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 Warning: The Economic Collapse Could Begin on Aug. 1st


Noted expert Peter Schiff says the U.S. economy is on the verge of an economic collapse worse than 2008 and is warning investors to take immediate steps to protect themselves.

In a gripping interview on Yahoo Finance, Schiff warns that while the Fed's moves could "artificially" bolster the economy - and bring investors false hope that things are turning around - the truth is that the government will only be delaying the "Day of Reckoning."

"If the Fed ultimately comes through with QE3... it won't strengthen the economy, but it will weaken the dollar," Schiff said, noting that Bernanke's policies will eventually lead to a Greek style debilitating sovereign debt crisis where the dollar plunges and consumer prices and interest rates spike.

"We have a much bigger collapse coming, not just the markets, but of the economy. It's like what you're seeing in Europe right now only worse," Schiff said.

The collapse could be set in motion as early as August 1st. That's the day that Fed chairman Ben Bernanke gives his annual remarks from Jackson Hole, Wyoming where many analysts expect Bernanke will announce plans for QE3 - and the next phase of money printing begins.

He goes on to say that things will get truly ugly when we hit our fiscal cliff and have to slash government spending across the board.

"People on entitlements like Social Security and Medicare... they're not going to get the benefits they've been promised. Government workers are going to have to take pay cuts... banks are going to fail... people are going to lose money, not just investors but depositors. The housing market is going to fall again."

read more: http://moneymorning.com/ob/warning-the-economic-collapse-could-begin-on-aug-1st-2/


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SI Moderator - Greg Gordon

 2012/7/29 20:22Profile
EverestoSama
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Joined: 2010/5/17
Posts: 1175


 Re: Warning: The Economic Collapse Could Begin on Aug. 1st

America wanted "change", and they most certainly got it. Now, "change" is all their dollar is going to be worth.

 2012/7/29 20:23Profile
Earendel
Member



Joined: 2009/3/17
Posts: 308
Central Alberta, Canada

 Re: Warning: The Economic Collapse Could Begin on Aug. 1st

Something's sure is up. There sure has been a lot of media bombardment about this sort of thing lately; it's almost like they are trying to warn us or something...but we'll see. Be watching for sure.

Read this story from Fox News from about a week ago:

Quote:
The U.S. economy is teetering on the brink of another recession. The bad news is that if it goes down again, there won’t be much we can do to save ourselves. Like a weary heavyweight, if it hits the mat again, it’s down for good...



Read more:

http://www.foxnews.com/opinion/2012/07/23/coming-economic-collapse/

On another note, I went into the bank (TD Canada Trust) to pay a bill the other day and they asked me for my ID order to pay it, or they couldn't accept payment. Apparently, there has been a new law enacted last week that they have to take your personal info and forward it onto the government in order to pay your bills. Control over buying/selling? ...interesting.


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David

 2012/7/29 21:41Profile
enid
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Joined: 2006/5/22
Posts: 2674
Nottingham, England

 Re: Warning: The Economic Collapse Could Begin on Aug. 1st

Quote: "People on entitlements like Social Security and Medicare are not going to get the benefits they've been promised."

Those promises are just that, promises. Man made promises that are not worth the paper they are written on.

God's promises are yes, and in Him amen.

The government has been playing 'god' and this is what it has got to, lose, lose, lose.

When we look to God, and acknowledge Him as God, and worship Him, regardless, He will provide our needs, and even our wants.

Even in the famine and drought, God provided for Elijah.

He is worthy. Worship Him.

 2012/7/30 2:55Profile









 Re:

"America wanted "change", and they most certainly got it. Now, "change" is all their dollar is going to be worth."EOS

The Lord took me in the Spirit in 2003, and spoke this phrase to me aubibly: "THE END OF THE AMERICAN DREAM."

http://brideinthewilderness.blogspot.com/2012/03/end-of-american-dream.html#comment-form

 2012/7/30 4:42
learn
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Joined: 2008/7/24
Posts: 613


 Re: Warning: The Economic Collapse Could Begin on Aug. 1st

Umm.. I don't believe that the economy is going to collapse beginning August 1st.


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geraldine

 2012/7/30 9:01Profile
ginnyrose
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Joined: 2004/7/7
Posts: 7497
Mississippi

 Re: Warning: The Economic Collapse Could Begin on Aug. 1st

I checked out this link and a video it promoted, as well.

They talked about how the economy is so dependent upon having adequate sources of energy - in this case crude oil. If there is a limited supply of it, that the earth will run out of it in a few years, everything else will collapse. This is true IF we will run out of oil.

As I understand other news sources and our son, Wendell, who works a captain on ships that services the oil industry in the Gulf of Mexico, the USA is not even close to running out of oil. If there is a shortage it is man made - politics, federal prohibitions that limits the drilling of more oil wells. They say there is a lot down there but the gov does not allow them to drill more wells to get it. AND more oil is being discovered in places unknown before. IT IS there but environmentalists are more concerned about protecting a few bears, owls and other creatures then humankind.

To add insult to injury, gasoline engines could be made to use less fuel but the oil companies and the automobile industry refuse to allow such equipment to be manufactured because of the money they would lose. Consider if a vehicle would be sold that uses 30% or more less fuel, there would be a loss of income for anyone who is involved in the marketing of oil. The feds would lose a lot of revenue in the form of taxes.

In any case, I do believe there is a collapse forthcoming, of it there is no doubt.

Of all these naysayers.... They remind me of Harold Camping who declared the world will end by a certain date but it didn't. He was right about one thing: Jesus is going to return but not on the day HE said he would. I would understand a collapse is coming but also know that some naysayers hope to make money on it as well...

We need to wise as serpents and harmless as doves....


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Sandra Miller

 2012/7/30 9:56Profile
ginnyrose
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Joined: 2004/7/7
Posts: 7497
Mississippi

 Re:

QUOTE:
______________________________________________________________
America wanted "change", and they most certainly got it. Now, "change" is all their dollar is going to be worth.
______________________________________________________________

If this would not be so serious I would laugh - still have to chuckle a bit...:-/


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Sandra Miller

 2012/7/30 10:00Profile
Earendel
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Joined: 2009/3/17
Posts: 308
Central Alberta, Canada

 Re:

Quote:
by learn on 2012/7/30 4:01:11

Umm.. I don't believe that the economy is going to collapse beginning August 1st.



Perhaps not, but we watch anyway. I think the global economy will collapse with the next world war which I feel is going to happen sooner than latter. You just have to watch what is going on in the Middle East to see this coming.

Here is an article that explains a little about why we watch:

http://the-christians-forum.com/topic/3866437/1/

I watch because in doing so I can shout a warning, of what is coming. I can point out to those who don’t believe, that God’s word is true and He has written it in advance to show us that He alone knows the end from the beginning and the beginning from the end. As a watchman I would be remiss if I didn’t post what I see. What I see is that we are inching closer to the war, toward the fulfilment of the prophecies. It will happen, and when it does, I believe it will be a game changer.


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David

 2012/7/30 10:13Profile
Earendel
Member



Joined: 2009/3/17
Posts: 308
Central Alberta, Canada

 Re:

Quote:
by ginnyrose on 2012/7/30 4:56:47

As I understand other news sources and our son, Wendell, who works a captain on ships that services the oil industry in the Gulf of Mexico, the USA is not even close to running out of oil.



What happens when war between Israel and its neighbors break out in the Middle East, and oil from there is cut off? Will there be enough oil for the world then? I think the world is going to find out soon enough. Regardless of what goes on in the world, ...well to quote another:

...I believe the covenant that God has made with us holds the secret to perfect peace, no matter what storm may come.


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David

 2012/7/30 10:27Profile





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