Are Peter Schiff and Gerald Celente spreading Pessimism Porn or reality when they talk about the economy getting worse? <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/f31ev-p51NY&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/f31ev-p51NY&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
I've heard Gerald Celente speak on radio interviews. He is an interesting guy really. He's a lot more objective than most people. He just seems to recognize bullshit when he sees it and he discounts it. Lots of people brush off pessimism as if it were some kind of mental problem or something. Governments, property owners, stock traders, I mean there are a zillion people that can so easily believe that "it will always be this way" that it's mind boggling to me... It's not beyond the bounds of reason to think that the shit won't hit the fan in the US. Only a couple of years ago people that were talking about the subprime crisis and how large it really was were getting ridiculed. I saw it, it only took some back of the envelope calculations to see that it was beyond imagination [at the time, we since learned to think in trillions]. There were threads on ET in the past about preparing for the worst case scenario and guess what? People were ridiculed for that too... In the great depression, going on the dole meant being outed, they would post the names of people that got loans on the front of City Hall until they paid it back, now, half the population is on the dole and they feel fully entitled to as much as they can get too.. when we start to have inflation, it could feed itself because those fixed income people are going to riot and the admin will print more money to stay in power... the Fed is really fuzzy about how they are going to reduce liquidity too, I'm not sure they can do it effectively.. It's not hard to imagine a full collapse after that, when every man has to guard his stuff, it's not productive... It's not hard to imagine a slower collapse either, inflation just slowly eats away at the dole money until it doesn't keep you alive and the Admin blames capitalists and uses the excuse to get more power... they might even just issue a decree that anybody that has less can have stuff belonging to people that have more. If they do that, then states will ban together and ignore the Federal government if they haven't already. Hope for the best, prepare for the worst, keep an open opinion and see how things shape up.. it might be interesting to see how these drug gangs fare in a no holds barred situation. Personally I think they will be looking for the police to protect them. I know guys with war experience that today, you could give each of them a square mile and tell them to kill all the gangsters at $25,000 a head and your schools would improve in a matter of days. It's about the political will, not the abilities...
Thanks for posting. I am well aware of Schiff, have been for a few years but Celente is new. I think the real test is will this low hold on the re-test. I don't think so. Celente is smart to learn self defense. I could not believe how many freakin' homeless bums were on me in the parking lot in both Southern CA and Las Vegas. Vegas I expect it but nicer part of OC I don't.