Monday, February 27, 2012

Peter Schiff: "We Could See Oil at $150 A Barrel If We Keep Printing Money"

 Mark Matheny
February 27, 2012

On Fox Business Feb. 24, 2012 Peter Schiff said the U.S. has no one to blame for higher gas prices but ourselves, - not  Iran or any other country. He stated the reason for the higher gas prices was due to lower payroll taxes. He also stated that inflation will cause the price of everything to go "sky high" soon.

Peter stated that investors putting their money in companies overseas in Asia will fair better than those investing in companies here in the U.S. which may be in decline.

As Europe prints more money to bail itself out once again, Peter also stressed that as confidence grows again in the Eurozone currency, this may be bad for the U.S. by driving the U.S. dollar down faster against other currencies, and cause oil and other prices to rise, as well as putting more upward pressure on interest rates which in turn will cause the Fed to print even more money in order to keep the rates low "putting more fuel on the inflationary fire", as Peter put it.

He also stated that this could bring oil prices again to $150 a barrel just as we saw in July and August of 2008.

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