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IPFS News Link • Economy - Economics USA

Peter Schiff Was Wrong

• Mish's Global Economic Trends
While Schiff was indeed correct about the US imploding, most of the praise heaped on Schiff is simply unwarranted since he failed where it matters most: not protecting his client's assets.

4 Comments in Response to

Comment by Found Zero (11589)
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Cat fight indeed. If editors allow Oyate to weigh in, some might say there's more than metal to be swung in this bunch of swinging hardware than seen on the surface.

The scholars don't own this name space. We got opinions too.

Comment by Powell Gammill (1004)
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Cat fight?

Comment by Aaron Stichter (15840)
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I've read mish's column alot over the last few months and I appreciated a lot his comments about decoupling. He states that although the US is doing eerything wrong in the economy, it does not mean it will crash and the rest of the world will survive. In fact everybody else in the world is doing the same crap we are but worse or are very dependent on our economy purchasing power and thus they are/will fail as bad or worse than we will.

So basically, as I understand the premise, yes the dollar will have devalue pressure put on it by the mass printing but it will have upvalue pressure put on it in an opposite manor by the rest of the world sucking ass worse, making us look good as a superpower militarily and economicaly.

I still worry about the Islamic economies who are more conservative in their leveraging and who have recently united to form a new currency based on Gold. I think that is a possible contender to upset the dollar apple cart.

Comment by Tom Westbrook (10066)
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The story isn't over yet. I agree that Schiff did not warn of a deflationary depression which we're in now. First comes deflation and then inflation. Kind of like a tsunami, the tide goes out first, and then the tsunami wave comes. We're still in the part were the tide is going out. When the inflation wave hits, then we'll have to reevaluate Schiff's strategy.