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(Yahoo)   Investment adviser/author of "America's Coming Bankruptcy" says all your dollars are soon to become worthless pieces of paper-which is why he will selflessly take them off your hands and give you gold instead   (finance.yahoo.com ) divider line
    More: Unlikely, Peter Schiff, Bureau of Economic Analysis, precious metals  
•       •       •

721 clicks; posted to Business » on 03 Jun 2014 at 5:26 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



38 Comments   (+0 »)
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2014-06-03 04:29:17 PM  
He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.
 
2014-06-03 05:31:42 PM  

Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.


I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house
 
2014-06-03 05:36:05 PM  

Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house


Joke's on you. Wisconsin has plenty of beachfront property.
 
2014-06-03 05:39:45 PM  

El Dudereno: Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house

Joke's on you. Wisconsin has plenty of beachfront property.


But the only timeshare slots available are in January and February.
 
2014-06-03 05:44:41 PM  

Marcus Aurelius: El Dudereno: Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house

Joke's on you. Wisconsin has plenty of beachfront property.

But the only timeshare slots available are in January and February.


Fishing season. Perfect!

/also beer season
//like all other seasons
 
2014-06-03 06:12:50 PM  
Well, we won't be bankrupt because we're still the top dog and stand to be for a long time.  Not because patriotism and USAUSA, but there's no one else in a position to take the top spot.  China is basically a bubble, the EU is a mess, Japan is a bigger mess.  What we will eventually face is a pretty severe downward adjustment in standard of living.   Any kind of financial sanity requires A>more taxes and B>less spending.  Beyond our normal spending, when interest rates normalize, just servicing our $17 trillion in debt is going to put a massive strain on revenues.   So the answer is either to continue this suicidal spiral and eventually the house of cards falls, or we gotta take it on the chin and everyone takes a bite of the shiat sammich (of course some will eat more than others - that means us middle-classers).   Gold's probably a good insurance policy because it's always been accepted as currency and likely would be in a non-apocalyptic correction to this mess.  But if things really get nuts, good luck eating and drinking your gold.   Personally I dont have faith we fix anything, because anyone who would actually propose solutions that meant short-to-medium term pain for long-term gain is simply unelectable.   We'll get speeches and two parties blaming each other until it all goes boom.
 
2014-06-03 06:15:40 PM  
My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?
 
2014-06-03 06:16:37 PM  
Nobody actually cares about the debt.
 
2014-06-03 06:19:34 PM  
Plus, right now inflation is quite low; arguably too low.  We had actual deflation in 2009, for instance.
 
2014-06-03 06:20:47 PM  
Panic now and save!
 
2014-06-03 06:26:43 PM  
If I recall correctly, I read a book that said this exact same thing back in '74.
 
2014-06-03 06:50:16 PM  
One word: Kongbucks.
 
2014-06-03 07:15:34 PM  

Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house


Buy high, sell low.

Invade Russia in winter.

Computers will never catch on.
 
2014-06-03 07:32:53 PM  

Sim Tree: Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house

Buy high, sell low.

Invade Russia in winter.

Computers will never catch on.


Go in against a Sicilian when death is on the line.
 
2014-06-03 07:50:36 PM  
Peter Schiff is a stupid Austrian/Paultard asshole, but he did win a bet with Art Laffer over the 2008 meltdown, so he's got that going for him.
 
2014-06-03 08:16:09 PM  
The noted gold bug says in the attached video that gold experienced "a lot technical-related selling," and that "the fundamental news kept improving for gold, but people weren't noticing."

You can't argue with the market to see what it isn't seeing.
 
2014-06-03 08:23:56 PM  
If someone is trying to sell you something they say will increase in value, you should ask yourself why they're selling it.
If someone is trying to buy something from you that they say will decrease in value, you should ask why they want it.

"Your money will be worthless, give it to me and I'll give you gold, which will be worth more."
Seems extremely unlikely that either of those things will be true.

/but the buy high/sell low suckers will line up around the block.
 
2014-06-03 08:31:50 PM  

Rapmaster2000: You can't argue with the market to see what it isn't seeing.


Food for thought: Can the invisible hand see itself?
 
2014-06-03 08:39:05 PM  

Mugato: My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?


Same as everyone else. Until they are unable to pay off the debt that is due (including by issuing new debt).

There is no indication that the US will be there any time soon.
 
2014-06-03 08:57:45 PM  

Mugato: My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?


Pretty high.

pmcarpenter.blogs.com
This isn't even including things like mining and timber rights.  The government can raise revenue up to a point whenever it wants and with low taxes for a developed nation, there's likely a bit it can go get.

This is similar to the "personal debt" debate.  The value of assets always increase.  I'm not that worried about carrying $230k in debt on my house when the guy next door just sold for $310k.
 
2014-06-03 09:12:17 PM  
Because we all remember how terrible the 1980's were...

ecx.images-amazon.com
 
2014-06-03 09:39:27 PM  
Sell your gold, buy farm land, lease to other farmers, buy more land, lease. Buy some congressmen, put land in non-production while still getting paid. Allow serfs to grow crops while giving you one eigth the harvest, and shop on credit from your stores.
 
2014-06-03 10:36:35 PM  

Mugato: My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?


It has to be higher than our national infrastructure.....so, like prob not going to happen
 
2014-06-03 11:44:58 PM  
I would love a little hyper-inflation.   Put a dent in these fixed interest rate student loans.
 
2014-06-03 11:57:28 PM  

Marshmallow Jones: Well, we won't be bankrupt because we're still the top dog and stand to be for a long time.  Not because patriotism and USAUSA, but there's no one else in a position to take the top spot.  China is basically a bubble, the EU is a mess, Japan is a bigger mess.  What we will eventually face is a pretty severe downward adjustment in standard of living.   Any kind of financial sanity requires A>more taxes and B>less spending.  Beyond our normal spending, when interest rates normalize, just servicing our $17 trillion in debt is going to put a massive strain on revenues.   So the answer is either to continue this suicidal spiral and eventually the house of cards falls, or we gotta take it on the chin and everyone takes a bite of the shiat sammich (of course some will eat more than others - that means us middle-classers).   Gold's probably a good insurance policy because it's always been accepted as currency and likely would be in a non-apocalyptic correction to this mess.  But if things really get nuts, good luck eating and drinking your gold.   Personally I dont have faith we fix anything, because anyone who would actually propose solutions that meant short-to-medium term pain for long-term gain is simply unelectable.   We'll get speeches and two parties blaming each other until it all goes boom.


Yup. Its not a partisan issue. I believe it is a generational one. As someone put it (I forget who), the Baby Boomers were a generation of which very little was asked. I include paying taxes in that assessment, as my state's taxes have been structurally low for 30 years, now everyone points fingers when the bills literally come due.

Until a new mindset takes hold, we are all just along for the ride.
 
2014-06-04 05:32:45 AM  
Peter Schiff was right before and he'll probably be right sometime in the future but anybody who has been following he advice for the past couple of years has missed out on a pretty good run in the market.
 
2014-06-04 06:15:22 AM  

Mugato: My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?


Ignore the man behind the curtain and invest in Index Funds through thick and thin. No worries-
 
2014-06-04 06:18:18 AM  

Marshmallow Jones: Well, we won't be bankrupt because we're still the top dog and stand to be for a long time.  Not because patriotism and USAUSA, but there's no one else in a position to take the top spot.  China is basically a bubble, the EU is a mess, Japan is a bigger mess.  What we will eventually face is a pretty severe downward adjustment in standard of living.   Any kind of financial sanity requires A>more taxes and B>less spending.  Beyond our normal spending, when interest rates normalize, just servicing our $17 trillion in debt is going to put a massive strain on revenues.   So the answer is either to continue this suicidal spiral and eventually the house of cards falls, or we gotta take it on the chin and everyone takes a bite of the shiat sammich (of course some will eat more than others - that means us middle-classers).   Gold's probably a good insurance policy because it's always been accepted as currency and likely would be in a non-apocalyptic correction to this mess.  But if things really get nuts, good luck eating and drinking your gold.   Personally I dont have faith we fix anything, because anyone who would actually propose solutions that meant short-to-medium term pain for long-term gain is simply unelectable.   We'll get speeches and two parties blaming each other until it all goes boom.


Fark saint 666. Past time to tax rich farks.
 
2014-06-04 08:31:33 AM  

Dusk-You-n-Me: Nobody actually cares about the debt.

And why should they, if it's the sort of thing that people can manage to not care about.  The federal debt is basically a tracking number.  Whether it's $20 or $20 trillion isn't nearly as relevant as its impact to our standard of living, and right now we're able to sell that debt at less than the rate of inflation.  Mind you, I'm not a "debt doesn't matter, ever" kind of guy.  There are times to take a hit to standard of living to aggressively pay down debt.  That ain't when people are literally buying your debt at a loss.

My bigger concern is that we're just not getting good value for our spending.  Construction companies are basically money laundering schemes, our healthcare is a joke, our education is in the pisser, our public transportation is patchwork, our food is shiat and we sold the Internet for a jar of beads.  We have a nifty military but it's horribly inefficient and doesn't really defend our borders so much as meddle with other countries so our rich can fark them up -- we're not "world cop" so much as "world mobster".  So what are we cutting in the name of "balancing the budget"?  Why, the programs with the highest RoIs, of course!  The problem here is that too much of our money is controlled by hypocrites who A) fundamentally believe government doesn't work as a concept, but B) run for office and increase government spending anyway.  So it's almost like they intentionally fark things up to prove a point when we can easily look to other nations (Canada for healthcare, Finland for education, etc.) to see how it's done.

It doesn't matter what the tax rate is or how big the debt is if our spending priorities are so absurdly warped.  When push comes to shove we threw our money at banks to keep them solvent rather than just put them in receivership (something the FDIC does all the time mind you) and spend the money on actual worthwhile investments.  And the debt is our biggest problem?

Rapmaster2000: I'm not that worried about carrying $230k in debt on my house when the guy next door just sold for $310k.

I really hate comparing the Treasury to a household because it results in some fundamental misunderstandings that most derpheards are too stupid to let go of, but this comparison is somewhat useful because it give a sense of scale.  The federal debt in 2012 was $16 trillion.  Wow, that's huge!  Except the U.S. GDP in 2012 was. . . $16 trillion.  OK, government revenues are a fraction of that, but the point is that our GDP is going up exponentially as well.  The notion that we're being crushed by debt is false even before we get to the fact that the U.S. manages a floating fiat currency.
 
2014-06-04 08:36:21 AM  

Gway: Marshmallow Jones: Well, we won't be bankrupt because we're still the top dog and stand to be for a long time.  Not because patriotism and USAUSA, but there's no one else in a position to take the top spot.  China is basically a bubble, the EU is a mess, Japan is a bigger mess.  What we will eventually face is a pretty severe downward adjustment in standard of living.   Any kind of financial sanity requires A>more taxes and B>less spending.  Beyond our normal spending, when interest rates normalize, just servicing our $17 trillion in debt is going to put a massive strain on revenues.   So the answer is either to continue this suicidal spiral and eventually the house of cards falls, or we gotta take it on the chin and everyone takes a bite of the shiat sammich (of course some will eat more than others - that means us middle-classers).   Gold's probably a good insurance policy because it's always been accepted as currency and likely would be in a non-apocalyptic correction to this mess.  But if things really get nuts, good luck eating and drinking your gold.   Personally I dont have faith we fix anything, because anyone who would actually propose solutions that meant short-to-medium term pain for long-term gain is simply unelectable.   We'll get speeches and two parties blaming each other until it all goes boom.

Fark saint 666. Past time to tax rich farks.


Where do you draw the line that separates "rich farks" from the rest of us? Maybe "us" isn't the right word- how much do you earn?
 
2014-06-04 08:41:30 AM  
A fool and their money something something...
 
2014-06-04 08:56:54 AM  
I've invested all my money in 9/11 commemorative coins made from REAL SILVER FROM GROUND ZERO
and clad in pure 24k gold!

24.media.tumblr.com
 
2014-06-04 09:28:07 AM  

dywed88: Mugato: My GED in economics hasn't come in the mail yet so I'm no expert but how high does the national debt have to get before we're officially bankrupt?

Same as everyone else. Until they are unable to pay off the debt that is due (including by issuing new debt).

There is no indication that the US will be there any time soon.


To get a bit more technical a country is "bankrupt" when nobody will buy their debt any more, or will only do so at ruinous interest rates.   Currently the yield on US treasury bonds is below the rate fo inflation, meaning they actually have a negative interest rate, and that people are paying US to let them give us their money.   So we are basically the exact opposite of bankrupt for the forseeable future
 
2014-06-04 11:15:27 AM  

Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house


There's some pretty nice beaches in Wisconsin, but not so nice compared to St. Kitts. Then again, no hurricanes in Wisconsin. Then again, your beach is frozen 5 months of the year, unlike St. Kitts.
 
2014-06-04 11:48:06 AM  

Magorn: To get a bit more technical a country is "bankrupt" when nobody will buy their debt any more, or will only do so at ruinous interest rates.   Currently the yield on US treasury bonds is below the rate fo inflation, meaning they actually have a negative interest rate, and that people are paying US to let them give us their money.   So we are basically the exact opposite of bankrupt for the forseeable future


Nobody is buying our debt. The Fed is creating money and using it to buy the debt. If it were all to be sold externally, interest rates would be thru the roof.
 
2014-06-04 12:17:45 PM  
 
2014-06-04 12:19:28 PM  

El Dudereno: Marcus Aurelius: El Dudereno: Snarcoleptic_Hoosier: Magorn: He's preaching against the inflationary dangers of fiat currency but he'll accept BITCOIN as payment?  Way to shot a huge hole in your arguments pal.

I'll take Dogecoin and give you bad financial advice.

/BUY TIMESHARE BEACHFRONT PROPERTY IN WISCONSIN
//That one was on the house

Joke's on you. Wisconsin has plenty of beachfront property.

But the only timeshare slots available are in January and February.

Ice-fishing season. Perfect!

/also beer season
//like all other seasons


FTFY and yes you do that drunk off your ass too. About the only thing you don't do drunk off your ass in WI is start getting drunk off your ass.
 
2014-06-05 01:11:40 AM  
Does he take coconuts?
 
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