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Peter Schiff: Stimulus Bill Will Lead to "Unmitigated Disaster"
Yahoo News ^
| Feb. 6, 2009
| Aaron Task
Posted on 02/06/2009 9:10:18 AM PST by FocusNexus
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To: TomasUSMC
No one knows more about obambis STIMULUS PACKAGE than Larry Sinclair.LOL! THANKS!
21
posted on
02/06/2009 10:26:50 AM PST
by
JohnG45
To: Southack
Schiff is a mental midget. He doesnt even begin to grasp why Japan saw 27% deflation from 1998 through the end of 2008. Schiff stutters when asked to explain why Japan saw 6% deflation in the single year of 2003 where Japan printed an extra $53 Trillion Yen. Mental midget? 25 precent deflation!? What alternative universe do you live in? The chart shows that you are completely wrong. There was no 25 deflation in the CPI in Japan:
To: Southack
So exactly which Economic Think Tank or similar endeavor employs you?
23
posted on
02/06/2009 10:52:53 AM PST
by
Lurker
(The avalanche has begun. The pebbles no longer have a vote.)
To: FocusNexus
I hope he isn’t related to Algore’s daughter’s (Karenna Gore Schiff) husband.
24
posted on
02/06/2009 11:18:28 AM PST
by
Paleo Conservative
(If the feds can't comptetently handle the DTV transition, why should we trust them with health care?)
To: FocusNexus
25
posted on
02/06/2009 11:36:16 AM PST
by
blam
To: FocusNexus
Schiff gets reamed by other economists on CNBC and FoxBiz daily. they are so hostile to him.
26
posted on
02/06/2009 11:50:39 AM PST
by
montag813
(www.FreepShop.com)
To: montag813
Years ago, a moonbat explained something to me.
“We don’t like people who know stuff.”
This explains why those who have a vested interest in convincing us to get back into equities and corporate bonds don’t like Schiff.
I am staying in cash until CD’s are earning 12%. That did happen in the 70s. It is the only way I can foresee ever earning back the capital lost in the September Surprise Credit Crisis within my allotted lifetime. It will also only benefit us if we are cutting our own wood, sewing our own clothing, raising our own food and are still allowed to sell any excess to raise cash for property taxes.
To: CharacterCounts
I agree. I think Schiff is right. Each time we've hit trouble, the Fed runs up the money supply. That was the answer to the dot.com bubble, which lead to the housing bubble, which has now lead to the dollar bubble. Once the dollar bubble breaks, if the Fed tries the same old trick of feeding in new money, you get rampant inflation.
the fact that we have created 3X the base money supply means roughly 3X inflation once the credit bubble bottoms and banks start the lend based on the new base money supply. We might get lucky, and the Fed might recognize that printing new money into a dollar collapse isn't smart, and so avoids hyperinflation. But I do think we are going to see at least a sharp drop in the value of the dollar at some point.
28
posted on
02/06/2009 12:24:23 PM PST
by
slowhandluke
(It's hard work to be cynical enough in this age)
To: Mikie
It’s really about grabbing power...not saving the economy...
To: Captain Kirk
"Mental midget? 25 precent deflation!? What alternative universe do you live in? The chart shows that you are completely wrong. There was no 25 deflation in the CPI in Japan:" Japanese Yen in 1998: $1 Dollar buys 122 Yen
Japanese Yen in 2008: $1 Dollar buys only 89 Yen
Yen Appreciation: 27%.
Definition of deflation: increase in value of fiat currency.
30
posted on
02/06/2009 12:36:58 PM PST
by
Southack
(Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
To: slowhandluke
"I agree. I think Schiff is right. Each time we've hit trouble, the Fed runs up the money supply." Schiff is a mental midget who can't explain why expanding the money supply in 1990-19991 saw deflation in that recession, much less why printing lots of FDR give-away money in 1933 failed to bring about inflation.
31
posted on
02/06/2009 12:41:34 PM PST
by
Southack
(Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
To: Southack; Captain Kirk
Japanese Yen in 1998: $1 Dollar buys 122 Yen Japanese Yen in 2008: $1 Dollar buys only 89 Yen Yen Appreciation: 27%. Definition of deflation: increase in value of fiat currency.
This only is correct if you are comparing the currency value to something stable. Fluctuations in the dollar compared to the Yen make your figures questionable.
To: Southack
So, printing lots of money should not have caused inflation in the Weimar Republic?
Or there wasn't any inflation in the 1980s in the US?
Inflation happens, and extra money floating around has something to do with it.
33
posted on
02/06/2009 12:57:37 PM PST
by
slowhandluke
(It's hard work to be cynical enough in this age)
To: FocusNexus
When Peter Schiff speaks I listen. He has been right many times when others said he was nuts.
34
posted on
02/06/2009 1:04:08 PM PST
by
mojitojoe
(If you can't make them see the light, make them feel the heat)
To: slowhandluke
Aye. Printing money has *something* to do with it, but printing money doesn’t have *everything* to do with it.
The equation is: Money Supply = cash + credit.
Beck and Schiff don’t know the 2nd half of that equation. They only know the “cash” part. This causes them to think that printing money to fund FDR’s massive Social Security, war spending, and Works Progress Adminstration (WPA) somehow caused “inflation” or Weimar-like “hyper-inflation” back when the U.S. experienced record **DEflation** during the Great Depression.
Which is to say, Beck and Schiff are ignorant of credit-based economies.
If they knew that 20% of all U.S. banks failed in the Depression, and that the destruction of available credit was greater than the amount of cash being printed for FDR’s massive socialism, then they would appear more educated and would be able to make better analysis.
Don’t be like them.
35
posted on
02/06/2009 1:05:38 PM PST
by
Southack
(Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
To: TomasUSMC
No one knows more about obambis STIMULUS PACKAGE than Larry Sinclair
and when asked about the package said that zer0 was a white man wanting to be a black man.
36
posted on
02/06/2009 1:06:14 PM PST
by
mojitojoe
(If you can't make them see the light, make them feel the heat)
To: FocusNexus
Of course it will lead to disaster. Any time the idiots in Washington try to spend the money stolen from the taxpayers on useless pork (or on anything besides their constitutionally-enumerated duties), it is a step in the direction towards disaster. These morons are theives and they should be treated as such.
Every time I see that stupid brain-dead communist Bambi, I want to throw my television through the front window. This HAS TO STOP!
37
posted on
02/06/2009 1:07:40 PM PST
by
meyer
(We are all John Galt)
To: FocusNexus
the bond bubble will soon burst - if it hasn't already - ultimately leading to a collapse of the dollar and an "inflationary depression worse than anything any of us have ever seen." This is what lie ahead IMO. I believe the Fed (yes, the home team) is the only buyer left for 30 year T-Bills. In short, we are now feeding the seed corn.
38
posted on
02/06/2009 1:14:57 PM PST
by
IamConservative
(Dems: "Do as we say, not as we pay.")
To: mojitojoe
"When Peter Schiff speaks I listen. He has been right many times when others said he was nuts." Schiff told his investors to buy foreign markets like China, Russia, and Brazil that caused his followers to lose more than 30%.
Others have called Schiff "nuts" for very valid reasons.
39
posted on
02/06/2009 1:18:12 PM PST
by
Southack
(Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
To: Southack
"Some say the world will end in fire,
Others say in ice.
From what I know of desire, I hold with those who argue fire.
But if the world were to perish twice, from what I know of hate, ice would do, it would suffice." Robert Frost
40
posted on
02/06/2009 1:25:06 PM PST
by
kenavi
(Cherchez de midi a deux heures. Drill now.)
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