February 28, 2009

Wall Street Unspun Radio Show, 27 Feb



Peter Schiff on his Radio Show, Wall Street Unspan, criticizing Barack Obama`s policies.

Obama is coming into office and has something like 80% approval rating now, which is normal when compared to presidents in general when they first come to office. People generally give them the benefit of the doubt, for some reason.

But basically he is trying to come in house and let us know that things are bad but he is going to turn it around. That he inherited a bad situation from Bush and the reason the situation is bad is because Bush cut taxes and Bush put to much faith in free markets capitalism and that there wasn`t to much regulation because of 8 years of republican tax cuts and letting Wall Street run loose that the country is in a mess.

And Obama thinks he is going to fix it with a New Deal style Roosevelt type of programs and he is saying that things will get worse for a while which is quite an understatement.

But then if we just bear with him eventually his plan is going to work. That raising taxes on the rich, regulating Wall Street more and spending a lot of money, printing a lot of money is going to somehow restore our economy and create economic vitality.

This is all a bunch of nonsense.

"We don`t want people buying on credit, we want them buying on savings, on income"

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels like CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

February 27, 2009

Schiff on the US Dollar



Peter Schiff talks about the demise of the US Dollar in his Radio Show, Wall Street Unspun.

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels like CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

February 26, 2009

Peter Schiff on Obama`s Policies

Unfortunetely, Obama thinks that if we just print enough money and put it into the banking system the banks are going to make the loans and we are going to have economic growth.

We are not going to have anything but inflation. The only result of the president`s policies is going to be massively and unprecedented inflation in the United States.

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels and newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

February 25, 2009

Schiff on the State of the Union Adress


Peter Schiff`s reaction to the Obama`s State of the Union adress, live from his Office. This is the video transcript:

This is Peter Schiff again, in this tuesday evening, February 24, and I have just finished watching president Obama make his speech.

I am recording this from my home office on my laptop, so the quality is not quite as good as the recording I made recently from my office.

The biggest problem with the president speech and there were a number of them, but it reveals a total lack of understanding of basic economics and of what makes an economy grow. In the beginning of his speech the president talked about credit and the need to restore the flow of credit. That the markets need credit for people to buy things and that without credit the economy cannot function.

He basically refered to credit as the life blood of the economy. Credit, consumer credit has indeed been the cancer of our economy.

The president simply thinks he can restart the credit flow and that everything will be fine. People can just borrow and spend money and that if people spend money we will have economic growth and employment. This is all a bunch of nonsense.

What the president does not understand is that credit comes to existence through savings and the reason the credit has gone is because the savings are gone. Initially we run out of our own savings and through the securitization process we were able to tap into the savings of the rest of the world. But the world now as lost a lot of money making bad loans to americans and so the credit has dried up, because the savings are gone, the money has been lost.

Before americans can go out and borrow money, someone has to save it. We cannot just skip savings and go out and buy things and spend money. And of course at this point where we need the credit to flow to the extent that we can regenerate that credit through increased savings and we need the credit to go to businesses, to producers so that we can make, produce stuff.

Unfortunetely, Obama thinks that if we just print enough money and put it into the banking system the banks are going to make the loans and we are going to have economic growth.

We are not going to have anything but inflation. The only result of the president`s policies is going to be massively and unprecedented inflation in the United States.

Barack Obama mentioned that the day of reckoning has arrived. He is wrong. That day is coming soon but is hasn`t arrived. Its going to arrive when the money we print no longer has any value and when the world will not continue to buy our paper to finance our misguided stimulus package and bailouts.

It is interesting that a good portion of president Obama speech had to do with the grandious plans that he has for new government spending just all preceding presidents, he spoke a lot about the need of the government to assure that all americans have a proper education, healthcare without even realizing that we already broke. This is not a time to be talking about this grandious ideas.

What we need is the government to shrink, to get out of the way, they have already done enough damage. And we don`t need a president talking about credit flowing again so that americans can go out and buy more cars.

As I have already said the last thing we need to do is to buy more stuff. We don`t need more cars, we bought to many cars. We have americans that have 6 or 7 mortgages on their cars. We don`t need to buy cars, we need to make cars.

But we are not going to make anything until we save. We are not going to have any savings with zero interest rates. The only way we are going to have savings available bor businesses is if the government and consumers stop borrowing.

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels and newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

Schiff on Gold

"The more inflation there is, the more attractive gold is. Ultimately, you're going to see much bigger upward moves in gold when the dollar starts to collapse."

Follow all of Schiff`s market and economic commentary here on the Peter Schiff Blog.

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels and newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

Peter Schiff on the Stock Market

"If people are looking for a bottom, U.S. stocks are still very expensive. This bear market is going to last a long time."

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more popular.

He has been quoted in many financial newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

February 24, 2009

Peter Schiff on the Housing Market

Peter Schiff commented the housing data today to CNN Money. These were his most interesting remarks:

"Prices are going to continue to fall because they have to reflect economic reality." Peter Schiff to CNN Money, February 24.

"That reality includes stock prices down to their lowest level in nearly 12 years. "Where would real estate prices be if they went back to where they were 12 years ago?" Peter Schiff to CNN Money, February 24

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels and newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

February 23, 2009

Schiff On America`s Standard of Living



We are living beyond our means in America. By contrast, the rest of the world collectivelly has to be living below their means. You know, they are sacrificing so that we can indulge ourselves.

When that stops and there is going to be a major realignment og global living standards. You are going to see americans consuming a lot less, our lifestyles are going to be diminished dramatically. And other people are going to start to enjoy the purchasing power that we lost.

I don`t know how it is going to play out in Europe, I think the biggest beneficiaries of your loss of purchasing power are probably going to be in Asia. There you going to see the biggest increases in standards of living as they start consuming a lot more.

If we take an example, we consume 50% of the world`s gasoline. Well, that means that the rest of the world has to get by with the half that we don`t consume.

Well, when americans are priced out of the market, when the dollar collapses and we cannot afford to use all that gasoline, that means there is more gasoline for everybody else.

I think the countries that are most supressing their own currencies in Asia, which is like holding a beachball under water, once they take their hands away its going to shoot up and you are going to see big realignments upwards in these asian currencies and they are going to have a greater purchasing power.

A lot of people in China that are now riding bycicles are going to find they can afford autos. Maybe they will send some of their bycicles over here, because we won`t be able to drive our SUV`s anymore.

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels and newspapers like The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..

New Article on Seeking Alpha

New Peter Schiff article entitled Predatory Legislators now available on Seeking Alpha.

The article ends with this note:

"If foreigners were to cut us off, there would be some immediate pain, but tough love is exactly what we need right now. Forcing Americans to live within their means, particularly the U.S. government, will be just as beneficial to the long-term health of our economy as similar restraint would have been had it been exercised by mortgage lenders. It's too bad so few of us seem capable of making this connection, or learning anything from the mistakes of the past – even when the ink in the history books has barely dried." Peter Schiff in Seeking Alpha, Febrruary 23.

Schiff on the Obama Stimulus Plan

"If it stimulates anything, it's going to stimulate gold" Peter Schiff

Peter Schiff has been skeptical and critical of all government iniciatives including the Bank Rescue Plan and Obama Stimulus Package.

February 22, 2009

Running for Connecticut?

There is a movement with a website to get Peter Schiff to run for the U.S. Senate in Connecticut. Here is his agenda as the website outlines it:

1. Increase savings and production. People need to start saving and paying down credit card debt, and the US needs to become a net producer and manufacturer of goods once again.

2. Vote no on all bailouts. Instead, the government should begin eradicating grotesque budget deficits and national debt by reigning in profligate spending.

3. Allow the recession to run its course and rebuild quickly from a fresh start. “Let it collapse today so it can prosper tomorrow.” To use a crude analogy, wildfires are devastating in the short term, but they are extremely beneficial in the long run for the entire ecology. Currently, the trillions of dollars of new government spending is akin to pouring gasoline on the fire. It will only serve to exacerbate the problem and delay meaningful recovery.

4. Let the free market operate without inefficient, ineffective, and cumbersome government involvement. The government should enforce the integrity of free markets, not manipulate them.

5. Drastically cut federal spending. It’s time to quit over spending and over borrowing and start living within our means.

6. Cut corporate and personal income taxes to spur savings, job growth, and real industrial production.

7. Minimize corporate regulation. If you allow the free market to operate, businesses and banks which accrue massive debt will fail. More efficient and fiscally responsible banks and institutions will prevail and restore prosperity to the economy.

8. Restore the value of the US dollar. Since 2002, the US dollar has been devalued by nearly 30%. Put a stop to the Federal Reserve setting artificial interest rates and printing trillions of dollars out of thin air. Instead, get the Fed out of the markets and bring back balanced budgets, low taxes, and robust production.

Peter Schiff is an American economic commentator, author and president of Euro Pacific Capital Inc., a brokerage firm based in Connecticut. Schiff is a supporter of the Austrian School of Economics.

Schiff`s Rising Internet Popularity

Peter Schiff is one of the highly regarded american financial commentators and his popularity has been steadily rising. In Google Trends we can actually see the increasing Schiff`s popularity:

Peter Schiff is a frequent speaker in all financial TV Channels like Bloomberg, CNBC or FOX Business.

Peter Schiff on Gold Prices

"The more inflation there is, the more attractive gold is. Ultimately, you're going to see much bigger upward moves in gold when the dollar starts to collapse." PETER SCHIFF

Peter Schiff is an American economic commentator, author and president of Euro Pacific Capital Inc., a brokerage firm based in Connecticut. Schiff is a supporter of the Austrian School of Economics.

Peter Schiff on the Stock Market

"If people are looking for a bottom, US stocks are still very expensive. This bear market is going to last a long time" PETER SCHIFF on Forbes Magazine

Peter Schiff on the Radio


Peter Schiff on Radio Show video.

"All the major financial institutions in this country are basically insolvent and we ought to let them go bankrupt" Peter Schiff

Peter Schiff on CNBC, February 18, 2009


Peter Schiff tells on CNBC that we are a long way from a bottom in the stock market.

Peter Schiff Bio

Peter Schiff was born in 1964 and he is an American economic commentator, author and licensed stock broker who currently serves as president of Euro Pacific Capital Inc., a fully accredited brokerage firm based in Darien, Connecticut.

Schiff has risen to media prominence following the publication of his book Crash Proof: How to Profit From the Coming Economic Collapse.

Aside from his writings, Schiff maintains a significant media presence, often appearing on US financial news programs on networks such as CNBC, CNN, CNN International, Fox News, Bloomberg TV and Fox Business where he is generally booked to provide a bearish counterpoint to more bullish commentators. Schiff also hosts a live Internet/shortwave radio show called "Wall Street Unspun, which is available in podcast format."

Schiff is a supporter of the Austrian School of Economics and the Ludwig von Mises Institute[, and was an economic adviser for Ron Paul's campaign in the 2008 Republican Party primaries, through which Schiff also expressed support for sound money, limited government, and free market capitalism.