Originally Posted by enterthemadness
Peter 'Smart' Schiff: We heading towards new crisis.
Someone needs to spin it or say it: Dear 20 soemthings still living at home...get used to it. Sincerely, Washington D.C.
I've been following Peter Schiff for more than three years now and I think he is overly bullish on gold. His 'street-cred' has skyrocketed because a lot of the stuff he says makes sense to the layman (which is good), but it is also often oversimplified (which is bad). Gold standard proponents make some very good points, but they always (oh so conveniently) forget to mention in their pitches that it simply can't be reinstated without a massive restructuring and overhaul of the global financial system. Otherwise, you are going to end up with many of the same problems that forced industrialised nations to abandon it in the first place.
As for heading towards a new crisis, it has pretty much become like a lottery now. Just take a look at any country with an overleveraged economy and/or a super-bloated banking/financial sector and then go place your bets.