cost of living

Chicago Tribune Letter: ‘Chicago, And Its Surrounding Areas, Have Become Hell on Earth’

This morning I headed over to the Chicago Tribune website to see what’s cooking locally. On their homepage was a “story” link with the following headline:

“Letter: I’m leaving Chicago and I’m never coming back”

Figuring this should make some “entertaining” reading while I finished my coffee, I checked out the proclamation. The author sure didn’t pull any punches. Here’s a snippet:

I’ve come to understand that Chicago, and its surrounding areas, have become Hell on Earth for any thinking person with a modicum of self-respect.

The caustic combination of corrupt politicians with nothing but contempt for the public; a police force so broken down in spirit it visibly resents interaction with even law-abiding citizens; a criminal underclass empowered by the incessant drone of liberal rhetoric wandering the streets posing clear and present danger to everyone around them; and the enablers, who are everywhere, to say nothing of the ugly, decaying infrastructure, poor economy and joyless entertainment and leisure opportunities – it is for these reasons I have made the decision to disconnect forever…

(Editor’s note: Bold added for emphasis)

As regular readers of Survival And Prosperity know, I am one of those who left Chicago (Northwest Side) only three-and-a-half years ago due to concerns over increasing government mismanagement, crime, and costs of living- in no particular order. Besides, even though I really liked the neighborhood I had lived in for eight years, it was time for a new pad and home prices were just too damn high!

My girlfriend and I did what was right for us at the time and in advance of what we suspect lies ahead. But Chicago is still a great city with fantastic people (minus the criminal element), so much so not only do I understand why one might still choose to reside there, but even I won’t go so far as to proclaim “I’m never coming back.”

I remain optimistic about the long-term prospects for the “Windy City.” That being said, I do believe conditions in the city will erode before improving again. For those dead set on remaining in town, please do yourself a favor and take a good, hard look at your financial and personal safety capabilities for successfully navigating any “storm” that may lie ahead. For example, how do your finances look with the real prospect of future tax hits down the road?

More later. And to read that entire letter sent to the Chicago Tribune, head on over to their website here.

By 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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Peter Schiff: Obama, Fed Presided Over Phony Recovery, Sees ‘Major, Major Currency Crisis’ Coming

This past weekend, Peter Schiff, the CEO of Euro Pacific Capital, uploaded a new video to The Schiff Report on YouTube.com. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, noted that it had been a while since he released an entry to this vlog. As such, Schiff talked about a number of subjects. He advised viewers:

I think that we’re already in recession. It’s just that the Fed hasn’t acknowledged it yet. And one of the reasons that Janet Yellen is so reluctant to come clean and acknowledge how weak the economy is because number one, it undercuts President Obama, who’s going around the world claiming the United States has the strongest economy in the world when we’re, in fact, in recession. Even Europe is growing faster than the United States. Yet somehow President Obama wants to claim credit for saving the U.S. economy and producing all this non-existent growth. While the Federal Reserve doesn’t want to peddle fiction, in the words of President Obama. So it doesn’t want to basically undercut his message of an economic recovery by acknowledging that it’s over. And for the same reason the Fed doesn’t want to take the wind out of Hillary Clinton’s sails, because she wants to sail into the White House based on the prosperity that was supposedly created by President Obama. So Janet Yellen doesn’t want to undercut her message because she wants to run on four more years. And the Fed can’t admit that we’re back in recession. And also the Federal Reserve has already claimed credit for success. They want to pretend that their monetary policies created this real recovery. They don’t want to acknowledge it ended. So they have their own credibility on the line. They want to pretend that the economy is still recovering…

Meanwhile, I think it’s the United States that’s going to launch a whole new round of easing. I think they’re going to be lowering interest rates back to zero and launching QE 4. The only unknown is whether they’re going to do it before or after the election. And it depends on how quickly the economy or the markets unravel, because Yellen would rather have to come to the rescue of the economy before the election, because admitting that it needs rescuing is going to be a problem for Hillary Clinton and it’s going to help Donald Trump. And I know Janet Yellen does not want to see Donald Trump as the next President. So that is the fine line that she is trying to walk. Whether she admits the economy is weak enough and needs stimulus, or whether she puts the stimulus anyway because it’s so weak she’s worried about the economy being too deep in a recession when voters go to the polls. And in that case, the Federal Reserve simply has to come up with some kind of excuse to try and blame things on the global economy. But the problem is, the situation is already turning around in the global economy. The real problem in the global economy is the United States.

And if you look at the action in the markets, people are just starting to figure this out. But it’s still kind of like a deer in the headlight moment. I think a lot of traders, a lot of people who are managing money on Wall Street. They’ve been getting beaten up this year. A lot of the big players are losing a lot of money because they are positioned for the wrong outcome. Everybody has believed this narrative of a legitimate recovery, where the Federal Reserve will be normalizing interest rates. I’ve known all along that that was a farce. That the economy hadn’t recovered. That the Federal Reserve had in fact prevented a recovery. That the U.S. economy is actually in worse shape now than it was in 2008. So rather than a recovery, we actually got sicker. We just covered up some of the symptoms. But we have exacerbated all of the problems. And President Obama- he’s hasn’t presided over a recovery at all. He’s presided over a bigger bubble than his predecessor. And in fact, the economic disaster that awaits his successor, is going to be much bigger than the disaster he inherited from George Bush. And he spent the entire last eight years of his presidency blaming everything bad on Bush, and claiming that he got us out of that mess. Well, the reality is, he has gotten us into a much bigger mess. And whoever succeeds him is going to have to deal with it. It will be interesting though if its ends up being Hillary Clinton. Is she going to still blame the disaster on Bush, and just forget about the eight years of Obama, and try and blame the recession she is going to inherit as some kind of leftover, residual recession from the Bush years? As if President Obama had actually nothing to do with it, when his policies simply exacerbated all the problems. He just double-downed on the failed policies of Bush. But then he added a lot of other policies that were even worse. And that is why this so-called recovery has been the weakest recovery that we have ever had. And, in fact, if the truth were known. If the numbers weren’t cooked by artificially-low inflation rates, we would have a much weaker recovery or we’d have no recovery at all. But the people who are voting for Bernie Sanders or voting for Donald Trump- they are living in this recession. This phony recovery that President Obama and the Federal Reserve want to take credit for.

Schiff hasn’t deviated from his long-held belief of a coming dollar crisis. He warned viewers:

This is going to be a major, major currency crisis. And unfortunately, the currency crisis/economic crisis that’s coming- maybe it’ll start before Obama leaves office, just like the financial crisis blew up on the last year of the Bush administration. Or maybe it will be an inaugural present for Donald Trump or for Hillary Clinton. But this crisis that’s coming is going to be much worse, much worse, on an order of magnitude, kind of like a Richter scale-worse, than the financial crisis of 2008. Because the combination of bad fiscal policy and bad monetary policy, particularly monetary policy but also things like ObamaCare- all the things that the Federal Reserve and the federal government have done over the last seven or eight years have made the problem so much worse. Meanwhile, the debt has gotten so much bigger. The leverage has gotten so much bigger. The number of players, the financial markets, are so much more out-of-whack based on a false expectation of what is likely to happen. I mean, this is worse- these are bigger imbalances than we had leading up to the 2008 financial crisis. Fewer people are prepared for what’s going to happen. And when it does, it’s going to be a major economic upheaval, much worse than what we had in ’08 from the perspective of the average American… When you have a currency crisis, when the dollar is collapsing, when the cost of living is going up, and then people start to lose these part-time jobs- you lose your job and the cost of living goes up. This is going to be much worse.


“Gold and Currency Markets Expose U.S. Recovery Myth”
YouTube Video

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.)

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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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Peter Schiff Recommends This Much Hated Investment

This week, we’ve already heard from “crash prophets” Dr. Marc Faber and Jim Rogers. I musn’t forget the CEO of Euro Pacific Capital, Peter Schiff, who appeared on CTV’s Canada AM yesterday. Discussing the Commerce Department’s report that the U.S. economy grew by 1.7% in the 2nd quarter and the popular notion that we’re in a recovery, Schiff pointed out:

If you look at the fundamentals, if you look at the contracting labor force, the declining use of energy, the explosion of poverty in America and income inequality, all the record number of people on food stamps and on disability, all the part-time jobs that are replacing the full-time jobs that we’ve lost. All of this is consistent with a shrinking economy. But the government won’t admit it.

Meanwhile, the cost of living is rising rapidly in America, and we pretend that there’s not enough inflation. And Ben Bernanke is out there trying to lay the foundation for more QE, because he knows he can never taper. He’s just bluffing. He can’t tell the market the truth that the U.S. economy is completely addicted to his monetary heroin. And the moment he takes it away, it’s going to be a complete economic withdrawal.

It’s a familiar message from Schiff. However, he also warned whoever would listen about the housing bubble and economic crisis that roared its ugly head in the fall of 2008 until he was blue in the face… and it eventually happened.

And here’s what the author of The Real Crash: America’s Coming Bankruptcy—How to Save Yourself and Your Country icon is recommending Americans do to protect themselves before the next leg of the financial crisis commences:

Buy precious metals.

Okay. He’s been saying that for a while too.

But in an interview with Greg Hunter of USAWatchdog.com that was published on YouTube.com on July 28, Schiff, who’s also the CEO of Euro Pacific Precious Metals, tells viewers about one precious metals-related investment opportunity in particular that he’s incredibly-bullish on, even though others despise it right now. From the exchange:

I think right now you’ve got the best buying opportunity of the entire bull market in gold mining stocks- gold and silver stocks. That’s why, for the first time ever, I just launched on Friday of last week my first gold mutual fund. The Euro Pacific Gold Fund [EuroPac Gold Fund] invests almost entirely in gold and silver mining companies. You know, I started my mutual fund company about 3 years ago. But at the time, gold stocks were near their highs, they had a big run. So from a timing perspective, I didn’t want to come out with a fund right after a big run. I wanted to wait for a decent pullback, so we can start the fund at a relatively low point. And then have a nice track record.

You know, most people in the financial industry, when they launch a fund, they want to sell what’s hot. Because it’s easy. It would have been easy for me to launch a gold fund 3 years ago because everybody wanted to buy gold stocks. But now is a better time as an investor. It might be a harder sell, because everybody hates gold stocks right now. But that’s when you buy in cheap- when everybody hates it. But I’m willing to educate people so that they know what they should do. I don’t want to sell people what I think they want. I want to educated people and convince them to buy what I know they need. So it might be a harder sell, but this is a great time, I think, to be investing.

You know, they say on Wall Street, it’s easy to make money, all you got to do is buy low and sell high. Well, it’s easier said than done. Because you can’t sell high until you buy low. And I’m convinced, we are buying really low right now by buying the mining stocks. So people can buy themselves or check out some information on my brand new mutual fund that came out on Friday.


“Peter Schiff: Buy Gold and Silver Now, Money Printing Until We Have A Currency Crisis & More”
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.)

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

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