An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Saturday, June 13, 2009
G-8 officials turn to IMF over stimulus withdrawal
Financial officials from the Group of Eight industrialized nations are expected to agree Saturday to ask the International Monetary Fund to investigate ways to unwind hefty stimulus packages amid early signs of a global economic recovery.
Can you believe this!!!! This is the endgame, right here. They will pull the stimulus because they are so ignorant and that will send us right back into another crash and deep economic recession.
And finance officials in the G-8 are so clueless that they are asking the IMF how to figure out how to essentially kill the global recovery. Of course the IMF will be happy to oblige and provide ways.
Invest in China!!!! They're not part of the G-8 and that country will be the next global economic superpower. It will happen rapidly now!!!
Hi Mike,
ReplyDeleteJust found your show after seeing you on a few Youtube links.
On a previous podcast a caller asked you why Peter Schiff has followers, to which you responded that he has followers for the same reason that fanatical cults or religious organizations have followers. Why didn't you mention that he was right about the economy where so many others (including yourself) were wrong? It's well documented (in fact, there are plenty of youtube links available) that you went head-to-head with Schiff and ended up looking like a fool. In fact, you thought home prices would continue to rise 10% annually indefinitely and laughed at Schiff when he accurately predicted a housing market crash; I think referring your listener to those YouTube links might have answered his question a little better and possibly led him to question why YOU have a following. Anyway, I lump you in with Art Laffer and the countless others who were arrogant and quick to give false predictions on live TV, only to backpedal and attack Schiff now that his predictions have turned out to be considerably more accurate.
Good luck in your future business dealings. I hope you've learned a thing or two form Schiff and can provide your audience with some useful advice that will help them avoid the coming hyperinflation and collapse.
He said home prices would decline. So did lots of other people. He didn't see the dollar's huge move up. He said interest rates would spike and foreigners were going to sell Treasuries. His gold prediction was $5000 an ounce and gold did squat through the financial crisis. Guess what performed best: dollar and Treasuries. It's okay to be a cult follower, just know that you are one. By the way, the WSJ did a huge article on Schiff and spoke to his clients, most of whom got totally blown out investing with him. He even told one lady to take out a second mortgate on her home to buy the foreign stocks he recommended. He told her to do that even though he believed home prices would go down. How do you do that to someone in good conscience? He's your god? Anyway, you know what happened to those foreign stocks he foisted upon that lady? They fell far more than U.S. stocks. So the lady lost on those investments and her home price went down (which Schiff correctly predicted), but she was saddled with a mortgage on her house at the urging of Schiff (who said all along that real estate was a bad investment). Who knows? Maybe that poor lady lost her home. He's your god, not mine.
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