MARKET MELTDOWN APPROACHES. GET OUT OF THE DOLLAR SAID PETER SCHIFF

MARKET MELTDOWN APPROACHES. GET OUT OF THE DOLLAR SAID PETER SCHIFF

Peter Schiff calls fed chair Ben Bernanke a liar

http://www.youtube.com/watch?v=KIgGix2jmSw&feature=player_embedded

WATCH ALSO:
http://www.youtube.com/watch?v=dNyrYwZrZ8I&NR=1

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ANOTHER VERSION THE BEST!!

BERNANKE EASY MONEY: TO BE CONTINUED

http://finance.yahoo.com/blogs/breakout/bernanke-lying-bet-against-fed-dollar-peter-schiff-152631496.html

GDP is falling, unemployment is rising, inflation is up and the dollar is down -- and Ben Bernanke is talking his way through it in a way that history has not previously allowed.

Longtime Fed critic and financial doomsayer Peter Schiff is known for a lot of things, but one thing he's not known for is mincing words. And when the CEO of Euro Pacific Capital appeared on Breakout this morning, he didn't disappoint as he launched into a caustic critique of our capital markets and all dollar-denominated investments.

In a rant that was eerily similar to one I posted yesterday on Twitter, Schiff went right for the jugular.Noting that a Bloomberg article called Wednesday's Bernanke press conference a "success," Schiff said that, "As the Fed chairman spoke, the dollar was getting crushed, gold surged to a new high. How do you call that a success? That's like saying the Titanic had a successful crossing just because some passengers happened to make it to New York."

"[Bernanke is] lying," Schiff continued. "The more the Fed insists that inflation is transitory, the more its reputation becomes transitory."

So when King Macke anointed Schiff the new head of the Fed and pressed for him for an action plan, he offered a three-pronged reply: Admit mistakes made in the past, raise rates and stop buying U.S. Treasurys.

"If the Federal Reserve simply had some discipline and raised interest rates," Schiff said, "that would force Congress to cut spending because they'd have no way to cut these bonds."

So how do you put your money to work in this environment?

"My investment strategy is based on the Fed continuously doing the wrong thing," Schiff said. "What you have to do is avoid U.S.-dollar denominated investments. People need to own precious metals like gold and silver, they need to own commodities, they need to own foreign bonds, foreign stocks."

By now, Schiff-watchers are well-acquainted with his anthem mortis, but for those who are unfamiliar with his outlook and philosophy, you're in for an ear-scorching diatribe of doom.

Let us know what you think. Write to us at Breakoutcrew@yahoo.com, or comment below.

EURO PACIFIC
ww.europacnet