Peter Schiff for U.S. Senate in Connecticut
If you don’t know who Peter Schiff is then you don’t watch any financial news or log onto YouTube. Peter Schiff is the CEO of Euro Pacific Capital, an investment firm. He has been the lone voice with Congressman Ron Paul, that warned against the impending financial crisis dating back all the way to 2004. If you log onto YouTube you can see video after video of news anchors and financial guests on the likes of MSNBC laughing at him and calling him wrong on the issue of the impending crisis. All the while those programs were putting forth the propaganda that the “fundamentals of the economy were sound”.
He not only was proselytizing about the impending crash, but he also wrote two books about it:
“Gold, commodities, foreign companies with little exposure to the USA. That is the gist of Peter Schiff’s investing recommendations. Why? He’s not unpatriotic, but rational in his thinking that the US has lost its way through outsourcing production of goods, and overwhelmingly becoming a country of service oriented personnel. We make nothing, we buy most, and are up to our ears in debt, which will take its toll now and in the future on the dollar. There are several well known “Doctor Dooms” around. Rubini, Jim Rogers, Jim Sinclair, and Peter Schiff. I never thought that I would ever be a bear on the US stock market, until I started reading not only Peter Schiffs books and the others, but books on derivatives and other financial inventions, that could bring markets down entirely, and for a while. Impossible you say? If you think so, you need to read this. The Dow was down again today nearly 700 points. Maria Bartiromo is starting to call this a market crash. I stayed up the whole night reading this book. The writing flows and points are great, except when he recommends that you buy a gun, and learn how to use it- maybe he’s correct there too. He’s half tongue-in-cheek. He makes one recommendation that he says will make the dot.com bubble look like “warming up”, during the next decade. Curious? Ans: gold producer stocks. Great book. – Amazon
“Peter Schiff, son of American patriot Irwin Schiff, has written a very useful book that can not only assist you to take the concrete steps necessary for financial survival, but also change your individual psychology toward the storm on the horizon that is rapidly gathering strength. Today, we have the illusion of prosperity, and the sooner we break through that delusional state, the sooner we can prepare for darker days.
At this point, there are so many possible triggers for the Second Great Depression, it’s striking that it has not already begun. The sub-prime meltdown may just be such a trigger that brings down the house of cards, once it becomes more clear which entities actually hold all the risk created as part of the Housing Bubble. Wall Street, sub-prime lenders, and the large banks have been ingenious in their ability to push risk onto other parties, but it’s not clear if the counter-parties will have the ability to weather the defaults. Thus, the risk may yet reside with the banks, which normally would have been more restricted in the number of loans they could create by more traditional standards. So much debt has been created, and so much risk obfuscated, that it is hard to imagine our present illusion of prosperity can be maintained much longer.
Mr. Schiff breaks through our modern mythology by shattering these illusions, and here is where he shines best. A bear’s bear, Mr. Schiff steps down from the towers of the economic elite to provide analogies that can be readily digested by more casual readers. The analogy of the Asians and the American trapped on an island together is apropos, as it reveals much about the true state of international trade. The Dollar Bubble heavily distorts trade in favor of America, which benefits disproportionately from the inflated value of the dollar.
Mr. Schiff also understands very well the entitlement crisis brewing, and aptly names Social Security a Ponzi Scheme. Most people in Generations X and Y understand that we’re the bag holders scheduled for the Ponzi Scheme, but many Baby Boomers love to be delusional about this tragic farce, thinking it’s a form of savings rather than our government writing worthless IOUs to itself and lying to the American people. They think Gen X “owes” it to them! Ha Ha! The sooner we can end social security, the sooner we can start saving real money with real assets. Until then, we are slaves waiting for generational emancipation.” – Amazon
The Senate Race
His Chief opponent in this senate race will be Chris Dodd. Senator Dodd, as Peter puts it, is the poster child for this economic crash. He has been pushing for more entitlements, more bailouts, more printing of money. Senator Dodd is soundly in the pocket of big banking and wall street. Understand that Peter Schiff doesn’t invest in wall street. 90% of his investments are in foreign investments and not in the dollar at all. Except for 2008, when the entire western world crashed, Peter Schiff made his clients money. That means, at least a decade or more of profitable quarters and years.
Like Congressman Ron Paul, Peter Schiff doesn’t buy into the Keynesian economic outlook, of spend spend spend your way out of debt. He is soundly in the Austrian School of Economics, where we take the bitter pill; save our money; allow the private sector to flourish or fail on their own; and let government simply oversea that people’s rights are not stepped on by private entities.
Like Congressman Ron Paul, Peter Schiff recognizes that the federal reserve bank is the main source of all of these bubbles since 1921. He recognizes that we need to abolish the federal reserve, which has never ever held to its mandate to stop inflation and stabilize the economy. He recognizes that the federal reserve serves only the interest of its private banking consortium and loans money to its sister banks when they get into trouble. He recognizes that due to the federal reserve, the u.s. government is $10 trillion in debt to the federal reserve and that it cannot hope to pay it off. In fact, all income taxes collected today only goes to pay off the interest on the debt owed the federal reserve. The means, none of the social security, welfare, medicare, medicaid programs have any funding for them. The government has to turn around and borrow more money from the federal reserve to pay for these programs and our wars. Under Bush, the U.S. government was borrowing $1 billion a day to fund the war and all the social programs. Under Bush the national debt doubled to $10 trillion in only 8 years.
Peter Schiff has already raised over one million dollars in campaign money from private donations. This means he is a very viable competitor to Senator Dodd. He is running under the Republican party. He hopes to be a beacon to republicans of things to come and assist the libertarian party in finally coming to power.
No longer can we suffer through Ben Bernanke’s devaluing the dollar on a daily basis. Just look at what gold has done lately. People are abandoning ship. Peter Schiff brings hope where run away inflation is on the horizon and unemployment is at 20%.