Tuesday, August 2, 2011

Peter Schiff : this debt deal is the biggest tax increase of all

Peter Schiff : This is a complete victory for the democrats there are no spending cuts whatsoever in this plan , and in fact the republicans are claiming that there are no tax increases that's a lie too , because the enormous increase in the national debt represents a tax increase we have to pay it back , and I think you are wrong on one thing we are not leaving it to our kids we are going to pay for it with massive inflation we going to have to run the presses 24/07 ..., which is massive inflation which is a tax on this generation not our posterity ....."
"The President Thinks They Have Raised The Debt Ceiling Enough To Get Through The Next Election I think he is probably wrong , I think the economy is going to be so weak between now and then that the debts are going to be so much worse that they think it might be , that we might run into this debt ceiling long before the November 2012 election " "the only reason the US dollar is not weaker is because people are preoccupied with European debt problems which in perspective are smaller than our own problems that is the tax we gonna pay this massive deficit trillions of dollars of debt a year it is going to be financed by the FED they are going to print money thy are going to call it QE whatever it is , but it is a tax and it hits every American who has savings who has investments who works for wages and so if you want to avoid the biggest tax increase of all you cannot own US Dollars or any debt denominated in dollars including treasuries

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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.