Peter Schiff joined us today. His article today berates the Fed for their goal of achieving to 2 percent annual inflation. Since when did inflation or the loss of purchasing power become a laudable goal? Deflation or the increase in the dollar’s purchasing power is what the Fed should be aiming for. When productivity goes up so does the standard of living. On bitcoin Peter believes that it won’t end well. He’s sees no inherent value in the crypto-currency. Now that its value has been going down, Peter thinks that the public’s appetite for the currency will diminish and as will its value.
Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as “Doctor Doom” because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called “Crash Proof” and a follow-on called “The Little Book of Bull Moves in Bear Markets”. He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.