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

[NorthCarolinaLiberty]

Schiff 1 PRB/TheCount/Zippy 0

Am I missing something?

Yes. I fixed that for you.

 

[Paul Or Nothing II]

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.

Excellent post!

I don't know if Zippy is a paid poster or not but I think he does valuable insights every now & then (to counter the conspiracy theories floating around on this forum) so perhaps, as you've said, he lacks intellectual integrity or self-awareness.

 

[Gaddafi Duck]

"A broken clock is right twice a day"

Yeah...if the clock is saying 12:15, it will be 12:15 twice in one day...but, Schiff isn't a broken clock..he's explaining WHY and WHAT will happen.

It's like AD 465 and you're predicting the collapse of the Western Roman empire, the reasons why, and the fallout. Does it REALLY matter if it didn't happen until AD 476? So you were 11 years early..I mean, the point is, if Schiff is predicting high inflation and a SEVERE economic collapse, but it doesn't happen for another 5 years, is it really a "broken clock"?? He's outlining very specific details rather than just saying "The economy will have a recession." He's saying WHY, WHERE, and WHAT will have a recession, and how to guard against inflation. Do I care if it comes in 2015 or 2016 or 2017? No.

Now, it is funny Zippy won't give Schiff credit for predicting Dow 4000 back in 2002 when in early 2009 it had collapsed to 6500. What stopped it from going to 4000? Uhm...doubling of the national debt, 0% interest rates, and trillions in quantitative easing. Yyyyyeah...I wouldn't say Peter got it wrong considering the Dow collapsed from 14,000 to 6,500 from October 2007 to March 2009.

Also, prior to France getting Napoleon and the severe hyperinflation from their currency in the 1790s, France had periods of economic and currency strength. There were periods, as it is currently with the US Dollar, where the French paper currency of the 1790s actually appreciated in value significantly for over a year, only to have totally collapsed to be worth less than paper itself. Does that mean that someone in 1789 who said, "Get out of French Assignats" was wrong when from 1794-95 the Assignat increased in value, only to have completely collapsed in 1796??? The ebb and flow of markets comes and goes, but the fact that the paper Assignats didn't collapse for 7 years doesn't mean you were a broken clock if you were saying for 7 years that it would collapse.

And plus, Schiff is saying the Dollar will lose significant purchasing power in the near future. I mean, that's not really a broken clock because how often does a major currency collapse? Henry Hazlitt said back in the 1940s after Bretton Woods was established that it would collapse for reasons X, Y, and Z, but it didn't collapse until the late 1960s/early 1970s. Does that make Hazlitt a broken clock? Well, if you take the observation that every human institution inevitably fails at some point, then yes, he was a "broken clock"...but when Hazlitt outlined WHY Bretton Woods was bound to fail, that DOESN'T go with the metaphor...because a broken clock is correct by mere incidence, whereas Schiff/Hazlitt were/are going to be right based on fundamental analysis.

 

[Matthew Libman]

The only thing Peter Schiff has ever proven is that he is a goofball.

 

[jon_perez]

Schiff got it right once - the housing crash, but has been so convinced in and full of himself ever since.

The best time to buy gold is when Schiff finally capitulates and sells his, and the best time to short the dollar is also when Schiff gives up and stops saying the dollar will crash.

That's how bubbles pop and bottoms are found. When the final disbelievers shut up and go in or when the most rabid believers get out of their long positions or go short.

 

[56ktarget]

Schiff has been screaming this nonsense since Obama got into office... instead the opposite has happened. Who believes this moron anymore?

 

[NorthCarolinaLiberty]

Schiff has been screaming this nonsense since Obama got into office... instead the opposite has happened. Who believes this moron anymore?

Who believes Obama?

 

[helmuth_hubener]

Schiff got it right once - the housing crash, but has been so convinced in and full of himself ever since.

Interestingly, this time when he supposedly "got it right" his investors lost catastrophic amounts, due to the extremely risky nature of his bets.

And then the time since then, when he's been, well, not particularly able to gloat about anything, not really "right" in any predictions, his investors have been doing OK. They have been under-performing the stock market, but way outperforming Treasury bills and that's something.

So actually, in my opinion, as "right" as he looks in the compilation videos, he was not actually right in 2007-8. He was not right where it counts: the pocketbook. And the time since when he's been apparently "wrong" judging by his TV predictions, he actually was not all that wrong where it counts: the pocketbook.

 

[XTreat]

I'm just asking. Are you a Jewish atheist or agnostic. Yes or no?

Atheist and agnostic are not mutually exclusive.

 

[NorthCarolinaLiberty]

Atheist and agnostic are not mutually exclusive.

PRB won't answer either way. He must be shunning me.

 

[TheCount]

Schiff is basically saying your investments shouldn't be sitting on top of a trap door. Periodically the door will open, and down go your assets. That means his advice is always right, so slide those assets away from the trap door.

He instead wants you to position your assets over a trap door that is currently open so that you definitely lose money now vs. possibly losing money later.

 

[oyarde]

He instead wants you to position your assets over a trap door that is currently open so that you definitely lose money now vs. possibly losing money later.

How so ? gotta cover every crap shoot , you do not ?

 

[H. E. Panqui]

...THE DOLLAR IS GOING TO CRASH, THE DOLLAR IS GOING TO CRASH!!..BUY GOLD..

(..by the way i'll sell you some of my gold for your 'dollars'..)

...as pt barnum put it, 'there's a [republicrat] born every minute'..

 

[TheCount]

How so ? gotta cover every crap shoot , you do not ?

Investing all your money in a portfolio designed for economic collapse is not 'covering every crap shoot.'

 

[H. E. Panqui]

...duh, i'm a registered republican and i regularly listen to rush limbaugh, glenn beck, and sean hannity...duh...i'm a high information voter...duh..not like those low information liberal democrats..duh...i heard a real smart guy on the glenn beck show telling people to buy gold because the dollar is going to collapse...duh...he had some gold for sale...duh...so i sent him some of those dollars he told me were going to be worthless and he sent me some gold that he said should quadruple in a year or so...duh...only high information people like myself are privy to these kind of solid investments...duh...

..

 

[Ralph Coffman]

I feel like I've entered the Twilight Zone! -

...duh, i'm a registered republican and i regularly listen to rush limbaugh, glenn beck, and sean hannity...duh...i'm a high information voter...duh..not like those low information liberal democrats..duh...i heard a real smart guy on the glenn beck show telling people to buy gold because the dollar is going to collapse...duh...he had some gold for sale...duh...so i sent him some of those dollars he told me were going to be worthless and he sent me some gold that he said should quadruple in a year or so...duh...only high information people like myself are privy to these kind of solid investments...duh...

..

 

[John X]

Its kinda hard to predict what happens but it's pretty easy to predict how Schiffty boy Pete will react. He'll go on saying the FED has no intentions of raising rates and it will destroy the recovery if they do. He'll crow about short term results it if they delay past June or August and claim EVERYONE but him got it wrong. Then after they raise rates he will ignore the fact that he was totally wrong and say that a rate hike of .25% or whatever is nothing and they will soon have to lower rates again and restart QE. If the fed keeps raising rates he will just stop talking about it and never mention how according to his own logic he should be the only person in the world who got it wrong.

 

[PRB]

LOL.





You just made it.

Is it still dark at 6am?

 

[oyarde]

Investing all your money in a portfolio designed for economic collapse is not 'covering every crap shoot.'

Well , I cannot say that I know alot of people who have all investments in one thing , but those who do are all in on the stock market .

 

[John X]

Its kinda hard to predict what happens but it's pretty easy to predict how Schiffty boy Pete will react. He'll go on saying the FED has no intentions of raising rates and it will destroy the recovery if they do. He'll crow about short term results it if they delay past June or August and claim EVERYONE but him got it wrong. Then after they raise rates he will ignore the fact that he was totally wrong and say that a rate hike of .25% or whatever is nothing and they will soon have to lower rates again and restart QE. If the fed keeps raising rates he will just stop talking about it and never mention how according to his own logic he should be the only person in the world who got it wrong.

This "prediction" is looking good .