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Classic Videos: Niall Ferguson on America’s Death Spiral

by John Rubino on July 8, 2010 · 38 comments

In this recent CNN interview, Harvard Professor Niall Ferguson predicts that, barring a radical change in policy, “nasty fiscal arithmetic” will send the U.S. into a “death spiral.” Some representative quotes:

“Fiscal tightening is baked in the cake. Tax increases are coming and coming soon… The US has a kind of stay of execution while the European crisis unfolds, but at some point the nasty fiscal arithmetic will get everyone, including the U.S… Treasuries are a safe haven the way Pearl Harbor was a safe haven in 1941. It’s safe until it’s not safe anymore.”

  • Rachael Marie

    Credit crisis, then fiscal crisis, then currency crisis. Bring it on. Let’s get it over so we can rebuild our country again. Our country, not by the corporations, of the corporations, and for the corporations……

  • ben pierce

    When a fiscal crisis forces politicians in Washington to get serious about reform, it will be too late. What happens then is hard to predict.

  • caleb

    This guy get’s worried about deficits, but then also is concerned about higher taxes. Also his answer to the lack of investment doesn’t address at all the austerity deflation he is calling for. This guy is very confused.

  • Ken

    It needs to happen to flush the corrupt from the system. It will be painful but it’s a much needed purge.

  • kenneth s

    15 minutes of nothing. no mention of otc derivatives. until they are contained nothing else matters.

  • Ray

    Yes, let get the hard times over with. I am getting to old. Let it fall and let us get to work.

  • Lester

    Unfortunately for American workers, the aim of US leadership is to force down wages to the Chinese level so “America” can compete!

    Without manufacturing (which has been wholly exported) it’s extremely difficult to build wealth, much less rebuild after the advantage of first-start is lost. Capital is locked up in the banks and it’s safer for bankers to collect a little but secure interest from government, than to risk it for the benefit of the country. Some obscure carpenter said: “by their fruits you shall know them”.

    It’s just my opinion, I could be wrong.

  • http://chaosandconspiracy.wordpress.com CompassionateFascist

    Palliatives from the Left (Krugman: “spend more debt!”), palliatives from the Right (Ferguson, “Austerity!”). None of this will work; the situation has deteriorated to a point where it is all irrelevant. These people live in bubbles: Harvard, NYC, Sodom-on-the-Potomac. Out here in the real world – driving a cab in a W. coast city – it is easy to see what the real problems are: working class broke, drowned in cheap imported labor via the legal/illegal immigration racket, and middle class disappearing thanks to the job-outsourcing racket, aka “free trade”. The solutions? Never mind the fiscal and monetary machinations. Too little, too late. Instead: Close the borders. 100% tariff. National autarchy. Think the Demicans and Republicrats can do the necessary? Not a chance, given the socialist group entitlements and corporate special interests that own both parties, Zionistas in particular. I think we’ll just have to look after ourselves, friends, neighbors, while they do their Iran War (>$300+/barrel oil>China, Japan dump dollars and TBs>global run on dollar) and bring down the whole rotten system. Then we’ll see real change. Via Civil War II. No worry; these things have to happen from time to time. We are long overdue.

  • BlockHead

    This interview wasn’t about a solution, it was one of many types you’ll see in the media set up to take your social security. The billionaire scum that stole your money via bailouts wants more from you. So they’ll have their people systematically suggesting social security has to be privatized and cut some more, there will be no end to their thievery of whats left of the middle class.

  • Freddy

    This man is basically telling you what is going to happen. He is a CFR
    (Council of Foreign Relations) man, and an insider to the Powers That Be (PTB).

  • Brad Thrasher

    Niall Ferguson is among a short list of conservative commentators worthy of some respect. He at least has enough knowledge of Keynes to understand JMK priority was employment.

    Ferguson then falls into the trap of blaming the entire social net and all deficits on the Keynesians. Wrong. Mismanagement led to the deficits.

    Ferguson makes the point, one with which thoughtful liberals and conservatives agree, of the need for reform and restructuring. Frankly, the Harvard merely states the obvious. It is amusing that it takes a PHD to maintain credibility while stating the obvious.

    Like George Carlin, those without PHD’s who state the obvious become comedians.

  • http://www.leave-the-eu.org.uk/Who_Are_We.php Peter UK

    If fiat currency is nothing but paper, has no intrinsic value, but is merely a token of exchange, does it really matter what debt & deficits are? As they are ‘virtual’, presumably they don’t exisit in the real world. Equally, if ‘economics’ is the study of ‘non-existent’ factors (money), this is merely a ‘game’. But the assets that dollars represent actually do exist: real estate, plants,vehicles, computers, ships……they are all real and do work, which is productive in Main Street.

    Therefore in this mad world why not let the powers-that-be play with their dollars…gamble on the markets, taking from their own and giving to their own with useless tokens and indexes while the ‘productive’ people can get working among themselves, outside the game-field.

    But there’s no ‘employment’! Good, who wants to be a slave (serf) to the corporations and establishment anyway and join in their game? One answer is to look around, see what our fellows need…supply it…(outside their corrupt system), trade among ourselves with all the great real wealth that still exists…it’s all there ready to be productive: (self employment). Here’s a great message of hope and wisdom, a true story:

    http://www.nytimes.com/2004/06/06/magazine/what-the-bagel-man-saw.html

    BTW: Serfdom is back as many economic and political thinkers today argue, that Western economies have returned to “government-owned serfdom” in the medieval style. This was predicted by Friedrich Hayek in “The Road to Serfdom” as early as 1944 and is a must-read for all free thinkers.

    Thus I am suggesting that it’s all a ‘game’ for the elite, they are mainly pathetic, unproductive sociopaths always having to ‘win’…doing everything they can without scruples to hoard every cent they can get. Why? Because they are afraid, secretly knowing that because they produce nothing, they fear the day when the producers refuse to feed them (to play their game)…so they store their worthless tokens against a day they know is coming when they will need to trade for the basics of life….but then their ‘wealth’ will be useless.

    We don’t have to play their games, we can chose to do our own thing…locally, providing the essentials of life to each other, storing our wealth in gold, the only honest money. They are forcing us out of their game (unemployment is just one measure), have they won?, so what.. they have only won their worthless trophies, let them stew…there’s nothing more fearful for the power elite than not playing their game (eg using gold for money) – their whole illegal fiat tax system collapses and serfdom ends.

    We can’t eat a Ferrari…it’s just a token ( a peacock’s plumes) for egocentric maniacs who unknowingly needs to attract a mate for their ever-competitive ‘virtual’ gene pool game.

  • Bruce C.

    I basically agree with Ferguson’s analyses in terms of the fiscal choices at hand, but I wished that he had been more specific about how additional stimulus money could be used. I definitely diasgree that more money should be given to prop up financial institutions, but one has to assume he meant more stimulus like that. Given that alternative, then I would suggest both spending cuts AND tax cuts. Raising taxes is beyond stupid. Not only would that take money out of the economy, it would be giving it to the government which has proven to be a poor steward. And now, with this bunch? – forget it. You really think they would use additional revenue to pay down the debt.? Besides, lowering taxes is really the only way to create growth and to ever hope to pay down the debt.

    If I were the President I would call for a 10% cut in federal spending across the board and at every level, starting with my own salary and that Pelosi and Reed, the Congress, etc., etc. Similarly, I would call for a reduction of 10% in all federal tax rates – income, payroll, tariffs, excises, capital gains, etc.

  • alex parkhurst

    Ferguson is pushing Congressman Paul Ryan’s Roadmap plan which has similarities to what Canada did some time back. It’s worked in Canada and it can work here. You incent creativity and enterprise and tax consumption. You reform pensions and health spending. Social Security, Medicare, Medicaid are insolvent. Every actuary knows it and the people intuitively know it, but there is no impetus to fix it. There will be – count on it. You will need a crisis here before it happens. The current cast of clowns in Washington will need to be replaced for this to happen, so look at January 2013 as a potential starting point.

  • http://www.israelfinancialexpert.blogspot.com Libertarian Revolution

    We need to look back at history and learn from the past:
    The Whiskey Rebellion was a resistance movement in the western frontier of the United States in the 1790s, during the presidency of George Washington. The conflict was rooted in the dissatisfaction in western counties with various policies of the eastern-based national government. The name of the uprising comes from the Whiskey Act of 1791, an excise tax on whiskey that was a central grievance of the westerners. The tax was a part of treasury secretary Alexander Hamilton’s program to centralize and fund the national debt
    The Tea Party Movement is one step in the right direction
    http://israelfinancialexpert.blogspot.com/2010/06/world-needs-libertarian-revolution.html

  • Brad Thrasher

    A question for the “don’t raise taxes during a recession” advocates.

    Why is raising taxes in a recession bad for the economy?

    Bill Clinton raised taxes during a recession and reduced the budget deficit. Clinton’s brand of fiscal responsibility helped produce what the millennial generation is calling, “The good old days.”

    All the best,
    Thrash

  • Bruce C.

    Thrash,

    Why not raise taxes during a recession?

    Because the more money that remains in the economy the more potential for economic growth there can be, which would ultimately lead to higher and sustainable government revenues. If taxes are raised economic growth will decrease and thus lower government revenues.

    Furthermore, there is no “golden goose” like a technology boom to leech off of right now. Quite the opposite. If the cost of living and doing business in the US continues to stay high or get even higher, then business, capital, and productive people will continue to leave this country.

    Raising taxes now will also have a depressing effect socially/psychologically, at least among the citizenry. People don’t like or trust government these days, and they resent having to bailout the incompetence, corruption, irresponsibility, and failures of others.

  • Brad Thrasher

    Bruce C.,

    Excellent point about the 90′s tech boom.

    A clean energy/smart grid/rapid rail boom is begging for leadership and investment. Certainly our day of American Exceptionalism hasn’t ended. Might we have one more trick in our bag?

    It doesn’t require public money as much it does a change in public policy.

    All the best,
    Thrash

  • BlockHead

    What about changeing monetary policy entirely? if you play a board game, you read the rules and everone agrees to follow them. If you don’t go by how the rules are written, no one will play with you unless they agree with the made up rules. Why can’t money be issued based on human and social value? Say all countries in agreement believe national health care indicates a value. Than money is issued based on how many healthcare workers are needed to take care of its population. Its issued right out of thin air debt free, unlike fractional reserve lending that always has debt attached to money issued out of thin air. You could do this for certain things that have human and social value that enriches a nation as a whole on how their citizens are treated. The rules may get a little complex to maintain the value of the currency, but the way things are now they cannot maintain the value of currency and banks not citizens run the show. Let’s quit trying to fix what has been defrauded to almost a global reckoning, the board game rules of banksters. There would be no gov’t debt and tie it to a free market system as to where one can earn more than another based on his/her experience or talent etc. Peter UK, I think is on the right track. I think most of the comments are, if we had an honest system, but the system we have is fraud, controlled by some very mean Ba$terd$.

  • Bruce C.

    Thrash,

    I like your sentiment, and a new serendipitous/creative venture could occur but I think that sort of thing (smart grids, rapid rails, etc.) are in the offing. As a society (and I’ll include the whole world in this) we need to de-institutionalize the natural human propensity for “charity” (which would also eliminate the rampant embezzlement of social/entitlement programs.)

    Things like “smart grids” and rapid transit systems are new manifestations of freedom and love that insist upon a saner and more honest playing field. (I’m groping for the right words here.)

    In the mean time, whatever ideas/ignorance elected Obama, et al must be reconciled, or it’s back to square one “reincarnationally speaking.”

  • Maurice Lavenant

    There is an old joke about economists locked inside a basement who maintain that a sandwich will appear out of nowhere at the sound of their grumbling stomach… demand will create supply. Can we find an economic solution to the current crisis? Very doubtful until we stop this obsession with economic factors and start to look at the real underlying causes for our current predicament. When you start studying them, it becomes clear that there is not going to be an economic recovery.

    Read: http://www.chrismartenson.com/blog/stocks-bonds-are-now-hazardous-your-wealth/41732

    Watch: http://www.youtube.com/watch?v=F-QA2rkpBSY

    Makes more sense to me that the economists’ magicking growth out of nowhere.

  • Duane

    Maurice Lavenant – I read Chris Martenson’s article “Stocks & Bonds Are Now Hazardous to Your Wealth”. He is arguing the case for deflation. His chart of Total US Credit Market Debt tells the story. As I said in a previous thread: $52 Trillion dollars of debt is hard to inflate but easy to deflate. That is why all aggregate money supply measures have turned down and the economy is contracting. We must deflate to clean out excessively risky, non-productive and counterproductive (ill-conceived or fraudulent) ventures. Wealth of this nature needs be destroyed. That is the Kondrattiev winter, the Minsky Moment, von Mises credit collapse, Prechter’s Conquer the Crash. And God said it was good…

  • BlockHead

    Maurice,
    I watched both the crash course and the most important video you’ll ever see series about a year ago, your links allowed me to revisit them again, thanks.
    I’ve been an Environmental Biologist since 1983, I use the name Block Head, since I have talked about population growth issues, resource issues, ad infinitum and people look at me like I’m a BlockHead, especially Republicans, I sometimes think alot of people I meet want the rapture to occur. I only laugh, I laugh at them for wanting misery, for all of humankind, and then they think they’ll go to heaven? I think the power elite feels it will be able to ride out or buy out any unfortunate human event while the masses suffer from any of their failed policies.
    You are probably right that there will be no recovery. There are simple solutions that require a sense of altruism that may not exist enough in our population.

  • http://e-watchman.com Robert King

    What Niall Ferguson is proposing is genocide. His ideas are right out of Hitler’s economic policy. Get rid of the unless eaters. Cut entitlements. By the way, social security is not an entitlement. It is supposed to be a government bank account that workers pay into until retirement. If you deposit money in a bank and then make a withdrawal, is that an entitlement? Why not write off the hundreds of trillions of phony derivatives and fix the ridiculous floating exchange system? Why go after the widows and orphans when the bankers are the ones who are destroying the world’s economy?

  • olde reb

    is the following article, if it goes thru, of interest ??? Reb
    *****************
    RIP-OFF BY THE FEDERAL RESERVE

    The operation of the Federal Reserve is usually obscured by euphemistic smoke and mirrors. With full knowledge that this is not the way the Fed/government describe the system, allow me to offer my analysis of the mathematical operation.

    Congress can pay for federal expenses with funds collected from taxes, but congress is never satisfied with this amount. The desire to buy votes/campaign contributions from special interest groups induces congress-critters to spend more, and this is identified as deficit spending. To create this make-believe money requires the assistance of the Federal Reserve.

    Congress will give the Fed a security (bill, bond, or note) and one of the Fed’s twelve banks will accept the document as an asset. The Fed will then establish a line of credit for the U.S. government for the same amount and list the liability as Federal Reserve Notes. Presto !! Fiat money has just been created for Congress to spend. The accumulated securities that are not redeemed add up to the national debt. Ref: 2009 Annual Report to Congress by the Board of Governors, page 448. http://www.federalreserve.gov/boarddocs/rptcongress/annual09/pdf/ar09.pdf

    [You undoubtedly remember how the Fed obtained $700 billion TARP funds. It begged Congress for money and Congress gave them $700 billion in securities and the Fed gave the securities to GSE/international bankers. The Annual Report lists Assets of $776 billion securities and $908 billion Government Sponsored Enterprise Mortgage Backed securities out of $2.2 trillion total assets. Whether the purchase of the GSE securities from foreign banks was required to prevent US businesses from being sued for fraud is beyond the scope of this paper.]

    If all of the securities were retained by the Fed, the public would quickly complain that interest payments were for no benefit and the inflationary pressure would also be obvious. The Fed therefore wants to sell a major portion of the securities so it has arranged with the Treasury department to act as auctioneer for selling to the Primary Dealers (i.e., commercial businesses). The PD submit sealed bids. Since the security has a fixed face value, the lower the bid, the higher the interest rate for the buyer.

    The taunted concept that the Treasury’s auction is used to obtain money to run the government is absurd. How could the government sell trillions of dollars of securities if the money was not already in circulation ?

    The mathematics are now going to get more detailed. If the Fed sold all of the securities at face value, there would be no money left in circulation. The money that was created for Congress by the securities would all be taken out of circulation and returned to the vaults of the Fed. The operation is identical to the FOMC selling or buying of securities to alter the amount of money in circulation.

    The value of any securities not sold by the Fed is still in commercial banks and becomes the Reserves for those banks. The Reserves (known as base money) are then multiplied via loans utilizing the fractional reserve practice. The Fed currently holds about $750 billion of $12.5 trillion issued securities. Ref. http://www.fms.treas.gov/bulletin/b2009_3.pdf. Chart OFS-1.

    Observe that the amount of money created by the security is the amount of the principal but the amount promised to be repaid is the principal AND the interest. The interest is never created but it is promised to be repaid. It is impossible. The linear expansion of base money via fractional reserves to create commercial loans does not change this. If, hypothetically, all money was to be used to pay off the securities issued by Congress, all bank Reserves would be wiped out and the commercial loans would collapse.

    The debt created by usury based sovereign debt is perpetual; it can never be paid off.

    There is more skullduggery involved. Let us assume a newly established sovereign nation is setting up a usury based economy with an initial issue of 100 unit securities, a five year maturity, and an annual interest rate of 20 percent. The program will be continued for five years. Identities of congress and Fed will be used for convenience.

    Upon the issuance of the first security, congress has 100 units to spend. At the end of the year, congress/Treasury has to pay 20 units to the Fed for interest. If the nation had to pay off the security at the end of the first year, the bankruptcy is obvious. There was never 120 units created. Twenty units could be removed from society but that would leave only 80 units in circulation and cause great financial hardships. The solution is to put off the interest payment until after the issue of securities for the second year. The interest is paid from the principal created by the second issue.

    During the second year there are 200 units in circulation but the actual rate of interest on the second issue is not 20 percent. Since 20 units had to be paid to the initial security holders, congress only received 180 units to spend (100 + 80) but they are committed to pay 40 units of interest on the security at the end of the second year. The interest rate of 40 divided by 180 is 22.2 percent. Considering the second year alone, the interest is 25 percent; i.e., 20 divided by 80.

    When the security for the third year is issued, the interest of 40 units for the first two years securities will not be available for congress. Congress will receive only 60 units for public projects but will have to pay 20 units interest at the end of the year. The 240 units received by congress (100 + 80 + 60 ) will require 60 units of interest at the end of the third year. The cumulative interest rate (60 divided by 240) is 25 percent. The interest rate for the third year alone (20 divided by 60) is 33.3 percent.

    At the start of the fourth year, the security will have to cover the interest charge for the three prior years of 60 units. Congress will receive 40 units for government spending. The 280 units received by congress (100 + 80 + 60 + 40) will demand 80 units of interest at the end of the fourth year. The cumulative interest rate (80 divided by 280) is 28.5 percent. The interest rate for the fourth year alone (20 divided by 40) is 50 percent.

    The security issued for the fifth year will pay the 80 unit interest for the prior four years. Congress will have 20 units to splurge. The 300 units received by congress (100 + 80 + 60 + 40 + 20) will require 100 units of interest at the end of the fifth year. The cumulative interest rate (100 divided by 300) is 33.3 percent. The interest rate for the fifth year alone is 100 percent.

    After five years, 500 units of security have been issued on the full faith and credit of the nation for securities that must be redeemed. 300 units have been available to congress for spending. 200 units have been given to the Fed as interest and another 100 units for interest are due the security holders at the end of the fifth year.

    In addition, 100 units must be found somehow to redeem the maturing security issued the first year.

    The inescapable whirlpool of usury debt can only avoid bankruptcy by increasing the value of future issues. Increasing the value of issued securities merely postpones the inevitable result.

    A high rate of interest has been selected for the example to minimize calculations. A ten percent interest rate will consume 100 percent of securities issued with constant value after ten years; a five percent interest rate will take twenty years. Lower rates of interest merely require more years to reach the same inherent bankruptcy.

    An economic scheme that utilizes later investors to pay the interest due earlier investors is identified as a Ponzi scheme. This is precisely the scheme that has been presented above. The scheme will survive only as long as more principal is generated to pay the interest. This action only postpones the ultimate time of a much larger reckoning. If purchasers of the new debt cannot be found, the interest must be paid from previously generated principal and the scheme quickly collapses like any Ponzi scheme. Astute investors will demand a higher rate of interest than inflation (resulting from the creation of new principal) or they will suffer a loss of actual wealth. The increase in interest will always be greater than the increase in principal because of compounding effects; i.e., the more the principal increases, the more the interest increases.

    The exponential growth in interest was observed to be 15 percent while the budget only grew 7 percent in a newspaper article a couple of years ago. Currently, the budget has been increasing much faster and temporarily conceals the rapid growth in interest requirement.

    [Current economic conditions find entities with surplus funds buying short-term securities at near zero interest rates. This acceptance of a low interest rate minimizes the potential loss of value if the money was instead invested in the chaotic market of today. Recent auctions have found Primary Dealers bidding such low prices on long term securities (which raise the interest rates) that the Fed ate more than 50 percent of the auction to keep the interest rate artificially low. The PD‘s would have taken a haircut from inflation with a low interest rate on long terms.]

    The practice of tax collection for part of the government spending is well known within the United States. Payment of part of the government expenses by taxation does not alter the governments usury program; for analytical analysis, they can stand alone.

    Frequently individuals will insist that money to pay off the debt and interest exists. It brings back fond memories of a favorite professor who had an idiosyncrasy of asking the question “Does money grow on trees ?” on his final exam. There would always be a few political liberals, Economics majors, or other dolts who would invariable supply the wrong answer.

    Footnote: Dr. Bob Blain, Emeritus Professor of Sociology at Southern Illinois University in a paper “Revisiting U.S. Public and Private Debt” published in January 2005 observes the exponential nature of the increase in national debt and the destruction inflicted upon historical societies by usury based monetary systems.

    Benjamin Ginsberg, in FATAL EMBRACE, recently documented numerous historic societies in which a usury debt based economic system (but not so identified) resulted in the instigations facing public fury including deportation and confiscation of estates of the individuals involved–among other grievous injuries.

  • Bruce C.

    I have a question: Do you think gold and/or silver will drop in value (in dollars), along with all other assets (except cash/the dollar) during this unfolding deflationary period? If so, why?

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  • Brad Thrasher

    @Robert King

    Agreed, the paper money boys are feudalists without titles.

    @Bruce C.,

    Expect the value of gold to decline during the anticipated deflationary cycle and increase afterward with hyperinflation.

    A sign for our time, from Casa D’Ice Restaurant & Lounge:

    EMERGENCY BAILOUT…MILLIONS, BILLIONS, TRILLIONS…LET’S HOPE THEY FIX IT SOON….WE ONLY HAVE 23 LETTERS REMAINING IN THE ALPHABET.

    All the best,
    Thrash

  • Brad Thrasher

    Robert Reich makes an astute argument for a coming trade war. It reminds me of one of my own basic observations that our challenge is now making a profit amid the distribution of an abundance of goods and services.

    The market’s solution to abundance is the supply/demand curve trigger of the price mechanism leading into recession/depression.

    There must be a better way.

    http://robertreich.org/post/789574303/the-vanishing-american-consumer-and-the-coming-trade

    All the best,
    Thrash

  • Duane

    Bruce – I have two articles of interest, buried somewhere in my History or Favorites, that I should be able to track down. One gold expert actually said the rational price of gold is less than its current going price – how’s that for candor from a gold bug? His rationale is in the article, but I believe his valuation is based on that of the established gold miners, utilizing a time-tested rule-of-thumb. Another says and seemingly demonstrates, that the best indicator of the price action of gold is …. (drumroll) … real interest rates. I’ll find those articles in the coming week. So, one of these fellows uses a fundamental analysis, and the other looks at the investing environment.

    I think that deflation, insofar as it is reflected in an increase in the value of the US Dollar, puts a downward pressure on the price of gold and silver. However, supply and demand (for gold) may create an upward pressure. There can also be a speculative bubble, due to fear and uncertainty. I think the gold bugs are desperately pushing hyper-inflation fears to fuel this speculative bubble. No doubt there are other important forces. It’s the sum of these forces that results in the price.

    I personally don’t see how we can hyper-inflate. That chart in Martenson’s article tells us that inflation has already happened, in the form of immense credit expansion, since the 70′s. I’m sure the gov’t will try to exert what remaining inflationary pressure they can (Gordon T. Long seems to “know” that there will be another $5T in stimulus). But IMO we are “inflationed out”, we have too much excess capacity, and maybe hyper-deflation is more plausible (that last clause is a hyper-speculation).

    The prices of individual entities will therefore see a downward pressure, but their ultimate prices will be determined by many factors that are unique to each entity. Basic staples are presumed to see an increase in demand, for example. Also, worldwide demand may trump our demand (or lack thereof). Commodity shortages could cause price anomolies. Etc., etc.. Everything has to be analyzed separately, but in general prices will go down. That’s what I’m counting on.

  • Arctic Guy

    Notice how he beats around the bush, talks in shades of grey. This is classical middle of the road clap-trap. This guy is struggling to find the words that will be accepted by the highest percentage of viewers. He wants to get back on TV! Hell, he wants this as a career! Look at his tentative facial expressions; “Are they buying it? I don’t know. What if I say this…”

  • DosZap

    Blockhead,

    “Republicans, I sometimes think alot of people I meet want the rapture to occur. I only laugh, I laugh at them for wanting misery, for all of humankind, and then they think they’ll go to heaven?”.

    Yes you have it correct,the Catching Away will occur (Rapture is nowhere in the scriptures)…but the meaning is basically Snatched Away.
    ( As for Republicans??), that part I missed………..those that remain and suffer do so because their not In CHRIST,not because Christians want them to suffer.
    And, are left behind…………I suggest those that are not IN Christ, get there asap, as the signs are everywhere, for HIS return,and the AntiChrist’s appearing.

    As for the Economy…………

    Deflation first, yes, next and always, Inflation,then Hyper Inflation.
    So, do what you wish,if your a PM holder, HOLD.

    While it may drop in value, it won’t last long.Use the drop period (if the same mistake is made again as in ’08),which I HOPE to see, but many people are far more ON top of this game, now than then.

  • BlockHead

    DocsZap, my bad, there should have been a period after “Republicans”. I should have clarified that it is republicans in power. Not since Nixon, has the republican party made environmental conservation, or even a healthy environment as part of its platform. It was a sad day for me when Reagan took the solar panels off the White House Roof.
    The Catching Away or I’ve learned it as the Rapture is a viewpoint by many people I know, and it is not political party specific based on my circle of friends. I truely respect your certainty of this prediction, but I simply do not agree that any of us will be caught away. I think if we ignore population dynamics and do not adjust our economy to benefit the human population as a whole, instead of such a heavy tilt to the top 2%, humans will one day face a massive die off. We can either fix things now or nature will fix them later. I agree that it is wise to be In Christ, but as a Christian, the blatant unfairness of our economic and gov’t system, coupled with things like Drill Baby Drill, from conservatives that do not conserve, I must fight to try to change this because that is what Christian means to me. I get frustrated with Christians I know that feel there is nothing they can do and God will fix it. Well, I’m not saying that is your view, but the view of people that I know that believe in the rapture, seems to be a cop out to me, there is no fight in them to create an environment that is better for the next generation.
    I feel if the right minds and good people of whatever religion do not prevail, we as a species will all suffer and the human population will collapse. The only question is how much time do we have to get it right.

    By the way, I feel Rubino’s site is very informative and educational. Thanks John

  • Paul

    @ Rachael Marie July 8, 2010 at 9:56 am

    ……”Credit crisis, then fiscal crisis, then currency crisis. Bring it on. Let’s get it over so we can rebuild our country again. Our country, not by the corporations, of the corporations, and for the corporations……”

    This, unfortunately is what happens when a ‘Country’ fully signs up to ‘By the people, of the people and for the people’….

    ‘People’ start a business, business becomes a corporation, corporation gains power, Government panders to corporation….blah blah blah.

    America isn’t just constrained by it’s own constitution, it’s also (and just as unfortunately) firmly captive to Jewish financial dogma (Initially instigated with the European banking clans centuries ago).

    There is ONLY one way to completely solve the problem, and it’s a solution that absolutely cannot be manipulated by shady bankers and their servant governments. It applies not only to America, but to the rest of the world……

    A Gold Standard.

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