Posted by Greg Chamberlain
Peter Schiff called the financial crisis the U.S. is presently in, years before it happened, when everyone else was laughing at his analysis. If you don't know about Peter yet, see this video of him in 2006: http://www.youtube.com/watch?v=2I0QN-FYkpw
In my humble opinion, Schiff is one of the smartest businessmen and monetary policy analysts on the scene. In these excellent videos of his appearance before a congressional jobs panel this week, Peter Schiff went through all of the actions Congress, The Federal Reserve and the federal government have imposed to artificially stimulate the economy and why it has failed.
He stated that we have an economy that is based on spending borrowed money. Economies have to be based on savings, investing and production, not consumption based borrowing We are running our economy upside down by borrowing to consume. Peter Schiff makes another great case for what steps need to be taken to get the government out of the way. I wholeheartedly have been agreeing with his analysis for years and hope those who begin to follow him will take heed.