Video first released on 1/17/14
“Quantitative easing is preventing a badly needed economic restructuring that would enable the US economy to actually grow. Instead, what we’re doing is pretending there’s growth by inflating bubbles in assets – we’ve got a stock market bubble, we’ve got a real estate bubble – and now we can take that phony wealth and turn it into consumption through debt. That’s what’s going on, but it’s not legitimate economic growth, but you can’t confuse the two. This is all phony.”
Peter begins speaking at 4:17
“The central banks are trying to get everyone to irrationally fear a good thing – falling consumer prices – so that they can create inflation and we won’t complain about it. But the real reason they need inflation is to wipe out all of their debt and to sustain all of these phony bubble economies they’ve inflated.”
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0: How to Profit From the Economic Collapse, The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down (Little Books. Big Profits), and The Real Crash: America’s Coming Bankruptcy—How to Save Yourself and Your Country
TLB recommends you visit http://marketsanity.com/ for more great articles and pertinent information.
See original article here: http://marketsanity.com/peter-schiff-phony/
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