HousingPANIC:
Q: Where would you put your investment-ready US dollars today?
Schiff:
A: My advice has not changed. Keep your cash reserves in foreign currencies, right now the Japanese yen looks to be the strongest, own gold, and take advantage of some great values in high dividend paying foreign stocks, especially those that are not exposed to U.S. consumers or U.S. borrowers.
October 06, 2008
So I asked HP guru Peter Schiff one really important question that's on everyone's minds. And here's his answer. Invest wisely.
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61 comments:
Keith the only reason the US is still here is a simple one
WE ARE 50 states ruled under one government !!!!!!!!!!
now
Europe, they are truly screwed, they are not ruled by one government they are ruled by many
and they cannot come up with 700 billion, 100 billion or 50 billion
they are going to go under this week and the dollar will double maybe even triple or quadruple against the euro
mark my words that will happen this week or the next
Agree. Look at EWG, or EWI, or EWU, or FXE, or FXB
The trends are bad. Really, really, really bad. And even though many of them share a currency, they have no real unity.
Imagine if Michigan, Ohio, California and Florida were for the bailout, but New York, Maine and Alaska were against. And each got to do their own things.
Oh, this will not be good.
The dollar looks good right now against some currencies. Each country should be reviewed on its own merit.
Japan is actually interesting. tons of savings, have been through 15 years of hell, not a lot of room for the yen to fall. That said, they'll get hurt as the EU and US consumer dies. But if all the major currencies melt down, it'll be about safe havens.
Gold too.
Oh, what interesting times. This week will be historic.
EWJ and GLD for me
Robert Kiyosaki says to invest in the 5 G's....Gold, Guns, Gas, Grub, and Ground. I'll throw another one in...God. Now's probably a good time to fess up for all your greedy ways and try to remake your life. I'll be the first to say that I got too caught up with trying to make money both in real estate and in other ventures. Now, a much simpler life is attractive.
Schiff may be dead wrong giving this advice. In a perverse way the USD may end up as the strongest currency and remain the world's reserve because all of the others are either too weak or too thinly distributed.
Remember, in a leper colony, sometimes the man with three fingers is King.
Depends on your time horizon.
Short term the dollar is rallying in a flight to safety. Which in itself is kinda perverse, but it is what it is.
Long term, the dollar is doomed.
It's just a question of time.
Agree dollar will rally for teh foreseeable future. Define Short Term though.
Also, low percentage chance... but what happens if the EU splinters and the Euro fails?
In that scenario what happens?
This is interesting. This crisis could actually destroy the Euro, with the individual countries going back to their own currencies.
Hmmm..
Hold this space.
I haven't seen anyone predict this one, but let's look
Amen, preach on brother. Except I don't hold the Yen, it's too manipulated by the Japanese government. Go for Swiss Franc and Chinese RMB.
I think the Euro is screwed (but then again I am short the Euro, love ETFs!)
I tried to short FXB but couldn't
€ won't fail. If the governments of Europe have to make the choice between committing politicoeconomical suicide and ponying up a sum equivalent to $700B, they'll choose the latter. The question is how efficiently and how quickly a European bail-out is implemented, compared to U.S.
€ will probably head considerably lower, but it won't fail.
In the US, we split to 2 currencies - Confederate dollars and US Dollars. However, this was only one possible outcome - it doesn't mean it was the only was to do it (and I am oversimplifying how the currencies were split).
There are several interesting ways it could work out.
IMHO... EU is loosely federated and subject to infighting. Hell, even in Germany there are "Southern Germans" and "Northern Germans". I think someone is gonna want off the bus... when/how that happens, that is when it when it gets interesting - especially if multiple people want off the bus at the same time.
I don't see the EU countries doing a bailout like the US since there's no way you'd get sovereign nations to agree to help others out out of the goodness of their hearts
France ain't givin Germany a penny if you get my drift.
The EU states are on their own, individually. Ones that were focused on homebuilding and the housing ponzi scheme more than others (UK, Ireland, Spain) or ones that were focused on investment banking (UK, germany) are in for a world of hurt.
And then there's the swiss. talk about bank implosion. just wait.
Here's a list of the uber-leveraged european banks.
get some brie.
http://www.finfacts.com/irishfinancenews/article_1014796.shtml
The Dutch still ask the Germans "Where are our bicycles?"
>Japan is actually interesting. tons of savings, have been through 15 years of hell, not a lot of room for the yen to fall. That said, they'll get hurt as the EU and US consumer dies. But if all the major currencies melt down, it'll be about safe havens.
Exactly.
Japanese are still rich.
We don't have "two income trap".
People here don't use credit cards much and have a lot of savings(cash).
We have tons of good stuff to sell to the world(china).
Keith, why don't you move to Japan?
Austria may leave the Euro. . .the new Prime Minister is very much against the EU. . .the people there are also pissed off at the EU and the Euro. . .if Austria pulls out of the Euro (they are talking of linking with the Swiss Franc) then it will be a domino effect. . .interesting, I just read that Iceland may go TO the Euro, because their economy has collapsed. . .interesting times we live in. . .yes - Dollar will rally short term (but short term could be a year), then go down. BUT. . .one thing to remember, the US can cope with a recession better than Euro Zone. . .companies here axe jobs in a heartbeat, and cut expenses. . .can't do that in Europe.
I liked the 6 G's comment.
Guns? Things get bad and the government will be prying them from our cold dead fingers. I think our Second Amendment rights will be the first thing to go.
David Koresh had the right idea. We should have been building compounds and stockpiling ammunition.
Grub? A Year's Supply, written by the Mormons, lays out a plan for hoarding everything you could possibly need to survive for a year. I think we need a lot less than we think we do.
Ground? Everything I have read recommends that your land be more than a gas tank's drive from the closest major city that breeds looters. Makes sense, doesn't it?
Gold? Personally, I think cigarettes, alcohol and
drugs will be better mediums of exchange than gold. You can't eat (or smoke) a Krugerrand.
Does "protecting your wealth" really have any meaning when our country, our culture, our way of life is crashing down around us?
Gas? Who is going to want to go anywhere anyway? Better get appliances that run on propane, solar panels, a wood stove, and hunker down until the crisis is over.
God? I believe you reap what you sow. We, as a nation, deserve what is coming at us. Heaven help us all.
Jeremiah
I don't know what to do now. Nothing is safe. You can't trust anyone. There are 2 economies. The rich and the poor. The poor will have trouble affording bread. The rich will buy whole city blocks, parts of states. Including Warren "I own everything" Buffet and JP Morgan. Look at the history.
You Euro haters are all dreaming. The Euro will stand strong against the dollar. You're making predictions for this week?
Heres one: the US stock market rises and falls on Monday and sometime later this week has a dramatic collapse!
(causing worldwide panic in US credit!)
The Euro will do just fine. We actually produce things here in Europe, unlike the US which just Consumes like a Crack addicted Whore Addict!
Take it from the Man himself (Peter Schiff): His company is EURO-pacific Capital. Do you see the "EURO" in euro-pacific capital? Thats cause Peter Schiff has faith in the pacific (Japan, Asia, etc) AND the Euro (meaning European related assets, including the monetary Euro)!
So you dumb ass lazy Americans, listen to Peter's advice "Invest Wisely" (meaning Asia and EURO!!!!!)
You people are clueless. Mike Norman says the USD is King.
Fareweel tae all your US fame Fareweel your ancient glory Fareweel even tae your US name
Sae famed in martial story
Your bought and sold for foreign gold
Such a parcel of rogues in a nation.
What force or guile could not subdue
Through many warlike ages
Is wrought now by a coward few
For hireling traitor's wages
The English steel you could disdain
Secure in valour's station
But foreign gold has been your bane
Such a parcel of rogues in a nation
O, would, or I had seen the day That Treason thus could sell you
But pith and power, till my last hour
I will make this declaration
'You are bought and sold for foreign gold'
Such a parcel of rogues in a nation.
Written years ago when people didn't think this artist had any relevance. No explanation needed....
They're 5 miles high
As the crow flies
Leavin' vapour trails
Across a blood red sky
Movin' in from the East
Towards the West
With balaclava helmets
Over their heads
YES!
But if you think that Jesus Christ is coming
Honey, you've got another thing coming
If he ever finds out who's hijacked his name
He'll cut out his heart and turn in his grave
Islam is rising
The Christians mobilising
The world is on it's elbows and knees
It's forgotten the message
And worships the creeds
"It's War" she cried
"It's War" she cried
"This is War!"
Drop your possessions
All you simple folk
You will fight them on the beaches
in your underclothes
You will thank the good lord
For raising the Union Jack
You'll watch the ships sail out of harbour
And the bodies come floating back
Watch the ships sail out of harbour
And the bodies come floating back
If the real Jesus Christ were to stand up today
He'd be gunned down cold by the C.I.A.
Oh, the lights that now burn brightest
Behind stained glass
Will cast the darkest shadows
Upon the human heart
But God didn't build himself that throne
God doesn't live in Israel or Rome
God doesn't belong to the Yankee dollar
God doesn't plant the bombs for Hezbollah
God doesn't even go to church
And God won't send us down to Allah to burn
God will remind us what we already know
That the human race is about to reap what it's sown
Islam is rising
The Christians mobilising
The world is on it's elbows and knees
It's forgotten the message
And worships the creeds
The world is on it's elbows and knees
It's forgotten the message
And worships the creeds
Armageddon days are here again
Armageddon days are here again
Armageddon days are here again
Armageddon Days Are HERE!!!
.
People crack me up!
Gee, when times get really bad, I'm gonna take my gun of whatever sort and go to the store and get what I need!
Really?
You think your gonna be the only one walking around armed?
That grocery store or wherever is going to look like the O.K. Corral at high noon!
.
.
One more point,
Make sure you know how to use and control that weapon!
Accuracy can mean win or loose!
Make sure that if you aim, your willing to pull the trigger!
.
I have always heard that fortunes are made and lost in recesions. I have not been through a recesion in my adult professional working life so tell me; is this like prior recesoins? Did people panic during those times as if the world was coming to an end? Is this really that different or will people 5-8 years from now be saying "I wish I had bought stocks and real estate during the 2008-2010 recession?
The ironic thing here is that the euro was supposed to be the one world currency, I guess they forgot how powerful the US could really be
I hope the euro fails, it will put everything back in perspective and show the world who is the true leader in the ability to bailout their countrymen
I also predict the prices in LA and NY real estate (highend) will drop by 90 percent
any chance of that ?
after the euro fails of course
they have been keeping the prices high in the US from what I have been told
There is a lot of confusion regarding the dollar and its recent stratospheric rise.
It's very simple. We are in the deflationary destruction of credit stage which means anyone holding dollars is actually getting a lot richer. There are a lot less of them around therefore their value rises.
When the inflation machine eventually starts those same dollars will plunge in value.
It is like the tide pulling out before a tsunami.
To the poor sap taking investment advice from Kiyosaki: do some research. Kiyosaki's non-existent financial knowledge has been torn to pieces by several people. To mention just two of your fantastic investments "gas" has just taken a 40% haircut and "ground" is off 41% YOY in my state.
If you're investing this way you are going to need God as you'll be doing a lot of praying "Dear God, please send food, Amen!".
In times of crisis the medium of exchange will be .22LR.
Hoard all the gold you want, those with arms will enjoy it.
Buying ammo is smart anyways because the Dems (smarting from their latest spanking over the 2nd Amendment) can accomplish much the same gun control very simply by increasing the cost of ammo fivefold. Everyone I know in this issue sees this and we're pretty much assured of it if BO gets the nod.
Go to the range too to make sure you and yours have the skills
In fact the NEW standard of distance from the looters is remember how far you are from your nearest Metrolink station. Yikes!!!
Quiet silly Armageddon freaks! Desperate Housewives is on and no one cares about your silly amortization schedules or mathematical formulas on how we’re doomed. Don’t worry … the same folk who brought us FRE, FNM and fluoride in the drinking water will save us.
"Guns? Things get bad and the government will be prying them from our cold dead fingers. I think our Second Amendment rights will be the first thing to go."
Then I'll hold onto my .300 Winchester Magnum pretty tightly. If one shot can take down a 1,200 pound bull moose, then what does that say about some commie son of a bitch trying to disarm me? I'd say he'd better leave me, my family, and my guns alone...and let us live the way we need to.
I'm in fxy, but should I be holding actual yen instead?
Why is it that the religious fundamentalists always push the worst case scenarios with hordes of looters and no food?
Yes, things will be bad, but we don't need to assume that it's going to be Armageddon. Hurricanes destroy entire cities, but we see people rallying together and helping each other. We will need more cooperation at the community level, and less isolation which leads people to feel like the world is out to get them (religion encourages this kind of thinking, unfortunately).
If you don't have a economy that has real income that can consume production than a contraction will take place . The cure would be either raising income or reducing debt to free up ability to purchase more products .In other words to much money got distributed to Corporations and the wealthy in this last decade .
During the late 1920's, had 6 billion dollars that were loans by corporations and wealthy individuals for stock market speculation been distributed to the public in the form of lower prices or higher wages and less profits to the corporations and the well-to-do it would of greatly prevented the economy collapse ,according to Marriner S Eccles ,the Fed Chairman that served under FDR. in the 30's
In my opinion its clear that the Corporations started increasing profits by World slave labor savings and out-sourcing . While Americans started losing jobs and Corporation took away more and more benefits ,this forced Americans into going more and more debt because income was not rising . Instead of the Corporations increasing workers buying power Corporation provided easy credit and banks provided credit to financed the economy,using real estate as the asset that backed it up .So, real wealth got distributed upward ,while Americans bought the false economy based on debt not real income buying power .Than the Corporations and Banks came up with ever increasing toxic loans to continue non-income financing of buying power .
Had the Corporations raised wages and increased jobs and manufacturing locally ,real output would of increased buying power . Instead our Corporation increased this labor saving greed and outsourcing and banks loaned based on false wealth of inflated real estate .
In other words, real production and wages must match consumption ,
So the cure to this potential Depression that the USA is facing would not be to put money in the hands of Wall Street and the Banks by these Bail Outs . The cure would be to increase real production and jobs and wage increase to put more real buying power in the hands of the consumers .
Under the Paulson Plan ,which is the elimination of bad debt from the banks ,freeing them up to extend more credit creating debt ,you do nothing to increase the buying power of the people .Trade policies that allow a monopoly of cheap foreign goods that replace at home production does noting to increase the real production buying power of the American worker .
Thus,the Paulson Plan prevents the contraction of debt ,and keeps the party going ,if the banks don't horde the money ,and it does nothing to take us out of fake economy .The wealthy should of loss their shirt ,the banks should of contracted and merged because of their losses ,and Americans should of got stimulation by the government in the form of job creation ,production creation ,trade policy changes ,and everything that would change us back into a production of wealth nation. We have had 10 years of the Corporations and the wealthy
stealing wealth distribution from the masses and they are fighting to keep it that way . Because of this lack of balance ,meaning to much funds trickling upward ,wealth is kept at the top ,while
the great middle class and upper middle class fails in buying power,and can borrow no more.
The Feds should of just shored up FDIC ,not increased the amount ,that would keep funds in Banks until they could de-leverage and merge . The government should of spent the two trillion on job creation ,while slowly changing trade policies to be more favorable for home =base production .The Corporation should of been taxed as well as the upper crust to pay for the lack of balance for the last decade .
Instead the Paulson Plan insures that money is kept where it is already unneeded ,padding the rich pockets or maintaining their wealth,or profit margins for Corporations .Real wages and production is the only thing that can offset the debt equation that was a false economy designed to enrich the wealthy .
Paulson and the Fed Chairman will go down in history as being the parties that will be considered doing the opposite of what was needed to prevent a depression or recession .They are rewarding the wrong parties,or putting money where it is least needed for a correction .
The state of California is about to raid the state pension system, CALPERS. Other states may follow California's example.
Business can do the same.
Many govt and business have no cash and can't find any one to lend to them. These govt entities max out spending during times of plenty and demonstrate they can't cut costs. Why would any one lend to them.
Cash out your pensions and 401k right now!
Kieth,
I have asked this question before and was ignored. You didn't even post my question. but again here goes...
Are you and Peter the same dude?
Inquiring minds including DOPES and the Turtle guy would like to know.
RayNLA
Asian Markets are down, the run to cash has begun. Cash out that 401k now - even with the penalty - if you wait you are going to lose big.
I wish I was Schiff. Dude must be rich by now.
But I'd hate to be DOPES. If he/she is still alive. It's one thing to be wrong. It's another thing to be DOPES-wrong.
And Hac? No, that's a dangerous mind. But sure is entertaining.
screwed pooch
Strange thing here that was written in about 1707 (changed a little by me)it was written when Scotland was made bankrupt (some say on purpose by England)to force Scotland into a union with England when they "bailout" Scotland. It was the price Scotland had to pay...History Repeating Itself ?...North American Union...Amero ? Act of union...
http://tinyurl.com/zebf2
LONDON (MarketWatch) -- The European single currency plunged Monday after a weekend meeting of European Union leaders failed to produce a consensus on how to deal with renewed banking-sector turmoil.
Strategists said a lack of coordinated effort prompted investors to ditch the euro lifting the dollar. Meanwhile, rising risk aversion sent the Japanese yen soaring against all major counterparts.
PETER YOU DA MAN!!!
keith said...
This is interesting. This crisis could actually destroy the Euro, with the individual countries going back to their own currencies.
======
bbbbut
bbbbbbbut
wasn't HP shouting from the rooftop about buying euros when it was 1.60?
How did that all turn out?
How about the prediction of $500 oil? It's under $90 as I type this.
Many of you keep on referring to past history of other nations for what is to occur for us tomorrow
don't
it does not apply here
yes 20% will suffer in this great nation of ours
the rest will get by and by 2010 the wealth cycle will begin again
we are like china, we have way over 100 trillion in wealth and we are solid and strong as a nation
The weak, naive and ignorant are currently getting filtered out of the system
do not fall for prosperity gospel, it is dangerous and will put you in the poor house
god helps those that are self starters with realistic ideas
rely on yourself and get business from outside the US not in the US
that is the only way to survive
Sir Harold said: "we are like china, we have way over 100 trillion in wealth and we are solid and strong as a nation"
------------------
Yes, and like China we also manufacture many, many durable goods.
We also have a trade surplus with the rest of the world. About a trillion dollars a year.
The Dollar is strong, Housing is rebounding and the Stock market is in excellent shape.
We have no economic crisis.
Oh, and did you know that pigs have wings as well?
Sir Harold
History is the greatest teacher of all.
great advise. the german dax is off 7% in one day, the euro is falling as the european union crashes into recession.
even with Dumbya, even with hummer driving flippers, the US is still the most innovative and strongest economy there is.
Hey Screwed Pooch!
I thought I was the only one who listened to The The (Armageddon Days Are Here Again)! Great band. For the uninitiated, I also recommend the song The Beat(en) Generation. Also the song Heartland:
"...until their backs are broken, their dreams are stolen, they can't get what they want and then they're gonna get angry."
This band (Matt Johnston) was way ahead of the curve. Too bad most Americans are behind the curve. Let them believe the govt is working on their behalf. Hah!
--Space Ghost Jr.
If you listen to Peter Schiff you will lose money period. He believes in decoupling, Asia is tanking right now and the Eurozone is even worse off.
The dollar is shooting up because it is still the world's reserve currency and a safe haven.
HP and Schiff were and still are screaming hyperinflation with food oil, etc.
The fact is we are headed for a deflationary spiral we are in it right now. Fed put up 650 billion last week and another 900 billion today and yet the banks still aren't lending because they are INSOLVENT they are trying to shore up their financial capitol by hording the money from the Fed's discount window, and even that 1.5 trillion dollars the Fed has lent to the banks these past two weeks has had no effect whatsoever.
That's because the destruction of credit has far exceeded in liquidity from the Fed this will continue to happen during the next 6-12 months until the market totaly collapses and anyone who listens to Schiff will be broke.
Schiff has been right about some stuff, but according to several people (including Mike Shedlock, who has been more right about this mess than anyone), following his investment advice over the last year or so would have resulted in a 30-40% loss.
Schiff bought into the idea that America was screwed, and the rest of the world would be fine. Turns out he was dead wrong. Foreign stock markets have done worse than the US markets, and the dollar, which was oversold over the last year, is finally rallying back big time.
I know it's ultra-conservative, but all things considered, I've done pretty well over the last couple of years just putting money in the CDs of the riskier banks (FDIC insured, of course). I may only be getting a 5% return, but that's better than negative 30% for stocks and other investments.
When the time is right, I will start moving out of cash. But right now, that still seems like the best bet.
Japan does seem like a better bet than most countries, though. Simply because they've already been beaten down so much over the last 14 years, they were bound to make somewhat of a comeback, relatively speaking.
I agree with Schiff on the problems in America, but I think you need to be liquid more than having a lot of gold or silver. Who really believes what the media says anyways?
The EU is strong because they are several states put together but unlike the USA, they still at least have some respect towards state sovereignty. Uhm, hello, the states in North America are sovereign, not DC. There's nothing set in stone that says Washington DC is boss. It never was. The states stick together simply because most people get easy $$$$ from Uncle Sam and because most feel that a powerful big gov is needed for survival (typical macho Americano attitude).
I get a laugh when I read about people here talking about how they're survivalists. Your opponent doesn't need a gun to rip your head off and doesn't likely care about your morals/politics/whatever. Go talk to your refugee friends from Sudan or Somalia, people who have actually lived out in the wilderness. It's not fun.
good job fd. i put in a big part of my savings in stocks last year at about this time. (3 years worth). oops.
DAMN WHY DID THE COLLAPSE HAVE TO WAIT TILL I GOT OLD AND THE MAJORITY ALSO, CAUSE IM NOT SO ENAMOURED ABOUT OWNING A CITY CENTER BLOCK FOR PENNIES ON THE DOLLAR AS I MIGHT HAVE BEEN 20 YEARS BACK And due for the screwing,,,,,,,,,,,,,,
it would just make me sad today............
12 percent Industrial Revitalization Bonds for 20 years would increase my purchace power, and aside from capital appreciation put me at a yeild that Buffet demands in his governmental shilling..................
2 elements happened that no one could predict
a 800 billion dollar bailout was granted almost overnight
about 80% of the US are spending $$$$$ to get their cars converted to hybrids or electric
I am having my entire fleet converted as well 4 ferrari's 2 lamborghini's, 6 mercedes
it will cost me over a million but it is well worth it considering the fact that I do not have to worry about getting gas ever again
I already had 2 of them done and although I miss the rumbling of the engines as they are electric now they still operate and drive like they did before
I see oil going down to $5 a gallon and gas at 20 cents a gallon in the next year esp if 4 billion of us no longer need it
keith said...
I wish I was Schiff. Dude must be rich by now.
But I'd hate to be DOPES. If he/she is still alive. It's one thing to be wrong. It's another thing to be DOPES-wrong.
And Hac? No, that's a dangerous mind. But sure is entertaining.
October 06, 2008 7:23 AM
______________________________________________________________________
Kieth so you aren't Schiff...
I thought I may be on to something for a while. I doesn't matter bro but I hope to one day shake your hand and personally thank you for all of your efforts on this blog. I and many others have gained from your insight and courage. Please don't stop Housing Panic we need you bro.
PS.
I would like to officially declair "DOPES-wrong" the latest catch phase.
ie. Gary Watts was "DOPES-wrong" about 15% in the bag for Orange County Ca!
RayNLA
Other posters have it right, Schiff has diagnosed the illness properly but his cure doesn't match.
Hyperinflation is not coming, a deflationary collapse is coming. We are not going to see gold $2000 and oil $300, those things - along with every other asset class, is going to crash through the floor.
Cash is king, just not USD. Well, maybe today, but not in a few months. The poster who made the tsunami analogy hit the nail on the head.
How can I hold foreign currencies (like yen, RMB, Euros, etc.)? I have phoned Bank of American, ING Direct, you name it... nobody I've spoken to at the bloody banks even understands my question. When I lived in Asia and then in Europe, I had no problem getting bank accounts denominated in difference currencies.
HELP ME HP'ers: How can I get cash or savings accounts in anything other than dollars if I'm based here in the US?
Is it me or does Schiff wear makeup? Watch one his videos and you'll notice it. I think Peter may be playing for the other team if you know what I'm saying. Doesn't change my opinion of him, just trying to see if I'm the only one who sees this.
USD cash will always be king as long as you do not have to much of it in the bank
the banks tend to play with our money
and one day
poof !!!!!!
sir we with extreme regret have to inform you that ...............
for me the best place to put cash is into entities that I can own and control that have extremely low overhead
ie
commercial real estate
you can also start up a loan business with reasonable rates and help out the local community.
whatever you do, do not stash it in another country, you may have to hire an army to get it back from them which you could never afford
What I have learned from history is
A. Never stash cash in a country that you did not grow up in
B. Do not try to have to much of it lying around
C. Do not be greedy, help others out, it will come back in a positive way in the long run by not trying to put out trusting borrowers in the streets
I mean look at what happened here
The Euro trash started this fiasco
and they are going down because of it
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