Peter Schiff was interviewed by Jon Stewart last night on the parody news show ‘The Daily Show’. I say parody, but it is generally acknowledged to be more informative than most mainstream news (surveys consistently point out that people who get ‘most of their news’ from The Daily Show are more informed than those who get their news from other sources).
Perhaps it is apt then, that the parody news anchor started with clips of Peter Schiff being laughed at and heckled as he warned of the impending recession way back in 2006 and 2007. This has struck quite a nerve, possibly because due to the arrogance of the market propagandists that said that the housing market would keep rising for ever ad infinitum; and besides everyone likes a good comeuppance. For example this youtube video entitled ‘Peter Schiff Was Right’ has 1.3 million views and counting.
Peter is right in saying that aside from the strategy of dealing with the immediate ‘credit crunch’ crisis (he believes no company is too big to fail), that the US needs to make a fundamental shift in the way the economy is structured:
we have to produce more and consume less
Unfortunately he does not seem to hopeful that this can be done in time and he is on the record saying that that gold will rise as the dollar collapses:
We had this economy that was based on Americans borrowing money and then spending it on products. We have this huge debt finance bubble which is collapsing, and it’s being supported by foreigners.
But when this artificial demand for Treasuries goes away, the Fed is going to try to print a lot of money and the dollar is going to get killed.
The Gold Blog
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|