Peter Schiff: Coming Decade is the Decade from Hell
Investment tips from Peter Schiff. If you are not familiar with Peter Schiff, he used to be called Dr Doom because of his gloomy predictions of bank failures, recessions and housing bubbles in 2006. He was once scoffed out, now he is seen as the one who got it right. The bad thing is that he thinks that the mess is not anywhere near over. We will move from a housing and unemployment crisis in 2009 to a debt and currency crisis in 2011 or 2012.
This last decade has not been the decade from hell. The last decade was the decade of sin. The coming decade will be the decade from hell.He lays the problem of the current crisis at Richard Nixon's feet. Bretton Woods. Bretton Woods changed the US dollar from being a currency backed by gold (think Fort Knox), to one backed by the full faith and credit of the US Federal Reserve, which means that we can print money out of thin air.
Investment Ideas for those with currency:
- Sell all US retail or financial.
- Be 100% invested in companies that export or foreign stocks which get little or no revenues from the US.
- Commodities will continue to overperform.