Peter Schiff was interviewed by Revolutionary Politics. He made some comments in regards to the current global and US markets. As usual, he recommends buying gold and silver instead of US dollars which he feels will collapse. He recommends investing in Asia, not in the US, arguing that when the US dollar collapses, the Asia economies will stop supporting it.
He makes many other interesting points as well:
- Housing market will not hit bottom until the interest rates higher, only then will real estates prices drop
- Americans purchasing power will decrease due to the devalued US dollar while the purchasing power of Asians will increase
- US unemployment rate is higher then official Federal statistics which doesn’t take into consideration those working part-time jobs just to survive
View his full interview at this URL: Peter Schiff : “Our Economy is a Disaster!”
View his other videos at YouTube: http://www.youtube.com/schiffreport
Peter Schiff certainly has a good track record of predicting economic shifts. I hope he gives Chris Dodd a run for his money as well.
Peter Schiff does have a good track record but in fact, many Economic PhDs knew this would happen as well. They are mostly low profile so do not get attention. My friend predicted the housing bubble would burst in in this time frame as well.