Peter Schiff Warns Of The Looming Dollar Collapse
Peter Schiff, president of Euro Pacific Capital and author of How an Economy Grows and Why it Crashes, argues that the credit problems that plagued Greece will happen here and the U.S. dollar index will sink. Shiff is of the opinion that the economy is in worse shape than it was in 2008. Shiff says that the real crisis we are facing will be a currency crisis, a funding crisis, a sovereign debt crisis. This crisis is being masked right now by phony accounting practices and the fact that the Dow lost over 50% lending itself to a short covering bounce. Schiff equates the dollar to the dot com bubble and the housing bubble, saying that the fundamentals are flawed, and will lead to a collapse. His fear is that the longer it takes to fall, the further the drop. See the following video for a more detailed explanation of his fears.
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hmm. I got my license to drive in 1997. gas was 89 cents a gallon. @ChrisFS
Still waiting for that dollar collapse.
Peter Schiff is not a well man.
The euro will collapse before the dollar does.
Schiff Says It Perfectly: The longer we print and put it off the BIGGER the fall will be. This guy has it right and nobody is listening!
@Frank
Of course the dollar is going to collapse. The US borrows $ every year to pay the interest on its debt. It’s like paying your mortgage with your credit card. How long can you get away with that?
I don’t think the dollar is gonna collapse anytime soon….everybody is flocking to the dollar now with all the chit going on….just my 2 cents.
Strawman:
Here are some great videos of Peter Schiff “fear mongering”.
This one is called “Peter Schiff was right”
http://www.youtube.com/watch?v=2I0QN-FYkpw
And this is one where he tries to scare the hell out of a bunch of mortgage bankers in 2006 telling them he was shorting their stocks (a must see for anyone who doubts Schiff’s integrity):
http://www.youtube.com/watch?v=jj8rMwdQf6k
And the worst fear mongering publication: “Crash Proof, how to profit from the coming economic collapse” by Peter Schiff February 2007. Its a big pile of garbage where he tells the world that the housing industry is about to collapse, including many institutions, specifically Fannie and Freddy, GM and that the govt would foolishly come to the rescue. And the biggest fear mongering tactic ever, telling the readers that they should be buying gold! (in 2007).
Ya, dont believe anything this guy has to say.
Aren’t ETF’s really like stocks? So if the dollar falls, they don’t necessarily lose value, just like stocks.
I love these types of fear mongering publications. It says, the dollar will collapse, so buy US dollar denominated ETF’s and if the theory holds true you will be paid off in worthless US dollars.
Brilliant!