Peter David Schiff is the CEO for Euro Pacific Capital Inc.. More importantly he is one of the most accurate economists I have ever heard. When he speaks about the economy I tend to listen closely.
On January 4th, 2007 Peter Schiff said “I see a very real recession. It’s not going to be measured in quarters it’s going to be measured in years. There is a very good chance the recession will start in 2007.”
Of course that’s old news. What concerns me is Schiff’s latest prediction. On his Blog he states “It’s a 100 percent chance. In fact the recession might have already started.”
I’m certain that it’s already started. Our so called economic recovery has bailed out Wall Street and left Main Street twisting in the wind. As far as I’m concerned the economy never recovered in the first place. We are entering what may be the next Great Depression.
Others including myself have cast our ballots with Schiff. Back in August in the post the price of theatrics. I stated “I fear that we will probably face another 2008 style crisis by the end of the year.”
A probability study by Bank Of America predicts an 80% chance of an economic relapse into recession. They are acting on this data as they plan on closing 600 branches and laying off 10,000 workers. The study relies on data from the Philadelphia Branch of the Federal Reserve. The Philly Fed predicts an 85.7% chance of recession. The study also concluded that consumer confidence is at it’s lowest level since 1980.
The thugs in charge of this country are not pointing guns to our heads. Instead they are quietly bankrupting us. Maybe our leaders will kick the can down the road and stave of the inevitable for a while, but make no mistake the Devil rides with a fist full of dollars and Hell follows with him.