What does Veeky Forums think of Peter Schiff? Is a dollar collapse inevitable?

Snarelure
Snarelure

What does Veeky Forums think of Peter Schiff? Is a dollar collapse inevitable?

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youtube.com/watch?v=U-g41h2BhEE

SniperGod
SniperGod

Yes. Yes it is. On an infinite timeline all currencies will collapse.

Schiff has been wrong for about 5 years now, and he may be wrong for another 20-30 years, however.

LuckyDusty
LuckyDusty

he may be wrong for another 20-30 years

I don't know about that. He seems to have been calling the FED's moves these last 6 months pretty spot on.

CouchChiller
CouchChiller

He's the perfect example of le broken clock is right twice a day meme. He kept yelling collapse for a decade and it finally happened, even though it was for entirely different reasons than he said, and now he always points to that as if it means anything. He is a gold shill nothing more.

GoogleCat
GoogleCat

Isn't gold like the permanent safety net? I mean you wanna diversify your assets and it's the only thing safer than T-Bills which wouldn't be safe in an all out market free-fall. Don't you want some precious metals?

girlDog
girlDog

safer than T-Bills
T-Bill
Safe
That's a laugh. T-Bills are in no way, shape or form safe. They are nothing more than ink on paper and even that is to say it's a bill of Debt.

w8t4u
w8t4u

No. He's been saying:
"They won't hike. They won't hike. They won't hike."

Well, they did hike in December 2015. And sure, it wasn't much, (albeit a significant proportional raise given it's very low level.)

However, he also makes the fundamental flaw that rates won't be hiked in the face of a weakening economy to stem capital flight, or reign in inflation (if it should tick up).

askme
askme

Gold isn't a permanent safety net, is it. Nothing is a permanent safety net. Not gold. Not property. Not food. Not guns. Not ammo. Not cigarettes. Sea shells. Bitcoin. Fiat. (The list goes on.)

The fact that you believe gold to be a permanent safety net shows absolute ignorance on risk, on asset management, and finance in general.

Things gold is:
Gold is an asset which is mobile and monetary (albeit increasingly less these days than in the past.)
It is a hedge against taxation.
It is a hedge against counterparty risk for institutions.
It is being utilized as a hedge against various fiat currencies too.

Things gold is not:
- An inflationary hedge all of the time. (It may do okay from inflation, but there are better inflationary hedges).
- A permanent safety net.
- The best monetary system for now and always.

The gold standard had several benefits, but was also tremendously flawed. It isn't the great shining hope for our future. It is one possible currency regime, and it comes associated with many benefits and many problems.

Fixed income in general is risky right now.

likme
likme

youtube.com/watch?v=U-g41h2BhEE

Spot on, yeah? They hiked rates a few months after this interview.

Evilember
Evilember

Peter (((Schiff)))?

StonedTime
StonedTime

That rate hike was not. Real rate hike, it was the Fed saying STFU Peter Schiff. They could get away with a quarter point without causing The Happening, but negative rates are coming; Europe is already there.

Snarelure
Snarelure

He's right, but he's been too confident in the ability of the markets to see through central banking bullshit.

I don't know for sure how much longer this ridiculous charade can be maintained for, but it's now just plain silly. All good data is bad data because it means there's going to be a rate hike, all bad data is good data because it means there's going to be more stimulus or the fed will hold, or QE4EVA is about to start.

It's insane, but I don't know when it will finally stop. I really don't think they're going to be able to kick the can down the road for decades. I'm amazed they've managed it for this long.

If Trump becomes the President, that might be the catalyst that finally puts an end to it. If people seriously reconsider whether the US national debt will be repaid in full (it obviously won't be), a radical revision of belief will occur.

BunnyJinx
BunnyJinx

I literally would pay my life savings to watch a snuff film of him chainsawing the ppl who called him an idiot for his collapse prediction

StrangeWizard
StrangeWizard

Things gold is:
Gold is an asset which is mobile and monetary (albeit increasingly less these days than in the past.)
It is a hedge against taxation.
It is a hedge against counterparty risk for institutions.
It is being utilized as a hedge against various fiat currencies too.
So it's a really good form of currency?

Things gold is not:
- An inflationary hedge all of the time. (It may do okay from inflation, but there are better inflationary hedges).
- A permanent safety net.
- The best monetary system for now and always.

Ahh yes, because that makes sense. Wait. It doesn't. Gold is the best monetary system as it relies on the one law that matters, supply and demand. It is not dictated by some arbitrary figure head at the top of some bank attempting to enslave us all.

Nice try but your Keynesian Kool-Aid wont work on me you commie scum.

We are not slaves. Stop stealing my money every time you print more for yourself because you are irresponsible.

You know fiat sucks when they have to force it's value upon you by law, because what's it's real value? ZERO

happy_sad
happy_sad

Oil is a safety net. Oil has real value. Energy has value

idontknow
idontknow

Any commodity has value. It's value to be used as money depends on the free market and supply and demand. Over the millenniums Gold and Silver have proven to be the best for this. Are they? Well maybe not, but with what is found on Earth, they are. Fiat, has absolutely ZERO value, except to the ones who use it to enslave, and even then, it's only
value is slavery.

SniperWish
SniperWish

So it's a really good form of currency?

Yeah. I buy my big macs with gold all the time. I hear McDonalds will accept gold any time you like.

I'm not Keynesian. I'm just not an idiot. Have you even looked at the correlation between inflation and gold?

It would only be guaranteed to rise in nominal value during a hyperinflation. Otherwise it will respond to the collapse in confidence in government (ie: as taxes rise.)

Booteefool
Booteefool

But our slavery isn't going anywhere, and corporations are set to dramatically outperform commodities.

CouchChiller
CouchChiller

I worship the ground he walks on, he will be right about everything.

Dreamworx
Dreamworx

If you're referring to credit risk, then a t-bill is one of the safest investments on the planet.

There's a reason they're called a risk free asset lmao

Garbage Can Lid
Garbage Can Lid

"hiked rates"

literally .25% and the stock market crashed, kek

TechHater
TechHater

See"Yellen has no intention of raising interest rates, I mean she did mention it was 'possible' she could raise rates, but I mean anything is possible- an alien invasion is possible right? But it's not going to happen."

Less than a year later the Fed. raises rates.

literally .25% and the stock market crashed, kek

Yeah, it crashed so hard the market is higher today than when they hiked the rates. I lost a whole +0.12%.. because I'm living in Schiff upside-down world.

Schiff is a salesman. He's peddling bullshit to sell gold. Will he be right? Yeah, eventually. The question is whether everyone who listens to him is solvent 5 years from now.

Spazyfool
Spazyfool

As if his prediction of the dollar collapse had ever came true

Fried_Sushi
Fried_Sushi

Inb4 dirty Keynesian
Inb4 suck a dick, Schiff is a god
Inb4 fuck off gold is infallible
Inb4 JIDF detected

I own gold, before any gold guys get ass-blasted. I also own silver.

Schiff made a good call prior to the Fin. Crisis, but his track record has been awful since then. If the Fed. does hike rates this month, or next month (and they may well do, despite the jobs numbers- the jobs numbers may be due in no small part to automation and many US corporates are cutting costs and pruning their liabilities right now ie: potential for higher EPS.

Furthermore, the Fed. is (supposedly) independent of politics, though with Pres. Obummer visiting Yellen in April, it might be impaired until after the election.

Raving_Cute
Raving_Cute

Yeah, this too. Dollar collapse by 28th May 2016. Oops.

Now the USD is going to collapse for sure by Sept. 2016.

Schiff is out of his depth.

idontknow
idontknow

Blames Schiff for changing stance.
Doesn't acknowledge the FED constantly changes their outlook.

Seriously, I don't care if you own gold and silver. You obviously are holding them for the wrong reasons or you are willingly lying to serve the Keynesian over lords.

Don't you get why you can't buy your shit with gold? Not because everyone decided a worthless piece of paper was worth more, it's because a Government said it is mandatory by law, so they could manipulate the economy, because they want to put the burden of their "Creating money out of thin air" debt onto the shoulders of the American people via the taxation through inflation.

This shit is basic economics.

SomethingNew
SomethingNew

He lost alot of credibility when he became just another "Obama created all of our problems that ever existed" blameshifter.

Dreamworx
Dreamworx

Blames Schiff for changing stance.
Doesn't acknowledge the FED constantly changes their outlook.

Why does this matter? You're either right, or you're wrong? Schiff has been right once, and has been wrong ever since.

Garbage Can Lid
Garbage Can Lid

Why does this matter?
You're either right, or you're wrong

And the FED has always been wrong, right from the start.

Soft_member
Soft_member

HE IS A FUCKING GOLD SALESMAN YOU RETARDS

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