Peter Schiff (Inflation) Debates Harry Dent (Deflation)

[openfire]

Peter Schiff vs Harry Dent:

 

[Zippyjuan]

Peter still calling for hyperinflation from all the QE which the Fed "will never be able to end"?

(don't have half an hour to watch it)

 

[dannno]

Peter still calling for hyperinflation from all the QE which the Fed "will never be able to end"?

(don't have half an hour to watch it)

The best part was Alex Jones telling your boy Harry Dent to calm down and stop yelling so much


11:50 and 19:40

 

[kfarnan]

PM's can do well in a deflation or inflation. They'll devalue the dollar

 

[Bossobass]

Zippy still not reading (in this case watching) the OP while pontificating on it's content. :roll eyes:

If the COL is up and your income is flat or down, what do you call that? Of course, you could just read Zippy's roving blog posts on this forum and believe that there is no inflation, job creation is at record levels, unemployment has been erased and the economy is #1 with a bullet.

Schiff says that inflation will continue to accelerate because the FED will attempt to print us out of collapse, which collapse will include the demise of the USD, so buy gold and Dent says that, although he agrees that the FED will attempt to print, there is no amount of money the world's CBs can print to prevent deflationary depression, so gold, which he believes is just a commodity like corn, will deflate with every other commodity.

Zippy says the terrorists hate us because we're beautiful.

Cast your votes.

 

[openfire]

Peter still calling for hyperinflation from all the QE which the Fed "will never be able to end"?

(don't have half an hour to watch it)

Are you suggesting that deflation is the more likely scenario?

 

[Chester Copperpot]

we could use some deflation..

 

[Zippyjuan]

Are you suggesting that deflation is the more likely scenario?

Because we are not at one extreme we must be facing the opposite extreme? We are in a global slow growth era. Slow growing population which is contributing to slow growing economy (along with a slower pace of technological improvements which slows that growth too) and slow growth in wages and price inflation.

 

[Ronin Truth]

And the winner is "flation".

 

[Madison320]

Are you suggesting that deflation is the more likely scenario?

100% agree! That's the point I always try to make but it looks better on a chart. Also we were on a gold standard until 1970 so chop off the first half of the chart. Then add all the other fiat currencies in history and see what it looks like. 99.99% of the time fiat currencies lose value. Why? Because the supply gets increased.

The whole idea that somehow printing money makes it more valuable is idiotic. Yet people still think all this current printing is going to lead to a stronger currency????

 

[Zippyjuan]

100% agree! That's the point I always try to make but it looks better on a chart. Also we were on a gold standard until 1970 so chop off the first half of the chart. Then add all the other fiat currencies in history and see what it looks like. 99.99% of the time fiat currencies lose value. Why? Because the supply gets increased.

The whole idea that somehow printing money makes it more valuable is idiotic. Yet people still think all this current printing is going to lead to a stronger currency????

So we should ignore the fact that the dollar lost value even under a gold standard? I thought a gold standard was supposed to prevent that?

(chart also ignores that people's purchasing power has increased dramatically since the start of it).

Is there a chart of any money which has GAINED in value over time? Gold backed or otherwise? Any economic system or money system with zero inflation where the value of money stayed the same over time?

 

[Ronin Truth]

we could use some deflation..

Beware the almost always inevitable downward spirals, postponing purchases until prices bottom.

 

[Zippyjuan]

Which is why deflation is associated with recessions. Deflation is usually because demand drops sharply. Then producers cut labor which means people lose jobs and have less money. Since they have less money, they spend less so demand falls more. Then producers cut labor....

 

[Madison320]

So we should ignore the fact that the dollar lost value even under a gold standard? I thought a gold standard was supposed to prevent that?

(chart also ignores that people's purchasing power has increased dramatically since the start of it).

Is there a chart of any money which has GAINED in value over time? Gold backed or otherwise? Any economic system or money system with zero inflation where the value of money stayed the same over time?

Real money like gold and silver have gained in value, but I'm not aware of any fiat currencies that have. That's the point.

 

[Zippyjuan]

Weren't we using gold or silver during much of the chart posted earlier?

 

[Warlord]

thanks for posting

 

[Madison320]

Weren't we using gold or silver during much of the chart posted earlier?

No, it was gold-backed not actual gold. They were still able to print although they were more constrained than they are now. That's why they had to devalue the trade in amount from $20 to $35.

 

[ArrestPoliticians]

They're both right, its just a matter of time to see what the Fed does long term

 

[acptulsa]

So we should ignore the fact that the dollar lost value even under a gold standard? I thought a gold standard was supposed to prevent that?

No you didn't. You just pretend to think that for propaganda purposes. The fact is, it has been pointed out to you time and time again that the value of the dollar fluctuated up and down when it was gold, and has only fallen since it became pure fiat. And that wages have in no way kept pace.

(chart also ignores that people's purchasing power has increased dramatically since the start of it).

Technological progress always leads to a higher standard of living. The thing is, the greater wealth of society due to the amazing technological progress of the last century has mostly gone to the richest, while the gains of the working class have been comparatively flat. Flat enough that those things which technology affects less, like food and housing, are eating our lunches, while our much vaunted 'greater purchasing power' mostly translates into an ability to buy toys that weren't available at any price--before they were invented.

Is there a chart of any money which has GAINED in value over time? Gold backed or otherwise? Any economic system or money system with zero inflation where the value of money stayed the same over time?

Good held value in the long term. It fluctuated down in value, but then rebounded. That alone makes it far, far more stable than anything the Fed ever printed.

They're both right, its just a matter of time to see what the Fed does long term

We know what the Fed does long term. The FRN has the spending power that the nickel had in 1913. Soon it will have the spending power the penny had in 1913. And then it will get worse. And our wages will not keep pace.

Those who refuse to learn from history must get screwed the same way his parents and his grandparents did, waiting to see history repeat itself. Those who learn from history know exactly where this thing is going.

 

[ArrestPoliticians]

We know what the Fed does long term. The FRN has the spending power that the nickel had in 1913. Soon it will have the spending power the penny had in 1913. And then it will get worse. And our wages will not keep pace.

Those who refuse to learn from history must get screwed the same way his parents and his grandparents did, waiting to see history repeat itself. Those who learn from history know exactly where this thing is going.

You cut a lot of corners to avoid some of the complexities of the issue, IMO