Earlier this week, CNBC’s Steve Liesman revealed how backwards mainstream economic thinking is when he made the argument that America needs more consumer debt to have a healthy economy. Contrary to common sense and generally accepted knowledge, Liesman argued that America was built on debt and that consumers need to be taking on more of it. Peter Schiff wasn’t going to let these economic fallacies slide and tore into Liesman’s arguments on his radio show yesterday.
“Consumer credit was the cancer in the American economy… The smart thing to do, if you’re worried about the future… You should be paying off your debts. You should be creating a cushion. What about saving for a rainy day? Here you’ve got Steve Liesman saying, ‘No, no, go out and borrow for a rainy day.’ … You can’t borrow for a rainy day, because then you’re going to get soaked! This is asinine.”
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Everything is a question of timing. Though I think you may right about gold your timing has something to be desired.