Peter Schiff participated in the 2013 MoneyShow in Las Vegas this week. Below, you can watch his keynote speech, “Too Big to Bail: Why the Next Financial Crisis Will Be Even Worse.” Peter reviews the history of the last financial crisis and explains how the coming crisis is built on the same foundation of bad money.
“The problem is that we, collectively as a society, we spend too much, we borrow too much, we don’t produce enough, we don’t save enough… Our savings are going through the floor and we keep on speculating in the stock market and real estate. The government keeps on borrowing and spending money. And the balances that underly our economy, these structural imbalances, get bigger and bigger and bigger.”
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
I have been following Peter for a long time. I have invested big time in Gold and Silver since 2008. I have been to his speeches and complied and agreed with all he has said. We are now in the mitts of QE4 and Gold had plummeted. Debt almost 17 Trillion and Gold is plummeting. What make sense anymore? Right is wrong and wrong is right. When you have big bankers manipulating the puppets to their own gain, how can we compete? I hear the words that you just need to be patient and the laws of economics will take control. I am beginning to have doubts about the purpose of all this especially because there are forces out there that are out of control.
This is a common occurrence or phenomenon in the stock market. An analyst can be very right about a particular equity or, in this case, commodity, however the short term and speculative nature of the market can be grossly distorted and therefore move in the opposite direction for a while. Google “World’s Greatest Stock Trader” and read the story about a guy named Livermore. He would have probably both agreed with Peter and yet been bearish on the metals before the drop in price.