Dark days are ahead for U.S. investors.
That’s according to a well-respected author and investor, making a recent appearance on Yahoo Finance’s “Breakout.”
Peter Schiff, the CEO of Euro Pacific Capital, says that the during President Obama’s second term, the country will face both a currency crisis and a sovereign debt crisis. “It’s going to be the same thing that is happening in Europe or Greece, but it’s going to be a lot worse.”
Schiff also said the country faces higher unemployment, higher food and energy prices, and “sharply higher interest rates.”
This isn’t the first time that Schiff has painted a grim outlook for the country. A few months ago, Schiff generated headlines by saying that the economic, financial, and employment collapse the country has endured in the past few years was only the beginning. He says what we experienced in 2008 “wasn’t the real crash. The real crash is coming.”
As Schiff has pointed out before, sharply higher interest rates will bring a huge downside risk with them. “In America, the problem is that interest rates are too low. They have to go up. We can’t have an economy with interest rates at zero. If the Fed lets interest rates go up, we have to realize that we will have a deeper recession, we have to realize that banks are going to fail.”
He also points out that the rush to the U.S. dollar and Treasurys as a “safe haven” is anything but safe. “There are a lot of people who don’t understand what is going on. Look at how many people are buying the dollar. Look at people buying Treasurys. That makes no sense either. The risk lies in the dollar. The risk lies in Treasurys and other currencies being printed into oblivion.”
A noted economist agrees with Schiff that a much worse stock market crash is coming. And unlike Schiff, he has given very specific details about just how bad it will get.
“The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2013.”
That catastrophic outlook comes from Robert Wiedemer, economist and author of The New York Times best-seller "Aftershock." Before you dismiss Wiedemer’s claims, consider this: In 2006 he accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States.
Editor’s Note: See the disturbing interview with Wiedemer.
In a recent interview, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”
The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The country’s financial “rescue” devised in Washington has failed miserably.
The blame lies squarely on those whose job it was to avoid the exact situation we find ourselves in, including current Federal Reserve Chairman Ben Bernanke and former Chairman Alan Greenspan, tasked with preventing financial meltdowns and keeping the nation’s economy strong through monetary and credit policies.
At one point, Wiedemer even calls out Bernanke, saying that his “money from heaven will be the path to hell.”
But it’s not just the grim predictions that are causing the sensation; rather, it’s the comprehensive blueprint for economic survival that’s really commanding global attention.
Shocking Footage: See the eerie chart that exposes the ‘unthinkable.’
The interview offers realistic, step-by-step solutions that the average hard-working American can easily follow.
The overwhelming amount of feedback to publicize the interview, initially screened for a private audience, came with consequences as various online networks repeatedly shut it down and affiliates refused to house the content.
Bernanke and Greenspan were not about to support Wiedemer publicly, nor were the mainstream media.
“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog, “but unfortunately, it kept getting pulled.”
“Our real concern,” DeHoog added, “is what if only half of Wiedemer’s predictions come true?
“That’s a scary thought for sure. But we want the average American to be prepared, and that is why we will continue to push this video to as many outlets as we can. We want the word to spread.”
Editor’s Note: For a limited time, Newsmax is showing the Wiedemer interview and supplying viewers with copies of the new, updated Aftershock book including the final, unpublished chapter. Go here to view it now.
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