Wednesday, August 3, 2011

Peter Schiff: Avoid Disaster, Get Out of U.S. Assets

Peter Schiff seems to be a fairly bright guy and has been right quite a lot of the time from what I've seen over the past few years.  The following advice he gives is very eye-opening and sadly I believe he's probably right: "We're back in recession. What are they [the Fed] gonna do? That's all they know -- to print money. Unfortunately, that's the source of our problems. It's like trying to put a fire out with gasoline. It's not going to work, but they keep putting more gasoline on it because that's all they know."
There's a reason that the DOW is down 100+ points for the umpteenth day in a row.  At best we're back in a recession, at worst we're in the early stages of a depression.  Further devaluation of the dollar is not going to make it better but rather cause stronger headwinds for the economy to get back on its feet.

No comments:

Post a Comment