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Will Peter Schiff Become the First “Tea Party” Member of the US Senate?
Will Peter Schiff become the first “Tea Party” member of the US Senate? Peter Schiff certainly hopes so. The argumentative fund manager is trying to capture the seat vacated by outgoing Democrat Chris Dodd in the upcoming November election.
The Republicans of the last administration weren’t “real” ones, Peter insists, but Democrats running under the Republican banner, with the same old profligate, government growing, deficit spending policies.
Peter’s job is to give the American people the stiff medicine they deserve, which he admits may lead to his own undoing. He argues that the august body will need his expertise when a looming financial crisis hits that will send inflation and interest rates skyrocketing, stock and bond markets crashing, and the failure of more financial institutions. Civil unrest is coming.
Gold, commodities, and emerging market stocks will be the only place to hide out and preserve your wealth. Peter, who runs a China fund, says it is least likely to crash, as it has enormous savings with which to bolster its own economy.
He believes the next financial crisis, which will be far greater than the last, and will be triggered when emerging nations decide to quit recycling their ballooning surpluses into US Treasury bonds, and start reinvesting in their own economies.
The devaluation of the dollar will be so severe that it would shut the US off from much of the world’s production, as imports become too expensive. He believes that “100 years worth of depreciation will be compressed into just a couple of years.” In the end, you won’t be able to buy “a stick of gum” with a dollar.
Peter argues that the US government is a “cancer on the economy,” and the Fed “has managed the economy into the ground,” with couples having to work overtime to bring in the same income that a single wage earner did 30 years ago.
Although Peter’s emerging market, precious metals, and commodities based strategy took a major hit in 2008, early believers who bought in 2000 were always above water. It’s just a matter of trading greater returns for greater volatility. "The United States economy is like the Titanic, and I am here with the lifeboat trying to get people to leave the ship,” said the Senatorial candidate.
Peter obtained his degree in finance from the University of California at Berkeley in 1987. In 1996 he set up Euro-Pacific Capital, a firm that has successfully focused on investing in foreign stocks, bonds, gold, and commodities. Peter was also the economic advisor to libertarian Ron Paul’s 2008 presidential campaign. If you want to participate in Peter’s Senate campaign, you can go to his website at www.schiffforsenate.com . To listen to my complete interview with Peter Schiff on Hedge Fund Radio, please go to my website by clicking here at http://www.madhedgefundtrader.biz/Peter_Schiff_.html .
For more iconoclastic and out of consensus analysis, you can always visit me at www.madhedgefundtrader.com , where the conventional wisdom is mercilessly flailed and tortured daily.
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All you hero-worshipers are simply morons!
Look at the banner ads on the web page (at least as this is written)!!!!
On the right is Shiff for Senate! On the top is "5 Investment Ideas from Shiff!"
The guy is a shear huckster.
Don't call him a Tea Partier - save that for old white people with Uncle Sam hats and Obama=Stalin signs.
People should not be holding any investment advice he gives against him in terms of being a Senator. Bottom line is he nailed the macro issues as early as anyone did - he recognizes the problem and he recognizes the solution. Whether he is bullish on the Chinese economy is irrelevant to shrinking US govt.
he nailed the macro issues in US, not globally, but point taken, he had more general sense about US econ and was willing to say it...gives me some hope he would stand on principal in other situations..but a bit afraid he could be blind to any good in US or US govt and blind to bad in Europe and China he so loves (which, inciendtally have bigger govts than US)
No one ever got elected by telling the truth.
"Peter argues that the US government is a “cancer on the economy,”
I would argue that WallStreet is the cancer and the US government is the tumor.
Peter Schiff's Ultimate Prediction, Will he be wrong?
http://www.youtube.com/watch?v=ny5QxZBGJtY
Schiff was on BNN Canada 5 mintuts ago, it was good, typical Schiff attitude.
I know. Its really 1932, this is Germany, the brownshirts have just ended their annual Nurenberg conclave (CPAC), they're singing the Horst Wessel for a fallen hero (Joe Stack), the Reichstag is about to be filled with their members (Brown, Shiff et al) and soon we'll have the Final Solution to the unemployment problem: Starvation. We'll turn back the clock to 1860, reintroduce the gold standard, revive the Confederacy and slavery, and forget all about the fact that the candidacy of Rand Paul was just the worst sort of name exploitation. I mean, after all, the Kennedys did it, didn't they?
Go Peter Schiff!
Schiff couldn't trade his ass out of a wet paper bag. Good for him he has a second career in politics, because obviously trading is not for him. Good riddance, another snakeoil salesman gone.
i bought gold at $780 18 months ago after listening to peter schiff. i'm not complaining
Really? I have followed Mr. Schiff's advice for
quite a few years now. I'm up. Way up. And, more
informed about economics as well.
if government is a cancer, then why does he want to be a part of it. he may win. but so what? unless a majority of them think sort of like he does, we don't stand a chance. too many say yes to the blackmail money of AIPAC. he might, who knows. yes peter, government is a cancer. like old george washington said.
Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master.
does mr schiff think for one minute has candidacy and his subsecquent possible election will change anything? heck the man's own father sits in federal prison right now for daring to teach people how to not pay their taxes, God forbid.
for that matter does rand paul, son of ron paul, know that that this government is corrupt to its very core and cannot be fixed by merely electing some candidates who may or may not share the views of the disaffected out here in flyover country? now rand paul is using fund raising tactics similar to his father with the use of the "money bomb".
http://www.runrandrun.com/
needless to say, we still don't really know what happened to all of the money that was raised in the ron paul money bomb campaigns before he suddenly quit? yeh we remember. also let us not forget that ron paul is always talking about government waste, but i am here to tell you, that he is first in line on pork barrel projects for his district.
http://chip91.wordpress.com/2007/08/19/ron-pauls-personal-pork-projects/
needless to say, i find it strange that anyone would want to be associated with this government in any way shape or form these days. it is the curse of cain. it has blood on its hands. it is broken and cannot be fixed. it will never be fixed. that my friends is the state of the disunion in this time and day. make no mistake about it. the corruption runs deep and cannot be repaired. those who continue the needless quest to try and change her, are wasting their time. this is futile in my opinion. unless you are willing to face the beast and tell it what you really think and not waste time doinig it, then no amount of sneaky political behavior (such as the way ron paul conducts his discussion) will work. but who is there that would do such a thing? who is there that would say such a thing? who would sacrifice their careers for truth? who? today we need real men and real women and not those who get along just to get along. someone who says what he or she means and means what she says. such a person perhaps is debra medina. but now we see how the beast is taking care of business on her with the pincer movement of perry and hutchinson. such is life in the gulag known as the united states. joe stack was the first in a long line of martyrs in the third american revolution. what he did was in my opinion unnecessary and untimely but it was his life to give and give it he did. to me, he is a hero and shall never be forgotten. there will be a time for such methodology as used by joe stack. but for now we sit and watch the story unfold. many are watching and waiting. guns and ammo are flying off the shelves all over amerika. there are many who agree with me on this. many. so we wait. for now.
ideologue/ideology != understanding basic economics
OMG Schiff is an ideologue becuase he knows a fiat currency system of credit/debt expansion is sustainable.
Rise out of the intellectual gutter - http://www.stlmedia.net/pix/image-disagreement-hierarchy.jpg
The only real truths here are:
1) The US is going down the tubes
2) Big time civil disobedience straight ahead
This will not end well.
Position: Long pitchforks and torches
Additional Positions:
a) Boiled Rope;
b) Tar and Feathers;
c) Tumbrils;
d) Guillotines
Let's have a block party and bring above items to 85 Broad St., NYC, NY on 7/4/2010.
The only real truths here are:
1) The US is going down the tubes
2) Big time civil disobedience straight ahead
This will not end well.
Position: Long pitchforks and torches
Unfortunately neither Peter Schiff, Ron Paul or anyone else will be able to turn the boat around until the American people realize, that low taxes, low interest rates and ruinous foreign wars have created the downward self stoking debt spiral.
To reverse it there will be much economic pain and hardship that a spoiled, entitled electorate simply will not accept. Congress has been bribed by corporate interests to pursue the very policies that created the ongoing meltdown.
Good luck to all in America... I hope Canadians (I am one) can reverse these same neo-con policies in their own country... no more deficits, foreign military adventures and tax cuts... pay as you go.
Schiff is not a "fund" manager, he owns EuroPacific, a brokerage firm.
I like and support Mr. Schiff and have sent some money to his campaign. He is part of the "stop the madness" group of candidates that also includes Ron Paul's son, Rand Paul, who is running for the US Senate in KY.
Thanks MHFT, good topic. It'll be interesting to see how this plays. Nobody will have the guts to debate Schiff. They will try to destroy him from a distance. He is a bigger threat to the status quo than Paul. Good to throw some testosterone into the poodling yapfest.
I'd vote for him but I am in Texas.
I suspect his problem is going to be that his arguments are just too intellectual. I'm contemplating volunteering for his campaign myself. He's got a hard fight though.It's going to take a lot of education to break the northeastern liberals from their public school indoctrination. I know it because I was once one myself.
The man is loveably obnoxious and dead on...Send him north of the border and we'll elect him in a heartbeat.
Please..........I think Peter Schiff is great and with a few more like him in the senate real reform might have a chance, but what country are you living in? I'm also in the Great White North, and we had someone like that up here, our collective communist media, namely the CBC, Macleans and the Toronto Star would portray him as the anti-christ and Stephen Harper would look like Pierre Elliot reincarnated by comparison.
I've met Peter and talked to him briefly a couple of times. I felt he is genuinely concerned about the situation in the US and very committed to his beliefs. That makes a welcome change from politicians who know nothing more than the latest opinion poll result. I think he would be a good antidote to the sleaze and slime that Washington seems to attract these days. That said, if he did manage to get anywhere near the levers of power, he'd go down in a plane crash. He is basically kryptonite to the vested interests that run the country.
agreed, I think he is sincere and cares, and that is much improved over must folks we have representing us, however, people can also be sincerely wrong...if they are too attached to a wrong idea. I believe there are many caring and sincere people on both sides of the climate debate....
Hardly. Stuff he proposes - like the gold standard, etc. would benefit the Elites even more.
People forget history (like the actual causes of the Great Depression) though I don't blame them considering it's been practically re-written since to serve the neo-con ideology.
It always bothers me that people actually believe that gold caused the great depression. Keep living in your delusion though I guess.
unfortunately you might be right.
"Peter, who runs a China fund, says it is least likely to crash, as it has enormous savings with which to bolster its own economy."
Right, savings in the same U.S. Treasury securities you were just telling us to short in "THE TRADE OF 2010!!" yesterday, denominated in the same dollars which Schiff is convinced will go straight to zero any day now.
"Gold, commodities, and emerging market stocks will be the only place to hide out and preserve your wealth."
Actually, they will be the only places where Schiff's brokerage can make a lot of money charging its clients high commissions to put them into investments with extreme risk in a deflationary environment.
I love Schiff's politics, but his investment advice is terrible.
You are confusing investment advice with trading advice.
Schiff is obviously giving investment advice for long term positions and as such I think it's very difficult to argue that his advice is bad. In the short run, it's easy to pick apart any investment advice because trading opportunities always make investment advice look wrong - sometimes.
Gold, commodities, and emerging markets have to be the places to invest for the long term as fiat currencies are being devalued daily by the constant printing of money. We aren't seeing inflation yet because the velocity of money has tanked.
What we are actually seeing is the hiding of price deflation as governments scramble to extend and pretend. They're trying to reinflate past bubbles but will be unable to for any long period of time. This new re-inflation period will end and all that money will come spilling out chasing every real asset in the world.
This next depression will look exactly opposite of the last one in the 1930's where there were plenty of goods but no one had any money to buy anything. What we will see is that everyone is going to have tons of money but no one is going to sell you a damn thing for your paper. Schiff is right - a dollar won't buy a stick of gum just as $100,000,000,000,000 wouldn't buy a cup of coffee in Zimbabwe.
+100
"The argumentative fund manager"
LOL........You can be argumentative when your DEAD ON so often..............and for so long.
We could be so lucky to have him in the Senate.
#241324,
Schiff is a joke? What?
lol What are you talking about? Do you even know why Irwin Schiff is in prison? Why don't you do a little investigating before throwing stones.
Irwin Schiff should be treated like an American hero for standing up against our ridiculous tax system, whom even our "top" Treasury guy couldn't figure out the right way to fill out taxes.
The only thing that is a joke is the system and people like you that don't scratch beyond the surface.
Go back to sleep. American Idol is waiting for you. Everything is fine. Go back to sleep. ...zzzzzzz
+100
Will Peter Schiff become the first “Tea Party” member of the US Senate?
It sure as hell doesn't look to be Scott Brown.
what about rand paul?
I'd like to see Peter Schiff do well because I like him and his message, but the reality is he's a longshot. Schiff is not well-known, Richard Blumenthal, the leading Democrat candidate and current state attourney general, is extremely popular here, and Connecticut is a pretty liberal state to begin with (I've lived here for over 15 years, but you don't have to take my word for it - just look at how long Dodd and Lieberman have held their Senate seats).
Peter Schiff has to win the Connecticut GOP primary first, and his chances are not looking good there judging by this QU poll (done in January and found at http://www.quinnipiac.edu/x1296.xml?ReleaseID=1412). See question 2, which shows Schiff has only 4% of the vote in the primary, far trailing Rob Simmons' 37% and Linda McMahon's 27%. Furthermore, questions 3-5 pin Blumenthal against Simmons, McMahon, and Schiff, respectively, and Blumenthal wins consistently with over 60% of the vote.
Not that I am a fan either but we need people who at least try and tell the American public what is really going on instead of the constant lies, the double talk and the fake smiles.
Running up endless debts and then moving them off balance sheets into "new instruments" will eventually come to a messy end, the sovereign debt crisis globally is a prime example. You can only kick the can down the road for so long.
peter schiff and people like him are what the US needs to get out of the mess they are in.
even though he is trailing in the poll's, i believe he can win the senate seat in CT.
i love watching his interviews with 'so called' experts, he mostly completely outclasses them.
one of his best ones. http://www.youtube.com/watch?v=zM23TZxzOw8
Oh yea, just what the US needs, another hedge fund guy in Washington. Please, lets get some industrialists in office, you know the kind that create jobs!
He's got my vote. Good luck, Peter!!!
I think Scott Brown was the first. We need Peter and more libertarians in the government nonetheless.