March 31, 2009

Recession Will End. Depression Will Follow

We had rallies in the stock market over the last few years as the stock market has been going down.

Certainly home sales can tick up, some people think they are getting a bargain, so they buy. Mortgage applications are going up but has nothing to do with the economy. That is simply because we have artificially low interest rates and people are trying to take advantage of it.

The only way you can say that hte recession is coming to an end is because it will turn into a depression.

Government Bonds

The only reason someone who bought a Treasury can get their money is that the government is able to borrow more money to pay them off. It's impossible for us to just keep going deeper and deeper into debt.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 30, 2009

Herald Tribune Article

Herald Tribune wrote recently a nice article about Peter Schiff. Here is the LINK.

The article starts like this: "Peter Schiff has been right on time with predictions of economic doom and gloom, including the end of the tech stock boom, and more importantly, the great real estate decline of the late 2000s."

Schiff on the Jerry Doyle Show, March 26, 2009

The reason they cannot see the future is because they are looking to it through a false prism. There is an old expression, "Garbage in, garbage out".

These guys learned their economics from Keynes and so through their keynesian prism, they have no idea what is going to happen.

When you have a solid understanding of economics, economics is a science and when you properly understand it you can predict future outcomes. Like you can predict what is going to happen in chemestry if you mix a couple of chemicals together you know what the reaction is going to be.

We Must Save and Produce

The Administration argues that more debt will restore growth which will then allow the repayment of borrowed money. First, our government has never, and will never, repay anything. Second, the assumption that additional borrowing and spending will restore growth is flawed. In fact, more consumer debt and government spending will undermine our economy and restrain growth.

To solve our problems we must first come to terms with their source. That is what the voices from abroad are telling us. We borrowed and spent ourselves to the brink of bankruptcy, and now we must save and produce ourselves back to prosperity.

March 29, 2009

Who Loses When Real Estate Prices Decline?

1 - Homeowners looking to sell houses and downsize, or those who confused homeownership with an investment

2 - Real estate professionals who make money based on high turn-over, inflated commissions based on high home vales, and peddle the illusion that buying a home constitutes making an investment

3- Lenders who extended too much credit based on inflated home values and investors who purchased those securitized loans

4 - Everyone with U.S dollars as the Fed tries to prevent home prices from falling and bail out irresponsible borrowers and lenders by creating more inflation

5 - Government as it collects excess taxes based on inflated home prices and frequent turnover

It is Production that Creates Purchasing Power, not the Printing Press

Washington is telling us that our problems result from a lack of consumer spending. Therefore, the solution is for government spending to pick up the slack. However, if Americans are too broke to spend, then how can our government spend for us? The only money they have is taken from us through taxation.

To postpone immediate tax hikes (adding interest for good measure), Washington plans to borrow more from abroad. However, if our foreign creditors refuse to pony up, much of the money will simply be printed instead.

Printing money is merely taxation in another form. Rather than robbing citizens of their money, government robs their money of its purchasing power. Many people assume that if government provides the funds we can spend our way back to prosperity. However, it's not money we lack but production.

If the government simply prints money and doles it out, we will not be able to buy more stuff; we will simply pay higher prices. The only way to buy more is to produce more. It is production that creates purchasing power, not the printing press!

(Schiff on the Casey Crisis Summit in Las Vegas)

Obama Wants to Restart the Spending Party

President Obama and the majority of our leadership on both sides of the aisle are confident that the right mix of monetary and fiscal policy can restart the spending party that defined America for a generation. And as the bleary-eyed revelers wisely reach for a cup of black coffee or stumble into a rehab center, Obama is pouring grain alcohol into the punch bowl hoping to lure the walking zombies back onto the dance floor. Europe and Asia fully understand that Obama will ask them to lend the booze.

(Schiif on the Casey Crisis Summit in Las Vegas last week)

March 28, 2009

Peter Schiff on Freedom Watch (VIDEO)



Peter Schiff on Fox.com`s Freedom Watch.

Ben Bernanke and his printing presses are going to be the only funding the United States will get from now on.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

"Road to Hell"

The tremors began in Beijing, where a essay from the governor of the People’s Bank of China seemed to favor the creation of an IMF currency to replace the U.S. dollar as the world’s reserve. In Europe, the rotating president of the European Union, outgoing Czech Prime Minister Mirek Topolanek, characterized America’s plan to combat the widening global recession as the “road to hell.” At same time, British Member of the European Parliament Daniel Hannan made headlines the world over with his stinging rebuke of the inflationary and debt-focused policies of the current UK government.

As a result of these clearly voiced frustrations, the U.S. dollar suffered a drubbing. However, Treasury secretary Geithner and his ministerial counterparts in Berlin, Paris and London did their best to convince everyone that the world is pulling together as one to combat the economic crisis. The charm offensive was effective in restoring calm.

Given the size and scope of the remedies that the Obama Administration is cajoling the world to adopt, it is likely that the unease will grow until many countries emerge in open revolt to America’s plans.

(transcript from THE FAULT LINES EMERGE published on Europac)

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 27, 2009

Foreign Stocks Markets May Have Hit Bottom

The foreign markets are faring better then the US stock marketsin this rally, foreign stocks are rising, even if not adjusted for the currencies, have risen more then US stocks. And the dollar weakened.

In dollar terms foreign stocks are doing much better than domestic stocks.

I think there is a much greater chance that in some of the foreign markets we have sees the lows. Stocks on many of these markets that I follow actually got cheap on a P/E basis, on a dividend yiled basis, on a price to book basis. Based on anything you want to look at.

Stocks in many parts of the world got dit cheap. they did not get dirt cheap in the US, they got less expensive then they were. The US market never became a real bargain like we saw at the end of major bear markets.

(transcript from the Wall Street Unspan)

Wall Street Unspan - March 25

Listen to the latest Peter Schiff`s podcast, Wall Street Unspan live from NY.

Topics:

- Geithner Plan on Toxic Assets
- The Plan will not work;
- Will the private sector be able to overpay for these assets;
- Wall Street will not invest their own money on these toxic assets, only clients money and collect their fees;
- If inflation really picks up we may not make a new low on the US Stock Market;
- Foreign stocks have risen more then domestic stocks;
- In many foreign stock markets we have seen the lows, stocks actually got cheap;

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 26, 2009

Video Interview, MSNBC - March 25

Peter Schiff on MSNBC, "The Man Who Predicted the Financial Crisis"

The recession is what we need to restore the economy. The Government is going to turn this into an inflationary depression.



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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Market Update, Video Log March 25



Peter Schiff comments on:

- Geithner Plan for buying toxic assets from the banks;
- The Plan cannot possible work;
- The Bear Market Rally may last a few more days, weeks, months or even a year;
- The recession will get worse, they won`T be able to get banks loaning again to reinflate the comsuption bubble;
- China wants to move away from reserves in US dollars;

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 25, 2009

Buy a House or Rent One?

I have been a renter for a while. People used to laugh at me for renting my house because I was throwing money away on renting. I had to remind people that I wasn`t throwing money away because I had a great place to live and I did not throw money away on food, on clothing, so I wasn`t throwing money away renting a place to live. I needed to live some place.

But off course the mantality was "you are throwing away money because you are foregoing all the profits associated with home ownership. In my mind it wasn`t profits that I was throwing away but expenses and headaches.

I knew as an educated consumer looking at real estate realistically that economically I was better off renting then buying. But everybody else assumed that they were better off buying because they assumed appreciation.

What they forgot to understand was that assets were already overvalued based on what we could rent a similar house for.

So if an asset is already overvalued based on rental alternatives or cash flow, why should that asset appreciate? That was the flaw in their analysis.

At some point in time when real estate actually becomes cheap enough that renting is no longer economically better then buying , then I might decide to buy a place. For a lot of people renting makes more sense then buying.



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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Schiff on the Lew Rockwell Show

Video 1

Video 2


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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 24, 2009

Crash Proof Ranks #1 in Amazon`s Investing Category

World Net Daily as an article about Peter Schiff and his prophetic predictions about the US Economy. Here are the most interesting parts of that:

"Long before anyone else dreamed of the economic chaos in which America and the world now find themselves, Peter Schiff predicted it – exactly the way it happened.

Schiff wrote a book in 2006 that explained how to prepare for the economic upheaval he foresaw. He appeared on dozens of cable and broadcast financial shows where his predictions were scoffed at and mocked.

He became known on those shows as "Dr. Doom."

But nobody is mocking and scoffing any more.

Peter Schiff takes no pleasure in being right about the worst economic catastrophe to strike America since the Great Depression. But he hopes Americans can still learn how to weather the storm using his sound financial advice in "Crash Proof: How to Profit From the Coming Economic Collapse."

The economic tipping point for the United States is no longer theoretical. It is a reality today. The country has gone from the world's largest creditor to its greatest debtor, the value of the dollar is sinking, domestic manufacturing is winding down – and these trends don't seem to be slowing.

In "Crash Proof," the seasoned Wall Street prognosticator provides an insightful examination of the structural weaknesses underlying the impending economic meltdown and discusses the measures you can take to protect yourself – as well as profit – during the difficult times that lie ahead.

"Crash Proof," is a prophetic and informative warning of a looming period marked by sizeable tax hikes, loss of retirement benefits, double digit inflation, even – as happened recently in Argentina – the possible collapse of the middle class. However, Schiff does have a survival plan that can provide the protection that readers will need in the coming years."

Crash Proof is the bestselling book in the Amazon`s Investing category.

There is Going to be a Currency Crisis

Bernanke has sent a giant sell signal to the rest of the world to sell their treasuries to the Fed. This is going to be a currency crisis. That’s what is coming.

March 23, 2009

America Has Now Become a Banana Republic


Ben Bernanke has just rung the loudest bell ever heard in the foreign exchange and government debt markets. Investors who ignore the clanging do so at their own peril. The bell’s reverberations will be felt by everyday Americans, whose lives are about to change in ways few can imagine.

America has now become a banana republic. It won’t be too long before our living standards reflect our new status.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 22, 2009

Americans Need to Save Not Consume on Credit

In truth, not all economies run on credit. In a legitimate economy, it is not credit that fuels spending and investment, but simply income and savings. That American families now routinely rely on credit to make every-day purchases is a habit that needs to be broken and not encouraged.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Latest CNBC Video Interview, March 19













Latest CNBC Peter Schiff`s interview on March 19, 2009. Schiff argues with Steve Liesman who dares to say that Peter was wrong on this all the way.

These were Peter`s comments on CNBC:

"Unfortunately the FED is doing everything that I fear they would do. You can`t solve the very substancial structure economic problems underlying our economy by creating inflation"

"All they are going to do is to turn this severe recession into an inflationary depression. That is all the FED is going to do. All they have is a printing press, they don`t create wealth, they interfere."

"As painful as this recession is, we have to let it riun its course because it is adressing these imbalances.But the FED is preventing that from happening."

"We are getting a taste of what`s to happen in the foreign exchange markets. Look at what has happened to the dollar in the last 2 days"

"We are broke. Our economy is a mess."

At the very end of this video there is a good discussion, almost a catfight between Steve Liesman and Peter Schiff. Steve Liesman had the audacity to say to Peter, "You have been wrong".

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 21, 2009

Peter Schiff Podcast - Wall Street Unspun, March 18, 2009

Here is the link for the Peter Schiff Podcast - Wall Street Unspun, March 18, 2009

Peter Schiff comments on the inflationary effects of the Federal Reserve decision to buy Treasury Bonds.

"Oil can go to 100 dollars a barrel before mid year."

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Fed Rings the Mother of all Inflationary Bells

There is an old adage on Wall Street that no one rings a bell at major market tops or bottoms. That may be true in normal times, but as many have noticed, we are now completely through the looking glass. In this parallel reality, Ben Bernanke has just rung the loudest bell ever heard in the foreign exchange and government debt markets. Investors who ignore the clanging do so at their own peril. The bell's reverberations will be felt by everyday Americans, whose lives are about to change in ways few can imagine.

While nearly every facet of America's economy has been devastated over the past six months, our national currency has thus far skipped through the carnage with nary a scratch. Ironically, the U.S dollar has been the beneficiary of the global economic crises which the United States set in motion. As a result, our economy has thus far been spared the full force of the storm.

This week the Federal Reserve finally made clear what should have been obvious for some time - the only weapon that the Fed is willing to use to fight the economic downturn is a continuing torrent of pure, undiluted, inflation. The announcement should be seen as a game changer that redirects the fury of the financial storm directly onto our shores.

In its statement, the Fed announced its intention to purchase an additional $1 trillion worth of U.S. treasury and agency debt. The purchases, of course, will be made with money created out of thin air through the Fed's printing presses. Few can doubt that they will persist with these operations until the economy returns to its former health. Whether or not this can ever be accomplished with a printing press alone has never been seriously considered. Bernanke himself admits that we are in uncharted waters, with no map or compass, just simply a hope that more dollars are the answer.

Rather than solving our problems, more inflation will only add to the crisis. Falling asset prices, the credit crunch, declining consumer spending, bankruptcies, foreclosures, and layoffs are all part of the necessary rebalancing of our economy. These wrenching movements, however painful, are the market's attempts to resolve the serious problems at the root of our bubble economy. Attempts to literally paper-over these problems will lead to disaster.

Now that the Fed has recklessly shown its hand, the mad dash to get out of Treasuries and dollars should not be far off. The more the Fed prints to buy bonds the less the dollar is worth. Holders of our debt (read China and Japan) understand this dynamic. We must expect that they will not only refuse to buy new bonds, but they will look to unload those bonds they already own.

Under normal circumstances, if creditors grew concerned that inflation was eating into their returns, the Fed would raise interest rates to entice them to buy. However, the Fed will avoid this course of action as it fears higher rates are too heavy a burden for our debt laden economy to bear. To maintain artificially low rates, the Fed will be forced to purchase trillions more debt then it expects as it becomes the only buyer in a seller's market.

Just last week, Chinese premier Wen Jiabao voiced concern about his country's massive investments in U.S. government debt. In the most unequivocal statement yet by the Chinese leadership on this issue, Wen made it plain that he was concerned with depreciation, not default. With his fears now officially confirmed by the Fed statement, we must wonder when the Chinese will finally change course.

There is a growing consensus that if China no longer wants to buy our bonds, we can simply print the money and buy them ourselves. This naïve view fails to consider the consequences implicit in such a change. When the Treasury sells bonds to China, no new dollars are printed. Instead, China prints yuan which it then uses to buy treasurers. This effectively allows America to export its inflation to China. However, now that we will be printing the money ourselves, the full inflationary impact will fall directly on us.

With such a policy in place, America has now become a banana republic. It won't be too long before our living standards reflect our new status. Got Gold?

March 20, 2009

This is a very dangerous time to be invested in US Government Debt

This is a very, very dangerous time to be invested in US Government Debt, to be in money markets, in Treasury Bills, to be in any dollar denominated investments. It is dangerous to be an american citizen, its a dangerous time to be a worker because because your wages are going to be debased.

(transcript from the videolog)

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Gold Prices after the FED Meeting

Gold prices continue to advance and gold stocks, the Philadelphia Gold Index was up another 7% today after its 9% jump yesterday. The index is up 20% since the FED`S announcement yesterday`s afternoon.

The dollar index dropped 3% yesterday and 1,5% today, that is 4,5% in two days. Ultimatelly this is going to turn into a rout on the dollar.

(transcript from the videolog)

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Market Update Video - March 19



Schiff gives his market update on the last Federal Reserve moves. (March 19, 2009)

The audio is not very good but a transcript will be available later today.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

The FED is Going to Destroy the US Dollar

The Fed is going to destroy the value of the dollar. It's going to end in a run on the dollar, and we won't be able to consume 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 like CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 19, 2009

"Why The Meltdown Should Have Surprised No One"

Speech on the Henry Hazlitt Memorial Lecture on Von Mises Institute, March 2009.

"Why The Meltdown Should Have Surprised No One", Peter Schiff (75 Minutes)

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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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Schiff on FED Policy

"Well, I don't think it's going to rescue us from anything. I think what we're doing is the equivalent of selling our financial souls to the devil. I mean if we think we can solve our problems by creating inflation, we oughta send some of these guys down to Zimbabwe to see how well it's working out for them."

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

We need much higher Interest Rates

We need much higher interest rates, because what we need in this country is to reward savings and to discourage borrowing. Americans have borrowed and spent to much money.

The government is trying to preserve the bubble economy that burst. They are trying to reinflate that.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Keynote Speech at the Annual Austrian Scholars Conference

Peter Schiff was the keynote speaker at the annual Austrian Scholars Conference at the Ludwig von Mises Institute in Auburn, Alabama:

"It is rare that I have the blessing of uninterrupted time to explain why we have arrived in our current state of affairs, and how we can get out of it.

Such an opportunity presented itself this past weekend when I was asked to deliver the keynote speech at the annual Austrian Scholars Conference at the Ludwig von Mises Institute in Auburn, Alabama. The Institute is one of the premiere bastions of the type of free market economic thinking that is widely known as the 'Austrian School.' Fortunately, in addition to warm southern hospitality, the Institute also provided top-rate audio-visual equipment to record the event. (In stark contrast to the gear that I have been using for my daily video blog - don't worry, we're working on it.) Better still, they have graciously posted the material on their daily blog:

VIDEO LINK:http://blog.mises.org/archives/009620.asp

In the talk I provide a detailed overview of how the bubbles in both tech stocks and real estate were extremely easy to foresee and how government policy played such a large role in creating and nourishing the bubbles as they grew. I also spend a great deal of time analyzing why mainstream economists still do not understand the fundamentals of our current crisis, and how the government's misguided stimulus and bailout policies are sowing the seeds for economic devastation.

So if you have a free 75 minutes (no one has ever accused me of being short-winded), click on the above link to get some straight answers with no commercial or political interruptions."

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 18, 2009

Obama is Trying to Preserve the Illusion of Wealth

They are trying to preserve the illusion of wealth and prosperity with inflation. And they are hoping that they can con the chinese, the japanese, the saudis and the rest of the world into lending us trillions of dollars, so that we can blow them with the trillions that they have already loaned us.

(Peter Schiff on Michael Savage Radio Show, March 2009)

Oil will move back to 100 Dollars

The bear market rally in stocks is continuing and not just in the United States but around the world.

The dollar is continuing to soften a bit but not dramatically. I would imagine that if this rally continues the dollar will ultimately roll over as a result.

There is also a lot of strength in commodities. Looking at oil prices, I think crude oil can get reasonably above 50 dollars a barrel. It looks as if is in the process of breaking out after a few months of consolidation.

It will be very easy for oil to move back to at least 100 dollars a barrel. It can easily do it before the end of the year.

Video Market Update, March 17, 2009



Schiff video Market Update, March 17, 2009.

Topics:

- Oil
- US Dollar
- Bear Market Rally
- Obama on education and healthcare plans

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 17, 2009

Video - Schiff on The Lew Rockwell Show



Peter Schiff on The Lew Rockwell Show, March 2009.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 16, 2009

Video Market Update, 16 March 2009



Peter Schiff gives his markets update, March 16, 2009.

Topics:

- comments and criticism on Bernanke speech;
- this crisis will be worse than the thirties;
- US did not invest productively;
- people were punished for saving money with very low interest rates;
- the FED created this problem;
- we borrowed and spent to much money;
- we blew it on comsuption and government services;
- we are going to say that the chinese were predatory lenders;
- the United States are a giant Ponzi scheme;
- we are never going to pay the chinese the money we owe them;

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Buy a House For Free

The only way that owning real estate may ultimately be a better inflation hedge then other things is going to be a function of leverage, a function of debt. But there is lots of risk there, if you borrow money and house prices drop first.

But if we get real hyperinflation which is what I expect to happen, if you borrow a lot of money and and use to buy a house and you don`t pay all the house, lets say you buy a 200,000 USD house but you use only 20,000 USD of your own money and you borrow the other 180,000 USD. You are not tying up yours 200,000 in an asset. You are only tying up 20,000 USD. You take advantage of the low mortgages today, a 30 year fixed rate mortgage of 5% and you make your payments for a while and all of a sudden there is massive inflation and at some point you may be able to pay your entire mortgage with the money that you might of otherwise use to buy a can of soda.

You end up having your house virtually for free.(Wall Street Unspun transcript)

March 15, 2009

Is IMF Selling its Gold?



Schiff`s comments on the eventual Gold selling from the International Monetary Fund (IMF) on the Wall Street Unpan, his Radio Show.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

General Electric - Nothing but a Hedge Fund

GE for years has been nothing but a hedge fund masquerading as a company with a lot of high-risk bets and accounting tricks. They were always able to make their predictable earnings like clockwork because they pulled out the earnings from GE Capital when they needed them to even it all out.

No one's ever been able to fully understand all their liabilities. If they make the company completely transparent next week, investors are not going to like what they see.

March 14, 2009

The Value and Prices of Houses in the Future

The value of the houses isn`t going to rise but the price will rise. I mean at some point there will be so much inflation in this country that even home prices will go up, stock prices will go up. Proces for everything will go up.

It is my feeling that that the prices for houses will rise more slowly then the prices for other goods like food, energy. even if your house is going up in price its relative value will be less. You won`t be any richer because you own a more expensive house, because your cost of living will be going up faster.

Should You Sell Your House Now?



Schiff comments if you should sell your house now on 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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 13, 2009

Schiff Market Update : Videolog March 12



Topics:
- Swiss Franc currency intervention and interest rate cut;
- Gold moves up on Swiss Franc interventation;
- Buying opportunity for the Swiss Franc versus the US Dollar;
- Swiss persuing Swiss Franc debasement;
- Rally in Commodities will exceed strenght in US stocks;
- Obama speech on the organization of small business leaders;
- Meredith Whitman comments on credit cards;

Peter Schiff On Bloomberg

Peter Schiff, who oversees about $1 billion as president of Euro Pacific Capital in Darien, Connecticut, said as much as 20 percent of his clients’ assets are invested in Canada, mostly in mining and energy companies. He’s betting inflation will cause gold to rise to more than $1,500 an ounce this year.


“A strong gold price will be helpful to the economies that have a big mining industry”
Schiff said. Canada is the world’s seventh-biggest gold producer.

Schiff on Fox Business - Video



Peter Schiff on Fox News. You can watch all Peter Schiff`s videos and media appearances here on the Peter Schiff Blog.

"I am still buying gold and silver, which have been doing well recently. I am still taking advantage of cheap stocks overseas. I am putting a lot of money into Asia, particularly companies that have a lot of exposure to China."

March 12, 2009

Is China Decoupling?

Auto Sales are up 25% year on year in China but even before this 25% increase the chinese auto market had already surpassed the United Staes as the world`S number 1 automobile market.

Auto sales are collapsing in the United States but they are rising in China. There is a lot of evidence that decoupling is happening.

Peter Schiff in Wall Street Unspun, March 11, 2009

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Peter Schiff on Freedom Watch, March 12, 2009



Peter Schiff on Freedom Watch (FOX News) with Ron Paul, Lew Rockwell and John Stossel.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 11, 2009

Peter Schiff: The Bear Market is not Over

Big rally today, finally.The Dow was up 380 points, almost 6%, Nasdaq was up 90 points or 7%.

We knew a rally was coming, and then the question is, how much longer is going to last. Is this a 1,2,3 day wonder, is the rally going to last for a few weeks, is it going to last for many months?

There is no way to tell at this point, but one thing I am confident of is that the bear market is not over.

Especially when you have this type of violent rallies.The biggest rallies come in bear markets. Think back over the last few months. All this spetacular rallies we have had and yet we continue to make new lows.

We had the same phenemenon during the thirties. Bear market rallies are always more spetacular then bull market rallies.

In bull markets you have big, violent declines that shake out people, that shake confidence.

I don`t think the bear market is over, maybe a lot of people is going to believe that, especially if this rally carries through.

I wouldn`t be surprised if we had a rally that lasted for many months, I wouldn`t be surprised if the Dow rallied above 8,000 to 8,500.

The Dow as at 6,500, it would be a 2,000 point rally, a 30% rally. People would be saying it is a new bull market. But I don`t think it will be. I think it will just be one of many bear market rallies in a longer term bear market. So its a bull move in a bear market which is the title of my most recent book.

Also, I think that if we have a meaningful rally in the value of US stocks, it will be accompanied by a drop in the dollar and a rise in foreign equities. That means that if this is going to be a big move, I think you will get a bigger move in stocks outside the United States. Foreign stocks will recover more then US stocks.

Market Update - VideoLog - March 10, 2009



Market update, March 10.

This is a bull ove in a bear market. The bear market is not over.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 10, 2009

Bad Economic News and its Impact on the Dollar

Recently, bad economic news has been good for the dollar. Because bad economic news make people sell stocks and make people buy dollars as a safe haven, which is ridiculous.

Why are people seeking safety in a country where the economic fundamentals are deteriorating as fast as they are here in the United States? It shows that this dollar rally is nonsense.

(videolog Transcript)

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

Schiff Videolog, March 09



Peter Schiff videolog market update, March 09, 2009

- Schiff criticizes Warren Buffett support of Barack Obama policies and his contradictions;
- Is Warren Buffett just a good investor and a bad economist? I don`t think so.
- Mattel opens first Barbie Shop in China because of consumer spending growth that cannot be found in the United States;
- Criticizes Obama`s push for Global Stimulus and highlights his lack of economic knowledge;

Economic Data and Jobs

We had the jobs number, or the lack of jobs number that came out again worse than expected.

I don`t know when the statisticians are going to start figuring out how bad this thing is because everytime we get an economic statistic it shows things are worse than we expect.

Anyway, we had 3 months in a row where he had lost better than 600,000 jobs. I think the only sector that added jobs was the government and that hurts us. Because those are nonproductive jobs. Everybody needs to work harder to support those government jobs.

They revised down the last few months and the unemployment rate is now 8.1%. But off course the official numbers are nonsense. They don`t count all the people that have given up, that are not even looking for a job anymore.

They don`T count all the people that are working part time at McDonald`s because they can`t get a real job. They don`t count all the independent contractors who are earning nothing but still are employed, the comission salesman that are getting no money but are not counted as being unemployed.

The real unemployment rate is probably close to 15%.

March 9, 2009

Schiff on Kudlow`s CNBC Show, March 2009













General Motors always lost money making cars. They were doing their money in finance!

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

FDIC is Running Out of Money

Another thing I would like to mention is the FDIC running out of money and now the government is talking about an extra 500 bln. USD line of credit for the FDIC.

The FDIC is running out of money because the trust fund is being depleted by all the banks that are failing.

Everybody believes their accounts are insured because FDIC stands behind all bank accounts but the bottom line is, where is the FDIC ultimately going to get the money if a lot of these big banks fail?

It is going to get it from the government. But where is the government going to get the money? They are going to print it. They may try to borrow it from the chines or borrow it from the japanese, but the final analysis is that they are going to have to print all that money, which means nobody`s account is safe.

It does not matter if you get your money back if you cannot buy anything with it. And that would be what would happen if he had a run of bank failures. The fact that the FDIC was there would be meaningless. Sure you will get your money back, but can`t buy anything with it.

That is the reality. Nobody`s money is safe in US dollars even if it under your matress.

March 8, 2009

Market Update, March 6 (VideoLog Transcript)

Friday was a very volatile session, we were down over 100 points, the Dow Jones went below 6,500 and then closed up around 30 points, back above the 6,600 level.

We had a huge down week, I think we had 4 consecutive down weeks in a row.

In terms of gold the Dow is worth fewer than 7 ounces of gold at its lowest point today. That is a new low for the move.In fact I had forecasted last year that the Dow would hit 7 ounces of Gold this year. I just did not expect it would do it by March. My forecast for next year was that the Dow could trade at 5 ounces of gold and it looks like it might even make that in 2009.

I wouldn`t be surprised if there was a rally from here, it can happen at any time am I am sure if there is a rally here, the people are going to start coming out talking about "the bottom is in", "the bottom is in", "you got to buy". Remember, these are the same people that have been saying that all the way down.

Capitulation, capitulation. People were talking about capitulation when the Dow was still above 10,000. And they are still capitulating and the Dow Jones Index is down in the 6,000`s.

I don`t care if the Dow rallies back above 8,000, this bear market is not over, it is going to keep going lower. But more importantly then the nominal price is the real price.

The real price is going to just keep falling as I have just mentioned in terms of gold the market is down well over 80% from its peak 9 years ago.

March 7, 2009

The Trouble with GM and GE

If you look at 2 companies that were in the news this week, General Motors (GM) and General Electric (GE), these were companies that did very well in the late nineties until 2000.But why did they do well?

They did well because they moved from manufacturing towards finance. A kind of microcosmos for the entire US economy.

You had GM losing money making cars, they were making money financing cars. Same thing with General Electric (GE). They have turned into a finance company. And all the earnings growth in GE really came from financial services.And a lot of those earnings were phony.

The reason these companies have collapsed 90 percent or more from where they were of the peak of the bull market in 2000, both GE and GM peaked out around then. They have lost 90% and we are finding out that a lot of the earnings growth over that time period were phony just like most of the economic growth in the US economy was phony.

It was all a trick about spending borrowed money that could never be repaid because it went on consumption. I was issuing reports on GM going bankrupt in 2002, 2003. I could see what they were doing. I could see they were making all their money on finance and that would come the day when all the people they borrowed money could not pay the money back.

I was calling General Electric an hedge fund mascarating as a company.

There are some good viable parts of General Electric, they still have some manufacturing and aircraft, medical equipment and imaging, appliances. There is some value in those assets, in those businesses. But I think their liabilities from their finance division are bigger then their real assets and ultimately the company would go bankrupt if it wasn`t for the Federal Reserve.

No one is talking about bankrupcy in General Electric, only in General Motors. But the interesting part is the similarity between the 2 companies. Two manufacturing companies making more and more earnings from finance and paper shuffling than on legitimate production.

These 2 companies are a microcosm of everything that has been wrong with our entire economy.



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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

China and the US Bond Market

When Hillary Clinton recently went to the chinese to basically try to convince them to buy more US Government Bonds, was the equivalent of a Wall Street dog and ponny show. She is trying to convince the chinese that it is of their interest to keep loaning us money. This all thing is ridiculous.

Here is the idea. She is going to the chinese and she is saying "that in order to help our economy you should take your money from your own citizens and give it to us, so that we can spend the money on the products your citizens are producing and keep your citizens employed.

Why don`t the chinese just cut out the middleman? Why they don`t let their citizens keep their own money so that they can buy the stuff that they produce?

Why do the chinese need the United States? The reality is that they don`t.

The market rallied early in the week on talk of the chinese stimulus package ans they are the only country that is actually capable of stimulating their economy. Because the chinese are actually sitting on a pile of cash. Our cash, that they can spend.

THe difference is that when China wants to stimulate their econmy, China has the money to do it. When the United States government wants to stimulate the economy, we have to go to China to borrow the money.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

March 6, 2009

VideoLog: Market Update, March 6



Peter Schiff Market Update, March 6.

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.. In Peter Schiff`s blog you can track all his investment and trading ideas for 2009 as well as all his public appearances on TV, video or in the press.

CNN Video Interview, March 3



Peter Schiff in a CNN video interview, March 3.

Well, its going to be difficult, unfortunately what the government is doing is on the process of turning this recession into a depression and its going to last a long time.

The bear market in stocks that has been going since 2000 is going to continue for many, many years. But we have to understand that the bear market in the bonds which has not even begun yet is likely to be even worse over time.

In the long run, americans are going to lose even more money in bonds and in cash then they will in stocks.

We should look internationally for stocks,there are a lot more bargains outside the United States, valuations are much better and the governments are not undermining their economies in the extent that our government is.

I think we should also look at commodities, precious metals, specially gold and silver.

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..

Dow Can Go to 4,000 points

The Dow Jones Industrial Average closed below 6,600 yesterday and lost over 280 points on the day.

Recently a lot of market bears bears have been calling a bottom in the market.

I think it is a bit premature to say the lows are in, that we have hit bottom. We can certainly bounce from any point here, I mean the market has been falling precipitously and can certainly bounce.

In bear markets you get vicious rallies, that is what keep the bear market going. Bear markets are based on hope. When you get these false rallies you get people confident to stay in the market.

If we look at the chart and ask "where will the market bottom, where will the Dow Jones Index bottom?". I think 4,000 is a realistic target. 4,000 points was the overhead resistance in the market back in 1994, 1995.

When the Dow broke above that 4,000 level was when we really started a huge bull market in the second half of the nineties. And it makes sense if we retrace that entire move.

The United States is Broke

A lot of the economies are contracting and these contractions are going to be temporary. There has been a lot of shocks in the global economy.

When the world`s biggest debtor, the United States is broke and we can not pay our bills, certainly there are going to be some disruptions. The governments around the world need to understand that.

Instead they are all panicking and acting irresponsibly which is one of the reasons the US has maintained its strength which has really been supporting our economy.

Imagine how much worse the economy would be right now, imagine how much lower the stock market would already be if foreigners were not pouring trillions of dollars into our bond market and into our economy.

If it is already weak, imagine how would it be without all that support.

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..

Markets Update

The Dow Jones was off better than 280 points yesterday, I think we have closed below 6600, the lowest level since 1996. That is just the nominal decline.

Because if you want to look at a real price for the Dow adjusted for inflation you have to go further back than that.

Gold was up around 30 dollars, we are back around 920. The dollar though is still firm. You had the ECB cutting rates from 2% to 1.50%, the Bank of England cutting from 1%to 0.50%. So you have more central banks cutting rates.

At least the Australian Central Bank last week did not cut rates, which was a surprise.

I wonder when these central banks are goinf to realise that the rate cuts aren`t helping. Just because your economy is contracting does not mean you should cut interest rates.

Sometimes economies need to contract. There is a reason for the contraction. The government should not try to stop that from happening, they should allow it to run its course.

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..

March 5, 2009

Peter Schiff Video: Dollar is a Subprime Currency


Peter Schiff talking live from the Nasdaq Marketsite in New York City.

The US Dollar is a subprime currency and will collapse just as the mortgages did because the fundamentals of the US economy are not sound at all.

The people who is buying the US dollar are the same that bought internet stocks in the late nineties.

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..

A Bear Market Rally under Way?

I think we are certainly more likely to have a bear market rally in stocks without any meaningful bounce in the economy. We can have a bear market rally in anytime.

Off course people on Wall Street can become overly optimistic and read to much into it. This is a major bear market and these bear market rallies help to keep it going because they suck people into the stock market and they create complacency, they create a lot of hope.

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..

Video: Strategy Room, Fox News with Judge Napolitano



The problem that the republicans are facing now, those who are trying to oppose what is going on, is that they have no credibility on this issue. Where were they when George W Bush was doing the same thing?

You know, Obama has this "Change" thing working for him now, but the reality is that all he is doing is continuing the failed policies of Bush but he is able to say, "We have tried freedom, we have tried capitalism, we have tries liberalism in Government that did not work so now we are going to have this change" but we never tried any of that.

We are in trouble because we did exactly waht Barack Obama wants to do now.

Peter Schiff in the FOX News, Strategy Room, with Judge Napolitano, Lew Rockwell and Ron Paul.

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..

March 4, 2009

Government Will Destroy what's Left of our Economy

In his first televised speech before Congress, President Obama asserted that prosperity will return once the government restores the flow of credit in the economy. It may come as a surprise to him, but an economy cannot run on consumer loans. Furthermore, credit stopped flowing in the U.S. for a very good reason: there was no more savings left to loan. Government efforts to simply make credit available, without rebuilding productive capacity or increasing savings, are doomed to destroy what's left of our economy.

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..

March 3, 2009

Oil and Gold Prices

Obviously markets flutuate and at one point when oil was at 140 and gold at 800, oil was very expensive relative to gold, as expensive as it has been.

Now oil is as cheap as it has ever been relative in terms of gold. Today one ounce of gold is at 950 and oil around 40, you can buy over 25 barrels of oil with an ounce of gold. This is the cheapest oil has ever been in history.

That is how you can see the depreciation of your money. Because in paper dollars oil is still 10 times what it was when we got out of the gold standard.

The price of oil in paper dollars has risen 10 fold. But in terms of gold, real money the price of oil has fallen by 60 or 70%. Oil prices are much lower then 30 or 40 years ago.

March 2, 2009

Economic Plan


(Peter Schiff`s economic plan on a The Street.com TV video interview.)

What we don`t want is to recreate the same conditions that led to this crisis. That is exactly what Geithner Plan is all about. It is about getting more credit to american consumers to buy more stuff that they can not afford with money they don`t have.

What the government can do is to shrink. Understand that the government is a burden on the economy and the economy does not need any burdens right now. It already has enough.

What the government should do is to free up more resources for the private sector. It should be shrinking, it should be cutting spending.

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..

March 1, 2009

Peter Schiff on Gold (Wall Street Unspun, Radio Show)



I still don`t think it is a bubble but that does not mean that prices can`t go down. I think it has a long way to go before it has bubble characteristics. You know, the average person is not buying gold.

In fact one of the things people talk about about sigs of a bubble in gold is all those ads "cash for gold", "cash for gold". But that is the opposite of a bubble.

That is people selling their gold. Companies encouraging americans to take their gold jewelry and get rid of it for cash. At the end of a bull market people will not be be looking to get rid of their gold, they are going to be buying gold.

I still think most americans do not own gold. Most americans don`t even know someone who owns gold.

But certainly gold is getting more popular than it wasmore people are advocating it now, so that means that there can be a correction. But I think gold is going a lot higher.

If you look at some of the bullish calls from the major brokerage firms, people are saying, gold 1,000 dollars, gold 1,200 dollars. These are not crazy calls.

By the time you the end of the gold bull run, price of gold will be at 5,000 dollars and somebody will come out and say that gold is headed for 20,000. You are going to have outragous calls.

When oil run up to 140 people were predicting 300. Everybody is being cautious in their predictions for gold prices and no one is predicting a to true big run.