Peter Schiff is fucking retarded.

B

benniboio

New member
Because everyone gave him credit for predicting the collapse now he thinks he's infallible and just says whatever sounRAB scary. Fuck him.
 
There are lots of "analysts" like that out there. A lot of technical charting guys (see Karl Deninger) were able to accurately predict the market crash in 2008, now they think they know wtf they are talking about when it comes to economics
 
"I was totally wrong about this prediction, but I said that gas would GO UP to $5.00, even though it only hit $4, I still said it would go up. Therefore, that's a half hit. I am batting 50% on my predictions!!!!"

Fucking moron
 
Well ... obviously not.


Saying there would be a recession real soon every year for 7 years in a row (or even claiming that it was already upon us like he did for 2003) --- sort of like a clock being right about the time twice a day --- is the hallmark of someone worth listening.
 
He was spot on. There was rampant borrowing to mask the economic rot taking place. America has been in a recession since at least 2003. The increase in debt has been outstripping GDP increase for a long time. Assuming ALL debt in the US (government and private) was financed at the 30-year treasury rate, we'd need about an 8% return just to pay that debt off in 30 years. And the economy grows how much each year?

Not a big problem with small amounts of debt because the money can go into highly productive areas that will return more than 8%. The problem is that total debt is now about 4 times the size of the US economy. We've exhausted productive capital and have nothing left to service even the existing debt, let alone further loans.

Further, we've got problems like a far larger capital base yet the EU's GDP is larger (greater return on investment).
 
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