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.

The Minute They Remove The QE, We Are Back In Recession

The Fed wants to pretend that they can take away the QE yet the economy can keep recovering, it can`t. The minute they remove the QE, we are back in recession. That is why they are never going to remove it. But they have to pretend they are planning on removing it, they can`t acknowledge that is here forever because that will accelerate a dollar crisis, which is coming eventually anyway.

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

Video: Discussing Gold & Currencies With Dennis Gartman

Video Summary: discussing gold and yen markets with Dennis Gartman

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

Euphoria: The Short Term Effect Of The Monetary Stimulus

What we are seeing in the United States is not economic growth. Is the euphoria that is the short term effect of the monetary stimulus.

But when that wears off, just like any other drug, you have the hell of a hangover and the U.S. is heading right back into recession. In fact we are headed for a worse economic crisis than the one we had in 2008.  

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

We Are Not Getting Better Economic Data

I don`t think we are getting better economic data in the United States. We are spending more borrowed money but that`s not good economic data and I think the Fed is not going to taper, in fact I think the ECB just helped them out because now they are going to be able to use this as an excuse not only not to taper but to increase the monthly dosage of QE.

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

The Fastest Growing Industries Are Where Prices Are Coming Down

The fastest growing industries are where prices are coming down, not where prices are going up. Look what is happening with cell phones, computers, prices come down every year and consumers buy more because they have more purchasing power.

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

The Natural Consequence Of A Growing And Vibrant Economy

The natural consequence of a growing, vibrant economy is that prices come down because economies find more efficient ways to produce things, and the price of goods come down. That`s what happened in America from 1870 to 1930, prices were falling rather sharply every year and we had tremendous economic growth.  

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

What Europe Needs

The idea that the problem in Europe is an absence of inflation is ridiculous. If you are going to define inflation as rising consumer prices, the slower they rise, the better. If fact, if consumer prices were to fall that would be better still. So, Europe is not going to solve any economic problems by creating inflation. You will exacerbate them. What Europe needs, the same that America needs, is less government, fewer regulations, less government spending, less government debt, less social welfare programs and more free market capitalism. That is what is going to solve the problems.

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

Video: Federal Reserve, Cheap Money & Asset Bubbles

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

The Federal Reserve Is Getting Ready To Increase QE

If you go back to that Fed statement, the Fed does not mention taper, it says adjust monetary policy. Adjustment does not imply a direction. I think what the Fed is getting ready to do is increase the amount of QE, not diminish it.

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

QE Is Like A Drug

It is like a drug, QE keeps us high but if we lose the drug, we go through withdraw. We are never to have a genuine recovery until the Fed lets us have a real recession.

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

QE Is Preventing The Economy From Fundamentally Recovering

It will never get better fundamentally until they will stop QE. QE is preventing the economy from fundamentally recovering from the damage.

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

The Problem For The Market

The problem for the market is, the more the Fed succeeds in pushing up the market now with QE, the further it`s going to fall once QE stops. Because it has to end eventually, otherwise the dollar is going to collapse.

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

The Whole Rally In Stocks Is Based On QE

If the Fed begins to taper, which I do not think it`s going to do, we will be back in recession. It`s not going to be good for stocks. The whole rally is based on QE.

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

Video: Discussing Monetary Policy With Ron Insana

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

Eugene Fama Should Return The Nobel Prize

Theoretically you get the prize for excellence in economics. So if you say something that`s so bad, you theoretically should have to give it back. The Committee should be on the phone demanding that Nobel Prize right now and the returning of the money.

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

Video: Economic Incompetence Is A Prerequisite For A Nobel Prize

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

Eugene Fama`s Neutral Events

Neutral events. So, Rick Santelli asks what is going to happen when we have to unwind this massive balance sheet and his response is, it does not matter, it`s a neutral event. How can it be neutral? The Fed goes from the biggest buyer of Treasuries and mortgage backed securities to the biggest sellers. And that`s a neutral event? - from a recent exchange between Rick Santelli and recent Nobel laureate Eugene Fama 

Related trading instruments: SPDR S&P 500 Index ETF (SPY), U.S. 10-Year Treasuries

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

Video: Yellen`s Nomination

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

We Need To Glorify Profits

We need to glorify profits. Profit is the most important thing in the free market economy. We need profits. The more the better. Profits mean you are doing something right. Profits mean you are satisfying  the desires, the needs of your customers.

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

Alan Greenspan: U.S. Housing Bubble & The Berlin Wall

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

U.S. Economy: We Don`t Really Know How To Survive Right Now

Hyperinflation is going to be worse than default and restructuring, a legitimate deflationary collapse. The problem for the United States is that if we destroy the dollar`s value, and it is no longer the reserve currency, americans all of a sudden are in this shock therapy where we have to live within our means, we can only consume to the extend that we produce. Our productive capacity has been so diminished over the years, we don`t really know how to survive right now. We don`t have the factories, they are gone. we don`t have the skilled and trained workforce.

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

An Economy That Lives By QE, Dies by QE

The Federal Reserve is saying that is only going to take away the punch bowl if the party keeps going. But the party is going to stop if it takes away the punch bowl. That is the predicament that is in. An economy that lives by QE, dies by QE.

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

The Federal Reserve Can` t Remove The QE

It can`t remove the QE without removing the recovery and putting the economy back into a worse recession than before the Fed begun this experiment.

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

The Federal Reserve Will Up The Dosage

The Federal Reserve is going to do the opposite of tapering. They are going to up the dosage.

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

Video: The Federal Reserve Will Do The Opposite Of Tapering

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

It`s Not The Debt Ceiling, It`s The Lending Ceiling

As long as the world is lending we are going to keep borrowing. So it`s not the debt ceiling, we will always raise that. It`s the lending ceiling, the eventual collapse is going to be imposed upon us from abroad. When the world does not want to buy our bonds anymore, then the dollar is going to crash. We are going to have a dollar crisis, we are going to have a sovereign debt crisis and the party will come to an end.

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

U.S. Politicians Will Never Do The Right Thing Until They Are Forced To

I believe that is going to have to come from abroad. It`s going to have to be the pressure brought about by our creditors. U.S. politicians will never do the right thing until they are forced to. Why should they ever cut government spending if the world is willing to continue to buy our bonds?

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

The World Is Sustaining America`s Artificial Lifestyle

We trade the world their valuable goods for the money that the Federal Reserve prints. And the only way we can continue to sustain this artificial lifestyle is as long as the world is willing to support it. The world has to be willing to loan us money but never expect to get paid back.

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

Yellen Was The Worst Choice

The reason I was so confident that the President would choose Yellen was because I believed of all the candidates in serious consideration, Yellen was by far the worst  choice. And I was very confident that President Obama would make the worst choice.

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

Video: Yellen, The Truth Behind The Myth

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

America Imports Valuable Consumer Goods And Exports Debt

We don`t have a balanced trading relationship. America imports all sorts of goods, valuable consumer goods and resources and we export debt, we export paper, inflation.

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

The U.S. Economy Has Lost Ability To Produce

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

The Federal Reserve Has No Exit Strategy

A) the Fed has no exit strategy and is more likely to expand its QE program than diminish it,
B) the U.S. economy is stuck in below-trend growth and possibly headed for another recession
C) America's refusal to deal with its fiscal problems will undermine international faith in the dollar;

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

As Long As The World Keeps Loaning Us Money, We Won’t Default

When creditors decide to not play the game, how do we pay back bond holders? Where do we get money to pay them back? We’re saying to the world, “As long as the world keeps loaning us money, we won’t default.”

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

Obama Does Not Believe In Free Market Principles

President Obama is just as clueless. He is a marxist, basically. He does not even believe in free market principles even though he is supposedly the leader of a market based economy.

Schiff On Devil`s Advocate

Related topics: Barack Obama, George Bush, U.S. Economy, 2008 Crash, Housing Bubble

We Are In A Major Historical Gold Bull Market

When Goldman came out with that bogus call saying gold will head down after a deal, I criticized it immediately because the crisis for gold was not that they would raise the debt ceiling, but that they would not. What is bullish for gold is raising the debt ceiling because that means we get more government, we get more debt, and we get more inflation. That's bullish for gold.

U.S. Debt: As Long As The World Keeps Loaning Us Money, We Will Not Default

When creditors decide to not play the game, how do we pay back bond holders? Where do we get money to pay them back? We’re saying to the world, “As long as the world keeps loaning us money, we won’t default.”

Gold Is Used In Industry As Well

Gold is used in industry as well, just not as much as silver. Gold is used in a number of cellphones, albeit a tiny amount, as well as dentistry and also gold is used as jewelry. While jewelry is not money, people still adorn themselves with gold, and they will continue to do that even if gold is $5,000 an ounce.

Long Term Thinking Is Very Difficult For Politicians To Consider

So even though a reduction in government borrowing and spending does help the economy, it won't feel very helpful tomorrow. The more we borrow and spend today, the more we will suffer tomorrow when the bills come due. Ironically, cutting government spending now helps the economy by allowing the economic adjustment to happen sooner rather than later. But this type of long-term thinking is very difficult for politicians to consider.

Gold & Silver Are Heading To New Highs

Despite any efforts by Wall Street or the government to suppress these prices, if that were the case, the market will ultimately win as it always does. As a result, I believe gold and silver are heading to new highs - not only nominal highs, but I believe new highs adjusted for government measures of inflation.

The Federal Reserve Does Not Want Gold To Go Up

I certainly think the central bankers would prefer not to see silver and gold go up because it really is a thumbs down to their monetary policy, calling into question what they are doing. So there are certainly a lot of reasons for the Federal Reserve and Wall Street to want the price of gold and silver to go down.

The Debt Has Been Growing 4 Times Higher Than The Growth

U.S. GDP is measured at roughly $15 trillion per year. 2% growth means that each year the GDP is approximately $300 billion larger than the prior year. But in the less than five years since Obama took office, the federal government has added, on average, about $1.3 trillion per year in new debt, a pace that is four times higher than the growth.

Video: The Schiff Report (Gold, Yellen, Debt Ceiling)

Topics discussed: debt ceiling, Janet Yellen, gold market outlook;