Peter Schiff On Inflation, The Dollar, And Gold

Discussion in 'Politics' started by Lightfiend, Oct 17, 2009.

  1. Lightfiend
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  2. Elutherian
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    Elutherian BadMother****er

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  3. Toro
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    I own a lot of gold so I half agree with Schiff. But I think he is an alarmist otherwise.

    He lost his clients 40%-70% last year. Theory means nothing if you tank your clients.
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    And yet his clients are doing great this year.
     
  5. Toro
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    So am I and I didn't lose 70% last year.

    If you're down 50%, you have to double your money to get even. If you lose 70%, you have to triple your money. That's a long row to hoe.
     
  6. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    What's the source for his clients losing 70%?
     
  7. Paulie
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    Paulie Platinum Member

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    Schiff's clients lost last year because he told them to get out of the dollar in all possible ways.

    He didn't foresee the rest of the world debasing their currencies as aggressively as they did to save the dollar.

    Had it not been for that, he'd have looked like a damn genius.

    You don't ALWAYS win, but I think he and his clients learned a lesson. The Dollar is not as susceptible to complete collapse was had been thought. Not then, and probably not in the future either.

    He did something that is considered a no-no in investing, and that's ignore diversification. He didn't recommend ANYTHING tied to the Dollar, and that was way too much of a gamble.

    His strong points are his fundamental economic positions on fiscal and monetary policy. Forget about his investment opinions. It's his macroeconomics that interest me the most.
     
  8. Old Rocks
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    OUCH!!!!! That kind of thing is not a good reccomendation for one's economic theories.
     
  9. Old Rocks
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    I am just an ignorant old millwright, but I have had degreed engineers tell me this something they built had to work because of theory. When it failed, they wanted me to repeat the mistake. Basically I told them to talk to my boss, because I was not interested in theory, but what worked for production.

    When someone fails in a major way, and insists that the theory that created his failure is still correct, I have to wonder about that person's sanity, or connection to reality. If it doesn't work in the real world, it ain't worth spit.
     
  10. Toro
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    The 40%-70% was reported in the Wall Street Journal. I have posted it at USMB somewhere.

    Mish's Global Economic Trend Analysis: Peter Schiff Was Wrong
     

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