eclipptv.com Peter Schiff reveals the phony American economy, warnings of hyperinflation, the fallacy behind stimulus plans and advises saving and production versus borrowing and consumption.
schiffforsenate.com
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In this video Peter explains why we need savings, not credit. He reacts to an article written by Meredith Whitney (CEO of Meredith Whitney Advisory Group) in which she states “if credit is taken away from what otherwise is an able borrower, that borrower’s financial position weakens considerably.” She goes on to state that Americans need access to credit for a rainy day or for an emergency. Peter says that this is nonsense. He points out that you need savings for a rainy day, not credit cards.
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Peter Schiff sees socialization of United States bubble economy will sink the Federal Reserve Note. US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans. Together they own or guarantee some US.2 trillion in loans, or about 40 per cent of the total value of home loans in the United States. Peter Schiff at Euro Pacific Capital said the two giants were likely to need government bailouts in view of the “dubious quality of their mortgage portfolios”. “Together both firms have less than US billion in capital reserves to ensure losses on more than US trillion in mortgage debt … Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion.”
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