Hey Mark! I saw the Daily Show with Mr. Schiff and was impressed and a bit frightened by what he said. I hope he's wrong, but I fear he is right on the (lack of) money.

Way understood! Man ... you are an old hippie.

Here's link to the interview: http://www.thedailyshow.com/video/index.jhtml?videoId=230058&title=Peter-Schiff

saw it ... I was a bit frightened too ...

Oh jeez, the pete seeger video made me weep as soon as he began to sing.

When will they ever learn?

Never, never, it is "our" fatal flaw. It will prove our undoing and will wipe out any trace of intelligence, scientific achievement, and artistic expression. We will be gone save for some etchings on a space explorer and some detritus of ours left on our moon and Mars. Such a waste.

I screwed up this post all from the beginning. It started when I pasted Joan Baez singing, when as the title suggests, the focus in on Peter Schiff.

Then I compounded the problem, by then having two consecutive music videos (Baez and Seeger) and NO Schiff.

Now I've finally gotten it straight.

Thanks all for Your patience and tolerance.

Schiff, Leslie may be the most prescient of all the ANALysts. I've followed him for years.

The Austrian School of economics of which he is a disciple, is oft derided by both the left and right as outdated - antiquated.

Yeah, right, and I am a foreign policy analyst, because I can see Russia from my "summer" home in Wasilly!

Good old(e) reliable Mr. Mustard, my Dear friend - I can always count on You to show up early, whether or not I blog-whore a mass mailing or not. Thank You VERY much - more than You can imagine.

Thank You Very Much, 1_Irritated_Mother. I do hope you saw this before the major screw-up on my part.

Once again I thank You all for Your patience and consideration.

Ablonde, As I've often quoted:

Einstein said insanity is the "art" of repeating the same mistakes over and over again, and expecting different results.

Was HE gazing into our future when he said that.

Please folks, as Peter said, there are very few safe havens at times like this.

Precious metals and raw materials, and in the BRIC (Brazil, Russia, India, China).

You'd be surprised at just how many of these are dual listed - both in their country and on the Amex, Nasdaq, % NYSE.

I just took my profits on a 3 month triple on ACH (Chinalco) China's biggest aluminum and other metals (copper, etc):

http://stockcharts.com/charts/gallery.html?ach

And yes, Ablonde, Pete Seeger ALWAYS tears me up.

"I thought grown men aren't supposed to cry"

Grown men who don't cry, aren't grown at all!!!

Ahem, I didn't have time to watch the videos yet Mark... so I'm using this comment to mark my place.

It sounds well worth the time.

Thanks Jay, It is always edifying to see You around here - If the future direction of the economy is of concern to You, You will find much to enlighten You from him;

Peter David Schiff (born March 23, 1963)[1] is an American economic commentator, author and licensed stock broker who currently serves as president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut which he owns.[2]
Schiff is best known for his bearish views on the United States economy and for his prescient predictions of the economic crisis of 2008.[3] He has risen to media prominence following the publication of his book Crash Proof: How to Profit From the Coming Economic Collapse, published in 2007.
Schiff appears on American financial news programs on networks such as CNBC, CNN, CNN International, Fox News, Bloomberg TV and Fox Business.
Schiff is a supporter of the Austrian School of Economics and the Ludwig von Mises Institute[4], and was an economic adviser for Ron Paul's campaign in the 2008 Republican Party primaries, through which Schiff also expressed support for sound money, limited government, and free market capitalism.

Which i was VERY remiss in adding to the blog, and which I will know add, thanks to You.

There were quite a few economists who predicted the collapse of the housing bubble (Krugman, Roubini etc.), so I don't think the fact that Schiff was one of them lends any more creedence to the Austrian school. The whole "sound money" and laissez faire bit is very 1890s. Been there, done that - and it doesn't work very well.

An unregulated market is a market where everyone is scared stiff, interest is high and investment low. High interest rates would definitely have kept borrowing down, but it would also be a constant break on economic growth. A certain amount of gambling is necessary for growth. We just need to make sure it doesn't get out of hand - which should be perfectly possible, if there's a political will and a minimum of competence.

Dear John Mortimer,

I couldn't agree more. Thanks for coming on over - heed Sciff, he7s the real deal. Will have tiny little wife order the books.

I'd, already read excerpts of Krugman's book, but quite honestly had never heard of the other.

Thanks for the heads Up.

But, my dear friend Norwonk, is there a political will and ANY competence at all?

Thanks for coming by and added a contrarian indicator.

Most of my best stock picks arrived to me as a result of contarian indicators.

When a stock starts to move, pinched by the big Boy, the little guys stampede to the action and then as quick as it rises, it soon peaks and the big boyz (hedge funds, mutual funds, the fed, etc.) sell at the top and gain amazing returns on a bait and switch co-ordinated by all.

` Larry;

Glory, huh;

Mine eyes have seen the glory
Of the coming of the Lord;
He is trampling out the freedom and habeas corpus, too
Where the grapes of wrath are stor'd;
He hath loos'd the shock and awe
Of His terrible swift sword (ha ha ha):
Whose truth is marching on?
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Whose truth is marching on?

I have seen Him in the whiteknights aryan websites
Of a hundred circling camps,
They have builded Him an altar
In the evening dews and damps;
I can read His "righteous?" sentence
By the dim (VERY dim) and flaring lamps:
Whose day is marching on?
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Whose truth is marching on?

I have read a fiery gospel
Writ in burnished rows of steel:
"As ye deal with My contemners,
So with you My grace shall deal:"
Let the Hero born of woman
Crush the saddam, asama and obamalong dig dong with His heel,
Since God is marching on.
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Whose truth is marching on?

He has sounded forth the trumpet
That shall never call retreat;
He is waterboarding out the mouths of men
Before His judgment seat.
Oh, be swift, my soul, to answer Him!
Be jubilant VER jubilant (I fail to see the joke), my feet!
Whose God is marching on?
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Glory, glory, hallelujah!
Whose truth is marching on?

In the beauty of the lilies
Christ was born across the sea,
With a glory in His bosom
That transfigures you and me;
As He died to make men holy
Let us die to make men free,
While God is marching on.
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Glory, gory, hallelujah!
Whose truth is marching on?

Ya know, John Mortimer Esq., I think this all began in the eighties or earlier, when the barrage of commercials, and commercial signs every where blinking neon undulated, and otherwise, came into our Lives,

Baseball stadiums with which used to have simple signs along the ballfield walls now had cheerleaders, and every inch of space polluted with all manner of distractions.

I, also, read a real lot every day to try find the truth - I have firty bookmarked stock sights. No matter where I go people can't seem to make heads or tails of what is going on.

Thank G-d for antiwar.com and salon.com, I can usually find the truth within the words of Glenn Greenwald who copious studies these matters and attributions, which back up his contention.

I think it was not an accident, but a deliberate attempt to confuse the citizenry, so the government could do whatever the heck they dam*ed well pleased, and right before our eyes, as we all were so befuddled by necessary distractions.

Cognitive dissonance they wanted and cognitive dissonance they gave us.

If I could rate Your comment, I would.

AND BTW, I've written OS and asked why we can't rate comments.

"But why is the economy and Stewart juxtaposed to Pete Seger? I don't get it."

Because i thought that the economic destruction of our country is self induced by government and Obama's "policies.

Pete Seeger speaks to the futility of war, and asks when will we ever learn, the same kind of question Schiff implies.

Good quertion - I hope You understand my rationale.

MIJ,

I'm not there with you yet to be laying it all on Obama, as he has only been here a bit during this decades long fleecing, and I'm not good at political arguments because I do not read as much on it as many here do. Anyway, it is difficult to believe much of what I do read. So quoting something or other to make my point always makes me suspicious that I have been masterfully duped.

I saw the clip on the show and wished they had not cut away as Stewart asked about hyper-inflation as our next walloping blow. I wanted to hear more of what he had to say but it was time for the network to sell laundry detergent or dog food or some such product.

This comment you left in response above resonates:
"I think it was not an accident, but a deliberate attempt to confuse the citizenry, so the government could do whatever the heck they dam*ed well pleased, and right before our eyes, as we all were so befuddled by necessary distractions. "

It seems to be part and parcel of Hegel's didactic:
Thesis + Antithesis = Synthesis, the mantra and cry of the Bilderbergers, IMF, CFR etc. as they lead us toward a shrunken world where alms for the poor may soon be the sumptious repast we are all forced to share.

Rated.

I also watched the show and from personal experience (I owned and operated a correspondent lending company in Florida until four years ago), I can categorically tell you that the root for the mess we are in is definitely NOT low interest rates. This is complete and utter hogwash!

Wall Street Bankers created financial products based on mortgages and other debt, they essentially came up with a formula that allowed them to capture 30 dollars worth of investor money by backing it up with one dollar of borrowed mortgage money – Those were very profitable transactions – So they purchased any and all mortgages they could get their hands on. So it came to pass that in order to keep the profits rolling they lowered the standards for lending – They essentially told lenders to get as many mortgages as possible and they immediately purchased them – so banks and lenders provided the product that Wall Street required. As a matter of fact, to keep the scam going Wall Street also purchased unsecured consumer debt such as credit card debt. All of this debt was then “bundled” or “securitized” and investment paper (mortgage backed securities, derivatives etc, etc.) was sold on the financial markets that promised great returns through a convoluted set of formulas and algorithms understood by no one but the “sharpest minds”. Of course the same folks who peddled these financial instruments were the same folks who rated them as triple “A” quality paper.

When investors began to question the safety of these investments, Goldman Sachs came up with “credit default swaps” (CDS’s) which are basically “insurance policies” on the investments, this was allowed by further deregulating the markets. The CDS’s insured the investment paper peddled by the investment bankers. The whole thing was a gigantic pyramid scheme bigger than anything the world has ever known. It was bound to collapse. This is the reason for AIG's massive losses, they were a big provider of CDS's.

The plan was to have Mr. Bush privatize Social Security and use those funds to keep the party going longer, however this was resisted by the people and the whole thing came crashing down before he could leave office. Imagine the size and scope of that mess.

This economic catastrophe was not caused by low interest rates – it was caused by “free and unfettered markets, greed and lack of regulation.

Although Mr. Shiff seems to make a lot of sense he does not tell the whole story. I felt like screaming at the T.V. when Stewart let him spew that bit of misinformation in order to promote exactly what caused the mess. Anyone who, at this late stage of world history, promotes a libertarian ideology of free and unfettered markets is as deluded as those who promote Marxism – Both ideologies fail to take into consideration human nature. If you want unfettered and unregulated society go live in Somalia this is the end result of total deregulation and total market freedom – no holds barred.

All of that aside, of course anyone knows that in order to make money you must provide goods and services. If the US quits manufacturing or producing stuff to sell to the rest of the world, it will eventually go broke. We cannot maintain our wealth by peddling pipe dreams and Ponzi schemes. We cannot keep purchasing stuff from the rest of the world by using borrowed money, this is a lesson many college students learn with their first credit cards.

Thank You for Your sage comments, alsoknownas - I agree with You 100% and am so happy to see a new face here. Please do come back often, the door is always wide open to You sir, and always welcome to see Ya' at mark's place.

Francisco, I respect Your comments, but beg to differ on a key point.

Your analysis IS spot on, but as for manufacturing the best we have going for us is arms, and we sell to any and all willing to pay the price. We sell to both sides engaged in wars and were there a war on Mars, we'd be there in a NYC milli-microsecond.

I think we've spent ourselves into a hole so deep, that we can hardly afford to rebuild our dysfunctional educational "system (if you believe it's a system I think the bridge to nowhere is still up for sale on Ebay and getting cheaper by the day)", let alone our equally dysfunctional medical "system."

There simply is no money to resurrect most of our what once was a manufacturing economy. Has anyone ever heard of any country anywhere that engages in 2 wars simultaneously AND cuts taxes. Utter insanity. Guns AND butter has never worked and never will.

I think hyper-inflation is around the corner.

I have patiently watched my ACH (Aluminum Company of China) become a 3 month triple and now have tight trailing % stop sell under it.

I'm considering DRYS (bulk shipping) @ $7.00 even though I've tried to restrict myself solely to BRIC country stocks, but DRYS was $128 per, a a year and half ago, so I need to do some more due diligence.

Thanks for stopping by, and come more often - I could use your wisdom to help me recover massive losses that I should have seen coming that Peter Schiff did, but I didn't listen and followed my intuition which in retrospect was way off!

Thanks for yet another enlightening post, Mark. You might also be interested in Charlie Brooker’s take on the economy in the first episode of Newswipe. Brooker offers a short-attention-span–friendly primer on the lending crisis from the UK perspective. The whole series is bloody brilliant, really. But so is almost any British television show compared to an American one (with the exception of gems like The Daily Show, of course).

We also wanted to alert you to a technical error we encountered when trying to play The Daily Show clip. After pressing the play button, we got the following message: “Embedding disabled by request.”

Clicking on the video itself gave us this message: “This video is not available in your country due to copyright restrictions.”

Not sure if you can embed the clip directly from The Daily Show’s website, but if it’s any help, here’s the link we ended up using to view the interview.

Bye now!

m&m

Scary to say the least . . . the second vid made me cry.

Very understood.
Rated.

PS, I hope you are feeling better.

It is frightening and possibly prophetic. I'm an old hippie with a clean cut looking hair cut. I wish I could work on my own and for myself and let my hair grow out as long as I want... (just thinking out loud, sorry).
Rated

All the flowers of our youth, and this present generation have gone to Potters Field where the Poppies Grow. Sold and gone before the capitalist whip.

The first vidio must have shown something too powerful, therefore it had to be taken down. US must learn to hear, not only listen. And learn to linger in the music to act. Ralph Ellison's Invisible Man said that if only he had listen, not only "listen to the music, not just heard it; if I had lingered in the music than I would have acted.

We never seem to act, just listen to the propaganda and believe.

As soon as I heard "Where Have All The Flowers Gone", it sent me back to a whole different time of my life.
It also reduced me to tears, even though I just had to sing along with it.
Where did we all go wrong?

Maggie

Thanks for your kind words, Maggie, and others.

If You like the Seeger clip above, I suspect You'll LOVE this:

http://www.imdb.com/title/tt0367555/

When we stop, look, listen, and pay attention, we can understand other things like why the Rabid Right don't want American school children to listen to President Obama's speech on education. Genuine Education gives you an intellect, and an Intellect makes you think and question those who claim authority.

An Neoconservative education teaches that you are poor or unemployed because you are undeserving. You are sick because you have not prayed enough. You are unemployed because you are not of the Chosen. And finally, the best place for any student is in the army. For with our army, we can conquer the world and get rich, us, that is not you.

This MAC I am working on today does not want to download visuals. I think it is on strike because I don't know the password. I think I heard Schiff on NPR and it seems futurist are coming out of every crack to tell US our future is crap. May he has the password. He should tell the banker: Stop and Go directly to jail.

Pete Seeger brought tears to my eyes once again. Haven’t heard that sad dirge in many years, now I’ll have to buy it. It brought me to Reminiscing about JFK who I only met once, when my mom, my girl friend, my sister, one of my baseball pals me, we were all went to O'Hare Airport to his Hotel room to talk to him. We all going to work for JFK in the town of Oak Park Illinois for his election, before I went into the service. I recall how they murdered our best hope since FDR, two of the few men I have ever loved, the others, except Phil Cavaretta, Ted Williams and Babe Ruth, were all related.

The songs of that era were eerily like the ballads of WW II, which also bring me to a misty state.

They will NEVER learn and that is why from a Catholic I became one who accepts Planet Earth as the place where the worst souls are sent and a few of us who finally GOT IT to try to teach them to heed the signs. But they never listen to us rickety, old, Unknown Prophets.

Oops, almost forgot, I rated it!

Thanks for the comment on my post. You might want to look up halfpasthuman.com really man. Listen to the radio archives. I suppose that we are brothers in spirit so blessings upon you from above.

Profiting off the collapse. That's almost as evil as people like George Soros, intentionaly causing crashes, destroying the Asian market.