Thursday, May 14, 2009

Peter Schiff in Canada : Allow the recession to run its course

Economy Peter Schiff warns that stimulus spending is misguided and will drive the economy deeper into debt
FREDERICTON - The man who foresaw the U.S. housing collapse and credit crisis dished out more dire predictions Tuesday to a room full of New Brunswick's top business leaders, investors and government officials.
Peter Schiff warned that stimulus spending is misguided and will drive the economy deeper into debt.

"What we should do is let the recession unfold and allow businesses to fail and asset prices to fall," he said during his keynote speech to the New Brunswick Securities Commission Fullsail Summit.

"We don't need more stimulus," he said. "We need to come down from this artificial high and rebuild our economy. And that isn't something that can be combated with monetary fiscal policy."

"It means allowing the recession," he added. "That is the cure and we simply need to allow it to run its course."

The president and chief global strategist for Connecticut-based Euro Pacific Capital Inc., Schiff was in town only for a few hours to share his wisdom with delegates of the third annual event at the Delta Fredericton hotel.

Schiff has been in the limelight since his shocking predictions of a crash in the housing and stock markets - laid out in his 2007 book Crash Proof: How to Profit from the Coming Economic Collapse - came true.

In an interview following the speech, moments before he was whisked back to the airport, Schiff said that Canada is in much better shape than the United States.
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