Peter Schiff won't back down: 'The Dollar is going to crash, Buy Gold'

[fr33]

I don't know enough about Schiff so I'll ask this; Does he own a lot of land, guns, ammo, and have access to water? If the dollar collapses like he's been saying, I'll take those things over precious metals. I'm guessing that he lives in a large city, which would not be a smart thing to do if he believes in his predictions.

 

[dannno]

I don't know enough about Schiff so I'll ask this; Does he own a lot of land, guns, ammo, and have access to water? If the dollar collapses like he's been saying, I'll take those things over precious metals. I'm guessing that he lives in a large city, which would not be a smart thing to do if he believes in his predictions.

Question [to Peter Schiff] from Audience: Can you tell us 4 things we should be doing to prepare for a major economic collapse?

Answer:

1. Financial; get out of debt, save, buy gold and silver. Buy other currencies and stocks in other countries (their values won’t plummet when ours does). Save pennies! Pennies pre-1981 are currently worth about 3 cents in copper.
2. Store food and stock up on other non-perishable items. If costs are going up in the next several years, buy them now. Toiletries,batteries, etc
3. Move out of big cities, there is going to be major unrest from the dependent generations as they lose their entitlements; things will get very dangerous in the big cities – but Salt Lake seems rural compared to New York – things should be fine here.
4. Spread the word politically, help people understand why it (the coming collapse) happened so that after it happens the right people are there to fix it correctly

http://www.utahpreppers.com/2011/02/notes-from-peter-schiff-speaking-in-utah/

 

[devil21]

 

[Zippyjuan]

He got it right once -and has been playing off it ever since. But how has he done since then? Dow 4000? Gold $5000 and beyond ("there is no limit")? Major crash coming next year (pick a year- he says it every year)? QE will never end. Hyperinflation.

 

[PRB]

He got it right once -and has been playing off it ever since. But how has he done since then? Dow 4000? Gold $5000 and beyond ("there is no limit")? Major crash coming next year (pick a year- he says it every year)? QE will never end. Hyperinflation.

Schiff 1 Zippy 0

Am I missing something?

 

[Zippyjuan]

He is maybe one out of ten or more. Eventually there will be another recession (they average about once every eight years or so but that does vary) and he will be right again (the stopped clock analogy). A list of my predictions?

 

[dannno]

You guys criticizing Schiff always miss a key point. You expect him to tell everybody exactly WHEN the currency is going to crash? Why is that his responsibility? He is arguing against people who say there is no sign and no reason that the dollar will EVER crash, at least until some type major external, unpredictable event happens, nothing like what Schiff is talking about where it is already happening..

The fact is he was right about the internet stock bubble in '99, the housing bubble and that the market would crash in '07, and that the government would prop up the dollar and the currency would eventually crash. So far EVERYTHING he has predicted has happened except the currency crash, and the so called "experts" were arguing against him when he made these other claims. Schiff still has the most credibility. He has said, "it COULD happen in X years" but he has never really given a specific timeline... the only time he has given any sort of timeline is when he is backed into a corner by the establishment media..

THIS post will never seriously be addressed by Zippy or TheCount...

 

[ThePaleoLibertarian]

He is maybe one out of ten or more. Eventually there will be another recession (they average about once every eight years or so but that does vary) and he will be right again (the stopped clock analogy). A list of my predictions?

I'm not a big Schiff supporter - I don't tend to go in to calamitous apocalyptic predictions of any sort. I do think the west is in decline (for a variety of reasons, both economic, cultural, and social), but I also think it will be a long, slow painful way down. A society collapsing is not event, it is a process that takes generations, and isn't always apparent.

However, even if Schiff was right one tenth of the time, that's better than someone without that single correct prediction. Do you take the Keynesians to task for their complete inability to predict much of anything in the 20th century? I see no evidence that their predictions are more accurate than Austrian or Chicago school prognostication. Your criticisms seem to be a case of special pleading; free market economists inaccurate predictions prove their folly, whereas more mainstream economists can be forgiven.

 

[Zippyjuan]

Always predicting a crash does not take any special insight. They happen all the time. Wait and another one will happen. Eventually. He did get more specific about $5000 gold and Dow 4000 and said hyperinflation was coming. How did he do on those?

 

[devil21]

THIS post will never seriously be addressed by Zippy or TheCount...

95% of the "experts" Schiff was arguing against back then haven't been heard from again. They were temporary PR puppets of the banks, trying to buy time and create more bag-holders. The trolls will talk shit about Schiff but he's actually had staying power compared to those flash-in-the-pan puppets CNBC cycles through.

Always predicting a crash does not take any special insight. They happen all the time. Wait and another one will happen. Eventually. He did get more specific about $5000 gold and Dow 4000 and said hyperinflation was coming. How did he do on those?

Did time stop? Has the end of the world already occurred and we haven't noticed yet?

 

[ThePaleoLibertarian]

Always predicting a crash does not take any special insight. They happen all the time. Wait and another one will happen. Eventually. He did get more specific about $5000 gold and Dow 4000 and said hyperinflation was coming. How did he do on those?

He didn't just "predict a crash", he predicted a crash when all sorts of economists were saying that the economy at the time wa one of the best ever, and he was laughed at for predicting a recession. It's fine to take him to task on what he got wrong (Austrian's theory of the business cycle does have its flaws), but if you dismiss Shiff for being wrong, then all the other economists who didn't see the crash coming, or even worse, those who actually prescribed creating a housing bubble (like a certain Nobel Prize winner) should be even lower on the totem.

 

[helmuth_hubener]

Peter Schiff: "The Dollar is going to crash, Buy Gold"

Good advice, I think. I would recommend having 25% of your long-term savings in gold, just to get more specific.

The dollar may or may not crash in any given year. It is smart to have a very large chunk of your net worth in gold regardless. That's my opinion.

The ZippyJuan account and it's band of merry members strike me as very conservative investors.

Superficially, perhaps. But not on a very deep level (again, in my opinion). If you have 100% of your wealth in US dollar assets, that, to me, is not diversified.

 

[NorthCarolinaLiberty]

Always predicting a crash does not take any special insight.

The stuff you post doesn't take any special insight either. You have a economics degree from Boulder and you are a very conservative investor. I don't need that kind of insight to open a CD account or get a dividend check.

I do think the west is in decline...A society collapsing is not event, it is a process that takes generations, and isn't always apparent.

I agree. US has been sliding for 5+ decades. The east is up; the west is down.

You could create another It's morning in America campaign, and people would line up to promote it. It's 30 years later and people still don't get it.









The Fantasy:










The Reality:

 

[Zippyjuan]

He didn't just "predict a crash", he predicted a crash when all sorts of economists were saying that the economy at the time wa one of the best ever, and he was laughed at for predicting a recession. It's fine to take him to task on what he got wrong (Austrian's theory of the business cycle does have its flaws), but if you dismiss Shiff for being wrong, then all the other economists who didn't see the crash coming, or even worse, those who actually prescribed creating a housing bubble (like a certain Nobel Prize winner) should be even lower on the totem.

Actually a lot of economists were saying that the tech and housing bubbles were getting over-inflated. How did Schiff miss the gold price bubble? Rather than recognizing it, he said it could go on forever.

 

[ThePaleoLibertarian]

Actually a lot of economists were saying that the tech and housing bubbles were getting over-inflated. How did Schiff miss the gold price bubble?

First of all, I do need to retract one thing; Peter Schiff isn't an economist at all, so I shouldn't have said "other economists" since he isn't one of them.

I never said he was the only one to predict the crash, I said that if you take him to task for getting predictions wrong, you need to be even harsher on thecommentators or actual economists who laughed at him when a recession is coming. This is especially prescient when you have lauded economists who are revered as brilliant who prescribed the creation of the very housing bubble that collapsed.. If you can dismiss Schiff for incorrect predictions, then surely you must hve no problem whatsoever with all of Keynesianism being dismissed, right?

 

[Zippyjuan]

If you can dismiss Schiff for incorrect predictions, then surely you must hve no problem whatsoever with all of Keynesianism being dismissed, right?

Schiff = "all of Keynesianism?" Really?

Schiff is the only one of them making predictions and the one some claim is right all of the time. Schiff includes himself in those saying he is never wrong.

But yeah, you are probably right. This thread has gone on more than long enough. I am guilty on that. Everybody gets that I am skeptical on what Schiff says. But people who are big on buying gold (which is fine) and economic doom do like him. Their choice too.

 

[ThePaleoLibertarian]

Schiff = "all of Keynesianism?" Really?

Schiff is the only one of them making predictions and the one some claim is right all of the time. Schiff includes himself in those saying he is never wrong.

But yeah, you are probably right. This thread has gone on more than long enough. I am guilty on that. Everybody gets that I am skeptical on what Schiff says. But people who are big on buying gold (which is fine) and economic doom do like him. Their choice too.

You cannot be this fucking dense. It's not about a false equivalence between a man and a school, it's about fucking PREDICTIONS! Why have you refused to answer my question you spineless twit?

Neo and post-Keynesians have different theories, but classical Keynesians made the same predictions throughout the 20th Century: Getting off the Gold Standard would decrease the severity, the duration and their occurrence, spending during deflationary recessions would always boost the economy, stopping the war machine after the end of World War II would restart the depression, stagflation is impossible, recessions caused by industry A should be resolved by creating bubbles in industry B. All. Completely. Wrong.

You're right that there can be no comparison between Peter Schiff and all of Keynesianism. Schiff is one man who has been wrong about certain bubbles in a relatively short timespan, Keynesianism is an entire school that has a whole fucking century of incorrect prognostications. It took a whole new generation of economists to synthesize Keynes with neoclassical economics to "fix" his theories, and they're STILL wrong! Schiff's is a fucking oracle compared to 20th century Keynesians.

I always thought the claim that you're some paid poster was spurious, but since you seem incapable of casting a critical eye on your own ideas, I'm wondering if it might be true. Or maybe you just completely lack any form of intellectual integrity or self-awareness, who knows.

 

[PRB]

You cannot be this fucking dense. It's not about a false equivalence between a man and a school, it's about fucking PREDICTIONS! Why have you refused to answer my question you spineless twit?

Neo and post-Keynesians have different theories, but classical Keynesians made the same predictions throughout the 20th Century: Getting off the Gold Standard would decrease the severity, the duration and their occurrence, spending during deflationary recessions would always boost the economy, stopping the war machine after the end of World War II would restart the depression, stagflation is impossible, recessions caused by industry A should be resolved by creating bubbles in industry B. All. Completely. Wrong.

You're right that there can be no comparison between Peter Schiff and all of Keynesianism. Schiff is one man who has been wrong about certain bubbles in a relatively short timespan, Keynesianism is an entire school that has a whole fucking century of incorrect prognostications. It took a whole new generation of economists to synthesize Keynes with neoclassical economics to "fix" his theories, and they're STILL wrong! Schiff's is a fucking oracle compared to 20th century Keynesians.

I always thought the claim that you're some paid poster was spurious, but since you seem incapable of casting a critical eye on your own ideas, I'm wondering if it might be true. Or maybe you just completely lack any form of intellectual integrity or self-awareness, who knows.

You're not seriously suggesting that Schiff and Keynesian school are the only 2 options, are you?

 

[ThePaleoLibertarian]

You're not seriously suggesting that Schiff and Keynesian school are the only 2 options, are you?

How is it even possible to think that's what I was trying to say? Really, I want to know.

 

[NorthCarolinaLiberty]

You cannot be this fucking dense

*

I always thought the claim that you're some paid poster was spurious,...

You're not seriously suggesting that Schiff and Keynesian school are the only 2 options, are you?

How is it even possible to think that's what I was trying to say? Really, I want to know.

PRB is in the same group as the ZippyJuan Account. The posting of PRB however, is more along the lines of the TheCount than Zip.

And no, these people are not dense, at least in an academic sense. They do however, lack a lot of real world common sense. I think that is a characteristic of people who love big government and depend on it so much.