THE PETER SCHIFF BLOG : An Unofficial Tracking of Peter Schiff and The Libertarian Austrian School of Economics
PETER SCHIFF
Friday, August 2, 2013
Detroit Broke City
by Peter Schiff
EuroPacific Capital
It should come as no surprise that the lessons that should be learned from the bankruptcy of Detroit, a city that once stood as the shining example of America’s industrial might, are being ignored by the American political establishment and its allies in the docile press corps. While the death spiral of the Motor City may be extreme in relation to conditions throughout the country, it is a difference of degree rather than design. In truth, Detroit is our canary in the coal mine. It is succumbing to the same combination of productive decay, government mismanagement, and unmanageable debt that is crushing the rest of us. But as the most sub-prime of all major American cities, the symptoms that are infecting all of us have first become fatal in Detroit.
Proving that politicians want nothing more than to tell soothing lies to voters, Detroit mayoral candidate Tom Barrow has forcefully asserted that the city’s fiscal crisis is a fiction. In a recent TV interview he described a long term conspiracy by republican and private sector forces to steal assets from Detroit residents, bust the unions, and disenfranchise voters. Not to be outdone in absurdity, MSNBC host Ari Melber concluded that Detroit’s problems result from the libertarian movement to deny residents needed government services.
Continue Reading at EuroPac.net…
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.
Popular Posts This Month
-
The Dollar will collapse the Credit cards bubble is about to burst , buy Gold Buy Silver save your assets ...The dollar will drop like a sto...
-
A very strong debate yesterday on MSNBC between Peter Schiff and the host on the Ed show on two major topics the healthcare reform and the s...
-
By Peter Schiff I've made a living out of exposing economic fallacies, but there's one whale that I can't seem to harpoon. Eve...
-
by Peter Schiff Strike up the band, boys, happy days are here again! Recently released short-term economic dat...
-
government created jobs like the census jobs are counterproductive and unproductive jobs ... Peter Schiff is considering to run for Senate !...
-
Here are some of Peter Schiff's Quotes , Please feel free to post more , and I'll make sure to add them to this list ...let's ma...
-
Peter Schiff : We need to have a Massive Recession and Peter Schiff: Why College Tuition Is So Expensive Lessons from the Crisis: The Limits...
-
By Peter Schiff | March 01 2013 8:41 AM Testifying before the US Senate this past Tuesday, Fed Chairman Ben Bernanke made an extraordinary c...