Lots of folks are now saying “Peter Schiff was right.” That’s what a few of us have been loudly proclaiming for years, while we and Mr. Schiff were being ridiculed by commentators and so-called mainstream economists. Unfortunately, despite the fact that Mr. Schiff was spot-on correct when he insisted that our unrestrained borrowing and spending had created unsustainable bubbles in real estate and stocks that would soon collapse and devastate the phony economy that had been created around an illusion of wealth, we are carrying on as before–setting ourselves up for a collapse that will make our current troubles look trivial.
I’ll say a lot more about these issues later, but for now, check out this collection of video snippets of Mr. Schiff over the last few years, followed by a recent interview.
http://www.youtube.com/watch?v=2I0QN-FYkpw (you absolutely have to watch this)
http://www.youtube.com/watch?v=9h2x7R8pxUs (the video synch is poor, but it’s worth a listen. Let’s hope he’s not right this time)