I only became familiar with this person years ago due to his perma-bear anti-Bitcoin stance. However, I do have some of his books in my library as well (just never get time to read them). I just tonight started to finally listen to his youtube channel regarding the Economy, etc. Since there are a bunch of Econ buffs here, I am curious what your thoughts are on him.
Im no econ buff. But his message its simple and consistent. Too much debt in the system and the fed and us gov are the causes of inflation. Inflation and other economic numbers are under reported blah blah blah. However he comes up with silly perma bear predictions, like around 10 years ago he said that gold was going higher than the DJIA index. Not market cap, but index points vs price of one ounce. Yet the dow has rallied to 40K points while one ounce of gold is only a tiny fraction of 40K. He said the DOW would crash to below 10K while gold would rally to 10K. Thinking about it more, with my perma bear hat on as well, maybe he could still be proved right on that prediction one day
I was into Peter Schiff's material when I first got into trading. I read several of his books and used to watch his TV appearances. Eventually, I realized that the perma bear thing is a part of the trading and economics community that's considered the "cool kids." Sort of that "I know something you don't know" type of thinking. I would've thought Schiff was trolling if not for the fact that he follows his own investment advice.
Been watching him now for quite some time and his stance on the economy is extremely spot on its just that the fed has been able to prevent everything he has ever predicted from becoming a reality.
Peter sounds super smart and seems like he knows what he is talking about. People make fun of him but in the last 20 years gold has outperformed SP500 and even this year it's on-par or even outperformed. Just listen to any Bitcoiner and you can immedietly feel the loss of your brain cells. Their rationale is some abstract ideology. "The banks are bad the FIAT is fucked". Which might be true, but a ponzi digital token with garbage technology is NOT the solution. Their only argument to any criticism ever is "bUt tHe pRiCe wEnT uP!!!" Bitcoin outcompetes everything in price performance because of endless printing of Tether fake dollars. Bitcoin is quite literally a ponzi scheme and where Peter got it wrong on Bitcoin. Fundamentally and technologically trash, but he is too smart and didn't know other people would be so stupid + didn't count on the ponzi scheme part for endless pumps.
Nobody knows anything. Interest rates go up. Prices go down. Interest go down prices go up. Try to beat the risk-free rate. Yield curve blah blah. That's about it. You can pretty much boil down $100,000 finance degree into these talking points. None of it is going to help you make money in stocks if you can't read charts. Most of the revered wallstreet traders only made money because they got tipped off or they controlled the price.
Are we going to be talking about a Ponzi scheme until this thing hits a million dollars? Like you got to know when it's time to give up buddy. If Bitcoin is what a Ponzi scheme is, then nobody would go to jail for Ponzi schemes. Like it's gone up 13000% over 10 years! And I don't know who got everybody started on tether having any effect on bitcoin. It has no effect on bitcoin. Bitcoin increased like a 1000 % before tether even launched.
@S2007S I skipped through that collage, but it seems they forgot (or couldn't find) the epic battle between Schiff and Mike Norman. I time-advanced to it here: