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Peter Schiff On Election
- Thread starter ThisWebThing
- Start date
Ha he claims he's not affected by advertising
Considering Schiff's political affiliations and positions over the past 10+ years, I'd say that tv advertising has had no effect on his beliefs or who he's voted for.
I like Schiff but this is a very simplified black or white take. The Republicans have control of the House and while they promised plenty of stuff to people, did they promise any more than the Democrats they beat?
Many people just vote based on abortion, how friendly the candidates come across, etc.
Many people just vote based on abortion, how friendly the candidates come across, etc.
I used to listen to a lot of Schiff (I still do as it's entertaining) but I think he is and has been wrong on the inflation prediction. He doesn't understand that in this fiat system the fact no new loans are being made, and indebtedness has decreased in the last few years (except for government), means that the money supply has not increased much. So no inflation.
He was expecting q easing to increase the money supply by shitloads, but it didn't as there was a huge decrease in money on the consumer side.
Another thing about this is, the inflation has "already happened" in the boom times (via property prices). The money supply increased 2001-2008 by shitloads, and the inflation has already taken place. A lot of current austrian economists don't realise this.
Predictions are good for business. I think he was wrong about the form of the inflation, but I think he got the inflation right.
Right, but the only way the USG can meet its obligations long term is to devalue the currency with money printing. The alternative is to pay off the debt (not going to happen) or to repudiate the debt, which it cannot do because a lot of the long term obligations are to citizens. The minute the government doesn't make SS and medicare payments, its game over.
Right. Predictions and Bernanke hating are good for business.
Not exactly correct. There was inflation during that period, but that's unrelated to the long term inflation outlook in the US.
You gotta remember, Schiff is hawking his own brand, he isn't an economist when he makes these predictions.
Schiff isn't an Austrian. He doesn't apply Austrian methodology. He's closer to the classical school.
I'd be interested to know who else on the Austrian side has been wrong. It's not that I don't think the Austrians can make mistakes, but I am not aware of any making this particular mistake.
Well, define what Austrian economics is. Then read Schiff's books and listen to him, and ask yourself, does he apply the praxeological method?
The answer is no.
No Austrian thinks Peter is an Austrian. They probably think as I do, that he's a very sound free market guy in the Classical tradition.
