Free market guru Peter Schiff debates Doug Henwood of Left Business Observer on causes and solutions
Doug Henwood is the editor and publisher of Left Business Observer, a contributing editor of The Nation, and hosts a radio weekly program called “Behind the News” on WBAI in New York. His most recent book, published in 2003, is called After the New Economy. He is now working on a new book about today’s American ruling class.
Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital, a full service registered broker dealer, specializing in foreign securities. Mr. Schiff is the author of four bestselling books, including his latest: “How an Economy Grows and Why It Crashes”, and “Crash Proof: How to Profit from the Coming Economic Collapse”, published in 2009.
Rockstar Economist Peter Schiff tells RT’s Marina Portnaya that Lehman Brothers failure was a success not a failure. He says Americans will face increasing unemployment, inflation, and possible bread-lines if government backed bail-outs continue.
I appeared on CNBC to discuss relevations that the Bush Treasury Department is redacting sections of government-corporate contracts that detail how much taxpayer cash private firms are receiving as part of the Wall Street bailout.
He’s one of the doomsayers having a day in the sun as the US stock market plummets. A regular on the business shows, Schiff is shouting from the rooftops that this is the beginning of the end for the US economy.
The disturbing thing is he’s been right so far, making his clients at his Connecticut-based brokerage firm Euro Pacific Capital wealthy by having predicted years ago that the US dollar would start falling and tipping them into euro-denominated assets.
Among his predictions: a housing-led slump, even depression, with at least a 20 per cent US economic contraction. He says the US dollar will lose half its value.
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