This may explain some of the confusion here

[exactaplayer]

This may explain some of the economic confusion here. Pay attention to how the commentators are disagreeing with Peter Schiff and their predictions.

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[PaceAdvantage]

I wonder what those guys who were laughing at Shiff are doing now?

[racko]

I think I'm going to buy his book. I've heard him many times before and he seems to be right-on.

[RobinFromIreland]

Schiff, like Ron Paul, is a student of the Austrian School of economics. Ludwig von Mises, Hayek and Rothbard are the man authors and thinkers in this area.

They all share the view that the Gold Standard should return, and Schiff believes that gold will be trading at many multiples of its current price in the near future.

With so much U.S. debt being held by Mid-East and Chinese creditors, and with the Treasury bailout further deepening the budget deficit (which will surely result in further weakening of the dollar and/or government bond yields), it's not inconceivable that these nations will dump their dollar-denominated holdings and convert to gold.

China has only a fraction of the gold reserves that the U.S has. If they decide to convert maybe US$90 billion to gold, the dollar will probably freefall.

[sally]

Man, I think that video was a real eye-opener!! Some of those guys have to feel like total idiots-- especially that Ben Stein fellow...wish I'd paid attention back then-- oh well.... but I'm definitely going to look up Schiff's book...

[lamboguy]

this guy shiff got this whole deal right. the financial institutions are croaking us, we should just let them all die and leave us alone already. we could come back as a stronger country in the long run if we just let them go.

[LottaKash]

this guy shiff got this whole deal right. the financial institutions are croaking us, we should just let them all die and leave us alone already. we could come back as a stronger country in the long run if we just let them go.

Sorry to say, it is too late for that now......We are stuck with this insanity....

best,