Peter Schiff appeared on Fox Business today to talk about the stock market’s poor performance last quarter and the real trouble that lies ahead for the US economy and dollar-denominated assets:
“The temporary euphoria of the stimulus is wearing off. The hangover is setting in. As bad as things were during the Obama recovery, wait until you see how bad it’s going to get during the Obama recession. And I think the Fed, of course, is getting ready to up the dosage of the stimulus. A lot of people were thinking the Fed was going to take away the money or stop the stimulus. They’re not going to do it. They’re going to have to up the dosage, because 85 billion dollars worth of money printing isn’t enough. That’s how addicted we are to this cheap money.”
Sir: Everything I read says the economies
worldwide are entering a depression. Why buy gold as gold is a great hedge against inflation but not a depression?
Thanks for the question, Dan. The coming crisis – whether or not you choose to call it a depression – is likely to involve inflation and a dramatic weakening of fiat currencies, making gold an excellent safe haven asset. This is a very broad topic. Please call into my radio show from 10 AM to 12 PM ET, Monday through Friday, and we can talk about it more. The number to call is 855-4-SCHIFF.