One day we're going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price. Peter Schiff More Quotes by Peter Schiff More Quotes From Peter Schiff In a speech at the just-concluded G20 summit in London, President Obama urged Americans not to let their fears crimp their spending. It would be unwise, he argued, for Americans to let the fear of job loss, lack of savings, unpaid bills, credit card debt or student loans deter them from making major purchases. According to the president, 'we must spend now as an investment for the future'....instead of saving for the future, we must spend for the future. Peter Schiff president loss jobs Most governments, not all of them, but most, certainly don't want their citizens using gold. They want them in the currency that they are creating. When they are debasing money, or printing money, they are spending it and they want it to have as much value as possible when they originally spend it. Of course once they spend it, it will lose value for them and everyone else that holds it. But they need demand for their currency. They need as many people as possible holding it and transacting it. The more people that use gold, the harder it makes it. Peter Schiff printing gold people Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper. Peter Schiff giving country thinking Mutual funds are an overrated investment heavily promoted by Wall Street. Peter Schiff mutual-fund investment wall Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold. Peter Schiff debt dollars gold The only way to buy more is to produce more. Peter Schiff produce way The Fed is the biggest enemy of this economy. In fact, Ben Bernanke, as far as I'm concerned, he's public enemy No. 1. We're never going to have a recovery while this guy's in charge. Peter Schiff recovery guy enemy Well, I don't like the UK. I haven't ever been a fan of the pound (sterling), Peter Schiff weakness fans thinking Over the past decade or so, you have seen the flip side of that as you've seen stock prices have come down a lot relative to gold. Now you are getting a change where people are more comfortable holding gold because in the rear-view mirror it doesn't look so bad for gold. Bonds have not come down as much relative to gold, but I think the bond bubble is going to burst and will be falling for years too. And gold will look that much better. Peter Schiff past fall thinking You have countries that have lived beyond their means, with bloated governments, huge trade deficits, and people living off the government. Then you have others where poor people are working hard and underconsuming and their governments are buying all this debt and propping up the extravagant countries. All of this has to change. There's a tremendous moral hazard involved with this system. Peter Schiff mean country people You're worth what you're worth Peter Schiff People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it. Peter Schiff government should-have people You don't drive an economy by consuming - the consumer is not the engine, the consumer is the caboose. Peter Schiff consuming consumers economy The real bubble in China is in US Treasuries, in US dollars. Peter Schiff china dollars real Gold is not overvalued at $500, and gold will not be overvalued at $1,500 or $2,000. The real money is buying gold and putting it away. Peter Schiff buying-gold real gold The president says we need to raise the debt ceiling because America pays its bills. No if we paid our bills we wouldn't have all this debt. The reason we have to raise the debt ceiling is because we can't pay our bills and we have to borrow money because we don't have any money to pay our bills. Peter Schiff political philosophy america A federal bailout would spare California from having to make spending cuts needed to bring its budget into balance. The matter has become urgent since California voters rejected several tax-hiking ballot initiatives. Rather than taking the vote as a signal to dramatically curtail spending, the state turned to the feds. If they get a free pass, the politicians can avoid fixing any of their past mistakes or preparing California for the future. Peter Schiff cutting mistake past Confidence by itself, unless it has a valid basis, can get us into trouble. Peter Schiff bases trouble What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened. Peter Schiff capitalism government It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management. Peter Schiff wealth banking management