Will Peter Schiff become the first ?Tea Party? member of the US Senate? Peter Schiff certainly hopes so.
The argumentative fund manager is trying to capture the seat vacated by outgoing Democrat Chris Dodd in the upcoming November election. The Republicans of the last administration weren?t ?real? ones, Peter insists, but Democrats running under the Republican banner, with the same old profligate, government growing, deficit spending policies. Peter?s job is to give the American people the stiff medicine they deserve, which he admits may lead to his own undoing.
He argues that the august body will need his expertise when a looming financial crisis hits that will send inflation and interest rates skyrocketing, stock and bond markets crashing, and the failure of more financial institutions. Civil unrest is coming. Gold and emerging market stocks will be the only place to hide out and preserve your wealth.
Peter, who runs a China fund, says it is least likely to crash, as it has enormous savings with which to bolster its own economy. He believes the next financial crisis, which will be far greater than the last, and will be triggered when emerging nations decide to quit recycling their ballooning surpluses into US Treasury bonds, and start reinvesting in their own economies. The devaluation of the dollar will be so severe that it would shut the US off from much of the world?s production, as imports become too expensive. He believes that ?100 years worth of depreciation will be compressed into just a couple of years.? In the end, you won?t be able to buy ?a stick of gum? with a dollar.
Peter argues that the US government is a ?cancer on the economy,? and? the Fed ?has managed the economy into the ground,? with couples having to work overtime to bring in the same income that a single wage earner did 30 years ago. Although Peter?s emerging market, precious metals, and commodities based strategy took a major hit in 2008, early believers who bought in 2000 were always above water. It?s just a matter of trading greater returns for greater volatility.
?The United States economy is like the Titanic, and I am here with the lifeboat trying to get people to leave the ship,? said the Senatorial candidate.
Peter obtained his degree in finance from the University of California at Berkeley in 1987. In 1996 he set up Euro-Pacific Capital, a firm that has successfully focused on investing in foreign stocks, bonds, gold, and commodities. Peter was also the economic advisor to libertarian Ron Paul?s 2008 presidential campaign. If you want to participate in Peter?s Senate campaign, you can go to his website at www.schiffforsenate.com .
To listen to my complete interview with Peter Schiff on Hedge Fund Radio, please click the ?play? arrow below.
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