Monthly Archives: December 2012

Fox Business spoke with Peter Schiff yesterday about the coming problems in the bond market, and the effect it will have on consumer prices:

“And when foreigners start selling dollars, rates are going to go up and consumer prices are going to start going up. And that’s really going to hit consumers hard. Take a look what’s happened in the crude oil market. That chart looks really really strong. You could see a huge breakout in oil prices and food prices in 2013. That’s going to hit consumers right in the wallet. And Ben Bernanke has already said, he doesn’t care how much his inflationary monetary policies pushes up the cost of food and energy. He’s going to ignore that and is just going to feed the fire by printing even more money.” 

Yesterday, CNBC’s Street Signs spoke with Peter Schiff about the fiscal cliff and what is needed to avoid the real economic armageddon:

“Look: big government is very expensive. The fiscal cliff is part of the problem. We can’t keep borrowing and the Fed can’t keep printing money. If we want government, we have to pay for it. That means we have to have higher taxes. I would rather see a much bigger fiscal cliff in the way of government spending cuts. That’s what we really need. But if we’re not going to do that, if we’re not going to cut spending, then the middle class has to brace for the bad news. They have to pay for all this government and the best way to do it is with taxes.”

Peter Schiff appeared on Russia Today’s Keiser Report this last weekend to talk about the bond bubble, hyperinflation, and the government’s manipulation of the central banks.

“Prices have to adjust, but the government won’t let it happen, and so they create inflation to fight off the deflationary forces that naturally develop in the economy. But the problem for people who are looking at deflation, they go back and look at periods of time when we had honest money, when we were on the gold standard. And they see what happened, and they don’t understand the difference between real money that you can’t create out of thin air and fiat currency that you can create at zero cost in infinite amounts…If you’re going to measure prices against the dollar, prices are going to rise – they could rise dramatically. But if you measure them in terms of gold, they’re going to fall.”

Peter’s appearance begins at 16:15:

Peter continued his interview on CNBC yesterday, talking about silver alongside Pan American Silver CEO Geoffrey Burns, who predicts $50 silver at some point in 2013. Both Peter and Burns emphasized the long-term strength of precious metals in spite of short-term losses:

“You’ve got a perfect storm coming in the future, because miners aren’t going to be able to produce enough of this stuff, because it costs so much money to get it out of the ground. Yet the supply of paper money is going to go through the roof, just at the time that the supply of gold and silver is shrinking. And all of a sudden, you’re going to have the whole world waking up to this inflationary nightmare…”

Peter Schiff spoke yesterday on CNBC’s Futures Now to hammer home the point that gold is a long-term investment that offers protection from volatile fiat currencies:

“Well, you have this record physical demand. Not only in America, but around the world. I mean, think about it: what are you going to do if you want to save your money? …You’re going to hold dollars at zero percent with Ben Bernanke promising to print to infinity? You’re going to hold euros, you’re going to hold yen, the Chinese RMB? There’s no currency you can hold and be confident of its future purchasing power…People are figuring this out, they’re voting with their feet. They’re holding something with intrinsic value that has historically been money, that people like Ben Bernanke can’t print.”