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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (90661)11/21/2008 6:27:42 PM
From: John McCarthy4 Recommendations  Read Replies (1) of 116555
 
Peter Schiff would agree with you - and is succinct

On
*Thur - Fast Money
*Friday - Bloomberg

Said:

1 - we spend money we don't have
2 - to buy goods we don't produce
3 - the government should get out of the way and let
us collapse because thats the only road back
4 - we should have had a recession in 2001 but
GS screwed that up and therefore;
5 - this R/D is going to be really bad
6 - simultaneously the dollar will collapse and at
some pont hyper-inflation will kick in

He underlined
----------------
A - the dollar will crash
B - gold will hit $2000 in 2009

both audiences were speechless but the fast money
folks agreed he called out this melt-down in April 2007
- and he did:

the guest on Bloomberg tried to explain to Schiff
that he did "not understand" and that the banks were
like dried-up sponges and therefore as the gov't poured
printed money into them -- because of the sponge effect
no hyper-inflation would take place

- I assume the guy thinks that the rest of the world
would buy US Debt at any price and the foreigner who
use to sell us a toothbrush for 1 usd will still sell
us another one for the same price no matter how many
dollars we print

the fact that gold went up today - to me - is DIRECTLY
related to Peter's comment yesterday

the simple fact is that thru the last 3000 points on
the DOW - gold is hard-wired to $750 - so on a relative
basis its doing fine

regards
John
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