Puerto Rico

Peter Schiff: Obama, Federal Reserve, Government Have Failed As ‘This Economy Is A Disaster’

Economist, financial broker/dealer, and author Peter Schiff appeared on the Alex Jones Show last Friday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, discussed a number of subjects with Jones, including Puerto’s Rico’s recent default/economic crisis and “modest” U.S. inflation numbers. The “crash prophet” said of the U.S. territory:

It’s never a problem until it is. So Puerto Rico is broke, but now it’s a problem because the creditors figured out that they’re broke. Well America is more broke than Puerto Rico. That’s a fact. It’s just that our creditors haven’t figured it out yet. But when they do, then Donald Trump is going to end up being right, because all we can do is default. And if we don’t default, if we print money- which now Trump is saying, “Oh, we don’t have to default because we can print.” Well printing is worse than default, because printing doesn’t just wipe out the bondholders, it wipes out anybody who hold U.S. dollars.

When asked by Alex Jones where all the inflation is being hidden, the CEO of Euro Pacific Capital pointed out:

It’s actually hiding in plain sight because, because first of all, the inflation is all the money printing. That’s the definition. The consequence of inflation is that prices go up. But look, stock prices went way up. Real estate prices went back up. Rare art went back up. Collectible cars went back up. I mean, asset prices have gone up like crazy- that is inflation. And, of course, anybody who lives in America knows that the prices are going up. Look, rents are up about 8 percent year-over-year. Look how much health care costs have gone up. Utilities are going up. Look at the price of food. Have you bought a steak recently at a supermarket? Prices are going up. It’s just that the government is not doing an accurate job of reporting, and that is by design…. The standard of living is going down. Americans are working two or three jobs a piece. And they can barely make ends meet. You know, this economy is a disaster. And everyone wants to pretend that it’s great, because no one wants to admit that Obama is a complete failure, that the Federal Reserve was a complete failure, that everything that government has done has failed.


“Venezuela Is America’s Socialist Future”
YouTube 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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Tuesday, May 24th, 2016 Crash Prophets, Currencies, Debt Crisis, Defaults, Employment, Federal Reserve, Fiscal Policy, Food, Government, Health, Inflation, Main Street, Monetary Policy, Money Supply, Stocks, Utilities Comments Off on Peter Schiff: Obama, Federal Reserve, Government Have Failed As ‘This Economy Is A Disaster’

Rich Dad Author Robert Kiyosaki: 2016 Market Meltdown ‘Right On Schedule’

The last time I blogged about Robert Kiyosaki, the American entrepreneur, educator, investor, and author of The New York Times best-selling book Rich Dad Poor Dad talked about precious metals in a January 27, 2016, GoldSeek.com Radio interview. From his exchange with host Chris Waltzek:

WALTZEK: People taking a longer-term perspective, picking up some precious metals. You get that diversification. You can sleep a little more soundly at night. And you also know that you’re getting silver at 66 percent off, gold 40-45 percent off the highs. So where’s the risk there?
KIYOSAKI: The risk is not having it. And that’s why I’m laughing about Saturday Night Live and I can’t tell Fox from Saturday Night Live because those guys are a bunch of cartoons up there now. And those are the guys you’re going to count on for your economy? Give me a break. I mean, right now I trust in gold and I trust in silver. I don’t trust the stock market. I don’t trust the Fed. I don’t trust our leaders. I don’t trust the EU to not come apart. You have Puerto Rico in serious trouble. I mean how many other things have you got out there? And you look at the national debt- it’s now $20 trillion. If you want to believe Saturday Night Live characters then you just keep believing. But I’d rather have gold and silver.

The author of the recently-released Second Chance: for Your Money, Your Life and Our World also informed listeners he got out of stocks “fully” last March.

Last week, I spotted a piece about Kiyosaki on MarketWatch.com. Barbara Kollmeyer reported on March 23:

Fourteen years ago, the author of a series of popular personal-finance books predicted that 2016 would bring about the worst market crash in history, damaging the financial dreams of millions of baby boomers just as they started to depend on that money to fund retirement.

Broader U.S. stock markets are recovering from the worst 10-day start to a year on record. But Robert Kiyosaki- who made that 2016 forecast in the 2002 book “Rich Dad’s Prophecy” – says the meltdown is under way, and there’s little investors can do but buy gold or silver and hope the Federal Reserve slows the slide.

Kiyosaki is convinced: The pullback he predicted is happening.

“We’re right on schedule,” he said in a recent interview with MarketWatch…

(Editor’s note: Bold added for emphasis)

Kollmeyer added later:

Kiyosaki told MarketWatch that the combination of demographics and global economic weakness makes the next crash inevitable — but the Fed could stave it off with another round of quantitative easing, which might stimulate the economy…

“The big question [whether] we do ‘QE4,’” said Kiyosaki. “If we do, the stock market will come roaring back, but it’s not rocket science. If we stop printing money, it crashes; if we print money, it goes up. But, eventually, it’s all going to come down.”

(Editor’s note: Bold added for emphasis)

To combat the crash, Kiyoski still places his trust in gold and silver, among other things. From the piece:

He thinks investors should own some gold or silver, based on the view that central banks will just have to print money to get out of the next crisis and precious metals are often deployed as a perceived hedge against inflation. Some investors, meanwhile, might look for investments geared toward income, such as rent payments or dividends, rather than appreciation.

“If you know what you’re doing and are investing for cash flow, baby boomers — or any investors — may see some gains,” he said. “But for those whose wealth is tied up in the [equity] markets, it’s more like gambling than investing.”

(Editor’s note: Bold added for emphasis)

An excellent interview of Kiyosaki by MarketWatch, which you can read in its entirety over on their website here.

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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Tuesday, March 29th, 2016 Banking, Commodities, Crash Prophets, Debt Crisis, Demographics, Europe, Federal Reserve, Government, Income, Inflation, Investing, Monetary Policy, Money Supply, Precious Metals, Retirement, Stimulus, Stocks Comments Off on Rich Dad Author Robert Kiyosaki: 2016 Market Meltdown ‘Right On Schedule’

Rich Dad Author Robert Kiyosaki: ‘Right Now, I Trust In Gold And I Trust In Silver’

When I last blogged about Robert Kiyosaki on July 26, 2015, the American entrepreneur, educator, investor, and author of The New York Times best-selling book Rich Dad Poor Dad was bullish on gold and silver. Kiyosaki recently made an appearance on GoldSeek.com Radio, and in the January 27, 2016, broadcast, the real estate guru reaffirmed his “trust” in precious metals. From the exchange with host Chris Waltzek:

WALTZEK: People taking a longer-term perspective, picking up some precious metals. You get that diversification. You can sleep a little more soundly at night. And you also know that you’re getting silver at 66 percent off, gold 40-45 percent off the highs. So where’s the risk there?
KIYOSAKI: The risk is not having it. And that’s why I’m laughing about Saturday Night Live and I can’t tell Fox from Saturday Night Live because those guys are a bunch of cartoons up there now. And those are the guys you’re going to count on for your economy? Give me a break. I mean, right now I trust in gold and I trust in silver. I don’t trust the stock market. I don’t trust the Fed. I don’t trust our leaders. I don’t trust the EU to not come apart. You have Puerto Rico in serious trouble. I mean how many other things have you got out there? And you look at the national debt- it’s now $20 trillion. If you want to believe Saturday Night Live characters then you just keep believing. But I’d rather have gold and silver.


“GSR interviews ROBERT KIYOSAKI – Jan 27, 2016 Nugget”
YouTube Video

The author of the recently-released Second Chance: for Your Money, Your Life and Our World also informed listeners he got out of stocks “fully” last March.

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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Tuesday, February 9th, 2016 Crash Prophets, Debt Crisis, Europe, Federal Reserve, Government, Investing, Precious Metals, Stocks Comments Off on Rich Dad Author Robert Kiyosaki: ‘Right Now, I Trust In Gold And I Trust In Silver’

Chicago ‘National Poster Child For Financial Distress’?

Whew. After spending a good deal of the day Saturday at a birthday party for one of my girlfriend’s sisters, I was pretty sore the next morning when I hobbled down my driveway to retrieve the Sunday paper. After a little breakfast, I busted out the “Business” section of the Chicago Tribune and read the following in the weekly finance/investing column by Gail MarksJarvis. She wrote:

Chicago is receiving the type of notoriety no city would want. And its reputation is undermining investments individuals have made in the city’s municipal bonds.

Chicago has become a national poster child for financial distress in the aftermath of the Detroit bankruptcy, as bond analysts have been warning investors about cities and states that could be financially risky in the future.

(Editor’s note: Italics added for emphasis)

Whoa! My reaction was similar to comedian Jeff Foxworthy’s when an audience member approached him and asked if he would be interested in hearing a story about a beaver biting off a man’s nipple:

“Okay, you’ve got my undivided attention.”

Now, it’s not like MarksJarvis is one of those financial “journalists” who see America- especially Obama’s America- through rose-colored glasses and dare not scratch the surface of an economic portrait constructed by a government which has a history of tinkering with the reporting that not surprisingly ends up looking more positive. Unlike these Pollyannas- I have no beef with MarksJarvis and read her column when I get the time (along with Tribune real estate reporter Mary Umberger).

MarksJarvis continued:

“Between Chicago’s appalling murder rate, blubbery unfunded pensions and ratings downgrades, don’t touch this credit with a 10 foot pole,” Marilyn Cohen, chief executive of Envision Capital, wrote in a report to clients this week.

The Los Angeles-based bond manager warned individuals not to be lured by the extra yield they can earn by taking chances on risky cities and states.

“Illinois, Chicago and Puerto Rico are on the bottom of the barrel,” she said. “The Chicago murder rate is a symptom of the city unable to grapple with its problems or its pension debacle. The unions have a stranglehold on the city and state and no one has been willing to raise revenue or do what needs to be done.”

Cohen is just one of many analysts waiving red flags over Chicago municipal bonds since Detroit filed for bankruptcy and made investors aware that large U.S. cities may become so troubled that individuals can lose money in general obligation bonds they assumed were rock solid.

(Editor’s note: Italics added for emphasis)

Funny. From what I’ve heard/read, Cohen might want to look at tossing her home state of California into that barrel as well.

Regardless, a no-holds-barred assessment of Chicago and Illinois as it relates to their bonds.

“Don’t touch this credit with a 10 foot pole.”

Ouch!

Oh well. It’s money we’re talking about here.

“No time for love, Dr. Jones.”

Now, after Detroit filed for bankruptcy last month, a number of people rushed to Chicago’s defense against claims the “Windy City” might be/is on the path of becoming the next “Motor City.” From my Sunday paper:

Bond analysts note that if the city can’t control crime and residents move out, Chicago eventually could face the urban flight issue that left Detroit with the need to spend more on safety while the number of homeowners paying taxes was in decline.

“Chicago eventually could face the urban flight issue.”

It’s an issue already on the table. Not only has it happened before (I once worked with a suburban firefighter whose family made the difficult choice of leaving Chicago’s deteriorating West Side in the late 60s-early 70s for the northwest suburban “boonies” at that time), but the argument can be made that’s it’s starting again, as I type away on my keyboard here in my new home office (in progress) in the northwest suburbs and knowing of other ex-city dwellers who’ve departed what they feel has become “Rahmabad” (as I just heard Chicago being referred to this weekend) while making their presence known on alternative media sites like Second City Cop and others.

While not a flood, there’s a trickle.

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

Source:

MarksJarvis, Gail. “MarksJarvis: Chicago gives investors another reason to rethink municipal bonds.” Chicago Tribune. 4 Aug. 2013. (http://articles.chicagotribune.com/2013-08-04/business/ct-biz-0804-gail-bonds–20130804_1_municipal-bonds-municipal-market-advisors-matt-fabian). 4 Aug. 2013.

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Monday, August 5th, 2013 Bonds, Credit, Crime, Debt Crisis, Deficits, Demographics, Entitlements, Fiscal Policy, Government, Population, Public Safety, Taxes Comments Off on Chicago ‘National Poster Child For Financial Distress’?
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