Tuesday, October 28, 2008

Peter Schiff, Rick Santelli Talk U.S. Dollar, Gold, and Future Dollar Recycling (10/23 - CNBC)

Peter Schiff of Euro Pacific Capital and Rick Santelli of CNBC via the Chicago Board of Trade talk about the U.S. Dollar, Gold, and the future of Dollar recycling that is currently funding our deficits. This CNBC clip was on 10/23/2008. Here are a few quotes by Rick Santelli.

"Peter's on to something that I really agree with, that the end game here is that all of these countries recycling our dollars back to support our current account deficit, our trade deficit, even our budget deficit, that once the realignment of the Euro and Pound is done that they aren't going to do that so I agree with him, there's got to be a major higher interest rate environment around the globe when they stop supporting each other's debt habits"

"I deal with a lot of French and Norwegian bankers, I just met with some yesterday, and what I hear is, is that the only thing Europeans liked better than French pastries were U.S. derivatives!"