First, he claimed Y2K was going to be the closest thing to Armageddon. Then he claimed gold and silver coins produced by the U.S. and Canadian Mints aren't money, and then he called a government-guaranteed gold standard a fool's gold standard, while proposing his own so-called free market gold standard that is also a fool's gold standard, in calling for government enforcement of contracts.
Today, as Apple stock hit $600 per share -- a 54% increase in the five months since North said Apple was going down like Newton's apple, my question is: does anyone take Gary North seriously anymore?
Source:
http://fauxcapitalist.com/2012/03/15/shades-of-y2k-gary-norths-bogus-apple-prediction/
It’s now 12 years, 2 months and 15 days after Gary North’s apocalyptic Y2K predictions failed to materialize, and not many days after that since he scrubbed all references to it from his website, GaryNorth.com.
Thankfully, there is archive.org, which shows his Chicken Little fear-mongering in all its glory.
On October 11, 2011, North took the opportunity of Steve Jobs’ untimely passing to spout off on how Apple’s fortunes were tied to that of Newton’s apple, and that both were inevitably going down.
The closing price on Apple shares the day before his article was $388.81 USD per share.
As of March 15, 2012, in anticipation of the new iPad 3, Apple shares traded at over $600 per share — a 54% increase in just five months since his bogus prediction.
Indeed, Apple stock will eventually go down from its Steve Jobs-era high. North didn’t put a date to his prediction, but such a huge increase in such a short time effectively shatters his prediction.
Less than two full months after his article, he wrote another one, saying:
“I have always suspected it. Apple as a company is over-hyped. The company’s new iPad users’ support strategy proves it.“
He then went on to complain about his customer experience, and admits:
“Do I have a bad attitude? No doubt. But it is in response to what I regard as a customer-insulting company.“
Yes, they are such a customer-insulting company, that consumers continue to turn out in droves for Apple’s smartphones and tablets, instead of RIM’s, whose market share has massively tanked.
For more on Gary North, see my articles:
1) Gary North runs for cover as his fool’s gold standard gets ever wider exposure
2) In claiming the Bible is anti-socialist, Gary North overlooks a blatant example of its socialism
3) Gary North’s free market gold standard is also a fool’s gold standard
4) Gary North praises Wal-Mart’s low prices despite some of it coming at the expense of taxpayers
5) Gary North: Spokesman for a major Federal Reserve bankster smokescreen
6) Cheerleader for bankster economics
7) Gary North admits gold was a bad investment from 1980-2001
8) Gary North claims gold coins produced by U.S. and Canada aren’t money, despite being legal tender
9) 21 years a medium-term investment? If you’re a gold bug, it is
(Like when he said governments lie, cheat and steal, and then called for government enforcement of contracts).
