Peter Schiff Says We’re Headed for Something Worse Than Hyperinflation

By on February 6, 2009

Peter Schiff was preaching his doomsday scenario to Aaron Trask at Yahoo Finance. Some of the points made by Schiff:

  • Not a chance that the economy is bottoming, it is just getting started
  • bond market bubble may have already burst
  • ultimately the dollar is going to collapse
  • the last thing we need is more borrowing by the government
  • shouldn’t do a stimulus bill period; puts us in a deeper hole
  • need savings rate to go a lot higher
  • government actions will create an inflationary depression; an “unmitigated disaster”
  • economy is built on a phony foundation comparable to Madoff’s scheme which can’t work and we need to let the economy collapse
  • the fed is headed into a box where it will have to raise interest rates
  • something worse than hyper-inflation is in store for us if the fed fails to raise rates
  • if they (the fed) do the right thing now, it will make things less painful in the future
  • Hoover (like Bush) didn’t let the market work; Roosevelt (like Obama) promised more government intervention, which was worse, and extended the Great Depression
  • Unlike the last depression, prices will be spiraling out of control.

Source:

http://finance.yahoo.com/tech-ticker/article/169781/Peter-Schiff-Stimulus-Bill-Will-Lead-to-%22Unmitigated-Disaster%22?tickers=%5Edji,%5Egspc,QQQQ,SPY,DIA,TLT,UDN

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