Sunday, February 13, 2011
Peter Schiff: 2011 U.S. Economic Predicitions
Peter Schiff, in 2006, correctly predicted the housing implosion that led to our current mega-recession. To say that Peter Schiff may be an economic prophet may be premature, but his eyes-open lens of looking at the activity of the Fed and geo-political forces should cause us all to listen.
Schiff appears to be dead on with his prediction that the U.S. is headed to a high inflationary economy given the quantitative easing by the Federal Reserve. If Americans think the economy is bad now, just wait until what is in store looking ahead.
In the embedded video clip, you also see the back and forth banter on the U.S. dollar position. It should come to no one's surprise with rising commodity and consumer prices, that the U.S. dollar is very weak. The weak dollar is directly attributed to no backing, and excessive endless printing to flood the markets with dollars. What we need to be careful is the loss of the dollar as the world's reserve currency, and that is Schiff's driving concern that will lead to long-term economic pain for the United States.