Peter Schiff VLog 26 June 2009 :
the dollar is weak again today we had some statements coming out of China regarding some alternatives to the dollar as a reserve currency again talking about the IMF , this whole talk about new global reserve currency is misplaced I do not think it is going to happen says Peter Schiff...before the dollar was a reserve currency central banks hold gold as reserve , and the only reason why the dollar became a reserve currency it is because it was backed by gold and redeemable in gold , these reasons for adopting the dollar as reserve currency no more exist today , the world would go back to gold as reserve not simply look for another FIAT currency to replace the one that it already failed ( the dollar ) , also today on the Financial Time FT Alan Greenspan was warning about a substantial inflation to happen in the years ahead the same inflation that he himself has created !!! he thinks that inflation will kick in at around 2012 , Peter Schiff believes it will happen a lot sooner than that , the genie is already out and there is no way to get him back in ...and a lot of this is because Ben Bernanke is simply following the steps of his predecessor Alan Greenspan .Peter Schiff calls the Carbon trade bill voted by the House today a Disaster ...Peter Schiff then talks about his mentioning of David Faber's book on his last Vlog , he says david is a journalist who write about things that have happened while Peter is a forecaster an economiste who writes about things that are going to happen , Peter does not take out any merits from David he is not critisizing his book , Peter pointed out specifically to all those fans who went to the amazon website and tagged David book with one star before even reading the book . this is unpleasant and Peter totally disaprove this kind of behavioure , please anybody who put a one star review on David book on amazon , go back and take down that vote ...this is not fair ...read the book and judge it after reading it and if you do not like it say why you do not like it ...Peter Schiff critisisme is not against david faber for writting the book , but against the behavioure of his colleages at CNBC and their reaction about the book...they seem to give the credit to david faber for what peter Schiff was predicting for years in his book crash proof and in his emails and newsletters
Friday, June 26, 2009
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.