The U.K In 6 Months time ??

ultra10

http://www.europac.net/Schiff-CBS-7-20-08_lg.asp

An interesting analysis of the U.S Economy on CBS and quite sobering with so many similarities to the u.k...Peter schiff (aka Doctor doom) Hits the nail on the head ... 8 mins long ..

luvpump

Very good Article, ive heard of Peter Schiff befor, makes a lot of sence, but can certainly see the u.k economy going a similar route !! The parallels are obvious

WTF?_2

Thanks for the link.

Schiff has been consistently bang on target with his predictions to date. Credit crunch, sub-prime, decline of the dollar - all nailed by him well in advance.

His bottom line: The US (and UK too, by association) simply could not justify borrowing large amounts of money to spend on consuming imported goods.

Of course, he sees it ending in absolute hyperinflationary Armageddon for the US (he reckons the Fed will go for printing their way out of the mess) so if he's ultimately right it's pretty bad news for us all.

Rabiddog_2

DId he say all that in that little spot? I think he's wrong on a number of points. Whats caused the crash in USa is a) tax cuts for the Middle classes b)hyper tax cuts for the rich c)Trillion dollar wars d) Over reliance on Oil
There would be money in the pot to cure the mortgage problems if it hadn't been spent..

m00m00

why should the banks be bailed out though ?

socialism for the rich.

when times are good for them again will they remember this and 'give back' to the greater community that bailed them out ?

no, they will just stick their noses back in the trough and hand themselves ever more obscene bonuses.

moanymoany

I understand what you mean m00m00, but what is 'rich'? Is it someone who has lived a frugal life and saved their money. People who have not had long haul holidays, new cars every two years, people who do not have shopping as number one hobby?

If someone with the same income has thrown away their money and lived above their means, incurring debts, not happy to live modestly and has a whacking great mortgage - does this mean they can point to their thrifty neighbours and say 'it's all right for you?'

Dh and I fit into the first category, neither of us get big bonuses. Only one gets any bonus and it is equivalent to less than one month's salary. Anyone who has saved regularly through their working lives and are now at retirement age will have more than £35,000 - why shouldn't they have protection? They are far better for the stability of the economy than the people who have lived on credit.

rant over ...... I'll get my coat!

lostinrates

In six minths time it will amost be Christmas. People will be stacking it on any credit they have,:rolleyes: they'll be talk of the 'pinch' but people still NEED computer games and electrical gadgets the groaning about the credit crunch will not disappear, but will be drowned out by the new annual moan about Christmas lights versus 'Winter lights'. People will spend a fortune on petrol driving to see which house in a five mile radius has the most illuminated Snowmen on the side, (the electricity bill of said houses doubtless being paid by credit card)

In Jan/Feb life will seem pretty beak becuase this Christmes (or winter season celebration, whatever works for readers) will be hard but there will still be people who refuse to believe it. The more pressing problems of defaulting on mortgage payments, interest rates will seem small compared to how to get a bigger present for the kids than last year.:rolleyes:

WTF?_2

Rabiddog wrote: »

DId he say all that in that little spot? I think he's wrong on a number of points. Whats caused the crash in USa is a) tax cuts for the Middle classes b)hyper tax cuts for the rich c)Trillion dollar wars d) Over reliance on Oil
There would be money in the pot to cure the mortgage problems if it hadn't been spent..

I'm referring to his past pedigree. His part in the video was quite small.

As to what caused the crash in the USA it's quite simple (as Schiff pointed out well ahead of the event): Banks gave out mortgages to people who couldn't afford to pay them back. Because there was massive oversupply as a result of the boom, repossessions didn't result in the return of the loaned capital.

Like any bubble, it burst.

ginvzt

lostinrates wrote: »

In six minths time it will amost be Christmas.

In six months Christmas will be gone as it will be January 22nd!!! It is already end of July now.... And where the time goes?

lostinrates

ginvzt wrote: »

In six months Christmas will be gone as it will be January 22nd!!! It is already end of July now.... And where the time goes?

Oh crikey! Running to a schedule of my own then.:o ....on the plus side then, in six months time I'll have started a new set of new year resolutions.....and christmas will be over with :rolleyes:

ultra10

http://www.europac.net/Schiff-Fox-12-31-06_lg.asp

This my favourate clip of Schiff from the December 2006, the others laughing at him, but look who have egg on there faces now !!!