Thursday, March 28, 2013

Peter Schiff: what happened in Cyprus is a wake up call for the Americans

Peter Schiff, CEO of Euro Pacific Capital, lambasted the Federal Reserve on Monday and said that the United States dollar is going to collapse unless Fed Chairman Ben Bernanke stops stimulating the economy and inflating the money supply. “The dollar is going to collapse if [Fed Chairman] Ben Bernanke doesn’t reverse course,” Schiff said in an interview with Yahoo! Finance. “And if he does, the whole phony economy that has been built on the foundation of stimulus is going to collapse as well.”“Ben Bernanke believes that somehow he can withdraw the stimulus and the economy will keep on expanding. It’s impossible because we have an economy that’s of stimulus, by stimulus and for stimulus,” explained the 2010 Republican Senate candidate.

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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