Just how bad can it get?

These are indeed tough times for many. Including me as the scorching turkish sun has literally turned me into a redneck. Thankfully the pain is already receding though I’m not happy about foolishly increasing my risk of developing skin cancer. Still, what is happening in the economic realm gives me even more worries as the growing problems could easily lead to serious worldwide chaos in the coming years. This lead me to read a book titled ‘Crash Proof – How to profit from the coming economic collapse’ written by Peter D. Schiff and John Downes in 2006.

Mr. Schiff, who is also known as Dr. Doom, argues quite convincingly that the U.S. economy is about to collapse big time. Of course he mentions the housing bubble, which started bursting about the same time the book was published, but he makes it clear the problems and their denial are so widespread in other parts of the economy as well that there is little reason to be optimistic that the Americans can weather this storm so well they will stay on top of the world. He clearly recommends avoiding dollar denominated assets as he predicts that the dollar may lose 90 per cent of its 2006 value. Something like this seems definitely possible to me as I just read Ron Paul mentioned that the Fed has issued $4 trillion new money in just about three years robbing the majority of dollar owners big time. As soon as the masses and the Asian dollar hoarders stop being suckers a dollar run should follow which should benefit the Asian economies in the longer run though obviously cause some short term woes as Schiff argues while the living standards of most Americans would surely fall drastically.

He recommends conservative non-US investments including commodities and gold. So far I wouldn’t have lost money following his advice that’s for sure. Still he makes this little warning:

I think we’re going to be in a real crisis and that the U.S. government could easily declare a national emergency and confiscate private holdings “for the good of the country and its population

I think gold investors worldwide are far too complacent on this issue.

He also roots for the return of the gold standard after people have seen fiat money for what it is. I too think this would be an improvement though sometimes I wonder if free market money would be better backed more generally by stocks rather than gold and other commodities in some clever way.

Also, after writing about Jews a lot, I can’t deny the reason I picked up this particular book was that it was written by a Schiff. Though I don’t know the facts, he quite likely has some Rothschild blood in him. Nowhere in the book he mentions this might lead the reader to suspect he is privy to some serious inside information about the plans of the international Jews (he’s not sharing any that’s for sure) who dominate the world economy and may be trying to further their agenda which seems to include bringing America to ruin. Though considering the fact that his father went to jail for opposing the IRS he may well be a renegade and not part of the conspiracy. And obviously he is not praising the Fed himself even though it is quite possibly controlled by his relatives to significant extent. Still, after studying how shrewd the Jews can be, I’d say it is possible he does this to gain credibility, so that he is better positioned to further their agenda (Rothschilds do probably own a substantial portion of the gold in the world for example and may want to buy American assets for a dime after economic fear-mongering has done its job). And he does perpetuate some apparent lies as he for example mentions Anne Frank’s story as if that would be real and not a hoax (it seems it’s indeed hard to find a book by a Jew which doesn’t in some way perpetuate the Holohoax at least in one casual example like Schiff’s book).

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