Overdose - The Next Financial Crisis

[Errol]

He was bearish on USD and long euro equities. He must have lost hard.

Wouldn't have thought so since his trading philosophy is to play the long game. In any event, I'm sure the gold profits from buying gold at $250 an ounce would have been adequate compensation (if he sold, which he hasn't as gold is going to $5000+).

[Britney's Piers]

He was wrong on "decoupling", foreign equities, foriegn currencies, the dollar.

The only things he got right were gold and property (IIRC from his book he never had a position on property anyway, so that leaves gold) which many people here knew anyway, when do we get interviews?

He's just another talker, like Hugh Hendry. Anyone can talk.

Edited September 4, 2010 by Britney's Piers

[Errol]

He was wrong on "decoupling", foreign equities, foriegn currencies, the dollar.

Oh, I'm sorry, I didn't realise you could see 2, 3 or even 5 years into the future. Clearly you are right. Schiff is totally wrong and none of what he predicted WILL EVER COME TO PASS (not even in a year or two as you have a time machine - apparently)!!??

Edited September 4, 2010 by Errol

[Britney's Piers]

Oh, I'm sorry, I didn't realise you could see 2, 3 or even 5 years into the future. Clearly you are right. Schiff is totally wrong and none of what he predicted WILL EVER COME TO PASS (not even in a year or two as you have a time machine - apparently)!!??

Even a stopped clock is right twice a day.

http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html

I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008.

[scepticus]

oh, good one!

really, I don't know why we bother.

[Lone_Twin]

Even a stopped clock is right twice a day.

http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html

There might be something to it but... your best source is hearsay?

[Errol]

So what if they were down in 2008? How is that relevant, exactly bearing in mind Schiff's LONG TERM philosophy?

Come back in 5 years then we'll see whether Schiff was right or not.

[Britney's Piers]

There might be something to it but... your best source is hearsay?

Granted for the fund performance, but for the most part he was wrong on many things, this is solid and backed up by his 2007 book.

I wonder why people cling to these CNBC celebrities like grim death, are you invested with them, related to them...?

Edited September 4, 2010 by Britney's Piers

[1929crash]

sounds good

dont think the politicians dare though - or they are bought and paid for

Yes, I suppose they might end up like President Lincoln, or President Garfield.

[Lone_Twin]

Granted for the fund performance, but for the most part he was wrong on many things, this is solid and backed up by his 2007 book.

I wonder why people cling to these CNBC celebrities like grim death, are you invested with them, related to them...?

Not at all,

but I'm confused when I see someone realy going for a guy and the best evidence they can give is "he said she said".

I think Schiff has some good things to say and I don't know many people who weren't surprised by the ammount of "support" governments were prepared to throw in to save banks etc... Which is what we are really saying when we say he was wrong.

[Guest spp]

Schiff lost his customers' money then tried to get into politics (last hope for when you fail at everything else). Why do people continue to bring him out for debate, when there are much more reliable voices to be heard?

This is the most ridiculous post i've ever read on HPC!! I have first hand evidence that his advice makes you money.

He tried to get into politics in the hope he could wake up congress.

He was someone who actually called the housing bubble...very few in the MSM actually did.

[scepticus]

Come back in 5 years then we'll see whether Schiff was right or not.

OK, meanwhile, shut up.

[Redcellar]

An excellent short film and just so damned obvious. The last mortage and housing crash in the US was also so predictable but no one wanted to see it.

It's a grim watch and makes a strong case for a doom laden future that is inevitable. I loved the snapshot at the end about how the governments have all played their cards now and there is nothing they can do about the next bubble that bursts.

Very grim and sad.

[Errol]

OK, meanwhile, shut up.

It wasn't me who started this Schiff debate.

Let's not turn this thread into a discussion about Schiff. The documentary is made by entirely different people and merely FEATURES Schiff. It is not about Schiff.

[Mikhail Liebenstein]

Great film and I think reading between the lines this is Celente, Schiff et al saying "we expect to be ridiculed again as the economy soars, and things may look good for a while, but just wait for the new bubble to pop."

I think they are right, but in between now and then we could see more asset booms and huge inflation.  My gut feeling is things will look like a weak recovery until 2012/2014, we'll then see some high (or may be hyper)  inflation ( mistaken for a boom) which will clear fixed interest rate debts and wipe out pensions , but we then will quickly be  into currency collapse.

My suggestions, own your property outright or take a long term fixed interest rate, safe stocks and gold.

[eric pebble]

Indeed...to add to the others mentioned already, I would cite the removal of the usury laws in the early 1980's to help lend money to poor people - i.e. to those who were least able to afford it but represented a much higher risk of default.

................///

YUP -- Manifested by

LIAR LOANS

perfectly.

LIAR LOANS

-- DESTROYERS OF THE WORLD..............

:angry: :angry:

[eric pebble]

Yes, essential viewing I think.

EXCELLENT.

And completely predictable since at least 2003.

[DisQ]

sounds good

dont think the politicians dare though - or they are bought and paid for

Good video.

How Fed with the help of US government engineered biggest bubble in the history:

Lowered interest rates to near zero

Dished out loans to in large numbers without any checks

artificially boosted housing market

Now if you think about it, they were in recession, hadn’t recovered from dotcom bubble then 9/11 happened(of course doesn’t look that far fetched that it was false flag black op) gives them an excuse to start two wars, lower interest rates & fake economic boost same could be said about UK and most European countries.

As Celente puts it “Bubble of all bubbles was created, bail out bubble“, the biggest of them all. When it pops the whole system is just going to die.

Future, may well be like this,

clip from the movie Downstream

http://www.youtube.com/watch?v=TzCAQMeZ_Fk&feature=related

[billybong]

As for the claim that they were

..responding to the crisis with decisive action.

Most of their decisions turned out to be wrong

[eric pebble]

As for the claim that they were

Most of their decisions turned out to be wrong

~Yup -- I remember being baffled as hundreds of supposedly intelligent "experts" merely applied a $40[?] trillion bandage which will turn out to be temporary - and very, very expensive.

There's nothing like lancing a boil.

Bankers should be arrested - put on trial - and offered either public execution, or $15k per annum - no bonus AT ALL - chained to a desk and told to fix the problem. Any dishonesty or failure - straight to the electric chair.

Simple.

Edited September 5, 2010 by eric pebble

[lowrentyieldmakessense(honest!)]

Yes, I suppose they might end up like President Lincoln, or President Garfield.

aint gonna happen is it

ground up solutions needed

bypass em

[eric pebble]

aint gonna happen is it

ground up solutions needed

bypass em

[eric pebble]

This is the most ridiculous post i've ever read on HPC!! I have first hand evidence that his advice makes you money.

He tried to get into politics in the hope he could wake up congress.

He was someone who actually called the housing bubble...very few in the MSM actually did.

I agree - he's a hero.

[lowrentyieldmakessense(honest!)]

Yes, I suppose they might end up like President Lincoln, or President Garfield.

McKinley

JFK

Jackson (attempted)

[stoobs]

Has the full video been removed from YouTube?