Peter Schiff and Jesse Kelly on FirstTV.
Recorded 9/13/23
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Are We Headed For Economic Disaster?
The world is currently facing unparalleled uncertainty due to the ongoing COVID-19 pandemic. Governments have imposed nationwide lockdowns, businesses have shut down, and millions of people have lost their jobs. As we navigate through these challenging times, a pressing question arises: Are we headed for an economic disaster?
The global economy is undeniably experiencing severe turmoil. Stock markets have plunged, supply chains have been disrupted, and consumer spending has significantly decreased. This combination of factors has led to a bleak economic outlook in many countries.
One of the immediate and profound impacts of this crisis is the rise in unemployment rates. Businesses, especially those in the retail, travel, and hospitality sectors, have laid off staff or closed down completely. As a result, countless individuals are facing financial hardship, struggling to meet their basic needs. This job loss wave creates a ripple effect, affecting other industries and impeding economic recovery.
Furthermore, the pandemic has disrupted global supply chains, causing shortages and price increases. Businesses are facing difficulties in sourcing materials, components, and finished products, leading to delays in production and delivery. This disruption has significant consequences for both businesses and consumers. Companies may face declining revenues and financial strain, while consumers may experience reduced access to essential goods and increased prices.
Government stimulus packages have, to an extent, helped alleviate the worst economic impacts. Measures such as direct cash transfers, loan forbearance, and wage subsidies have provided temporary relief. However, these measures are not sustainable in the long term and may lead to a significant increase in government debt. As countries struggle to recover economically, the burden of this debt will likely fall onto future generations.
The crisis has also exposed the vulnerabilities in the global financial system. Countries that heavily rely on tourism, foreign investments, and exports are particularly affected. With restricted travel and diminishing international demand, the economic prospects of these nations are uncertain. Additionally, emerging economies that lack robust healthcare systems and strong social safety nets face an uphill battle in managing the pandemic’s economic repercussions.
While these factors paint a grim picture of the current economic situation, it is important to recognize that the full extent of the damage is still unknown. Economies have shown resilience in the past, rebounding after recessions and other crises. However, the road to recovery will be challenging and may take years.
Addressing the economic disaster requires a multi-faceted approach. Governments must focus on promoting job creation, investing in infrastructure projects, and supporting industries that have been most affected. International cooperation is crucial to ensure supply chains are restored, preventing a prolonged economic downturn.
Additionally, economies should use this crisis as an opportunity to diversify and strengthen their resources. Relying too heavily on a single sector or market can leave a nation vulnerable. Diversification would provide greater economic stability, reducing the impact of any future crises.
It is paramount for governments, businesses, and individuals to adapt to the changing economic landscape. While the current situation may seem dire, it is crucial to remain hopeful and proactive in finding solutions. Together, we can navigate these turbulent times and work towards rebuilding a stronger and more resilient global economy.
If I had a penny for every time Peter schiff said we’re headed for an economic disaster……………….……………………………..
Grifter grifting
Да, все это произойдет и доллар, возможно, обанкротится. Но все же нельзя так шаблонно рассматривать и применять к этому случаю историю краха других стран. Попробуйте представить доллар как будто бы это был живой организм. И не просто организм, а нечто огромное, которое разрослось до чудовищных размеров. Что бы он сделал перед смертью? Возможно, ушел бы в лес и тихо умер. А возможно, он в предсмертной агонии снесет все что было вокруг в попытке выжить. Я не хочу предрекать плохое, но есть опасность большой войны, и не исключено, что ядерной. Боже, пускай бы я ошибся.
Peter Schiff is spot on the mark .
It all depends on the knowledge and strategies employed, but I've seen people make seven-figure profits in declining markets just as easily as they do in rising ones. There is no denying that some people have benefited significantly from the recession and crisis.
Peter has correctly called 328 of the last 2 stock crashes.
We've been hearing this for 3years now. The economy sucks, but evidently it isn't going to collapse. At least not in the near future.
This guy has been calling the crash for the past 6 years and the economy has gotten even stronger. So damn off, fear mongering. Ppl who listened to him and went in the defense could of built real wealth within that time. Yes a slow down will happen but it didn’t happen in the period ms he claimed it did. Fear sells.
Just another gold scammer!!
I can not wait for the big crash I hope a lot of people suffer and it is worse than 1929
We're in Uncharted Financial Territory! Every day, we face obstacles that have become the new norm. Although it was initially viewed as a crisis, we now recognize it as the new normal and must adapt accordingly. Given the country's present economic troubles in 2023, how can we increase our revenues during this period of adjustment? I cannot let my $800K savings disappear after putting in so much effort to build them.
Schiff is the GOAT
The issues/spiral should be in full swing in 2025.
Let's assume that America's money/debt is now controlled by our federal politicians. Many many many individuals are trying to keep their jobs. These individuals are saying whatever so they can kick the can down the road until they get their spots back during the elections and appointments.
Dude will be right one day eventually ofcourse
Bullshit they collected taxes for me for 45 years for my Social Security. Do you want thing I don’t like about you Peter is you talk about getting rid of that? I don’t have many options at my age.
If inflation keeps going up my family and I might starve lose the duplex we rent and have a drastic downturn in my everyday living like gas and food.. I'm very worried I'm an hour employee..
Nesara/Jesara wait for it.
3.7% isnt real .. the real number is 7.4%
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
He has been saying this stuff since 2008…look it up…made his career on the same thing since.