Peter Schiffs Open Letter to his investors – Part Two

“Investors seem to be bracing themselves for a global depression that will not occur. Foreign stocks, particularly those exposed to China or natural resources, are trading at the lowest valuations I have seen in my entire career. Fears of a global meltdown are based on the misconception that the U.S. economy is the tent pole for economic activity around the world. The premise of my entire argument is that the U.S. economy, by consuming so much of the world’s resources and manufactured goods, and borrowing so much of the world’s savings, has in fact been a drag on the global economy. 
 
The enormous global vendor financing scheme is finally coming to an end as the vendors discover that their biggest customer is flat broke. In the short run, our creditors are experiencing some pain because they finally realize that they will never get their money back. 
 
Once the foreign stock markets take this hit, they will be far better poised to grow than their American counterpart. Foreigners will reclaim their productivity and savings for themselves, and will subsequently experience the biggest global economic boom in history. America on the other hand will fare much worse, as we will be left with a hollowed out manufacturing base, dilapidated infrastructure, no savings, and a gigantic Federal Government that will regulate, spend, borrow and print our economy into ruin. 
 
For an updated look at my investment strategy, order a copy of my just released book, “The Little Book of Bull Moves in Bear Markets.” While the “bull moves” I forecast have yet to materialize, I am confident that given time they will. The good news is that now you actually have some time to put my strategy in place at favourable prices and exchange rates! 
 
– Peter Schiff is the President, Founder and Chief Global Strategist for Euro Pacific Capital. He is widely acknowledged as an expert in international markets, and in global economic strategy. He is a speaker at all the major investment conferences. He is regularly featured on CNBC and Bloomberg TV, and often quoted in the Wall Street Journal, Barron’s, New York Times, the Financial Times, Investor’s Business Daily, and many others.”

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Tags: Banking, Barron's, Economy, Euro Pacific Capital, Global Credit Crisis, Investor's Business Daily, New York Times, Peter Schiff, the Financial Times, Wall Street Journal