Saturday, April 30, 2011

Peter Schiff : China will surpass the United States before the end of the decade

Peter Schiff - CNN April 25 2011 - The China Syndrome

Peter Schiff we are not going to be able to pay China back ,all we can do is printing money , the cost of propping up the US economy is greater than letting it fail

Peter Schiff : ...what the IMF did correctly , what other forecasters have missed is when they look at the trajectory between the Chinese economy and ours ,they assume the static exchange rate , and I think what the IMF is doing is making a more logical assumption that the Chinese currency the RMB is going t9 rise , I think it is going to rise significantly over the next five years and if you couple that with their growth in their economy they will surpass the United States I think before the end of the decade , I think the IMF is saying 2016 certainly before the decade is over China will be the world's largest economy we will be lucky if we are still number two ...!!!!

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