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The sky is falling.....
Old 07-27-2012, 06:43 AM   #1
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The sky is falling.....

Economist Schiff: Upcoming Crash Will Pale 2008

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A noted economist agrees with Schiff that a much worse stock market crash is coming. And unlike Schiff, he has given very specific details about just how bad it will get.

“The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”

That catastrophic outlook comes from Robert Wiedemer, economist and author of The New York Times best-seller Aftershock. Before you dismiss Wiedemer’s claims, consider this: In 2006 he accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States.
Wow, 90% market crash and 100% inflation, not sure how that would work, since inflation would carry over to stocks (companies earnings).
TJ
p.s. I wouldn't take this too seriously, Robert is pushing this book which is apparently reads like a infomercial. Not sure what Peter's angle is.
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Old 07-27-2012, 06:58 AM   #2
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Peter Schiff's outlooks are always very gloomy. Good thing his investment firm always has the one product that we all need to protect our portfolios.
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Old 07-27-2012, 07:03 AM   #3
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Just by title only, I thought this is another Donald Rumsfeld's speech.

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In 2006 he accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States.
Past performance does not guarantee future results. Nevertheless, the fiat money does get accumulated and compounded. We will see what will be falling on what/whom and how hard.
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Old 07-27-2012, 07:28 AM   #4
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Yes his past prediction was correct.However,his firm still touted and still does international stocks.You still could have lost quite a bit.For every gloomy talking head,their is a green shoots saying the opposite.I try to ignore the noise,cause I would be tinkering with my investments everyday if I listened to these folks.
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Old 07-27-2012, 08:56 AM   #5
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Oh goody, we need a sky is falling post at least one a year. An ER board requirement.

Wow, 50% unemployment and 100% inflation starting in 2012? Guess I'll have to go live under a bridge somewhere - with everybody else.
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Old 07-27-2012, 08:58 AM   #6
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Guess I'll have to go live under a bridge somewhere - with everybody else.
A smart investor would be buying bridge futures right now.
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Old 07-27-2012, 09:03 AM   #7
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Don't anybody think of getting my reserve spot under the bridge!

Oops. Forgot that I already have a small motor home as housing of last resort. You can all have my spot now.
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Old 07-27-2012, 09:07 AM   #8
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Don't anybody think of getting my reserve spot under the bridge!

Oops. Forgot that I already have a small motor home as housing of last resort. You can all have my spot now.
Don't forget that I have a motorhome too, but I figure if things get that bad, I won't be able to get fuel or find a live power pole to plug into. Not quite so useful then.
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Old 07-27-2012, 09:10 AM   #9
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Bridge won't do it. Too much competition, not enough bridges. This calls for tin foil, guns & ammo, and spam.
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Old 07-27-2012, 09:15 AM   #10
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Eh, have you not mastered the art of boondocking?

Oh, of course it is tough to boondock in this heat without electricity. Need to get to the high country in New Mexico. My much smaller motor home with marginally better MPG gives me the edge here, to beat you there.

Oops... Forgot again that I have 2 houses to hide in. Problem is if the world collapses and I have no electricity, which home should I chose. Sizzling in the summer in one in the low valley, or freezing to death in the one "in the mountain". Hmm... Tough choices... Better keep my bridge reservation then.
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Old 07-27-2012, 09:43 AM   #11
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No problem, I'm all set - Acreage in SW Oregon forest, plenty of wood for wood stove, hand pump for water when electricity disappears, guns, ammo. Our house is on a hill so would get plenty of exercise lugging the water up same hill in a bucket - could drop gym membership and save all kinds of money.
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Old 07-27-2012, 09:55 AM   #12
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Eh, have you not mastered the art of boondocking?
I need fuel to boondock. If I can miraculously fill my tank and get the big MH through roadblocks, I still have to deal with the fuel eventually running out. Assuming I can't refuel at my destination, good for a few weeks perhaps? Hmmm - maybe better stay home where my tank is already full.
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Old 07-27-2012, 10:05 AM   #13
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No problem, I'm all set - Acreage in SW Oregon forest, plenty of wood for wood stove, hand pump for water when electricity disappears, guns, ammo. Our house is on a hill so would get plenty of exercise lugging the water up same hill in a bucket - could drop gym membership and save all kinds of money.
That's good thinking. don't forget a steady food supply.

I recommend everyone get a copy of this The Zombie Survival Guide - Wikipedia, the free encyclopedia

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Old 07-27-2012, 10:11 AM   #14
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Oh, doggone it. Even with shelter, what do I do for food? And water? How long my pantry will last, even though it is extensively stocked (including dried pasta and ramen noodles that's 10 years old, as my wife never seems to check what's in the back of the shelves)? Got a 25,000-gal swimming pool (that's full of chlorine and with high sodium and calcium concentration due to evaporation).

At boonies home, I've got food. I have been making investments by feeding squirrels, not these fancy song birds like the amateurs on this forum do. But no water! I got water from a co-op, who would surely ration water at that point or sell it for bribes. Neighbor has his own well, but he told me that it was 750ft deep (didn't I tell you that the water table is really low?), and not possible to hand-pump. Nearest body of water is 25 miles away.

What to do, where to go?

PS. Read this forum, and all your answers are in here. I will drive my motor home up to Oregon, and be ejman's neighbor. Ejman, can you PM me with your lat/long? Oh never mind, I will find you.
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Old 07-27-2012, 10:41 AM   #15
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I was somewhat surprised to hear Cramer wave a yellow flag after that huge market upswing yesterday. He us usually so gung ho.
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Old 07-27-2012, 10:54 AM   #16
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Old 07-27-2012, 11:08 AM   #17
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What to do, where to go?

PS. Read this forum, and all your answers are in here. I will drive my motor home up to Oregon, and be ejman's neighbor. Ejman, can you PM me with your lat/long? Oh never mind, I will find you.
No problem, come on over, make sure you're waving the ER.Org flag though, unlike that advise I read - something like "shoot over the brigands heads" am going to be shooting AT the brigands.
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Old 07-27-2012, 11:24 AM   #18
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Bridge won't do it. Too much competition, not enough bridges. This calls for tin foil, guns & ammo, and spam.
I hate spam. Now bacon is another story. I remember those compressed bacon bars back in the 70's when I was into backpacking in Colorado.

Bacon yes, Spam no.

heh heh heh - meanwhile I shall putter on with 60/40 and agile, mobile and hostile with expenses.
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Old 07-27-2012, 11:45 AM   #19
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I am planning a nice leisurely drive to GWB's 100,000 acre compound in Paraguay.
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Old 07-27-2012, 11:47 AM   #20
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Thanks, ejman, for the welcome. I will bring my weapons and we then join forces against brigands. Whenever you go downhill to fetch water, I will be covering for you with my scoped rifle.

About Uncle Mick, I know he is mobile. Driving nearly 2000 miles in 2 days. Man, that's wheeling!

Even in a car, the most I have driven was a 800-mi stretch in a day, and that was when in my 20s. Nowadays, my goal is no more than 300 miles with the motor home in any day, and that is with rests between driving days.
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