East Asia is my favorite region of the world. I think that’s where you’re
going to see the most dynamic economic growth and the most opportunity. Take Singapore. I just love Singapore as an economy – it has minimal government interference, low taxes, and low regulation.
For example, Singapore is one of the only countries in the world that doesn’t have a minimum wage – which, as far as I’m concerned, is one of the stupidest price controls ever devised.
Almost every other country in the world has adopted it. Singapore hasn’t, and their unemployment rate is around 2 percent! one of the reasons that they basically have no unemployment in Singapore is because they don’t punish employers, and they don’t interfere with the labor market the way all these other countries do.
Singapore has a huge trade surplus on a per capita basis, they have a high savings rate, and they’re very much exposed to the growth in China – which should tremendously benefit its economy and its currency.
I also think the Singapore dollar is a safe-haven currency.
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.