Upcoming Crash Will Be ‘Worse Than 2008’

Welshtaff 2012/06/23 11:18:06

Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter SchiffSponsoredPosted on 18 June 2012

Investors need to prepare for an upcoming stock market crash that will be “worse than 2008.”

That’s according to a well-respected author and investor, making a recent appearance on Fox Business.

Peter Schiff, the CEO of Euro Pacific Capital, says the stock market collapse we experienced in 2008 “wasn’t the real crash. The real crash is coming.”

He says that Federal stimulus, or quantitative easing, never works and that it just makes the economy sicker in the end. “The reason we are so screwed up is all this quantitative easing is toxic. I don’t doubt that we are going to pressure Germany into printing. We are like the kid who is trying to get a friend to ditch school with us to go to the beach. We are a bad influence on everybody.”

Schiff’s solution is to raise interest rates, but he acknowledges that it would bring a huge downside risk with it. “In America, the problem is that interest rates are too low. They have to go up. We can’t have an economy with interest rates at zero. If the Fed lets interest rates go up, we have to realize that we will have a deeper recession, we have to realize that banks are going to fail.”

He points out that today’s “safe haven” investments — the U.S. dollar and Treasurys — are anything but safe. “There are a lot of people who don’t understand what is going on. Look at how many people are buying the dollar. Look at people buying Treasurys. That makes no sense either. The risk lies in the dollar. The risk lies in Treasurys and other currencies being printed into oblivion.”

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.

Editor’s Note: See the disturbing interview with Wiedemer.

In a recent interview, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”

The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The country’s financial “rescue” devised in Washington has failed miserably.

The blame lies squarely on those whose job it was to avoid the exact situation we find ourselves in, including current Federal Reserve Chairman Ben Bernanke and former Chairman Alan Greenspan, tasked with preventing financial meltdowns and keeping the nation’s economy strong through monetary and credit policies.

At one point, Wiedemer even calls out Bernanke, saying that his “money from heaven will be the path to hell.”

But it’s not just the grim predictions that are causing the sensation; rather, it’s the comprehensive blueprint for economic survival that’s really commanding global attention.

Shocking Footage: See the eerie chart that exposes the ‘unthinkable.’

The interview offers realistic, step-by-step solutions that the average hard-working American can easily follow.

The overwhelming amount of feedback to publicize the interview, initially screened for a private audience, came with consequences as various online networks repeatedly shut it down and affiliates refused to house the content.

Bernanke and Greenspan were not about to support Wiedemer publicly, nor were the mainstream media.

“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog, “but unfortunately, it kept getting pulled.”

“Our real concern,” DeHoog added, “is what if only half of Wiedemer’s predictions come true?

“That’s a scary thought for sure. But we want the average American to be prepared.

Read More: http://www.smarterlifestyles.com/2012/06/18/upcomi...

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  • Marek 2012/06/24 05:59:38
    I suspect that for some reason those who supposed to have prevented the crush are working to accelerate and deepen it. They want the global economy to crush so they can reset their books after the major banks become owners of everything.
  • bob 2012/06/23 21:55:15
    This was barry's intent from the start and the reason for the 5 Trillion in 3.5 years George Soros credits himself for the Collaspe of the Soviet Union by causing there economy to callaspe from to much debt.
  • Ken 2012/06/23 20:16:20
    It is hard to prepare for total collapse.
  • Bingo's Faddah 2012/06/23 15:27:37
    Bingo's Faddah

    The entire planet this time; except for us.
  • D D 2012/06/23 14:29:22
    D D
    What you do now will determine how you are going to survive later. There will be hyperinflation. Get ready as much as you can. The more you need, the more vulnerable you'll be.

    A prudent man foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences. ~Proverbs
  • D D 2012/06/23 14:10:17
    D D
    An economic collapse is inevitable. I don't know if we will have any warning. It is going to be very bad. Get ready.

  • Billy the kid 2012/06/23 13:05:21
    Billy the kid
    Mankind, in general, is far tougher and more resilient than many would have you believe. That fact is self-evident to anyone who has ever taken even a slight interest in historical events of the past and how us humans have coped with them. Unless there is an actual apocalypse awaiting us round the corner (possible!) I have every confidence that the vast majority of us will 'muddle through somehow...!!
  • Billy the kid 2012/06/23 12:55:00
    Billy the kid
    We shall all no doubt get through it...
  • Always Right 2012/06/23 12:32:28
    Always Right
    Couple the economic crash with shortages in food and energy, Americans are in for a very rough time!
  • jimmy Always ... 2012/06/23 13:36:15
    that's for sure, there's some bad times coming down the pike
  • USC Gamecock fan 2012/06/23 12:22:10
    USC Gamecock fan
    Yes it is going to be worse..The economy is already in the pits and now the banks are paying more for the money and the top banks in the country are in trouble already. Our debt is out of hand and where is the fed going to get the money to pay down the debt. The Federal Reserve is printing worthless money.
  • Theresa 2012/06/23 11:44:49
    Yeah the reason is there is no tangible assets left the Chinese are buying them all up. What is left is worthless Federal reserve notes which are created out of thin air!
  • Flamingolady 2012/06/23 11:40:43
    This is not the first economist, nor the last to predict such an economic meltdown. How exactly is the average American supposed to get prepared? The rich will feel it, ever so slightly and the rest of us will be, well who knows.
  • D D Flaming... 2012/06/23 14:22:46
    D D
    You need to try and get ready as much as you can. What you do now will determine how you are going to survive later.
  • MidnightCowboy 2012/06/23 11:38:30
    Peter Schiff may be on to something. It certainly is a frightening forecast. Whoever loses the Presidential election in November may have a blessing in disguise since he won't be the fall guy to get blamed for the forthcoming economic collapse.
  • mal 2012/06/23 11:31:23 (edited)
    The average american is either unenmemloyed or surviving on a month to month basis. So how can they prepare. The government is owned by the banks and does what their told. Steal everything you can from the middle class and taxpayers so as to live and screw the american people another day. Revolution is the only way out of this corruption people.
  • D D mal 2012/06/23 14:40:30
    D D
    Prepare as much as possible. Store water and food. Hyperinflation will be bad. AND if a revolution starts the ability to get food etc will be even harder.

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