Peter Schiff Responds

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Mr. Schiff has been correct and remains correct. My question to his critics...Who outperformed the market last year? No one, I sure haven't heard of any fund manager that posted gains last year. This is a tough market and getting it right just isn't something most managers can do in this carnival.

Pieter of VT 11:39AM February 06, 2009

Ask yourself a question.. Where did this bailout money actually go ? Perhaps it was converted into a foreign currency.why do you think they don't want to say where it went!If other countries are not getting out of the dollar then ask Russia why they are making new oil contracts based in roubles.Ask China why they are not buying our paper and are instead putting it back into their infrastructure.Ask Jim Rogers why he is converting all of his U.S.dollars to yen and euro? Why did the euro gain on the dollar today after Japan introduced their bailout? Economics 101 says that if we keep printing money that is not backed by something it will have little or no value.We screwed up by getting away from the gold standard. And now the idiots that ruined their own companies are now running our economic policies. Wake up !!

SDL of ID 2:35PM February 03, 2009

Asia will have no choice to decouple from the US because we are decoupling from them because we have no more money to spend with them; we only have debt to repay...this is painfully obvious...the stimulis plan will fail as you can not borrow yourself out of debt. If you spend a dollar on stimulis that dollar needs to generate more than a dollar to make it pay off; unfortunatly there is a diminishing return and we will be worse off than before. Thanks to Peter i got into gold early and have great returns and securiity that they cant inflate all my spending power away..

BMAC of CA 11:56AM February 03, 2009

Schiff always said he doesn't want to get out of his position and try to play timing games because he doesn't want to miss the boat. He said a few times that the problem with trying to ride the bubble, and play short term games is, you don't know where you're head will be at the right time. Anyone who's ever traded the market directly knows that feeling of trying to squeeze out every last bit of profit, only to lose the whole trade on a news item of the day. Peter thinks that if you stay long the dollar, and miss the boat, you're down forever. He doesn't trade on leverage, and he doesn't trade money people need any time soon. He's always said that. He's always said the most major inflation will happen "sometime before the end of the next president's first term." That means, you're looking at least 4 years out on a EuroPac portfolio.

Rhys of MI 8:44PM February 01, 2009

Peter is correct on the most important issue, the dollar will collapse under the weight of ridiculous fed spending and ludicrous bail out attempts. Instead of a bad bank, we have created a bad government.
When the dollar collapses, the rest of Peter's hypothesis will play out. And when Asia exporters realize the US consumer can no longer purchase their goods, the true decoupling begins.

American Patriot of NH 8:06PM February 01, 2009

The excuse that he's a "long term" forecaster is absurd. Had Schiff acted like a gentleman, admitted that his short game stinks, and readjusted, this argument would have been moot.
As it stands, Schiff failed to address ANY of Shedlock's criticisms. Shedlock wins hands down in the first round.

Brutus of VA 2:58AM February 01, 2009

Fortunately I have been listening to Peter for several years now so I have made some and then lost some recently as has about everyone else. I do believe his views on monetary policy and its repercussions will bear fruit.

Ben Straub of NM 7:04PM January 31, 2009

The fact that he went after Peter and not the thousands of other failed brokers exposes this hack's agenda of simply inciting controversy and trying to get his name out there. Just another conman trying to make buck.

Oli of MA 1:04PM January 31, 2009

The only reason we have a market right now is because the government is propping it up with monies from the federal reserve...Thats right, Currency manipulation...Lets say for a moment the government let the market collapse..Where in the hell would we all be? Iceland?? Lmfao Of course its an illusion...The true market value is around 5100-5500 for the Dow and around 1500 for the NYSE.. S&P probably around 400..Wanna mess with my numbers go ahead and try. The market if left to its own demise would crash over night and thats not what this country or government can afford at this stage of the game...Quite frankly this is what we the people need though.. The first 350 billion went out the door without a question asked..why? because the volitility was threatening to crash the walls down around themselves.. The other 350 billion didnt because there was no oversight and we the people caught on..They are close to having a march on Washington..If the banks grabbed onto the other 350 billion there were to many strings attached..So the Federal reserve maintians a 0 percent interest rate as to get the money to these thieves one way or the other..
Lets say the market crashes altogether..What do we have? a depression..Whats the difference between a depression of today and 1929? 270 million more people... The population in 1929 was 29 million people...today its over 300 million people.. How would they handle that many starving people..This what we are going though is a time period as for the federal government to get prepared as to how to deal with us..

timothy Burchett of RI 12:44PM January 31, 2009

Peter Schiff shares an important message but his failure to see the extent of the interconnectedness between US markets and those that send us their goods was a major oversight and a costly one. Of course, the suppliers of our drunken buying binge would be hurt when our credit card was over the limit. Others saw this (Richard Duncan - Dollar Crisis) and Peter shouldn't have missed it - it was obvious. Remember that he is a salesman first and not really an economist but he does have some valuable insights.

Dave Porter of CA 9:55AM January 31, 2009