Peter Schiff : We Are Headed For This Huge Collapse

Mark Thorburn: Welcome, Peter. You've been successful throughout your career. What motivates you to work hard these days?

Peter Schiff: In theory, I could retire right now. I mean, I could just live off of what I've earned, but . . . And I'm also spending a lot of my time though just trying to get a message out there, get my perspective heard. A lot of my time, quite frankly right now, is devoted to activities that aren't necessarily making money. Now, it's possible that I could start making money in the future from the things that I'm doing on my radio show, for example. But right now, it takes a lot of time, and there's no real financial upside, at least so far. At least, the money that I earn in my other businesses, my asset management businesses, my US broker dealer, my Canadian broker dealer, my asset management company, my offshore bank, my precious metals company, these companies do make money, and they give me the opportunity to spend time on things like my radio show, which right now, costs money.

But I am trying to get a message out there, get a perspective out there, because the dialogue, you know, the understanding that permeates our culture today, particularly at our institutions, central banks, Wall Street, academia, I've never heard so much complete nonsense, so many people, so many otherwise smart people, believing in such complete nonsense when it comes to economics. And so, I want to do my best to try to educate the public, especially, you know . . . I know that we're headed for this huge collapse, and I don't want it to be blamed on Capitalism or the free markets. I need government to be blamed for what's going to happen, and so I want to get this information out there in advance so that I have a little bit more credibility when I talk about it, and so the free markets have more credibility when free market advocates like myself accurately diagnose the problems.  - in benzinga




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.