Peter Schiff: Do not wait for the recession, it is already here

Some of the major investment and market gurus are predicting that there is a recession coming in the USA in 2013. Peter Schiff takes a step further in that direction claiming that we don't have to wait for the recession next year because it is already here. Recently, Mr. Schiff talked a lot about the debasement of the US dollar and the inevitable fiscal cliff and now, in interview for Fox Business, he stated that there is something very wrong with the data that the governement is feeding to the public.

Schiff's arguements about United States already being in another recession are based on a few different metrics. He points out that government data shows we are growing at 1.3% while inflation is currently at 1.6%. Schiff believes that if inflation is truly at 3% then United States of America is already in a recession. He is suggesting inflation numbers are being under reported or covered up for the time being.

Schiff goes on to point out another metric stating that while the Dow Jones may be higher, it has lost 80% of its value in terms of gold over the past 12 years. This comes to show that Schiff feels quite strongly that gold is the only real measure of currency for the world, so the stock markets should be measured against that instead of a flimsy fiat currency. Schiff also pointed out that the stocks are not going higher, the dollar is simply getting weaker. He finishes things off by predicting a rise in interest rates to combat inflation, sending us headfirst off the fiscal cliff.