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There are no checks and balances if the gov is wrong. If a private entrepreneur makes a mistake, he goes bankrupt, the losses are cut if he bets wrong, he loses if the gov bets wrong, they just get bigger, they just appropriate more money. It's a bottomless pit, because they either get it from the tax payers or run it off a printing press.

Peter Schiff

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Peter Schiff
Age: 61
Born: 1963
Born: March 23
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Peter David Schiff
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More quotes by Peter Schiff

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The president says we need to raise the debt ceiling because America pays its bills. No if we paid our bills we wouldn't have all this debt. The reason we have to raise the debt ceiling is because we can't pay our bills and we have to borrow money because we don't have any money to pay our bills.
Peter Schiff
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It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.
Peter Schiff
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The Philadelphia Feds manufacturers report for September revealed that despite a sharp slowdown, its prices paid index surged 257 points.
Peter Schiff
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The U.S. dollar is in terminal decline. America is tragically bankrupt, unable to pay its lenders without printing the dollars to do so, and enmeshed in an economic depression. The clock is ticking until the dollar faces a crisis of confidence like every other bubble before it.
Peter Schiff
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I think there are a lot of people out there that are speculating in the stock market. They have all kinds of tech stocks or social media stocks. If you want to gamble in the stock market, I would much rather gamble on a mining stock than a social media stock.
Peter Schiff
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We are an indebted family going out for an expensive meal to celebrate getting approved foe a new credit card. It might feel good (at the time), but we're still simply delaying the inevitable.
Peter Schiff
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Of course if you happen to time the market really well, you can make more money with some of these smaller companies, but for someone with no exposure I wouldn't want to take the risk that they timed it wrong.
Peter Schiff
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Confidence by itself, unless it has a valid basis, can get us into trouble.
Peter Schiff
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All those commodities are going to have to rise in value as we are in short supply and we are printing too much money.
Peter Schiff
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The United States is like the Titanic, and I'm here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States.
Peter Schiff
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Printing money creates inflation, which weakens an economy. Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.
Peter Schiff
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Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen house, has many reasons to be disingenuous. As the world's largest debtor, the Federal Government is inflation's primary beneficiary.
Peter Schiff
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You don't drive an economy by consuming - the consumer is not the engine, the consumer is the caboose.
Peter Schiff
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We share management's vision that the recent regulatory changes, the large presence of Sprint Nextel in the 2.5 GHz band, and the near-term implementation of 4G systems make Oneida the right company in the right place at the right time.
Peter Schiff
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One day we're going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price.
Peter Schiff
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What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.
Peter Schiff
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Printing money is merely taxation in another form.
Peter Schiff
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Minimum wage laws make it illegal for a worker to accept a job that pays less, even if the worker needs that job.
Peter Schiff
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I don't want the technology of the 1950s, but I want the free market of the 1950s.
Peter Schiff
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Yes, when they're buying there are more buyers in the market and that's supportive of the price. The more buyers you have, the firmer the price is going to be. When central banks were selling it was a headwind the market had to overcome. Now it's a tailwind that central banks are joining the buyers.
Peter Schiff