i said this in 1999/2000 about depression stuff. Metals and in 2001 gold was $250/$260 ppo. then 911 happened. Mining Peter Schiff: U.S. Is in a Depression
By Alix Steel 06/26/10 - 09:24 AM EDT 2 CommentsLoading Comments... Add CommentStock quotes in this article: BP , GLD , SGOL , IAU , SLV , SIVR , CYB
NEW YORK (TheStreet ) -- Peter Schiff, president of Euro Pacific Capital, Senate contender and author of How an Economy Grows and Why It Crashes, is sticking with his doom and gloom theme.
Schiff made his reputation in 2005 when he warned against the impending subprime mortgage crisis at a time when most investors were heavily invested in mortgage backed securities. Despite some improving economic data out of the U.S. and a stronger U.S. dollar, Schiff is no less pessimistic. Schiff has recently said that the U.S. is the next Greece and that we are in a depression. I sat down with him recently to see just how bad he thinks the U.S. economy will get, what's in store for other countries and how he's making money. Peter, let's start with the headline of the day then. China letting the yuan appreciate, is this good or bad? Tech Keeps Ticking After Yuan Move
Schiff : Well, it's good for China. For the U.S. it's going to lead to a rude awakening. For now, it's going to be a slow appreciation so it will take a little while before the impact of a stronger RMB affects the U.S. But it will affect us in the short run in a very negative way ... because if the Chinese are going to allow their currency to rise, they don't have to buy as many [U.S.] dollars, they don't have to buy as many Treasuries. They don't have to export as much to us because their own consumers have the purchasing power to purchase their own products. So what that means over here in America is that American consumers are going to have to pay higher prices to buy Chinese goods and ... the Treasury [will] have to pay more money if they want to go out and borrow. [This will lead to] higher interest rates so that's going to ultimately disrupt the phony recovery that people think we have going here. Schiff: Stronger Yuan Is Bad For U.S.
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