Sure. He says that the US is a service/consumption economy, based on spending and lending. He says there's no real production or saving in the US; that's all in Asia. He says that the US is built on debt and that the US has conned the world, by getting the world to give the US goods, in exchange for worthless paper (dollars), that the US can print as much as they want. He says that the day will come that the rest of the world don't want those dollars anymore. He says that Obama wants to rescue the economy by lending even more and motivate consumers to spend even more. He says that that's exactly what caused the whole mess we're in now in the first place. He says that instead, Obama should focus on transforming the US economy from a service/consumption phoney economy to a 'real' economy with production and saving. He says the current bailout money is coming from both lending more money and printing more money, which effectively just creates a bigger problem. He says all this will result in a huge drop of the dollar and a huge recession.
That really was a splendid Schiff summary. If Ron Paul had won a guy like Schiff would've been on the economic transition team rather than tools who caused this like Bob Rubin etal.....
Lets get it straight that schiff has lost as much or more as any long in the mkt. He was hugely long oil,gold stocks and foreign stocks all of which are down 50% min. He also was short the $ that went wild to the upside. Its like schiff was ivan drago killing rocky balboa only to get knocked out in the 15th. Make no mistake schiff is a very angry destroyed investor.What he said is 100% right but the difference between making money and losing is a game of inches.
Schiff is destroyed for the moment, indeed, as many many other long term investors, funds and trusts.... Since his investments have an obvious long term perspective, let see where these positions are 3 years from now... Nobody can be logically bullish on the $ long term , its madness... Then again , they might just get away with it, very tough call...
I just dont see how this system survives in the longterm, but then again many people thought this system would fail a longtime ago. Think about the zeros that will be attached to our currency if this system survives. it will 0000000000000000000000000000000
No wories, they will pump the money supply to pay off all our burdends... Huge amounts of inflation. Then our currency will become electronic and wa la, govt can now tax Americans like pigs and control productivity. From there on once you control everyone you can have any type of economy you want u want to get paid due what your told... welcome to 50 states of corporate America.
Peter Schiff's opinion has been spot on for years now. This video makes him look like he had a crystal ball the whole time. His bullish opponents who were laughing at him and saying that the markets were going even higher now look like idiots in retrospect: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/2I0QN-FYkpw&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/2I0QN-FYkpw&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>