Tuesday, September 14, 2010

Going Out with a Bang: Americans Using Credit Cards They Can’t Pay Back


VIDEO: HERE..
Peter Schiff joins the CNBC talking heads panel on Fast Money September 8, 2010. (Video follows excerpts and commentary)
As usual, Schiff is a bull on gold and precious metals commenting that silver “is going a lot higher.” Though he didn’t have a specific number in mind, he sees a likely and continued uptrend that can reach levels much higher than where it is today. “I think silver is going to go, ultimately, fifty dollars an ounce, a hundred dollars an ounce, who knows how high it can go?” forecasts Schiff.
When asked what sort of time frame he expects for silver to reach these levels, Schiff’s response closely mirrors our own view on when we can expect a significant move in precious metals and other essential commodities like food and energy:
It could happen very soon. It all depends, I think, on when you really have a collapse in the dollar. I think the dollar index, which is trading a little bit above 80, I think it’s headed down to 40. Whether it gets there in two years, three years, I don’t know. It just depends on when the world wakes up and figures out what’s going on. I mean the United States right now is completely powerless to prevent runaway inflation.
It is our view that not only have the major powers in the world like China, Russia and Europe woken up, but they are very well aware of what is going on. The Europeans, whose banks are closely allied with those in the United States may get slammed just as hard as US banks. And the Dollar and the Euro could very well see the same fate over the course of the next decade, which, in our view, would essentially be a complete destruction of their value in terms of buying power.
The Chinese and Russians, who are not as exposed to US and European financial problems from the banking side, are likely biding their time. We often hear that we have global collaboration in geo-politics, economies and finances, but make no mistake, China and Russia have no interest in seeing America succeed. At some point in the future, the Chinese are going to pull the plug on buying our Treasuries - their purchases are already down 10% year-over-year as of July 2010 - and when this happens we can expect other countries to follow. There will be a rush to the exits by Central Banks and institutional investors across the world as everyone holding any kind of US paper is going to be selling.
It is at this time that the US  “bailout bubble,” a term coined by trend forecaster Gerald Celente, or as financier George Soros refers to it, ” the super bubble,” will burst. Interest rates will sky rocket and the US dollar will collapse.
(snippet)

In fact, not only do those in the top echelons of government and finance understand what is happening, according Peter Schiff it is clear that even consumers know the end game:
You definitely want to stay away from Mastercard - any company that’s leveraged to the US consumer. Remember, one of the reasons so many Americans are using Mastercard is because they’re putting their food on it, they’re putting their basic necessities on it.
I think a lot of Americans are so willing to use their credit cards because they’re so far in debt, they know they’re broke, and they might as well go out with a bang. A lot of people have no intention of paying back the money that they’re using whether it’s Visa or Mastercard.
As above, so below. It’s clear that maxing out debt on all levels is the strategy of the day ..
More Here..

Comex Paper Silver Buyers Want Physical Badly

11 comments:

  1. do not ruin your credit scores people, credit is important for future loans (in dollars) I wish i had enough credit to get a monster box of silver eagles,oh well I will just get a brick of 22lr

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  2. Use all your credit to buy gold and silver, lock it up in a safe, and then declare bankruptcy.

    7 years from now, when things recover, sell your gold and silver, on the black market so that you don't pay taxes if you want, and profit!

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  3. Russia makes. ....nothing....China will collapse....the have 800 million people who live in sheer poverty ..
    Don't buy the hype....you're being decieved from every direction

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  4. What do us(usa)make, lets see freezers;nope. refrigerators;nope. dvd players;nope ovens;nope. cars;GM.patio furniture;nope. plates;nope. bowls;nope. lightbulbs;nope(in a month)power distribution panels;nope. shoes;nope shirts;some tie wraps;nope. tv's; nope. derivetives; YEP.towlet paper; YEP.ETF's;YEP. light switches;nope. ceiling fans;nope. toys for children; nope. ladders;nope That is everything that is within 20 feet of me, WE DONT MAKE...... NOTHING

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  5. hey an 1:41 Thats right i am being deceived from every direction lets see ABCNBCCBSFOXPBSNPR, the prez, the house, the senate,all three never listen to the public,wars for drugs and oil; afgan, kosovo, iraq, and somolia AND HAITI! laraza invasion, the commie(mafia) fed reservIe, the electronic voting with no paper trail, we are so f$cked

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  6. I am also being deceived about our flag THE STARS AND STRIPES WERE ADOPTED IN 1947 LOOK IT UP!(they also changed ALOT of the tax laws in same bill) it is al BS! LOOK UP, AMERICAN CIVIL FLAG! THE STARS AND STRIPES IS THE WAR FLAG!

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  7. If the stated value, of “Federal” Reserve notes, declines enough with respect to copper and nickel, the 1946-2010 U.S. Mint nickels, composed of cupronickel alloy, could become somewhat rare in mass circulation.

    The September 14th metal value of these nickels is “$0.0576057” or 115.21% of face value, according to the “United States Circulating Coinage Intrinsic Value Table” at Coinflation.com.

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  8. yeah russia and china, I thought prez B Ayers wanted communism? anyway seems fitting they'd take us down to their level anyway, it's not national sovereignty anymore but control and power and riches through it, plenty of elite in china and russia will profit handsomely alongside the cartel
    Hey! we do manufacture orville redenbacher popcorn!

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  9. I am maxing out my credit card by loading up gold and silver.

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  10. Does the flag have "in god we trust " printed on its surface?

    The paper dollar is the real flag of the U.S.

    And its value is fact disapearing in defricit spending for wars.

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  11. Lets see.....I drove to work I'm my Ford explorer..checked my E-mail on my Mac desktop, caught some news on our Vizeo 46 inch TV in the breakroom, attended a meeting in the conference room which has locally made wood crafted furniture from the north west. After work. rode my Victory motorcycle for a 30 minute cruise down to the water, which by the way I'll be hanging out on with my 19 1/2 foot bayliner boat next week. I'm flying to Germany in Two weeks on as Boeing 767...on and on

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Everyone is encouraged to participate with civilized comments.