Peter Schiff Was Wrong

Posted January 26th, 2009 by goldenequity

I post today's article by Mish. It is worth reading. Why?
Because no one is above the law..... the law that says "No one ever gets it 100% right"..... No one..... and I still love Peter Schiff!
"In the multitude of counsel..... there is wisdom"
http://globaleconomicanal...

Schiff's Overall Thesis

* US Equity Markets Will Crash.
* US Dollar Will Go To Zero (Hyperinflation).
* Decoupling (The rest of the world would be immune to a US slowdown.
* Buy foreign equities and commodities and hold them with no exit strategy.

Note: In the mad scramble to figure out what to do.... there are MANY of us looking for advice..... to "follow a financial leader"..... just be careful out there... it's going to get crazy..... and EVERY ONE'S crystal ball is pretty fuzzy these days..... no shame in that.,,,, none.

goldenequity's blog
Login or register to post comments

Schiff Rothschild Banking Bloodline

On February 3rd, 2009 freedomnyms says:

http://www.theforbiddenkn...

Isn't Schiff (a Jew) part of the Rothschild banking dynasty?

SCHIFF was a major family that started all this in the first place, 200 years ago.

I talked with my EuroPacific advisor today

On February 2nd, 2009 ckpac says:

and he said that China is "re-tooling" right now, just like America did after WWII when tank building, plane building, weapons making facilities had to be converted to factories that made washers, dryers and stoves instead. They are re-tooling their factories from chintzy toy & cheap novelty items manufacturing to infrastructure production. It won't happen over night but it's in the works.
If you're old enough, you'll remember the day when everything was "made in Japan" and it was all cheap junk. Now Japan is respected for their electronics, automobile and technology contributions. So, China could be heading the same way. As a nation they've got no debt, lots of production capacity and a good supply of gold. In the years to come I think they'll do just fine without us.

Schiff

On January 28th, 2009 yonemoto says:

He got #1 100% correct

#2 is probably going to be correct, but it also might not. Total debt far outstrips the amount that the gov't is going to issue, so it depends on societys' debt level tolerance.

#3 depends on the idiocy of each government. China, will probably fail to decouple for no other reason than a lack of imagination on the part of its leaders. South Korea is probably a very smart investment. Japan is also a reasonable investment with the caveat that their government has swallowed the Keynes pretty hard (but it's not so bad because Japan is a producer nation). Schiff's probably right on europe.

#4 well having no exit strategy is always a bad idea.

As far as #4 goes...

On February 2nd, 2009 dlind says:

if Schiff's predictions come true, about decoupling and the Dollar weakening significantly, then you won't want to exit. Heh.

hmm

On January 28th, 2009 JohnGalt300 says:

Fortune Favors the Bold

#3 is the big one. I think you may be right. This is the problem with China. Their current system is ultimately unsustainable. But the elite have benefited quite a bit. I think for China to decouple and use their increased manufacturing capability and technology, there would need to be a liberalization of their economy on a much larger scale, which would mean their politicians giving up a significant amount of power.