http://www.themoneymasters.com/the-money-masters/famous-quotations-on-banking/
     
  7. Woolleybugger

    Woolleybugger Mayor

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    Asset speculation is one of the biggest problems facing us. As for 1937, FDR got talked into austerity and guess what happened?
     
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  8. Lukey

    Lukey Senator

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    And that's the progressive answer, and Progressivism is THE biggest problem facing us.
     
  9. georgephillip

    georgephillip Governor

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    FDR also didn't get much help from the Federal Reserve. Today, asset speculation and cheap money seem to be providing little help for 90% of US workers and retirees:

    "Asset Speculation and Capital Destruction, The Cost Of 0% Money
    Interest-Rates / US Interest RatesDec 29, 2010 - 02:49 PM GMT
    By: Jim_Willie_CB

    [​IMG]

    [​IMG]
    "Since the early 1990 decade, the nation's maestros have promulgated the notion that cheap money is a beneficial factor for the sustenance of wealth, for economic development, for the standard of living, for the robust industries, in general for the American society. Nothing could be further from the truth, but even today the reckless US economists from the Keynesian Camp and their controllers from Wall Street have convinced the multitudes that cheap money is a good thing. Cheap money comes with a deadly ultimate cost. The inept professor occupying the US Federal Reserve Chairman post has gone on record claiming the US banking sector has a secret weapon in the Printing Pre$$ that it can use with zero cost, in its electronic form.

    "Nothing could be further from the truth. The Clinton & Rubin team began the distortion of the Consumer Price Index, ostensibly to reduce Social Security and USGovt pension benefits in cost of living raises.

    "They wanted to cause a massive USTreasury Bond bull market, and succeeded in doing so.

    "They wished also to bring down the USTreasury Bond yields.

    "The infamous Fed Valuation Model dictated that as rates rose, stocks fell.

    "So the scheme to manipulate the bond market began with the venerable craftsmen of rigged markets, ruined engines, and mega-fraud schemes. They taught from their high priest pulpits that cheap money was good for the financial markets. Nothing could be further from the truth."

    http://www.marketoracle.co.uk/Article25313.html
     
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  10. Woolleybugger

    Woolleybugger Mayor

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    Right because Keynes did us so much damage...dude, I am 59 and I grew up under the horrible conditions of Keynes, you know, the 50s, 60s and most of the 70s. You people are really astounding...but do keep on with the Mizes Institute stuff, I need the laughs.
     
  11. georgephillip

    georgephillip Governor

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    “'The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.' -Abraham Lincoln

    “'Issue of currency should be lodged with the government and be protected from domination by Wall Street. We are opposed to…provisions [which] would place our currency and credit system in private hands.' – Theodore Roosevelt"

    If the above quotes are accurate, how many of us believe the ultimate problem with the US economy stems from the private for-profit creation of money?

    http://www.themoneymasters.com/the-money-masters/famous-quotations-on-banking/
     
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  12. Lukey

    Lukey Senator

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    I'm 63, what's your point?
     
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