Peter Schiff; “Find Out What the Chinese are Gonna Buy and Buy it First”
Posted on | October 6, 2009 | 1 Comment
On CNBC’s Fast Money Wednesday, October 5th, Peter Schiff made the statement, “If you want to make money as an investor find out what the Chinese are gonna buy and buy it first. There are going to buy a lot of commodities and are going to start living a higher standard of living. Sell Wal-Mart because Wal-Mart is not going to be able to import all these cheap goods from China anymore. Pretty soon Wal-Mart is going to be like going into Saks Fifth Avenue.”
Peter owns Potash (POT) and Syngenta (SYT) and is bullish on the fertilizer and agriculture industry going forward due to the influence of the Chinese. The US economy is in great trouble because of the stimulus and bailout and you cannot be fooled by rising stock prices. The dollar that we use to measure our stock prices is losing value. It is not stocks going up its the dollar going down.
Peter continues to remain bearish on the US economy and US stock market as a whole as he feels there will be no recovery with no letter to describe it. There is a lot of inflation and that is why the market is rising. What the United States is doing is spending more cheap money because of the Fed. We are going deeper into debt to buy more stuff we can’t afford. Look at the debt we are getting ourselves into as we dig the hole deeper.
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Author: Jeremy North
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October 7th, 2009 @ 7:24 pm
I hope Schiff wins the senate seat in CT 2010, we need more people that are firmly against bailouts in government.