Peter Schiff tells Lew Rockwell what he thinks we should expect as a result of the bailout, including the possibility of Hyper-Inflation and the likelihood that people will now stop paying their mortgages, because they’ve just been incentivized to do so.
Schiff advises buying gold, buying foreign currencies (in another interview he recommended the Swiss Franc and Singapore Dollar) stockpiling food, and keeping an eye out for price controls (leading to shortages). Schiff also notes how much the government loves a good crisis, because it grants them the ability to “come to the rescue” (by seizing additional power.)
For a bit of gallows humor on the subject, Zach Frey sums up the situation in a couple of posters.
RE: GOLD
Commodities are great, but if things really get as bad as Mr. Schiff thinks the cost of gold will rise out of its proportion to its actual value. It is easier to buy silver and easier to unload as well. Also, keep an eye out for industrial metals like copper. Hint: every pre-1982 penny is worth more than 2cents, in terms of melt value. Illegal? sure but what will the law matter if it gets this bad?
But it won’t.
Schiff was actually on Glenn Beck last night and advised silver also (it has industrial applications) and to keep any pennies minted before 1981 (these were the actual copper variety) for the reasons you state.