Peter Schiff
Peter Schiff
Peter David Schiffis an American stockbroker, author, and one-time Senate candidate. He has appeared as a guest on numerous financial television shows and has been quoted in major print publications as a financial analyst. He is host of The Peter Schiff Show, an audio show broadcast on terrestrial and Internet radio, and he was formerly host of an Internet podcast called Wall Street Unspun, now archived as podcasts...
NationalityAmerican
ProfessionBusinessman
Date of Birth23 March 1963
CountryUnited States of America
You don't drive an economy by consuming - the consumer is not the engine, the consumer is the caboose.
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.
Mutual funds are an overrated investment heavily promoted by Wall Street.
We are an indebted family going out for an expensive meal to celebrate getting approved foe a new credit card. It might feel good (at the time), but we're still simply delaying the inevitable.
What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date.
My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It will cost the economy more than the cost of the bailout which is more than the politicians think. We'll run into the hundred of millions to prop these companies up.
When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency. So the purchasing power that we lose, somebody else gets.
The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.
Wall Street is in trouble because Main Street is broke.
Unfortunately the situation in New Orleans is a microcosm of our nation as a whole. Although our reliance on foreign savings and production are widely known, and most economists accept the fact that a real economic disaster would ensue should foreigners discontinue such subsidies, dump their hoards of U.S. treasuries, and refuse to exchange real goods for paper dollars. However, rather than perusing policies to rebalance our economy, we simply do nothing, and hope that day of reckoning never arrives. However, just as that strategy backfired in New Orleans , so, too, will it for America as a whole.
We think all the issues brought up on the federal side has already come up in the state side.
What will most likely occur is a long overdue loss of confidence in financial assets in general, particularly those denominated in U.S. dollars.