OMG! Steve Liesman to Peter Schiff : " You Have Been Wrong!

[GunnyFreedom]

The "mish" puppets? lmao. I have never seen any blind followers of Shedlock. Schiff is the one with the cult like following. People who read mish tend to be more well rounded in economics than the Schiff fanboys.

And it does make him wrong that it didn't happen yet. He predicted one thing. Even convinced people to invest their life savings based on his advice. Then the exact opposite happened. Sounds wrong to me. Even if we get inflation sometime in the near future he still was wrong.

um. the monetary supply has been inflated by something like $5 TN in the last 6-7 weeks alone. how has inflation not occurred?

 

[brandon]

Um. price reductions != deflation
price increase != inflation

The most common definition of inflation is the change in price levels. No need to argue semantics though. I clearly said "price inflation" in my post to remove all ambiguity.

 

[GunnyFreedom]

The most common definition of inflation is the change in price levels. No need to argue semantics though. I clearly said "price inflation" in my post to remove all ambiguity.

*YOU* said, but what did Schiff say? I say that price inflation WILL COME as a natural result of monetary inflation. it is inevitable. you can't print $5 TN out your arse and not have price inflation eventually. it's not possible.

 

[RevolutionSD]

http://www.youtube.com/watch?v=eK_HDYKWJjs

OMG! What a nonsense

Liesman is 100% pro-government all the time, and is just pissed off because his keyensianism is failing miserably. I'm willing to bet he's a spook.

 

[Young Paleocon]

Is it possible to say I agree with Schiff and believe that he is 90% right without being accused of being in his cult. I mean, he's basically giving the standard Austrian line.... He may very well be correct on the decoupling also because in a week the U.N. is going to discuss dropping the dollar as the world's reserve currency in favor of a "basket of currencies." Plus inflation doesn't hit automatically, we also have it fighting foreign investors buying bonds and deflation occurring in many asset classes as a result of over supply. So in my opinion he will be proven mostly correct in the coming months and years.

 

[brandon]

you can't print $5 TN out your arse and not have price inflation eventually. it's not possible.

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.
The fed routinely contracts the money supply.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

 

[GunnyFreedom]

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

I think the price of cotton vellum would go up.

This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

I don't actually care about Schiff one way or the other, except to say that in my experience he is usually right where everyone else is wrong. I was just thinking that you were living up to your tagline there to say that Schiff was wrong because there is no inflation.

Schiff can be wrong, right, whatever. But to say "Schiff predicted inflation and there has been none, therefore he is wrong." is itself pretty durn wrong.

 

[qh4dotcom]

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.
The fed routinely contracts the money supply.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

You're right of course, but what's the point of all these bailouts and being greedy for money if you're not allowed to spend / invest / do anything with it?

As Dr. Paul once said is his newsletters, whoever has access to newly printed money that has just come out of the printing press has a tremendous advantage.
if you're smart you'll get rid of the fresh, crisp money before it loses value...you'll exchange it for something more valuable like commodities before the freshly printed money before it loses value...if you're dumb you'll keep it and watch it lose value.

 

[He Who Pawns]

He wasn;t lying. He was saying that "the one place you have been wrong" is in predicting inflation.
Schiff has been dead wrong about price inflation. In fact, we got the exact opposite. But Schiff just cut him off and laughed at him.

Hahhaha... stay tuned.

 

[torchbearer]

inflation will be coming and Liesman will make it onto another Schiff was right video.

 

[He Who Pawns]

From today's headlines:

Dollar Declines Most Since 1985 Plaza Accord on Fed Bond Buying


Sure Schiff was "wrong"....

 

[Join The Paul Side]

At the end of the video Peter says to Liesman:

"Steve you're still so clueless!"

 

[Invalid]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.

 

[Xenophage]

That was hillarious. Make sure to keep that video in the archives because we'll be pulling out in another year with "Peter Schiff was fucking right AGAIN"

 

[user]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.

Do you have a source for this? I'm not accusing you of being wrong, just wondering. I've heard about the problems from 2008 but I remember Schiff saying he was doing well so far this year.

 

[Stary Hickory]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.

Um who isn't losing money this year? Schiff's clients will be in a much better situation when this crisis turns into a dollar crisis. If you study Austrian Economics you will understand that a currency crisis(run on the dollar) will happen. It's a matter of time, Schiff is 100% right in what he says.

He rarely gives time frames, but he has indicated many times that a possible currency collapse could happen in maybe 3 years. In the meantime there will be inflation.

 

[brandon]

From today's headlines:

Dollar Declines Most Since 1985 Plaza Accord on Fed Bond Buying


Sure Schiff was "wrong"....

He was wrong in the short term. That was my point.

 

[He Who Pawns]

Schiff doesn't give a rat's ass about the short term. His clients are positioned for the collapse of the dollar. Period. Once that happens, Schiff's clients are going to be among the few people with any portfolio left.

 

[idiom]

We still have nearly a quadrillion dollars trying to unprint itself. The Fed has only pinted an extra $11 Trillion to go.

Thats only $990 Trillion more dollars to print until we get Monetary Inflation.

 

[He Who Pawns]

Don't forget that another trillion will be announced on monday by turbo tax tim.