Peter Schiff Was Right 2006 - 2007

Discussion in 'Economy' started by Isolde, Nov 15, 2008.

  1. Isolde
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    Isolde Knucklehead

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    Obama would be wise to seek this gentleman for an advisory position. He pretty much predicted the current situation we are in - two years ago.

    Listen to the way the others laugh at his predictions.

    [youtube]2I0QN-FYkpw[/youtube]
     
  2. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    His book, Crash Proof, is very good as well. I haven't read his new one, but I intend to. More people need to listen to Peter Schiff, Ron Paul, and other Austrian economists.
     
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  3. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Also, Art Laffer never paid Schiff the penny he owed him.

    [youtube]z3WjgKUf-kA[/youtube]
     
  4. gonegolfin
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    gonegolfin Member

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    Schiff has been right about a lot of things, most notably the prediction of this financial crisis (and he certainly was not alone) and the collapse of the US markets. But he has failed to correctly diagnose its impact on foreign markets. He also mis-diagnosed the actions of the Fed over the last 18-months (approximately the beginning of the credit crisis) running up until September of this year (when the Fed finally did begin a campaign of inflation, thus far to little avail). His investment advice for this crisis has been off the mark. He vastly underestimated the banking and bubble problems in Europe, Australia, and Asia, as an example. Schiff and his brokers were recommending Icelandic bonds about six months ago as one of their recommended fixed income investments. Oops. Australian debt as well, which has tanked. FAX is also a favorite of his, which has been creamed.

    Brian
     
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    Last edited: Nov 15, 2008
  5. Paulie
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    Paulie Platinum Member

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    Would it be fair to assume that absent the atrocious intervention of governments and central banks throughout the world, the market would have normally responded in such a way that his advice would have been proper?

    Perhaps he didn't foresee this much intervention and manipulation.

    Your thoughts?
     
  6. gonegolfin
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    gonegolfin Member

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    Not at all. The seeds were sown in these countries long before the government and central bank interventions, as they were the US. The interventions will ultimately make the situation worse. But there was a lot of pain coming regardless. European banks, for example, were more leveraged than those in the US. He should have seen Iceland coming since they had some of the same problems he was identifying in the US, just on a much more concentrated scale. How Schiff did not see the Australian housing bubble, I will not know. Needham has been writing about it for some time.

    Brian
     
    Last edited: Nov 15, 2008
  7. Paulie
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    Paulie Platinum Member

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    Do you know if he's related to Jacob?
     
  8. Diuretic
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    Diuretic Permanently confused

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    I need a heads up on the problems in Australia, far as I know there's been no bubble, primarily because we're very well regulated. But I do know we're relying on China to keep us out of the crap.
     
  9. Diuretic
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    Diuretic Permanently confused

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    Again, the Australian housing bubble? :confused:
     
  10. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    In the simplest of terms, bubbles form from inflation. So the fact that you're "well regulated" probably led to your housing bubble.
     

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