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Economic Commentary

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A Call to Action

Tue, Oct 13 2009, 07:21 GMT
by Peter D. Schiff

Euro Pacific Capital, Inc.

Dear Friends,

Through my weekly commentaries, I have always tried to share my honest insight into the behavior of markets and recommend strategies to help people preserve their wealth. As investors, many readers have benefited from my advice; but as Americans, they are frustrated that they have to look abroad for decent returns because Washington continues making a mess of things at home. I am too.

As you may know, I have decided to run for U.S. Senate from my home state of Connecticut. Although I’m certainly interested in representing the interests of my home state, I also believe that the outcome of this race will affect the entire country. Though there were many important developments in world markets this week, please allow me this time to speak to you about my candidacy and your role in it:

Make no mistake about it, winning a U.S. senate seat will not be easy. First, I need to get through a highly contested Republican primary featuring some very well-funded and high-profile opponents. Then, I need to defeat a five-term incumbent Democrat who chairs the Senate Banking Committee. Though Chris Dodd is unpopular now, he has a lot of powerful friends, including President Obama, and he certainly knows how to use incumbency to his advantage.

However, these are unique times, and politics-as-usual may no longer secure the re-election of a skilled politician. Though Dodd will try to turn my lack of political experience into a liability, it is much more likely to be an asset in the current climate. Conversely, Dodd’s lack of private sector experience raises questions about his ability lead this country out of an economic crisis, especially one that he and his buddies in Washington created.

I have made a good life as a private citizen, but as the father to a seven-year-old boy, I can no longer sit on the sidelines while career politicians destroy my heritage and my son’s future.
This is a pivotal time in American history, with the very character of our civilization hanging in the balance. We need to make sure the weight shifts back toward freedom. With your help, I will do everything in my power to ensure such an outcome. 

However – I cannot stress this enough – I need your help. If everyone reading this letter gets involved, I am confident we can win. There are several ways you can help, but two in particular stand out. 

First and foremost, you can make a donation to my campaign at www.schiffforsenate.com. All donations will make a difference. As this will be an expensive race, requiring as much as twenty million dollars to win, the larger the donation, the more it will help. 

The maximum allowed donation is $2,400 per person in the primary and another $2,400 in the general election. However, both donations may be made upfront, so $4,800 is the most one person can donate today (married couples can donate a maximum of $9,600). If I do not advance to the general election, the second $2,400 would be refunded. However, since the primary is just a few months before the general election, it helps to raise money for both right now. 

I realize that this is a lot of money to donate in a recession, but large contributions from supporters like you are necessary for me to win this election. Undoubtedly, checks of such size qualify as a large sacrifice. But this is one election where your contribution can truly make an impact.

Think about it: can you imagine the political waves that would result from my arrival in the U.S. Senate? Unlike other newly arrived Senators, I would have no interest in playing ball in exchange for cozy committee assignments or re-election funding. I would arrive with one mission: telling the truth in the halls of power, with a mandate the Beltway insiders could not ignore.

If I can win this Senate seat, it means no incumbent will be safe. Those who do not follow my lead risk losing to others who do. I'm not saying that my election will single-handedly change the direction of the country, but it will certainly set the process in motion.

To accomplish this, we have to act. I am willing to lead the charge, but I need an army of support behind me. This is our moment – to put upbeat headlines back on the newspapers, to leave our children with opportunities instead of debt, and to restore our country’s best traditions by discarding the policies that shattered them.

Of course, to raise an army, I need plenty of volunteers. I will work tirelessly over the next year to spread our message, but my real strength will be the thousands of dedicated supporters who make this campaign their own. My plan is to utilize this asset in a way that promises to shock my opponents and potentially revolutionize modern political campaigning. So even if you cannot donate much money, your time will be just as valuable. And even if you can’t travel to Connecticut, we can still use your help.

To donate either time or money, just go to my web site at www.schiffforsenate.com. There you can either make a contribution, sign up to be a volunteer, or both. 

If you prefer to donate by check, please mail your contribution, made payable to “Schiff for Senate,” directly to my campaign at: Schiff for Senate, P.O. Box 1134, Weston, CT 06883. 

Thank you for your time and for sharing this message with your friends and relatives. I’ll see you on the campaign trail.

Published on  Tue, Oct 13 2009, 07:27 GMT