Anyone who’s visited Survival And Prosperity over the last two weeks probably noticed all the housekeeping items and other topics besides finance I’ve been blogging about. Whew! Time to move on. And who better to get back on track with as it concerns economics, finance, and investing than one of the original “crash prophets,” Peter Schiff. In his September 14 entry on the The Schiff Report YouTube video blog, Schiff, who correctly-predicted the bursting of the U.S. housing bubble and 2008 global economic crisis, explained to viewers what QE3 was really about:
This is the plan that Ben Bernanke has. Ben Bernanke’s plan to revive the U.S. economy, and create jobs, is to inflate another housing bubble. That’s it. That’s what the Fed’s got. That’s what it came up with. As if the last housing bubble worked out so well for the economy, that the Fed wants an encore…
How is another housing bubble going to solve anything. Now one thing that Ben Bernanke hasn’t figured out yet- it ain’t gonna work. No matter how much he tries, no matter how much air he blows in to that housing market, he’s not going to reflate that bubble. There are simply too many holes in it, and there is no precedent for relating a busted bubble. More likely, all that cheap money is going to go someplace else…
So where is all this money going to go? Commodities. It’s going to go to gold. It’s going to go to silver. It’s going to go into oil. It’s going to go into agriculture. It is not going to make the economy better. It’s going to make the economy worse. It’s not going to create jobs. But what it is going to create is a higher cost of living for everybody, whether you have a job or whether you’re unemployed. And believe me, if people are spending more money on food, and more money on energy, they’re not going to have any extra money left over for discretionary spending. None of this is going to work.
The President/Chief Global Strategist of Euro Pacific Capital and CEO of Euro Pacific Precious Metals shared the following investment advice:
You’ve got to look through all this smoke. You got to buy gold, buy silver. Get out of dollars. Get out while you can. Get into real things. Own stocks outside the United States, in currencies with dividends and income that are not U.S. dollars.
This is the most important thing that you can probably do. You’ve got to save yourself first if we’re going to save our country… We’re going to go over a real fiscal cliff. We have a real crisis coming because of the Fed, but we’ve got to protect ourselves.
“Operation Screw: The Fed goes all-in on QE”
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
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