Tuesday, March 10, 2009

Holy Sh*t!!! (You Must Read This)


The Great Peter Schiff

Please excuse me for my vulgarity, but this is mind blowing - starting in 2002, with frightening accuracy Peter Schiff predicted the crash of the mortgage, housing, credit and stock markets, leading up to a severe recession. Other analysts ridiculed him as he spoke of major structural problems in the economy and the coming collapse, as seen in this video from 2006:

http://www.youtube.com/watch?v=jv_kLqxbtcg

In this 2002 interview he stressed the impending collapse of the stock market. If I would have viewed it then, I would have considered him a paranoid loon, but now it's frighteningly accurate:

http://www.youtube.com/watch?v=hv1rI41W838

Now, check out his prediction of Obama's landslide victory, Obama's economic policies and the long term damage they will cause:

http://www.youtube.com/watch?v=sMdF1CiQAkA

Also worth noting is that Mr. Schiff was much maligned for two other things: serving as Dr. Ron Paul's economic advisor and his adherence to the strongly free-market Austrian School of Economics. In light of his accurate predictions, I strongly recommend that you read up on their explanation of economic booms and busts:

http://en.wikipedia.org/wiki/Austrian_Business_Cycle_Theory
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3 comments:

  1. AnonymousMarch 11, 2009 at 10:55 AM

    http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html

    ReplyDelete
  2. JasonMarch 11, 2009 at 1:24 PM

    The critique of Schiff is deeply flawed, primarily because it takes time out of the equation. For example, the writer discounts Schiff's warning of a spike in inflation, because we are currently experiencing delfation. The author is leaving out an essential detail of Schiff's thesis - namely that inflation will kick in once we start experiencing the increase in demand that is tied in with recoverites. In regards to a crash in treasury bonds, that will occur once we reach the point in which foreign investors are scared off by our excessive debt. Schiff was way ahead of the curve on many economic movements, so I am confident that with time his other predictions will be realized.

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  3. JasonMarch 11, 2009 at 1:27 PM

    I forgot to ad that the author of the blog is an investment fund manager that is in direct competition with Schiff. This doesn't automatically mean that his critique is inavalid, but it is something that we should factor in.

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