On Friday, Peter Schiff appeared on The Willis Report on Fox Business to talk about the crisis in Cyprus. Afterwards, Lou Dobbs suggested Peter’s bearish analysis of the European and American economies was simply an attempt to attract more clients. Peter’s rebuttal to Lou Dobbs appears below the video.
“I think in those other countries, they’re going to resort to a more insidious deposit tax: inflation. I think you’re going to see money printing all around the world, and that is going to destroy the value of bank deposits. I think savers need to realize that no matter what form it comes, savers are going to be sacrificed on the altar of stimulus… I think inflation is going to take much more than 10% of the purchasing power out of bank accounts all around the world, not just in Europe, but here in the United States.”
“Following an interview on Fox Business during which I discussed the situation in Cyprus and the potential broader implications of the crisis, Lou Dobbs, apparently now more optimistic about the U.S. economy, was very dismissive of my comments. But instead of just countering my arguments, he also impugned my character. He effectively accused me of being a charlatan, stating that my real objective was to scare people into opening accounts at my offshore bank. As I am often the bearer of bad economic news, I understand the tendency to shoot the messenger. Of course, Mr. Dobbs had no way of knowing that my offshore bank does not accept accounts from U.S. citizens or residents (Fox Business does not have an international audience yet) and therefore for this particular interview the only purpose for my bringing up my bank was to illustrate how the crisis was affecting the offshore banking industry; from the unique perspective of the owner of such an institution.”