The Party is Over when Interest rates start to rise ~ Peter Schiff

10-1-12 - Peter Schiff of Euro Pacific Capital joins Fox Business to discuss the contracting economy and the growing bubble in government.

It is a bubble in government and it is starting to burst says Peter Schiff, Euro Pacific Capital, he explains why he believes the economy is already contracting, and what, if any, impact the 2012 elections will have on the economy. “It’s not that the stock market is going up. The value of our money is going down.” Schiff predicts that the phony economy, built on consumption, is going to come crashing down. His solutions include admitting the nation is solvent, restructuring debts, drastically shrinking government spending, reforming the tax code, and allowing the market to repair the damage the government has inflicted on the economy.
Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.