Archive for December 5th, 2012

Peter Schiff Warns Obama Debt Limit Proposal Could Shock America’s Creditors ‘Into Reality’

“The U.S. runs out of federal borrowing authority around the end of the year, but the Obama administration can use special measures to extend borrowing through late February or early March. As part of the fiscal cliff negotiations, Obama has proposed effectively ending the need for Congress to periodically raise the debt limit.”

-Washington Post website, December 5, 2012

Peter Schiff, President and Chief Global Strategist of Euro Pacific Capital, talked about the looming U.S. “fiscal cliff” and a White House proposal to give the President the power to raise the nation’s debt “ceiling” as needed in his December 3 entry on The Schiff Report YouTube video blog. Schiff, who correctly-predicted the bursting of the U.S. housing bubble and 2008 global economic crisis, zeroed in on the debt limit proposal:

This could be a moment where our creditors maybe get shocked into reality. To understand the situation that they are in, that we are in. That there is no limit. That we will borrow money until we can’t do it anymore. That we’re not going to do anything about this crisis. We’re not going to do anything to diffuse this ticking bomb. It’s simply going to go off. And I think our creditors are going to want to put as much distance as they can between themselves and the explosion. They’re going to want to sell dollars. They’re going to want to sell debt denominated in dollars. What is that going to mean? A weaker dollar and higher consumer prices for Americans. It ultimately means higher interest rates for Americans. It means the rug is going to be pulled out from the slowing economy. It means we’re going to go over the Mother of All Fiscal Cliffs, and one that is impossible to avoid.

So, my advice is don’t wait for that. Get out of your dollars. I’ve been saying this for a while, but I think the urgency, and the time with which to do it, is going to be running out. So you get out of your dollars. Get out of any debt denominated in any dollars. Because we’re not going to pay our bills, we’re going to inflate them away, which is the same thing as default. So you don’t want to ride out that inflation. You want to get out of U.S. currency. You want to look at foreign currencies where the governments are much less irresponsible. Look at real money. Look at gold and silver. Look at foreign stocks if they’re suitable that pay dividends. Do whatever you can to get out of Dodge, because just when the government assures you that there’s nothing to worry about, that’s the time where you need to worry the most.


“Debt Ceiling & the Fiscal Cliff”
YouTube Video

(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)

Tags: , , , , , , , , , , , , ,

Jim Rogers: ‘Conceivably, The World Economy Is Going To Collapse Sometime In The Next Decade’

A number of “crash prophets” have been somewhat quiet since Election Day. Probably positioning themselves for the coming years now they know who is sitting in the White House, right? Anyway, I happened to spot an article on IndexUniverse (an investing website that focuses on ETFs, indexes, and index funds) this morning in which managing editor Olivier Ludwig recently spoke to legendary investor Jim Rogers. While the discussion revolved around a number of finance and investing topics, it was what the hard assets expert said about where he sees the global economy and the commodities bull market heading that really grabbed my attention. From the December 3 piece:

Ludwig: When might this commodity boom that you first wrote about in your book, “Hot Commodities,” run its course? How far is this along? Is there some kind of an end in sight?

Rogers: Well, I don’t see the end in sight—yet. Conceivably, the world economy is going to collapse sometime in the next decade. And if that happens, needless to say, then central banks are going to print even more money. It’s the wrong thing to do, but commodities will benefit and be a better place to invest than stocks, or certainly better than bonds if that happens.

On a historic basis, we’re maybe two-thirds of the way through the commodity bull market. Normally, eight, nine, 10 years into any bull market in anything, you start to see more supply come in. But what happened in 2008 and 2009 means there is a lot of potential capacity or supply that’s been deferred or delayed. So we don’t have as much supply coming as we normally would in this stage of the bull market.

So this bull market might last longer than most. But again, there’s no reason for me to determine that yet. The bull market is still intact. I hope I’ll be smart enough to recognize that a lot of capacity and a lot of supply is coming in, because that will be the end of the bull market. But that’s still years away.

The rest of the exchange between Ludwig and Rogers is incredibly informative. You can read the entire article on the InvestorResource website here.

(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)

Tags: ,

Quinn Gun Ban Defeated In Illinois House

Back on November 29, I blogged about the attempt by Illinois Governor Pat Quinn to enact a statewide gun ban through the use of an amendatory veto. The veto was defeated in the Illinois Senate by a vote of 49 to 4, but was headed to the Illinois House for an override vote. Well, the House finally got around to voting on the measure yesterday. From the National Rifle Association Institute for Legislative Action website Tuesday:

Today, Governor Patrick Quinn’s procedural maneuver to enact a gun ban (previously reported here) was defeated by the Illinois House of Representatives as they convened for a veto session. In a 78–28 vote, an overwhelming majority of state Representatives overrode Governor Quinn’s amendatory veto to Senate Bill 681. Now, Senate Bill 681 as it was initially written and originally passed by overwhelming majorities in the state Senate and House has been enacted and is in effect, protecting online FOID purchase of ammunition using delivery services which are federally authorized to ship ammunition. Thank you to all Illinois NRA members for contacting their state legislators and reminding Governor Quinn that your voices are stronger than his subversive tactics.

We have learned that due to his loss in the state House and Senate, Quinn will continue to shop around for a new semi-auto ban for future introduction in the Illinois General Assembly. Your NRA-ILA will continue to monitor any activity in Springfield and will keep you informed of developments as they occur. It is critical that NRA members across Illinois continue to remind their state legislators of their responsibility to defend the Second Amendment now and in the future.

Until next time…

Tags: , , , , , , , , , , , , ,



Christopher E. Hill, Editor
13,166 Visits in August
479,590 Visits from
11/22/10-8/31/14
Please Rate this Blog HERE

Translate (Allow 1 Minute Per Page To Complete)


by Transposh - translation plugin for wordpress
NEW! Advertising Disclosure HERE
ANY CHARACTER HERE
bullet proof vests
ANY CHARACTER HERE
New Affiliate Partner! BulletSafe
ANY CHARACTER HERE
New Affiliate Partner! BUDK
ANY CHARACTER HERE
Propper Tactical Bags up to 30% Off @ CHIEFSupply.com New Affiliate Partner! CHIEF Supply
ANY CHARACTER HERE
JM Bullion Reviewed HERE
ANY CHARACTER HERE
MyPatriotSupply.com Reviewed HERE
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Nitro-Pak Reviewed HERE
ANY CHARACTER HERE
BullionVault BullionVault.com Reviewed HERE
ANY CHARACTER HERE
Not all airguns preform the same in colder weather. Click to learn more. PyramidAir.com Reviewed HERE
ANY CHARACTER HERE
Airsoft Megastore - Limited Time Savings, Save Up to 20% Airsoft Megastore Reviewed HERE
ANY CHARACTER HERE
 

Categories

Archives