This has got to be on the the biggest "owned" I have ever seen. Despite me disagreeing with Mish many times, this is truly EPIC.
http://globaleconomicanalysis.blogspot.com/
http://globaleconomicanalysis.blogspot.com/
LOL...Peter Schiff was right...
- Thread starter LegendKiller
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StageLeft
No Lifer
- Sep 29, 2000
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Ultimately, you're dead right he failed his clients and that's all they personally will care about. However, his predictions of hyperinflation are not necessarily off. If he calls it for years and it's 2030 before it happens, yeah he was an ass, but if it happens in the next few years I'd grant that to him.
I do think it's increasingly obvious that going from US to other currencies is no safe haven at all because they are all huge deficit spenders, too, often more severely.
I did watch that 10 min youtube vid with 1M+ hits and there is some great ownage there that he gives people, often an entire panel calling for things to get great a year or two ago and they go to sh*t. Ben Stein gets smacked badly, too. I've seen his posts on finance.yahoo.com recently and he is still fairly stunned, like he doesn't understand what happened and can't believe it.
EDIT: OK so I'm still reading, yeah he's owning him fairly badly. I do think that Schiff's clienteles' success is the biggest proof in the pudding, or lack of success, I mean.
I do think it's increasingly obvious that going from US to other currencies is no safe haven at all because they are all huge deficit spenders, too, often more severely.
I did watch that 10 min youtube vid with 1M+ hits and there is some great ownage there that he gives people, often an entire panel calling for things to get great a year or two ago and they go to sh*t. Ben Stein gets smacked badly, too. I've seen his posts on finance.yahoo.com recently and he is still fairly stunned, like he doesn't understand what happened and can't believe it.
EDIT: OK so I'm still reading, yeah he's owning him fairly badly. I do think that Schiff's clienteles' success is the biggest proof in the pudding, or lack of success, I mean.
GeezerMan
Platinum Member
- Jan 28, 2005
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This is interesting too about Soviet GB on the same web page. Govt spending accounts for 60% to 70% of the economy in parts of GB.
Hey, maybe we should try that here! I'll call Obama and suggest it as a stimulus plan. Wait, I think he may have the same idea.
"Return Of The Three-Day Work Week
In the UK, government sources say shorter hours would be preferable to mass unemployment: Britain is facing return of three-day week
The prospect of the three-day week returned to haunt Britain yesterday as it emerged that ministers are considering paying firms to cut hours in order to survive the recession.
Tens of thousands of businesses are already planning to scale back working hours this year in an effort to stay afloat. But as the country comes to terms with the reality of a recession, it emerged that the Government is looking at compensating employees, through their firms ? thereby drawing comparisons with the shutdowns of the 1970s.
While the move would safeguard jobs, it would mean that the financial crisis is on a much larger scale, further undermining confidence in the economy with the suggestion of Britain grinding to a halt.
Major firms such as JCB have already downed tools for one day a week and are considering moving to a three-day week, with state help, if the recession gets worse. The firm's chief executive, Matthew Taylor, said that he is pressing Lord Mandelson, the Secretary of State for Business, to introduce compensation for workers if their hours are reduced.
Taylor wants everyone work 3 days and the government pay for the extra two. Is this supposed to be a viable plan?
?Soviet? Britain swells amid the recession
The Times online is reporting ?Soviet? Britain swells amid the recession.
PARTS of the United Kingdom have become so heavily dependent on government spending that the private sector is generating less than a third of the regional economy, a new analysis has found.
The study of ?Soviet Britain? has found the government?s share of output and expenditure has now surged to more than 60% in some areas of England and over 70% elsewhere.
Experts believe the recession will tighten the state?s grip still further as benefit handouts soar and Labour directs public sector organisations to create jobs to soak up unemployment.
In the northeast of England the state is expected to be responsible for 66.4% of the economy this year, up from 58.7% when a similar study was carried out four years ago. When Labour came to power, the figure was 53.8%.
Across the whole of the UK, 49% of the economy will consist of state spending, while in Wales, the figure will be 71.6% ? up from 59% in 2004-5. Nowhere in mainland Britain, however, comes close to Northern Ireland, where the state is responsible for 77.6% of spending, despite the supposed resurgence of the economy after the end of the Troubles.
Even in southern England, the government?s share of spending is growing relentlessly. In the southeast, it has gone up from 33% to 36% of the economy in four years.
The state now looms far larger in many parts of Britain than it did in former Soviet satellite states such as Hungary and Slovakia as they emerged from communism in the 1990s, when state spending accounted for about 60% of their economies.
?It?s not that the public sector in the northeast is too big, it is that the private sector is too small,? said Malcolm Page, deputy chief executive of One North East. ?The decline of traditional industries in the past means we need to establish more big private-sector companies in the region.?
The government's share of spending is about 50%. And to top it off , JCB wants it to increase. When does the 3 day week start here?"
Hey, maybe we should try that here! I'll call Obama and suggest it as a stimulus plan. Wait, I think he may have the same idea.
"Return Of The Three-Day Work Week
In the UK, government sources say shorter hours would be preferable to mass unemployment: Britain is facing return of three-day week
The prospect of the three-day week returned to haunt Britain yesterday as it emerged that ministers are considering paying firms to cut hours in order to survive the recession.
Tens of thousands of businesses are already planning to scale back working hours this year in an effort to stay afloat. But as the country comes to terms with the reality of a recession, it emerged that the Government is looking at compensating employees, through their firms ? thereby drawing comparisons with the shutdowns of the 1970s.
While the move would safeguard jobs, it would mean that the financial crisis is on a much larger scale, further undermining confidence in the economy with the suggestion of Britain grinding to a halt.
Major firms such as JCB have already downed tools for one day a week and are considering moving to a three-day week, with state help, if the recession gets worse. The firm's chief executive, Matthew Taylor, said that he is pressing Lord Mandelson, the Secretary of State for Business, to introduce compensation for workers if their hours are reduced.
Taylor wants everyone work 3 days and the government pay for the extra two. Is this supposed to be a viable plan?
?Soviet? Britain swells amid the recession
The Times online is reporting ?Soviet? Britain swells amid the recession.
PARTS of the United Kingdom have become so heavily dependent on government spending that the private sector is generating less than a third of the regional economy, a new analysis has found.
The study of ?Soviet Britain? has found the government?s share of output and expenditure has now surged to more than 60% in some areas of England and over 70% elsewhere.
Experts believe the recession will tighten the state?s grip still further as benefit handouts soar and Labour directs public sector organisations to create jobs to soak up unemployment.
In the northeast of England the state is expected to be responsible for 66.4% of the economy this year, up from 58.7% when a similar study was carried out four years ago. When Labour came to power, the figure was 53.8%.
Across the whole of the UK, 49% of the economy will consist of state spending, while in Wales, the figure will be 71.6% ? up from 59% in 2004-5. Nowhere in mainland Britain, however, comes close to Northern Ireland, where the state is responsible for 77.6% of spending, despite the supposed resurgence of the economy after the end of the Troubles.
Even in southern England, the government?s share of spending is growing relentlessly. In the southeast, it has gone up from 33% to 36% of the economy in four years.
The state now looms far larger in many parts of Britain than it did in former Soviet satellite states such as Hungary and Slovakia as they emerged from communism in the 1990s, when state spending accounted for about 60% of their economies.
?It?s not that the public sector in the northeast is too big, it is that the private sector is too small,? said Malcolm Page, deputy chief executive of One North East. ?The decline of traditional industries in the past means we need to establish more big private-sector companies in the region.?
The government's share of spending is about 50%. And to top it off , JCB wants it to increase. When does the 3 day week start here?"
Dissipate
Diamond Member
- Jan 17, 2004
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Schiff is a broker who sells investment products. If you think that he is wrong & shady, don't buy his products. Anyone who invests large sums of money into a product they haven't fully researched and made sense of is a fool.
On the other hand, your heroes Bernanke and Paulson were dead wrong about the state of the financial system months before the subsequent collapse and bailouts. What is the difference between Bernanke and Paulson and Schiff? You can't avoid the effects of Bernanke & Paulson's horrible forecasting and prescriptions, even if you leave the country (if the U.S. economy goes down worldwide economies will sink as well). Schiff enjoys no power or privilege over the U.S. economy. Even if every one of his clients is a sucker, he couldn't dream of having the monopolistic customer lock-in that the U.S. government and Federal Reserve enjoys.
StageLeft
No Lifer
- Sep 29, 2000
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Geezer's link and source
That has to be worrying. It seems clearly that over time--over decades--governments in the west are increasing in size vs the rest of the economy. This recession is clearly exacerbating it.
Calling for socialism is like a lesser version of Godwin's law, but society truly is going down that road. People are becoming more reliant on government for their basic day to day and dependent on it.
That has to be worrying. It seems clearly that over time--over decades--governments in the west are increasing in size vs the rest of the economy. This recession is clearly exacerbating it.
Calling for socialism is like a lesser version of Godwin's law, but society truly is going down that road. People are becoming more reliant on government for their basic day to day and dependent on it.
No, Schiff is a "professional investor", not just a broker. He sets up investment funds with OTHER PEOPLES MONEY. That was the whole point behind Mish's analysis. He took his personal ideology and applied it to investing, turning a blind eye to reality and zealously adhering to modern day dogma of "decoupling" and "hyperinflation". He was dead wrong and didn't leave himself with any possibility of going back, so now, he's fucked.
The funny thing is, his followers, like you, fall into the same trap. You cannot hope to alter your viewpoints in the face of new data. You've picked one wrong course and choose to stick to it. I guess that's part of the problem with modern politics and religion, to go back on your past viewpoints is now called "flip flopping" instead of being rational in the light of new data.
You compare this in light to Bernanke and others, I compare it to the failure to realize the course of investments, which is obvious from his returns vs others. He's a failed money manager. Realize it as such and walk away from the dogma he preaches and you regurgitate like cow's cud.
He has lost 70% in some funds, meaning he has to return over 300% to just get back to the starting point. Good luck with that.
Dissipate
Diamond Member
- Jan 17, 2004
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I never advocated investing in Schiff's products. In fact, his investing strategy seemed dubious to me. I fully agreed with him on the matter of the bailouts becoming a disaster, however.
Bernanke and Paulson, your heroes failed as Federal Reserve Chairman and Treasury Secretary. In other words, they failed in handling everyone's money. I think that is a lot worse than a guy like Schiff. Your Keynesian ideas have failed theoretically and empirically, and yet you cling to them like a true believer clings to the cross.
Schiff got "right" the one most obvious and easy to understand thing in the world (overpriced housing and stock market crash), but was utterly wrong on ALL the most complicated topics. I mean he was just plain flatly wrong. If you had done OPPOSITE of what he was advocating you'd be rich.
My conclusion is that Schiff is an idiot.
I think you need to double check on this. Keynesian economics was basically replaced by supply-side economics (although not entirely independent) in the 80s. Obviously, stagflation was a real problem with Keynes but recent events and the "faux" economic growth of the last 20 years certainly suggests that supply-side has its failures as well.
It's no surprise that we are heading back to demand-side now that supply-side has failed (at least in the short term).
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