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Monday, November 24, 2008
Posted by Roberto
8:31 PM 0 comments

PETER SCHIFF WAS RIGHT

Here is a popular YouTube clip called "Peter Schiff Was Right" that shows the president of Euro Pacific Capital engaged in on-air debates with financial luminaries such as Art Laffer and Ben Stein back in 2006-07.

This clip shows the wisdom of Schiff's dire forecasts and, judging from the dismissive reactions, just how far he was outside the mainstream.

2008: Peter Schiff Sees More Pain Ahead
A longtime gold bull, Schiff believes the dollar's "phony" rally will soon end. To his credit, Schiff admits being caught off guard by the greenback's recent bounce, but believes efforts by global central bankers to fight the credit crunch will lead to devalued currencies, and higher commodity prices.
The U.S. Dollar is in the midst of a prolonged collapse against other world currencies.
Government debt is out of control. Instead of solving the problem sensibly (by raising taxes and/or reducing spending), the government just prints more money, which leads to inflation, and which may lead to hyperinflation.
The government is severely underreporting inflation, which Schiff says is running at 8-10% annually.
The low interest rates promoted by the Federal Reserve have fueled needless consumption and the overuse of credit.
Like the housing market before it, consumer debt is another meltdown waiting to happen.

In his new book, The Little Book of Bull Moves in Bear Markets, Schiff explains the reasons for his dire predictions, and suggests ways for readers to protect their financial well-being.
Yahoo Tech|Ticker Video with Peter Schiff

2008: Why Isn't Anyone in Jail?
"There is no poster child for the housing scandal because you need to investigate, and you need to bring cases and we haven't done either against the major players," says William Black, Associate Professor of Economics and Law at the University of Missouri - Kansas City, former federal regulator and author of "The Best Way to Rob a Bank Is to Own One". Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the "Keating Five" in 1989, says investigations have shown fraud incidence of 50% at once major subprime lenders like IndyMac and Countrywide.
But even though the FBI warned of an "epidemic" of mortgage fraud in 2004, they subsequently made a "strategic alliance" with the Mortgage Bankers Association, which serves the major industry players.
Yahoo Tech|Ticker Video with William Black