Peter Schiff predicts that China will overtake the U.S in terms of Gross Domestic Product before 2020 as was predicted by a study made by Deutsche Bank.
Schiff also states that he believes China is investing in gold. Peter Schiff says that central banks all around the world are increasing their holdings of gold therefore making it bullish for the price of gold.
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Peter talks a lot about importance of reducing government’s involvement in the marketplace in order for the US economy to recover; yet he praises the state of Chinese economy which, last time I checked, considered to be a command economy! Doesn’t Peter Shchiff contradict himself? Doesn’t this fact prove that the arguments for or against supremacy of one economic model vs. the other (e.g. Free Market vs. Command economy) is pure nonsense. I think the quality of management and leadership among the government officials is the key to success regardless of economic model.