This is amazing. With the Dow rallying to 11000 in January of 2006, Peter Schiff tells CNBC market cheerleader Liz (now currently with FOX) about the coming economic crash being led by the fundamental flaws in the dollar. No one listened to this man back then. Back then, he was alone in his view that the US was overconsuming, overindebted, undermanufacturing and undersaving. EVERYTHING this man has predicted has come true except for one. He predicted the dollar would completely collapse and precious metals would soar. Actually, Gold is far outperforming the stock market so I am VERY happy I sold stocks and bought gold, but the dollar recently has been even better than gold. Schiff says that will change. He says now that it is a CERTAINTY the US currency will collapse and take the entire economy down with it. When this video aired, DOW was at 11000 and GOLD was at 0. Now the DOW is 7500 and GOLD is 0. Well, I am sure happy as heck I own Gold, how bout you? The DOW is now only worth 10 ounces of GOLD, Schiff says that the DOW and GOLD will eventually share a 1:1 ratio. I believe him. By the way Liz, Schiff is not a bad guy at all. Just because he saw this crash coming doesn’t make him a bad guy, you fool. All of the cheerleaders that convinced people to stay in stocks and said the economy was fine are the BAD people! I’m a fan of Peter Schiff because he convinced me long ago to get into Gold and out of stocks. So he has been very helpful, while 99% of the IDIOTS on …
Video Rating: 4 / 5
@surfer53
Sad but true
@racenemo Because his answers aren’t easy. They’re not the answers coming out of Washington that the government will take care of things and after a few stimulus packages, the economy will be back on its feet. That’s what people want to hear. The longer this goes on, the more entrenched people will be because they know the consequences will be more dire the further along this fiscal and monetary policy goes. They’ll screw the rest of the country just to save their own butts.
As long as America continues to consume on credit and not produce goods and services, they’re screwed. Obviously a change in that policy would reveal to the world how broke America is fiscally and ethically and cause them to default on their debt to China, but at some point you have to suffer the consequences of your actions. Eventually America WILL have to pay for this mismanagement, the question now is how bad that punishment will be. At least now you can let people prepare.
@Cirris Don’t forget the stimulus. It’s like jamming Red Bull into the system. If you drink 6 Red Bulls, you’ll be up all night and look like Superman. Unfortunately, there’s a crash coming. That’s how I know these policies are all political. In January, 2011, things SEEM to be improving. The Dow is up. Gold is down. That’s only because the Democrats screwed up and their stimulus money didn’t get to the economy before the November election that would have saved their asses.
@Stan1208 Now it’s at almost 1500 and it’s been down lately because of all the stimulus money that finally got to consumers. My guess is the stimulus money was supposed to get into the economy before November to save the Democrats. The economy looks like it’s recovering and people feel like the recession is over. It’s an illusion. By July, chances are we’ll be looking at gold trading at at least $1600-1800 an ounce. The dollar is still toast.
Schiff speaks the truth because he has common sense, and he reads all the micro-macro environmental reports. COMMON SENSE is needed in Washington.
@luke666808g would you agree with this statement now?
Funny that lots of the US people still doubt his opinion
Unlimited energy sources are out there!But a few ppl make too many billions from our energy needs to let this technology be known,Get a real free energy motor at LT-MAGNET-MOTORdotCOM ,The revolution begins!
@jeremyraybrown Cheers mate.. I have heaps of physical, will just keep an eye on everything on the net.. will bail out when the time is right.. thanks for the info 🙂
@angie7dino I have grammer mistakes from hitting the wrong keys, hopefully everything sounds clear. The tough part is the mainstream media and the politicians don’t give you the information you need so it is a tough task to figure out the truth about silver. You have to really be able to figure things out on your own and make intelligent judgements. I think you know that silver is a good move. Don’t worry if it pulls back some early next year before going higher though.
@angie7dino It is possible, but that depends on how much money is printed by the fiat currencies, inflation, demand for silver by investors, demand for silver by industry, etc. You can be confident that it will be higher than it is now, but you have to monitor events and markets around the world regularly. If it hits $1500/ounce then it will probably be in a bubble and you’ll want to sell your money and put it else where. But I cannot predict that far into the future.
@jeremyraybrown ….. cheers mate….and what about all this talk from guys like Mark Maloney about Silver possibly hitting $1500 an ounce ? 🙂
@angie7dino Silver will be over $100/ounce within a few years. The only thing that will prevent that is massive world wide deflation of significant monetary tightening. Neither is likely to happen.
@NewEconomySecrets Yes you can. You can sell your gold in a day and get much more cash then what you sent to purchase it. NewEconomySecrets, you are an idiot. Can you take your house to the store to buy groceries? Your argument is dumb beyond belief.
@mycatisromeo Yeah, because he likes going on these talk shows getting laughed at over and over just to tell you almost exactly what is going to happen for his speculative reasons? Hell. if you have listened to the man and bought gold when he came on this show in 2006 you would have almost tripled your dollar wealth in 4 years. The DOW is just getting back to 11K and that has more to do with the FED’s quantitative easing policies, I.E. wrecking the Dollar, than an improving economy.
early 2006 and earlier? Not exactly a timely doom caller
watch the Silver price scroll by at 8.98, its 23$ today, and the dow is below 11k!
@Stan1208 can you use gold to buy your breakfast or your car?
he is investing in china where the currency is highly regulated.
@disciple90633 I haven’t checked but I bet you’re right!
@disciple90633 what your take on Silver my friend, just sold my house and most say to invest in silver.. can I pick your brain about that 🙂
What this man predicted would happen in 2008 has now come to pass in 2010. Anyone STILL doubt that the economy will ultimately crash??
Do yourself and your family a favor and vote for the most conservative candidate in November.
Thank you Peter, Fed must be owned by USA gov. this is only way of saving things.
if Peter doesn’t win in Connecticut i will loose respect for Connecticut