A widely-viewed YouTube of Peter Schiff, the president of brokerage firm Euro Pacific Capital, has been making noise this week. Schiff had been predicting the real estate meltdown and credit crunch in the U.S. since 2006, long before anyone else understood the problems that were threatening the U.S. economy.
Schiff was finally vindicated when a YouTube of his multiple TV appearance on CNBC, Fox News, Bloomberg TV and other major U.S. networks, started gaining in popularity this week. In it, Schiff is seen debating with so-called experts, including Arthur Laffer of Laffer Investments, who were bullish on the stock market and the economy.
Trouble is, these "experts" didn't have the understanding of economics that Schiff
has. The bearish Schiff was right on most of his predictions, including the housing meltdown, the liquidity problem and the recession (which he said would actually be a depression). And he had the guts to go on national TV to debate with arrogant analysts who belittlingly dismissed his arguments without even trying to understand what he was explaining.
So, what is Schiff predicting will happen next? He sees Asia as the next place for growth and says the Asian market will experience a tremendous boom. While this shouldn't come as a shocker, his reasons may surprise some. Schiff says that Asia's strong manufacturing sector and its ability to produce goods is its major strength. Schiff also sees the U.S. dollar, which has been gaining against 15 major currencies in the last few months, become weaker again and "fall like a stone." The Chinese Yuan is the only currency that has been gaining against the dollar as of late.
<a href="http://technorati.com/claim/cjejms2tuq" rel="me">Technorati Profile</a>