Propaganda

Chicago Tribune: ‘Chicagoans Should Consider A Modest Property Tax Increase Inevitable’

Coming on the heels of last Thursday’s post and an earlier one about Chicago-area property/other taxes was an article by Chicago Tribune business columnist Melissa Harris entitled “Chicago isn’t Detroit- and it’s not going bankrupt.”

In the June 20 piece, Harris attempted to argue exactly what the title says (critics are panning it as “Machine”/union propaganda). But what interested me were statements like this:

More revenue will be required soon, most likely in the form of a property tax increase.

Not only is Chicago’s property tax rate lower than those in many suburbs, Chicago’s effective property tax rate ranked 49th out of the 50 largest cities in each state, according to 2009 U.S. Census data…

(Editor’s note: Bold added for emphasis)

And this:

Chicagoans should consider a modest property tax increase inevitable, though how much of an increase it will be could be affected by Moody’s decision, which made it more expensive for Chicago to borrow money…

(Editor’s note: Bold added for emphasis)

If one believes claims the Chicago news media routinely carries Mayor Rahm Emanuel’s water, increased tax hike chatter and growing comparisons of the city to other municipalities by the local press could be sending a strong signal to Chicagoans that they’ll be required to bust out their wallets shortly.

You can read the rest of that column on the Chicago Tribune website here (registration required)

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

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

Signs Of The Time, Part 85

Monday at lunch I finally got the chance to read my Sunday paper. From the Chicago Tribune “Perspective” section, in the part entitled, “Voice Of The People”:

Do not allow silencers

I cannot believe that there is serious consideration to permitting gun silencers to be used by gun owners in Illinois. Anyone with an ounce of common sense will recognize that guns with silencers are the weapon of choice for assassins, terrorists and murderers. What would happen if a nut entered a school and starting shooting randomly with such a weapon? No noise to alert the rest of the teachers and children?

Two things came to mind when I saw the above:

1. The author has quite an imagination.

2. Yet another argument leaning heavily on emotion (plea for “common sense” is often a giveaway), but devoid of facts.

Emotionally-driven arguments. Very much a sign of the time.

But now the facts on this subject.

An ABC7 Chicago I-Team Investigation recently looked into suppressors as legislation legalizing such devices has been introduced in the Illinois House (HB0433) and Senate (SB0803). Chuck Goudie reported on the ABC7 website on April 30:

Silencers used by criminals on TV and in movies; this is how most people know of the device.

Sponsors of a bill to make them legal in Illinois say the Hollywood interpretation is pure fiction…

A 2007 study found silencer use in crime is rare…

(Editor’s note: Bold added for emphasis)

“Guns with silencers are the weapon of choice for assassins, terrorists and murderers.”

Whatever you say.

And all those “assassins, terrorists and murderers” will be lining up for silencers if they’re legalized in Illinois, right?

As I blogged back on February 11:

Firearm suppressors (or sound suppressors and silencers as they’re also known) are highly-regulated in the United States. J. Guthrie reported on the Guns & Ammo website back on May 13, 2012:

If you lived in Scotland, they would be required for hunting. If you lived in Finland you could saunter down to the local gun shop and buy one over the counter—one more reason to like Finland. In the U.S., suppressors are regulated by the National Firearms Act and you have to first make sure they are legal in your state, fill out a federal form and send it, a couple of photos and some fingerprints into the BATFE for approval. Once approved—the process can take six or seven months—the BATFE sends you a little stamp and some paperwork and you can take possession of the suppressor from you dealer. There are legal considerations for interstate transportation and transferring the suppressor too…

Just like most felons don’t acquire their firearms lawfully, neither will they be obtaining suppressors legally- particularly in a highly-regulated environment like the one that currently exists.

Fears of a proliferation of legally-manufactured, lawfully-obtained suppressors among the bad guys in the “Land of Lincoln” are unfounded.

As for the “Voice Of The People” on these devices? I sure as hell hope it isn’t.

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

Source:

Goudie, Chuck. “Are Gun Silencers A Threat To Safety?” ABC 7. 30 Apr. 2015. (http://abc7chicago.com/news/are-gun-silencers-a-threat-to-safety/689952/). 18 May 2015.

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

Jim Rogers: ‘The Game Is Getting Close To An End’

GoldSeek.com Radio’s Chris Waltzek recently interviewed well-known investor, author, and financial commentator Jim Rogers. Talking to GoldSeek.com Radio from Switzerland, Rogers discussed a number of topics related to investing. While insightful, it was his “parting words” for listeners that grabbed my attention. The former investing partner of George Soros in the legendary Quantum Fund said in the interview:

My parting words are, be very aware of what’s going on and be careful- be worried and be careful. Sure, I write about it in my books. But more important than my books are- just be prepared, because the next time we have a problem in the world it’s going to be really, really bad.

GoldSeek Radio’s Waltzek asked what type of “safety net” is left, to which Rogers replied:

I mean nothing. They’ve put up a lot of PR. But no- I mean, interest rates are at historical lows. They’ve printed staggering amounts of money. I mean, sure they can just go out and buy stocks or something, and then print even more money. But the game is getting close to an end. We haven’t had a recession or hard times in America and the world in six years. We’re overdue historically. When it comes, because the debt is so, so, so much higher, it’s going to be a mess. I mean, I’m still long stocks. I’m still long stocks, don’t get me wrong. I’m just saying, please be aware of what’s going on, because when it ends, it’s going to be serious.


GoldSeek Radio – May 8, 2015 [JIM ROGERS, PETER ELIADES & DAVID MORGAN]
(Jim Rogers Segment 6:08 to 18:08)
YouTube Video

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.)

Tags: ,

Quote For The Week

“Losing an illusion makes you wiser than finding a truth.”

-Ludwig Börne (German political writer and satirist. 1786-1837)

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

Tags:

Quote For The Week

“The media’s the most powerful entity on earth. They have the power to make the innocent guilty and to make the guilty innocent, and that’s power. Because they control the minds of the masses.”

-Malcolm X (American Muslim minister and human rights activist. 1925-1965)

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

Tags:

Democrats Push ‘New Message’ Of Rebounding U.S. Economy

Big eye roll on my part when I spotted the following on my Internet service provider’s home page this afternoon. Charles Babington of the Associated Press reported Friday:

Democrats’ new message on America’s economic recovery is: We told you so, and we’re going to keep telling you so.

The economy is rebounding on nearly every front, even if the middle class still needs help, and it’s time to tell that story loudly, top Democrats say. That’s the key to reversing their midterm election setbacks, according to a host of House Democrats, President Barack Obama and Vice President Joe Biden, all of whom came to Philadelphia this week for pep talks and strategy sessions.

“Democrats have to stand up, you’ve got to explain what we did,” Biden said to loud applause Friday. “Be proud of it… We can’t let the Republican Party rewrite history.”

Obama said much the same the night before. “The record shows we were right” the president said, referring to the 2009 stimulus, the bank and auto industry bailouts, and other strategies to pull out the great recession of 2008…

(Editor’s note: Bold added for emphasis)

A couple of thoughts here:

1. The true state of the U.S. economy and larger financial system is worrisome, as the “great recession of 2008” was merely “papered over” (I talk about that enough on this blog on a regular basis that I don’t feel the need to go into it today).

The news radio station I listen to most often in Chicago has been going on and on this week about the U.S. economy being on such strong footing these days. It’s almost as if they (like others in the mainstream media?) are carrying out the marching orders of the Democratic spindoctors to promote this “new message.” It’s been so ridiculous that if you didn’t know any better, you might think you were listening to old newsreels laying it on thick with the propaganda of the day:


“Vintage 1930s Inflation Propaganda”
YouTube Video

2. “We can’t let the Republican Party rewrite history.” “The record shows we were right.” Democrats vs. Republicans. Us vs. Them. Liberals vs. Conservatives. Left vs. Right. Coke vs. Pepsi…

Personally, I prefer RC.

And like that situation with the sodas, two choices often aren’t ideal for me. Particularly when it comes to the major U.S. political parties, who I’ve come to see as merely two “heads” belonging to the same monster (special interests of the rich and powerful).

3. Finally, I’ve said this before but it bears repeating:

Use this economic “rebound”- as much of an illusion as it may be- to your advantage.

Is your employment status less than ideal? You may want to consider improving that situation while “the getting’s good.” Need some extra income? You may want to look at taking on a part-time job while they’re available. Looking to purchase some emergency preps? “The shadow of crisis has passed.” President Obama said so in his recent State of the Union speech. Shop around for discounted gear, supplies, and other items while demand isn’t as strong as it has been lately and will be when hard times arrive down the road.

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

Source:

Babington, Charles. “House Democrats’ new message on the economy: We told you so.” Associated Press. 30 Jan. 2015. (http://finance.yahoo.com/news/house-democrats-message-economy-told-183956034.html). 30 Jan. 2015.

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

Signs Of The Time, Part 80

A couple of days ago my parents’ XFINITY TV Go (offsite cable TV viewing capability) was being streamed via computer at my home in the Chicago suburbs. Pretty neat stuff.

Imagine my surprise when a commercial for a nearby shop popped up on the TV screen- complete with a map of its location.

This happened again with an entirely different store shortly thereafter.

I have to admit- I was kind of creeped out after witnessing that on my television set.

There was just something “Orwellian” to all of it.

Time to bust out the tin foil hat, right?

I read and saw the movie 1984 back when I was in high school in the eighties. I remember thinking at that time life in America would just suck, suck, SUCK if it ever came to that.

And yet, these days, I feel the country is slowly-but-surely heading there.

The signs are all around. And the so-called “Fourth Estate” isn’t exactly helping:


“Newscasters Agree: A Christmas Present Or Two Or Ten Edition”
YouTube Video

I just hope this disturbing devolution can be reversed before it’s too late.

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

Tags: , , , ,

Another Quote For The Week

“We’ve had four months of propaganda starting with the President that everybody should hate the police. I don’t care how you want to describe it- that’s what the protests are all about. The protests are being embraced, the protests are being encouraged. The protests, even the ones that don’t lead to violence- and a lot of them lead to violence- all lead to a conclusion:

The police are bad, the police are racist. That is completely wrong.

Actually, the people who do the most for the black community in America are the police- New York City and elsewhere. They are the ones, not the Al Sharptons, they are the ones putting their lives on the line to save black children.”

-Rudy Giuliani, former mayor of New York City, on FOX News Sunday, December 21, 2014

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

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

Sunday, December 21st, 2014 Government, Propaganda, Public Safety, Racism No Comments

Terrorism, Fear, And Tim Allen

Back when “Dubya” was President, I started to suspect a number of terrorism warnings issued by his administration were being done not to inform the American public of some real danger, but rather to instill fear to achieve an objective.

I believe this use of specific alerts with an ulterior motive has carried over into the Obama administration.

That being said, I think there are warnings which are the “real McCoy,” which makes it all the more tougher to figure out which ones are bogus.

Last Friday, I was watching Tim Allen’s Last Man Standing on ABC when the following video log about fear appeared:


“Mike Explains the Power of Fear”
ABC Video

“Let’s stop believing the fearmongers.” Something to ponder. And when it comes to terrorism, consider the source and context from which the alert was issued before changing routines and such.

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

Tags: , , ,

Tuesday, November 4th, 2014 Government, Propaganda, Public Safety, Terrorism No Comments

Peter Schiff Warns Of Coming Inflation, Accompanying Propaganda

“Crash prophet” Peter Schiff sees inflation getting worse in America. And with it, Washington, the Fed, and the mainstream media spinning rising prices as something that’s beneficial for the general public. The Euro Pacific Capital CEO and Chief Global Strategist added a new entry Tuesday on his YouTube video blog The Schiff Report, and warned viewers of the following:

It’s going to get worse. And, what is the Fed going to do about it? Because the problem is, no matter how high that inflation number gets, they can never admit it’s a problem. Because if they admit that it’s a problem, they’ve got to do something about it. But they can’t do anything about it. Because if they want to fight inflation, what tools do they have? Just one. They’ve got to raise interest rates, which means they’ve got to end quantitative easing. And in order to raise interest rates, they’ve got to start selling their bonds and their mortgages back into the market. That will collapse the real estate market, collapse the stock market, send the economy into a sharp recession, and bring about a financial crisis worse than 2008. So because they can’t do that, they can’t do anything. So they’re going to have to tolerate inflation, no matter how high it gets. They’re going to have to convince us that it’s good for us, no matter how high it gets. They’re going to say, “Oh, well, maybe it’s transitory,” “It’s because of the weather,” “Oh, you know, we had such low inflation for so long, we need a few years of higher inflation to even it all out.” Who knows what kind of excuses Janet Yellen is going to come up with to rationalize why whatever the inflation number is- no matter how high it is- it’s always going to be a good thing?

But I wonder if the media- if the guys at Bloomberg or the guys at The New York Times or the AP or the Financial Times– will ever see through this charade. Will they ever see through this smokescreen and come out and call the Fed out on this? Will they ever say, “You know what, we’ve got too much inflation- this is not good. Do something about it.” And when the Fed doesn’t do something about it, that’s going to be a big problem for the dollar. Because that’s when people realize that this is QE Infinity, that inflation is never going to stop, that the dollar’s value is going to erode away in perpetuity. That’s when the bottom drops out of the market. That’s when the real crisis comes in. Because now the dollar really starts to cave, and puts more pressure on the bond market. That means the Fed has to print a lot more money. A lot more dollars that nobody wants to buy the Treasuries that nobody wants to keep the market from collapsing. That accelerates the inflationary spiral, and puts the Fed in a real box. Because then, it just can’t print the dollar into oblivion. It can’t turn it into monopoly money. Then it has to slam on the breaks. Then it has to really jack up interest rates. Not just a few hundred basis points- ten percent, fifteen percent, twenty percent. Paul Volcker style. Of course, the medicine won’t go down nearly as smoothly as it did back then. Not that it was so great tasting- we had a pretty bad recession in 1980. But that’s nothing compared to what we’re going to go through, because we have a lot more debt now than we had then- it’s not even close. We don’t have the viable economy. We don’t have the trade surpluses or the current accounts surpluses. And we don’t have a federal government that has a long-term financing on the national debt. It’s all financed with T-bills. And we have all these adjustable rate mortgages. We have all these corporations, individuals that are so levered-up. We’ve got all these student loans and credit card debt. We have all this stuff that we didn’t have back in the 1980s that we’re going to have to deal with- thanks to the Fed.


“Media Reports Rising Food Prices as Positive News”
YouTube Video

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

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

Peter Schiff On Gold: ‘Most Likely Prices Have Bottomed’

A little more than a week ago, Euro Pacific Capital’s Peter Schiff- who correctly called the housing bust and 2008 economic crisis- told CNBC viewers that gold prices would eventually head north of $5,000 an ounce (blogged about here).

Schiff did an e-mail interview with MarketWatch this week, and the CEO of Euro Pacific Precious Metals talked more about the yellow metal. From that exchange:

Q: What would you say to investors who are discouraged by gold’s performance so far this year? (Futures are prices up around 7% year to date, but only partially making up for last year’s plunge.)

Be patient. Many investors in the 90’s believed that gold was a dead asset class. But in the 10 years from 2001 to 2011, gold increased almost 900%. The moves come in waves.

Q: With prices currently under $1,300 an ounce, have prices hit bottom for this year? Is gold a bargain at these levels — is it a good time to buy now? Please explain.

Most likely prices have bottomed, as too many speculators are looking for lower prices. The fundamental case for gold has also never been stronger. From a gold short seller’s perspective, this will prove to be the equivalent of a perfect storm. Their losses will be severe…

I’ve been following gold closely for a decade now. I can’t remember any time in those last ten years when the amount of hate directed at the precious metal was ever greater. Particularly in the mainstream financial media and accompanying reader comment sections. Just check out some of the comments in the MarketWatch article I’ve been discussing if you don’t believe me.

I can’t help but wonder sometimes if paid “trolls” aren’t out in force these days in the various comment areas and forums with the mission of talking down gold and its highest-profile supporters at any chance they get.

Then again, many of these comments could just be coming from individuals who fear a rising gold price for some reason or another.

“Where you stand is where you sit”?

I just know one thing. I don’t see stocks catching nearly the same kind of flak as this particular “shiny lump of metal,” as one “correspondent” recently called gold.

Like Mr. Schiff pointed out- before the recent pullback, the price of one ounce of that “shiny lump of metal” increased almost 900 percent in the decade prior.

Anyone want to give me their “shiny lumps of metal”? It’s going to plummet past $1,000 to almost nothing anyway- if one believes what’s claimed in many comments and forums these days.

By 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.)

Source:

Saefong, Myra P. “Peter Schiff: Reckless Fed may push gold to $5,000.” MarketWatch.com. 25 Apr. 2014. (http://www.marketwatch.com/story/peter-schiff-reckless-fed-may-push-gold-to-5000-2014-04-25?pagenumber=1). 25 Apr. 2014.

Tags: , , ,

Economic Fiction

Regular readers of Survival And Prosperity may have noticed I didn’t blog much last week. Truth be told, I was reading and watching a lot of blog-related material that I want to address in the coming weeks. I didn’t pay as close attention to the news as I would a “normal” week. But it was hard not to notice all the “rosy” talk about the U.S. economy. Sure, some decent economic reports have come out. Problem is, I don’t have much faith in them as I saw some years back how they can- and subsequently have been- manipulated to be more positive than if the numbers hadn’t been fudged.

As far as I’m concerned, the United States economy and larger financial system are still in big trouble at the end of 2013. The so-called “recovery”?- primarily the result of massive amounts of “stimulus” and new debt that the Federal Reserve and Washington chose to employ to paper-over an economic disaster that reared its ugly head in 2008.

Come to think of it, the “recovery” reminds me a lot of that scene from the 1994 film Pulp Fiction, where Uma Thurman’s character receives a healthy dose of adrenaline after she OD’s:


(Warning: Squeamish readers may not want to watch)
YouTube Video

Just substitute the economy for Ms. Thurman and massive amounts of “stimulus” for the adrenaline, and you might get an idea of what I’m talking about.

Euro Pacific Capital’s Peter Schiff remarked some time ago about all the stimulus going into the economy. He basically pointed out that since there’s been so much of it, it’s only reasonable to expect the recipient would appear to be recovering. Perhaps even full of vitality. However, remove the stimulus and regression eventually sets in.

And that’s where I think we’re heading.

Now, I’m not just talking about a recession. It’s a little bit more complicated.

As I mentioned before, not only has there been a tremendous amount of stimulus being deployed, but trillions and trillions of dollars worth of new debt accrued as well. The United States was a financial “house of cards” before. All this new debt heaped on top of it has made it even more unstable. Worse- Washington has demonstrated time and time again they have no serious intention of putting a halt to the nonsense.

Therefore, not only am I expecting a U.S. recession, but a financial crash as well.

Regrettably, I just can’t see any way around it at this point in time.

I don’t know how much time we have left before the nation hits the proverbial brick wall, but our “financial reckoning day” is coming.

Washington and the Fed got lucky when they were able to kick the can down the road back in 2008. Eventually, that luck will run out.

Here’s hoping as many Americans as possible are prepared for that inevitable occasion.

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

Tags: , , ,

D.C. Navy Yard Shootings Suspect African-American Male Entering With Only A Shotgun?

I only recently heard about the tragic shootings that took place at the Washington, D.C., Navy Yard earlier today. While information about the incident is still coming in- and a lot of nonsense is already being spouted-off (“declare the NRA a terrorist organization!”)- I read the following on the website of NBC4 Washington, D.C. a short time ago:

At least 12 people are dead after a shooting Monday morning in a heavily secured building at the D.C. Navy Yard, and authorities now say they have identified the gunman.

That gunman, 34-year-old Aaron Alexis of Fort Worth, Texas, is among the 12 dead. Officials said he recently began working as a civilian contractor.

On the home page of the NBC affiliate, a young, African-American male sporting a bald/shaved head is shown superimposed on a banner which reads:

“Gunman ID’d in Navy Yard Shooting That Killed 13″

Hmm. A number of people were probably real disappointed that it wasn’t a “creepy cracker” that was shown.

In addition, there’s this:

Survellance video shows the gunman entered the building at the Naval Sea Systems Command Headquarters, at 1336 Isaac Hull Ave., with a shotgun, News4’s Jackie Bensen reported.

He shot the security guard in the head, killing him. The shooter then continued through the building, and seemed to target his victims, who were mostly on the third and fourth floors.

D.C.’s Metropolitan Police Department and several other law enforcement agencies responded, Bensen said. During that response, a MPD officer was shot in the leg.

The gunman was then shot by a FBI hostage response team, Bensen said.

According to what witnesses are telling investigators, by the time the shootings ended, the gunman was seen with a semiautomatic 9 mm pistol and an AR-15 assault rifle. Authorities are investigating whether the gunman took the security guard’s service weapon – likely a 9 mm pistol – and hid in wait for the first responding D.C. police officers, who would be specially armed with AR-15s.

(Editor’s note: Italics added for emphasis)

An African-American male suspect possibly armed with just a shotgun initially?

No “assault weapon” or “scary” handgun?

(Editor’s note: Some have already suggested this account of the incident may get “sanitized” real quick once the mainstream media get their marching orders from the powers-that-be)

Something tells me the hopes of the anti-Second Amendment crowd in furthering their agenda with the Navy Yard shootings will fade pretty fast if what NBC4 Washington is reporting this afternoon is found to be true.

In the meantime, my prayers go out to all those affected by this violence.

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

Source:

“Gunman ID’d in D.C. Navy Yard Shooting That Killed 13.” NBC Washington, D.C. 16 Sep. 2013. (http://www.nbcwashington.com/news/local/Confirmed-Shooter-at-Navy-Yard-One-Person-Shot-223897891.html). 16 Sep. 2013.

Tags: , , , , , , , ,

Peter Schiff Calls ‘New’ GDP ‘Propaganda’

“GDP Increased at 1.7 Percent Annual Rate, Higher Than Expectations”
-ABC News website, July 31, 2013

“US Economy: GDP Surprises, And Hiring Rises In July”
-NPR website, Jul 31, 2013

“Economy expands at brisk pace in 2nd quarter, defying gloom”
-NBC News website, July 31, 2013

I wouldn’t have expected anything less from NBC these days with their headline about the latest “National Income and Product Accounts, Gross Domestic Product, second quarter 2013 (advance estimate)” report.

In other words, the GDP report that was released on July 31.

From the U.S. Department of Commerce, Bureau of Economic Analysis:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.7 percent in the second quarter of 2013 (that is, from the first quarter to the second quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.1 percent (revised).

2nd quarter GDP grew at an annual rate of 1.7 percent. Check.

1st quarter GDP revised down to 1.1 percent. Check.

(Editor’s note: Is it me, or is GDP routinely getting revised downward?)

But what’s this about a “Comprehensive Revision: 1929 through 1st quarter 2013” I saw in the report headline?

A little farther down the page there’s this:

Comprehensive Revision of the National Income and Product Accounts

The estimates released today reflect the results of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs) in conjunction with the second quarter 2013 “advance” estimate. More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions.

(Editor’s note: Italics added for emphasis)

A “revision.” I’d heard talk about this revision to how U.S. gross domestic product would be calculated starting in the 2nd quarter and going forward.

Not all of it positive.

Enter Peter Schiff. The “crash prophet” spent a good deal of time discussing this revision in his latest entry on his YouTube video blog, The Schiff Report. The CEO and Chief Global Strategist of Euro Pacific Capital said last Friday:

If you’re going to believe in GDP, what we have now- what the government is now reporting- is not GDP. It’s something brand new that the government just made up. But they’re going to pretend it’s GDP… they have changed the methodology of calculating GDP, to produce a bigger number. Why does the government want a bigger number? To make the economy look like it’s bigger. Therefore, if you take a look at all of our debt, relative to our GDP, it looks like the debt is now a smaller portion of the GDP, because we’ve magically made the GDP bigger.

Also, I think there’s another reason. The entertainment industry- movies, television, records (Editor’s note: records, Peter?)- all of this intellectual stuff. This is certainly part of the U.S. economy that is growing. And I think what the U.S. government wants to do is magnify the impact on the GDP on the parts that it likes, while minimizing the impact of other parts, like legitimate manufacturing and investment.

So what’s going to happen, is now, I believe, that the GDP, because of these changes, will grow faster than it would have had they not made these changes. It’s kind of like they hedonically-adjusted the GDP.

Schiff added later in the video blog entry:

This is all propaganda. None of this is real. But for some reason, the financial community, academia- they just accept it without question. And if anyone like me points to these figures and says they’re not honest, then “I’m a conspiracy nut.”


“Jobs, GDP, and the Fed: Propaganda Disguised as Information”
YouTube Video

You can read the latest GDP report in its entirety on the BEA website here.

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

Tags: , , , , , , , , ,

Peter Schiff On Recovery Talk: ‘Would Have Thought People Might Have Learned Something By Now’

In his latest entry on The Schiff Report YouTube video blog, Peter Schiff really called out the economic Pollyannas for their talk of a real, sustainable recovery. Schiff, who correctly-called the U.S. housing crash and “Panic of ’08,” warned in yesterday’s posting:

Don’t confuse rising asset prices with a real recovery. Asset prices are rising because the Fed is artificially-stimulating the economy. And as long as the Fed is artificially-stimulating, we will never have a legitimate recovery. Stocks and real estate prices are rising for the wrong reason. They’re rising for the same reason as they were rising in 2004, 2005, 2006. And we all know how that movie ended. Well this movie is going to have an even worse ending. This is basically the same movie, only we’re making the same mistakes on a grander scale.

And it’s amazing for me to watch it, as all the people who were so clueless back in ’04, ’05, and ’06, who said that “no one could have seen this coming.” In the aftermath of the crisis in 2008 and 2009, these are the same guys that are oblivious today. And people like me who did see it coming, we’re the ones that are warning about the next crisis. And our warnings are being received with the same reaction as they were the last time around. You would have thought people might have learned something by now.

Despite all the evidence that the economic recovery is just a story- it’s wishful thinking at best, and maybe, more like propaganda- the market continues to march on.

The CEO/Chief Global Strategist of Euro Pacific Capital revealed that he’s been buying gold. Schiff explained:

The only reason we’re getting the rally in the stock and bond market, the only reason it’s not “the end of the world,” is because the Federal Reserve and other central banks are doing precisely what I feared they would do, which is exactly why I’ve been buying gold. So the reasons to buy gold have never been greater. And I think this new-found pessimism is going to create the backdrop- the wall of worry- that can launch the market into new highs.


“Stocks rise as recovery fantasy fades, oil breaks out, potential bottom in gold & silver”
YouTube Video

By Christopher E. Hill, Editor
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.)

Tags: , , , ,



Please Rate this Blog HERE



Christopher E. Hill, Editor

Limited Time Offers

Via Banner Ads Below (navigate to vendor home page if necessary); Updated 7/14:
ANY CHARACTER HERE
>Paladin Press Save 30% On All Martial Arts Products Until 7/15 12PM ET (code required)
ANY CHARACTER HERE
>Airsoft Megastore Free Shipping On Over 100 Guns (code required); 30% Off Pouches/MOLLE Accessories
ANY CHARACTER HERE
>BUDK $4.99 Flat Rate Shipping (no min. purchase; code required)
ANY CHARACTER HERE
>BulletSafe Bulletproof Baseball Cap $119 Pre-Order Price; Bulletproof Backpack Panel $99
ANY CHARACTER HERE
>CHIEF Supply CornerStone Polos Buy 2 Get 1 Free Thru 7/31 (no code required)
ANY CHARACTER HERE
>Food Insurance 25% Off All Campfire Meal Pouch Bundles; Free Bug-Out Bag With Select Long-Term Meal Plans
ANY CHARACTER HERE
>Nitro-Pak Clearance Sale Up To 70% Off
ANY CHARACTER HERE
>Tractor Supply Co. 10% Off Select Cooling; 20% Off Select Boats; 20% Off Select Grills; Save $50 Select Canopies; Free UPS Ship To Store
ANY CHARACTER HERE
NEW! Advertising Disclosure HERE
ANY CHARACTER HERE
Free UPS ship to store on all Tractor Supply Company orders! Shop now! Tractor Supply Co. Review Coming Soon
ANY CHARACTER HERE
BullionVault BullionVault.com Reviewed HERE
ANY CHARACTER HERE
Food Insurance Reviewed HERE
ANY CHARACTER HERE
MyPatriotSupply.com Reviewed HERE
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Nitro-Pak Reviewed HERE
CHIEF Supply Reviewed HERE
ANY CHARACTER HERE
BulletSafe Reviewed HERE
ANY CHARACTER HERE
Survival Titles Save 20% Paladin Press Reviewed HERE
ANY CHARACTER HERE
BUDK Reviewed HERE
ANY CHARACTER HERE
PyramydAir.com Reviewed HERE
ANY CHARACTER HERE
Airsoft Megastore Reviewed HERE
ANY CHARACTER HERE
 

Categories

Archives

Prepper Website