Destruction of the US dollar

[devil21]

The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.

That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.

 

[Krugminator2]

That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.

Maybe. That probably is true. I don't see any need to hasten the process of going to zero though. I am in favor of delaying the adjustment of having 20%+ of population unemployed for as long as possible. Not something I am embracing with open arms.

 

[pmbug]

That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.

Excerpt from excellent and recent Jim Grant interview on CNBC:

...
So one of the other unintended consequences of this 10 years of suppressed interest rates and predictable financial interventions by the Fed, well they’ve given us near record-high equity valuations — they did about 15 minutes ago until it ended or at least paused. We don’t know. They gave us, perhaps, more corporate debt for unit of corporate earning power than ever before, and much of this debt is very low quality. They have given us unicorns. They have given us zombies. They have given us all manner of things, some pleasant to be sure but many corrosive.

What they have not given us is any economy wide or political community wide new revelation into the dangers of the manipulation of the most sensitive prices and capital, namely interest rates. That’s my hobby horse but I think it’s a very dangerous road. We haven’t even talked about inflation. Nobody talks about inflation, right?

Imagine we were even in this conversation, like 35 or 40 years ago, when inflation was still at thing, and I said, Albert, what do you suppose the consequences might be of an immense infusion of new bank credit and to the fiscal program that is likely to reach 10% of GDP? How will you guess that would affect the price level?

And you would think to yourself, that idiot. And you would say, because you’re polite, Jim, I suspect that might lead to above higher inflation. But today no one thinks that. You can look at the futures curve and various interest rate derivatives that reflect current thinking on the likely course of rates and inflation and they’re flat.

Nobody is anticipating any adverse inflationary outcome from this, which I find is a remarkable commentary on the complacent thinking. You’re not thinking of complacency with, on most days, VIX readings at 75 and 80. But with respect to inflation and its prospects, there is certainly complacency rampant[ly] so.
...

Video on Youtube, transcript here: https://www.sprottmedia.com/james-grant-nobody-knows-anything/

Cognitive Dissonance. MMT fantasy masturbation. Money printer goes brrr

 

[devil21]

Excerpt from excellent and recent Jim Grant interview on CNBC:

Video on Youtube, transcript here: https://www.sprottmedia.com/james-grant-nobody-knows-anything/

Cognitive Dissonance. MMT fantasy masturbation. Money printer goes brrr

These days, Grant and Gundlach and Schiff are the only mainstream voices I pay any attention to when they speak. eta: And Josh Brown on CNBC (love that dude).

Speaking of unicorns and malinvestment, is it any wonder that WeWork imploded? Perhaps some knew back then that "social distancing" would make their shared workspace concept entirely nonviable.

 

[Warlord]

These days, Grant and Gundlach and Schiff are the only mainstream voices I pay any attention to when they speak.

Speaking of unicorns and malinvestment, is it any wonder that WeWork imploded? Perhaps some knew back then that "social distancing" would make their shared workspace concept entirely nonviable.

I just listened to Schiff on Joe Rogan's show in 2018. He seemed so prophetic saying the stock market will collapse and there will be a deep recession. Rogan asked him what will cause it he said he doesn't know but 'its GOT to happen'. I recommend checking it out as he talks politics as well and stuff he doesn't usually talk about and has an interesting perspective. It was nearly 3 hours long though!

 

[Madison320]

Peter Schiff again being a buffoon who continues to embarrass free market people.

Suppose the government declared that it would be the sole provider of eggs and any other private competitor would be thrown in jail. Would you consider that a free market in eggs?

You might be able to make a weak case that having the government be the sole provider of something is a good thing. But to say that it's free market is dead wrong.

Earlier you admitted that if the government just printed and gave everyone a million dollars we'd have hyperinflation.

What about a half million? 100,000? 10,000?

If my math is correct 10,000 a person would be 3 trillion, which is about the amount they plan on dropping from helicopters, right now, and they're just getting started.

Remember, most of the printed money is now being used to monetize debt, which is by definition, helicopter money.

 

[RonZeplin]

Bernie Sanders' America

The Yang Bros are destroying America and turning it into a third world socialist craphole.

Bernie Sanders' America

 

[Krugminator2]

I just listened to Schiff on Joe Rogan's show in 2018. He seemed so prophetic saying the stock market will collapse and there will be a deep recession.

Yes very prophetic in a Miss Cleo/tarot card reader sort of way. Not actually sure I have ever seen someone be more wrong, more of the time than Schiff.

Was he prophetic in 2010 Peter Schiff: U.S. Is in a Depression https://www.thestreet.com/investing/stocks/peter-schiff-us-is-in-a-depression-10790377

How about 2011 "Peter Schiff: Why it’s time to dump most U.S. stocks https://www.investmentnews.com/peter-schiff-why-its-time-to-dump-most-u-s-stocks-31335

Was this prophetic in 2012 "Peter Schiff: Gold to $5,000 in Two Years" https://www.cnbc.com/video/2012/10/25/peter-schiff-gold-to-5000-in-two-years.html

How about 2013 Economist Peter Schiff Forecasts Second Crisis to Hit Around 2013 https://ivn.us/2012/10/28/peter-sch...sis-forecasts-the-worst-to-come-around-2013-2



Was he prophetic in 2015 https://fortune.com/2015/11/06/peter-schiff-christmas/ "chiff, the CEO of Euro Pacific Capital, warned that “we’re teetering on the edge of an official recession,"

 

[Warlord]

Yes very prophetic in a Miss Cleo/tarot card reader sort of way. Not actually sure I have ever seen someone be more wrong, more of the time than Schiff.

Was he prophetic in 2010 Peter Schiff: U.S. Is in a Depression https://www.thestreet.com/investing/stocks/peter-schiff-us-is-in-a-depression-10790377

How about 2011 "Peter Schiff: Why it’s time to dump most U.S. stocks https://www.investmentnews.com/peter-schiff-why-its-time-to-dump-most-u-s-stocks-31335

Was this prophetic in 2012 "Peter Schiff: Gold to $5,000 in Two Years" https://www.cnbc.com/video/2012/10/25/peter-schiff-gold-to-5000-in-two-years.html

How about 2013 Economist Peter Schiff Forecasts Second Crisis to Hit Around 2013 https://ivn.us/2012/10/28/peter-sch...sis-forecasts-the-worst-to-come-around-2013-2



Was he prophetic in 2015 https://fortune.com/2015/11/06/peter-schiff-christmas/ "chiff, the CEO of Euro Pacific Capital, warned that “we’re teetering on the edge of an official recession,"

He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.

 

[Krugminator2]

He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.

Right about what? He was wrong about everything. We weren't in a depression in 2010. Gold didn't go to $5000. The stock market has still quadrupled since he was dooming in 2008 even after this sell off. If you listened to Schiff you missed the bull market of a lifetime. Couldn't have been more wrong. That is a fact.

 

[devil21]

He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.

And by "kept it going" it mostly meant propagandizing the general public into thinking that things were dandy, even as the currency continually lost more value and their rising stock market "wealth" was merely accounting gimmicks that quite obviously can disappear much faster than it was amassed. They were tricked into believing they were richer, as the food servings got smaller and smaller and were replaced by fillers and additives, rents and mortgage prices rose causing taxes to rise while the quality of construction fell, car loan terms became longer (how much car can you afford became how much can you pay per month?), the list goes on and on. Practically everything became a confidence game since 2008 and probably even since the dot com bubble and bust. Sure, some good things were accomplished in that time period like our ability to communicate as we are from random parts of the world almost instantly but make no mistake, the economy was turned into one giant Enron in the meantime.

 

[Warlord]

Right about what? He was wrong about everything. We weren't in a depression in 2010. Gold didn't go to $5000. The stock market has still quadrupled since he was dooming in 2008 even after this sell off. If you listened to Schiff you missed the bull market of a lifetime. Couldn't have been more wrong. That is a fact.

This is from 2018:

https://www.youtube.com/watch?v=3u7kDfEtKfs

Fast forward to: 2:07

Schiff specifically says we're in a bubble that will burst and that 2008 was just the start.

'We're all living in a bubble, based on cheap money. Why is the stock market so high? Because of buybacks. Record debt, record credit card debt. We have huge budget deficits, huge trade deficits. The economy is not real. It's an illusion just like in 2008".

He also says the Fed will cut rates to zero and expand their balance sheet. This just happened!!

 

[Krugminator2]

This is from 2018:

https://www.youtube.com/watch?v=3u7kDfEtKfs

Fast forward to: 2:07

Schiff specifically says we're in a bubble that will burst and that 2008 was just the start.

'We're all living in a bubble, based on cheap money. Why is the stock market so high? Because of buybacks. Record debt, record credit card debt. We have huge budget deficits, huge trade deficits. The economy is not real. It's an illusion just like in 2008".

He also says the Fed will cut rates to zero and expand their balance sheet. This just happened!!

We had the longest economic expansion in US history and he was dooming the whole time. If you listened to him, you missed a market that went up five fold. Recessions happen. 2008 was just the start? That was 12 years ago. How the does that help anyone make money who isn't an immortal vampire who will live forever? I guess if you plan on living for 2000 years maybe he is "right".

 

[Warlord]

We had the longest economic expansion in US history and he was dooming the whole time. If you listened to him, you missed a market that went up five fold. Recessions happen. 2008 was just the start? That was 12 years ago. How the does that help anyone make money who isn't an immortal vampire who will live forever? I guess if you plan on living for 2000 years maybe he is "right".

Indeed he was because it was a phoney expansion. He was saying THIS WONT LAST as the market was making new high's. He was saying there will be a crash, mass unemployment and a deep recession and guess what? He's RIGHT!

 

[bv3]

Maybe. That probably is true. I don't see any need to hasten the process of going to zero though. I am in favor of delaying the adjustment of having 20%+ of population unemployed for as long as possible. Not something I am embracing with open arms.

That's the thing though, reality isn't concerned with your embrace, nor mine. Or rather put: reality embraces you.

 

[devil21]

Thread started in 2009.....

https://wolfstreet.com/2021/05/12/i...nce-2007-but-its-a-lot-worse-than-it-appears/

 

[devil21]

These days, Grant and Gundlach and Schiff are the only mainstream voices I pay any attention to when they speak. eta: And Josh Brown on CNBC (love that dude).

Speaking of unicorns and malinvestment, is it any wonder that WeWork imploded? Perhaps some knew back then that "social distancing" would make their shared workspace concept entirely nonviable.

Josh is off my list now. He sold.

 

[devil21]

A fine time for a thread bump.

 

[acptulsa]

By the way Gold was $1080 an ounce in Oct 2009 (when [MENTION=2727]devil21[/MENTION] started this thread) so those who got out have done pretty well. I wonder what the next 11 years will bring.

Only took eight to drive it up to $1784--if you can get physical for that.

 

[devil21]

Only took eight to drive it up to $1784--if you can get physical for that.

Yeah, physical premiums have become ridiculous on both AU and AG. AG especially.