… it is precisely because it is not a democracy that China will likely — Peter Schiff

"When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, weve got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed."

"If you think mutual funds aren’t a flagrant enough example of conflict of interest, try hedge funds."

"Transferring regulatory authority from one unaccountable agency to another will not solve any problems."

"By historical standards and given the gloomy corporate profits outlook in an environment of high corporate debt and rising interest rates, the Dow Jones Industrial Average is considerably overvalued at late-2006 levels and should be avoided. I say that, even setting aside the imminent prospect of a collapsed dollar and the recession and hyperinflation that would accompany it."

"Here’s why I would recommend against [selling the U.S. stock markets short]....Retail brokers normally require investors to hold any short-sale proceeds in U.S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value....I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest."

"While we’ve been buying time, things have gone from bad to worse. We have debased our currency so much it is already beyond control. We just haven’t felt the full impact yet because we have had massive artificial support from abroad."