In my continuing quest for info cross-pollination, here's a note from Mpenn on Goldies Board re a similar view expressed this morning on Bubblevision (CNBC). While CNBC is often described as a team of mindless cheerleaders for the PTB, it does from time to time slip in a hard grain of reality, if by accident.
NC
From Mpenn:
In case you missed it Mr. Schiff appeared this morning on mark
Haines' "Squak Box" on CNBC. What he had to say shocked the people
on the show as well as the listeners. The e-mails to the show
following his appearance broke all records for the show. His company
released the following statement on their website which reiterates
what he said:
Peter Schiff of Euro Pacific Capital was on CNBC this
morning with a banner at the bottom of the screen
reading 'DOOM & GLOOM'. They enjoyed his thoughts so
much, at the end of his segment Mark Haines said " I
don't know whether to shoot myself or you"
The following is from the Euro Pacific website:
We believe that the growing imbalances in the U.S.
economy, its twin budget and current account deficits,
its lack of domestic savings, and the erosion of its
industrial base, have now reached a point were a
severe recession, culminating in a substantial decline
in the over-all American standard of living, is
imminent. The Federal Reserve, Congress, and the
President, for political expedience, are likely to
continue seeking to delay this adjustment,
unfortunately in ways which will exacerbate its
severity, making the inevitable recession that much
worse, and increasing the probability of a
hyper-inflationary outcome, which would render the
U.S. dollar, and all U.S. dollar denominated financial
assets, practically worthless in terms of real
purchasing power, potentially creating a situation of
extreme financial, political, and social unrest.
The above forecasts are made with much regret, as we
realize that they foretell significant hardships for
millions of our fellow Americans. However, it is our
mission to help spare as many of our countrymen as
possible from suffering this fate. In fact, we feel
that it is our patriotic duty to help as many
Americans as possible to safely protect their wealth
though the acquisition of foreign assets. It is only
though such actions that at least some Americans will
retain ownership of financial wealth which may be
repatriated in the aftermath of the collapse. We
remain hopeful that dire economic conditions will at
least create a climate in which America can finally
return to her constitutional traditions of sound money
and limited government, providing a foundation upon
which a sounder economy can one day be rebuilt. If out
of the ashes of this collapse, the spirits of our
founding fathers can rise again, it may one day be
possible for America to reclaim her former glory, and
once again be that shinning city of which Ronald
Reagan so eloquently spoke. |
