Originally Posted by
jungle
Yes, the Schiff has hit the fan. Everyone is right once in a while and the timing elevates them to star status. They almost never retain that rightness very long. His endgame is weak and I don't bet against the largest economy in the world.
Where is the only safe haven? When he talks about widespread confiscation he is venturing into tinfoil hat territory. Any stock held in your name would also be subject to confiscation wherever it may be held. Confiscation of gold has a past precedent in the US. I don't think that is going to happen again.
It is just another opinion, and I read it with the rest, but it makes no sense in parts and just sounds looney in others. If it happens to come to pass the balance in your accounts will be the least of your troubles.
Hey, even the Pope is getting in on it, when the defecation hits the fan everybody wants a piece. It's good for the ratings.
Bloomberg.com: Europe
Well, you are right... and there certainly are a lot of opinions out there.
FDR was risen to star status, in spite of everything his administration did. If the US does continue this trend of deflation for long enough, people will be begging for anything to make it better. Confiscation has happened on so many different levels already it isn't funny, most of which is hidden through redistribution and other things. While I'm not sure I share such apocalyptic views to that extreme, whatever may happen will not suprise. Equality is a politically correct battle cry now.... this type of thinking has and will extend into economics during the great deflation. The free-market was the reason for our prosperity, now we are mislabeling it the cause of problems. My guess is that the current administration will come out looking like FDR, if the economy revives and rebounds.
Tin-foil hat or not, we are in for a very rough road if things continue