Peter Schiff Says 2008 Will Look Like Walk In Park....

Yep!

We had global recession for years, so another QE's is almost the norm, while countries like China and India are doing real well in modernizing and keeping pace to our economic standard, in fact large city of China are over the economic standard compared to other part of the US, so this shows how our government are poorly performing.

Edit: Because the government allowed corporate America to get away with murder.

Which country isn't, Sel?

Peter Schiff has been saying the same thing for years. He's right, of course.

I think that Peter was about as calm in this interview as I have ever seen him. Is this Peter Schiff with no triple latte prior to the interview? lol

In any case, I do agree with Peter. No politician (other than the Pauls and perhaps Allen West) seem to have any desire to do what is truly necessary to keep the train of US finance on the tracks. Yes, they will tinker a little here and maybe trim a little bit there but there will be no substantive action when that is what is truly needed. We need people in high government positions who really do not want the job but who will do it for the good of the country and their fellow citizens. No, they will not be thanked for this but it is absolutely vital that it be done. The current situation is clearly not working nor is it sustainable. Most people recognize this but few want ANY changes... at least any that effect them personally.

Yes, I believe that there will be a QE3 and that it will be announced sometime shortly after the election. It will probably start in mid-Jan to mid-Feb. While this likely will boost the US stock market somewhat, I agree with others who think that it will not significantly improve the US economy.



Yes, he has, which is good because the conditions that led to his 1st comments on this have not changed. We are still spending more than we earn, borrowing more money than we can repay, confusing inflation with growth, cheapening the US dollar via over-printing, discouraging saving, encouraging spending, promulgating way too many rules, regs, laws, and taxes, etc. Until these basic flaws in our approach to finance are changed, we cannot expect a result that is any different from what we have been getting.

I think he gets lucky more than he is right. Say something often and it will finally come along.

The real truth is to be diversified in the event something changes. That means having both dollars and PM's. Too much of either can be bad.

I know people who converted all of their 410ks into PM's. I don't think this is a smart move. You are betting that when you need this source of income the PM market will be at a high. That is not the way to plan.

I plan for both events a good strong dollar and a back up of PM's just in case. I feel that is the best way to manage fear of something that has not or maybe will not happen. At least I can sleep at night knowing I am diversified for many options.

I still remember the large amount of people that stocked up with food, junk silver, gas, generators waiting for the world to come to a stop for Y2K.

Many of them lost their shirts after the year came and nothing happened. They all went over board because of fear instead of taking a reasonable plan to diversify.

I will say I got a very good buy on junk silver and a large generator after the fear went down and people were looking to get back into the dollar.

I forgot to add many people bought guns and a lot of ammo, I was one of the big winners when they sold them later that year for a nice loss. Some of these were never taken out of their box or even fired.

Real estate in most parts of the U.S. is cheap right now. The best investors do not have a mob mentality and are independent thinkers.

If you ar going to buy real estate, make sure it is worked, rather than just held.

Yes, it is... but ALWAYS bet on a sure thing

Even the best investors who ever lived cannot just pick stocks that always go up. Diversification works and is one of the only 2 "free lunches" that any investor will ever get. After investing for 36 years, I can tell you that every investor will suffer losses from time to time... even me! The trick to it is to make money often enough that the winners more than pay for the losers.



Schiff definitely knows economics. I also have been called "lucky" at times but know that "luck" is very often created via the application of brain-power and sweat.

As to things finally coming along, consider that the US economy is HUGE and that it generally does not make any sudden moves. Spotting problems in the economy early on can still take years, if not decades, before they become obvious to one and all. They simply require time to develop and eventually become more and more visible.

By all means, remain diversified. That is the sensible thing to do and I doubt that any successful investor would tell anyone to "go all in" on ANY investing idea, no matter how great it may look initially.