Peter Schiff is one of the most famous commentators on American TV about economic issues, and it is not because of his optimistic view precisely.
Schiff is the owner and main manager of Euro Pacific Capital Inc, a name that indicates us his preference for foreign investments American ones.
Peter Schiff media
Schiff has also written some interesting books about the current crisis, which could be seen in one of his webs: schiffradio.com.
Many years ago, I found Schiff while watching some videos, and it was very good to see him arguing constantly with the other guys in FOX or CNBC, who were basically bullish or positive regarding the economic situation. That time, it was Schiff who won the battle.
It was 2007, and the market started tanking little by little.
Gold, Schiff´s favorite investment, as long as commodities did not stop rising, and with the stock market falling, Schiff gained a lot of popularity. The only problem is that gold fell hard in 2008, but it recovered quickly.
Peter Schiff hyperinflation
Schiff vision is completely negative regarding the dollar and the American economy, and he is usually quite positive about Japan or Europe, recommending since many years ago that Americans buy the yen and the euro.
Schiff thinks that the United States will eventually end up with an inflationary collapse, which he has been predicting for the last ten years. At the moment it seems that his it has been the deflationists who are winning the debate.
People like Mish Sheldock, Carl Denninger or Antal Fekete. It does not matter what people say.
Last years have been more deflationary than inflationary. Wages are going down, not up. Anyway, we will see what will happen eventually.
Regarding Schiff, the rest of The World is maintaining the artificial way of life of the Americans, who are addicted to credit financed by the FED and the foreign entities that buy the American bonds.
Trying to avoid a potential confiscation in the future, Schiff has been recommending for years that his customers buy gold and silver through the “Perth Mint”. He also suggests that people get money out of the United States as soon as possible, before the crash comes. He specially recommends foreign currencies and stocks.
Peter Schiff macro analysis
While I agree with Schiff mostly, and think that there will be a major collapse eventually, I do not think that the collapse will affect only the United States.
Although we should know that The United States is a central part in the current crisis and coming collapse. There is no doubt about it. The United States is the most powerful country on Earth after all.
However, I think that the rest of the World will suffer a crisis as big, or even bigger than that of America.
For instance, Europe is not going to be a safe haven, neither Japan.
All of them are suffering right now and will suffer much more when the moment of the truth comes.
I think that it is more likely that the euro crashes completely before the dollar does.
I think that when the United States collapses, everybody else will collapse too. It will be a worldwide cataclysm.
Peter Schiff financial collapse
Perhaps, some of the Asiatic or Oceanic currencies could weather the financial storm a bit better, or the Swiss franc. But, no currency will escape the coming destruction. A lot of states that today are considered stable will end up being totalitarian states. In this respect, Europe, and particularly the South (including, of course, Spain) is one of the best candidates to form a future leftish radical government.
We should not even rule out that China faces a tremendous crisis when her best client stops buying the products. Who knows if even China could disintegrate and go back to their communist past.
We should not discard any possibility in the coming years.
When commerce stops and there is hunger in the streets, everything is possible. It is situations like that when governments implement their steps to reach the global plan for a World Government.
If the United States collapses, as Schiff predicts, cataclysmically, we can be sure that the situation in the rest of the World will not be much better, and in many cases a lot worse.
Time will tell.
However, being selfish, I hope that Schiff is right and the rest of the World can escape much better when the next great crisis hits the capital of the fiat system: The United States.
Although I wish Schiff was completely wrong, and there would be no crisis anywhere, but unfortunately there will be one. Perhaps bigger than what Schiff thinks or says.
Peter Schiff gold
I remember, some years ago, like in 2008 or 2009,in the middle of the previous crisis, when Schiff wrote an article called “This is a dollar crisis”, making reference to the main problem of the monetary world: the fiat system.
Antal Fekete answered that article with other called: “This is a gold crisis”, in which he said that the main cause of the crisis was the abandonment of gold as official money.
I would say that their articles are correct. The dollar and gold are central part of the current drama. But they are nothing more than a consequence of something more profound which affects the capital structure of advanced economies since long time ago. That cause is not other than the democratic system, which is the main cause that we are where we are today.
So, I would say: “this is a democracy crisis”.
Some people, including me, know that democracies always end up in totalitarian regimes. We know that there is nothing we can do to avoid that fate since if belongs to the cosmic cycles of human nature.
Masses think that democracy is the highest and noblest system and that they are going to something superior. Masses are, of course, wrong.
What we know for sure, is that some day there will not be more democracy in the United States or Europe, and that day, it is likely that gold will be of not much use.
Perhaps, some of the countries that Schiff recommends could be some decent government, where we could exchange our gold for some security and peace.
Thanks for reading