Thursday, November 15, 2012

Peter Schiff: We are a Disintegrating Nation

Peter Schiff: The dollar was going to go down and gold was going to go up regardless. The re-election of Obama and the politics behind it just really shows the trouble America is in as a nation and as a society. The types of leaders we’re likely to elect, and the types of policies we’re likely to pursue are going to substantially undermine the economy. It’s almost like a self-perpetuating prophesy, because the more the government interferes in the economy, the more regulations we have; the more government spending we have, the more taxes we have—particularly on those with upper income—the worse the economy is going to get, the lower our living standard is going to go and the more good job opportunities are going to be diminished. And that’s very fertile ground for politicians to promise relief in the form of more government. And, more government creates the need for more government; because the more government we have, the more poverty we have. We’re in that spiral right now; this is how democracies die. We’re in a situation, votingwise, where we have more people in the wagon than we have pulling it. The way you get elected is you promise to people who are riding in the wagon more free stuff, an easier ride; and you also promise to whip the people pulling the wagon a little harder and make them do a little bit more. And as you do that, there are always people pulling the wagon who decide they are tired of pulling the wagon, and they want to jump in with everyone else. So you get even more people looking for something from government and you have fewer people to pay the bills. And this is where we are—a disintegrating nation.- in seeking alpha

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.

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