Major Hit Piece On Peter Schiff

EconomicPolicyJournal.com ^

[Kozman]

Peter Schiff has been getting some well deserved positive publicity for his very accurate warnings about the economy. Part of the focus on Schiff has been the result of his clever video marketing of his calls juxtaposed against attacks on him by the likes of Ben Stein and Arthur Laffer, who got their calls on the economy wrong. However, when you live above the fold, you are likely to be eventually attacked from above the fold. It's the nature of entertainment, ah excuse me, serious news reporting. The long knives will eventually come out. The first knife directed at Schiff is out. It is wielded by Michael "Mish" Shedlock, and it has drawn blood against Schiff.

In a vicious attack, Mish uses a poor performance by Schiff portfolios over the last year to twist and turn the knife...

[ChocChipCookie]

We need to keep a close eye on everyone in the public eye dares present a reality that is counter to the Obama reality.

[MittFan08]

Mish’s article wasn’t a cheap shot; it was right on point. Schiff’s basic investment premise is based on the utterly false notion that the Asian economies had decoupled from the US economy and that, once the US economy collapsed, the Asian stock markets would be safe havens. In reality, they crashed even further than the US stock market and Schiff’s clients have taken a terrible beating.

Mish has one of the best economic websites out there- it is on my frequent visit list along with Calculated Risk.

[AmericanVictory]

He is right about the “decoupling” being an unsustainable premise, sure enough, but we are going to need leadership from the some of the “coupled” economies in Asia that we are not going to get under this administration.

[misterrob]

I read the article and while it was a bit of a comparison between Schiff's firm and Shedlock's firm the bottom line is that Mish just laid an atomic wedgie on Schiff.

In the end it's all about what you said versus what the market did. Schiff might be right on a few issues but:

12 Ways Schiff Was Wrong in 2008

• Wrong about hyperinflation
• Wrong about the dollar
• Wrong about commodities except for gold
• Wrong about foreign currencies except for the Yen
• Wrong about foreign equities
• Wrong in timing
• Wrong in risk management
• Wrong in buy and hold thesis
• Wrong on decoupling
• Wrong on China
• Wrong on US treasuries
• Wrong on interest rates, both foreign and domestic

and check out a Schiff client statement: