Peter Schiff
Peter Schiff
Peter David Schiffis an American stockbroker, author, and one-time Senate candidate. He has appeared as a guest on numerous financial television shows and has been quoted in major print publications as a financial analyst. He is host of The Peter Schiff Show, an audio show broadcast on terrestrial and Internet radio, and he was formerly host of an Internet podcast called Wall Street Unspun, now archived as podcasts...
NationalityAmerican
ProfessionBusinessman
Date of Birth23 March 1963
CountryUnited States of America
The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.
People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.
Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen house, has many reasons to be disingenuous. As the world's largest debtor, the Federal Government is inflation's primary beneficiary.
The primary factor that enables our government to peddle economic snake oil is the dollar's unique role as the world's reserve currency, and our creditors' willingness to preserve its status. By buying up dollars and loaning them back to us through Treasury debt, productive countries give American politicians cart blanche to play Santa Claus.
What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.
When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, we've got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed.
The real story of Detroit [...] can be summed up in seven words. Private enterprise built it, government destroyed it.
The government can't create jobs; they'll destroy jobs trying to do it. The government doesn't have any money; all they have is a printing press. We need to free markets to create jobs; if the government wants to help, they should reduce their burden on the economy.
Printing money is merely taxation in another form. Rather than robbing citizens of their money, government robs their money of its purchasing power.
Currencies are losing value and will continue to do so at a rapid pace.
There's no question it will keep rising. The bull markets keep the nervous people out of the market.
You are going to lose wealth in U.S. stocks. My advice is to avoid them if at all possible.
Wall Street is in trouble because Main Street is broke.
When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency. So the purchasing power that we lose, somebody else gets.