Schiff says we are headed for a full-blown financial crisis that will be worse than 2008.
Headed For A Full-Blown Financial Crisis
March 25 (King World News) – Peter Schiff: We are headed for a full-blown financial crisis. February import prices spiked 1.3% while export prices surged 1.5%, annualizing to inflation rates of 16.8%–19.6%. That’s before oil rose 50%. Unless the Fed raises rates several hundred basis points now, inflation will skyrocket.
He Then Warned The Crisis Would Be Worse Than 2008
Peter Schiff: As inflation causes homeownership costs to soar, including mortgage rates, insurance, utilities, maintenance, and taxes, real estate prices will crash. The recent collapse in mortgage and refi applications is the tip of the iceberg. What lies beneath is a crisis worse than 2008.
Otavio Costa: It’s only appropriate to revisit this chart after the recent move in markets.
And yes…
We’re still in the early innings of a regime shift from financial assets to hard assets.
The reality is simple:
Commodity markets play a critical role, yet their size still fails to match their importance…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
More Real World Impacts
Peter Boockvar: It is even more apparent that there is a clear desire for an exit ramp from this war, whatever it might look like and the war trade is reversing in kind.
Following the poor 2 yr note auction yesterday, the US Treasury will sell $70b of 5 yr notes today but I will be in transit to CNBC and won’t be writing on it. I will rely on Rick Santelli and his grading of it.
I’m sure we all are trying to find ever article to read about the ripple effects of the Strait closure. Here are a few of note that I’ve found. From Nikkei News, “Japan relies on the Middle East for more than 40% of its supply of naphtha, which has become tougher to procure…Although around 40% of demand is met through domestic supply, this is produced from crude oil, more than 90% of which is imported from the Middle East. At least six of Japan’s 12 ethylene production facilities have cut production to conserve naphtha.”
From a Bloomberg News article yesterday, “Sulfur is trading at an 18 year high as key Persian Gulf supplies are kept off the market.” Not only is sulfur used to make sulfuric acid which is a key input to making the fertilizer phosphate, but it’s also used for the leaching process in mining copper and other metals to strip the metal from the ore. “In normal times, more than 90% of sulfur supply to the African copper belt, which uses about 1.2 million tons a year to extract metal from ores, is shipped via Hormuz…Inventories at the Tanzanian port of Dar es Salaam, a key sulfur storage hub for African miners, should last two months, but concerns are growing over the risk of a protracted supply shock,” said Argus in the article.
From a story from them today, “Signs are growing that Asian countries are hoarding jet fuel after the Iran war sent oil prices surging, reflecting growing strain on the aviation industry. South Korean carriers got notified about refueling restrictions from some countries and the government is discussing whether to redirect export bound jet fuel to the local market, the nation’s transport ministry said in a statement to Bloomberg on Wednesday. Philippine Airlines president said in an interview that the Southeast Asian nation may soon resort to fuel rationing. In Vietnam, the aviation agency warned of potential jeet fuel shortages from early April and is cutting flights as a result.”
Lori Ann LaRocco wrote for gCaptain Daily yesterday:
“Over 80% of the world’s 454 ports mapped are deemed in critical status, 60-70% are severely congested, and 45-59% are considered highly congested.” According to a market analyst at Xeneta, “This shows the impact of the three waves of disrupted cargo. The first wave was vessels already in or near the Persian Gulf when the conflict started, the second wave was vessels that departed from Asia before suspensions were announced, and the third wave is of cargo bookings currently being made.” As a result, “All of this has led to the deterioration of vessel schedules.”
And what is the industry reaction? “To circumvent the container contagion, ocean carriers are making the logical decision to suspend services, update their services on other routes, and charge more. The longer routes burn more fuel, and that fuel is way more expensive. Slow steaming is also used, but it adds time to an already behind schedule.”
https://gcaptain.com/container-contagion-global-trade-choked-as-war-driven-congestion-hits-ports/
Here’s What I’m Doing With My Own Money Right Now
To listen to Tavi Costa discuss where we go from here as well as what he is doing with his own money right now by CLICKING HERE OR ON THE IMAGE BELOW.
Gold & Silver Takedown!
To listen to Alasdair Macleod discuss the massive takedown in the gold and silver markets this week as well as what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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IMPORTANT UPDATE: “I understand that [gold, silver & mining stock] investors are getting a bit more anxious.” CLICK HERE.
Today’s Situation Much Worse Than The 1970s, Why Isn’t Gold Performing As Expected? CLICK HERE.
Look At Who Just Warned This Crisis Is Going To Last More Than A Year CLICK HERE.
BUCKLE UP: Another Wave Of Inflation Is On The Way CLICK HERE.
FORTUNES WILL BE MADE: Look At What Is Getting Ready To Explode On The Upside! CLICK HERE.
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Silver: About To Hit A Home Run CLICK HERE.
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