Wall Street Hell – Is Peter Schiff our Angel?

How low will it go? The LA Times reports today that the major stock indexes hit new lows, and the New York Times reports that Asian markets are lower in response to the carnage on Wall street. Even the venerable Goldman Sachs today dropped below it’s IPO price, erasing 10 years of gains, says Bloomberg.  The Wall Street Journal reports that 81% of investors with over $1M are verbally abusing wealth advisors before firing them for giving bad advice.  It’s gotten so bad that brokerages are bringing in clinical psychologists to help advisors cope with the trauma of verbal abuse and job stress.

Is there a financial leader who has been consistently giving good advice, and currently has happy clients, engaged employees and even job openings?  It appears that the CEO of Euro Pacific Capital, Peter Schiff, is just such a leader.  Accused of being a “permabear” by his detractors, he has successfully called the current depression, and has all of his clients in non-US equities and gold that doesn’t loose it’s value as the Federal Reserve prints money.  He’s been recommending to his clients to move US dollars into different assets unrelated to the US economy for 10 years.  Consider this series of forecasts by Schieff back in 2006-2007, where he was frank, contrarian and accurate:

Clearly he was right about the current recession.  He led his clients out of dollars and US stocks and bonds, and they’re wealthier for it today.  Do you think he’s right that this is a long-term, multi-year recession?  If he was effective at leading his investors out of US markets in the past, do you think he’ll be able to help his clients preserve and grow wealth in the future?  The Scientific Leader has decided to follow Peter’s lead, and shift most of my investments to his brokerage.  Who else is with me?

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