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Peter Schiff’s Prescient Pessimism
There’s a popular YouTube clip called “Peter Schiff Was Right” that shows the president of Euro Pacific Capital engaged in on-air debates with financial luminaries such as Art Laffer and Ben Stein, circa 2006-07.
The clips show the wisdom of Schiff’s dire forecasts — and, judging from the dismissive reactions, just how far he was outside the mainstream.
Ben Stein publicly apologized to Schiff in a New York Times column, but Laffer refuses to admit defeat, recently telling Bill Maher his economic forecasts have a statute of limitations of just nine months.
To his credit, Schiff isn’t declaring victory, noting “100% of my forecast hasn’t panned out,” most notably “a major collapse in the dollar” that leads to a spike commodity prices.
In part one of Task’s interview, Schiff calls gold the “opportunity of a Lifetime.” The video above was recorded Friday. John and Andrew have an interview with Schiff from CNBC Thursday.
5 Responses to “Peter Schiff’s Prescient Pessimism”
I doubt if anyone will point out that he is saying that the economic stimulus proposed by the incoming Obama Administration is a mistake and will just postpone the problem and make it worse.
Given that Schiff's solution is for the government to do absolutely nothing and let the chips fall where they may forgive me if I couldn't care less that he got it partially right.
Jim,
His argument is that deficit spending and public works do not solve the problem, they just put the problem off into the future. Of course, it makes sense for the new progressives to want to ignore that part of the message.
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I hope the economic stimulus going well