Friday, February 1, 2013

Peter Schiff : The Government is going to Confiscate the purchasing power of your Financial Assets

Peter Schiff : “People should have an escape valve for their money, their assets,”  “If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.” Schiff said the best ways to dodge the demise of the dollar is to own precious metals like gold and silver as well as foreign assets such as foreign stocks and bonds, “something the Federal Reserve can’t print.” “When the dollar collapses, it’s not doing it in a vacuum,” Schiff explained. “If the dollar loses value, it’s doing so relative to some other currency. So the purchasing power that we lose, somebody else gets.” - in etfdailynews

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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