Folks this is not kudos for Obama – as opposed to many people’s rosy image of FDR (many people who have never read anything about FDR or government policies at that time), Peter Schiff uses the Hoover/Roosevelt policy decision to explain how Bush’s interference in the free market, and Obama’s criticism of and then copying of the SAME policies of interference, will send us down the river:
Schiff explains in this video that just like Bush and Obama, Hoover “refused to allow the market to function…we had a bubble that was a result of easy money policies…instead of allowing the market to correct he was very interventionist…Roosevelt came in…initially critical but then he did the same thing…with the New Deal…and the worst part of the economy was in Roosevelt’s term.”
Schiff further explains that this depression will be worse because as opposed to the 1930’s when prices fell, we will have “hyperinflation” in addition to depression. Backing up his words with action, you will find Schiff’s firm, Euro Pacific Capital, has extensive investments in global (not US) assets and other inflation-protection investments.
We may be in for scary times ahead…