Peter Schiff, as always, gives you the real take on things, this time on Obama’s budget and the German takeover of the New York Stock Exchange. Schiff references his radio show, which you can find here.
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Peter Schiff
Peter Schiff tells the Fox Business Network host what the thinks of Ben Bernanke. In short, he says Bernanke is a liar. There is one thing for sure that I think we can all agree on that Bernanke is lying about: he says food and energy inflation is at just 1% a last year. I have a feeling that two of Ben’s chores do not include going to the supermarket or filling up car with gas?
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Peter Schiff radio gets some interesting guests, and this 20-minute interview does not disappoint. His guest is survivalist Jim Rawles, who runs the widely read SurvivalBlog.com. Jim is a former U.S. Army Intelligence officer who now blogs and writes books on survival and preparedness.
Spend twenty minutes with Schiff and Rawles and if you find this interesting, head over to SurvivalBlog.com for some comprehensive education on preparing yourself for anything that may come after an economic collapse.
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Peter Schiff has a new article out that issues an important warning to people looking to make money on gold.
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Peter Schiff was on Fox Business News with anchor Lori Rothman, who covers mid-day market moves. In this interview he talks about the consequences of the debt situation we find ourselves in. Not a fan of Ben Bernanke, he says he is “a liar, incompetent, or both.” He ends by predicting that gold will go to $5,000 or higher.
Here’s a quote from the interview:
We’re going to default one way or the other. There are two ways we can default: we can just honestly do it by not paying, or we can print money and pay back our creditors with monopoly money which is probably more likely. Sometime in 2011, if we make it out of 2011, maybe in 2012, we’re going to have a crisis. You know, they didn’t have a crisis in Ireland last year — they still had all this debt — what happened was interest rates rose because the bond market got nervous. Well, the bond market is going to get nervous, they’re going to start to realize the position that they are in, that they are not going to get their money back, or that they are going to get paid in inflated dollars, and interest rates are going to rise sharply in the United States, that’s going to destroy the ability of the federal government to pay its bills, that’s going to crush U.S. homeowners who have mortgages, particularly adjustable rate mortgages, it’s going to crush people that have credit card debt, auto loans, student loans, our whole debt-financed economy, is going to come crumbling down the minute the cost of that debt service rises.
Oh, one more thing: Damn! That Lori Rothman is hot, hot, hot. And we think the cameraman thinks so too, the way he keeps coming back to the leg shot.
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According to Peter Schiff, the extension of the current federal income tax structure is a good thing, but without government spending cuts, we’re funding it through more debt. We’re going to face the same old problems, and share the same future as Ireland, but in a bigger way. The sovereign debt crisis is coming, whether it’s in six months of two years, it’s coming to the U.S.
http://www.youtube.com/watch?v=cKi6uoDZpYU
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Inflation is coming! Deflation is coming! If you’re confused as to which is correct, this video will not help you come to any conclusions. Both Peter Schiff of Euro Pacific Capital and Gary Shilling of A. Gary Shilling & Co. have been dead on in many past predictions. Personally, I’m reading Gary’s new book, The Age of Deleveraging, right now and he makes a compelling case for a decade of deflation. Then again, I’ve followed Peter’s work and he knows what he’s talking about too.
Only one can be right, so how do you protect yourself?
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More and more people are realizing that the US dollar will suffer a significant, if not devastating, decline in the not so distant future. How can we not come to this conclusion when the Federal Reserve itself is making it abundantly clear.
One of the economists on the forefront of alerting the public of what he believes is the complete collapse of the dollar is Peter Schiff. In this interview on CNBC’s Fast Money last week, this was the topic of discussion.
One of the panelists asked Mr. Schiff how people can move their money to foreign currencies. As I listened to this, I realized that there may be many readers who are unaware of how simple it is to invest in a proxy for a foreign currency.
One of the simplest ways is to buy one of the many ETFs that are priced to reflect the ratio of a foreign currency over the US dollar. If the foreign currency goes up, the value of your ETF rises; if the foreign currency goes down, the value of your ETF declines. For example, the CurrencyShares Euro Trust ETF (FXE) tracks the Euro over the US dollar. There are lists of ETF’s to be found easily on the Internet with a quick search.
Another very simple way to get your money to move as if it is denominated in a foreign currency is to purchase foreign stocks, or, for a broader diversification, foreign stock ETFs. Of course, you will have market risk, as with owning any stocks, but the value of the currency against the dollar will factor into the price.
While this was very simplistic, I hope that it at least introduced to novice investors a way to easily hedge against a dollar collapse. Now, enjoy this brief conversation between Peter Schiff and the Fast Money crew.
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If you want to see why the economic collapse is sadly unstoppable, watch this video. Here, Doug Henwood of the aptly named Left Business Observer debates free market advocate Peter Schiff. As you listen, keep in mind that Henwood represents the thinking of the U.S. government, with its devotion to Keynesian economic principles and tax the rich mentality. And Schiff represents the millions of entrepreneurial businesses who are crying in the wind for government to stop the spending and to get off their backs and out of their wallets so they can move forward. There is momentum in the free market camp, but in the end, the government will have its way.
It’s interesting to note that Peter Schiff employs 125 well-paid people and Doug Henwood employs one “very, very part-time”employee. After touting infrastructure and green jobs government spending, Henwood was asked by Schiff where the money will come from. His reply: “From people like you.” This can be generally stated that those who don’t create jobs will take money out of the hands of those who do.
With statements like we’re “living in the wreckage of Reagan and Bush,” “there’s plenty of money to there to take,” and the rich have “had a free run the last three decades,” Henwood doesn’t hide his disdain for the successful, the productive. Sounds a lot like our current socialist president.
The debate was hosted on TheRealNews.com, and the moderator was obviously sympathetic with the leftist point of view.
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Gold took a forty dollar hit today, but pretty much everything took a hit today. The surprise rate hike by China in their deposit rate, from 2 1/4% to 2 1/2%. This caused a chain reaction of events in the currency, commodity and equity markets.
If you own gold, or want to own gold, in preparation for the coming financial collapse, you need to listen to Peter Schiff as he reviews the market action today, and pays particular attention to gold.
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