I know no one is really interested in the economy right now, but I thought this would be a worth while post anyway.Peter Schiff is burning up the economic talk show circuit and for once is being treated with the respect he deserves. Check out this quick montage of how he was treated before the economy tanked.
Mark 6:4 comes to mind:
But Jesus said unto them, A prophet is not without honor, but in his own country, and among his own kin, and in his own house.
In Mr. Shiff’s case we might add, those in his own industry. But who’s laughing now? This clip from Bloomberg, is a great vindication of Peter Schiff, and more importantly of the Austrian Economic Theory. It’s just under 20 minutes long, but a worthwhile investment if you are looking for a sound analysis of where we are.
I can’t say that I agree with his long term investment advice, but then again who has any money left for long term investments. Seriously, the principle is sound. He makes the case that Asia has production capacity and as such will be a good long term investment. That is the elephant in the room very few people, other than Ron Paul and Peter Schiff, are speaking of as we discuss America’s problems. We no longer produce anything in America but paper. Either paper money, or paper plans for items that will be built overseas.
My advice would be to learn to produce something. Think about the different times in history when economies and nations have failed. I don’t recall investing in a foreign country being the answer for a bad economic situation at home. Production of goods is always a way to build wealth. Production of food, shelter, and clothing is an even safer bet. I’ll share the top Vaughnshire investments for the last quarter in a separate post to give you an idea of where we think the nation is headed.
Lastly, Peter Schiff was Ron Paul’s economic advisor in his run for the presidency. I don’t suspect he needed the advice from Mr. Schiff, as Representative Paul has been standing as the lone voice in congress for decades. In this short Fox News clip Ron Paul baffles the talking heads with sound economic principles.