Tuesday, December 1, 2009

It's Costing the World a Fortune

Yesterday, I posted a video of Peter Schiff lambasting Ben Bernanke for never getting anything right. In and of itself, this is nothing new. What made it fun, however, was the fact that he was part of a panel discussion with St. Louis Fed President James Bullard and Fed Vice Chair Alan Blinder, who both attempted, quite weakly, to defend Bernanke.

Today, a new clip from the same roundtable, as Schiff gets technical and dismantles Bullard's weak sauce theory that other countries will for some unknown reason return to the dollar during times of crisis. Schiff also goes on to make a strong bet with Blinder on the continued reserve status of the US Dollar. As prescient as the man is, his forecast is nonetheless chilling.

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