The sky is falling.....

[teejayevans]

Economist Schiff: Upcoming Crash Will Pale 2008

Excerpt:

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.

 

[MichaelB]

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.

 

[ratto]

Just by title only, I thought this is another Donald Rumsfeld's speech.

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.

 

[okapi]

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.

 

[audreyh1]

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.

 

[REWahoo]

Guess I'll have to go live under a bridge somewhere - with everybody else.

A smart investor would be buying bridge futures right now.

 

[NW-Bound]

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.

 

[audreyh1]

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.

 

[MichaelB]

Bridge won't do it. Too much competition, not enough bridges. This calls for tin foil, guns & ammo, and spam.

 

[NW-Bound]

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.

 

[ejman]

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.

 

[audreyh1]

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.

 

[MichaelB]

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

 

[NW-Bound]

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.

 

[Brat]

I was somewhat surprised to hear Cramer wave a yellow flag after that huge market upswing yesterday. He us usually so gung ho.

 

[bbbamI]

 

[ejman]

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.

 

[unclemick]

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.

 

[NYEXPAT]

I am planning a nice leisurely drive to GWB's 100,000 acre compound in Paraguay.

 

[NW-Bound]

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.

 

[grasshopper]

I just keep more ammo on hand than my neighbors, nearest neighbor has a solar water well pump. Would convert to a carnivore pretty quickly, plenty of tasty, deer, pigs, quail.

 

[NW-Bound]

Oh, there's another possibility!

Grasshopper is a lot closer to me than ejman. I just camp out there for a bit, laying low, waiting out the battle between himself and his neighbor with the well, waiting for the dust to clear, then make my move.

I am telling y'all, you've got to have a plan.

 

[grasshopper]

Oh, there's another possibility!

Grasshopper is a lot closer to me than ejman. I just camp out there for a bit, laying low, waiting out the battle between himself and his neighbor with the well, waiting for the dust to clear, then make my move.

I am telling y'all, you've got to have a plan.

Piece of cake the well neighbors are Canucks, they aren't even here most of the year, and they think guns are evil. Of course maybe they have pet Grizzly bears.

 

[W2R]

With this kind of collapse, the housing market will certainly be severely impacted. Given where it is right now in my area, I'd say that my house would be worth, oh, say $0.03 by 2013 if the predicted collapse occurs.

So, I'll just stay right here. I have everything I need, even a small back yard that I could use to grow vegetables, and we get so much rain here that water should not be an issue. It is pouring rain as I type this post.

No need to panic! However, if the collapse is scheduled to occur in 2012 it had better get a move on, because 2012 is more than half over.

 

[NW-Bound]

Lady, you've got it made compared to us here in the arid Southwest. All that humid climate means plenty of vegetation, and I like to eat greens with every meal.

And we have talked about this before, back in 2008 when the bottom fell out of the market. Remember we talked about nutria, an abundant source of protein in your state? And then, there's crawdad. Oh, I am green with envy!

Got to change my plan again. It keeps getting better.