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Peter Schiff Explains Why No One Should Have Been Surprised By The Financial Meltdown

By: Steve Johnson

3/19/2009 - 19 Comments

The global financial meltdown is still a mystery to most governments and economists around the world, yet Peter Schiff saw it coming for nearly a decade.

The following video is over an hour long, as Peter gives an overview of the financial meltdown and how it started decades ago

Peter gives the best explanation of how the influence of the Federal Reserve is behind the bubbles, starting with the dot-com bubble to the housing bubble and now the Treasury bubble.

Peter tells about how we have borrowed more money than we will ever be able to pay back and the rest of the world is starting to realize that there is no way they are going to get their money back.

Government Expansion by Crisis

Peter explains how the Obama administration is not even trying to save the economy.  They are simply taking advantage of the crisis and spending their political capital (with congress behind them) to take complete control of the economy and build the largest government structure in history, while destroying value of the dollar and the future of our economy in the process. 

Bush's foreign policy damaged US relationship with many nations and now Obama is destroying the US economy. The world is soon going to cut us off and suddenly the US is no longer going to be an economic superpower. 

When Reagan came to office in the 70's, he saved the economy by cutting government spending, on the notion that government was the problem.  Now we have Obama with the exact opposite strategy, expanding government and spending like crazy, with the notion that government is the solution. This is why I questioned just how safe it was to elect Obama back in July of 08.

The Real Crisis Is Yet to Come

The entire financial system, supported by the political engine, is completely phony.  The entire economy is based on borrowing and spending, instead of savings and production.  It is impossible to create a prosperous economy based on spending other people’s money. 

There is only ONE way to create wealth and that is through savings and production, which increases productivity and builds true value. 

The government needs to fess up and tell the truth. They created the bubbles. They caused the financial meltdown.  Then they need to reverse course, raise interest rates, cut spending and pay off the debts.  If we don’t, the world will soon stop lending us money. 

The world is soon going to stop buying Treasury bonds and the Fed will have to step in and print the money to buy our Treasury bonds. That will lead to a currency crisis, as everyone around the world tries to sell dollars at the same time.  The dollar will sink and the real crisis will begin.

Here is the video:

The very next day after this speech (which was yesterday), Fed Reserve Chairman Ben Bernanke said the Fed was going to add another $1 trillion dollars to the financial system and use $300 billion to buy up long term Treasury bonds in an effort to keep interest rates low to help the housing market - just as Peter said they would.

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The Case Against the Fed

This book, written by Murray Rothbard, an economist and historian of fairly well known repute, is a scathing attack on not only the Federal Reserve, but the interests that created this institution. Rothbard explains how the Federal Reserve is the true source in the destruction of wealth, which has led to the destruction of the middle class and continues to sift money into the hands of the wealthiest.

The Hyperinflation Survival Guide: Strategies for American Businesses

The Hyperinflation Survival Guide offers strategies for business managers to keep their enterprise afloat in the midst of runaway inflation. Within this succinct little book are a plethora of sensible business strategies for American businesses. If businesses are to survive they must effectively counter and minimize the ill effects of rampant inflation and/or hyperinflation. The utmost prudence is required in managing accounts receivable, inventory, and production at such a time. A sudden inflationary economic downturn may very well bring a business to its knees leading to insolvency.

Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse

In discussions of today's economic meltdown and what to do about it, the Federal Reserve is a stealth helicopter: it never shows up on the radar. With the exception of a few esoteric specialists and those Ron Paul Revolutionaries who burst into chants of "Abolish the Fed!" Historian Thomas Woods notes in this important book, the Federal Reserve bears a large part of the blame for the mess we're in. In the first part of "Meltdown," Woods shows how both in theory and in practice, Fed policy fueled an artificial boom and is now leading us to a much larger meltdown.

Crash Proof

Peter Schiff has predicted the economic hardship more accurately then any other economist in the world in this book. Everything from the housing crash to the credit crunch to the stock market. Peter has a plan to help you servive the crash. Peter explains why the Wall Street investment firms are still trying to sell you stocks, and was the house prices are likely to continue to decline for years to come.