We’re Going to be Hit with a Tsunami of Inflation-Peter Schiff
By Greg Hunter’s USAWatchdog.com
Money manager Peter Schiff has a read on gold short sellers. Schiff says, “Of course the short sellers never had the gold to begin with. They’re selling gold they don’t have, and I think the shorts are getting a little bit nervous, but they are going to get a lot more nervous as we turn up the heat here. Gold is now above $1,300 (per ounce). I think it’s going to be above $1,400 before they start to panic a little bit, and I think that’s great.” Schiff goes on to say, “I like the fact the market is moving up and nobody is buying it, nobody is paying attention to it. If they are, they are dismissing it. People think this is a head fake or a dead cat bounce. Instead, it’s the resumption of the (gold) bull market.”
On gold mining stocks, Schiff proclaims, “The valuations are phenomenal in the mining sector because everybody assumed that the price of gold was going to keep falling, and those false assumptions were built into these share prices. So, I think there is a tremendous opportunity for people who want to hit a home run in gold and silver to get into the mining companies. . . . The best performing stock funds so far in 2014 are the gold funds.”
On the effect of Obama Care on the economy, Schiff contends, “The employment base is collapsing; so, the tax base is collapsing. The budget deficits are going to get bigger than ever. They just voted to raise the debt limit, but they didn’t actually just raise the limit–they suspended it. So, in fact, the sky is the limit. They can pile on as much debt as they want to because right now, there IS no limit to the amount of debt we can have, which means we are going to get a lot more debt. Everybody thinks this is good news. . . . Why is that good news? Maybe that’s good news if you are a gold investor, but it’s bad news for everybody else.”
On the possibility of another financial crash, Schiff says, “The messes get progressively bigger because the bubbles get progressively bigger. We have the biggest bubble ever blown right now because we have a simultaneous bubble in the stock market and the real estate market and the bond market. . . . The air is coming out of all of them. The Fed knows this bubble is too big to pop. That’s why the Fed is going to come back with an even bigger round of QE (money printing) than the last round. We’re going to be hit with a tsunami of inflation. . . . I think we’re going to be stuck with a lot of the money, which means it will bid up consumer prices. New Fed Chief Janet Yellen said she wants more inflation. Well, she’s going to get it.”
Schiff thinks the U. S. Dollar will be in trouble first and not Treasury Bonds. Why? Schiff says, “The dollar will go poof first. Remember, the Federal Reserve can buy up all those bonds to stop the prices from collapsing, but in order to do so, it has to print dollars. But, eventually, the dollar collapses because the world figures out the game. The Fed can print all the dollars they want, but they can’t force people to accept them. That is going to be the problem.” (There is much more in the video interview.)
Join Greg Hunter as he goes One-on-One with the CEO of Euro Pacific Precious Metals, Peter Schiff.
Peter Schiff said, “The economy is going to be so bad by the November mid-term elections that he’s not sure the Republican’s will take back the Senate. Schiff contends, “The weaker the economy is, the stronger the Democrats will be because people will be more dependent on government. People don’t need dependency, they need freedom. The Democrats cripple you and then give you free crutches.”
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
GREAT interview Greg. I wish I had known about Peter Schiff back in 2005. I would have saved myself a lot of financial stress!
How so, you would have been absolutely clocked in the 2008 collapse which took down everything… including the so called safe havens. How so as he failed to avoid an absolute slaughter of the metals sector starting in 2011, that we only now might be climbing out of. You are always best doing your own homework and being objective. Even the best sounding guys that match your (usually non-objective) world view can and do get killed.
You are better off without him …he is mostly wrong .
read Martin Armstrong instead …could save you a lo of dough an won’t tell you lies either .
I get a kick out of these guys that say you better have gold or else………If the dollar collapses and gold goes up thousands of dollars then we will have problems so bad that people will be more concerned about survival than caching in their gold so that they can go on a lavish vacation. Most people can’t afford gold so better to get out of debt first and foremost and have other prepper supplies. I agree with most of these guys on the fundamental problems……..but to hear the same ole song and dance of you better have gold or you are toast………I don’t buy it………..those that have gold may be toast too if we go into civil unrest.
Jeff,
You are much better off with it than without it and this is just part of a survival/insurance strategy. I suspect those with AU and AG also have lead.
Greg
Greg, When I was telling everyone to get into gold/silver in 2001, people thought I was nuts. Most of the people like Schiff didn’t get into it until it was obvious. I was way ahead of them. I agree that people with net worth or cash should get out of the dollar but most people in the USA including my 5 married kids do not have that much extra money…… and I’m not about to tell them that they better have gold or they are toast. Schiff’s audience is small compared to the nearly 50M people who are on food stamps or the millions of young people that can’t afford gold. We know that we are in for troubled times. My point is that gold isn’t the only answer like it seems to be from so many and even though I know its important, I would never say stuff like I’ve heard others say: “own gold or you are going to get your head handed to you.” Someone is going to inherit the earth and it may not be just the gold owners. By the way I love the work you are doing. You’re very professional and never offensive.
Jeff,
You are correct. Your 5 married kids should not buy gold. They should be buying thing’s such as food, water, tires for the car fixing the house and holding some cash. This will help soften the blow of what is coming. Gold and silver coins should be only part of a diversified plan. You only buy Au and Ag if you can truly afford to hold it as a core asset. Thank you for adding your perspective, and thank you even more for your support and kind words.
Greg
For all the gold naysayers wailing “can’t afford gold.” Broaden your perspectives. You can own 999.9 LBMA and London Good Delivery List Currency grade gold in one gram denominations. Cost today 48.79 Euro or $67.23 USD. Currency grade gold is not your street grade. Rolls Royce vs Chevrolet. At that price, anyone can afford to protect their nest-egg, no matter how modest. This gold is also merchant friendly in over 50,000 merchants in Europe and 1M+ here in US on a pilot program.
I agree. I don’t see any anger at the Dems like in 1994. The Dems will keep the Senate due to the ‘milk-toast’ response by Republicans. From $100B farm bills to corporate welfare to food-stamps. We are a Nation on dependency. We are a Nation of Welfare Rats. We really do need to re-write the Constitution, and appropriately title it–
The Declaration of Dependence
Thru all the booms and busts since the 1970’s Mr Schiff has been out in the forefront with his superb wisdom. Bottom line.. he is not just showing us how to survive and prosper during the downturns, he is teaching us the true value of markets. Not just for creating prosperity for the people who listen to him but he is teaching us his principles are what made America the free and prosperous nation it once was. His warnings are spoken in the hopes we would embrace them for our and our children’s future. We must listen to people like Peter Schiff.
Hi Greg,
It’s becoming increasingly apparent that there are two economies that can’t be accounted for with one set of indicators. Peter is right about inflation for the one percent. As for the rest of us we might as well have our bridge cards and social security checks denominated in Russian rubles. With 100,000,000 working age Americans not having a job it won’t make any difference how many rubles you get because just like in the old Soviet Union there will be very little you can buy with it ( that lost productivity Peter mentioned ?). With major retailors on the verge of bankruptcy , closing stores and laying off thousands it looks like we’re going to be looking at empty shelves. You won’t make more money by charging $5 for a candy bar your just not going to be making any candy bars.
Greg: Another brilliant interview with one of the most insightful economic minds of our time. Peter´s plain-as-day observation that the US Dollar will colapse before the Treasury bonds because the FED can print the Dollars to buy the Bonds while they cant force other countries to buy those bonds, is a simple concept that almost nobody has considered. I have Master´s degrees in both Business and Economics, yet I learn so much from your interviews and your guests. I thank you so much for your superb work – I honestly believe that while in time many of your guests (like Mr. Schiff) will be looked back as economic prophets, you Sir will have earned the respect of countless people you helped to wake-up with your meticulous presentations.
I would say to those folks who don’t have much fiat to buy precious metals, that first a fore-most, try to get some food stored. But if just a few silver coins (even pre-1965 dimes) can be aquired as often as possible, suddenly, they may find themsleves able to survive a future where people with lots of holdings in cash now find themselves decimated as they never even took the smallest pre-cautions.
Meant to post this as a general statement below not under someone elses thread. 🙂
Another great interview.
You have so many intelligent straight thinkers that maybe you could ask this question.
There is a USA debt bubble.
There is an EU debt bubble
There is a UK debt bubble
There is a South American debt bubble.
We now hear there is a Chinese debt bubble.
So who is actually on the other side of all of this debt?
Who is all the money owed to?
Greg,
I’ve had the same question that George has. If every country is in debt, who are the corresponding creditors? Can you (or anyone else) explain this?
Thanks,
Dan
The money is owed to future entitlements like pension funds, medicaid, etc plus unrepayable debt is increasing the money supply. Think of the money supply as a large barrel of wine. The govt. keeps taking wine out of the bottom and repaying by adding water to the top. The day is fast approaching when there will be nothing left but water!
Technically, its owed to everyone by everyone. How many government workers have pensions they plan to retire on? How many U.S. citizens are owed Social security?? How much money does the government owe other countries? How much money is owed to US by other countries???
Essentially, its a web of debt that connects to everyone from the individual to major corporations and governments. What has happened in 2008 is that certain LARGE debtees could not pay their obligations. Then you have a domino effect where several others cannot pay others they owe because they themself are not getting paid.
Instead of letting all the dominos fall and trying to pick up a smaller less painful mess, our Federal Reserve Central bank decided to just keep printing money (and absorb those debts) so that the system would stabilize. Obviously, it doesn’t work.
Why doesn’t it work? Because the Fed reserve doesn’t just print money and give it away for free. The fed borrows money into existence. In other words, SURE I’ll give you a billion dollars…but you have to pay me back with interest. Which begs the questions, if the entity creating the money gets paid back its 1 billion dollars, where the hell does the interest come from? The answer is nowhere….unless you borrow more money into existence….
So at some point everyone realizes that its literally impossible to pay back debt because the system is broken. So people stop using the system and starting using a “better” system, until the people in power screw that up somehow.
Oh and by the way,
Mike Maloney does an amazing job of explaining this process in what he calls “Wealth Cycles”. He also explains why FIAT money never works. Its a broken system.
My guess is we will go back to a “gold standard” or something similar. That will probably last a while (until the end of our lives hopefully) until future generations repeat the mistakes of the past and the whole money cycle repeats itself.
George,
Debt is a construct of Banking and the Monetary system.
Banksters create debt (credit/currency) from a minute amount of capital.
Where Sovereign nations are Creditors, they (the Banksters) control the debt that is owed, therefore they control Sovereign Nations. Debt is ultimately collected in one form or another (either by repayment or by seizure of assets).
IN the eyes of a Debtor Nation, Debt is almost always never directly owed by the Banksters. Their scheme of arrangements allow them to create Debt/Currency but not carry the risk of repaying it…just facilitating its use and abuse.
They have invariably passed on the obligation either to a Nation’s Treasury or some intermediary which can be bankrupted if required. Ultimately when they (International Banksters) push the credit/debt creation too far, the Nations (citizens)end up carrying the Debt. At this point we either have debt repudiation (by agreement) or we have WAR. Some would argue that these are planned events…..based on babylonian principles carried down through generations. Todays Zionist Elite Banksters carry the hallmarks of those same principles.
George,
Anti Christ!
He is the owner of all that debt, up until Jesus comes back he will own the debt and the souls of the submitters by choice to the debt, when Jesus comes back Anti Christ will be killed and humanity will break free.
No one of those SMART economist will tell you that, they will laugh when they hear it. No university will teach students that.
You have heard it here on USAWATCHDOG.COM
“When the lamb broke the third seal, I heard the third being say, ‘come!’ And I looked up and saw a black horse, and its rider was holding a pair of scales in his hand. And a voice from among the four living beings said, ‘A loaf of wheat bread or three loaves of barley for a day’s pay. And do not harm the olive oil and wine'” (Revelation 6:5-6,)
What does the symbolic language of this verse tell us about this rider?
We can identify several points:
1) He rides a black horse. The colour black is a symbol of famine.
2) He holds a pair of scales in his hand. The scales in his hand indicate a need for him to carefully measure and ration the food supply, we know this because the next verse indicates a scarcity of food.
3)”A loaf of wheat bread or three loaves of barley for a day’s pay.”
Three loaves of barely equal approximately one pint. This is generally regarded as a minimum-sustenance diet. Therefore, this verse foreshadows a time when an entire day’s wage will barely yield enough food to survive.
4)”And do not harm the olive oil and the wine.” “Olive oil and wine” symbolize luxury items that generally, only the wealthy could afford. From this verse, we learn that the famine referenced in the preceding sentence even affects the rich, worried that their olive oil and wine, might be harmed and all that that could entail. (You didn’t know you were so well off, did you!)
5) Aside from the fact that scarcity and inflation often go hand in hand with war, and war is triggered by the rider on the red horse, ample evidence suggests inflation is the goal of the federal reserve.
“Give a man a gun, he can rob a bank. Give a man a bank, he can rob the town. Give Janet Yellen the US. central bank, so she can rob the whole wide world!”
6) Don’t forget to eat your Wheaties!
Don’t forget that that all begins first with a Rider on a White Horse. He is suppose to be a Peace-Maker, but making peace is furthest on his mind (agenda)….He has a sword and takes away many….
Yes, the King of Kings and son of God!
Ug, eat those Wheaties, there on sale, but not for long!
We Believe. Christian song by Newsboys.
http://youtu.be/FtPmX7e_Rpw
Nice! Hit’s the nail in the coffin of this old world.
To clarify, I stated above “Thru all the booms and busts since the 1970′s Mr Schiff has been out in the forefront with his superb wisdom”. What I mean by that is he has been warning us that since 1971 when America decoupled from having gold backing our currency.. boom and bust cycles would be front and center.
Great interview, Greg (as always).
Thank you Snorky for your comments and link.
Greg
From Bloomberg this morning:
Goldleaf Jewelry Co. (000587), a Chinese jewelry retailer with gold mining investments, plans to buy U.S. oil and gas operator ERG Resources LLC for at least $665 million. Goldleaf’s shares surged.
http://www.bloomberg.com/news/2014-02-17/chinese-gold-retailer-to-pay-665-million-for-texas-oil-operator.html
Snorky says: If you feel that you are not prepared, it might be a good time to accelerate the implementation of your strategy/plan.
Great interview Greg.
Here’s the situation we find ourselves into. Uncle Sam is on the operating table. Dr. Cabal has a life support needle called ” Quantitative Easing” showed in his arm to keep him alive. If Dr. Cabal takes the needle out Uncle Sam will die. If Dr. Cabal leaves the needle in, Uncle Sam will most likely die from an overdose. What will he do? Here’s a clue to the answer. We have a saying in my profession. We get sued for our mistakes, while Doctors bury theirs.
Greg Peter is right. Look at the dollar index. Its almost below 80.0. Its a no brainer that the dollar will collapse if Gold prices continue to go up. I’m wondering what rabbit they’re going to pull out f their hat this time to drive the Gold prices back down, since they can’t deliver on the Gold shorts from the last time?
Greg,
Another great interview. One suggestion, when you ask about the price of gold could you also ask about silver prices? I think there is alot of interest regarding the related pricing of these 2 metal.
Thank you.
Here is a decent resource on the differences between gold and silver http://smaulgld.com/12-ways-silver-is-different-than-gold/
Greg, Your guest outlined how Congress suspended the debt ceiling, I’m not sure people really know what that really means: MORE DEBT, INFLATION. The last minute of the interview was a profound statement by your guest of what is going to happen, and, in my mind, all because of debt. Its the natural tenancy, or systemic if you will, that fiat currencies will collapse under their own inflationary weight at some point in time, its lifespan & all fiats have a lifespan. What we are presently are experiencing is the latter days of the dollar as a viable fiat currency. Adding more debt simply hastens its demise, nothing more nothing less. Frankly, this concept is known & taught in all the schools of economics, the elite know it as well, its a known fact. The only argument between economist is whether we are nearing the end or not; not that there is a finite end at some point. Government policies like the suspension of the debt ceiling surly hasten the demise of its currency value. Our politicians should be ashamed of themselves by going against axioms (immutable laws) of economics, its sure to fail.
Art,
Something is coming where they know we are going to need a lot of cash freshly printed.
Greg
Greg look at the chart. It speaks for itself.
http://www.marketwatch.com/investing/index/dxy/charts
Politicians are just the public face of the criminals who are running the show.
Wow…how apropos
You know Greg. Following this trail of dead Bankers, is like following a trail of bread crumbs all the way back to the Feds ginger bread house.
http://www.shtfplan.com/headline-news/following-the-bodies-we-are-at-the-precipice-of-something-so-big-it-will-shake-the-financial-world_02152014
You can only imagine what they might really find, if there was some real investigative journalism going on. You know like they did with Watergate ?
On another note, California is going to have its worst drought in many years. This will lead to elevated food prices and job reduction for farm workers, thus more dependency needed. If you don’t have a garden, better learn fast. Only 3 folks in my neighboring area has a garden. That means their food bill will double this year.
California is controlled by Democrats. Maybe that state will have some anger about water conservation instead of frivolous spending on worth-less projects. We will see how ‘bright’ the voters are in California.
Relying on the intelligence of voters anywhere, especially California, is a recipe for big disappointment. As evidence, I cite the past 2 presidential elections. Need I say more? As the Temptations sang in the ’60’s, Get Ready. Best always to everybody on this forum.
I was kind of hoping that a miraculous thought might spread through Californians that 25 years of Democrat policies are not working. Maybe they can make a connection that zero spending on water versus multi-billions on failed ‘green’ energies was not so smart and futuristic. But again, just my wishful thinking….
To quote another “friend” of ours, I feel your pain. I’m afraid California is nearly hopeless, and I still have family out there. The climate does something to the brain, evidently. I guess there’s always hope, but did the people of Detroit ever wake up (I mean the ones that didn’t leave)? Keep fighting the good fight, and best always to you and yours.
ROLMAO … do you think people will ever figure out that inflation is nothing more than a devaluation of the dollar’s purchasing power ………
I live in SoCal. Instead of spending billions of freshly printed money every month on *&##%, the state of California should spend it on desalination plants up and down the coast. Yeah, they are expensive, but at least you get something back in return instead of the majority of current monetary and fiscal policy.
Are you also concerned about how much they spend on Malathion spraying (over population centres) in California ?
http://www.nytimes.com/2013/03/01/business/energy-environment/a-costly-california-desalination-plant-bets-on-future-affordability.html?_r=0
For San Diego County:
“…more than $3 billion over 30 years for only about 7 percent of the county’s water needs.”
Snorky says: And the Feds have been printing $85 billion per month???? For WHAT???
Snorky: $85 billion- 1/2 goes into the banksters accounts never to be seen again. 1/2 goes into mortgage back securities- these are = the fed buying up all mortgages in the country with money created out of thin air. Thus- at some point in the future they will own most of the property in America when people default on the loans. They will have gotten this property for “nothing” I was told this would happen many years ago. Just a matter of time. Get out of debt- or loose everything. I goes deeper than this but this is the short version.
Who says “they” will honor paid-up, clear-titled properties? I’m not convinced. The history of property rights in this country is dicey at best. I’m not picking a bone with you; I agree with your approach. I am merely encouraging everyone to take into consideration the idea that property rights could mean nothing. Best always.
Greg,
Thanks for fulfilling our request to bring in Peter Schiff. As always, I enjoy your interviews. You keep your audiences engaged. You covered everything from economics to politics. Excellent.
It was nice to hear Peter’s thought on recent events.
Greg since you always bring the concern over Obamacare and its upcoming impact on I’d like put in my observation on why it will not be repealed by the Republicans. Its my input the voting Republican base is disillusioned into “believing” their leaders will repeal Obamacare which is a complete joke. All you have to do is look at who they pushed as their presidential candidate in 2012. Romney’s foray into state provided care (Romneycare in MA) was the original Obamacare. He’s probably the ONLY republican that has actually implemented such a healthcare act. Let me ask you this, out of all the potential Republican candidates out there why was Romney the chosen one? The odds of the only Republican that has every created a Romneycare Healthcare Act means it was a 500:1 odds yet he made it to the republican #1 spot. This didn’t happen by accident.. So anyone that “believes” if they vote out the Democrats in 2016 will result in the repeal of Obamacare is drinking more Kool-Aid than the Democrats.
Beligerant: You’re on target. Repub. are 1/2 of a one headed 2 party system. Both parties are bought and paid for. John A. Boehner head of the house is a bought and paid for bilderburger. He has attended their meeting. He can’t be trusted- that’s why he is in this position. Corrupt through and through. They are taking this country down- I know this from insiders I know!!
I’ll take my chances. At least the Republicans, flawed as they are, aren’t communist/socialist. Do you suggest we stay home on election day. I am not trying to be belligerent, just logical .
Well, a libertarian would be a protest vote, voting Republicat will just continue the same old crap that has got us here today. Don’t believe for a second that the Republican party is of any real difference in the long run, they support the Fed, QE, reckless military spending, Farm bills (farm welfare) to infinity, amnesty for illegal for the border, etc, etc. Their marketing just got you on their side, but check the facts, they are not a difference with any real distinction, its a game both parties play to keep control of our government. One last note, no where in the Constitution suggest a democratic & republican congress as exclusive.
Greg,
Still creeping up is the gold future price and no iced water bucket thrown at it YET!
Hey Doc! Would you like to weigh in on the Netanyahu visit coming in March? Is this the last “discussion”, before the chess board gets kicked? Many thanks and best always.
I can sense a ridiculing sentiment, however i will answer professionally, as far as I know, the Geneva II FAILED, until you see a break through we are at the risk of ACTION including a SIDE KICK to the CHESS BOARD!
Watch your head it may get a flying queen or rook or bishop, once you see the kick coming DUCK!
Doc, I intend NO ridicule. I have the utmost respect for you, your knowledge, and your opinions especially regarding the Middle East. I’m not sure I understand your stance on alchemy, as we know it is physically impossible, but I appreciate all of your contributions. Best always to you and yours.
Thank you for clarification, As far as alchemy it is possible and mono atomic gold is real and it has applications in anti gravity.
B2 bombers already use anti gravity technology on a small scale.
already there are 6 FAA approved launch pads in US for space commercial use which indicates at the the same time the military parallel development to protect those commercial rights.
http://en.wikipedia.org/wiki/File:Spaceports.gif
Alchemy is part of the black budget and it goes all the way to Babylonian secrets that are kept in the hands of the elites.
Catherine Austin Fitts is great in shedding light on those issues, also Dr Joseph Farrell is a very intelligent guy to follow and at least listen to what he says.
The sentiment within the population in Germany is, well, very angry. Worth monitoring, it is the political fuel that is propelling the investigations of malfeasance that are claimed to dwarf LIBOR – triggered by the loss of their gold. Just because the investigation may be thwarted by black deeds, these deeds will not erase the popular sentiment. Exactly how that will manifest I am not smart enough to tell, but our German friends will not simply go to sleep, unlike rest of the complacent masses held captive in the decayed Euro-American financial empire. Lesson to the rest of us: we need to take the erosion of democracy and civil liberties as seriously as the average German does. They learned the hard way. We don’t have to.
I find it astounding that an industry based entirely on trust is rampantly taking very visible actions that can only result in the destruction of that trust. One can only conclude that the actions being taken disregard that side effect, and are based solely on raw power, or extreme desperation. That’s a fairly broad signal in and of itself. Trust is no longer needed. Out: trust. In: power.
Schiff is a great guest. Thanks for bringing his wisdom to us, Greg.
Thank you Noel for the good comments and kind words of support.
Greg
Is this the last “discussion”, before the chess board gets kicked?
Short answer, yes.
He comes to lay down the Iran attack plans and false flag event.
Gotta have some sort of something to cover up the crash and impending UN martial law.
Always good to hear from Peter!
Thank you Jimmy and Diane.
Greg
Greg, excellent interview. Thanks. Peter Schiff is very savvy in my book. America is bleeding out and the US dollar will ultimately collapse. Commodities (including precious metals) seem to be the best hope of preserving some purchasing/barter power.
Greg,
In Iran the whole decision is in the hands of this man, and here is what he says:
http://news.yahoo.com/iran-39-khamenei-says-nuclear-talks-39-lead-093913804.html
Iran’s Khamenei says nuclear talks will “lead nowhere”
enough said I guess!
The FRN equivalent of gold and silver has not mattered to me in years now, because I know I will not be trading my metals for FRN’s, its just that simple.
Greg, thanx for have Mr Schiff on. You do a great job when you get great guests. I realize that Mr Schiff is selling his book. He is a metals dealer. However, it would a huge mistake not to listen to him and take him seriously. He has said all thru this metals bear market that gold is the place to be. People laughed at Mr Schiff. Mr Schiff will be proven right again. He has a great track record for being right. I never minimize what he has to say, ever. Please have Mr Schiff on again as soon as possible.
Another good interview, Greg.
As someone who is very knowledgeable about precious metals, I hoped you would ask Mr. Schiff’s opinion about the gold Karen Hudes spoke of in her interview last week, not to try to discredit her but simply to get another view on the matter from an in-depth researcher who has demonstrated a high level of acumen and foresight. I hope you’ll keep it in mind for your next interview with him.
Greg –
I am going to venture slightly outside the ‘consensus’ here, with regard to Peter Schiff. First off, in the interest of full disclosure, I have an account with Europac (I hold some overseas resource stocks), and I happen to like Peter Schiff’s general worldview. And my return has been fairly good on average, so there are no ‘sour grapes’ here.
That said, when we speak of ‘bubbles’, perhaps no bigger yet ‘unseen’ bubble is in that of the Financial Services industry itself, of which, Europac is a member in good standing. Keep in mind, I would not deny a company like Europac or Peter Schiff himself, their rightful due as a member of the taxpaying business community, to do business or make a profit – far from it. I am simply pointing out an issue that gets very little attention because people in general, have simply taken the aspect of the Financial Services industry for granted in terms of its impact on the personal finances of the average individual.
In short, the Financial Services industry has grown exponentially – and not coincidentally, with the rising tide of easy credit, debt and deficit spending of the last 35 years. That our government and its citizens are closely related here is by no means an accident either. And as a consequence of the volatility and uncertainty about what lies ahead for a market – say anything past 6 months, as opposed to maybe 6 years back in the 70’s, was born a theme that because of the ‘complexity’ and uncertainty about the market, (You) really shouldn’t trust yourself with your own finances rather, you should trust ‘us’…
And so the concept of managing other people’s money – based on the (Fear) of perceived market ‘complexity’ and ‘uncertainty’ has driven the Financial Services Industry into arguably one of the largest industries in the world. Anyone who’s been around the block with a firm, knows the $$$Fee schedule and just how much of a bite it takes out of your investments – especially in times when certain sectors – or all of them, are in the red.
So, do I necessarily have anything against the Financial Services industry itself? No. Do I think that the average citizen can do as well, perhaps even better, managing his own money? A hearty ‘Yes’.
Fear is the string that holds the elephant tied to the post…
We are rapidly approaching a time when people are going to have to rely on themselves more than ever in order to survive. Managing one’s own money is simply part of the same package. Learn how to do it. Remember those cute commercials from Scottrade…? The cynicism wasn’t unfounded –
http://www.youtube.com/watch?v=sxNxSzDFW6g
Agent P,
There is a lot of information you can source to back up your point. I think financial services is something like 20% of the economy when you count everything (such as pensions, hedge funds, banks, credit unions, brokerages and all types of insurance.) I read a report that said the financial services industry should be about 4%. I don’t know for sure but you are correct when you say the financial services is waaaaaay too big. Thank you for the comment.
Greg
Was thinking the same today. The United States did not become a financial powerhouse because of its banking system. Banks should facilitate commerce, not BE commerce. Similarly, the housing market shouldn’t drive the economy, it should be reflective of the health of the economy.
hedonics in 2005 accounted for 25-35 percent of the GDP …. add in 20 percent for the financial services industry that makes almost half of our GDP is fake and does not produce anything new……
Agent P,
I agree with you on your note that this sector is getting bigger and for a good reason, not because the investment advice is necessarily solid nor because the entity you are investing with based on that advice is solid, rather because you are seeing an ocean of liquidity floating every where, and liquidity is the grease of equity wheels (including gold/silver mine shares).
once that liquidity is pulled out either by choice or by force (WWIII) then all that illusion of good investment and good returns will disappear, and by the time you get the news it will be too late because that same company that is investing your money will cash out and leave you scrambling for getting pennies on the dollar if the dollar is still around.
Those investment advisers are ahead of the investors in knowing the early sign of the collapse, Do any on think that they will put you first when the house of cards goes down? Heck no … I trust none of them, they sound very good when they talk but when the doodoo hits the fan they will be long gone with the money.
As long as you are able to get the news earlier than them then great go for it.
There was a very interesting story about Nathan Rothschild and how he made wealth, he had a courier that transfers the news faster than the government itself, and when Waterloo’s outcome was decided he got the news that the French were defeated, NO ONE ELSE HAD THE NEWS YET, so he went ahead and sold large chunk of his stocks and created a selling frenzy made every one think that Britain had lost, so every one sold, then OF COURSE he bought every thing cheap (pennies on the pound) and then the news came that France lost and every one kicked themselves in the rear where Rothschild made a FORTUNE.
If you have a courier that can tell you the news faster than those investment advisor including Mr Schiff then go ahead and invest. For me … MY COURIER is awfully slow!
I throw my shoe at you sir
Please Greg take my comment out it is not worth replying to the inset above, I bet you it is a phony new account to some one posted earlier many times under “Yahabibi”
I know what he means and I know the motive behind the insult.
so please take my two comments out. the previous one and this one. Thanks
I am not expert on managing money, but we have done well over the years by living the frugal life and reducing expenditures. We do what we can.
This article talks about what is currently happening in Argentina. they are managing the best they can. At least those that were interviewed.
http://www.myfoxny.com/story/24588158/argentines-jockey-to-cope-with-economic-turmoil
Peter Schiff is as good as it gets when it comes to logically explaining the problems with our dollar and economy. He’s our advocate, often times the only lone voice that defends gold and free-market principles on those Keynesian-propaganda MSM business shows. But it doesn’t bother Peter as he’s steady as a rock. He has truth on his side, because he understands the true nature of gold and the evils of paper money and bad government.
Like Peter, I believe that we are doomed because of America’s abysmal monetary and fiscal policies. For that alone, gold will go much higher and the dollar will go to the dustbin of history, let alone war, revolution and famine thrown into the mix.
It’s really quite simple. The world no longer wants to accept our paper dollars in exchange for their precious natural resources and manufactured products. The world also does not appreciate this Petro-Dollar arrangement being chiefly enforced through authoritative military force and CIA tampering inside their own internal governments.
Things will only get progressively worse when Americans distrust the U.S. dollar too, and Americans are forced to do whatever else their police-state government tells them what to do. This follows the pattern in the passing of other great civilizations through history.
In response to Ugly, the California drought is truly serious and catastrophic. I think in the next two months we will begin to see the economic impacts of this drought. The Socialist Republic of California is perennially anti-business and has resisted the construction of new dams to provide water for agricultural production and a growing population. Most of our dams were built in the 1950’s. California, like America, will pay for its destruction of productive capacity and private enterprise, and its embracing of socialism, environmentalism, and big government. President Obama just visited our Central Valley (with leftist senators Boxer and Feinstein, and Moonbeam Jerry Brown) to acknowledge our dire situation and said that our problems are mainly the result of CLIMATE CHANGE. They offer no real solutions like new water storage, as they want even more government controls to protect the ENVIRONMENT. They want to give us more of what is already killing us. I don’t believe it is sheer stupidity, as they must really want to destroy what’s left of our civilization just as they are doing by destroying the U.S. dollar.
We are screwed in so many ways. No water … no food … no jobs … no honest money … and no peace. Only war, starvation, and more political instabilities.
Greg can you get this guy on? If the GDP is that bogus and reduces by 30 percent it would drastically change the picture of our economic strength…..
http://globaleconomicanalysis.blogspot.com/2005/05/grossly-distorted-procedures.html
Everybody in every nation knows our GDP, employment and other published economic numbers are garbage.
The reason the horseman in revelation has a set of scales is because unjust weights and measures are an abomination to GOD, and is proclaiming a days wages for a loaf of bread as a result. The laodician church is chastened because they think they are rich they have plenty of the colorfull pieces of paper posing as money. and think they are rich, they dont know they are blind , necked and wretched, and have been hoodwinked into believing these colorfull pieces of paper represent something other than colorfull I.O.U. nothings backed by the good faith and credit of our bankrupt nation and world. check out revelation 3:18 and see what my financial counselor advises.
Greg: Thanks for all your interview- great job.
Diana above is onto the right step- we were told many years ago by the “elite’s” that GOLD is their money- not paper currencies. Buy gold and silver now while you can still get it. Soon you won’t be able to get it at any price. When it takes off- you won’t be able to afford it– skies the limit!!
Hey Greg. I wanted to pass along some good prepping information to any of your readers who might like to stay clean during an economic collapse.
http://youtu.be/BettCr9futc
Just because everything else stinks in our current economic situation doesn’t mean you have to.
Thanks Greg, Another great interview to kick off the week. I love Peter and his candid analysis. The one thing I don’t get is why he chalks it up to the Fed’s bumbling incompetence. We all know that it can’t be accidental……..
http://concernedamericandad.wordpress.com
The TNX is slowly creeping up. Gold and silver increasing. The USD leveling @80 again. And the Californian drought could add a misery index to food prices. All economic signs in the negative. I dont’ know? Maybe 2014 is the year?
Hi Greg
Great interview. When Peter Schiff talks I listen up bigtime!
What a shame it is that more people don’t listen to him so that they can prepare for the big reset. It truly amazes me that the rest of the world is so slow in figuring out what the game is with the US economy. Or have many of them figured it out already? Are they in the process of positioning themselves right now? After all they have already bought up huge amounts of physical gold and hard assets all over the world.
I don’t think any of us can imagine what could happen to the gold price in 2014 and beyond after the crazy naked short selling that has already taken place.
Cheers
Col
PS WHEN IS THE US GOING TO GET RID OF ITS PRIVATELY OWNED RESERVE BANK!!
Until this happens any other financial reform is about as useful as rearranging deck chairs on the Titanic.
Greg,
Peter is always a worthy guest. Would it be possible to interview Kyle Bass or Richard Russell? I’m sure Kyle would offer some keen insights. Debt and money printing are manifesting all the the classic signs of addiction on our society. The Narcan for money printing will always be gold and silver. Thank you again for your courage and dedication to the cause.
ciga Steve
Pay no attention to the ‘price’ of gold. Consider this: if the Fed can print endless amounts of dollars to support interest rates, what is to stop the Fed from printing dollars to drive the ‘price’ of gold down? The bankers can and will manipulate everything they can right up to the point that they can’t. Don’t get caught without insurance. Gold/silver is your insurance.
Thanks for all you do Greg.
His dad Irwin is one of my heroes and a true patriot, let Irwin out of jail PLEASE!
Scott, I’ve been following Peter but never knew about his Father being incarcerated. Found a video where Peter discusses his Father’s incarceration. Regarding his Father’s defense, Peter said “It doesn’t matter what the Constitution says. It doesn’t matter what the law says. The government is going to do what it wants to do. And the courts are going to support that.” And here we are today…
Sorry meant to post this here, not above.
I would say to those folks who don’t have much fiat to buy precious metals, that first a fore-most, try to get some food stored. But if just a few silver coins (even pre-1965 dimes) can be aquired as often as possible, suddenly, they may find themsleves able to survive a future where people with lots of holdings in cash now find themselves decimated as they never even took the smallest pre-cautions.
Greg,
Our productivity and jobs are continuing to be cannibalized. The heady job outlook of post WW2 is long gone. We have examples in recent history, such as the Argentine collapse of 2001, that money can be made through good skill sets, as well as wise investment practices. Many Argentinians invested in real estate and stock market ventures that turned out to be profitable, but it wasn’t a quick financial turn around. It also doesn’t take into account government interference with what we would like to do with our investments/assests.
What do you see for income possibilities for the men and women in the trenches when the tsunami hits and the dollar goes “poof?”
Are you aware of the current economic situation in Argentina?
Greg, there is no one that understands this entire mess better than Peter Schiff. He’s been right all along for years. If I only had one choice of someone to be my guide in this economic mess, it’s him. The man is a genius when it comes to economics, period. When Peter Schiff talks, I shut up and listen. Much respect to him . He’s the best in the business, believe that. Great interview!
Greg, Thank you for another great interview!
GREG.I WILL NEVER FORGET THE COMMENTS YOU MADE ABOUT GOLD IN THE PAST..YOU SHOULD REALLY BE TAKEN OFF THE AIR.YOU SHOULD REALLY LISTEN TO RICHARD RUSSEL AND JIM SINCLAIR,AND ALL THOSE WHO REALLY KNOW ABOUT GOLD,INCLUDING THOSE AT KWN.GOD HELP YOU GREG.
patrick o’ sullivan,
What “comments”? Quotes please.
Greg
I think you need more help than Greg!
Patrick,
???
Ive got 1gr, 2.5gr & 5gr pieces. Can be delivered via FedEx. http://www.ckmedlock.com
Great interview Greg… I think a true SHTF moment is in our near future…
Bank run in Thailand. No mention from the MSM i.e. “presstitutes’.
http://www.bangkokpost.com/business/news/395554/deposit-flight-hits-state-run-bank
“Thailand’s Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The ‘bank run’ comes after speculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their ‘promised’ rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash. One depositor, rather ironically summed it up, “I started to feel concerned that my money may become only paper.”
Greg,
Thanks for having Mr. Schiff back. He was vilified by some for sticking to his guns on PMs. I read where Soros is betting the market will crash. If I understand him, he is probably betting for a short term run up because I don’t think he would tell us what he was doing. That is unless he wants everyone to pile on to really push the market down.
Thanks for bring some real news to the people
Greg,
China is selling our debt at record levels…
http://www.zerohedge.com/news/2014-02-18/china-sells-second-largest-amount-us-treasurys-december-and-guess-who-comes-rescue
One thing that people need to be reminded of is that Peter’s father, Irwin, still sits in federal prison for daring to challenge the illegal income tax / FED system… He is old now and will likely pass away behind bars. The money powers are not bumblers but they are devious crooks who have no mercy for those who would expose them.
“The one aim of international financiers is world control by the creation of inextinguishable debts.” Henry Ford
Hello Greg, Peter Schiff’s insurance of gold buying is probably the best hedge for the coming collapse after food, water and home defense. The elite are desperately pushing their globalist agenda as the dollar is collapsing under its own weight. I think it already has crashed it’s just looking for a place to fall down.
I’m a political atheist, I don’t care which political religion one wants to attach themselves to. I think we have a one headed two party system that serves their masters the banksters/Federal Reserve and Wall Street. Both parties are equally complicit in our economic collapse and constant Imperialistic military forays as Wall Street is Washington and Washington is Wall Street. People are tired of privatizing profits and socializing losses and paying for wars.
War and printing money seems to be the only answer these psychopaths seem to have when it comes to America’s problems. We aren’t going to war to bring democracy or because someone is allegedly gassing their people. It’s’ about money and power, it’s always been about money and power! We are bankrupt as a nation and that is a fact! If countries are allowed to drop the petro dollar and use their own currencies our economic collapse will arrive much sooner.
You have to be blind not to have seen this coming. I was hoping we would have more time before everything goes sideways but that doesn’t appear to be the case. The Ponzi stock market is just smoke and mirrors, an illusion and the wet dream of the rich where they have preyed upon taxpayers to bail them out and to invest their hard earned money into their stock market Circus/Casino funhouse where the illusion of wealth is created.
The question is what happened to the US? And why do we have to prey upon other countries for our economic survival? How about the Trillions of dollars of bank thefts? We have and still are witnessing the biggest bank robbery in history and the banks are doing the robbing. Our country lost most of the equity (trillions) on mortgages through the mortgage bond fraud. The housing market and banks are insolvent. Housing is bottom bouncing at best! The rich can pay cash and buy as many houses as they want but when they want to sell, who’s going to buy them? As we know, all bubbles burst. That is an immutable fact.
We failed to charge, jail and eliminate these parasites so they have continued their unscrupulous ways. HSBC and Wells Fargo were both caught laundering money for the drug cartels and terrorist groups and instead of jailing them the DOJ fined them instead, stating that if they prosecuted the bankers it would threaten the financial system.
The US has shown that it has a devotion to war. If you didn’t know this the alphabet security agencies run the international drug trade. From a modest 185 tons at the start of American intervention in 2001, Afghanistan now produced 8,200 tons of opium, a remarkable 53 percent of the country’s GDP and 93 percent of global heroin supply. We control Columbia as well through our southern corridor; does Fast and Furious ring a bell?
The devotion to war has resulted in an added 3 trillion plus in the US Govt deficit just since 2003, and half the overall 17.3 trillion (we will really never know the true deficit amount) in total. We are pumping 65 billion a month to keep our economy and stock market propped up and interest rates at close to 0% so that we can service our debt. 80% of our debts are covered by the printing press. The printing presses are in overdrive with money going to assist Europe. The 1.5 quadrillion Derivatives casino has been exposed, JPMorgan lost billions in an Interest rate fixing scam. The 800 trillion Libor Interest rate fixing fraud should be enough to see that the whole system is rigged including the gold market.
Countries are asking for their gold back (which we don’t have) because we are smack dab in the middle of a worldwide Currency War where the US dollar is being phased out while other countries are contemplating going back to the gold standard with possibly pegging it to the Chinese Yuan.
In 1999 you could see the beginning of the end. This is when the majority of the factories were outsourced to Asia, mostly China. We can’t compete with Asia on a wage basis, nor a union basis, nor on a government regulatory basis, and increasingly on a quality basis we stopped making things which means no income and we became more reliant on asset inflation. We have never recovered from the lost revenue and our deficits have literally grown out of control.
The writing is on the wall. Whether you want to admit it, the erosion of our civil liberties like the second and fourth amendment, drones in our skies, PRISM, Homeland Security buying AR15 rifles and hollow point bullets, the president announcing that you can assassinate US citizens abroad or in America under very vague circumstances is not just writing on the wall but a flashing wake the hell up sign. I personally don’t think we are going to get through 2014 without seeing the economic house of cards collapse. Right after Americas economic collapses in the early nineteen hundreds and after the Great Depression, what did we do? We went to war! It’s the same old equation, currency wars, trade wars, World War! War, what is it good for? Absolutely nothing!
You know what they say, those that don’t learn from history are doomed to repeat it. So true!
Our nation’s wealth has been exhausted by war and bailing out the banksters so that we could secure profits for the banking, oil, and Military/Industrial cartels. We never saw a dime of it and never will because the 1% elite feel they have a Divine Right at our expense.
We can resolve a lot of our issues if we make our Constitution legal again and the U.S. Treasury absorbs the Fed. A good start would be to change our Federal Reserve Notes to United States Notes.
Conspiracy theory? That ship has sailed!
http://www.usdebtclock.org
Ken,
You nailed it buddy.
Just remember that “Globalisation” was a contruct of the Elitist Groups whose wish was to DE-Industrialise America (Western World… with enormous success at that I might add).
Their agenda is to ensure “Their” control over the world is achieved through “their” government in conjunction with “their” Multi-Nationals who have world monopolies. America the Nation (including its citizenry) served its purpose for those who strive for world domination. Having the world’s superpower (Military) under their umbrella gives them the means to an end, it protects their interests achieved by having a monopoly over the world’s currency. Globalisation implies….a single global economy.
What is in front of us is the meshing together of world’s we were led to believe could not co-exist. On the one hand we have Capitalism and the other Communism.
You can see this is becoming more prevalent in the world. It will entirely be our future under their plan and control. One that clearly demonstrates Governments under control of multinational corporations.
Without intentionally upsetting too many people…. The Constitution is no more relevant than the toilet paper I used yesterday (context only). It did, at a time now past, serve a purpose. What is of relevance now is that this World will be subjected to a New World Government Constitution. That is the one that everyone needs to focus on. It is the same one that Barack Obama refers to when he portends “new” policy without reference to Congress. Should I say the one that GOVERNS what he puts forward as his policy. Political puppets on both sides, in all houses are and will be subjected to MAI.
We morally assassinate people/institutions in high places because we are programmed to express opinion. We speak without having full cognisance of facts. We are, through their hegelian deception, fed false information to formulate false opinion intentionally.
Those that do have the facts and attempt to expose those faceless people and corporations behind the facade/curtain, are either summarily discarded as being either discharged or requiring institutionalisation OR being removed (permanently). In the many cases of Dead Bankers….Dead Men tell no tales.
Hi Greg,
Just a note to pass on to all on the blog. We recently had a severe snow storm, about 16 inches of snow, here where I live – 2 1/2 hours Southeast of Pittsburgh, near the Pa and Md line. What’s interesting is when we were cleaning the snow out of our drive, we discovered nice florescent green blotches in the snow. Mostly about 3 inches in diameter and very bright green florescent.
Atlanta has had some interesting snow as well…can’t remember where I saw it but those reporting claimed that the snow had characteristics of the shit used to clean up the oil during the Gulf oil disaster.
God help us…or condemn us…soon. I am here to serve you and just want to be left alone.
Oh Jesus…. lol
Greg I really hated to post again, but I felt I had to warn your readers , that if they haven’t already taken the proper steps to transition their money out of the Banks they may want to do so. I have been watching the dollar index very closely and today it will most likely move below 80.0. To me this is a sure sign that the dollar is in the early stages of collapse. The Banker deaths whether suicide or murder are no doubt a reflection of the unraveling that is taking place inside the Banking industry . This is really a serious situation.
I thought the USD touching 73 what now, 6 years ago? was the beginning of a serious collapse too, but alas the subsequent european collapse propped the damn thing right back up. Going to said 73 didn’t stop anyone holding mining stocks from suffering an absolute slaughter this last couple of years of 50-90% on average either, did it. Careful what you wish for, there are countless variables to come at you that you don’t even hear about until it’s too late.
Greg,
Watch Ukraine,
Kiev is literally burning,
Ukrainians will be crushed by Russians if they do what the Syrians did, I feel sorry for them, they will follow the fantom of the west and their hollow promises until they burn the same way Syria burned:
http://www.mirror.co.uk/news/world-news/ukraine-protests-live-updates-armoured-3159677
Ken
You absolutely nailed it in this one post. Well done!
Cheers
Col
Mohammad
Don’t worry, John MaCain will bring in his Al-Quida mates to UKR and declare Jihad to help the US/ E.U. supporters. Victoria Nuland will make sure the CIA/NSA give the juvey’s the new minimum wage for being such wonderful pyromaniacs and promise them firefighter jobs in the US. and of course citizenship if the US. lead coup succeeds! As Vicky say’s, “F#%K Europe!”
Anything to get the vote out! N A S D R O V I A C O M R A D E $ Spread the cheer!
BS, But Putin and the 90% of Ukrainian’s against European/American debtamony might be a problem?
Where’s George SorO$’s money and helicopter Ben when you need em, Hill!
Great interview. Unfortunately, we Federal Government employees mostly do not and never will have the resources to shelter any part of our salaries from the inflation that is sure to come, and since our salaries are adjusted (if at all) only once a year, we will be severely impacted if inflation takes off like Mr. Schiff expects. More people in this country should hear what Mr. Schiff has to say about all this mess, but too many have drunk the koolaid and will not listen. I therefore fully expect the inflation Mr. Schiff expects to come to pass.
Peter Schiff is correct unless our military moves into Syria, Iran, etc., in which case the price of gold and everything else will be controlled. This plan has not been that easy to carry out. An alternative plan would be to let the dollar collapse causing chaos around the world, and then to deal with the opposition at that point. Which plan do you find more attractive? lol In either case the national death is meaningless.
Schiff better hope he is wrong. If the people are stupid enough to reelect the idiots that caused the problem then it will keep getting worse until there is nothing left. By then the carpetbaggers will have skipped town, those bastards have already built their life rafts with your money. You think they give a crap about you the people. Hell no!! They will be living fat and high on your money somewhere overseas.
Good stuff from Schiff, except for one thing…… all of 2012 and 2013 he was calling for more QE (which did absolutely nothing for gold prices anyways) up to north of $100 billion/month. With inflation, it’s doubtful they will oblige with more QE….. in fact, gold has gone up as they have “tapered.” They will spin it as a global growth story (inflation) in this, Schiff can’t have it both ways.
The collapse of the dollar will yield the most spectacular investment possibilities ever seen in our lifetime while simultaneously being the worst possible fate for the non informed investor and the non investing public. The destruction of wealth associated with this calamity will ruin most of the population by confiscation of their savings. The opportunity for profit will be in investment in metals and stocks which will benefit from the chaos and then accumulating assets costing pennies on the dollar. For a good example of this phenomena read “When Money Dies ” a history of the German monetary collapse of 1923. We are headed for round two of this disaster.