Peter Schiff discusses the market trends for June 22, 2009. The proxy bail out of Goldman Sachs, George Bush’s comments about the economy and Obama policy, and FINRA
The 2009 Henry Hazlitt Memorial Lecture, presented by Peter Schiff. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 13 March 2009.
The current account deficit:
Americans are living beyond their means and Asia is currently financing that. But eventually the Asians/Europeans will stop financing the USA and then the bubble will burst.
This is the famous youtube video that catapulted Peter into the spotlight and finally vindicated him after years of marginalization and ridicule on mainstream media. With almost 1.5 million views and almost 6,000 positive ratings the video is going strong and getting stronger. These particular clips in this video are a set of clips of Peter Schiff from 2006 and 2007. Peter goes up against Art Lafer, Steve Leisman, Ben Stein, Charles Payne and other propaganda pushers, and comes out on top.
According to a various reports coming out of Italy, Italian police captured two unidentified Japanese men trying to illegally cross the border from Italy into Switzerland-carrying $134.5 billion dollars in US government bonds in a false-bottomed briefcase.
This news story is making headlines across Europe and Asia, yet I haven’t herd a peep from the mainstream media in the United States about this incident.
Coincidentally, last Friday morning, Treasuries rallied as the Japanese Minister of Finance Kaoru Yosano went on the public record to say that his faith in US Treasuries and America’s ‘strong dollar policy’ was ‘unshakeable’.
The complete details can be found in the bloomber news article.
The evidence as of this writing strongly suggests that a major Central Bank, most likely the Japanese, attempted to liquidate $134.5 billion dollars in US government debt on the black market, at what would have to be a deep discount. The ‘Italian Incident’ is perhaps the biggest news story never to hit the front page.