ROBERT WILLIAMS: Hi there. I’m Robert Williams, the Founder and Publisher of Wall Street Daily.
I’d like to thank you for joining me for this exclusive event with bestselling author, global asset manager, and world renowned financial expert Peter Schiff.
Even if you think you don’t know Peter’s work, odds are that you do. Peter’s brilliantly timed 2006 trade against the housing market inspired the book – and the academy award-nominated movie – The Big Short.
But now, a decade after Peter first predicted the Subprime Mortgage Meltdown, he’s issuing an even more serious warning.
The warning concerns a Category-5 hurricane ready to make landfall. As you’re about to discover, the United States federal government will soon be forced into default.
In fact, Peter says in his latest best seller, The Real Crash, that Armageddon is inevitable. So he and I have joined forces to deliver an important warning to Americans for 2016.
Much of today’s content has never been released to the American public before now, including financial proof that the federal government is already completely insolvent.
Last resort manipulations by the Federal Reserve, actions just taken, have now moved the day of reckoning even closer. The likelihood of a system-wide failure over the next 12 months is very real.
Now, I want to be absolutely clear on something right from the top.
Nothing can prevent the crisis at hand from occurring. Every emergency fiscal measure has already been exhausted, and policymakers at the highest levels of government have begun preparing themselves – and their families – for financial Armageddon.
Many of them, in fact, are following the strategies Peter outlines in his book,The Real Crash. There’s still time for Americans to prepare, too, which is why I’m calling on the one man who accurately forecasted the 2008 financial crisis, Peter Schiff, to throw Main Street America a lifeline yet again.
Peter’s now-famous first book, Crash Proof, included very specific strategies that any ordinary taxpaying American could have used to make millions during 2008’s chaos.
But the stakes are even higher in his latest book, The Real Crash.
Now, a word of caution before Peter and I peel back the layers of the coming crisis.
“Be ready to feel outraged, troubled, and – frankly – scared.”
Imagine a world where the banks have frozen your assets, and the government can’t provide basic services, like police and fire rescue.
Well, you can still avoid becoming collateral damage.
I printed a limited number of copies of Peter Schiff’s latest bestselling book,The Real Crash, fully updated for 2016. And I’m giving away every single copy – for free – until my supply runs out.
In a few minutes I’ll show you how to secure your free copy while there’s still a few left. But first, Peter’s urgent warning to Americans.
Peter, you sent a letter to investors dated August 22, 2006.
In it, you describe in detail the housing bubble on the verge of bursting. You even gave investors a blueprint for profiting from such a crisis.
Now, it wasn’t to short the homebuilders. You said the greatest opportunities would lie in the downward spiral of the financial sector.
Needless to say, you were eerily prophetic. But did you understand just how right you’d be?
PETER SCHIFF: Not only did I understand how right I was going to be, but I actually expected something much worse to happen as a consequence.
And I still expect that, because what happened in 2008 wasn’t the end of the crisis. It was just the beginning.
But in looking back at the prior bubble in the stock market… At the time, I recognized the difference between the stock market bubble and the real estate bubble.
In the stock market bubble, people were speculating with their own money. In the real estate bubble, they were speculating with somebody else’s money. It was the bank’s. It was the lender’s.
So my blueprint for profit was to short the mortgages themselves. Wall Street had created these packaged products of mortgages – particularly the subprime mortgages – which were bundled in a way to create the illusion that these mortgages were ultimately high credit quality.
In fact, many of these subprime mortgages were rated AAA. But of course, some of them were rated much lower than that. It was the lower tranches that we were recommending shorting.
And that was the first letter in a series of three that I sent out trying to get people interested in the hedge fund that we were establishing – specifically to short subprime mortgages.
Now, trying to find investors for my hedge fund, I accepted an invitation from the Western Regional Mortgage Bankers Association, which was a group of 3,000 mortgage bankers.
I went there in later 2006 to talk about the coming collapse in the mortgage market and the housing bubble – and to try to find investors for my hedge fund.
You can see the entire one-hour presentation on YouTube. But what youcan’t see on YouTube is the workshop that I gave subsequent to that speech, which was specifically on the hedge fund that we’d created to short subprime mortgages.
And of the people who attended my workshop – maybe there were 50 to 60 of the 3,000 people that came – only one investor invested in that hedge fund.
“They wrote a book about that trade. And, in fact, more recently it turned into a movie,The Big Short.”
But imagine 3,000 people having the opportunity in the mortgage industry to short subprime mortgages – a year before they collapsed. And only one individual with the foresight to take advantage of it.
My warnings were specific. I didn’t just say, “Oh, we’re going to have a crisis.” I went into every specific detail of what the problem was and what was going to happen.
I have yet to see anybody write an explanation of the 2008 financial crisis – in hindsight – that is better and more accurate than what I wrote before it happened.
ROBERT WILLIAMS: Peter, how did you see this crisis coming a full year, perhaps a little bit more than that, before the President, Wall Street, Congress? How did you see that crisis coming when no one else could see it?
PETER SCHIFF: Well, I saw it a lot earlier than 2006.
You can go back to the internet and look at the extensive writings from 2004 and 2005 in which I described – in every detail – the housing bubble. How it was being inflated and what the source of the problem was.
I blamed mainly the Federal Reserve. I blamed Alan Greenspan and their low interest rates. But I went into all the problems in the appraisal industry, in the securitization industry. I went into the problems with Fannie Mae and Freddie Mac.
In fact, one of the predictions I made back then – and I repeated that in my original book, Crash Proof – was that both Fannie and Freddie would, in fact, go bankrupt.
That’s exactly what happened.
What I wrote about was that after the housing bubble burst, and we have this financial crisis, instead of learning from its mistakes and recognizing its role in creating the crisis, the government would double down on those mistakes.
That we would have the easiest monetary policy ever.
That the government would try to reflate the housing market and the stock market, which I also wrote would go down with the housing market.
I didn’t know what they were going to call it. They ended up calling it “quantitative easing.” I just knew that they were going to do it, and I knew that the result of that would be dramatic.
That the crash I was writing about in that book was not the 2008 crash. That was the precursor to the crash.
“The real crash is the one that’s still coming.”
It’s the one that is the consequence of all of the policies that the government has pursued ever since the 2008 Financial Crisis.
ROBERT WILLIAMS: That gets us to your latest book, Peter, The Real Crash, in which you’re warning investors that the real crash has still yet to come.
EDITOR’S NOTE: The revelations in Peter Schiff’s bestselling book, The Real Crash, are so important that Wall Street Daily is giving away a FREE copy to any American in need of a lifeline. To claim your free copy, .
2008 was just the tremor before the earthquake. In fact, you say that Armageddon is inevitable.
The next government shutdown won’t be theoretical. It’ll be real.
Home values will plummet. Jobs will disappear. Credit will dry up. The dollar will crash. And the government cannot be depended upon to provide basic services like police and fire rescue.
PETER SCHIFF: To me it feels like 2007, early 2008, all over again.
I’m screaming as loud as I can about this looming economic hurricane that’s just off the coast, and nobody can see it coming. And nobody wants to give me any credit even though I was right before.
Plus, the average American is ill-prepared for everything. That is the consequence of all this bad monetary policy and the moral hazards of the United States government.
Americans are not prepared at all for the events that are about to unfold.
If you go back and you look at the footage of the Great Depression, you see how civil Americans were. How orderly people waited in soup lines and bread lines.
The coming Great Depression will be worse than the 1930s.
That’s not America today. We have an America of people who feel entitled and are dependent.
When they first introduced welfare in the Great Depression, they called it relief.
People were embarrassed to take it. They didn’t even want to admit it. Some people actually paid the money back. They felt so guilty about having gotten money that they didn’t earn.
We don’t have that type of ethic, those type of rugged individuals, in America today.
“We’ve got a society that thinks that they’reowed a living.”
When this collapse comes, they’re going to be blaming somebody.
It’s going to be dangerous, especially in some of our cities. You see how they react to minor problems. You see how they celebrate when a team wins the Super Bowl or the World Series. You get rioting and looting.
Imagine what would happen if there was a genuine economic crisis.
Imagine what’s going to happen in our cities if the dollar collapses, and then we have shortages of goods – because the government imposes price controls.
Or what if there’s rolling blackouts because the government is rationing power. Because that’s what the government might do.
We had gas lines in the 1970s because the government didn’t allow the market to function – and they put in price controls. Well, do you think we’re any smarter now? No. We’re dumber! So we’re going to repeat those mistakes.
So imagine what’s going to happen in this country when there are shortages of basic goods, shortages of food, shortages of energy.
ROBERT WILLIAMS: Give it to me straight, Peter.
When you factor in the nation’s entitlement programs, you and I both know that the national debt actually exceeds $100 trillion.
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So tell me: Is America already insolvent?
PETER SCHIFF: We’re absolutely insolvent. That’s one of the main reasons that the Fed kept interest rates at zero for so long.
Even though they’ve nudged them up slightly, they’re still practically zero.
The reason for that is because America has so much debt that we can’t afford to pay a market rate of interest. If we were forced to, we would have to default.
Of course, you’re right. The actual bonded debt, which is now about $19 trillion (and is rapidly heading to $20 trillion), that’s the tip of an enormous iceberg.
The true totality of America’s liabilities dwarf the official debt.
It is closer to $100 trillion when you account for unfunded liabilities, Social Security and Medicare.
You look at all the off-budget items… The government has guaranteed all the debt of Fannie and Freddie, all the bank accounts, all the pensions, all the student loans.
You look at all these contingency liabilities, and we’re completely broke.
When you’ve borrowed more than you can repay, default is inevitable. The only question is, “How do we do it?”
Do we do it honestly by admitting we’re broke and restructuring the debt? Meaning that people don’t get paid 100 cents on the dollar. That includes people who are expecting to get Social Security checks or government pensions. They’ll be told that they’re not going to get what they were promised – because the country is too broke to afford it.
Or are politicians going to try to paper over their inability to pay with a printing press?
Is the Federal Reserve going to monetize all this debt? Are they going to print all this money?
I believe that it’s going be the latter.
I think that that’s exactly what they’re going to do. They’ve laid a foundation for it. But they call it quantitative easing as if it’s a good thing. Well, I think we’re getting ready to have a lethal dose of quantitative easing.
Then I think we’re going to have a dollar crisis.
Americans need to take this seriously. If you were caught off guard, if you were blindsided by 2008, don’t be in that predicament again this time around.
Make sure that you’re prepared for this coming economic Armageddon.
THE DEATH OF A NATIONAL TREASURE
ROBERT WILLIAMS: The United States recently passed a very troubling milestone. The national debt now exceeds the value of the entire U.S. economy.
Any homeowner underwater on their mortgage knows what happens when you owe more than the value of your home, and none of the outcomes are good.
America has to borrow every month just to pay the $86-billion interest on its debt. More than 14% of all government revenue is now being sucked up by interest payments.
To keep up the government’s illusion of solvency, policymakers are quietly refinancing the debt to the tune of billions of dollars every week.
Imagine extending the mortgage on your house to 80 years.
Well, the Treasury’s secret rollover mission has extended the length of America’s debt to levels never witnessed before in history. Something I believe is unconstitutional.
Their behavior is shockingly similar to how the banks twisted and contorted subprime mortgages ahead of the collapse of the housing market.
Now, the first casualty in all of this will likely surprise you.
It’s something near and dear to Americans. In fact, most of us regard it as our greatest national treasure.
Warning: What Peter reveals next might be difficult to read, but just try to keep this in mind. The devastating events to follow will also trigger the greatest legal transfer of wealth ever witnessed.
Peter and I want to make sure you’re on the right side of history when it happens.
So, Peter… is it fair to say that the recovery we’ve been hearing about is artificial? It’s not real?
PETER SCHIFF: Right. It’s not a recovery at all. We haven’t recovered from anything. We’ve just gotten sicker.
This is the biggest bubble the Federal Reserve has ever inflated. The consequences for the average American when it bursts are going to dwarf anything that was experienced in the two prior bubbles.
Everybody knows in their hearts that the country is in a lot worse shape than the leaders are pretending.
The Federal Reserve wants to pretend that everything is great. That their policies have solved the problems. But the economy is in worse shape than ever.
There’s never been a recovery where at the end of the recovery people are worse off than at the beginning. But that is the truth for most Americans.
So far during the recovery, their net-worths have gone down, their real incomes have gone down, their debts have gone up. They’re in worse shape financially than they were when the recovery began.
So what kind of recovery is that, where you get sicker?
“The extent of this recession is going to be much more obvious when the lifelines run out.”
Right now people have a reprieve in the form of cheap gas. That’s not going to last.
And they’re still able to borrow money. Credit is still flowing. The government is still making it possible – for Americans who don’t have the income to survive – to borrow to make up the difference so that they can still pay their bills. But their net-worths are negative.
I think soon, in this coming crisis, that borrowing ability is going to go away. Americans are going to be left with their incomes, which are going to continue to diminish, and a cost of living that’s going to continue to rise.
And that’s going to impoverish a large segment of our society.
ROBERT WILLIAMS: So Peter, you’re saying that the Federal Reserve predictably will fire up its printing presses again. And when that happens, it’ll be the kiss of death for the dollar. America’s national treasure – dead?
PETER SCHIFF: Absolutely. You see, what the government is going to conclude incorrectly, they’re going to say that their policy worked.
It just wasn’t big enough.
That quantitative easing was the right medicine. They just didn’t have a large enough dose.
That’s what Paul Krugman has always been saying. That we just needed more stimulus. The problem was we didn’t take on enough new debt. The government didn’t spend enough money.
So I think we’re going to go all-in on stimulus and quantitative easing. We’re going to load the boat.
“The government is going to prepare what I believe will be a lethal dose of stimulus.”
We’re going to overdose on it.
What’s going to be the fatality will be the dollar and the whole government bubble, which is reflected in the value of the dollar, the value of our bond market.
All of that is going to come collapsing down, and the confidence that people had in the institution of the Federal Reserve is going to be gone – finally.
People are going to see it for what it is and see the dollar for what it is, and I think we’re going to lose our status as the issuer of the world’s reserve currency.
And I think that’s going to be a profound change in the American standard of living.
ROBERT WILLIAMS: Peter, tell our readers why the dollar’s loss as the world’s reserve currency is so devastating.
PETER SCHIFF: The only reason the dollar became the world’s reserve currency was because it was backed by gold.
Nixon abandoned the gold standard in 1971. The consequences of Nixon’s decision could prove to be fatal for America.
Not only was it backed by gold, it was redeemable in gold.
If you took your dollars to the Federal Reserve, they gave you gold at a fixed exchange rate.
For a while, that was 35 to 1. Nixon devalued it a couple of times, and I think it was about 42 to 1 before we went off the gold standard completely in 1971.
But that’s why the dollar became the world’s reserve currency.
Of course, when the dollar was the reserve currency, it was because America had the world’s biggest trade surpluses. We were the world’s largest creditor nation.
Everybody wanted dollars.
We were the low-cost producer of high-quality manufactured goods.
Our goods were being consumed all over the world. Everybody wanted our stuff, and they needed dollars to pay for it.
But we are the mirror image of our former self.
We are now the world’s biggest debtor. We borrow from everybody. The poorest countries in the world lend us money.
We’re the world’s biggest debtor nation. We have the biggest trade deficits in the world, and we don’t promise to pay any gold for our dollars.
So this system is going to come to an end, and with it is going to be the artificially high standard of living that Americans have enjoyed.
Of course, our standard of living has declined over the decades. But it’s about to go over the edge of a cliff.
ROBERT WILLIAMS: Peter, as you’ve mentioned already, this is where it really gets scary. You say the dollar would collapse wiping out all savings and sending consumer prices into the stratosphere.
I think you even said that Walmart would seem like Nieman-Marcus.
PETER SCHIFF: Absolutely. Ironically, so far the dollar has been the primary beneficiary of the government policy.
We’ve had this rally in the dollar because so many people around the world actually believe that our problems have been solved – and that the economy is in good shape and the fed is going to be able to raise interest rates.
But I think this is the biggest sucker rally that the dollar’s ever had.
Just as the dollar is about to be destroyed, literally, people have piled into it. It’s the most crowded speculative trade on Wall Street – buying into the dollar. But once people recognize the gravity of that mistake, I think it’s going to be a very sharp and quick ride down for the dollar. And that is going to be a game changer.
ROBERT WILLIAMS: Banks, Peter. We can expect more bank failures in the real crash.
PETER SCHIFF: Well, unfortunately, all the banks that the government dubbed too big to fail back in the 2008 financial crisis… Well, because we bailed them all out instead of letting them fail, which is what we should have done, now those banks are bigger than ever. And their problems are bigger than ever.
If they were too big to fail before, what are they now?
So I don’t believe the government is going to let any of the banks fail. They think that the one mistake they made was letting Lehman Brothers collapse.
“Letting Lehman fail was the one thing they did right.”
Everything else they did wrong.
I don’t believe the government is going to let the banks collapse. I think they’re going to print enough money to make sure that it’s the value of the dollar that collapses instead of the banks.
So what does that mean?
That means that you don’t lose your deposits. When you go to the ATM machine, the money is going to come out.
The problem is, you’re not going to be able to buy very much with it – and that is a bigger problem.
I would rather lose some of my money, but have the money retain most of its value, than retain all of my money that’s lost most of its value.
Imagine how bad the 2008 financial crisis would have been had there been no bailouts – had the government allowed more banks to fail.
It would have been worse, but then the problems would have been solved and we would have enjoyed a real recovery. One that’s sustainable.
Instead we’ve just gone into another bubble, and we’ve made all of the problems that caused the last financial crisis infinitely worse.
And now the government has put itself in a position where it won’t be able to bail us out the next time because it’s the government itself that’s going to have the crisis.
It’s the government that’s going to be insolvent because the crisis is going to be in the dollar and – by extension – into the Treasury bond market.
So when the government is broke, when the government needs a bailout, there’s nobody there that can finance it.
Everybody will say, “We just dodged a bullet. The government saved us. It was going to be so horrific, but thanks for the government.”
But, you know what? The government didn’t save us. It’s still there. That crisis is still in our future because the government didn’t save us from anything.
What did the government do? They delayed the inevitable. They postponed the day of reckoning, but by making all the problems that we have to reckon with worse.
So if it was going to be worse than the Great Depression without the government acting, now it’s going to be even worse than that because the government acted.
FED UNLEASHES ECONOMIC PEARL HARBOR
ROBERT WILLIAMS: Peter and I have talked at length about the coming Great Depression.
We both believe that this one, the one ready to make landfall, will be far worse than the depression of the 1930s.
That is, because in the coming crisis Americans won’t have the benefit of falling prices.
See, cheaper groceries and consumer goods provided much needed relief to people who lost their jobs in the 1930s.
But this time with a crashing dollar, instead of getting the comfort of falling prices, Americans will have to suffer the agony of rising prices.
A bit later, Peter will tell you why you should be stockpiling ammunition.
As it stands now, despite the fiscal arson that U.S. policymakers have committed on its people, the deception of a strong dollar is holding.
The past 18 months have witnessed a rally in the dollar, but the following chart unmasks the illusion.
Despite Americans enjoying more purchasing power than they’ve had in almost 15 years, it’s never taken longer for a single unit of currency to move through the U.S. economy.
Americans are scared – business owners and consumers alike. And they’re holding onto their dollars.
You’re probably scared, too. I know I am.
That’s why it’s never been more important to begin trading your historically overvalued dollars for other assets that will soon enjoy dramatic valuation explosions.
“Your dollars will never buy you more than they will right now.”
Peter’s latest bestselling book, The Real Crash, shows you exactly which assets to buy with your inflated dollars.
Remember, the blueprint Peter released in his first book, Crash Proof, inspired an Academy Award-nominated film.
I have a limited supply of Peter’s latest book – newly updated for 2016 – that I’m giving away for free to everyone who participates in today’s event.
All I ask in return is that you take action quickly.
As Peter reveals in this next section, the Federal Reserve just attacked America again. I don’t believe they did it on purpose, but history will likely view the Fed’s latest measure as an economic Pearl Harbor.
The real crash is now gaining momentum with every passing second.
Keep in mind as you’re reading that your artificially strong dollars could make you very wealthy as the crisis evolves…
Peter, the federal funds rate has been pinned near zero since the Financial Crisis, but the Fed just raised rates for the first time since June of 2006.
So the Fed is finally taking action. But do they know that by raising interest rates, they’ve just unleashed an economic Pearl Harbor?
PETER SCHIFF: Well, I think they’re definitely concerned about what’s going to happen, and I think they’re way underestimating the severity of what they’ve unleashed. But the fact that they waited seven years to raise rates shows you just how worried they are.
In fact, when 2015 began, the Fed kept assuring everybody that, before the end of the year, the economy would be strong enough for a rate hike. They waited until two weeks before the year ended, their last meeting in December, to reluctantly nudge interest rates up from 0 to 0.25-0.5.
But they did so in the face of horrible economic data.
It’s obvious that the economy is much closer to the next recession than the early stages of recovery, which is normally when the Fed begins to raise interest rates. Normally when an economy is emerging from recession, the Fed starts raising rates when the economy is very strong – when you have a lot of pent up demand.
But here, the Fed waited so long to raise rates that the recovery is basically over and the next recession is about to begin.
I think, again, when we begin a recession with interest rates just barely above zero, there’s not a lot of room to cut them.
ROBERT WILLIAMS: You say that all it would take is for interest rates to return to a historical mean and that would tip us into chaos. Is that still accurate?
PETER SCHIFF: Well, I think it would take even less than that. I think that it would happen even before we got to a historically normal level of interest rates, because we have a historically abnormal amount of debt to service. That is the problem.
Of course, the American economy has grown as a function of debt-financed consumption, but Americans are broke.
They can’t borrow anymore. And pretty soon, our creditors are going to realize that and they’re not going to want to lend anymore.
ROBERT WILLIAMS: Peter, now this next point is going to scare the hell out of a lot of Americans, but you consider U.S. treasuries to already be subprime assets at this point.
PETER SCHIFF: Well absolutely. One of the reasons that I understood the problem in subprime mortgages is because I knew that a lot of the people – in fact, all of the people who were taking advantage of subprime mortgages – were using adjustable rate mortgages. Meaning that the interest rates on their mortgages could rise.
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In fact, most of these mortgages were started with what they used to call a teaser rate – where you had an introductory, very low rate of interest on your mortgage.
That meant a lot of people who otherwise couldn’t qualify were able to qualify because they could make the teaser payments.
But I knew that eventually those rates would reset to levels that the borrowers couldn’t afford – and then they would end up defaulting.
Well, the government has done the same thing. The United States’ national debt is like one gigantic adjustable rate mortgage to a subprime borrower who is not going to be able to pay if interest rates rise.
We’ve got this teaser rate right now thanks to the Fed. But if interest rates go up, the U.S. government is in the same position as the subprime borrower – with lots of debt that they can’t afford to pay.
ROBERT WILLIAMS: Peter, China’s treasury holdings have fallen about $200 billion as it raises money in support of its flagging economy and stock market.
This would be the first time that China has pulled back from treasuries on an annual basis. Scary, isn’t it?
PETER SCHIFF: I think it’s the beginning of a huge process that’s not just going to involve China. It’s going to involve all of America’s overseas creditors, particularly in the emerging markets who were major buyers of our debt when the Fed was doing quantitative easing one and two.
That’s what kept the dollar from really imploding was all the dollars in Treasuries that were being purchased by our trading partners in order to sustain their trade surpluses with the United States.
But I don’t think they’re going to make the same mistake twice.
I don’t think there’s going to be a currency World War II.
I think those countries are going to surrender, and America’s going to ultimately win the currency war, which means American citizens lose.
Because when you win a currency war, you destroy your own people. Your currency collapses, and with your falling currency goes your standard of living. That’s because our standard of living in America is dependent on what the dollar will buy because most of the things that Americans buy are not made in America. They’re made someplace else.
And the reason we’re able to get them is because we’re able to exchange the dollars that we print for the goods that everybody else produces.
But when people don’t want the money we’re printing, we’re not going to get the goods that they’re making. And Americans are going to have to go without things that – up until now – we take for granted.
I’ve understood this thing from the beginning, and now we are at the final piece of this puzzle. We’re finally arriving at the real crash that I have been warning about since the beginning. It’s important that people recognize.
Take a look at how many things that I have said and I have written that have already come true.
Why would this final piece be any different?
ROBERT WILLIAMS: All right, Peter, it’s time.
Let’s give our readers an idea of what the real crash will look like when it hits.
Now, a stock market collapse will spark the panic, right?
PETER SCHIFF: Twice in the last 15 years the U.S. stock market’s been cut in half.
Certainly in the absence of massive money printing, a huge round of quantitative easing, it’s going to happen again.
The Fed may try to avert another Black Thursday (1929) by printing enough money. In such a scenario, the dollar would crash instead of the market.
I do believe that the Federal Reserve may intervene in time to prevent the stock market from collapsing, but only at the expense of the dollar – and then ultimately the bond market.
See, the fed can’t save everything.
If the fed is going to save the market and try to save the real estate market as well, then they have to sacrifice the dollar.
But of course if the dollar collapses, then it might not matter that your stock portfolio didn’t go down. Because if the stock market stays the same and the dollar goes down, well you’ve still lost because your stocks are priced in dollars.
So the market would have to go up dramatically in order to keep you whole.
I don’t think there’s any way they’re going to get the market to rise enough to offset the loss of the value of the dollar in which your stocks are priced.
ROBERT WILLIAMS: So it’s almost like it’s a hidden crash. It’s not overtly apparent, but it’s still happening.
PETER SCHIFF: Yes. I think you’ll be able to see the crash better if you measure it in something that’s more objective. Something that the Federal Reserve can’t create and that would be gold.
Remember, the important thing is not what the stocks are worth in terms of the dollar – because the dollar’s a moving target.
You don’t know what the dollar’s going to be worth.
“The dollar isn’t any real wealth. It represents a claim on wealth.”
So the question is, “What could you buy with your dollars?”
A better way to value stocks is to price them in gold because gold is real money. Gold has real properties, and there is a long history of the stock market priced in something as stable as gold.
If you go back historically – when the market gets to about 20 to 1 – that’s a very expensive stock market.
In 1929, the Dow Jones was about 20 ounces of gold. But when it bottomed out in 1932, the Dow was down to one ounce of gold.
That was a huge collapse.
Now, the stock market didn’t get back up to 20 ounces of gold again until 1966. Then it went back to one ounce in 1980. So it made the round trip.
In 1980, the stock market was the same price in an ounce of gold as it was in 1932.
In 2000, during the height of the stock market bubble, the Dow was worth 40 ounces of gold. Unprecedented.
During the ensuing bear market that really ended around 2008-2009, I think the Dow Jones got down to around eight ounces of gold – maybe a little less.
But right now it’s recovered. That ratio is around 16 to 1.
Now I don’t think it’s going to make it to 20 to 1 again. I do think we’re going to take out that low of around 8 to 1 or 7 to 1, wherever we were back then. And I think we’re going to revisit the 1 to 1 ratio again that we saw during the depth of the Great Depression in 1932 and at the end of the 1970s bear market in 1980.
Remember, the stag-flationary period of the 1970s brought the Dow back down to one ounce of gold.
So I think we’re going there again. I think the Dow Jones is going to trade for one ounce of gold.
I just don’t know what the price is going to be. Is it going to be with the Dow at $5,000 and gold at $5,000? Is it going to with the Dow at $10,000 and gold at $10,000? Or could it be Dow $20,000 and gold $20,000?
See, the important thing is not where they meet, but that they do meet.
PREPARE FOR A ROLLER COASTER RIDE THROUGH HELL
ROBERT WILLIAMS: Your free copy of The Real Crash will take a few days to reach your mailbox. In fact, your copy is likely being pressed and hardbound by my publisher right now.
The newest edition is in a custom gold jacket, and it’s only available through my company, Wall Street Daily. I’m even covering shipping and handling costs.
But due to the aggressive nature of this crisis – and since taking immediate action is so vital to your financial survival – Peter and I are about to discuss a few steps you can take immediately ahead of the hard copy arriving in your mailbox.
The Real Crash will feel like a rollercoaster ride through hell.
Only a precious few will survive the crisis and still be whole. Even fewer will parachute out of the crisis richer and happier as a result.
America’s power base and policymakers are already protecting themselves and their families.
Many of them are following the strategies Peter outlines in The Real Crash – like Warren Buffett, Donald Trump, Carly Fiorina, Rand Paul and Ted Cruz.
“Ask yourself, are you truly prepared for what’s coming?”
Because the Real Crash will be far more serious than a financial crisis.
If you think that only those with invested assets will get hurt, the real crash will impact you even worse.
What will you do without Social Security or a pension check?
EDITOR’S NOTE: Are you prepared to lose your social security benefits, pension and 401(k)? A desperate U.S. government may begin seizing your personal assets to bail itself out. Peter Schiff’s latest bestselling book, The Real Crash, can keep your assets safe during America’s darkest hours. To claim your FREE copy, .
What will you do when there’s no food on the shelves or police to protect you, and your local bank was burned to the ground?
How about when a desperate government seizes your financial assets?
There isn’t an American alive outside of the armed forces who can possibly be prepared to live through such a doomsday scenario.
As Peter told me offline, you won’t have to travel to a poor country like Jamaica or Haiti to go on vacation. You’ll soon be living in one.
Tell us, Peter… with a bankrupt government, what happens to entitlement programs like Social Security, Medicare, Medicaid, food stamps, unemployment benefits, Fannie and Freddie?
PETER SCHIFF: Well, those benefits, those entitlments, are the reason the country is bankrupt.
First of all, nobody is entitled to anything.
You’re not entitled to somebody else’s money. You’re entitled to what you earn yourself, but you’re not entitled to what somebody else earns.
Of course the government maintains the illusion that some of these entitlement programs are actually funded – the Society Security “trust fund.”
But there is no trust fund. There’s nothing there.
Every dime that the government has ever collected in Social Security taxes has already been spent. They spent it going to the moon, fighting the war on poverty, fighting the Vietnam War, fighting the war on terror.
That money is gone.
Yes, the government has replaced it with an IOU to itself, but that’s not real. You can’t write yourself a check and then count your uncashed check as an asset.
If I buy a government bond, that’s an asset to me because it’s a liability to the government. But the government can’t own its own bond and claim it as an asset, because it’s also an offsetting liability.
So the trust funds have never been there.
The entitlement programs are run based on the same principles as a Ponzi scheme. That’s all it is.
You’re not entitled to the proceeds of a Ponzi scheme.
As long as the government can keep up the charade, it’s going to pretend that these are solvent programs. But eventually they are going to implode.
And ultimately, again, I think that in order to avoid the political embarrassment of having to admit that there’s no money – and that we can’t afford to make the payments – they’re just going to run the printing presses.
Meanwhile, a lot of people now – record numbers of people – are taking disability early from Social Security.
So the whole thing is broke.
In fact, right now the government is already paying out more in Social Security benefits than it collects in taxes. And that’s during this so-called recovery.
What’s going to happen in the next recession?
If you think this was a bad recovery and, of course, this was the weakest recovery ever – wait till you get a load of the next recession.
“If the recovery’s this bad, wait till you see what’s in store.”
So this whole thing is going to implode.
The government is trying to keep it going by pretending there’s no inflation. Cost-of-Living Adjustments (COLAs) didn’t go up at all. So last year people on Social Security – I think for the first time – didn’t get an increase in their benefits for inflation. Because the government claims there is none.
Well, that lie can only go on for so long.
But what they’re really doing by pretending there’s no inflation is cutting Social Security benefits. But they’re going to have to cut them a lot more.
In fact, they’re basically going to eliminate them completely – either honestly by not paying or means testing the program… or dishonestly by just printing so much money as to render the benefits worthless.
ROBERT WILLIAMS: Please warn our readers, Peter, that although the national debt gets all the headlines, debt at the local levels, the state levels, the municipalities – sometimes those are even more scary than where our national debt is.
PETER SCHIFF: The municipalities, of course, they can’t print any money. They can only pay their bills to the extent that they can collect the tax revenue.
They’ve also taken on a lot of debt during the era of cheap money.
Local politicians have been able to spend a lot more money than they otherwise could have spent if interest rates were at normal levels. So they’ve taken on incredible amounts of debt.
Of course, a lot of these cities rely on their higher income earners as their tax base and the tax bases have been eroding, but a lot of these higher income earners aren’t going to have those high incomes anymore.
So the taxes aren’t going to be there.
There are a lot of local governments that rely on this – or they rely on property tax revenue that’s not going to be there when the property prices are collapsing or the people just don’t have the money to pay the taxes.
If the taxpayer is broke, he can’t send in a check. If the local government can’t collect tax revenue, then it can’t pay the interest on its bonds. It can’t pay the principle when the bonds mature.
So that’s going to happen for our cities throughout the country and our states.
You’ll have a lot of problems. You think about a lot of our cities. We have some of the wealthiest neighborhoods very close to some of the poorest neighborhoods.
This is going to be a big problem when everything comes collapsing down.
ROBERT WILLIAMS: Peter, would a desperate U.S. government attempting to service its debt seize personal assets of Americans?
Would it go into their bank accounts? Would it go into their 401(k)s?
We know desperate people do desperate things. Is this something American’s have to be worried about?
PETER SCHIFF: As foreigners decide they don’t want to buy treasuries – and as the U.S. government is looking for more buyers – they may force Americans to do it.
I think it’s possible that in the future – in order to maintain the tax benefits of your IRA or your pension or 401(k) – the government may require a certain percentage of that account be invested in U.S. treasuries.
I think obviously something like that would be unconstitutional. But during a crisis, the Constitution goes out the window.
In fact, it’s out the window without a crisis.
There’s really no limit to what the government could do because the Supreme Court doesn’t care. They just rubber stamp whatever it is they do. The Constitution doesn’t really protect us from government anymore the way it was supposed to.
But believe me, whatever the government is forcing you to buy is the last thing that you want to buy.
ROBERT WILLIAMS: What would you say to the people considering buying gold, Peter?
PETER SCHIFF: The best way to own gold is to take physical possession of it. I think people should have gold in their house.
They should have it in their own safe or hidden someplace safe. But you also should have some gold stored offshore in your name – your gold. Whether it’s in Switzerland, Singapore or Australia.
There are good safe depositories for your gold. I think you should diversify where you have your gold.
I think one place I wouldn’t keep it is in a safety deposit box in a bank. If the government ever confiscates it, that’s the first place they’re going to look.
If you’ve got gold at a bank and the government somehow tries to nationalize it or makes it illegal to own it, you’ll never get that gold out of that bank.
There’ll be a government agent. They’ll open every box, and if they find any gold in there they might arrest you.
ROBERT WILLIAMS: All of us, Peter, even me assume that the government will always be able to provide basic services.
Without further borrowing power, what about police, fire rescue, postal service? Does it all grind to a halt?
PETER SCHIFF: Yeah. Remember, the government doesn’t actually have any wealth.
It only has what it takes from the productive members of society, but the productive members of society have been shrinking because American politicians have made all sorts of promises they can’t keep.
They’ve made promises to bond holders, but they’ve also made promises to government employees with respect to pensions – or just every American with respect to Social Security and Medicare. But then money isn’t there.
Think about this. If the governments are broke, that’s including the local governments – they can’t get the tax revenue.
So if they can’t pay the police department, are they going to be on duty?
If the governments don’t have the resources to pay the police, are they going to be there to protect you? They’re going to be protecting their own families.
Why are they going to be on the job when there’s nothing in it for them?
That’s why it’s very important for people to be prepared.
“Don’t rely on the government to protect you.”
Rely on yourselves because those government policemen may be too preoccupied protecting their own families to work for free protecting somebody else’s.
ROBERT WILLIAMS: Peter, as you know, Wall Street Daily has headquarters in Baltimore, Maryland.
We all know what happened in Baltimore. I lived through those riots. They were scary. I could smell the smoke in the air.
There was just panic on the streets. I never thought I’d see an America like that, but I definitely did that day.
Do you see more of this happening in some of our major cities?
PETER SCHIFF: Absolutely and, of course, on a much larger scale.
Those were localized problems. Those weren’t economic problems. Those were more political.
But imagine if you get something that really hits home – where the goods that people take for granted are just not available. Where people can’t get the food that they need – or electricity or gasoline. If goods are really in short supply, it really could get into a situation where everybody is going to have to rely on their own ability to protect themselves, which is one of the reasons that people should be prepared now.
You should have weapons to protect yourself.
One of the reasons that gun control would be so dangerous is so many people will be left defenseless. People need to be able to defend themselves.
That’s why I’ve recommended for a long time – not only people keep guns, but they keep enough ammunition. I think ammunition is going to be in very short supply. You might have a gun, but if you don’t have any bullets, it doesn’t do you any good.
The riots in Baltimore will spread to other major cities. But with a bankrupt government, you can’t rely on the police being on duty.
So I’ve recommended for a long time that you stockpile bullets.
Worst case scenario – you can barter them. You can trade them to somebody. They’re going to have value, but they might have a lot of value if you actually need to use them.
Plus when you buy a gun, you hope you never use it, unless you’re a hunter. But you never want to use your gun in self-defense. That’s the last thing you want to do.
But I tell you, the worst thing is not having a gun that you don’t need. It’s needing a gun and not having one. You don’t want to be in that situation.
LESS THAN 1% OF AMERICANS WILL SURVIVE THE CRASH
ROBERT WILLIAMS: Ammunition prices have already tripled, and industry analysts warn that prices could triple again in the face of a shortage.
However, a recent price pullback has delivered an opportune time to begin stockpiling.
In The Real Crash, ammunition could become a means of currency as bullets carry intrinsic value.
Again, it’s never been more important to strategically trade your overvalued dollars for other assets ready to explode in value.
It’s unlikely that your dollars will ever be worth more than they’re worth this very moment.
Think of the coming crash like a mouse trap.
999 out of 1,000 Americans believing what the President, the Federal Reserve and Congress are telling them will voluntarily walk straight into the trap and never come out. But one out of every 1,000 will be clever enough to eat the cheese and walk away feeling satisfied.
In the subprime mortgage meltdown every American homeowner got hurt as the real estate market endured a devastating revaluation.
Still, a handful of people got richer as a result. Peter’s first book, Crash Proof, proved prophetic and offered investors very specific instructions to grab the cheese without springing the trap.
His latest book, The Real Crash, hits even harder.
Of course it has to hit harder…
“The dollar’s revaluation has the potential to do more damage than a terrorist attack a thousand times bigger than 9/11.”
In this next section, Peter and I reveal a few protection measures you can take right now ahead of your free book arriving in the mail.
Now, Peter… you say even if you don’t think of yourself as an investor, you need to start paying more attention to your wealth.
We’re in unconventional times. The Fed will be printing so much money that your dollars could become worthless.
In fact, you say when the dollar crashes, Walmart will seem like Nieman-Marcus.
Is there still time for Americans to prepare for the coming crisis?
PETER SCHIFF: Absolutely. In fact, because so many people are confused about what’s going on, so many people have embraced the dollar and have confidence in what the Federal Reserve has created.
You have a situation where real money, gold and silver, are extremely undervalued.
So while prices are going to be going up for people who have dollars, prices will be collapsing for people who have real money. So there’s still an opportunity for people to accumulate legitimate savings.
To get real money while it’s cheap and hold onto it until it’s valuable.
Because once people realize that this is a bubble and the dollar starts to implode, people are going to be scrambling to convert those claims to wealth – to actual wealth.
ROBERT WILLIAMS: Let’s talk about the stock market.
You say in your book you’re an investor, and part of your job as an investor is to find mistakes and errors and mispricings that are occurring out there.
Similarly, there’ll be some of those mispricings and errors happening again this time.
PETER SCHIFF: Well there already are. I do believe that there will be stocks that investors can own that will do a good job of preserving real value. But you can’t just randomly buy the major indexes, because there’s a lot of companies that are going to go bankrupt in this real crash.
So you want to own the companies that are uniquely positioned to preserve wealth and preserve purchasing power.
Of course, many of those stocks are not even found in the U.S. stock market.
I think investors really have to have a global perspective and have to look at other countries – because not all countries are the same. There are many countries that are not nearly in the same type of trouble that we are.
I look for countries where they have free market principles.
“I look for countries that have more in common with America of the past than America does with itself.“
It’s not the country that’s important. It’s the free market principles that are embraced.
If you find countries that have freer markets that have sounder monetary and fiscal policies, that have fewer regulations and lower taxes, those are better countries in which to invest.
There are stocks and other assets that you can own in other countries that I believe will deliver substantial gains in real purchasing power to American investors who have the foresight to buy these assets now with their overvalued U.S. dollars.
A lot of people talk about how it’s cheaper to take a vacation abroad right now because the dollar is up. It’s true. It is cheaper to take a vacation. But a vacation only lasts for a short period of time and then it’s over.
Rather than just taking a vacation, use your overvalued dollars to buy assets abroad that you will have forever. That will provide returns in perpetuity. Because once the dollar collapses, those overseas assets are going to be very expensive.
Most Americans won’t be able to afford them, but you can buy them now while they’re technically on sale because of our overvalued currency.
The currency is only overvalued because it’s in a bubble – thanks to speculators around the world who have no idea what’s about to happen.
Just like they had no idea what was about to happen in 2008 or no idea what was about to happen in 2000.
EDITOR’S NOTE: Your overvalued dollars will never be worth more than they’re worth right now. Peter Schiff’s bestselling book, The Real Crash, will show you exactly how to trade your inflated dollars for other assets exploding in value. To claim yourFREE copy, .
So they’ve made a mistake. They’ve overpaid for the dollar. If you’ve got dollars, then you can use that to your advantage.
You can take those overvalued dollars and accumulate quality assets around the world that you’re going to need in the aftermath of the crisis that’s coming.
ROBERT WILLIAMS: Is the key to identify the companies that aren’t relying on the American consumer to fund its growth?
PETER SCHIFF: Absolutely. You don’t want to own a company that is dependent on Americans for its revenue.
Americans are dependent on credit, and that credit is going to dry up.
The days of the American consumer are numbered. So you really want to own companies that are going to be able to sell to the emerging consumers.
The people who have been producing all of the goods that we’ve been consuming – and have been saving and loaning us all of the money to pay for it.
I believe that as Americans get poorer, there are going to be other people who get a lot richer.
This is not a zero sum game. The factories aren’t going to disappear. All the consumer goods are still going to be produced.
What’s going to change is who gets to enjoy the consumption of those goods.
We’ve been enjoying it for a long time. We’ve had this ride on the global gravy train. But this is going to come to an end.
Yet I think people who’ve been working hard in other countries – who’ve been watching Americans gorge on the fruits of their labor – they’re going to reclaim the fruits for themselves.
And I think as our standard of living declines, their standard of living is going to rise.
The good news is, you can join them. You don’t have to be on the losing end.
ROBERT WILLIAMS: We know the dollar’s crashing, Peter. Dollar-denominated bonds are even worse than investing in the dollar, correct?
PETER SCHIFF: Well sure. The only thing worse than the dollar is a promise to pay you the dollar in the future, which is all the bond is.
Again, ironically, everybody is taking refuge in the dollar. They’re running towards the blast instead of away from it.
Everybody thinks the dollar is king yet the dollar’s about to be knocked down off its throne, which from an investment perspective makes sense.
The market generally is setting everybody up for what they don’t expect.
So everybody is now buying the dollar, taking refuge from the storm in the dollar, when the dollar is the epicenter of the storm.
When you’re in the dollar, you’re in the eye of a hurricane. You just don’t realize it.
But pretty soon that hurricane is going to move, and you’re going to be smack dab in the middle. You’re not going to be in the eye.
However, that does give the investor the opportunity to take advantage of other people’s naivete or other people’s mistakes. Which is the way you really make a lot of money in investing – recognizing a mistake that everybody else is making.
Then you position yourself to be in the right place when everybody who’s making that mistake figures it out.
ROBERT WILLIAMS: Peter, you’ve found a few healthy, dare I say thriving, micro economies hiding inside of certain foreign markets.
Now the industries you’ve identified have a moat around them. That is, fundamentals that will protect them from the American Armageddon.
How is that even possible?
PETER SCHIFF: Well, when the Financial Crisis hit in 2008, the reason that we sucked the entire world into our crisis was because it resulted in a huge rise in the dollar, which was at an all-time record low when the crisis began.
Then all of a sudden this big rise in the dollar caused a liquidity drain in a lot of other economies.
It caused credit to tighten up and then debts were defaulting. And, of course, we had spread our toxic paper all around the world.
We were borrowing from everybody. And so all of our bad mortgages were on the banks’ balance sheets of all sorts of banks. Not just American banks.
But I think this time around, with the dollar collapsing, it’s going to have the opposite effect.
Instead of pulling everybody down, we’re going to liberate everybody. I think some of these economies are going to flourish in the aftermath of a dollar crisis.
“So this is going to be a whole new world.”
If you’re invested in the countries that are going to benefit from this realignment of global wealth and purchasing power, then you can make a tremendous amount of money.
ROBERT WILLIAMS: Peter, in your book you’ve identified an investable country that’s already gone through this. They’ve already done a complete 180. They already had a financial crisis years ago, and now they’re sitting on the doorstep of great prosperity. Tell us a little bit about that country.
PETER SCHIFF: History is replete with examples of countries that have basically gone bankrupt as a result of big government.
But once in a while, countries recognize the source of their problems as government – and they take the appropriate measures to reverse the damage.
So to the extent that you abandon those principles and start dismantling government, privatizing industries, repealing regulations, lowering taxes (particularly taxes on income, on inheritance), and if you move towards a free market – then you can create the conditions for lasting prosperity.
And there are countries where they’ve already paid the piper. They’ve already done the hard part and now they’re positioned to reap the rewards.
ROBERT WILLIAMS: Peter, in your book, The Real Crash, you’ve also identified a couple of countries that are resource-based countries.
Now with these depressed price levels, these are highly investable areas of the world we want to be positioned in, correct?
PETER SCHIFF: Absolutely. There are countries now that have tremendous natural resources.
Right now – due to the artificially high value of the dollar and the anticipation that the dollar will continue to rise and that interest rates will continue to rise and hurt a lot of the consumers of those commodities in the developing world – you have some really good opportunities.
I believe that these resource-based economies will be invigorated when the dollar collapses.
In particular, I think a lot of the countries that are going to benefit most from a weak dollar are going to see a huge increase in their demand for resources and raw materials – as they use their new-found purchasing power to buy products for themselves instead of producing products for the United States.
I think a lot of those products are going to be very resource intensive.
In a post-Armageddon world, prices of certain resources will go vertical.
When billions of people enter the middle class, their demand for resources is going to far eclipse the resources that Americans are now too poor to consume.
So I think a lot of these resource-based economies, the right economies, are going to be well-positioned for tremendous gains in their assets when this transition takes place.
ROBERT WILLIAMS: Peter, in your book you’ve identified another country that’s the beneficiary of very small government, but also is riding the wave from China. Tell us a little about that one.
PETER SCHIFF: Well you’ve got countries that are uniquely positioned to benefit from really the emergence of the Chinese economy and the Chinese consumer.
Think about the birth of the American consumer during the industrial revolution or the late states of that. We’re going through something like that.
Sure, there are problems in China, and people want to focus on the problems. But you have to look beneath the superficial problems to actually see the dynamic change that is taking place in its economy. It used to really be a Communist country, but now in many ways it’s freer than the United States.
There are more free market principles underlying the Chinese economy than in the American economy.
The transition is profound, and it is going to deliver an extraordinary gain to the standard of living – and that’s already taking place.
But there are a couple of countries that are uniquely positioned to benefit from this because they don’t shackle their industries and their individuals with all kinds of cumbersome regulations and taxes.
They have true freedom, and they’re free to take advantage of these opportunities. But you’re free to invest in these countries and take advantage of those opportunities with them.
ROBERT WILLIAMS: Peter, in your book, The Real Crash, you’ve also identified a country with a long history of sound money, and you see that continuing into this country’s immediate future. Tell us a little bit about what’s happening there.
PETER SCHIFF: Almost every country to some degree has abandoned those principles. Everybody is buying into the inflation mentality of the Keynesians – where we need inflation, we need a weak currency.
But I think as those principles are rejected, certainly the countries that have a history of sound money will re-embrace those principles – and I think to their benefit. The biggest problem has been that we haven’t had a real monetary system ever since the U.S. went off the gold standard in 1971.
What we have now does not work. What existed prior to that did.
I think that we’re going to go back to what worked, and there are certain countries certainly that are much better positioned to do that – and to do it earlier than others.
ROBERT WILLIAMS: Let’s talk about gold, Peter.
Falling prices have forced a slew of junior miners offline.
You believe this could trigger one of the biggest short squeezes ever. Explain why.
PETER SCHIFF: Well, I think that some of the best values that exist, exist in the gold mining sector.
Most gold mining stocks today are significantly cheaper than they were 15 years ago – at the end of a 20-year bear market, when gold was under $300 an ounce.
Gold is close to $1,100 today, yet gold stocks are half (or even less) than where they were when gold was under $300.
Of course, a lot of mining exploration has stopped. There’s really no capital in the industry.
“Everybody is bearish. Everybody thinks gold’s going to collapse.”
Well, when everybody thinks one thing and they’re wrong, there’s tremendous opportunity for people who are right.
I think there’s some great bargains in the gold mining sector. Gold itself is undervalued, but gold mining stocks even more so because they reflect all the negative sentiment on gold.
So they don’t reflect what the price of gold is trading at today – but the much lower price that everybody assumes it’ll be trading at in the future.
In short, even if gold prices just stay the same, gold stocks have a long way to go.
Certainly you need to buy the right ones. Some of them could go bankrupt in this environment. But I think the ones that don’t are going to return enormous profits to the people who have the foresight to buy them.
CLAIM YOUR AMERICAN ARMAGEDDON SURVIVAL KIT, ASAP
ROBERT WILLIAMS: I hope you found Peter’s warning to America both urgent and useful.
Now it’s time to officially prepare. It starts by claiming your free American Armageddon Survival Kit.
The kit contains everything you need to survive the crisis, even prosper – including Peter’s book. It’s built to turn chaos into a massive moneymaking opportunity.
The Real Crash reveals the exact location of every global hot spot and thriving micro-economy.
All told, Peter has identified nine such locations. They’re all in the book, beginning on pg. 350.
Every opportunity is available at fire-sale prices, thanks to the artificially strong dollar.
At the present rate of exchange, your overvalued dollars could buy you a boatload of shares. Heck, one opportunity alone can be had for as little as $6 a share.
The history books will call it the greatest legal transfer of wealth of the last 250 years. Ironically and sadly, the American Revolution was the previous biggest wealth transfer.
Imagine amassing enough shares to parachute out of the crisis far richer than when it began.
Well, you’ll recall that Peter already gave Americans a golden parachute out of the subprime mortgage crisis. I believe The Real Crash is even more telling.
But there’s something else I’d like to include with your Survival Kit. It’s an infinitely important audio chapter that Peter and I just recorded.
The audio chapter covers the stock market’s intense volatility and how 500-point swings on the Dow could become your best friend.
The audio chapter also covers the lucrative currency markets, including the three currencies ready to thrive in a post-Armageddon world.
Finally, your Survival Kit comes with regular updates from Peter. Whenever crisis conditions warrant – or they take a turn for the worst – expect an urgent email to hit your inbox.
I think you’ll agree that the American Armageddon Survival Kit will prove to be an invaluable resource as the crisis evolves.
Peter and I joined forces because vulnerable, unsuspecting Americans – young and old – need a lifeline in these desperate times. I say that with genuine conviction, too.
In fact, if you take immediate action, I’ll add yet another level of protection around your personal fortress.
“What I’m doing is unprecedented in the publishing industry.”
Are you ready?
Allow me to unveil another key component to your American Armageddon Survival Kit.