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:
Posted on 02/06/2009 9:10:18 AM PST by FocusNexus
The fiscal stimulus bill being debated in Congress not only won't help the economy, it will make the recession much worse, says Peter Schiff, president of Euro Pacific Capital. Schiff scoffs at the notion the economic decline is starting to level off and concedes no government action means a "terrible" recession. But the path of increased government intervention will lead to "unmitigated disaster," says Schiff, who gained notoriety in 2007-08 for his prescient calls on the housing bubble and U.S. stocks.
The problem, he says, is the government is trying to perpetuate a "phony economy" based on borrowing and spending. With the U.S. consumer tapped out, the government is "now taking on the mantle" of consumer of last resort, he continues, predicting 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."
(Excerpt) Read more at finance.yahoo.com ...
LOL! THANKS!
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:
So exactly which Economic Think Tank or similar endeavor employs you?
I hope he isn’t related to Algore’s daughter’s (Karenna Gore Schiff) husband.
bfl
Schiff gets reamed by other economists on CNBC and FoxBiz daily. they are so hostile to him.
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.
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.
It’s really about grabbing power...not saving the economy...
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.
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.
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.
When Peter Schiff speaks I listen. He has been right many times when others said he was nuts.
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.
No one knows more about obambi’s STIMULUS PACKAGE than Larry Sinclair
and when asked about the package said that zer0 was a white man wanting to be a black man.
Every time I see that stupid brain-dead communist Bambi, I want to throw my television through the front window. This HAS TO STOP!
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.
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.
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