Beer Steak Bullshit

Peter Schiff is the president of Euro Pacific Capital and financial advisor to Ron Paul – former Republican presidential candidate and who seemed as the only decent option for president Americans had. In this interview, Peter Schiff suggests that $700 billion government rescue bail out will do more harm than good, ultimately sending US dollar into a free fall, harming American purchasing power.

According to Peter Schiff, the proposed bail out bill would sell Americans souls to the devil. He blames government for bringing America into this mess by lowering interest rates down to an unreasonable level. Peter Schiff foresees that much bigger problems are going to hit America, problems that will no longer be related solely to housing market, but will affect entire economy. He downright says that US economy will be destroyed and advices everyone to get rid of American dollars and US assets period - while you can and as fast as you can. Actually, he says that the government has already destroyed the US economy.

The host of the show was rather obnoxious and incompetent jumping in with his irritating voice and unrelated remarks, but overall the information provided by Peter Schiff delivered on its premise. It may sound like a doomsday prophecy, and as non expert on economy I have very little to add to what he said, but Peter Schiff does have my respect because he was financial advisor to Ron Paul so he must know what he’s saying. I’ve got some US dollars in my US account. I’m tempted to go and exchange it all… But if I do, I’m gonna just spend it on weed and booze. Can’t win one way or another.

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