Discussion in 'Economy' started by Kevin_Kennedy, Dec 4, 2009.
Mr. Schiff is an extremely intelligent man, and I like him. Unfortunately, he has an agenda that he promotes. As long as we keep that in perspective it is fun to see him point to the reality of the economic collapse. His points are valid.
What is that agenda?
Mr Schiff is a candidate for elective office (Senator from Connecticut). He is also the president of Euro Pacific Capital, and a strong advocate for the Austrial School of Economics. He, a libertarian, was also the economics adviser for that lunatic, Ron Paul.
Yes, he's a candidate for Senator, and he's been consistently saying the same things for years before he was a candidate for Senator. What does owning a successful business have to do with anything, other than proving he does know what he's talking about? Yes, the Austrian school that predicted our current recession, with Peter Schiff at the forefront of doing so. Ron Paul, the only Presidential candidate to predict the recession would happen because of his background in Austrian economics, and the only one who had a real solution to getting us through the recession.
So what exactly is the agenda? You never answered that, you just gave a few fun facts about Schiff.
Its a spiffing example of how media airplay can distort the reality. Austrian economics is not in a position to make any valid analysis into the economy. It has been too skewed by utopians, ensuring that basic requirements such as a coherent theory of the firm haven't been forthcoming. The prediction of economic instability has also been the standard result amongst a variety of heterodox economists. Neo-liberalism ensures macroeconomic instabilities. Indeed, financial sector profit is reliant on creating those instabilities
I believe I've heard this one before.
Reality does have a habit of hammering on the door of one's perceptions
You are a hoot.
I listened to the video.
The thing you have to be careful about guys like Schiff when listening to his investment advice is that there is a fairly high probability IMHO that he will not be able to recognize the top in gold. Usually, guys who are True Believers tend not to see the end of their own run. For Gold Bugs, gold is a religion, not an investment. They will hand your head to you on a silver, er "golden" platter as they will ride gold all the way up and most will ride it all the way back down again. And they will argue all the way down that the bull market is not over!
Perhaps Schiff may be different and get his clients out at the top. I wouldn't bet on it though, given that he did not see what would happen to his portfolios in the aftermath of the financial crisis that he himself predicted.
As for gold, I suspect he is correct in that it will probably move higher eventually. I am hoping so, so I can trade it. But I sold all of mine. Friday's action was really bad as the sell-off was on enormous volume. Sell-offs on enormous volumes are usually present at tops. That does not mean gold has topped, but it does mean that we should be aware that gold may have topped. And if it has, Peter Schiff will kill his clients.
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