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  • Austrian Economics Recipe For Disaster [View article]
    Many Austrian economist want to go back to the gold standard. This was a disaster in the 1930s as it is today with the euro, which works very similarly.

    When I say Swedish solution, I tend to mean what I say.
    Nov 3, 2013. 01:09 PM | 2 Likes Like |Link to Comment
  • Austrian Economics Recipe For Disaster [View article]
    Well, because these same people would probably be considerably worse off with a financial collapse. That doesn't mean we're not critical of the way it was handled, we have long argued for a Swedish solution.
    Nov 3, 2013. 12:49 PM | 4 Likes Like |Link to Comment
  • Austrian Economics Recipe For Disaster [View article]
    Whoever is the holder ultimately, the holder of pounds invest in UK assets, but if you sell spanish bonds (in euro's) the new holder of these euro's can simply invest them elsewhere in the euro area.
    Nov 3, 2013. 12:47 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    haircut, insurance, repair cost, all activities mostly determined by labor cost and little room for productivity increases. Now go and google Baumol's disease..
    Nov 2, 2013. 06:28 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    ["He's lying," Schiff said. "It is not inflation-neutral. It is the very definition of inflation. The government tries to mask how bad inflation is by giving us phony numbers that purport to measure it with the CPI or PCE or whatever Ben Bernanke wants to point to, but the reality is prices are already going up."]
    http://bit.ly/1aQrhe6

    I don't think by quoting Schiff on saying that the CPI is "a total fraud" was over the top, or out of context, somehow..
    Nov 1, 2013. 11:45 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    Possible, but to be honest, I'm not greatly impressed by theories that hinge, at least in part, on predictions that have yet to materialize.
    Nov 1, 2013. 05:40 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    If there so many things wrong with our article, it should be easy to demonstrate at least a few...
    All you've done is make the same alarmist predictions that ZeroHedge has been making for years, and which have failed to materialize so far.
    And for the socialist/central planner part. Ben Bernanke is a Republican and one of the foremost specialists of the 1930s depression.

    And that old socialist/central planner Milton Friedman argued Japan should embark on QE in similar circumstances, but I guess you don't read that on ZeroHedge..
    Nov 1, 2013. 05:23 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    [" What Schiff actually argues is that a paradigm shift will take place with foreign governments not only ceasing from acquiring dollars as reserves, but actively dumping the huge stockpiles of dollar reserves they currently hold. This is what would cause an extremely inflationary, perhaps hyperinflationary event."]

    There is little I discount completely, but why would foreign governments do this? This, will cause the dollar to plunge, which is hardly in the interest of the biggest two foreign holders of US public debt, China and Japan..
    Nov 1, 2013. 04:07 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    So he doesn't think the CPI is a "total fraud" then?

    He obviously has some serious beef with it, even if he doesn't think it's a "total fraud" so I'm afraid I don't see why you go on and on about this.

    Stay tuned for the next couple of articles as I quote Schiff's opinions on Keynesiansm. If I'm guilty of quoting out of context and not considering the theories I write about..
    Nov 1, 2013. 03:06 PM | 1 Like Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    Its not taken out of context, it's a literal quote with the source provided.

    Apart from the fact that SA isn't really the place to discuss the methodology of inflation statistics in any kind of depth, (and apart from the fact that it's a minor part of the article) I simply think that if the CPI indeed was a massive fraud, there would be a host of economist arguing this. In fact, this happens in Argentina, for instance, where there are alternative indices which actually have more credibility in the market. In the US, this is a fringe event at best.

    I also provided the million price index as a further indication that it's likely there isn't much in that claim.

    I also think that, compared to Mr Schiff himself, and especially the ever shrill Tyler Durden, I've been rather respectful and polite, but let each arrive at his/her own conclusions about that.
    Nov 1, 2013. 01:50 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    ["Now, with all due respect to Peter Schiff, but based on his writings you can’t call him a prominent representative of Austrian economics (that would be eg Mises, Hayek, Rothbard)."]

    First, you attack me that I've discredited Schiff, or at least that it was my intention. Then, I reply that that wasn't my intention, in fact, I present him as a prominent representative of an economic school.

    Then you answer he's not a prominent representative of that economic school!

    I thought I disrespected him, now it seems I gave him too much respect. You can't have it both ways.

    In respect to other parts of your comment, this is Seeking Alpha, not the American Economic Journal. Schiff argued that the CPI is a "total fraud". I take issue with that statement. One can debate it's methodology (although here is not the place), but calling it a "total fraud"..

    Tyler Durden. Talking about shrill... He's 10x more disrespectful than I am, and Mr. Schiff himself isn't exactly respectful all the time either. If you deal out, you should also be able to receive.
    Nov 1, 2013. 12:47 PM | 3 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    No, they're not meant to discredit Schiff. Schiff is the one who is discrediting the CPI and I have yet to see even a half convincing rendition in support of his claim that it is "a total fraud."

    Sure, one can have a discussion about methodologies and stuff, but "a total fraud"? I don't think there is any evidence of that.
    Nov 1, 2013. 12:39 PM | 1 Like Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    Hard to disagree with that, Philip.
    Nov 1, 2013. 12:03 AM | Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    ["If you were a real academic, you’d discuss ideas, not people"]

    I'm retired, and I think I'm discussing ideas here. This isn't meant as a personal attack on Peter Schiff at all, in fact, I present him as a prominent representative of an economic school. Some would consider that a compliment.
    Oct 31, 2013. 08:36 PM | 2 Likes Like |Link to Comment
  • Reality Check For Peter Schiff [View article]
    ["It's funny you should mention a "reality check" because Keynesian economics does not rely on any common sense and it intentionally ignores reality and focuses on building its socialist utopia."]

    Sigh. This is simply nonsense. Keynes was far from a socialist, in fact, he wanted to save capitalism from itself.
    Oct 31, 2013. 05:37 PM | 4 Likes Like |Link to Comment
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