For anyone who hasn’t watched this interview they really should. I posted a thread on the subject not long back and I was mighty impressed with Schiff’s prediction based on fundamental economic realities.
US Fed Chairman has finally admitted he got it all wrong:
November 24, 2008 – 8:53AM
US Federal Reserve chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market’s collapse.
”I and others were mistaken early on in saying that the subprime crisis would be contained,” Bernanke says in an article in the December 1 issue of The New Yorker magazine.
”The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict,” he said in the piece titled ”Anatomy of a Meltdown.’
Peter Schiff, however, is incredibly insightful but nobody wanted to listen His warning in 2006: “This is not just a financial crisis for the US its an major economic collapse”. Take time to watch this relatively short clip and you’ll see why this guy is so impressive.
Peter Schiff – Fast Money Interview
The warning reminds me of a recent post Australians going broke in record numbers
The question now is, how will we fare?
Filed under: Australian Economy |