21 Feb 11
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Originally posted by Metal BrainMaybe not many people agree that he "seems to be right more than most" and therefore he doesn't get as much credit as he would if they did. The stuff about him "deserving" more is perhaps a matter for people who agree with him.
Peter Schiff seems to be right more than most.
http://www.schiffradio.com/
Why doesn't he get the credit he deserves?
21 Feb 11
Originally posted by KazetNagorraWhat is wrong with Austrian School economists? Pseudo-science? Where do you get your information?
There is nothing closed-minded about rejecting pseudo-science.
Schiff predicted the housing bubble would burst when all the others said it was not a problem. Same thing with the economy crashing.
How often does he have to be right before you realize most of the other economists don't know what they are talking about?
21 Feb 11
Originally posted by Metal BrainThe Austrian School rejects the scientific method, they don't think empirical evidence should be the basis for economic models. Understandable, since a large amount of readily available empirical evidence directly contradicts the Austrian School's predictions (the highly successful Scandinavian model being the most obvious example).
What is wrong with Austrian School economists? Pseudo-science? Where do you get your information?
Schiff predicted the housing bubble would burst when all the others said it was not a problem. Same thing with the economy crashing.
How often does he have to be right before you realize most of the other economists don't know what they are talking about?
Schiff also predicted the dollar would drop significantly after the crisis. Hasn't happened.
21 Feb 11
Originally posted by KazetNagorraWhat evidence?
The Austrian School rejects the scientific method, they don't think empirical evidence should be the basis for economic models. Understandable, since a large amount of readily available empirical evidence directly contradicts the Austrian School's predictions (the highly successful Scandinavian model being the most obvious example).
Schiff also predicted the dollar would drop significantly after the crisis. Hasn't happened.
The dollar has dropped. The dollar index chart just doesn't show it because most other currencies have dropped with it. That is what is meant by currency wars. It is the disadvantage of having currencies that float instead of being backed by something.
21 Feb 11
Originally posted by Metal BrainWhat evidence?
What evidence?
The dollar has dropped. The dollar index chart just doesn't show it because most other currencies have dropped with it. That is what is meant by currency wars. It is the disadvantage of having currencies that float instead of being backed by something.
I gave an example.
The dollar has dropped. The dollar index chart just doesn't show it because most other currencies have dropped with it.
In other words: it hasn't dropped.
21 Feb 11
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Schiff in late 2008 predicted that gold would reach $2000 an oz in 2009. Being ludicrously wrong doesn't seem to affect him much; he's now predicting gold will reach $5000 an oz in the near future.
EDIT: Here's some laughably wrong Schiff predictions in September 2009: http://www.businessinsider.com/henry-blodget-peter-schiff-us-stock-rally-and-dollar-doomed-gold-going-to-5000-2009-9
21 Feb 11
Originally posted by no1marauderThen again, Schiff has financial interests in gold trade, so he's obviously painting a rosy (and deceitful) picture about gold for a reason. He needs people like Metal Brain to make more money.
Schiff in late 2008 predicted that gold would reach $2000 an oz in 2009. Being ludicrously wrong doesn't seem to affect him much; he's now predicting gold will reach $5000 an oz in the near future.
EDIT: Here's some laughably wrong Schiff predictions in September 2009: http://www.businessinsider.com/henry-blodget-peter-schiff-us-stock-rally-and-dollar-doomed-gold-going-to-5000-2009-9
21 Feb 11
1 edit
Originally posted by no1marauderAnd apparently this guy has written five books on economics. Pretty hilarious if you think about it, how many people would take a physics book seriously if it was written by someone with a bachelor's degree in mechanical engineering?
Schiff isn't an economist at all; he has only a BA in Finance and Accounting.
21 Feb 11
Originally posted by KazetNagorraDon't you know how the dollar index is measured? It is measured in relation to a basket of other currencies. Those currencies are losing value as well. That creates the illusion that the dollar has not dropped when it has.
[b]What evidence?
I gave an example.
The dollar has dropped. The dollar index chart just doesn't show it because most other currencies have dropped with it.
In other words: it hasn't dropped.[/b]
The best measure is to look at the dollar's value in relation to gold. Take a look and remember that gold isn't really gaining value, the dollar is losing value. So are a lot of the other currencies.
21 Feb 11
Originally posted by Metal BrainIf all currencies were losing value in real terms, wouldn't you expect to see massive inflation? Inflation here is 2%.
Don't you know how the dollar index is measured? It is measured in relation to a basket of other currencies. Those currencies are losing value as well. That creates the illusion that the dollar has not dropped when it has.
The best measure is to look at the dollar's value in relation to gold. Take a look and remember that gold isn't really gaining value, the dollar is losing value. So are a lot of the other currencies.