24
Aug
2008
Schiff versus the Establishment
Peter Schiff is a very interesting guy. He has been basically spot-on for the last few years with his warnings about the US economy. Are you surprised to learn that many big gun finance gurus mocked him along the way? Below are three good examples:
(1) Schiff versus Arthur Laffer (8/28/06)
(2) Schiff versus Steve Forbes (June 2008, I believe)
(3) Schiff versus Bob Murphy (!?!)
Yes, I didn’t care for Schiff’s explanations on why trade deficits are bad. (I still think his analogies are a bit misleading.) However, in the grand scheme he was obviously right, and I should have realized it much sooner. I don’t claim to be omniscient folks, but when I make a mistake I admit it quickly and try not to repeat it.
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