For the latest Peter Schiff, go to PeterSchiffBlog.com The prices of gold and silver continue to go up. The upside to the fiscal collapse is that people who understand all of this may be in a better position when all the dust clears. The danger is that people who profit during this period may be villified and have their wealth confiscated. Social security now pays out more than it takes in. If interest rates rise at all, things could begin to turn ugly. No provision is being made for the fact that there are major demographic changes occurring. By the middle of this century, there will be 13 times as many people over 100 years old as there are now. It’s not like saying social security and Obamacare are going to run into trouble is a wild speculation. All you need to do is some basic math. It has nothing to do with being a misanthrope or being uncaring. It is just using logic to see that these programs are going to cause major pain for a lot of people on down the road. We should fix the problems now when there is still time. No one wants the phony prosperity that we are in to end. People who were getting rich on dot com stocks didn’t want to hear that they were in a bubble. A couple years ago, no one wanted to hear that the prices of their homes were in a bubble. This is the world that these people want to live in, but unfortunately reality always shows itself. Looking back, the Internet bubble seems obvious, and it seems obvious that the adjustable rate mortgages were …
For the latest Peter Schiff, go to PeterSchiffBlog.com – All these banks currently own low-yielding mortgages. To make up the difference, they must borrow money at 0% from the Federal Reserve. At some point, interest rates must rise, and when that happens, the banks won’t be able to carry all of that short term debt on their balance sheets. This will result in yet another round of bailouts for the banks.
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Senators Slam Goldman, Schiff Slams Senators: “They Have Some Nerve” Posted Apr 28, 2010 07:15am EDT Predictably, most of the coverage of yesterday’s Senate hearings on Goldman Sachs focused on what the firm’s executives, including CEO Lloyd Blankfein, said or didn’t say. Just as predictably, Euro Pacific Capital’s Peter Schiff looked at things from a different perspective. “The most frustrating part is hearing these Congressmen question Goldman Sachs…and point the finger at them,” Schiff says. “What about Congress’ action? I’m not saying Wall Street was blameless, but the greater blame lies with government, with the Federal Reserve, with Congress, with these Congressmen.” I get the sense Schiff is unlikely to be greeted warmly by many sitting members of that august body should he win his long-shot candidacy for US Senate. Then again, I’m pretty sure he doesn’t care about making friends. “They have some nerve,” he says of the members of the Senate Permanent Subcommittee on Investigations. “I wish someone had the guts to turn it back on them [and say]: Of course we’re making all these crazy loans – you guys promoted them. You wanted loans to be made to people who couldn’t pay them back.’” As you might expect, the fiscally conservative author doesn’t have much faith in Congress to pass meaningful financial regulatory reform. “It’s just going to be like Sarbanes-Oxley,” he says. “Very onerous [and] does nothing to address the root cause of the financial crisis,” which were …
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