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The Coming Obama Depression 2.0

Signs show economy plunging back into decline soon
Photo by Pool

We've lived through the Obama Depression, which was caused when Barack Obama's progressive economic policies, that were designed to deliberately destroy our relatively free market economy to replace it with a socialist one, turned what was a mild recession that should have turned into a robust recovery by 2010, into a full depression by that same year. Not only has Obama's policies sandbagged the economic recovery that still should have come around by last year and this year, those purposefully destructive policies have us on course for an assured second Obama depression.

The same president who lied about Obamacare has been, and is, lying about the economy. Obama, and his willing accomplices in the sycophant media, have been telling us for years now that the economy is in recovery. It's really a wreckovery, that has never recovered since the recession of 2008-2009 that Obama's policies turned into the Depression of 2009-2011. We're already covered here how the economy is likely to turn downward again soon.

Economist Peter Schiff predicts the next economic crisis is coming soon and that it will be worse than the one that started in 2007. Schiff's “Money Morning” web site reports, “Washington is engaged in a massive "campaign" to make Americans believe the economy is in recovery. But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.”

The politicians we have in office, most of whom as progressive liberal Democrats and progressive Republican In Name Only (RINO) Republicans who want to keep the big government, big spending party they're enjoying at taxpayer expense going as long as they can, are not and can not be honest with the American people, Schiff points out, “The problem with politicians is they don't want to level with the voters and tell them how bad the economy really is and what the cure for the disease is.”

The same progressive politicians who are spending the country into bankruptcy also have the help of a willing media that demonizes, wrongly casts as extremists, and as much as possible screens out the voices of the only political movement that has a solution to this problem, the citizen's TEA Party movement that says the answer to this problem is a very mainstream and reasonble course of cutting taxes, reducing the size of government, and cutting spending by forcing the government to live within it s means and not spend money it does not have and can not further tax from the citizens of this country. Yet the media casts that approach as “extremist” and those who support it (like Ted Cruz) as “extremists” while the wreckless big spending bi-partisan progressive policies of the Washington D.C. ruling class that are bankrupting the country are portrayed by the media as “moderate” and “responsible” bi-partisan policy.

Money Morning speaks to the results of that policy, citing that “(t)he "disease" Schiff refers to is a toxic combination of our massive $16.4 trillion debt and the Fed's continued devaluing of the dollar through its controversial 7-year long "easing" program.”

Additionally cited, “The Fed is currently purchasing $75 billion a month in Treasury and mortgage bonds, a form of stimulus.”

While President Obama and others in the bi-partisan liberal Democrats and RINO Republican Washington D.C. ruling class have claimed all of this “stimulus” has bolstered the economy and lead to GDP growth and allegedly low inflation (been in the grocery store lately?), Schiff says this also is
another lie.” This would be no surprise coming from our pathological liar and sociopath of a president, Barack “Barry Soetoro” Obama. Likewise, we know this president and the Regime blatantly lies about and fabricates government economic reports to suit his political needs.

Schiff knows the economy itself is being propped up by phony means by a corrupt and phony president and Regime that is at the same time lying to us about the real state of the economy. And an economy that is so shaky and weak, and propped up in this manner, has to crash soon. And the next crash will be spectacular, and entirely Barack Obama and those in Congress and the government that backed his policies will be mostly to blame.

Schiff says, the government has done nothing more than create a "phony" economy that is "completely dependent on the ability to borrow more money that we can't pay back. The Fed knows that the U.S. economy is not recovering. It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”

While I have predicted the president may not even finish his second term as president, Peter Schiff predicts that Obama won't finish his second term before the next economic crash begins, writing, “The crisis is imminent, I don't think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”

As has been covered in this column in the past, Schiff also points out how the Regime is cooking the books on government reported economic statistics, including the calculations of the GDP and inflation numbers. We know the Regime has revised the way the Consumer Price Index (which is what inflation numbers are based on) to make the inflation numbers look lower.

Money Morning cites Schiff on this topic, that “(h)e cites the government's recent move to raise GDP 3% by including items never calculated before and that "no other country on the planet counts." These include such intangibles costs and royalties from books, magazines iTunes song and movies.”

The Financial Times reported this strange maneuver as the "U.S. Economy's "Hollywood Makeover,” while Schiff says, “That's what the government does, Whenever they don't like the results, they change the methodology for calculating those results.”

Schiff is right, as has been covered here in this article, that the Obama Regime reports entirely fictitious economic numbers to make the situation look much better than it really is, and to take credit for economic growth and improvement that hasn't really happened, and to make Obama's profoundly failed economic policies look more successful than they actually are.

Schiff is very clear on where we stand economically right now, and we are not in any way in good shape, he says, “The fact is, We're broke. We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”

Our national debt has exploded to more than $17 trillion, the Obama Regime that is deliberatey destroying this economy (I”m saying that, not sure if Peter Schiff agrees with that, nor does it matter because Shiff is addressing what's happening while I discuss that and why it's happening), and this Regime has more than doubled the national debt since it gained power and it promises trillion dollar annual budget deficits indefinitely into the future. There is no doubt in my mind that Obama intended to and is succeeding in bankrtuping this country.

The result of all of this, Schiff points out, is what he predicts, in saying, “I think we are heading for a worse economic crisis than we had in 2007. You're going to have a collapse in the dollar...a huge spike in interest rates... and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Peter Schiff predicted the economic mess of 2007-2009 and he will be right about this prediction as well. This column also covered recently the many factors that indicate another economic crisis is just around the corner.

Money Morning reports, “In his most recent book, "The Real Crash" How to Save Yourself and Your Country", Schiff writes that when the "real crash" comes," it will be worse than the Great Depression.” Money Morning also says this what Schiff sees coming, “Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, "wiping out all savings and sending consumer prices into the stratosphere."”

Peter Schiff was right about the last ecoomic crisis and he will be proven right about this one. Ignore him at your peril, ecoomically and otherwise, and continue living in fantasy land where high taxes, government spending out of control, and the Ruling Class government elite live high off the hog in the suburbs of Washington D.C. while the middle class has been just about destroyed out of existance and most Americans are now below poverty or clearly among the working poor. We know that 80 percent of Americans are living paycheck-to-paycheck, barely getting by, and are quite acutely aware of the very real 10-15 percent inflation rate they see at the cash register the supermarket every time they go their grocery shopping.

Remember, Obama doesn't have good intentions, he has exactly the opposite because of his anti-American agenda, and he is not trying to improve the economy, he is deliberately working hard as he can to destroy it, and destroy the country. Those of you who think that Obama has good intentions and it's merely incompetence that has caused what we're living through, you're wrong and you quite simply, have to get over that. This man does not have good intentions. Period.

Many need to see the movie and read the books cited here, by Dinesh D'Souza, to truly understand Barack Obama's intenitons. And given that the real unemployment rate is around 21 percent (when calculatede using the government's criteria that it used in 1980, and that the real inflation rate is somewhere around 10-15 percent, you can calculate the “misery index” and arrive at a figure of about 31-16 for that. Jimmy Carter knows he is clearly no longer the worst president in the history of the United States.

The answer to all this is a return to policies that favor economic growth, empower individuals to pursue their dreams and goals, and shink the size and score of government. As Ronald Reagan said in 1980, and it has remained so profoundly true since, “government is not a solution to our problem, government is the problem.”

We the people, the voters, and owners of the country, need to turn out in record numbers this November, and in November of 2016 (not to mention primary elections in both years) and vote for the candidates that support a Reagan recovery econmic and polical agenda based on small government, low taxes, individual freedom, and economic prosperity. The destructive policies of the progressive far left must be repudiated, once and for all, by the voters in the next two elections if we are to save this country, and repair the incredible damage done by eights years of this currrent president and his supporters in Congress. We need to save this country by defeating the far left. As Todd Beamer said on September 11, 2001, Let's Roll!

See you eleciton day. Progressives won elections, in some cases by stealing them, and used that power to destroy the country. We have to take the back the country and tell the far left, we'll take our country back and they can keep the change.

Peter Schiff is an economist, CEO and chief global strategist for Euro Pacific Capital Inc., a one teim candidate for the Republican nomination for U.S. Senate in Connecticut, and is the author of several books, including his latest, The Real Crash: America's Coming Bankruptcy—How to Save Yourself and Your Country.

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