Peter Schiff is right

Highly recommended:
- "104. Peter Schiff: Why Was Anyone Surprised By the Crash?", Peter Schiff on the LewRockwell.com podcast.

Schiff, Bastiat-style

Obama Puts the Economic Cart Before the Horse by Peter Schiff:

The mere introduction of paper money into this economy only increases the ability of the butcher, baker, and candlestick maker to bid up prices (measured in money, not trade goods) once goods are actually produced again. The only way to restore actual prosperity is to repair the destroyed equipment and start producing again.

The sad truth is that the productive capacity of the American economy is now largely in tatters. Our industrial economy has been replaced by a reliance on health care, financial services and government spending. Introducing freer-flowing credit and more printed money into such a system will do nothing except spark inflation. We need to get back to the basics of production. It won’t be easy, but it will work.

Analogies

Via Taki's Mag, Peter Schiff Analogies:

Peter Schiff telling the truth

Peter Schiff in the Lew Rockwell show

Peter Schiff Was Right

Peter Schiff Was Right

Gene Callahan:

Here we see a series of “esteemed” commentators, including Arthur Laffer and Ben Stein, basically laughing in Peter Schiff’s face even while he calls the coming downturn very accurately. The best moment may be Ben Stein insisting that Merrill Lynch was being “given away” at $76. (The stock today is at $14.)

something far worse

Helicopter Ben Earns His Wings by Peter Schiff (21 de Setembro de 2007):

Those who believe the Fed should reduce interest rates to ward off a recession or stabilize home prices simply do not understand the situation. More credit is not the solution: it is part of the problem. Our economy is on the brink of disaster because irresponsible Fed policy encouraged Americans to borrow and spend too much and created an unprecedented national real estate bubble. The last thing the Fed should do is entice Americans to borrow more money they cannot repay, buy more imported products they cannot afford, and attempt to blow more air into the deflating real estate bubble.

Bernanke’s attempt to circumvent the free market forces that are bringing on a long overdo recession (which is necessary to purge our economy of unsustainable imbalances) will lead to an even greater disaster. Make no mistake about it; had the Fed done nothing, or raised rates as I would have preferred, the economy would have clearly tipped toward a severe recession. However, by “coming to the rescue” with rate cuts, the Fed assures us that we will experience something far worse.

Schiff on Moral Hazard

"Just stop paying your mortgage":

If you are a mortgage holder who is either struggling with crushing
payments, bitter for having overpaid for your home during the bubble, or who
has extravagantly refinanced when prices were rising, the government's
landmark $700 billion bailout package has an important message for you: stop
making your mortgage payments . . . immediately. Furthermore, if you believe
that with some planning and sacrifice you may be able to meet your mortgage
obligations, the government's message is clear: relax, don't bother.