American - Businessman | March 23, 1963 -
The American middle class used to be envy of the world. It was a byproduct of economic freedom. We had a very dynamic free-market economy and limited government. People were out there pursuing their own self-interest and creating employment opportunities.
Peter Schiff
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Gold has worked for thousands of years, but now with the Internet, it works even better.
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We had a very upwardly mobile economy, and that peaked around the 1950s when the typical middle-class American family consisted of a father with a job and stay-at-home mom who took care of the kids.
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That's what's really bothering me about Trump is the hypocrisy, because when Trump was a candidate, and he got elected - because, by and large, he told the truth about the phony nature of the recovery.
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The market needs to set prices, including interest rates and allocate resources. If it were up to me, we would abolish the Fed and return to the gold standard. Absent that, the Fed should be completely removed from the political sphere, its dual mandate replaced by a single mission to provide the nation with sound money.
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You don't help the economy by spending money.
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At some point, the dollar has to give. You can't just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding.
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One day we're going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price.
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Wall Street is in trouble because Main Street is broke.
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Gold actually has properties - you can use gold for all sorts of things. People value gold for the metal. Nobody values bitcoin for the bitcoin; they value it because they believe that they can exchange it for something else.
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The Fed is the biggest enemy of this economy. In fact, Ben Bernanke, as far as I'm concerned, he's public enemy No. 1. We're never going to have a recovery while this guy's in charge.
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People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.
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