It's not so much about hate. I'll be honest with you. People like me and Shadow have a vested interest in seeing people like Schiff be discredited and shown to be wrong. The reason is simple. Schiff represents a position that suggests our Western paradigm is not all its cracked up to be. If this happened to be somewhat true, then this potentially affects our own sense of self worth and financial well-being. So showing why Schiff is wrong, we can actually feel better about selves and soothe any insecurities that we might have. Shadow's style is a bit different to mine and more like the Jerry Springer show, but he is top of the pecking order among the animal collective. That's why I shower him with the relevant kudos, just like you would do in any self-respecting mens club in the suburbs (like the Lions or Rotarians).
I hope that shines some light for you. But at the end of the day, Schiff was wrong. More importantly, it means that Bernanke etc are kind of right. So I think that we need to take every bit of good news that we see come out of the U.S. to make us feel more comfortable about ourselves. Oh, and China. I really think that we are disconnected from these economies now in terms of our house prices. And that's the way I would like things to stay.
Peter Schiff was right in that something was seriously wrong. What he couldn't have predicted was the actions of the Federal Reserve to try and 'fix' the situation.
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.
It's not so much about hate. I'll be honest with you. People like me and Shadow have a vested interest in seeing people like Schiff be discredited and shown to be wrong. The reason is simple. Schiff represents a position that suggests our Western paradigm is not all its cracked up to be. If this happened to be somewhat true, then this potentially affects our own sense of self worth and financial well-being. So showing why Schiff is wrong, we can actually feel better about selves and soothe any insecurities that we might have. Shadow's style is a bit different to mine and more like the Jerry Springer show, but he is top of the pecking order among the animal collective. That's why I shower him with the relevant kudos, just like you would do in any self-respecting mens club in the suburbs (like the Lions or Rotarians).
I hope that shines some light for you. But at the end of the day, Schiff was wrong. More importantly, it means that Bernanke etc are kind of right. So I think that we need to take every bit of good news that we see come out of the U.S. to make us feel more comfortable about ourselves. Oh, and China. I really think that we are disconnected from these economies now in terms of our house prices. And that's the way I would like things to stay.
It's not so much about hate. I'll be honest with you. People like me and Shadow have a vested interest in seeing people like Schiff be discredited and shown to be wrong. The reason is simple. Schiff represents a position that suggests our Western paradigm is not all its cracked up to be. If this happened to be somewhat true, then this potentially affects our own sense of self worth and financial well-being. So showing why Schiff is wrong, we can actually feel better about selves and soothe any insecurities that we might have. Shadow's style is a bit different to mine and more like the Jerry Springer show, but he is top of the pecking order among the animal collective. That's why I shower him with the relevant kudos, just like you would do in any self-respecting mens club in the suburbs (like the Lions or Rotarians).
I hope that shines some light for you. But at the end of the day, Schiff was wrong. More importantly, it means that Bernanke etc are kind of right. So I think that we need to take every bit of good news that we see come out of the U.S. to make us feel more comfortable about ourselves. Oh, and China. I really think that we are disconnected from these economies now in terms of our house prices. And that's the way I would like things to stay.
Spells it out loud and clear. You are happy to discard all REALITY, but just acknowledge any warm and fuzzy bullshit thats suits your agenda no matter how full of shit it is.
Great work again.
For your info , Chinese has gone on an even bigger debt binge than the US. Doing what the US has done in forty years in about 6 years. So while the US debt mania took forty years to finally unfold, the chineze one will take a lot less. We are already seeing this. House price declines for six months in a row,not seen before, buissiness collapses and closures. Iron ore prices dropping from $190 a tonne down to $80 , GDPdropping a lot from years prior when the madness was in full swing.
To look at the bigger picture again, the collapse of China could be worse than the US, and decline much faster.
The rise and fall of iron ore prices paints the picture very very clearly. It shows the rapid rise of the building going on and now the rapid decline, while building may still be going and therefore still growing, the speed of this rise is declining.
To see the extent of what China has done you should watch a BBC document ' how China fooled the world', an eye opener for those that have not seen it, a very very big eye opener.
With the US and euro still declining six years on, this is putting further strain on chinas once rapid rise. Where the US and euro or UK are now buying less stuff from the Chinese ,their economy is slowing further.
Its now a visciuos round about cycle. I could not be bothered going into detail now, but will explain the basics for you, and Australia has played a large part in the decline of the US and euro and also itself, by helping the Chinese rise so fast, creating the all these cheap asian labour jobs from around 2003, and starting to take all our jobs with it. The US dropped rates to super lows back then to combat it. We were OK, because of the massive rise in mining jobs, and then all the extra jobs it created, more home buyers, car buying ,boat buying, buisiness expansion. So it covered up other job losses we were seeing in other industries. The US and Euro did not have the mining boom we had then, so while they were declining, we were rising or still doing very well.
But now China is starting to decline , and everyone will now decline in a roundabout way, where all western economies in decline will buy less stuff from cChina, China will decline further causing the cChinese to buy less stuff from them.
It is no rocket science. And the risk to China is possibly just as bad as the US or euro ,if not worse. We have seen Japan decline for twenty years, where house prices are cheaper than twenty years ago. This could be the road China heads down. Perhaps you should look into what Japan did and ccompare it to what the cChinese have done and see how they compare. We are now seeing house prices in California 20% cheaper than in 2004, so we have a similar thing going on in the states.
I've had enough for now, but I think that may give some of you some idea where we all sort of stand.
Schiff's major failure was insisting that QE would lead to hyperinflation.
He, and many, many others were wrong about this.
The thing is nobody really knows that is going to happen once QE ends and the Fed ( and other central banks) try to return Intrest rates to more normal levels.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
Peter Schiff was right in that something was seriously wrong. What he couldn't have predicted was the actions of the Federal Reserve to try and 'fix' the situation.
Actually the only thing that was completely predictable was that the Fed WOULD take action to normalise asset prices and the economy. He should have known that.
Their charter is not to sit on their hands and do nothing in a financial crisis.
Any expressed market opinion is my own and is not to be taken as financial advice
Actually the only thing that was completely predictable was that the Fed WOULD take action to normalise asset prices and the economy. He should have known that.
Their charter is not to sit on their hands and do nothing in a financial crisis.
It was just a further level of desperation from the fed to temporarily avoid total collapse. The economy ain't working anymore, another ten trillion pumped in since 2008 is more than they have used in the last forty years, and rates at zero for over six years. Still ain't working. Just like your Euro recovery thread bullshit a few months back. How's the Euro looking now Peter, still recovering is it , just like US, but clowns cannot see it after nearly ten years now.
And the more they pump in, the less chance it ever has of working.
How come your house prices in Brisbane are 5% cheaper than they were five years ago, and yet we had the biggest mining boom in history as well as the lowest interest rates by far ever seen in our economic history.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy