Peter Schiff talks about the economy on CNBC

Friday, November 21, 2008, 2:51 am, by Ron Shimshock

Peter Schiff was on CNBC's Fast Money to talk about the state of the economy, and his outlook for the upcoming months. Schiff had been saying we were headed for a downturn and recession in 2006-07 due to the credit crisis and housing bubble, but at the time most scoffed at his contrarian views.

Right out of the gate in his interview, he criticizes CNBC's use of the word "capitulation", that magic word investing shows like to throw around as the signal to "BUY! BUY! BUY!" (quoting in my best Jim Cramer impersonation). Schiff believes true market capitulation is "months, if not years away".

Also priceless is to see the reaction of the CNBC commentators, who have a 'deer-in-headlights' look on their faces during most of Schiff's segment. I'm not sure if it's because they have no answers for what Schiff is saying, or because they really have no clue and don't get what's happening in this market. Either way, it says a lot about the disinformation being delivered by most news organizations.

Peter Schiff notes in the video that what we are experiencing is "not just a financial crisis, it's an economic collapse". He believes the markets will go much lower, and that the "government just needs to get out of the way" of the economic problems.

Schiff mentions "a lot of companies are going to go bankrupt during the process, a lot of people are going to lose their jobs, but this has to happen, we have to go back to a sane economy where we save our money and actually make stuff". I couldn't agree with him more.

The heart of the matter is the US dollar, and the fact that the United States has borrowed so profusely from other countries, and then used those funds to spend on consumer discretionary spending. Our currency may ultimately be on the rocks because of this situation. As Schiff says, "we can't expect people in other currencies to do all the heavy lifting. We can't expect the world to make all the sacrifices, to do all the saving, to do all the production, and we just step up and eat the fruits of their labor. It doesn't work like that. And the world is finding out we can't pay back our bills, and this phony economy is unraveling."

Great stuff. I don't necessarily agree with Schiff on all his points of view, but I think he's echoing many thoughts in this video which are absolutely correct.

Ron Shimshock is the founder of Freeople and one of its chief editors. He writes a column for Freeople called Filed Under "W"..., detailing waste in Washington. Ron is committed to empowering the pro-freedom movement by providing Freeople as a platform for prospective candidates and supporters to connect. Contact Ron by clicking here.

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Posted on: Sat, 12/06/2008 - 5:23pm #1

Americanist

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Thank you Ron for the article and link. I will send it out to others. Along with you, Peter Schiff, Ron Paul and ALL the unmentioned patriots that continue to exclaim "the emperor has no clothes" we understand more about the nature of our problems and challenges facing our political system and the embedded corruption. We must be informed to inform others. I invite everyone to join the Campaign For Liberty (.com) and help us restore common sense to our political parties. We need more good people to participate, be heard, vote and lead our parties to positions of freedom, sound money, and limited government! Don't stay on the sidelines until it is too late! Thank you again Ron!

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Peter Schiff talks about the economy on CNBC

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