PETER SCHIFF: The LAST TIME THIS Happened We Had the CRASH of 2008!
The last time that happened, it was during the Lehman Brothers financial crisis of 2008. 8 years ago! That’s how far back you have to go to find consecutive months of declining retail sales.
Businesses aren’t selling their products.
It shows that these businesses that bet that the customers were coming back, were wrong.
Businesses loaded up on inventories, expecting big holiday sales based on the mainstream media’s reports of a recovery.
They won’t make that mistake again.
The Business Inventories number came in at below estimates. What’s really important about that report is the inventories to sales ratio, which is now the highest it’s been since 2008. That is a very, very weak sign. Why is it so high? It is because businesses aren’t selling their products.
It shows that these businesses that bet that the customers were coming back, were wrong. Businesses loaded up on inventories, expecting big holiday sales based on the mainstream media’s reports of a recovery. They won’t make that mistake again.
Everybody is convinced that we have a legitimate recovery, and the Fed’s going to raise rates. I believe…….
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