He got ridiculed and bashed both in the media and by the deflationists cause he missed a 2 week USD rally. Peter Schiff was wrong! Buying the euro.... lol. How could he not see the USD and the Euro will reach parity? Uhm......
High prices are a result of inflation. The inflation is already here. When you increase the money supply, thats inflation. Takes a while for the prices to catch up. But the reason we havent seen inflation in prices is because inflation right now is just stopping the prices from going down. If the government hadnt been spending so much money, Gas would probably be 70 cents per gallon, milk 98 cents per gallon, bread 40 cents per gallon ect. With prices that low, profits would be low, layoffs would be 10x worse than now and people that owe debt would not be able to pay, which would cause defaults like crazy, which would cause a further deflationary spiral. Right now, the inflation is just balancing out the deflation. The genie is already out of the bottle. You WILL see it by this time next year.
There is an element of propaganda to some of this. But he is more plausible than Buffet salivating over toxic assets on MSM last fall, not to mention hyping more stimulus. "yeah..yeah..yeah....we uhh....we uhh could use another stimulus" I cancelled my cable subscription. But thanks guys for keeping me informed here.
I thought you said we needed a depression? http://www.elitetrader.com/vb/showthread.php?s=&postid=1192432#post1192432 By the way...how is that house in lake tahoe doing that you bought from the proceeds of the sale of your house in LA in 2003? Did you get another "surprise"? I bet you did.:eek: I should think you would want inflation to happen. You have to have lost half your equity in that house by now.
This is the exact reason the USA has to print! Do you know what the consequences would be if deflation took hold and EVEN MORE people couldn't pay down debt?! I laugh at people who have no clue and critisize the printing. FYI - USA needs inflation to make it easier to pay their huge debts.
I'm flattered that would go to the effort to look up my old posts. But you'll be happy to know that we just sold that house in Tahoe and actually made a little money on it. Shucks....that really must totally piss you off knowing that someone can actually make money in RE from 2004 to 2009. Not to worry I went right back in on another place at Tahoe. I'll let know how that goes in 5 or 10 years. BTW: We've had the depression I was looking for. Pity you can't see that.
Schiff is a clown. Not an iota better than the Don Luskins or other perma bulls Schiff is battling on bubble vision.
perhaps u have friends from the good old days in brazil and chile and argentina. they knew how to ramp up the currency and the country to prosperity.Zimbabwe does the same thing. bankrupt the middle class through inflation and let's see the rise of the next hitler and war start. of course those countries are different .right? " I laugh at people who have no clue and critisize the printing. " I laugh at people like you.