Peter Schiff lays it down about our economy

Well-known financial analyst Peter Schiff offers some blunt thoughts about the state of the US and world economies, in two excerpts from a video interview he conducted with Reason magazine.

In the first, relatively short excerpt, he speaks of how the US economic situation resembles that of Greece or Puerto Rico.  Money quote:

“”Once the Greek creditors began to question the solvency of Greece they demanded higher interest rates. The minute our creditors figure out we are in the same position as Greece or Puerto Rico, they’re going to demand higher interest rate from us and we can’t pay either.”

In the second, longer excerpt, he speaks of US financial policy (or, rather, the lack thereof).  Money quote:

“The mainstream—the investors, the government, central banks—they never see a crisis until after the fact. And then they go back and they say, ‘Well nobody could have possibly predicted this. This was a complete random occurrence that had nothing to do with our policy. They never understood the cause of the bubble that burst in ’08. They didn’t understand the Fed’s role in creating it, so they don’t understand that the Fed is simply exacerbating all the problems that everybody believes they solved.”

Wise words . . . if not very palatable.



  1. I apologize for this off topic comment but it's regarding the boycott of Tor.

    I was looking around the kindle ebook site and noticed that Scalzi and others aren't listed as published by Tor. The publisher listed is Macmillan.

    That might make it confusing to those who wish to support the cause.

    Semper Fi,
    – Pugmak.

  2. We are not Greece nor PR. We can print money. The best example I can give is this. Assume you have huge Credit Card Debt and a Dollar Printing Press in the basement. The credit card company demands payment. You print more $'s. They might not be happy, but they have to take it.

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