Monday, June 8, 2009

The American Economy is a Giant Ponzi Scheme ready to Collapse : Peter Schiff

The Reserve Currency Status Corrupted America :
Gold is money and only gold can replace the dollar , if we move to the Euro as a reserve currency , ultimately it is going to corrupt Europe just like the Reserve Currency Status corrupted America there is no way we are debt back , we are going to default no matter what the credit rating agency are saying , are we going to be honest and restructure our the debt or are we going to keep on solving the problems by printing more money and issuing junk bonds ...we will end up like Argentina ....There gonna be a massive inflation Says Peter Schiff This morning on CNBC , he also talked about the massive inflation the debt that we are sinking in the federal reserve continuing to print more and more money out of thin air , the GDP is highly inflated with phony numbers , teaser rates , we are like Bernie Madoff running a giant Ponzi scheme ..people bought houses using teaser rates ...we do not know how long this recession will last


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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.