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"Whether the economy gets its fix next week or this week or a couple months from now, it is...
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Wednesday, September 12, 2012, 7:45 PM ET"Whether the economy gets its fix next week or this week or a couple months from now, it is coming," says Euro Pacific's Peter Schiff. Don't be confused, he regards the inevitability of a new QE as a bad thing. The Fed is effectively making "free" money for the government. All assets get priced based on this phony rate, making it impossible to correctly price anything - from mortgages, to stocks or even gold. You can't avoid reality forever though, Schiff says; eventually QE will end and our day of reckoning will come.
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He is 100% right. He always has been. The problem is he always "looks" wrong because he is verbally trying to fight against an entity that controls and owns our nation.
Its like that clown from Wells Fargo. Mr. James (100%+ bull market bull) Paulsen. He is never wrong, nor has he been wrong since 2009 because the FED has made him "look" right.
The old saying: You cannot fight the FED.
I have no clue when the tide will change. Not a clue. I go with the flow and right now that means higher equity prices until our nation's entitlement / currency crisis hits full tilt- a- whirl.
That is where this US economy could go. We cannot figure out why we wont see it coming and we take comfort in the fact that nothing has happened yet. Well except for the big financial meltdown of 2008. We are in denial that black swans exist when we just seen a big one 4 years ago.
Right now the Fed is keeping us pumped up and Euro problems have overshadowed our problems. But wait until the day when this thing turns. This could be the worst trauma this country ever goes through outside of the Civil War and WWII and it is all preventable.
It is also interesting that everyone believes that it is hard to time the market but they all demand that Schiff give a timeline on his calls. I guess if you are predicting bad things then you have to give the exact date otherwise you can be as foggy as San Fran on a winter day.
Interesting to watch.
People should think of their own kids when they watch it.
http://bit.ly/RSQzPs
Ha! Maybe as foggy as a summer day in SF...got too many "croix de Candlestick" pins to prove it. (History of Croix de Candlestick: http://bit.ly/PdgsHf).
Pretty cool. I did not know of that tradition although I have been in SF a lot. Maybe my favorite city. I love coming across the Golden Gate bridge back into SF and seeing the city to my left in the sun and the ocean to my right. One of the most beautiful vistas in the world.
There are two elements to making a good call: Direction, and Time.
Peter's clock was correct in 2006/7/8....but was it luck, or happenstance?
Not much use to have a perma bear or a perma bull making noise unless they add the element of time, and it is reasonable, as in 'my works tells me that the equity market will be 20% lowerhigher by November 1, 2012, and here is why:'
How are his clients doing while he collects his fees ? ? ? . . . it's easy to be the cassandra , when you're gambling with other people's money
Schiff in 2002 , predicts Nasdaq 500 and Dow 2000
Called for $150-200 bbl crude 2009
For 2011 he predicted a catastrophic collapse of the U.S. stock market in Jan. 2011, he predicted HYPER inflation, and he predicted interest rates on 10 year notes would climb to 6%.
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you don't get points for yelling "it's 3 o'clock" every hour and then when it is actually 3 o'clock, Schiff's looking around and saying "told you so".
I have listened to what Peter has to say about the printing of money with its consequences and can't find a flaw in his assessment.
http://bit.ly/QMuT97
I was waiting for the proverbial ,
"I would challenge you to a battle of wits, but I see you are unarmed!”
I didn't know the name Peter Schiff until I saw it mentioned on the Seeking Alpha in the past 12 months or so when I started reading SA.
I do not follow any investment gurus who represent the "pro-gold" or the "anti-gold" camp. In other words, Buffet's or Schiff's views on gold are equally irrelevant for me.
But I do remember Ron Insana from his years with financial media.
He used to work for the CNBC. Then started his own hedge fund which went bust shortly. He then worked for (employed by?) another investment fund. Now he appears on the CNBC as a guest. Or, maybe these are two different Insanas, one with and one without a hairpiece.
Apparently Schiff sells gold. What is it that Insana is selling now?