Monday, November 24, 2008

Peter Schiff

CNBC's "Fast Money" is really annoying, filled with loud and fast talking clowns, and I never watch it; but I see clips from it on news talk shows from time to time, and this one is a bit worth watching. It's rather frightening, and I hope that he is wrong as to degree, but I think he is right as to the nature of our economy.

I have long argued that an economy based on consumption, based on importing consumer goods and paying for them with money that we have borrowed from the same nations who exported the goods to us is unsustainable. Despite my lack of expertise, I may have been right. At least this guy thinks I am.

At about 3 minutes into the clip: "We have to pay for what we import." And, "We manufactured our way into becoming the wealthiest nation in the world, and now we've squandered it on consumption."

I love the part where the CNBC guy says other nations' money is no good because "they're Commies."

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