Yellen: A Blind Leading The Blind

I think its going to be case of a blind leading the blind once she is confirmed as the next Fed Chairman, our Chairwoman.

I would like to see the truth come out of these confirmation hearings to discuss how completely clueless Janet Yellen was during the housing bubble. Because, the left has tried to redefine her and rewrite history and cast her as some kind of Nostradamus who was warning about the housing bubble and the financial crisis, she was just Cassandra there at the Fed and nobody listened to her. This is all nonsense. She was just as blind as everyone else. In fact she was dismissing the warnings about the housing bubble, that people like me were actually making at the time.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Bitcoins Are No Alternative To Gold

You can play the game if you want but I don`t see bitcoins as an alternative to gold. It is not a modern day gold standard. If anything, they are modern day alchimists. But you cannot make gold digitally. It`s no better than a fiat currency.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Bitcoins: A Modern Day Tulip Mania

To me it looks like a modern day tulip mania, the fact that there are people in the hard money community that have embraced bitcoin.

A bubble is a bubble. The dotcom or the real estate bubble, there is a bubble in bitcoin. I think the reason people are buying bitcoins is because the think they are going to make money. They think the price is going to go up. It will keep going up until it implodes. And a lot of people are going to lose a lot of money in bitcoins. A small amount of people will make a lot of money but it will be paid for by a much greater amount of people who lose because they come at the end of the pyramid scheme. Wether we are at the end now, or wether it is going to keep going higher for months or years, I do not know.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.