John Williams of Shadowstats.com Interview: The Next Crash Will Be A Lot Worse!


By HousingBoom   Follow   Mon, 28 Jan 2013, 3:31pm   10,559 views   200 comments
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Anyone who thinks the U.S. is in recovery should stop listening to the mainstream media and listen to John Williams. He heads up Shadowstats.com, and is one of the few economists who crunches the numbers to give unvarnished true statistics. Adjusted for real inflation of about 7%, Williams says, "GDP has plunged, and we have been bottom bouncing" ever since the financial crisis started. Williams says, "The next crash will be a lot worse (than 2008) because it will push us into the early stages of hyperinflation." He predicts this will happen "by the end of 2014" at the latest....

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  1. CDon


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    81   1:00pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    CDon says



    This is no way to live IMO.


    I knew a guy who told me in 2006 that I should buy a house and not to live in fear. He ended up foreclosing, destroyed his credit and lost his savings. lol. "This is no way to live IMO."


    Working hard for your money only to lose everything because you're too stupid to look a few years ahead.

    Yep - think I liked being a freshly minted homeowner in 1999 watching the stock markets crash like nothing I could have ever contemplated? Sure sucked. Still, no one is saying you have to buy a house that you cannot afford.

    In all seriousness, given you are (thusfar) incapable of setting a hard and fast date, perhaps you should re-consider if homeownership is for you. There is nothing wrong with renting for life - europeans do it all the time.

  2. HousingBoom


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    82   1:05pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    In all seriousness, given you are (thusfar) incapable of setting a hard and fast date, perhaps you should re-consider if homeownership is for you. There is nothing wrong with renting for life - europeans do it all the time.

    Something tells me you were a 2006 home buyer and are envious of renters. lol.

    Homeowners were the biggest loser (in terms of dollars) in the last 6 years. We'll see about the next 5 years.

  3. HousingBoom


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    83   1:11pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    In all seriousness, given you are (thusfar) incapable of setting a hard and fast date, perhaps you should re-consider if homeownership is for you.

    anyone who gives a "hard and fast date" will be wrong. The fact that you're even asking for one proves to me that you're a mental midget. You belong on my ignore list

  4. CDon


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    84   1:16pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    CDon says



    In all seriousness, given you are (thusfar) incapable of setting a hard and fast date, perhaps you should re-consider if homeownership is for you.


    anyone who gives a "hard and fast date" will be wrong. It's obvious that you're a mental midget so you belong on my ignore list

    What did I do to upset you? I tried to be as dispassionate as I could when I wrote that. Still, given that you dont seem ever willing to set a hard and fast date, is it not, in fact a given that if the fireworks do not come, you will in fact, be waiting for a lifetime?

  5. HousingBoom


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    85   1:20pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    CDon says

    What did I do to upset you? I tried to be as dispassionate as I could when I wrote that. Still, given that you dont seem ever willing to set a hard and fast date, is it not, in fact a given that if the fireworks do not come, you will in fact, be waiting for a lifetime?

    Like I said, I believe that we are on the verge of a massive economic downturn. After this downturn, I think it would be an ideal to buy. I do believe prices will fall 20-35% during this time. If you want an exact date, it will be wrong of course. This is the reason I am not giving a hard date. It's not because I am "incapable". If you think anyone can give a "hard date" then I think you're the one who is incompetent. My time frame is 2-4 years. We should see a severe recession within this time and the latest GDP numbers is proof

  6. ElenaMo313


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    86   1:21pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    CDon says

    Do you understand the antecedent of that statement (i.e. printing trillions) is likely to continue so long as the fed exists? Are you willing to spend, potentially your full lifetime, "waiting out" the fed?

    IMO, the Fed won't be able to print like this and keep rates down for very long. It will eventually destroy the currency. If rates go up to over 5%, then that itself will crush housing and the economy.

    I wish more people realized this.

  7. HousingBoom


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    87   1:27pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    ElenaMo313 says

    I wish more people realized this.

    No kidding! Most people think we can print our way out of this problem and everything will be all dandy. lol

    We will see massive deflation or massive inflation as the end game. Either way, it won't be pretty.

  8. CDon


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    88   1:43pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    CDon says



    What did I do to upset you? I tried to be as dispassionate as I could when I wrote that. Still, given that you dont seem ever willing to set a hard and fast date, is it not, in fact a given that if the fireworks do not come, you will in fact, be waiting for a lifetime?


    Like I said, I believe that we are on the verge of a massive economic downturn. After this downturn, I think it would be an ideal to buy. I do believe prices will fall 20-35% during this time. If you want an exact date, it will be wrong of course. My timeframe is 2-4 years. We should see a severe recession within this time.

    And if 5 years from now, we continue to kick the can, your plan will be (a) realize you are wrong and then buy or (b) wait juuuuust a little longer. My suspicion is B, but I guess we shall see.

    Incidentally, you should maybe also set upside and downside targets too. Downside is easy enough, but what if its say, 2016 and prices have gone up another 8% to 10% - will that be enough to put you into action, or do you then still wait for your 20-35% (or perhaps that + the 8-10% in the interim)? I dont expect you to answer that, as these are really really tough questions - the type that cannot be answered on the fly in the middle of a discourse.

    Again, I am sorry I upset you, but I offer this as some constructive criticism. The manner in which you write, the near "certainty" of your conviction of an imminent decline - and the fact that (despite 2+ years of seeing nothinburgers) your conviction has not changed in the slightest - it all reminds me of the guy I happen to know who spent 20+ years, constantly putting his target just out of his reach.

    Thus, if we do get to 1/31/2017 and the debt is still massive, and the printing continues, and the various interweb pundits are still screeching "imminent calamity", just remember that conversation you had with that Cdon asshole on 1/31/2013 before you decide what you do next.

  9. HousingBoom


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    89   1:59pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    but what if its say, 2016 and prices have gone up another 8% to 10% - will that be enough to put you into action

    What if prices skyrocket to 2007 levels, doesn't that mean we returned to an unsustainable bubble? Wages are falling so any price increase is not sustainable IMO. The current price level is not sustainable in most metro areas without gov't intervention.

    It is obvious that you don't understand the economic situation we are in. I am not willing to waste anymore time trying to explain to a novice where this country is headed.

    Anyone of us can die tomorrow so why even bother saving for retirement? This appears to be your way of thinking.

  10. tatupu70


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    90   2:04pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  
  11. HousingBoom


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    91   2:07pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    HousingBoom says

    Wages are falling so any price increase is not sustainable IMO

    http://news.yahoo.com/personal-income-posts-biggest-gain-eight-years-133706758--business.html

    Nice find. We'll see how this plays out in the next few months.

  12. CDon


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    92   2:12pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    underwaterman says

    Do a thought experiment and imagine the FED removed today all forms of monetary
    manipulation distorting the timing and the market including things like
    ZIRP,
    85 billion per month MBS, HAMP/etc, forcing banks to really mark assets to
    market, guaranteeing 90% of all new mortgages of Fannie and Freddie, etc.

    If you go back to my earlier discourse, you will see that I agree with you 100%. Thats why I happen to believe that the can kicking will continue, far longer than anyone can contemplate.

    I also disagree with you in scope - in that I think you are to sanguine in your idea of what would happen. Namely, if you happen to read the writing or testimony of Bernanke, Ackerloff, etc. you can see how seriously they treat it. Back in 08, the Ted Spread was going crazy - A1/P2 blew right through previous benchmarks of volatility seen during the 1930s. Rightly or wrongly, they believed we were on the verge of a liquidity trap - the type of which, (should it unwind too quickly) can be a recipe for massive social unrest. In so many ways, we are not that different from the various banana republics where they call for revolution when things move too swiftly. Thus, in lieu of rolling the tanks - they engaged in a massive can kicking campaign, the types of which we have not seen in decades.

    And therein is why timing is absolutely an issue. In 305, emperor diocletian set forth a series of monetary reforms that would be the undoing of the roman empire - and 1,100 years later, they were proven correct. Likewise, the height of the UK's hegemonic power was probably 200+ years ago, and in various corners of the world, their empire has indeed collapsed. Yet, in the core, on the islands itself, its business as usual.

    And therein is why I ask for stricter calls to timing. And no I dont mean to the day, or even to the year. Still, I am but a finite being, I have say 40 trips around the sun to set my investment affairs in order. This makes me but a blip compared to the potential magnitude of the forces at play here. Thus, if in the year 2138 the historians note we finally had the currency collapse that so many had predicted, it does me little good in that I would have long since been dead and buried.

  13. CDon


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    93   2:19pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    It is obvious that you don't understand the economic situation we are in. I am
    not willing to waste anymore time trying to explain to a novice where this
    country is headed.

    Please see my retort to underwaterman above. Respectfully, I dont think you understand the seriousness of the potential consequences we faced - at least in the minds of TPTB. Ripping the band aid off was not an option - revolutions are borne on the shoulders of such events. As such, the only option was to make this a long slow and unremarkable decline, such that we go the way of the Romans or the Brittish, and not the way of the Ottomans or the Soviets who collapsed virtually overnight.

  14. CDon


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    94   2:25pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    HousingBoom says



    It is obvious that you don't understand the economic situation we are in. I am
    not willing to waste anymore time trying to explain to a novice where this
    country is headed.


    Please see my retort to underwaterman above. Respectfully, I dont think you understand the seriousness of the potential consequences we faced - at least in the minds of TPTB. Ripping the band aid off was not an option - revolutions are borne on the shoulders of such events. As such, the only option was to make this a long slow and unremarkable decline, such that we go the way of the Romans or the Brittish, and not the way of the Ottomans or the Soviets who collapsed virtually overnight.

    Dont get me wrong, it very well still could go kaboom overnight, but im not sure if that is going to be a problem for me, or even my grandchildren, but instead their grandchildren. Accordingly, I am not going to wait on an event that can outlast me, easily by a full lifetime.

  15. CDon


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    95   2:30pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    underwaterman says

    You really don't need to time it from my perspective. One can simply sit in
    gold or silver and watch the currency devalue in real time irrespective when the
    collapse happens and profit from either end (collapse or waiting while the
    currency debases). Look at a chart of what gold has done in currencies for the
    past 12 years. That isn't going to stop until money printing or currency wars
    end and they won't end until the system collapses.

    Fair enough - but see a difference between where you are sitting, and HousinBoom is sitting. He is waiting, on the assumption that the collapse is very, very near. And if it does not happen soon, he may be willing to wait it out for a lifetime - hence my entire comment thread.

  16. HousingBoom


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    96   2:37pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Cdon said earlier that he had to foreclose on 3 of his investment homes when he bought in 2006. He said he feels like an idiot and a loser.

  17. CDon


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    97   2:46pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    Cdon said earlier that he had to foreclose on 3 of his investment homes when he bought in 2006. He said he feels like an idiot and a loser.

    Really? Is this the way all discourse on Patnet is destined to end?

    As an aside, assuming all those aspersions of me were true, how does that change the contents of my argument?

  18. HousingBoom


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    98   2:51pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    HousinBoom is sitting. He is waiting, on the assumption that the collapse is very, very near. And if it does not happen soon, he may be willing to wait it out for a lifetime

    Then stop putting words in my mouth. Just because you have no valid argument, you shouldn't twist other people's words. I never said "I am willing to it out for a lifetime"

  19. CDon


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    99   3:01pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    CDon says



    HousinBoom is sitting. He is waiting, on the assumption that the collapse is very, very near. And if it does not happen soon, he may be willing to wait it out for a lifetime


    Then stop putting words in my mouth. Just because you have no valid argument, you shouldn't twist other people's words. I never said "I am willing to it out for a lifetime"

    I said "may" because you seem unwilling or perhaps unable to pick a time upon which you will reconsider your thesis.

    Lets try this a different way. Assume its now the year 2063 - the fed is still printing like mad, and the stagnation continues, with no calamity having taken place - at what point in that 50 year time continuum will you have purchased?

  20. HousingBoom


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    100   3:04pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    Lets try this a different way. Assume its now the year 2063 - the fed is still printing like mad, and the stagnation continues, with no calamity having taken place - at what point in that 50 year time continuum will you have purchased?

    This proves my point. Crack for brains think we can print trillions out of thin air for the next 50 years. lol. I'm done. you know what they say, never argue with an idiot, they'll bring you down to their level then beat you with experience.

  21. Kevin


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    101   3:09pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    I'm willing to bet anybody 5 ounces of gold that there will be no economic collapse in the next 2 years. 20 for 5.

    "I don't understand economics so I'm scared by arbitrary statistics" is a weird way to live your life.

  22. yup1


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    102   3:15pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    Crack for brains think we can print trillions out of thin air for the next 50
    years.

    It is frustrating but Japan has been doing it for 20+ years..........

  23. CDon


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    103   3:15pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    This proves my point. Crack for brains think we can print trillions out of thin
    air for the next 50 years.

    Out of curiosity, what have they have been doing for the last 200 years? If they have done it for 200, why can they not do it for another 50?

  24. The Professor


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    104   3:15pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    tatupu70 says

    OK--Here is a chart showing US GDP since the early 1800s. You tell me--does it look like there were more boom/bust cycles before 1970 or after 1970?

    It does not look like the Federal Reserve (established December 23, 1913) helped with smoothing out the business cycle; quite the contrary. I also noticed that our economy booms with war.

  25. yup1


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    105   3:19pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    HousingBoom says

    This proves my point. Crack for brains think we can print trillions out of
    thin air for the next 50 years. lol. I'm done. you know what they say, never
    argue with an idiot, they'll bring you down to their level then beat you with
    experience.

    You have basically lost faith in the system. Until a lot more people lose faith the system stays in place. If the system collapses, we all lose. If a bunch of people lose faith but the system does not collapse, those that lose faith LOSE. If the system stays intact Roberto and Iwog will most likely do very well. If the system fails we all LOSE. Based on that, it is probably a good bet that the system will not be allowed to fail.

  26. HousingBoom


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    106   3:20pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    HousingBoom says

    This proves my point. Crack for brains think we can print trillions out of

    thin air for the next 50 years. lol. I'm done. you know what they say, never

    argue with an idiot, they'll bring you down to their level then beat you with

    experience.

    You have basically lost faith in the system. Until a lot more people lose faith the system stays in place. If the system collapses, we all lose. If a bunch of people lose faith but the system does not collapse, those that lose faith LOSE. If the system stays intact Roberto and Iwog will most likely do very well. If the system fails we all LOSE. Based on that, it is probably a good bet that the system will not be allowed to fail.

    Yup, that's a possibility. The fact that central banks are trying to hoard as much gold as possible tells me that they are losing faith in the system. The system does not have to fail for home prices to fall another 20%+. That is all I am expecting at best.

  27. HousingBoom


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    107   3:23pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    HousingBoom says

    Crack for brains think we can print trillions out of thin air for the next 50

    years.

    It is frustrating but Japan has been doing it for 20+ years..........

    There is a good possibility that we will be like Japan but we can already see inflationary forces right now in food and other commodities.

  28. tatupu70


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    108   3:24pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    The Professor says

    It does not look like the Federal Reserve (established December 23, 1913) helped with smoothing out the business cycle; quite the contrary. I also noticed that our economy booms with war.

    Are you looking at the same chart as I am? Certainly, the Federal Reserve didn't instantaneously change things, but clearly the business cycle has been smoother after WWII. To what do you attribute that change?

  29. yup1


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    109   3:28pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    The Professor says

    tatupu70 says



    OK--Here is a chart showing US GDP since the early 1800s. You tell me--does it look like there were more boom/bust cycles before 1970 or after 1970?



    It does not look like the Federal Reserve (established December 23, 1913) helped with smoothing out the business cycle; quite the contrary. I also noticed that our economy booms with war.

    That is graphing business cycles it is not even showing the 2008 crash, HAHA

  30. The Professor


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    110   3:34pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    HousingBoom says

    tatupu70 says

    HousingBoom says

    Wages are falling so any price increase is not sustainable IMO

    http://news.yahoo.com/personal-income-posts-biggest-gain-eight-years-133706758--business.html

    Nice find. We'll see how this plays out in the next few months.

    Very short article. I am sure that income is up, way up for some people who are landlording at double the PITI.

    Housing (renting or mortgage) seems to be going up which means that there is less disposable income for our consumer economy.

    When If the crash happens those with property and precious metals will be ok, not great, ok. Those in paper (401k, stocks, bonds, etc.) are screwed.

  31. CDon


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    111   3:35pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    Yup, that's a possibility. The fact that central banks are trying to hoard as
    much gold as possible tells me that they are losing faith in the system. The
    system does not have to fail for home prices to fall another 20%+. That is all I
    am expecting at best.

    I fully expect you see your 20% - however, as has been the case for the last 3 years, I fully expect you see it in the form of nominal stagnation while inflation slowly works its magic and the remaining slack in the system is removed. You have very little upside risk in waiting IMO.

  32. yup1


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    112   3:38pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    The Professor says

    If the crash happens those with property and precious metals will be ok, not
    great, ok. Those in paper (401k, stocks, bonds, etc.) are screwed.

    If the crash happens all asset prices will get crushed. Cash is king when credit is collapsing.

  33. tatupu70


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    113   3:41pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    That is graphing business cycles it is not even showing the 2008 crash, HAHA

    Did you look at the x-axis? The chart is a little dated, I'll grant, but it clearly shows underwater was very, very wrong.

  34. HousingBoom


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    114   3:42pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    The Professor says

    If the crash happens those with property and precious metals will be ok, not

    great, ok. Those in paper (401k, stocks, bonds, etc.) are screwed.

    If the crash happens all asset prices will get crushed. Cash is king when credit is collapsing.

    It's going to be a crash but we don't know if it's a deflationary one (stock market collapse) or inflationary (bond market and/or dollar collapse). The job market is the biggest factor for home prices. All I know is that the job market will be in a world of hurt when this occurs. This will not be a soft landing like most bulls are predicting. The longer it doesn't happen, the bigger the bubble and the bigger the collapse will be

  35. yup1


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    115   3:56pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    HousingBoom says



    Wages are falling so any price increase is not sustainable IMO


    http://news.yahoo.com/personal-income-posts-biggest-gain-eight-years-133706758--business.html

    That is from early dividend payouts for tax purposes. It will not continue.

  36. The Professor


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    116   3:57pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    tatupu70 says

    The Professor says

    It does not look like the Federal Reserve (established December 23, 1913) helped with smoothing out the business cycle; quite the contrary. I also noticed that our economy booms with war.

    Are you looking at the same chart as I am? Certainly, the Federal Reserve didn't instantaneously change things, but clearly the business cycle has been smoother after WWII. To what do you attribute that change?

    Not counting the great depression and the dip after ww2 you are correct; the business cycle is smoother.

    The 19th century swings were caused by an expanding country.

    I do not believe the creation of the Fed was a good thing. I definitely don't think going off the gold standard in 1971 was good. It freed the Fed, a supragovernmental authority, in collusion with our corrupt government, to create as much money as they want.

    I am not sure why the business cycle is petering out. Maybe because we are running out of room to grow? Perhaps Govt intervention?

    Soon we'll flatline.

  37. tatupu70


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    117   3:58pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    That is from early dividend payouts for tax purposes. It will not continue.

    Maybe, maybe not. But to say that incomes are falling is not right.

  38. HousingBoom


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    118   4:01pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    Maybe, maybe not. But to say that incomes are falling is not right.

    That payroll tax just killed any hopes of an increase in wages. lol

  39. yup1


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    119   4:05pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    Maybe, maybe not. But to say that incomes are falling is not right.

    Sorry on that point you are incorrect.

    http://beschloss.blogs.mydesert.com/2013/01/07/flat-per-capita-incomes-weigh-on-us-employment-sector/

  40. yup1


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    120   4:09pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    HousingBoom says

    That payroll tax just killed any hopes of an increase in wages. lol

    You got that right!

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