2/3 of America to Lose Everything Because of This Crisis

Posted in the Chicago Forum

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1 - 7 of 7 Comments Last updated Jul 24, 2013
Peter Schiff

Matawan, NJ

#1 Jul 23, 2013
A record breaking stock market is distorting a frightening reality: The U.S. is being eaten alive by a horrific cancer that will ultimately destroy the economy and impoverish the vast majority of its citizens.

That’s according to Peter Schiff, the best-selling author and CEO of Euro Pacific Capital, who delivered his harsh warning to investors in a recent interview on Fox Business.

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said.“You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.

http://www.lewrockwell.com/2013/07/no_author/...
Retired Farmer

Paducah, KY

#2 Jul 24, 2013
I agree that the vast majority of Americans are losing out, but Peter Schiff's cause and scenario of how it will happen is pure hogshit. Here is the real cause as explained by Professors Shawn Graves & David Mills:

"There are 20.5 million Americans living in extreme poverty, surviving on less than $9,000 for a family of three. There are 6.3 million people depending solely on food stamps for income. While 79 percent of single mothers who head households have jobs, a person working full time at minimum wage still falls 22 percent below the poverty line for a one-parent, two-child family. Thus 41 percent of single mothers live in poverty. All told, 46.2 million Americans are impoverished, including 16 million children (21.9 percent of all American children). And 3.5 million people are homeless.

By contrast, the wealthiest 1 percent controls nearly 42 percent of the wealth. The 400 wealthiest citizens have wealth equivalent to the bottom 150 million citizens. Average CEO compensation is at least 185 times greater than the pay of the average worker. Ninety-three percent of recent income growth has gone to the top 1 percent. And Sam Walton’s six heirs own as much wealth as the bottom 100 million Americans."

Link to full story:

http://cedars.cedarville.edu/article/481/Why-...

Since: Jul 13

Location hidden

#3 Jul 24, 2013
Frankly, I am tired of the 1% argument. Why does it matter that the top 1%'s wealth is equal to the bottom 150M citizens? I am not part of that 1% but I have managed to eke out a fairly good life. Nothing was handed to me. I made my own bones in the workplace. I have succeeded. Granted we can assume that the bottom 150M have a percentage of under-achievers who just cannot manage to strive but the rest of them need to have the motivation and desire to succeed. We can shrink the top 1% advantage by bringing ourselves up. Why should we try to knock down the "winners"?
Retired Farmer

Paducah, KY

#4 Jul 24, 2013
Freaky1Freaky wrote:
Frankly, I am tired of the 1% argument. Why does it matter that the top 1%'s wealth is equal to the bottom 150M citizens? I am not part of that 1% but I have managed to eke out a fairly good life. Nothing was handed to me. I made my own bones in the workplace. I have succeeded. Granted we can assume that the bottom 150M have a percentage of under-achievers who just cannot manage to strive but the rest of them need to have the motivation and desire to succeed. We can shrink the top 1% advantage by bringing ourselves up. Why should we try to knock down the "winners"?
No. You are as wrong as wrong can be. When wealth becomes concentrated in the hands of an extremely few wealthy people as it now the economy is starved. There is literally not enough wealth left in circulation for it to operate. No amount of "motivation and desire to succeed" will work if the economy does not offer the opportunity for great numbers of people to succeed.
Retired Farmer

Paducah, KY

#5 Jul 24, 2013
Here is a good article from The Atlantic about the economic situation that we are now in and some ideas about what to do to fix it:

http://www.theatlantic.com/politics/archive/2...

The idea of "Middle-out" economics is not new or in any way "socialist" or radical. President Eisenhower followed the basic same policy and called it "Middle Way" economics. It worked. The period of 1945-1985 was the most prosperous for the greatest number of people in U.S. history.

Since: Jul 13

Location hidden

#6 Jul 24, 2013
Retired Farmer wrote:
<quoted text>
No amount of "motivation and desire to succeed" will work if the economy does not offer the opportunity for great numbers of people to succeed.
I disagree. We do not have a lack of jobs in this country. We have a lack of workers wanting jobs. Why should I go get a job while I am living just fine on handouts?
Retired Farmer

Paducah, KY

#7 Jul 24, 2013
Freaky1Freaky wrote:
<quoted text>
I disagree. We do not have a lack of jobs in this country. We have a lack of workers wanting jobs. Why should I go get a job while I am living just fine on handouts?
The premise upon which your statement is based is simply false. For every job opening today there are 3 unemployed people who apply.

http://www.huffingtonpost.com/2013/07/09/unem...

As you move up the scale from low skill minimum wage jobs into the better industrial jobs, the situation gets even worse. It is extremely hard for people with very good educations to get jobs today. There are simply no jobs.

And the cause of it is the economic structure that resulted from the combination of "trickle down" economics and globalization. That structure sends jobs overseas to countries with near-slave labor conditions (example clothing factories in Bangladesh), imports the cheap goods, and sells them to American consumers through monooplistic retailers like Walmart. This sucks wealth out of the great majority of Americans and sends it up hill to the super rich few - like Sam Walton's 6 heirs.

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