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

Yeah I'm not sure what the economics of it are...they accuse Ron Paul of the same thing. What they ignore is asset prices going up.. Austrians argue that's inflation. Peter Schiff and Ron Paul take it further and say that it will eventually get to inflation of the dollar. They were right about the bubble (asset inflation) but jury is still out on the second case.

Took me awhile but I found this GREAT debate between Art Laffer and Liesman on the effect of the increase of the money supply. Laffer takes Schiff's position (!) but does it with specific and technical arguments. Schiff tends to take broad swipes. It's a really great discussion: http://www.youtube.com/watch?v=qAzZzybfzAU

I think there's another discussion out there with Laffer and Kudlow covering the same terrain, with Kudlow playing devils advocate. I wish I could find that one too.

It's scary that Kudlow and Laffer are taking Schiff's position so now I'm really worried that Peter Schiff might be wrong ;)
 
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Honestly they're hard to tell apart.
 
On a (somewhat) related note, Peter does have what I would call a listening problem, in that he "talks over people". He makes it very hard for other parties to get a word in. If you listen to his radio show, when people try to talk, he'll just ignore them and keep talking, even when they agree with him. Unfortunately, it comes across as if he has no interest in listening to others at all.

Now, there could be several reasons for this and you might claim that he's just frustrated because people won't listen, but it still bugs me somewhat.
 
i would be frustrated if i was peter... because an educated person just told him that he was wrong... who in their right mind would think at the fundamental level to compare us to japans recession? the guy was just pissy because he was ganged up on, and apparently wanted to take out the angst on peter haha. "you're still clueless" hahaha
 
Liesman will be added to the list of Schiff's youtube victims soon enough.

I'm surprised they can actually dig up any more pundits willing to disagree with him on camera. ;)
 
Smoke the Liberty Tree said:
would you take it well if you saw this whole thing coming and still no one gives you the credit you deserve ? :confused:
Click to expand...

qwerty said:
Lying isn´t critisism in my book...
Click to expand...

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.
 
brandonyates said:
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.
Click to expand...

He was wrong about the timing...but inflation IS coming
 
brandonyates said:
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.
Click to expand...

Just because it hasn't occurred yet certainly doesn't make him "wrong". That's precisely what the Mish Puppets didn't understand. They didn't understand that it is clearly the direction we are going when in answer to deflation the fed prints trillions of dollars for bailouts.
 
Any surprise that CNBC's "Chief Economics Correspondent" is a rabid Keynesianist and socialist drone??
 
dannno said:
Just because it hasn't occurred yet certainly doesn't make him "wrong". That's precisely what the Mish Puppets didn't understand. They didn't understand that it is clearly the direction we are going when in answer to deflation the fed prints trillions of dollars for bailouts.
Click to expand...

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. price reductions != deflation
price increase != inflation

Now, price reductions CAN OCCUR as a result of the pressure from deflation, and price increases CAN occur as a result of the pressure from inflation.

Deflation is a contraction in the money supply, and inflation is an expansion in the money supply.

therefore, if the money supply has been expanded, then in fact inflation has occurred.
 
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