Peter Schiff: Obama 2.0 & the Fiscal Cliff

November 9, 2012 By Andrew Moran 

Shortly after Economic Collapse News published its article entitled “Analysts predict massive inflation, $2300 gold by 2014,” Peter Schiff, President of Euro Pacific Capital and former Republican senate candidate, published a video talking about the implications of President Barack Obama being reelected.

In the video, Schiff talks about what a second term for Obama means for the United States, the markets, the U.S. dollar and gold.  Schiff noted in the YouTube description that the near 20-minute video omits the possibility of a Mitt Romney administration repealing Obamacare and Dodd/Frank.

“Such a possibility is now completely off the table. As neither of these horrific laws were fully implemented during Obama’s first term, the extent of the damage they will inflict on the American economy will not be evident until his second,” wrote Schiff.  “Therefore, it makes perfect sense that the U.S. stock market would be marked-down to reflect the permanency of these laws. However, the biggest mark- down will likely be reserved for the dollar, and the American standard of living that depends on its purchasing power.”

As ECN reported Wednesday, many are predicting a collapse of the U.S. economy and even if it doesn’t collapse it still will not get any better because the national debt will reach $20.3 trillion by the end of his presidency, the budget deficit will exceed a trillion dollars again in 2016/2017, taxes will soar and the economy will remain weak.

The video is below:

http://www.youtube.com/watch?feature=player_embedded&v=KLXPmi6W9bc

OK.. So America Decided it Wants to be a Socialist Nation

What do we do now? Well, if you haven't started your prepping list yet, you better get started now. Go to my April 30, 2012 blog and get started right away. The value of the dollar will never be higher than it is today. If you can afford it, buy enough food to sustain your family for up to 3 years or more. Set up a pantry in your home, your own private little grocery store. When you need something, take it from your pantry and then when you go to the store, buy it and put it behind the item on your shelf. This helps you rotate your stock and keep your inventory fresh. This is exactly what the grocery store does.

The main reason you need to do this is that when hyperinflation begins, everyone else will be scrambling to buy a $1,000 can of beans while you are saving up those same dollars for a few weeks and paying off your mortgage, while eating your $1.35 can of beans that you purchased now.

If you live in or near a large town or city with a population over 15,000, consider selling your home and buying one further out. The greater the population, the further out you will want to move. Don't completely isolate yourself though. You will need others around you to help with security. The best scenario would be to find a small community of like minded people. If you can do this now, before hyperinflation set in, it will be much easier to pay off the loan. Which scenario would you like to be in:

Buy a house with a $100,000 mortgage now and pay it off with a week's worth of wages later, or wait and try to buy the same property for $1,500,000 in hyperinflationary dollars.

Take an inventory of all your talents and try to figure out what you can do to provide goods or services in an 1800's way of life. Hone up on those skills so you can hit the ground running when the final SHTF comes along.

I didn't mention all the other stuff, like guns and ammo, silver, etc., because it's covered in my 'Prepping List' blog.

Last, but not least, if the government declares any form of Marshall Law, and tells you that you have to give up your guns... or like in the FDR days, your gold and silver... WILL YOU???

Your final fate rests with that decision alone.

FYI... Just in case

FM 3-19.15 CIVIL DISTURBANCE OPERATIONS
Headquarters, Department of the Army,     April 2005


https://www.fas.org/irp/doddir/army/fm3-19-15.pdf



FM 3-39.40 INTERNMENT AND RESETTLEMENT OPERATIONS
February 2010


http://info.publicintelligence.net/USArmy-InternmentResettlement.pdf

Fear and loathing in the voting booth

November 5, 2012 6:40 PM By WILLIAM F. B. O'REILLY (excerpt)

Harvard historian and author Niall Ferguson believes it is, and if he's right, Tuesday's election may truly be the most important in our lifetimes.

Ferguson, who believes America's growing debt crisis is its real Frankenstorm, first outlined his fears in a 2010 essay in Foreign Affairs magazine.

"Great powers are complex systems, made up of a very large number of interacting components that are asymmetrically organized, which means their construction more resembles a termite hill than an Egyptian pyramid," he wrote. "They operate somewhere between order and disorder. Such systems can appear to operate quite stably for some time; they seem to be in equilibrium but are, in fact, constantly adapting. But there comes a moment when complex systems 'go critical.' A very small trigger can set off a 'phase transition' from a benign equilibrium to a crisis -- a single grain of sand causes a whole pile to collapse."

Ferguson cites in his writings the sudden collapse of empires throughout history, from the Holy Roman Empire to the Soviet Union, with debt being the underlying cause of the downfall. Those who find the notion of rapid national decline alarmist might recall how quickly the economic collapse of 2008 occurred, erasing 40 percent of the average American's wealth until this day. They might also note that every penny of Federal Emergency Management Agency aid going to New York and New Jersey right now is borrowed, either from China or against future generations.