"We’re on the verge of a much worse financial crisis than the one we went through in 2008 and it’s going to take the form of a currency crisis. You’re talking about currency wars. American is going to win the currency war, which is a race to the bottom, and you don’t want to win a currency war because a currency war is different from most wars in that the object is to kill yourself and unfortunately, we’re going to succeed." - Peter Schiff (Video below article)
A variety of financial news came out over the weekend and this morning which perhaps explains the overwhelming amount of ink dedicated to the "September Apocalypse" in recent months.
The Telegraph reports that central bankers have "lost control" and the "Doomsday clock for global market crash strikes one minute to midnight," detailing a convergence of events that have occurred over the last months, to which Trends Forcaster Gerald Celente asserts will lead to "panic on the streets from Wall Street to Shanghai, to the UK down to Brazil," as we "see one market after another begin to collapse."
Analyst Larry Edelson predicts the financial crisis will be of "epic proportions," and will "bring Europe, Japan and the United States to their knees, sending nearly one billion human beings on a roller-coaster ride through hell for the next five years. A ride like no generation has ever seen."
Canadian entrepreneur and editor of The Dollar Vigilante Jeff Berwick touches on time-frame issue, stating "There's enough going on in September to have me incredibly curious and concerned about what's going to happen."
Sputnik News informs us that "market participants are predicting a 46% probability of a September hike," which will be the trigger to the Dollar sell-off which could drop to 20 percent after the expected announcement.
While the world may not end in September, financial experts from accross the spectrum are predicting not just a US economic collapse, but for a total global economic apocalypse.
Looking at The Telegraph article we see a large list, from the commodity collapse, where the "Bloomberg Global Commodity index, which tracks the prices of 22 commodity prices, fell to levels last seen at the beginning of this century," shown in the chart below, to the resource sector crisis, to the credit markets roll over, and more - as the dominoes begin to fall fast and hard.
Peter Schiff, CEO of Euro Pacific Capital and bestselling author spoke with with Newsmax TV on Tuesday, saying attention to China's devaluation shouldn't be the focus and attention should be on the impending US dollar collapse.
“So this move was motivated not by the exchange rate between the yuan and the dollar, but between the yuan and all the other currencies because the dollars is in a bubble right now,” he said. “The dollar is very overvalued … and the dollar is a bubble. This dollar bubble is going to burst.”
Schiff joins the discussion at approximately the 1:55 minute mark in the video below. Note at the 4:50 mark, where Schiff discusses the amount of gold China is accumulating and why. In discussing the importance of investing in precious metals, Schiff asserts "get out of the Dollar before the bottom drops out."
