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Yup, I can't believe anyone still posts Peter Schiff "wisdom" with a straight face. Dude has the most easily verifiable history of being a complete dumbass, yet people keep riding that "he was right that one time!" horse.He's dead wrong about hyperinflation, interest rates, overall macro, labor markets and just about everything else that exits his mouth.
Look, a real economist who can explain why policies work and why certain policies don't work. The haters will hate as they would rather defend a city of uneducated people over someone who has an actual education.
Peter Schiff isn't an economist. He's a stock broker. An extraordinarily shitty one if you look at his track record for his clients.
His track record is ripe with correct predictions. That's why he has such high credibility and it's why he's a regular face on NBC and Fox business networks.
This guy is not someone who can be ignored, whether he's an economist or a stock broker doesn't matter. He knows his shit.
I'll hold his opinion in much higher regard over yours any day of the week.
I disagree tactically. With more than 400 open short contracts awaiting delivery I went back into gold after the running of the stops. 6-12 month, out of the money calls look quite attractive. But considering that the real value of gold hasn't changed much, if any, in terms of food and clothing costs in 3,000 years calling it an investment is a bit of a stretch.Peter Schiff isn't an economist. He's a stock broker. An extraordinarily shitty one if you look at his track record for his clients.
His track record is ripe with correct predictions. That's why he has such high credibility and it's why he's a regular face on NBC and Fox business networks.
This guy is not someone who can be ignored, whether he's an economist or a stock broker doesn't matter. He knows his shit.
I'll hold his opinion in much higher regard over yours any day of the week.
His funds were down 60% in 2008. I'm guessing he's been hammered over the past few years also.
He's a gold bug. Gold is an ideology and/or a religion to the bugs. Ultimately, they will wipe you out.
Yup, I can't believe anyone still posts Peter Schiff "wisdom" with a straight face. Dude has the most easily verifiable history of being a complete dumbass, yet people keep riding that "he was right that one time!" horse.He's dead wrong about hyperinflation, interest rates, overall macro, labor markets and just about everything else that exits his mouth.
Nice, step. An article from a far right wing nut case web site. By a far right wing nut case writer. Nice. Because you could not, I am sure, find an article by an impartial site and an impartial author.To piggback off your thread, I read this one this morning:
Krugman on Detroit: Move Along, Folks; Nothing to See Here! - Hit & Run : Reason.com
Krugman on Detroit: Move Along, Folks; Nothing to See Here!Scott Shackford|Jul. 22, 2013 11:53 am
Credit: dreaming_of_rivers / Foter / CC BY-NCWe know economist Paul Krugman has taken to avoiding reading competing economic and political theories, but has he given up all reading altogether in order to perhaps avoid accidental exposure? In Sundays New York Times, Krugman tackles the Detroit bankruptcy and determines that the important thing is that we stop comparing Americas various fiscal problems with Greeces:
As you may recall, a few years ago Greece plunged into fiscal crisis. This was a bad thing but should have had limited effects on the rest of the world; the Greek economy is, after all, quite small (actually, about one and a half times as big as the economy of metropolitan Detroit). Unfortunately, many politicians and policy makers used the Greek crisis to hijack the debate, changing the subject from job creation to fiscal rectitude.
Now, the truth was that Greece was a very special case, holding few if any lessons for wider economic policy and even in Greece, budget deficits were only one piece of the problem. Nonetheless, for a while policy discourse across the Western world was completely Hellenized everyone was Greece, or was about to turn into Greece. And this intellectual wrong turn did huge damage to prospects for economic recovery.
What made Greece such a very special case? Why is it so different from, say, Spains economic situation? Or even Detroits? Why is an economist saying theres little to learn about economic policy from a failing state? All of this is simply asserted.
Krugman, amazingly, pivots to argue that Detroits budgets and pension obligations are not part of the problem:
Never mind the repeated failure of the predicted U.S. fiscal crisis to materialize, the sharp fall in predicted U.S. debt levels and the way much of the research the scolds used to justify their scolding has been discredited; lets obsess about municipal budgets and public pension obligations!
Or, actually, lets not.
Are Detroits woes the leading edge of a national public pensions crisis? No. State and local pensions are indeed underfunded, with experts at Boston College putting the total shortfall at $1 trillion. But many governments are taking steps to address the shortfall. These steps arent yet sufficient; the Boston College estimates suggest that overall pension contributions this year will be about $25 billion less than they should be. But in a $16 trillion economy, thats just not a big deal and even if you make more pessimistic assumptions, as some but not all accountants say you should, it still isnt a big deal.
the rest, plus links to cite source at teh above link.
And the beat goes on.
unreal....
80-90% of states are nowhere near being in trouble, the percentage of local governments in serious trouble are lower still. that translates into catastrophic failure for upto 5 states and another 5 that might go technically insolvent in the crisis but are not likely to go bankrupt. So the shortfall is not the problem but the distribution of the shortfall most certainly is.To piggback off your thread, I read this one this morning:
Krugman on Detroit: Move Along, Folks; Nothing to See Here! - Hit & Run : Reason.com
Krugman on Detroit: Move Along, Folks; Nothing to See Here!Scott Shackford|Jul. 22, 2013 11:53 am
Credit: dreaming_of_rivers / Foter / CC BY-NCWe know economist Paul Krugman has taken to avoiding reading competing economic and political theories, but has he given up all reading altogether in order to perhaps avoid accidental exposure? In Sundays New York Times, Krugman tackles the Detroit bankruptcy and determines that the important thing is that we stop comparing Americas various fiscal problems with Greeces:
As you may recall, a few years ago Greece plunged into fiscal crisis. This was a bad thing but should have had limited effects on the rest of the world; the Greek economy is, after all, quite small (actually, about one and a half times as big as the economy of metropolitan Detroit). Unfortunately, many politicians and policy makers used the Greek crisis to hijack the debate, changing the subject from job creation to fiscal rectitude.
Now, the truth was that Greece was a very special case, holding few if any lessons for wider economic policy and even in Greece, budget deficits were only one piece of the problem. Nonetheless, for a while policy discourse across the Western world was completely Hellenized everyone was Greece, or was about to turn into Greece. And this intellectual wrong turn did huge damage to prospects for economic recovery.
What made Greece such a very special case? Why is it so different from, say, Spains economic situation? Or even Detroits? Why is an economist saying theres little to learn about economic policy from a failing state? All of this is simply asserted.
Krugman, amazingly, pivots to argue that Detroits budgets and pension obligations are not part of the problem:
Never mind the repeated failure of the predicted U.S. fiscal crisis to materialize, the sharp fall in predicted U.S. debt levels and the way much of the research the scolds used to justify their scolding has been discredited; lets obsess about municipal budgets and public pension obligations!
Or, actually, lets not.
Are Detroits woes the leading edge of a national public pensions crisis? No. State and local pensions are indeed underfunded, with experts at Boston College putting the total shortfall at $1 trillion. But many governments are taking steps to address the shortfall. These steps arent yet sufficient; the Boston College estimates suggest that overall pension contributions this year will be about $25 billion less than they should be. But in a $16 trillion economy, thats just not a big deal and even if you make more pessimistic assumptions, as some but not all accountants say you should, it still isnt a big deal.
the rest, plus links to cite source at teh above link.
That's not really the point. It's addressed later in the piece. The point is that these public pensions are in fact, participating, and heavily, in the bankruptcy of Detroit. Perhaps more so, the corruption of the Detroit govt.
Just like Greece bailout was done under the contingency of reducing the public sector workforce. So apparently, it wasn't small, but out sized for the ability to be funded. At all. Considering they too had pension issue, a catalyst or at player in Greece's financial woes.
meanwhile,back in the motorless city, it looks like the Hockey rink is s still a go for construction...
New $444 million hockey arena is still a go in Detroit - Jul. 26, 2013
meanwhile,back in the motorless city, it looks like the Hockey rink is s still a go for construction...
New $444 million hockey arena is still a go in Detroit - Jul. 26, 2013
Get your priorities straight!
OMG... mind blowing.... incase you didn't watch it, here is what it is about:
The city of Detroit has 25000 USD debt per capita including the children, the unemployed and the illiterate... this debt could have never been paid...
Only 27,000 working in Detroit are working in manufacturing now... after 300,000 in 1950, the city is a war zone with 78000 abandoned house... you can even buy a house for 500 dollars
OMG... mind blowing.... incase you didn't watch it, here is what it is about:
The city of Detroit has 25000 USD debt per capita including the children, the unemployed and the illiterate... this debt could have never been paid...
Only 27,000 working in Detroit are working in manufacturing now... after 300,000 in 1950, the city is a war zone with 78000 abandoned house... you can even buy a house for 500 dollars
OMG... mind blowing.... incase you didn't watch it, here is what it is about:
The city of Detroit has 25000 USD debt per capita including the children, the unemployed and the illiterate... this debt could have never been paid...
Only 27,000 working in Detroit are working in manufacturing now... after 300,000 in 1950, the city is a war zone with 78000 abandoned house... you can even buy a house for 500 dollars
got that beat I think; latest 2011 figures, Detroit has/had the highest per capita public employee to occupant rate...
Detroit Destroyed by Democracy - YouTube
Pretty depressing to think the whole rest of the country is headed in the same direction Detroit is headed in.
This simple fact is the reason why I don't plan on having children because I feel bringing new life into such a degenerated and failing society would be cruel to that child.
Sad. But I suppose America is no different than empires of the past. Empires rise and fall and America is no exception to this rule.
The Imperialist in Washington have sold us down the river.
He's dead wrong about hyperinflation, interest rates, overall macro, labor markets and just about everything else that exits his mouth.
