Victor's Life Journal
travel log, pictures, personal finance, news and ramblings

Dr. Doom?

Peter Schiff is president of a brokerage and an American economist with a reputation for doom and gloom predictions of the US economy. His credibility comes from the fact that he predicted the dot com boom and, more recently, the housing crash.

http://www.youtube.com/watch?v=2I0QN-FYkpw

http://www.theglobeandmail.com/servlet/story/LAC.20080729.RHEINZL29/TPStory/Business

From Wikipedia:

"In his January 14, 2009 radio show, Schiff discussed moving out of cities in anticipation of rising crime rates, food shortages, fuel shortages, and rolling blackouts. He also mentioned the need for families to stock up on guns and ammunition as a part of what he expects. This quasi-survivalist stance demonstrates how serious he expects the unfolding economic downturn will be. On March 4th, 2009, Schiff predicted rising prices in weeks or months(not years)."

China's central bank governor, Zhou Xiaochuan, is pushing for the creation of a new global currency to end the US dollar's dominance. Chinese Premier Wen Jiabao said he was "concerned about the safety of our assets." China currently holds $1 trillion in U.S. Treasury securities and other government-backed notes.

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