Peter Schiff on Breakfast, Radio National Australian Broadcasting Corporation, 25 Feb 2009

Part of writing a blog is recording for myself events and issues. I include this interview of Peter Schiff of Europacific Capital because of his large following. If you have been following Peter Schiff there will be little that you have not already heard.

Peter Schiff

Peter Schiff

In summary Peter says that the USA debt burden is too high, argues for the efficient allocation of capital by allowing creative destruction (taking the pain quickly and massively, and shift from consumption and debt to saving and production. He mentions that there is a global cost to the USA continuing to consume.

To listen (quality may vary) or search Radio National at abc.net.au or check Europacific Capital as Peter normally captures everything for the record.

To download for better quality sound.
Peter Schiff, Breakfast

The implications for Australia is that our national paradigm is based on a strong USA with a growing economy. We rely on this to shape our financial policy, our foreign policy, our trade policy and our defence policy. To argue that we need to make major changes is a bit like trying to argue the theory of Evolution before the Pope at the time of the Reformation.

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