Peter Schiff is the CEO of EuroPacific Capital. He unsuccessfully ran for U.S. Senate in 2009. You can see him often as a guest on Fox News, Fox business network, and CNBC. He currently has his own radio show on the GCN Radio Network. You can also follow his Video Blog on YouTube - The Schiff Report.
Part 1 - Peter Schiff comments on the Federal Reserve and Cronyism associated with the Government. We are repeating mistakes that got us into this position to begin with. To be on the side of the Working Class, you must support a smaller government. Inflation is the most vicious tax of all. The Federal Reserve has been buying 70% of all Treasuries. This monetization of the debt will cause inflation to grow out of control and that will mean that interest rates will have to rise. That means that the Federal Deficit will feed off of itself and grow exponentially.
Part 2 - The government has postponed the problems we face and this postponement is going to make the issues we face much worse. The government doesn't want us to have an escape valve. The government has undermined our monetary system. Owning precious medals is not undermining our system. Precious metals help to hold the intrinsic value of physical assets. The Government and the Fed do not want to compete against Gold and Silver. The government is failing against the laws of Economics. Controlled Economies do not work and will collapse around the government. The government must stop with stimulus. We have to get back to manufacturing. We need the government to shut down. We need real cuts in government spending. We should be fearful of the government not shutting down. We need to raise interest rates and tighten credit.
