US economy expected to crash, time to buy bitcoin

[anu]

http://signup.moneymorning.com/X304Q318
But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.

That's according to Peter Schiff....
...

I very much respect Peter Schiff, but I think he underestimates the power of the government to spin markets. They will do *anything* to prevent a crash. That may include "socializing" the economy step by step, turning it into a pure command economy in the course of the next 10 years or so. Eventually, the West will go the way of Argentina and Venezuela, but this will take a while. The US still has the war machine to prevent anyone from undermining the USD.

To illustrate that, here is a Bloomberg quote about the easing of sanctions against Iran as a response to their agreement to stop developing nukes:

Some curbs on gold trading also will be removed. While Iran will be allowed to buy and sell precious metals, including gold, it will be barred from accepting them as payment for oil or any other sanctioned transaction, according to the officials.
http://www.bloomberg.com/news/2013-11-24/iran-agrees-to-historic-deal-with-powers-to-rein-in-nuclear-work.html

Obviously the fuss about Iranian nukes was mostly about that: Iran cannot trade oil for gold. They must trade it for USD like everyone else. Or else.

We even have to assume that the US will eventually lash out against China and even Russia with nukes when things get ugly and they lose their Dollar empire.

[Elwar]

Just keep in perspective what each site is selling.

Schiff is selling gold.

Bloomberg, Business Insider, Motley Fool, etc. are selling stocks and funds.

Most of the other media is selling socialism.

[nuff]

Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.

Some of us 'newbies' are not in for the speculation. It is only if you do not truly understand what Bitcoin is, that you might tempted to think it's nothing but a game, a scam or a ponzi whatever however you want to call it. Bitcoin CAN be used to speculate, to scam or for a ponzi scheme, just like paper fiat money. You don't warn people not to get into the 'hype' that is fiat do you?

This is going to be fun. OK help me TRULY understand Bitcoin. Sell it to me.

By the way how much did you pay for it(just curious), but you don't have to divulge this part. I understand.

First and foremost, what is your current understanding of bitcoin and how technically proficient are you? I recently explained bitcoin to my 82 year old grandmother using the email analogy and she immediately gets it, "you know, like how we were exchanging letters before and now we're exchanging emails?". Not only she gets it, but she can even see how any newfangled thing can be speculated, it's just human greed, and like any good responsible grandmother, told me to "not speculate and better save up on those bitcoins". So to me Bitcoin is never a gamble and I'm not in it to profit, well, not in the way of speculating at least, but a transition to cryptocurrency which, like it or not, is here to stay. Plus I never paid a single cent directly to acquire my bitcoins.

[BitCoinsLOL]

US economy goes down then it will take all other countries economy down too. Then we can go back to killing each other over food.

[zzojar]

When I was in the jungle of Bolivia, the only two currencies were alcohol and coca leaves. But I'm guessing that since we don't have coca leaves here in America, then the two currencies (in the event of an economic meltdown) would be alcohol and pot. I should start stocking up now.

[serenitys]

Actually it'd be alcohol and cigarettes over pot. More smokers in the usa than stoners 

[boumalo]

Just because someone is an author and a CEO does NOT mean he knows what he is talking about. They have been expecting inflation to go through the roof ever since QE started. The US inflation is around 2.5% annual and shows no sign of going up any time soon. Peter Schiff may be a smart guy but he is clearly wrong. Yes, the US economy will hit a rough patch here and there. Economy goes through  cycles, up and down, repeat, rinse and cycle again. So, I guess he will be right half the time, like anyone else.

Inflation is here : increase of the money supply, stock market and it is exported

Peter Schiff predicted the dotcom bubble in 2000 and the real estate bubble, he was one of the only one; he was very precise and his predictions were correct
He is not predicting a crisis, he is saying the crisis never ended and the gov/FED didn't let the crisis to happen which would have been better than what we will face

Do you think the FED can print without any negative consequences or unwind QE without any negative consequences?
Do you think the gov liabilities are sustainable??

http://signup.moneymorning.com/X304Q318
But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.

That's according to Peter Schiff....
...

I very much respect Peter Schiff, but I think he underestimates the power of the government to spin markets. They will do *anything* to prevent a crash. That may include "socializing" the economy step by step, turning it into a pure command economy in the course of the next 10 years or so. Eventually, the West will go the way of Argentina and Venezuela, but this will take a while. The US still has the war machine to prevent anyone from undermining the USD.

To illustrate that, here is a Bloomberg quote about the easing of sanctions against Iran as a response to their agreement to stop developing nukes:

Some curbs on gold trading also will be removed. While Iran will be allowed to buy and sell precious metals, including gold, it will be barred from accepting them as payment for oil or any other sanctioned transaction, according to the officials.
http://www.bloomberg.com/news/2013-11-24/iran-agrees-to-historic-deal-with-powers-to-rein-in-nuclear-work.html

Obviously the fuss about Iranian nukes was mostly about that: Iran cannot trade oil for gold. They must trade it for USD like everyone else. Or else.

We even have to assume that the US will eventually lash out against China and even Russia with nukes when things get ugly and they lose their Dollar empire.

He is saying that

[aminorex]

Actually it'd be alcohol and cigarettes over pot. More smokers in the usa than stoners 

Not any more I think.  But I would definitely add brass and lead to the list of worst-case currencies.

[aminorex]

US economy goes down then it will take all other countries economy down too. Then we can go back to killing each other over food.

These things are matters of degree.  An economic downturn is unlikely to result is social disintegration, in and of itself.  A collapse of the USD, for example, would not be an apocalyptic scenario in practice.  Surely an apocalyptic scenario might precipitate a collapse of the USD, but the converse does not seem to be highly probable.

[aminorex]

I very much respect Peter Schiff, but I think he underestimates the power of the government to spin markets. They will do *anything* to prevent a crash. That may include "socializing" the economy step by step, turning it into a pure command economy in the course of the next 10 years or so. Eventually, the West will go the way of Argentina and Venezuela, but this will take a while. The US still has the war machine to prevent anyone from undermining the USD.

A crash may be planned.  That is one of the most direct means by which one can gain control of the material wealth of a society when one has control of the monetary system:  Successive planned cycles of inflation and deflation.  Recently the Fed board have been making noises about taking action against asset bubbles.  This may be telegraphing their intention to crash the stock market.  

I speak hypothetically and subjunctively.  I do not claim this is a current plan.  I merely observe that it might be.

[Bit_Happy]

The crash is so over-due it's really hard to tell how much longer it can be delayed:
4 weeks
or
7 more years?
Both are possible...

[ElectricMucus]

Check out this article:

http://signup.moneymorning.com/X304Q318

Washington is engaged in a massive "campaign" to make Americans believe the economy is in recovery.  But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.

That's according to Peter Schiff...

Stopped reading right there. The guy is an idiot, has been predicting imminent economic doom for what seems like forever. He has been featured from schizophrenics like Alex Jones and that's not even the worst part. Worse he's uphold as some sort of guru from Libertarian armchair economist types, an insufferable mixture.

He's been right about as many times as a broken clock is right twice a day. The crisis was no surprise in serious economic circles there are plenty of saner individuals who actually had valid explanations for the thing.

[cooltoadfrommoon]

If there is a true economic collapse Bitcoins will mean nothing...

People will switch to the barter/trading system for goods/services.

Food, Shelter, Medicine and Self Protection will be valued the most.

cannot agree more

[aminorex]

If there is a true economic collapse Bitcoins will mean nothing...

People will switch to the barter/trading system for goods/services.

Food, Shelter, Medicine and Self Protection will be valued the most.

cannot agree more

Bitcoin may actually prevent the kind of stone age collapse to which you refer.  If it does not, then that will be because the event precipitating the collapse eviscerated the networks, as e.g. an X-class solar flare.

[serenitys]

Actually it'd be alcohol and cigarettes over pot. More smokers in the usa than stoners 

Not any more I think.  But I would definitely add brass and lead to the list of worst-case currencies.

Actually, I recant...I forgot recreational use was legalized so yeah, stoners definitely coming out on top 

[GREEDYJOHN]

IT IS TIME TO BUY BITCOIN, PRICES MAY EVEN GO LOWER. IT ALL DEPENDS ON THE TIME FRAME OF THE PRICE MANIPULATORS.

[DoomDumas]

Just because someone is an author and a CEO does NOT mean he knows what he is talking about. They have been expecting inflation to go through the roof ever since QE started. The US inflation is around 2.5% annual and shows no sign of going up any time soon. Peter Schiff may be a smart guy but he is clearly wrong. Yes, the US economy will hit a rough patch here and there. Economy goes through  cycles, up and down, repeat, rinse and cycle again. So, I guess he will be right half the time, like anyone else.

2.5% annual inflation is from the actual method of calculation...  Dont get fooled by those flalse number..  Lookup inflation as it was calculated in the 1980's

You'll be surprised that inflation is really high, and actual.. just hidden and tricked !

[boumalo]

Just because someone is an author and a CEO does NOT mean he knows what he is talking about. They have been expecting inflation to go through the roof ever since QE started. The US inflation is around 2.5% annual and shows no sign of going up any time soon. Peter Schiff may be a smart guy but he is clearly wrong. Yes, the US economy will hit a rough patch here and there. Economy goes through  cycles, up and down, repeat, rinse and cycle again. So, I guess he will be right half the time, like anyone else.

2.5% annual inflation is from the actual method of calculation...  Dont get fooled by those flalse number..  Lookup inflation as it was calculated in the 1980's

You'll be surprised that inflation is really high, and actual.. just hidden and tricked !

It isn't even hidden that well and it is going to be so high that even the tricked official numbers will get pretty high in the coming year, Yellen is not going to do the right thing, she is going to do what she believes in and what she said she would if it gets tough : more QE

[MonadTran]

Economic collapse worse than the great depression as many predict. Sure, the most valuable assets will be food, fuel, ammo, and crypto.  

not crypto

ammo yes, lots of ammo

if u don't have guns ur in trouble

In a true zombie apocalypse scenario I would go for vodka and fuel. As someone who's seen the collapse of the USSR, vodka is the way to go. Maybe whiskey, to account for local traditions Guns are only required for those who already have lots of whiskey and fuel, to protect those - or if you are planning to go on the offensive.

[BittBurger]

Seems like those predicting the collapse of anything, are pretty much always wrong.

As I recall, Obama was supposed to "destroy america" in his first term.  When he didn't he surely was "free to destroy america" in his second term because of structural changes in govt.

He didn't.

I told everyone before he got elected that we'd be alive and well after both terms. 

Life goes on.  People are crazy.

-B-