Tuesday, February 10, 2009

Peter Schiff Was Right

These clips come highly recommended from a coworker. Up first...Peter Schiff Was Right:

While past performance is no guarantee of future results, he certainly has my attention after that demonstration of prescience...extra credit for taking Ben Stein to school. Next, check out what he says about the impending stimulus package, if you dare.

The fiscal stimulus bill being debated in Congress not only won't help the economy, it will make the recession much worse, says Peter Schiff, president of Euro Pacific Capital.

The problem, he says, is the government is trying to perpetuate a "phony economy" based on borrowing and spending. With the U.S. consumer tapped out, the government is "now taking on the mantle" of consumer of last resort, he continues, predicting the bond bubble will soon burst - if it hasn't already - ultimately leading to a collapse of the dollar and an "inflationary depression worse than anything any of us have ever seen."
Nothing like watching a guy call the current situation to the letter, and then have him warn us we are headed to a Weimar Republic.


Katie said...

Wow. I am really glad to have seen both of these videos. What's interesting is after seeing the documentary Outfoxed which dissects Fox News, you can see that they brought Peter Schiff in to be the crazy lunatic that is supposed to be completely off base. Not so much actually.

Chief said...

Yes, he certainly has a rather extreme reputation. I'd like to reiterate that just because he was right about certain aspects of the crisis, does not necessarily mean he will be right about everything...at least I hope he's wrong. But I imagine he is not getting laughed at much anymore.

Best part of the video: @2:40, the dude with the Lion-o mane saying housing prices will continue to rise by a "normal" 10%. It gets me every time.