A Great Depression By 2025? - The Man Who Called The 2008 Recession Sounds The Alarm | Peter Schiff
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Published 2023-08-29
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Living through the financial collapse of 2008 was one of the biggest economical swings this current generation has seen, until now?
It’s hard to see what’s actually happening when you’re in the middle of it, and that’s exactly why I bring experts with a wide range of experiences and insights to the show. A lot of you are in the crossroads and feeling the pain of how much higher your grocery bill is for the same amount of food. If you were on track with a decent savings account a couple of years ago (especially if you took advantage of the stimulus money that got us where we are now… we’ll talk about that today) you noticed your savings are virtually non-existent now.
Working 2 to 3 jobs was once reserved for the hustler on a mission trying to work towards something major, and now it’s the standard for many people just to make ends meet!
My guest today not only accurately predicted the 2008 financial collapse, he’s a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the might dollar.
Peter Schiff is breaking down for us the mind-games government uses with data to ease the pain we all know to be a rapidly declining standard of living and exposing how the Fed’s inflation strategies are destroying the American economy.
- Expose the fallacy of inflation being needed to stimulate the economy and spending
- Capitalism's role in creating freedom and opportunities
- Why anti-discrimination laws create more prejudice
Is a depression greater than the Great Depression we all ready about in US history on the horizon for the US? If record numbers of credit card debt and student loan debts serve as any kind of indication of what’s looming around the corner, you’ll want to take notes and really think through this for yourself and your family.
This is Impact Theory and this episode is about thinking through not just how to survive the next economic crisis, but how to get ahead of most and actually thrive.
PETER SCHIFF QUOTES:
“When the government prints their way out of a short term problem they print their way into a an even larger long term problem.”
“The fact that we have an economy that is based in spending, that is the problem. That’s part of the bubble, we have a bubble economy. A legitimate economy would not be based on spending, it would be based on savings and production.”
“Money is supposed to have real value. It’s not supposed to be conjured into existence out of thin air by a central bank.”
“A lot of people believe that capitalism is evil, but capitalism is the least evil economic system that exist.”
“Capitalism created the American middle class. Without capitalism there wouldn’t have been a middle class. There would have just been a bunch of poor people and some rich bureaucrats at the top that were sucking the life blood out of everybody else.”
“You don’t get rich by hoarding your money because if your money is hoarded it doesn’t grow. The way people get rich is by investing their money, by creating economic growth, by producing more products, by providing more employment.”
“The inherent flaw isn’t capitalism, it’s democracy.”
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All Comments (21)
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WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
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We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
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The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
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We can't ignore the potential impact on portfolios. Bonds are often considered a safe haven, and if they crumble, investors like me might scramble. I’ve been investing for 11 yrs and my $1m portfolio has never been this depleted, how i do hedge this?
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This seems like the worst period.Even the markets are very unpredictable.started investing recently when the market prices were a bit high,today i am more than 60% down
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In summary, when gov prints money, it’s called “quantitative easing”. When we print money, it’s called counterfeiting and a felony.
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I wonder if people that experienced the 2008 crash had it easier because. my portfolio has lost over $57000 and I don't see my retirement turning out well when I can't even grow my stagnant reserve
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Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
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In every crisis, there is an opportunity," as the saying goes. The 2024 recession, while challenging, presents unique avenues to amass wealth. First, it's essential to remember Warren Buffet's advice: "Be fearful when others are greedy, and greedy when others are fearful." During recessions, assets often undervalue. By investing wisely in stocks, real estate, or businesses during this downturn, you position yourself for significant returns during the economic recovery.
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“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”—Thomas Jefferson
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Some group of economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
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Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.
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What I like the most about Peter is that he doesn't use big financial terms that only an expert can understand. He has the ability to break down even the most complicated economic and social issues in a way that even idiots like me can understand. In my opinion, the guy's a National Treasure.
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Its crazy he's talking about what his grandpa did. My great grandpa, grandpa and great uncles ran junkyards. My grandpa started buying farmland in the 80's. Its absolutely impossible for me to replicate this. From start to beginning, just attempting to start a junkyard or acquire rental properties (they also had rental houses) is road blocked by costs and government regulation.
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Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
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This is one of the best interviews ever. Ever.
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Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.
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Peter schiff is the man. I've learned more from his podcast than 4 years of macro economics at university
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Boston Fed President Susan Collins said the central bank may hike interest rates further and will likely need to keep rates elevated for a "substantial" period of time. I’m thinking of investing $400k into my stock portfolio but unsure about the market.
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Health insurance killed medical costs. In the early 60s, I went to the doctor, got the service, and paid him!!! Now there's layer's upon layer's of staff, and they are just rude.
