I searched and found no thread dedicated to the economy so here it is. There are other threads about the market, etc but this can be the general economy thread.
The thread will be started with a clip from a guy(Peter Schiff) I think we should all listen to. I have only listened to him for the last few months but he has been spot on with economic issues for years from what I have learned. He has had a lot of air time recently but this clip is one of the best imho…
Discuss.
i like how he says there is nothing the govt can do and they need to move and let it fall
Peter Schiff has lost his ass in gold the last 6 months. He’s also built an entire wealth management group around the premise of the US economy and the dollar collapsing…and he’s a proponent of the gold standard.
He has been in gold for 2 years, I think he is doing ok.
My point is if he was the visionary that a lot of people have been making him out to be, he’d have gotten out of gold at it’s peak and bought back in. He’s simply a guy who basis his economic predictions on manufacturing and savings based economic models.
And he’s wrong.
The US isn’t going to become a goods manufacturing giant like it used to be. Our best hope at “manufacturing” is manufacturing technology to sell to countries that have the ability to build things inexpensively. We need to become an exporter of ideas. We’re done being an exporter of products as we’ve known them. Our cost of and standard of living has become too high. Tarriffs aren’t going to get the job done, union busting isn’t going to do it either. There’s going to be a fundamental shift in the US economy in the next 10 years and fortunately for a lot of people on this forum they’ll be able to be a part of it. Maybe we can still make cars…MAYBE; the only reason to keep the auto industry around is because of the massive employment rolls but those will need to be phased down as the workers there get older.
The markets didn’t crash because poor people took out mortgages they couldn’t afford (and FYI 2.x% of all mortgages are in default while 7.5% of JUMBO, ie rich people mortgages, loans are in default). Credit Default Swaps. Read about them and get back to me.
You only like him because he is a part of the tin foil hat club.
What he says makes sense to me. Are all 300 million of us going to export our ideas? We may not be a mfg giant again but, ideas are not going to feed a nation. Like I have said many times in the past, “we need cultural change”. We can’t expect the rest of the world to do the heavy lifting while we live like kings.
Wrong. Ideas DO feed nations. We need to get SMARTER as a country. We’re in a GLOBAL ECONOMY, we shouldn’t be focused on being self-sufficient. Yes we can expect the world to do the heavy lifting, what we can’t expect is the world to do only the shitty heavy lifting while keeping the good heavy lifting here.
Very common sense.
You can really hear the fear in the voices of the commentators because changing how we trade and work means changing how we live our lives. People fear change and unfortunate truth. Understandably so, it sucks to go from a higher standard of living to a lower one, however all good things must come to an end. It takes real discipline to weather such highs and lows and it starts with real savings.
I like what he had to say. Especially about the build up and the collapse of the dollar. You can see it in the stock market rallies and the subsequent falls a day or two after we have been seeing in the last month.
The people with the money are propping it up, all the little guys are jumping in and then the people with the money pull the rug out on the little guys thus leaching the capital out of the market and hoarding it to the major investors. There is a larger and growing seperation of wealth and as long as small time investors can participate in this kind of market the more they will lose. Any gains will be short lived, it’s all a gamble with the house getting the odds.
I beleive the collapse of the dollar will bring about a single world currency. With the agreements made at the G20 summits over the last week or so and allowing the IMF and EU to monitor the SEC and other funds it would make sense to push for a simpler form of currency. How people will adjust to that I have no idea or the implications of such a thing. I am not sure whether to fear it or just accept it.
I’m willing to bet you don’t even understand what the DOW actually represents.
Quick, to Google.
GTFO with your new world orders and other mosh posh conspiracy of how a few people on the planet control everything. The evidence of that being false has been right in front of you the last 8 months as the GLOBAL ECONOMIC MELTDOWN has happened.
I said nothing about new world order etc, I was merely commenting on the video.
:meh:
:eekdance:
Oh great, schiff…
Tinfail Hat Thread
Correct.
So you mean to tell me the masses of inexperienced traders who opened e-trade accounts that think they understand how to invest, invest a grand here and a grand there only to find out they were wrong…
It happens and there are alot of people out there just investing without truly understanding how it all works.
Just saying.
Define “people with the money”
people who dont have payments! :mamoru:
Large investment firms, banks, anyone with enough expendable income and specific knowledge of the inner workings of the markets and influence to create large shifts in trading.
Alot of people trade futures and short stocks.
Joe, I realize what you are getting at and it doesn’t bother me if you are trying to pull punches on the matter. It doesn’t change the fact that what the Schiff and many others have said is very common sense.
I wouldn’t expect you to understand.
The amount of collusion that would be necessary to prop something like the dollar up in some grand scheme to get lower level investors to jump on a false wave is quite simply, unbelievable. File it next to your 9/11 was an inside job memos.
Will do thanks.
Peter Schiff thread?