Unlike most, who chuckled snidely as he made his predictions in 06-07, I was taking furious notes :) [Sep 12: Peter Schiff on Fannie/Freddie] [Aug 3: Peter Schiff July 28 2008 on Glenn Beck] [Jun 2: US News & World Report -Peter Schiff's Worst Case Scenario] [Oct 2, 2007: Schiff - Housing Prices to Collapse]
Speaking of Laffer, Brian Wesbury is another permabull who needs to come out and say "I'm wrong, dead wrong" [Jul 14: Peter Schiff v Brian Wesbury]
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Peter Schiff: 'Opportunity of a Lifetime' in Gold, Intl. Assets -- Not U.S. Stocks
Posted Nov 21, 2008 04:39pm EST by Aaron Task in Investing, CommoditiesThe stock market's staged another wild ride Friday before ending sharply higher on news Timothy Geithner will be named Obama's Treasury Secretary.
As stocks "reflated" Friday, so too did gold, which appears to be reemerging from its slumber.
The precious metal rallied $51, or 6.9%, to $800 per ounce Friday, and investors can expected "much bigger moves ahead" for gold, says Peter Schiff, president of Euro Pacific Capital.
A longtime gold bull, Schiff believes the dollar's "phony" rally will soon end. To his credit, Schiff admits being caught off guard by the greenback's recent bounce, but believes efforts by global central bankers to fight the credit crunch will lead to devalued currencies, and higher commodity prices. (To his greater credit, Schiff has gotten a lot of things right in recent years, unlike most others.)
Gold's recent slump — it remains more than 20% below its summer highs — is partially due to the "massive margin call" hitting U.S. financial firms, Schiff surmises. That process has created the "opportunity of a lifetime" in foreign stocks, currencies, and commodities, says the author and noted bear.
But it's not too late to sell U.S. stocks, which Schiff believes have another 5 to 10 years of bear market action ahead as America struggles to come out from under a mountain of debt.
'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead
Posted Nov 24, 2008 01:55pm EST by Aaron Task in Investing, Newsmakers, RecessionThere'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.
As discussed in the accompanying video, Schiff believes the recent dollar rally and commodity price weakness will prove temporary. Most troubling, he says the "economic crisis is only just beginning."
3 comments:
while a favor int'l stocks, i still don't follow how BRIC can rebound w/o the US. If the US consumer doesn't spend, I'm not sure how those economies will grow.
Mark,
you should check out his 1hr/week radio show "Wall street unspun"
he brought up art laffer's pathetic excuse for being wrong a few weeks ago.
He also ripped Erin Burnett into pieces as well.
It is funny, because 10 minutes of him on a show being ignored is not enough..we need 1hr/week!!
he now calls for dollar index to hit 10-20 down from target highest target of 40.
ah damn you i have the same thing scheduled to post again haha. thats the problem with trying to have things autopost throughout the week, someone always beats ya to it! ;p
also, I was talking with someone the other day who made the point that yes schiff was right, but he was also wrong for many many years. so, he theoretically was feeling tons of pain before being right on his calls. i respect schiff, but its a good point nonetheless.
my post tomorrow equates it to value investing where you're "early" and suffer near-term but win long-term assumming your thesis is right.
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