'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead

'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead

finance.yahoo.com

There's a popular YouTube clip called "Peter Schiff Was Right" that shows the president of Euro Pacific Capital engaged in on-air debates with financial luminaries such as Art Laffer and Ben Stein, circa 2006-07.

The clips show the wisdom of Schiff's dire forecasts — and, judging from the dismissive reactions, just how far he was outside the mainstream.

Ben Stein publicly apologized to Schiff in a New York Times column, but Laffer refuses to admit defeat, recently telling Bill Maher his economic forecasts have a statute of limitations of just nine months.

To his credit, Schiff isn't declaring victory, noting "100% of my forecast hasn't panned out," most notably "a major collapse in the dollar" that leads to a spike commodity prices.

As discussed in the accompanying video, Schiff believes the recent dollar rally and commodity price weakness will prove temporary. Most troubling, he says the "economic crisis is only just beginning."

Click here for part one of my interview with Schiff.

(visit the link for the full news article)



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[edit on 25-11-2008 by 12m8keall2c]

Finally a little vindication for Mr. Schiff.

Stick it Wall Street! lol!

Peter goes into how Ben Stein apologized in an article he wrote for NY Times.

He also stated a few of his predictions have not come true yet, but are on their way. Basically, he says the dollar is headed for the toilet paper isle at walmart...

finance.yahoo.com
(visit the link for the full news article)


[edit: fixed source link]

[edit on 25-11-2008 by 12m8keall2c]

I thought what he said that the only thing that would stave off this collapse is the bail out of sorts by the rest of the world was interesting. I have a good feeling that the world may decide to keep America on its feet because in reality, if America falls, their economies are really going to take MAJOR hits. The Chinese need high growth to keep the people in line, but if the U.S. falls, it will hit all economies and all their consumption. Saudi Arabia requires minimum prices of oil lest they go into major deficits. I think countries are really in a big pickle with the U.S. and they were all active particpants and now they are chained to their endless giving.