"The American consumer, like the proverbial Emperor, truly has no clothes (unless, of course he imports them). It will not be long before the non-American producer finally acknowledges his nudity, and the dollar bubble will finally burst. When that happens U.S. consumer prices and interest rates will spiral upward, stock and real estate prices will collapse, unemployment will soar, and the U.S. economy will enter a prolonged recession as it enters a new era of savings, self-sacrifice and under-consumptions, and begins a long and painful process of re-industrialization".
"We have just been going on a consumption binge where we borrow money like drunken sailors from the rest of the world and BLOW IT!!" By Peter Schiff
Saturday, July 3, 2010
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.