On the eve of the Senate’s vote for the nearly $900 billion economic stimulus package, it’s appropriate to consider another viewpoint. One that argues that passage of this bill will most likely ensure our nation succumbs to the greatest economic depression ever.
Here is Peter Schiff making the case that Mr. Obama’s “economic stimulus” plan will not work. I happen to agree with his points, since the $8+ trillion our country has already spent on this economic crisis has not made things any better. Somehow he believes that throwing borrowed and/or printed (frequently both) money will help our economy. The U.S. government is interfering in the economy by trying trying to re-inflate a phony economy built on consumer borrowing and spending (which is 70% of our GDP). $775 billion MORE will help? Oh, and he doesn’t seem to mind our soaring federal debt and our deficit, as he suggested that the U.S would face trillion dollar deficits for “years to come.” I wonder how our creditors feel about that.
Excellent video made by the Campaign for Liberty. One of the reasons that I follow Peter Schiff is because he has repeatedly warned investors about the danger of the current and coming economic collapse years before it happened. Peter Schiff also happened to be Ron Paul’s economic advisor during the latter’s run for president in 2008. Just like Mr. Schiff has been warning investors, Mr. Paul has warned Americans. During the period between 2001-2007, what I like to call the “bubble years”, a lot of their early warnings were largely ignored. It is said that hindsight is 20/20; these men had 20/20 foresight then and now.
Here is a small clip of Mr. Schiff on his weekly podcast. In this latest episode, Mr. Schiff is vindicated on his long held belief that the dollar rally is fake and that the dollar will collapse. The dollar has lost 10% in the last two weeks, and based on the actions the central bank has taken here in the U.S. it is more evident that our country is going the way of the Weimar Republic, Argentina in 2001, and Zimbabwe currently. What do these three countries have in common? Hyperinflation.
Get the full podcast by subscribing to “Wall Street Unspun with Peter Schiff” in iTunes.
Great compilation of Peter Schiff’s analogies of current economic events.
