Free Republic

July 6, 2005 Peter Schiff is C.E.O. and Chief Global Strategist at Euro Pacific Capital, Inc. As the “debate” over the existence of a housing bubble intensifies, both sides are likely to be proven wrong when it comes to predictions for housing declines should the bubble burst. Most bubble advocates believe that rather than collapsing, housing prices will either rise more slowly, fall slightly, or simply stop going up, thereby allowing stagnant incomes to catch up with surging prices. However, a closer look at the facts reveals it is far more likely to burst with as big a bang as...

Banking regulators say they have given permission for the first British-based Islamic bank to start operating. The Islamic Bank of Britain will for the first time give the country's two million Muslims access to banking in accordance with Islam. The bank's headquarters will be in Birmingham, home of one of Britain's biggest Muslim communities. The bank will forbid the paying or charging of interest, which is considered usury and banned under Islam. It has promised not to invest in companies associated with tobacco, alcohol or pornography. British banks have recently started offering products tailored for Muslims but they are all...