the emerging markets won't pull the US out of the recession Peter Schiff

Peter Schiff Vlog Report july 1st 2009
the dollar had a weak day again the dollar index is back bellow the 79.50 , commodities in general were very strong particularly energy and metals Gold stocks , some people think that may be the emerging markets may pull the US out of the recession the so called Chindia which is China and India and other parts of the world (Brazil Russia ...etc..) if their economies picked up that's somewhat will help the economy "i do not see that happening " Peter Schiff said "I do believe that these foreign economies will pick up i just do not see how that can benefit the united states ...If for example the Indian economies grows they will rather consume Chinese products rather than American products , the same Chinese products that the American themselves consume , the matter of fact that there are some American products that are likely to be exported if the economy recovers ( food that will help the farmers , energy which will help the gas industry ) but that does not help the overall US economy just certain segments of the economy , it certainly won't help the average American who will have to compete with consumers from the emerging markets on the same products , the prices of food and energy will shoot to the roof , our consumers are broke many times over it does not matter how much stimulus they provide there is no way to revive the consumers based economy , there are no more asset bubbles that are going to be inflated