Not too long ago, Peter Schiff said, “The rate hikes of the past have already guaranteed that the economy is headed for recession. It doesn’t matter whether they continue to raise rates in the future. The recession is a done deal.”

In a recent interview, economist and editor of the Gloom, Boom and Doom Report, Dr. Marc Faber, expressed a similar sentiment, saying, “Forget about the coming slowdown because the economy has already been backing up for months and we’re likely already in a recession.”

“Investors are relatively complacent. Nobody thinks a recession has begun. I think a recession in the US probably began in October/November of last year. If you define a recession as peak economic activity and subsequent declining growth rates that can turn overall negative in the process, I think this is happening now in the world. We are probably already in a recession.”

And like Peter, Faber thinks the Fed will respond that way it always has.

“The central banks, in my view, will continue to do more or less what they have done in the past, namely, print money.”

Faber revealed just how big the asset bubbles have blown, pointing out that in 1970, market capitalization as a percentage of GDP stood at between 25 and 30%. Today, stock market capitalization alone stands at about 150% of GDP. If you add bonds, that number expands to around 300%.

“It’s a huge asset bubble compared to the real economy. I think no matter what they do, this asset bubble will be deflated, and it will be very painful. The asset holders are the powerful ones here, and they don’t want it deflated … The question is would it have been better economically to go into the hospital in 2008/2009 and clean up the system rather than to essentially inject the sick patient with more opioids to keep him alive? It’s going to get much worse the next time it happens.”

Faber also echoed Peter’s concern about the rise of socialism.

“I can assure you that people who lived under socialism and communism in China, Russia and Eastern Europe, that is the last thing they want to go back to–the last thing. The Westerners, who have never experienced the devastating lifestyle under socialism and communism, are amenable to the idea. The millennials think the government should do more. They don’t know what that means. When the government can do more, it can do everything. They can have people build bridges in the desert where no bridges are needed to keep people busy, and that leads to a complete economic calamity.”



Alex Jones exposes the massive push around the globe to use corporate media to use the New Zealand shooting to smear patriots.

The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!