Banking Quote by Peter Schiff

“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.” quote by Peter Schiff — Download Open image

“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

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Banking Banking Industry Industry Investing Investment Investment banking Management Mechanism Modern Shareholders Transformed Wealth

More by Peter Schiff

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…

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Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen…

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When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency.…

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Every time the market has corrected, since 2008, it's always been the Fed that's made the bottom. The Fed has always saved the market…

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“Boom/bust cycles are not inevitable and would not occur were it not for the inflationary monetary policies that always precede recessions.”

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We had a very upwardly mobile economy, and that peaked around the 1950s when the typical middle-class American family consisted of a father with…

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Printing money creates inflation, which weakens an economy. Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.

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The fiat-based system has produced enormous global imbalances that are straining the global economy. Ultimately, I think the whole thing gives way and what…

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Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do that. It doesn't make sense to back up one currency with a hoard of other paper currencies. There needs to be a real anchor there. I think that central banks are well behind the curve. If…

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Once the government runs out of foreign and private sector bidders for new Treasurys, the Federal Reserve will be the only buyer, and the…

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The real bubble in China is in US Treasuries, in US dollars.

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My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It…

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Explore all 84 Peter Schiff quotes

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If I could wave a magic wand, I'd break up the banking system.

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Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and…

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I am alive. Up here with the song of the engine and the air whispering on my face as the sunlight and shadows play…

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When a government is dependent upon bankers for money, they and not the leaders of the government control the situation

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“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises…

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My father was in real estate, banking, and land management. As family life, it was very conventional, happy, and comfortable. We weren't wealthy, but…

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