Peter Schiff… Correct Before It Was Cool

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Tim Swanson points out a great YouTube with clips of Peter Schiff prophesying rightly in 2006-7. It is amazing to see people literally laughing at him as he foretells the recession we are now living through.

Here is a portion I transcribed from a CNBC appearance on August 28, 2006:

It’s not wealth that’s increased in the last few years. We haven’t increased our productive capacity. All that’s increased is the paper values of our stocks and real estate. But that’s not real wealth… When you see the stock market come down and the real estate bubble burst all that phony wealth is gonna evaporate and all that’s going to be left is all the debt we’ve accumulated to foreigners.

2:36 pm on November 13, 2008