Jim Rogers, Peter Schiff Don’t Believe U.S. Economy Has Turned Corner

You might have heard the following employment news already. In a screaming headline at the top of the MSNBC.com home page:

JOBLESS RATE FALLS TO 8.3%, LOWEST IN ALMOST 3 YEARS

FOX News is carrying the same story on its website. Although- not surprisingly- it’s tucked away further down their home page with a headline that simply reads:

Unemployment rate dips to 8.3 percent in January

Regardless, this morning’s news that U.S. employers added 243,000 jobs last month has some suggesting the economy has turned around. MSNBC.com new services wrote today:

Alan B. Krueger, President Obama’s Chairman of the Council of Economic Advisers, told CNBC Friday that January’s jobs report is “definitely indicating that the economy is improving.”

“I think that the trend is pointing in the right direction,” he added.

In addition, On the MSNBC website, a live poll is being held which asks:

Do you think the U.S. economy has turned the corner?

Yes
58%

No
33%

Not sure
8%

This is out of 10,002 votes that have already been cast the last time (10:44 AM Central Time) I visited the site.

So, 58% of respondents think the economy has turned the corner. As this is MSNBC.com and its particular audience we’re talking about here- again, no surprise.

Of course, Chicago-based readers could be voting multiple times by force of habit.

Now, I’d love to see the U.S. economy in great shape and humming along nicely, but it’s my belief that our financial health is more dire than those in power are letting on. You could say I’m in the same camp as legendary investor Jim Rogers and investment adviser Peter Schiff on this. Concerning Rogers, CNBC Associate Editor Shai Ahmed wrote earlier this week:

Turning to the broader US economy, Rogers said the United States looks and feels better because the government is throwing money at it.

“There is an election in November 2012. Every time there is an election, the government pumps as much money as it can so it can to win the election. Of course things are going to look and feel better because Bernanke is printing money and Obama is spending money,” Rogers said.

He added that the US public are essentially “saps,” being fooled by a government eager to harness as many votes as possible in an election year.

“They want to fool all of us saps and get us through the elections, and then they’ll say we’ll worry about those saps next year,” he said.

Peter Schiff recently talked about this printing and spending money in his latest entry on The Schiff Report YouTube video blog. In “The Real State of the Union” from January 25, Schiff told viewers:

We are borrowing and spending and printing ourselves over the edge of an economic cliff.

Referring back to President Obama’s State of the Union address from a day earlier, the president and chief global strategist of Euro Pacific Capital added:

Unfortunately, the state of the Union is anything but sound. It is extremely precarious. We are teetering on the edge of a cliff. The Federal Reserve, this President, and Congress, are going to make sure to push it over the edge of the cliff. In the meantime, what we’ve got to do is protect ourselves…

We are pursuing the policies that caused the last financial crisis. The next financial crisis is much greater, and it’s going to inflict far more damage on the average American because of all the things that the Federal Reserve is doing, and the things that Congress and the President continue to do. In the meantime, we’ve got to protect ourselves.

Considering all the “bullets” Washington and the Federal Reserve have already spent just trying to keep this economy afloat and barely above water, what can we expect when their effects wear off and the next slowdown, black swan, or crisis inevitably comes along?

In the meantime, if employer hiring is as good as they say it is- and you are under/unemployed, looking to change occupations, or want extra income- you might want to try and take advantage of current conditions before the labor market takes a turn for the worse.

Sources:

“Jobless rate drops to lowest level in almost three years.” MSNBC.com. 3 Feb. 2012. (http://bottomline.msnbc.msn.com/_news/2012/02/03/10309295-jobless-rate-drops-to-lowest-level-in-almost-three-years). 3 Feb. 2012.

Ahmed, Shai. “Jim Rogers: I Would Not Buy Facebook.” CNBC.com. 30 Jan. 2012. (http://www.cnbc.com/id/46186936/). 2 Feb. 2012.

Tags: , , , , ,

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 4/18/16.
ANY CHARACTER HERE
Remington Sale Ends 4/30
ANY CHARACTER HERE
Blade HQ Knives Blade HQ Review Coming Soon
ANY CHARACTER HERE
Buy Gold And Silver Coins Gold/Silver Sale, inc. Chinese Gold Pandas, 90% Silver Franklin Half Dollars (Singles/Rolls/Bags). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Home Of "Survival Seed Vault" Premium Heirloom Survival Seeds. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Wise Foods Sale, Up To 50% Off; Mountain House Sale, Up To 35% Off; Warehouse & Clearance Sale, Up To 70% Off! Nitro-Pak Reviewed HERE.
ANY CHARACTER HERE
Instant Upgrades! Up To $977.99 In Free Meals; Dehydrated Green Beans Up To 34% Off; Sampler Pack Now Only $25. Food Insurance Reviewed HERE.
Firefield Sale Ends 4/30
ANY CHARACTER HERE
Chief Supply Tactical Apparel and Gear for Law, Fire, EMS, Military and Outdoors @chief Tru-Spec 24/7 Series Pants 25% Off Thru 4/30; Free Bluetooth Speaker w/ Fatt Maxx 6"/8" Side-Zip Boots; 25% Off Propper Polo Shirts (Code Needed). CHIEF Supply Reviewed HERE.
ANY CHARACTER HERE
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
ANY CHARACTER HERE
Firearm Training Alternatives (Airguns/Airsoft). PyramydAir.com Reviewed HERE.
ANY CHARACTER HERE
40% Off All Orders Thru 4/20 12 PM PST (Code Needed). Airsoft Megastore Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% 35% Off All "Deals Of The Week" Thru 4/18 (Code Needed). Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Memorial Day 2016
    There will be no new material posted on Offshore Safe Deposit Boxes today in honor of the gallant men and women that served, fought, and died in defense of this amazing country of ours. New posts will appear tomorrow. Enjoy the remainder of this long holiday weekend. Christopher E. Hill Editor
  • New Additions To List Of Offshore Private Vaults
    Here are new entries to that list of offshore private vaults on my website of the same name: • Barcelona Vaults (Barcelona, Spain- opening June 2016) • Fish Brothers (London and its suburb Southall, England) • Montgomery Security Vaults (Lagos, Nigeria) • Panama Vaults (Panama City, Panama) • Safe Independent Co. (Pattaya, Thailand) • SINCONA […]
  • New York City Bank Safe Deposit Boxes Robbed Yet Again
    On April 13, I blogged about safe deposit boxes in an HSBC bank branch in Borough Park, Brooklyn, New York City, being robbed. In that post, I added: I wouldn’t go so far as to say New York City is suffering an epidemic of bank safe deposit box robberies, but regular readers of Offshore Safe […]
  • Degussa’s Next Numis Day
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]
  • Baoku Treasury, World’s Largest Private, Non-Bank Safe Deposit Box Facility, Opens In Shanghai, China
    Regular readers of this blog know that new private, non-bank safe deposit box facilities keep popping up all over the world. Here’s one that sounds particularly impressive in terms of size, security, and customer “perks.” From the website of China Daily on March 19: As one component of the Guanfu Baoku project, the Baoku Treasury, […]