Monthly Archives: March 2013

In his last appearance on Yahoo! Finance with Laura Lyster, Peter Schiff counters the claims of Ben Bernanke that there is no bubble in the stock market and that inflation is still under control. He went on to defend his bearish long-term forecast for the US dollar.

“The dollar is going to collapse if Ben Bernanke doesn’t reverse course. And if he does, the whole phony economy that has been built on the foundation of stimulus is going to collapse as well. See, Ben Bernanke believes that somehow he can withdraw the stimulus and the economy will keep on expanding. It’s impossible, because we have an economy that is of stimulus, by stimulus, and for stimulus.”

Click Here to Watch Peter Schiff on Yahoo! Finance

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.”