Main Street

Marc Faber: ‘The Reality Is That We’re Already Now Almost In A Recession’

The “crash prophets” are running at full-throttle these days. Swiss-born investment advisor/money manager Marc Faber was on the CNBC TV show Fast Money last Monday, and in addition to predicting “volatility will stay very high” in the stock market, he warned viewers:

The U.S. market has been holding up much better than other markets and now it’s adjusting to reality, and the reality is that we’re already now almost in a recession. We’re in an industrial recession… But of course media people and financial people- they don’t feel the recession yet because they’re in the wonderful service economy that is booming. But ordinary people are not booming, that I assure you.


“The world according to Faber”
CNBC Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is 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 contained herein.)

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Confidence In U.S. Government Plummeting?

Last night in a discussion about gold, I brought up Martin Armstrong, economist at Armstrong Economics (and former chairman of Princeton Economics International Ltd.) and the creator of the Economic Confidence Model, and something he said about the yellow metal two weeks ago. From his January 14 blog post:

I have stated this many times, so here it goes again: Gold rises when people lose confidence in government.

Survival And Prosperity readers are probably familiar with the myriad of poll/survey results showing Main Street has been fed up with the nation’s policymakers for some time now. But this morning, I’m going to examine if that confidence may be eroding more significantly than in recent times. I do this because:

1. I just came across some disturbing survey results in my research this week which suggests confidence in the U.S. government may be plummeting

2. If this confidence is almost to the point of being “shot,” then perhaps gold is getting closer to another sustained run-up in price

Aimee Picchi reported on the CBS News website Tuesday under the headline “Americans hate the U.S. government more than ever”:

A handful of industries are those “love to hate” types of businesses, such as cable-television companies and Internet service providers.

The federal government has joined the ranks of the bottom-of-the-barrel industries, according to a new survey from the American Customer Satisfaction Index. Americans’ satisfaction level in dealing with federal agencies –everything from Treasury to Homeland Security — has fallen for a third consecutive year, reaching an eight-year low.

The declines represent some backsliding for the U.S. government, given that satisfaction saw some improvement in 2011 and 2012, which may have been the result of spending in the wake of the recession. While the comparison with private enterprise isn’t apples to apples given the nature of government services, the findings have some implications for bureaucrats.

“Satisfaction is linked to broader goals in the political system that it wants to maximize, like confidence and trust,” said Forrest Morgeson, director of research at the ACSI. “It’s much more difficult to govern if the entire population dislikes you.”

(Editor’s note: Bold added for emphasis)

Picchi noted more than 2,000 people took part in that survey.

It’s not just confidence in government that may be in real trouble these days. Yale economist Robert Shiller, who correctly-called the dot-com and housing busts of the last decade, was interviewed last week in Davos, Switzerland, by Tom Keene of the Bloomberg TV show Bloomberg Surveillance. From their exchange:

KEENE: What is the state of our confidence now in our economics and business system?
SHILLER: It’s kind of obvious that it’s weakening.
KEENE: It’s fragile.
SHILLER: It’s fragile, and things that ought to be good news like lower oil prices are disruptive in the short run. But people are over-focused on them in valuing long-term assets like corporate stocks. So I think that the markets are driven by these perceived important facts. I think China is not as important to the U.S. economy as it appears to be. And one thing that news media people have to do- I assume you do this- is resist some of this over-hyping…

(Editor’s note: Bold added for emphasis)


“Yale’s Shiller: Markets Over-focused on China, Oil”
Bloomberg Video

Interesting comment about China. I pointed out earlier this week that Shiller’s fellow “crash prophets” Jim Rogers and Peter Schiff think the Chinese are being made scapegoats by the U.S. for Wall Street’s dismal performance this year.

And how about Dr. Shiller getting in a shot at the news media for their “over-hyping”? Serves them right considering the grief they gave the now Nobel Prize winner for having the “audacity” to point out the U.S. housing bubble last decade.

But getting back to the task at hand. Confidence in both government and the economy appears to have taken a hit lately. And a resurgent gold bull market looks promising if Martin Armstrong is correct in his assertions.

Stay tuned…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is 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 contained herein.)

Source:

Picchi, Aimee. “Americans hate the U.S. government more than ever.” CBS News. 26 Jan. 2016. (http://www.cbsnews.com/news/americans-hate-the-u-s-government-more-than-ever/). 28 Jan. 2016.

Robert Shiller’s recently-revised (January 2015) third edition of Irrational Exuberance

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Jim Rogers, Martin Armstrong Predict Strengthening U.S. Dollar To Push Gold Price Down Before Take-Off

Still on the topic of gold tonight, I want to talk about two well-known individuals in the investing community- Jim Rogers and Martin Armstrong- and their thoughts about the yellow metal.

In what might be somewhat of a disappointment to the “goldbugs,” neither is predicting the price of gold will take off from here.

Let’s go back to that Midas Letter interview of Rogers that I blogged about the other day. Rogers, who predicted the commodities rally that began in 1999, was asked if he thought the bottom for gold had been reached, or was he still looking for the price to come down further to around $900. The former partner of George Soros in the legendary Quantum Fund replied:

Look guys… I want to remind you that I’m the single worst market timer in the world. I’m the single worst short term trader in the world. So asking me is a waste of all of our time. I don’t think we’ve hit the bottom. I’m still looking for a bottom under 1,000. Who knows if it will get there, but if it does, I hope I’m smart enough to buy a lot of gold. In the end, gold’s going to turn into a bubble, and it’s going to go much, much higher. I just don’t know when. But I’m not buying gold yet

(Editor’s note: Bold added for emphasis)

Okay- so long-time Survival And Prosperity readers have heard Rogers say that before. On a number of occasions. But it’s what he said next in the interview I found very interesting. Rogers predicted:

What I do expect to happen, is that as the turmoil spreads, I expect more people will flee toward the U.S. dollar – I own a lot of U.S. dollars – but because of that, people think it’s a safe haven. It is not a safe haven, as you well know, but people think it is. So the dollar will go higher, it will get overpriced, it may turn into a bubble. Gold will go down in a time like that, because often – not always, but often – gold goes down when the dollar goes up. So I will sell my dollars at that point, and put it into something else – perhaps gold. If that scenario works – the dollar gets overpriced, gold gets beaten down because of the panic, then I hope I’m smart enough to buy gold or renminbi or whatever it happens to be at that point

(Editor’s note: Bold added for emphasis)

I’ve heard this scenario before, one where the price of gold falls more due to a strengthening U.S. dollar stemming from a global flight to “perceived” safety. Do any readers follow Martin Armstrong, economist at Armstrong Economics (and former chairman of Princeton Economics International Ltd.) and the creator of the Economic Confidence Model? While the jury’s still out on him (for me), I do read his blog almost daily. And if my memory serves me correctly, what Jim Rogers just said sounds a lot like what Armstrong has also been saying in recent times. Back on November 20 he blogged:

Gold is being overpowered by the rise in the dollar…

(Editor’s note: Bold added for emphasis)

He added just two weeks ago:

I have stated this many times, so here it goes again: Gold rises when people lose confidence in government. It has nothing to do with inflation. So, you start to worry about government survival or who’s going to win a war when gold rises — not before.

Short term, we still have the risk of gold going under $1,000 per ounce. It’s going to flip when everything is right — not before. It will probably max out at $5,000 per ounce or perhaps $6,000 at best. That we will not know until we have the low and the projection angle from that low…

Gold will respond ONLY when the majority sees the crisis unfolding. Just because you may understand it and see the logical outcome does not mean that the bulk of the population will…

(Editor’s note: Bold added for emphasis)

Very interesting. Which brings up the question:

Have Americans lost confidence in government?

More tomorrow…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is 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 contained herein.)

Sources:

Armstrong, Martin. “Gold, Geopolitics, & the Dollar.” Armstrong Economics Blog. 20 Nov. 2015. (http://www.armstrongeconomics.com/archives/39465). 27 Jan. 2016.

Armstrong, Martin. “Gold- No Time Left For Conspiracy Theory.” Armstrong Economics Blog. 14 Jan. 2016. (http://www.armstrongeconomics.com/archives/40680). 27 Jan. 2016.

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Senate Democrats’ Gun ‘Control’ Legislation Doomed To Fail (Again)?

“Senate Democrats unveiled plans on Thursday for gun control reforms that include closing background check loopholes, expanding the background check database, and tightening regulations on illegal gun purchases…”

-NBCNews.com, October 8

A number of regular observers of the gun “control” movement in the United States may have already concluded the latest push for more firearm restrictions being launched by Democrats in the U.S. Senate is doomed to fail (again). As the Associated Press reported earlier today:

Democrats fell five votes short of moving their background check expansion through the Senate two years ago. Thanks to retirements and losses in the 2014 elections, they now are probably 11 votes shy of the support they’d need to succeed.

Republicans running the House have shown no interest in even permitting votes on the issue…

(Editor’s note: Bold added for emphais)

So why would Senate Democrats even bother?

Well, besides obvious reasons like posturing for their “base” come the 2016 elections and diverting the rest of the country’s attention away from the Democratic Party’s failures in domestic and foreign policy, I suspect the strategy is to get the legislation out there should another mass shooting along the lines of Sandy Hook take place while it’s still in the pipeline. Senate Democrats may be banking on a knee-jerk reaction by the American public calling for more gun “control” to be implemented- such as what’s contained in their proposal.

And as any long-time observer of the gun “control” movement knows, their push for more restrictions never subsides, with the goal of the most rabid anti-Second Amendment “activist” being the complete disarmament of the civilian population in the United States.

They envision utopia once that’s achieved.

Realists understand it will only lead to one thing:

Unequivocal subjugation.

Which the “Founding Fathers” knew only too well about.


“Schoolhouse Rock!: America – The Shot Heard ‘Round the World”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

“Senate Democrats Are Preparing a Legislative Package on Gun Control — Here’s a Preview of What’s Coming.” Associated Press. 8 Oct. 2015. (http://www.theblaze.com/stories/2015/10/08/senate-democrats-are-preparing-a-legislative-package-on-gun-control-heres-a-preview-of-whats-coming/). 8 Oct. 2015.

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Peter Schiff: ‘The Whole U.S. Economy Is One Gigantic Bubble At This Point’

Back to finance and investing matters. In 2012, “crash prophet” Peter Schiff predicted Ben Bernanke and the Federal Reserve would attempt to inflate another asset bubble to revive the U.S. economy.

The CEO and chief global strategist of Euro Pacific Capital underestimated how successful they would be- in terms of inflating multiple bubbles.

Schiff, who correctly called the housing bust and 2008 economic crisis, was on the phone with Free Talk Live discussing the student loan bubble last Sunday when he told listeners:

I think we have a much bigger bubble. The bubble in student loans is a small part of what’s actually going on. The government has managed to reflate the housing bubble, the stock market bubble, but we have a bond market bubble, a dollar bubble, a consumer loan bubble. The whole U.S. economy is one gigantic bubble at this point. That’s all we’ve got left. And that’s why interest rates have been at zero percent for almost seven years because the Fed is desperately trying to keep the air in these bubbles. It doesn’t want them to deflate. It doesn’t want to pop them. That’s why I don’t believe they’re actually planning on raising interest rates. I think they recognize that they cannot prick this bubble because it will be much worse than the bursting of the housing bubble or the dot-com bubble. But there is no avoiding this. The government has created this disaster and there’s no way around it. They’re just trying whatever they can to delay the inevitable. But because they’ve succeeded in delaying it, they’ve just made it much, much worse. It’s going to be a lot worse. So people really have to protect themselves from this. More so than I think in past crises…

Owning gold is one way to protect yourself. But people should also diversify. They shouldn’t only have gold. But they should definitely have some gold. But they should also invest internationally.


“The US Economy Is One Giant Bubble”
YouTube Video

Schiff later warned:

So there’s a lot, I think, that’s going to happen to really upend the status quo. And I think a lot people are going to go broke in this next crisis. And if you’re not prepared for it, you could suffer that fate. So I think it’s more important now, even than with the dot-com bubble or the housing bubble because this one is going to have much more profound consequences for typical Americans when it bursts. I think we’re going to see a big loss of value of the dollar, not just internationally and not just for tourists going to Europe. But as Americans try to buy things here in America. Things that they used to be able to afford are going to be completely unaffordable for the vast majority of Americans.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(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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Survey: Illinois Runner-Up State For ‘Worst Climates For Small Business’

Continuing Tuesday’s discussion about Illinois not being business friendly, I spotted a piece last night on the MarketWatch website entitled, “The best state and city for small business are…” Caitlin Huston reported yesterday afternoon:

The best state for small business owners is Texas and the worst is Rhode Island, according to an annual survey revealed Tuesday.

The survey, conducted by technology marketplace Thumbtack, contends that the friendliest states and towns for small businesses offer easier or non-existent licensing requirements. On a city basis, the report called Manchester, N.H., the best and Hartford, Conn., the worst for small-business climate…

Huston noted that survey responses came from 17,633 small businesses, with most having 5 or fewer employees.

As for Illinois? It’s the state runner-up under the “Worst Climates for Small Business” category, losing out to Rhode Island but ahead of Connecticut, California, and New York, in that order.

From the Thumbtack.com survey web page:

Small business owners gave California, Connecticut, Illinois, and Rhode Island an “F,” while Massachusetts, Maryland, and New York earned a “D” grade…

(Editor’s note: Bold added for emphasis)

Digging deeper into the Thumbtack.com Small Business Friendliness Survey, the “Land of Lincoln” received an “F” for “ease of starting a business” and “overall friendliness.”

Nice. Real nice. Congratulations Illinois policymakers (not Rauner’s fault)- local and at the state level- on a “job” well done.

Then again, what would one expect from folks (not all of them, to be fair) who have never started/run a business in their lives?

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Huston, Caitlin. “The best state and city for small business are…” MarketWatch. 18 Aug. 2015. (http://www.marketwatch.com/story/the-best-state-and-city-for-small-business-are-2015-08-18). 19 Aug. 2015.

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Wednesday, August 19th, 2015 Business, Government, Main Street No Comments

The Survival Podcast’s Jack Spirko On Nationwide Riots

If you’ve been following the news the last couple of days, you’re probably aware of the renewed tension in Ferguson, Missouri, on the first anniversary of the riot there. Back when I started this blog in 2010, I suspected civil strife would pick up due to worsening financial conditions and other developments.

Regrettably, I think Ferguson is just the tip of the iceberg.

I’m not the only one who sees more civil disturbance on the way. Modern survivalist and host of The Survival Podcast Jack Spirko has been issuing warnings as of late. And I’ve been listening attentively. Back on May 20 I blogged:

Speaking of The Survival Podcast, I was listening to a different episode (number 1566, “What the Baltimore Riots Say about our Future”) some time back and took note of some advice host Jack Spirko shared with listeners. He warned on April 28:

You know those trendy areas in downtown that everybody thinks are great places to live as a hipster, because you can walk to the donut shop and the coffee shop? Sooner or later in most of our big cities those are going to be burned to the ground. Don’t live there. Don’t live there. One more time, don’t live there. Get out of the urbanized areas. I don’t care how you do it, just do it. You’re better off anyway…

Spirko added later in the podcast:

I wish I had better news for you. I wish I could tell you that this is an isolated incident. But here’s what I believe. The potential for this type of a riot exists in every major city in America. And it actually would be relatively easy to set them off like fires. It really would. I think the right people, with the right messaging, the right agitation, the right insiders, could cause a riot like this in any city with a population over 500,000 in America today. And quite a few smaller venues too. I really do. That should scare the shit out of you. But the response should scare you even more. It’s not going to be pretty. That’s why you need to be prepared…

Spriko wasn’t about to leave listeners “hanging” on this topic, so on July 29 he released episode 1614, “The Danger Of Nationwide Riots.” From that show:

So here’s what I think you need to do for your own protection. Number one, you need to be at some level of in touch with your local law enforcement. Sheriff’s department, local PD, whatever. You need people that will tell you what they know if things are starting to go sideways. And they will know when they start to go sideways long before a TV says so. You need to be paying attention to chatter with a police scanner or a scanner app or something like that in your general community on an ongoing basis. Just once in a while. Couple times a day just checking in to see what’s going on. Some local PDs have like online now where you can go online and see all the police activity…

The closer you live to a city, the more you need to have a plan to eventually say, “As much as I want to stay and defend my home, it’s not worth it, I’m leaving.” And I know the survivalist mentality is strong in our community. And I will stay here, I will pick up my guns, I will do no harm to anybody, but if you come here and take what I have, I will lay you flat out. I know that is in you, because it’s in me. I mean, that’s how I feel. And in many instances, it’s the course I would take. You can do whatever you want until you mess with me or my neighbors and then it’s on bitches. But you have to think about the result. If your home’s burnt to the ground, that’s what insurance is for… And I would rather rebuild my life with fire insurance, than I would want to try to rebuild my life from behind the bars of a penitentiary, which is a place you may end up if you take that stance. There may come a time when you have to, where you have no choice… I mean what you need is a neighborhood banded together. You’ve seen the signs after hurricanes and stuff- 20, 30 friggin’ rednecks with guns. “You loot, we shoot.” Usually that is enough to defer and cause avoidance. But the closer you live, the less likely that is to be. So the closer you are in, the more you need to have a plan to bug out, which you should have anyway because hurricanes, tornadoes, fires, they are also reasons you might have to bug out. Illnesses, pandemic… There’s times getting out of the way make sense.

You also have to have a good, solid bug-in plan. The bug-in plan is the most important plan you need for this. For most of us, we do not live in the streets where these types of things actually happen. The spillover into suburbs, etcetera will be limited. And it will be more like one-off type things. It will not be wholescale rioting. The safest course of action for most people is going to be for a month or more to hunker down, live off of what you have, go out as little as possible, coordinate with your neighbors, coordinate with what’s left of local law enforcement, and wait this thing out if it happens. It’s going to be the most sane, rational thing that you can do. It going to be the only way no matter how good your intentions are you’re not going to be part of one of the groups pouring gasoline on the fire. So the bug-in plan is important, which means all your basic preps- food, water, energy, medical, health, etcetera. It means if you live in a city that is particularly vulnerable to this and you work where they will be a problem, or you’d have to cross the problem to get to work, this is the time now to start talking to your boss about and say, “Hey look, if something did go sideways in this town, don’t you think it would make sense if we had ways for our people to work remotely, so that the company’s operations can continue, but nobody’s life had to be at risk.”

You need to be tied in to your neighbors. You need to have agreements with your neighbors… There’s some neighbors you really can’t go deep with them about this, but you just need to know them. What’s their name? What’s their spouse’s name? When do they work? When do they come home? What are they like? So when this stuff starts to go sideways, instead of telling them it may go sideways, it’s going sideways right now, let’s work together to protect our neighborhood. You need to be part of your neighborhood, part of your community. Whether it’s a rural one or an urban dense one, doesn’t matter. You need to know as many people’s names as possible.

You need to be trained in self-defense and you need to be armed. In spite of what I said about the fact that you could get into a situation where if you defend yourself you could be prosecuted, there’s a point at which that goes out the window. When you legitimately feel that your life or the life of a loved one is being threatened, and lethal force is the only alternative, the time to use it is two-and-a-half seconds ago. But you can’t go back two-and-a-half seconds so the time is now…

But overall what you need is a plan… I don’t know anything about you individually, okay? So in the end, you have to say to yourself, “Self, this is something that could happen. If it did, near me, what would we do, and when would we act.” In other words, when would we say, “Okay, nobody is going to school or work.” What would be the level of danger that we would have a clearly-defined border, and once that occurred, how long could we be okay? How long would we be alright?… If we did leave where would we go? What would be our basic rules of engagement? When would we act? Who would I contact first in the neighborhood? What would I say? You just need to mentally run the scenario in your head. Not to the point where you start to fear from it or have apprehension from it. Just to the point where if it does occur, it’s not like, “Holy shit, what do I do now?” like you’ve never thought about it before. See, that’s the big thing I want to leave you with today… What matters is that you’ve mentally drilled into yourself that there’s something I can do and these are the things that I would do. That’s what makes you able to adapt and survive.

Whew. Wise words from Spirko on dealing with a disturbing event that I predict Americans will be experiencing more frequently in the coming years.

You can listen to episode 1614 in its entirety here, and episode 1566 here, on the The Survival Podcast website.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Rich Dad Author Robert Kiyosaki: ‘I’d Rather Have Gold And Silver And Guns And Bullets’

“Gold futures settled near a five-and-a-half week low on Friday, with expectations that the U.S. Federal Reserve will soon lift interest rates helping to send prices down for a fifth straight week…”

-MarketWatch website, July 24, 2015

“Gold is doomed”

The Washington Post website, July 25, 2015

Back in February, I blogged about Robert Kiyosaki, an American entrepreneur, educator, investor, and author of the New York Times best-selling book Rich Dad Poor Dad. Kiyosaki appeared on the Alex Jones Show on February 17, 2015, and warned viewers:

It doesn’t make me happy that I’m getting richer and richer, and I see my friends getting poorer and poorer. I’m very concerned right now about my generation- the Baby Boom generation, the biggest generation in history. And they bought that program of put all your money in a 401(k) and invest for the long term. Now, I wrote a book called Rich Dad’s Prophecy back in 2002. That was 13 years ago. And I said the biggest stock market crash in the history of the world was coming in 2016. I was kind of guessing. But unfortunately, I didn’t write it to be right. I wrote it out of concern. If I’m correct that in 2002 what I said the biggest market crash was coming in 2016, that means millions and millions of Baby Boomers, their kids, their grandkids, will feel the effect of that when their retirement savings are wiped out. I hope I’m wrong. But so far, my numbers look accurate and it’s holding course right now. So I don’t write because I want to be rich or poke fun or want to be righteous. I am rather concerned about my fellow citizens.

Kiyosaki revealed one way he was preparing for the crash while discussing his new book, Second Chance: for Your Money, Your Life and Our World. From the exchange:

I like silver personally. I love gold. I have a lot of gold and silver.

While there’s no shortage of precious metals bears these days, Kiyosaki remains bullish on gold and silver- in addition to two other “metals.” In a Palisade Radio interview uploaded onto YouTube on June 28, he told viewers:

You should buy gold and silver because eventually the tug of war between deflation and inflation, somebody’s going to quit, and I think it’s going to be hyperinflation. So that’s why gold and silver make sense to me…

So I’m pretty optimistic. I’m going to make even more money when the crash comes. But unfortunately, like I said, for those who are not prepared, gold and silver are probably the best investments. But you have gold and silver, two other precious metals, guns and bullets (laughing). The reason for that, I laugh about it, but my friend reminds me of this. He says you rich guys can buy gold and silver. Poor guys buy guns and bullets. So I can understand that mentality is this gap between the 1 percent and the 99 percent. I’d rather have gold and silver and guns and bullets. This is why I don’t live in California (laughing). I live in Arizona, where they already respect guns and bullets.


“Robert Kiyosaki: Biggest Stock Market Crash in History Coming in 2016 – June 28, 2015”
YouTube Video

According to Kiyosaki, 2016 to 2030 is “going to be very tumultuous.”

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: 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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Quote For The Week

“A financial crisis is a great time for professional investors and a horrible time for average ones.”

Robert Kiyosaki (American financial literacy activist, businessman, investor, and author of Rich Dad Poor Dad. 1947- )

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Sunday, June 21st, 2015 Investing, Main Street, Wall Street No Comments

Marc Faber: ‘I Think We Could Very Well Be In A Recession In The U.S. Within 6 Months’

Swiss-born investment advisor/money manager Marc Faber was on the phone with Brian Sullivan of the CNBC TV show Training Nation earlier today. The topic was the Federal Reserve. Responding to Sullivan’s assertion that the U.S. economy has “done well,” the publisher of the monthly investment newsletter The Gloom Boom & Doom Report replied:

But I don’t think the U.S. economy is doing particularly well. One of the problems is affordability and cost of living increases. For most households, the cost of living has gone up very substantially, and so their spending power is limited. In addition to that, if you look at tax revenues in the U.S., corporate tax as a percent of GDP is essentially flat. However, what has gone up a lot as a percent of GDP- individual taxes. So, it has some negative impact on the economy, and I think we could very well be in a recession in the U.S. within 6 months.

(Editor’s note: Bold added for emphasis)


“Marc Faber on the Fed”
CNBC Video

To be fair, while Dr. Faber is noted for making some great money-related calls (he’s famous for advising clients to get out of the U.S. stock market one week before the October 1987 crash), from a Survival And Prosperity post back on May 30, 2012:

“Doctor Doom” Marc Faber did a live interview on CNBC’s Fast Money last Friday in which he warned of a fast-approaching global economic recession. Here is an excerpt from the exchange between the Swiss-born investment adviser/fund manager and CNBC’s Scott Wapner:

WAPNER: You’re not looking for a recession though here in the United States, are you?
FABER: Well, I think that we could have a global recession sometime, say, starting in the 4th quarter of this year, early 2013. Yes, that’s a distinct possibility.
WAPNER: Where would you put it at, if it’s on a scale of, say what, 50 percent possibility, 1 in 3 chance? Where would you rate it?
FABER: I would rate it at 100 percent certainty…

(Editor’s note: 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)

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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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



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