Known worldwide as the man who called the recession, Peter Schiff, president of Euro Pacific Capital and author of Crash Proof: How to Profit from the Coming Economic Collapse, recently announced his candidacy for the U.S. Senate. Now, I know a lot of people have been referred to as the “man who called the recession,” but let me be clear about this, with the entire academic and financial community laughing at him, Peter Schiff called the .com bubble, the housing bubble and the financial collapse - years ahead of the competition. See - http://www.youtube.com/watch?v=2I0QN-FYkpw (look, its like bluebooking!)
So, assuming you have considered the evidence of Schiff's predictive insights, you may now be wondering how it is that he was able to see what others could not. Well, according to Mr. Schiff, it wasn't his voodoo power empowering him with foresight, but rather an economic theory grounded firmly in reality. In other words, while everyone else was thinking of wealth in terms of nominal dollars, Peter Schiff was thinking in terms of productive capacity, i.e. real goods and services.
From this vantge point came a unique perspective on the fundamentals of the U.S. economy. While others saw rising stock prices and a housing market not be stopped, Schiff saw an artifically low interest rate and a bubble ready to pop. While others were caught up in a frenzy of market speculation and whimsy, Schiff was hitting the streets of producer economies, looking for companies selling goods and services to people who could afford to buy them. Such was the perspective which led schiff to avoid the booms and busts of credit inflated markets and take advantage of the steady, but massive growth of foreign markets driven by hard working people motivated to better their lives. But with his wealth made and his theory vindicaed, Schiff is giving up the role of investment guru and joining the rat race of politics, with hopes of inspiring Americans to recall the virtues of their past - savings, hard work, self-reliance and, most importantly, liberty.
Unfortunately, Mr. Schiff will be running on an awfully hard ticket to sell - with more than half the country dependent on government, not many people want to hear that government can no longer foot their bills. But hey, that's the reality people. And since it is only when we face our obstacles openly and honestly that we overcome them, I leave you with, Connecticut Senator hopeful, Peter Schiff's estimation of where our country is today.
"On a national level, our circumstances are similar to a philandering playboy who inherits a huge fortune and then proceeds to squander it. During the dissipation period he lives the good life, and by all appearances he seems prosperous. But his propserity is the function of the hardwork of his ancestors rather than his own. Once the fortune is gone, so too will be the gracious lifestyle that it helped support."
No comments:
Post a Comment