Sunday, March 29, 2009

Quote of the Day: Peter Schiff

“Printing money is merely taxation in another form. Rather than robbing citizens of their money, government robs their money of its purchasing power. “
- Peter Schiff, from his article ‘The Fault Lines Emerge.’

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4 Comments:

Blogger Ruth said...

Your readers may like to know that Schiff has had his clients positioned against the dollar for some time. In fact his clients have lost 75% of their wealth over the last year.

China is feeling a bit nervous about its unhedged exposure to the US debt market. This could mean a massive transfer of wealth back to the US from China.

So is it possible that in a few years we will see " made in America" instead of "made in China" on everything that we buy.

So Obamageddon is not coming just yet. This is what happens when one gives investment advice based on ideology instead of reality.

3/29/2009 07:16:00 pm  
Blogger Callum said...

"So Obamageddon is not coming just yet. This is what happens when one gives investment advice based on ideology instead of reality."

Has there ever been a time in which world (human) events have not been based on ideology?

That very statement of yours is an example of ideology, Ruth.

3/29/2009 09:10:00 pm  
Anonymous LGM said...

Ruth

Commentators, such as you, have been critical of Peter Schiff for some time, yet he's been shown to be correct with his predictions thus far. For years he's been out there in the wilderness predicting exactly the present situation would occur. Now it has. Schiff is been positioning his clients to protect them from what is ABOUT TO HAPPEN. It's a matter of time. Wait and see.

Now you think he's wrong and have great faith in the too-big-and-too-grand-to-fail finance & banking system. He does not express such a faith. Let's see who is correct. As this crisis plays out will the US dollar hold firm and rise (in which case we won't be seeing lots of "Made in America") or will it fall? Schiff's track record thus far suggests his analysis will prevail.

BTW you've contradicted yourself is the one post. That's a new level.

LGM

PS BTW you present an aspect of the Maquarie Bank analysis here. Do you really believe the Chinese govt is going to meekly acquiesce to the US pulling a gigantic rort against them? Think hard.

3/30/2009 07:14:00 am  
Blogger Julian said...

Ruth

Your comments imply that you disagree with Peter Schiff's comment.

Which part of this quote do you not agree with?

Julian

3/30/2009 08:04:00 am  

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