“Investors seem to be bracing themselves for a global depression that will not occur. Foreign stocks, particularly those exposed to China or natural resources, are trading at the lowest valuations I have seen in my entire career. Fears of a global meltdown are based on the misconception that the U.S. economy is the tent pole for economic activity around the world. The premise of my entire argument is that the U.S. economy, by consuming so much of the world’s resources and manufactured goods, and borrowing so much of the world’s savings, has in fact been a drag on the global economy. 
 
The enormous global vendor financing scheme is finally coming to an end as the vendors discover that their biggest customer is flat broke. In the short run, our creditors are experiencing some pain because they finally realize that they will never get their money back. 
 
Once the foreign stock markets take this hit, they will be far better poised to grow than their American counterpart. Foreigners will reclaim their productivity and savings for themselves, and will subsequently experience the biggest global economic boom in history. America on the other hand will fare much worse, as we will be left with a hollowed out manufacturing base, dilapidated infrastructure, no savings, and a gigantic Federal Government that will regulate, spend, borrow and print our economy into ruin. 
 
For an updated look at my investment strategy, order a copy of my just released book, “The Little Book of Bull Moves in Bear Markets.” While the “bull moves” I forecast have yet to materialize, I am confident that given time they will. The good news is that now you actually have some time to put my strategy in place at favourable prices and exchange rates! 
 
– Peter Schiff is the President, Founder and Chief Global Strategist for Euro Pacific Capital. He is widely acknowledged as an expert in international markets, and in global economic strategy. He is a speaker at all the major investment conferences. He is regularly featured on CNBC and Bloomberg TV, and often quoted in the Wall Street Journal, Barron’s, New York Times, the Financial Times, Investor’s Business Daily, and many others.”

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Tags: Banking, Barron's, Economy, Euro Pacific Capital, Global Credit Crisis, Investor's Business Daily, New York Times, Peter Schiff, the Financial Times, Wall Street Journal

Here’s are some economists/money managers who saw this crash coming and predicted the interference of the central banks in the market and the result of those interferences. They go as far as to say that the cure could kill the patient

• Marc Faber
• Jim Rogers
• Peter Schiff

 
Here’s what Peter Schiff said last year on CNBC and he was laughed at 
 
Here’s Marc Faber’s book which everyone should read IMO 
 
here’s what Jim Rogers says will happen now 
 
Here’s what they say is going to happen as central banks intervene where they shouldn’t

• The printing presses will be put into overdrive
• Hyper inflation resulting in the loss and maybe even the confiscation of domestic savings and wealth, especially gold is a distinct possibility
• Mass unemployment and a deep depression as a short sharp shock is turned into a deep long shock by central bankers
• Asia will rise to be the new global economic leader
• The US dollar will be massively devalued and America will lose its economic place in the world

 
Here’s what they said should happen to allow the situation to resolve itself

• take the bitter medicine and don’t try to avoid the necessary corrective pain – let the markets work it out and stop meddling in the price discovery mechanism
• Let the weak go to the wall and the strong pick up the pieces
• End the culture of borrowing to consume and replace it with a culture of saving to produce (which made America loved, hardworking and very wealthy).

 
So these guys predicted the event and the central banks reaction to it and they were right.  
 
Apparently, Bernanke and Paulson aren’t able to predict a sunrise but Americans listen to them, (even if the market knows they are clowns…or worse).  
 
They’ve been right along and Bernanke/Paulson have been wrong all along. 
 
Someone please tell me what has happened to make Bernanke/Paulson right this time and why Faber/Schiff/Rogers are wrong.

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Tags: Economy, Hyper Inflation, Jim Rogers, Marc Faber, Money Markets, Peter Schiff

The current situation is basically global deleveraging….credit destruction. No intervention can stop it…intervention will just make the market mechanism of price discovery more prolonged and painful. Politically, leaders can’t be seen to sit there and do nothing…but there is nothing they can do to stop this. People have been predicting this for a long time. The same people have told us what the politicians and central banks would and what would happen when they did it. So far…everything has been spot on. The politicians and central bankers are behaving EXACTLY as Marc Faber said they would in his 2001 book “Tomorrows Gold…Asia’s age of Discovery”. Go and read it….you’d think he wrote it yesterday. Others like Peter Schiff, George Soros, Jim Rogers and Ron Paul have told us exactly the same thing…and been laughed at…there is really only one way for all this to work itself out…and it isn’t pretty. 

The state buying banks in the UK is not capitalism. More accurately, it’s called a corporatocracy. There is another, better known name for a corporatocracy….but it’s too emotionally loaded. Political leaders now have their hands on the basic levers of industry…the retail financial system…all nice and legal. George Soros has openly been fighting this move….which he saw coming a long time ago and which he recognised from his youth in Hungary, through his open society foundation.  Peter Schiff has been making a killing investing for this day. They have been laughing at him for years on CNBC. They aren’t laughing now. Ron Paul is fighting the move to a corporate state from congress with little effect. Jim Rogers, the billionaire co-founder of the Quantum fund, moved his young family to Asia so that he could enjoy greater civil liberties and economic freedom when all this is over. He has likened his move to a move to London in 1807 or a move to America in 1907. Its Asia’s turn for a century of economic domination, he thinks. Where does that leave us?

Basically, we will have to start making things again…and we will be competing directly with Asians for investment, wages and jobs. Out debt fuelled service economy is dead. It’s now time to get back to work.

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For More information on specific Banks use these links

• Alliance & Leicester
• Barclays
• Capital One
• Child Trust Fund
• First Direct
• HSBC
• Post Office
• Tesco Savings

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Tags: Credit Crunch, George Soros, Gold, Jim Rogers, Peter Schiff, Ron Paul, UK Banks