"The Decade of EPIC Begins"
I saw that video this weekend. Peter is certainly correct here, the "deal" was a disaster. As he points out, we may be here at the currency crisis this week. Watch the USD closely.
Good article on ZeroHedge that if Ben Bernanke raised interests rates by .25% (1/4 of one percent), he would add 36 billion to the deficit and effectively erase all of work put into budget cuts.And guess what happens when QE2 ends...? Hmm.
I love how Schiff just boils it down. When a country's broke, and is printing money (monetizing debt by buying its own crappy bonds), it can either raise rates, or have raising prices. Raising rates punishes debtors.Raising prices punishes savers.Its that simple. Get gold and silver, to protect you from smiling talking head telepromting sloganeers, who smile and get your vote while they steal your savings.
His critics are right to the extent that the middle east crisis affected the oil prices as in driving them up faster than their normal cruising speed. The middle east unrest in all the oil producing countries, the high risk of inflammation of saudi arabia(30% production of world`s oil), the severe supply disruption from Lybia also contributed to driving prices higher, not to mention the built in speculation and fear trades based on these events.Schiff is right of course as the overall trend is aiming higher for all commodities in general.