Peter Schiff and the Austrians were DEAD WRONG!!!

[akphidelt]

Peter Schiff is a broken clock. He got lucky on the housing collapse as he talks about everything collapsing all the time. But, like most Libertarians, he grossly misunderstands the monetary system and money/banking. And there are many things he was wrong about after the collapse, but here is one that is glaringly obvious as he is wrong about everything he said... here was his quote on the Glenn Beck show in 2009.

You know, look, I know inflation is going to get worse in 2010. Whether it's going to run out of control or it's going to take until 2011 or 2012, but I know we're going to have a major currency crisis coming soon. It's going to dwarf the financial crisis and it's going to send consumer prices absolutely ballistic, as well as interest rates and unemployment.

http://www.foxnews.com/story/2009/12/29/america-on-leash/

Inflation, consumer prices, interest rates, and unemployment have all gotten better since this statement. Why are Libertarians wrong so much more than they are right? Because they don't understand economics and monetary systems. You can read my predictions from 2010 on and they have been almost dead on. One thing I underestimated was the stock market but otherwise it's because I have a real understanding of the system. Libertarians will tell you everything single year that the economy is going to collapse, hyperinflation is going to happen, blah blah blah. Sometimes economies hit a crises and they'll claim they know what they are talking about. However, they never ever admit when they are wrong. They just make excuses and extend the timeline. Peter Schiff will be saying that there will be a currency crisis every year for the rest of his life. Anyone who invested based on Peter Schiff's understanding of the economy after the crisis has gotten destroyed. Funny thing is they have been making this same argument for the past century. They are a broken clock.

 

[GasMan]

Zzzzzzzzzzzzzzzzz......

uppy:

 

[guitarjosh]

Mike Shedlock, another libertarian financial commentator, has been more worried about deflation since 2008.

 

[SheriffJoe]

Keynesians are horrifyingly wrong on just about everything.

Flashback 2007:

"The bottom line for housing is that the concerns we used to hear about the possibility of a devastating collapse—one that might be big enough to cause a recession in the U.S. economy—while not fully allayed have diminished. Moreover, while the future for housing activity remains uncertain, I think there is a reasonable chance that housing is in the process of stabilizing, which would mean that it would put a considerably smaller drag on the economy going forward."-- Janet Yellen

Yikes!

:hanging:

She didn't see that one comin' and she sure as hell won't see the next one!

When Schiff predicted the housing bubble would pop he didn't say in such and such a year. He simply said it would happen. And it did. So did Ron Paul....because bubbles ALWAYS pop. It is an economic reality.

All that phony money printing and pumping is a MASSIVE bubble. When will it pop? I have no idea, but when it does it will make the housing crisis look like a picnic.

Keynesians and their Ponzi scheme ideology have been wrong about everything since the 1930s...

 

[SheriffJoe]

If only we could get rid of these cancerous Keynesians... we could once again have sound money, a government that lived within its means and investors (some call the "uber rich") who would be held accountable when their investments went up.

Small wonder the rich keep getting richer and the poor keep getting poorer under the current fundamentally flawed and corrupt system.

 

[Willie99]

if fratfraud thinks a perfect economy can be planned by economists and implemented by politicians, can he explain why no country in the history of mankind never achieved such utopia?

now our country has achieved the most, and has done so over an extended period of time. Which begs the question, why do libtards want to turn it all upside down? why do they hate our constitution?

libtardism is a very heavy anchor to pull

which begs the quest

 

[Acebb]

Inflation, consumer prices, interest rates, and unemployment have all gotten better since this statement.

Um, unemployment has gotten worse.

You're a dope.

 

[SheriffJoe]

Keynesian economics sucks ass!

 

[SheriffJoe]

How can an economy grow without flushing out all the toxic bad debt?

That's what recessions are for - clear out all the bad businesses and debt to make room for new ideas, new investment capital, new businesses, new growth...always faster, cheaper, more technology advanced etc. - "creative destruction"

Will there be cases where thousands of workers at a plant lose their jobs through no fault of their own? Yes, in some cases there will be - the horror! So what? In a free market, a better plant will replace it down the street - econ 101.

But what do tenured silver pony-tailed English professors teach their gullible students these days?

"TOO BIG TO FAIL!"

Thanks to our banking oligarchy and fratfraud's dysfunctional Big Government, not only are the rich getting richer, they're getting more stupid and less productive too!

Its like tenure for Wall Street and Corporate America (capitalist profits; socialized risk)...just like fratfraud's clueless, hippy, silver pony-tailed English prof hiding in academia hiding from the real world.

Can we please restore the Constitution and the capitalism that built America, and just get rid of all these socialist/fascist/statist idiots?

uppy:

 

[Acebb]

If we overlapped the labor force participation rate line on that graph it would be going downward to the right at about 35 degrees...

 

[Acebb]

I'm just glad Obama is trimming all this spending!

Isn't it funny how there has been an explosion in 'disability' since Obama took office?

 

[SheriffJoe]

I'm just glad Obama is trimming all this spending!

Isn't it funny how there has been an explosion in 'disability' since Obama took office?

It's that old axiom in politics that says if you want less of something, tax it; if you want more of something, subsidize it.

More government subsidies = more statist Democrat voters...and THAT is "basic math"

 

[akphidelt]

if fratfraud thinks a perfect economy can be planned by economists and implemented by politicians, can he explain why no country in the history of mankind never achieved such utopia?

now our country has achieved the most, and has done so over an extended period of time. Which begs the question, why do libtards want to turn it all upside down? why do they hate our constitution?

libtardism is a very heavy anchor to pull

which begs the quest

First you are using one of your logical fallacies here and taking my argument to the extreme and arguing against that as if I said it. I've never said anything about a perfect economy. It's a balance act with many pieces that feed off each other. At the end of the day it comes down to how innovative and productive your human capital is and can be. Spending money in sluggish times only works for economies that have the capabilities of increasing their productivity.

And the funny thing is, I'm not asking the government to do anything they haven't done in the past 100 years. Your boy Ronald Reagan did it perfectly. Right now we are doing stuff we haven't done in 75+ years when it failed miserably then and it's failing miserably now. It's just math, if you understood my argument you would realize that it's more reactionary policy than "planning". But I've been here for years and you've never understood my argument, so I don't think it's ever going to click in your head why intelligent economists think the way they think. You are an ideologue, born and raised. Just gotta know those bullshit philosophical talking points and you got everything figured out, lol.

 

[akphidelt]

Inflation, consumer prices, interest rates, and unemployment have all gotten better since this statement.

Um, unemployment has gotten worse.

You're a dope.

The only dope is you... and Sheriff Joe of course.

 

[akphidelt]

Every single thing he predicted after the economic collapse has been wrong... and you wonder why no one takes Libertarians and Austrians seriously. They are ideologues who just cry wolf every single time they speak.

You know, look, I know inflation is going to get worse in 2010. Whether it's going to run out of control or it's going to take until 2011 or 2012, but I know we're going to have a major currency crisis coming soon. It's going to dwarf the financial crisis and it's going to send consumer prices absolutely ballistic, as well as interest rates and unemployment.

Not only was he wrong, but he wasn't even close. And to this day he is still calling for bullshit hyperinflation and a currency crisis. They'll just never get it.

 

[Acebb]

The only dope is you... and Sheriff Joe of course.

Uh, if unemployment has "improved" why are there fewer people working than when Obama was sworn in?

 

[akphidelt]

Uh, if unemployment has "improved" why are there fewer people working than when Obama was sworn in?

You are nothing but lies.

 

[vitterd]

Schiff made an idiot of himself on this show.

www.businessinsider.com/peter-schiff-barr-ritholtz-daily-show-2014-1

 

[akphidelt]

Schiff made an idiot of himself on this show.

www.businessinsider.com/peter-schiff-barr-ritholtz-daily-show-2014-1

Damn he's an idiot. Like I said, Libertarians are a broken clock. The funny thing is the economy can grow for 10 years and have 1 bad year and they'll use that one bad year as if everything failed and we need to go back to the 1800s economy. They are weird people.

 

[Acebb]

You are nothing but lies.

Hilarious.

You truly are a simpleton.