I am surprised the networks even allow Peter Schiff on the air, with his propensity to speak the truth and not repeat the same party lines about how the bailouts are necessary and the government can fix everything. Mr. Schiff has been right time after time about the direction of the economy. Shortly after he rightfully placed some of the blame on the Federal Reserve, he gets cut off by CNN due to “technical difficulties.” Yeah right. Summary and video are below.
- The only good decision was letting Lehman Brothers fail
- We are in this mess because of government spending and too much debt
- We don’t have any money and need China and Japan to lend it to us
- If Obama’s advisers think the economy needs more stimulus, they should not be in these jobs
- American’s need to make things, go to work and save their money
- The government has to get out of the way and let the phony economy collapse
- How can we let Citigroup executives pay themselves millions of dollars when the companies are broke?
- Capitalism is not about propping up failed companies
- Behind it all is the Federal Reserve, which intervened in the market and poured the alcohol that got Wall Street drunk
- It is not fair that everyone holding U.S. dollars has to pay because of bad bets made on Wall Street
- There is no question that we are facing awfully difficult times for Americans for a long time
It continues to amaze me too. It’s like everyone is just sticking their fingers in their ears and going, “LaLaLa.”
Schiff is dead on right. The trouble with admitting it is the disaster that will follow and is going to follow. The government is only delaying the inevitable and more then likely in the end will make the situation worse in my opinion.
Very economists are as truthful Mr.Schiff and he speaks the truth. The problem with most of us is we can’t handle the truth. The FED can try injecting as much paper as they want but the economy will not recover until all the excesses are weed out of the system
Hi
Thanks for your thoughts & I agree with them. I admire your courage. I helped with 911revisited.com & have studied the financials.I bought my first stock when i was eleven years old from my shoeshine business’s profits. And that was 41 years ago! 808-205-8885 is my mobile and i live in Colorado.
Sincerely
Stephen
There are but a few: Senator Shelby of Alabama and Darryl Issa from California who dare speak up in the same responsible vein as Peter Schiff. There is a quiet roar one can hear in our society these days, we know the floodgate to hell was opened with the first $700 Billion bailout being “without conditiions”. Bernake and Paulson could spend it on their pet goldfish if they want to, no legal repucussions. Now we’ve got Detroit begging from their corporate jets for more taxpayer blood as they relish their profits from products designed to fail (designed-in-obsolsence). Vehicles that were designed to fail at or before 50,000 miles were a windfall in the 70′s and early 80′s as they needed replacement sooner. Japan exploited the long term flaw in that theory and knew it was easy to build plastic coated lawnmower technology to last twice as long at least at a lower price. The market migrated to Japanese/Korean cars as they passed up broken down Chrysler “K” cars by the dozen on the side of the road…the K car owner gave up and bought a Toyota for reliable transportation, that’s what the market was/is demanding.
I’ve taken note of Mr. Shiff for the last year
and have read his book Crash Proof and I agree
entirely with his assertions as to where things
are heading globally and particularly in the
United States. This is nothing new really,
Jerom Robbins spoke similarly to this issue
over 30 years ago and Ludwig Von Mises farther
back in time than that. The problem really is
a continuation of what nearly happened in the
the United States prior to the election of
Franklin Roosevelt, a real revolution. It all
appears to me to be so obvious, karma come home
to roost. A so called revolution (which was ac-
tually a rebellion of American Aristocrats against the crown of England and who abhored
Democracy as ‘mob rule’ and not once mentioned
the word in any of their ‘founding’ documents!) Truth is a very powerful force in life and no one, statist government nor brainwashed public can forever ignore its call to acknowlege the laws of cause and effect. The cause, wanton waste and vainglorious disregard for probity and fiscal sanity. The effect, economic collapse, civil upheaval and war. All because to quote Adloph Hitler “it is so wonderful for governments that the people don’t think!
Erick
Chicago, Illinois
Not to bust anyone chops (and I agree with alot of his ideas), but Schiff has gotten alot of his predictions wrong guys and girls.
Schiff predicted that the dollar would be gone by now, and the dollar keeps strengthening every day. Another prediction he made is that commodities (gold, silver) would rise to the moon. Where are they now???
He also predicted that international stocks would do great, as the other countries would be self sufficient. What happened there???
To be honest, I am bearish on US stocks right now, but I believe US stocks will bottom before any other country’s stocks.
He also believes we are in a deflationary phase (I know, he changed his story and now says deflation first, followed by inflation), I just don’t buy it. We are in deflation (just like in the great depression) and will start to see the money supply shrink.
Mish is right on.
Danny
I always love the people who argue Peter Schiff is wrong because Gold is still below $1000 or we have deflationary tendencies right now.
Danny: Peter Schiff is going for the long-term, he doesn’t care about short-term moves! So far the credit contraction is so violent that the FED hasn’t been able to keep up with reflating, but there pulling all the stops now, it wont take much longer til they succeed – and shortly after inflationary hell will brake loose. And Schiff stated clearly that he doesn’t want to keep dancing on the deck of the titanic up to the last moment before going for a life boat.
If you think you can time the markets, have fun!
And Mish: He looks at the short-term situation and critizes Peter Schiffs (long-term) outlook isn’t identical – great reasoning.
Mish keeps revising his forecasts (until a week ago Mish said unemployment in this recession would peek at 8%!), Peter sticks to his.
Schiff called many things right. I don’t think we will see a collapse of the dollar though.
This is a good link.
http://www.poetv.com/video.php?vid=47702
Mish is a left wing stooge that seems to get unwarranted media attention (I suspect because he’s a left winger) whereas Schiff is not political and calls it like he see’s it regardless of which party is in power. The dollar’s days are numbered and the fundamentals is what Peter is all about and he’s been dead on.
Peter Schiff’s popularity if skyrocketing for one reason. He’s been saying the same thing for the last 5 or 6 years and he’s been right 90% of the time. He has stuck to his beliefs while countless desk jockey drones laughed at him. Look at them now!
They all have egg on their collective faces as Peter’s predictions have proven to be true. The dollar has no collapsed yet, but it will. Everybody in America has their hand up for a bailout and the printing presses are running full steam. It’s just a matter of time, before Peter’s ultimate endgame predictions come true. Don’t say you weren’t warned. He’s been saying the same thing for years now.
Mr. Schiff is without doubt the best analyst/ecomomist/business man there is today. I believe he is honest and although he expects to make money[as we all do],he goes out of his way to explain what is really going on in the economy. I believe that the markets have been rigged for years. I have traded for over 35 years. It`s time for the financial implosion which has been scipted by the ptb. Iam glad we have Mr. Schiff to tell the story as it unfolds.