Comments by "Ace1000ks1975" (@Ace1000ks19751982) on "Peter Schiff"
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@Motorcitymadman I have bad news for you. The Federal Reserve will not let banks collapse. If a bank does go under, the Federal Reserve just takes it over and re-capitalizes it. Back in the late 1980s, a lot of banks collapsed due to the saving and loans scandal, and the bank my father banked with collapsed. The FDIC gave my father all his money back in a couple of years.
I know a lot of people are hurting economically, and they are frustrated that they aren't getting anywhere economically. They want to escape in a world of fantasy and that genre being the prepper collapse cult. Believing that if the system and civilization totally collapses, I will not have my creditors hounding me everyday, and I will be free. You're debts will stay with you for the rest of your life. If you don't pay your mortgage, the banks will use the law enforcement to evict you from your home with a foreclosure. If you don't pay your property tax, the county will put a lien on your home and seize it in a few years. Banks will get bailed out, because everyone depends on it. As for you, no one gives a shit about you, not even Donald Trump. That is the reality.
For most of you who are heavily indebted, your future is very clear when all the bubbles pop. You will lose your livelihoods, you will lose your home, lose your car or cars, lose your wife, lose your kids, and live in the streets. There will be no total collapse scenario where you get to use your Ar-15 on hoards of people. Once you lose your home, all the preps you made will not mean anything. Where are you going to put all your guns, ammo, gallons of water, stocks of food, and equipment. Are you going to put it all in your shopping cart. Preppers think they are smart, but I think they are the biggest idiots out there.
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Mr. Schiff, how is there going to be inflation if the money is going to a handful of billionaires and millionaires? The majority or 90% isn't getting this money, and rich people are very stingy people. In other words, most of this money that is being flooded into the stock market is going to the very top. If the masses got the money, we would see inflation; however, if a few people get most of the money there will be very little inflation. For example, if there was $10 trillion circulating in the economy, and 10 people had $5 trillion, 3,000,000 people had $4 trillion, and 300,000,000 had 1 trillion dollars. How can there be inflation? The 300,000,000 people have more debts than they have assets, so they will be busy paying the bills, paying off their debts, paying their mortgage/rent/lease, etc. They will have very little disposable income to cause inflation!
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Wouldn't that make Trump's Baby Boomer supporters angry? Baby Boomers rely on their saving accounts to pay them a annual return. If interest rates goes into negative territory, you will be charged the negative interest rate per year. So, if rates moved to -2%, you will lose 2% of your balance per year, and it will compound every year at 2%. In year one if you had $50,000, you will have $49,000 after a year, and next year you will have $48,020 in year two, and in year three you will have $47,059.60. The longer you keep your money in the bank, the poorer you get.
In addition to that, this coronavirus will affect Trump's boomer supporters, because it will be fatal to people in that age group.
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@BarkusMuhl companies, corporations, and capitalists in general have different interests than working people.
Capitalists want to capture the global market, so they can increase their profits. Workers only care about keeping their jobs. The corporations have the $$$$$, so they can have the laws changed.
Back when tariffs were high income taxes were very low. In the 1900s, income tax was as low as 5%. That was offset with high tariffs. Today, income tax is 15% Federal and 15% state, so we have pay about 30% in income tax every year. If you are a business, you can pay less than that, because you can write off a lot as business expenses.
If you are a working class stiff, I don't know how you will survive this kind of economic environment. You're still going to pay income tax which is pretty high, you will be hit with tariffs which is just about everything we buy. In addition to inflation spiking up due to the Chinese not buying up our treasuries anymore.
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@jackmcslay People like to blame others when they are suffering economic misfortunes. This economy has not recovered for most people since 2008. Unless, you were heavily involved in the equities/stock market, real estate, or asset markets, most people regressed economically. The wages of most people remained stagnant while prices for everything we need and want went up due to inflation.
I can understand peoples frustration, and why they would vote for someone like Trump. After all, Trump told the people what they wanted to hear, and after he got into office he doesn't care anymore. The lives of most people will continue to decline, and be more indebted. Indebted, because their wages will not keep up with inflation, so they need to debt and credit to buy the necessities of life.
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