Its a New Year

Quote:

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Originally Posted by Havakasha

Its an extreme right wing perspective. Calling President Obama a Marxist is but just one example.
And based on all his extreme views he mixes up his politics and economics and gets
almost all his predictions wildly wrong. The facts are the facts and my article lays out those facts.

Any neutral person would agree I believe. We could put it to a test? lol

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Again, I ask what is his particular view of free enterprise and capitalism?

Are you saying that calling Obama a Marxist is his view of free enterprise and capitalism?

Tell us all how SPECIFICALLY his "extreme right wing perspective" leads to his "particular point of view" of free enterprise and capitalism?

Listen, don't bother. Schiff believes in "regular old" free enterprise and capitalism.

What is "extreme right wing" for you IS free enterprise, capitalism and the foundation of limited govenment - the very model that has culminated in the US being the greatest nation on Earth. The model that you loathe.

And i asked you to explain why Mr. Shciff and you, along with your Austrian school of economics, have been so wrong on so many of your economic predictions.

Mr. Schiff labels a mainstream point of view about free enterprise and capitalism as Marxist. I think that should tell you everything. He clearly believes that our system (where govt and private eneterprise have their role to play in the economy) as it has been practiced over the last century is Marxist. Eisenhower, Nixon, Reagan, Bush etc. would be called Marxist under his point of view.
Absurd.

I understand that it is hard to swallow just how wrong one of your economic theorists has been in his economic and stock market predictions and therefore why its necessary for you to distract from that fact and to resort to a lie by saying that I "loathe"the American economic system. Clearly absurd as well. And I think THAT demonstrates how truly off base you are. You have more than proved my point.

Quote:

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Originally Posted by Havakasha

And i asked you to explain why Mr. Shciff and you, along with your Austrian school of economics, have been so wrong on so many of your economic predictions.

Mr. Schiff labels a mainstream point of view about free enterprise and capitalism as Marxist. I think that should tell you everything. He clearly believes that our system (where govt and private eneterprise have their role to play in the economy) as it has been practiced over the last century is Marxist. Eisenhower, Nixon, Reagan, Bush etc. would be called Marxist under his point of view.
Absurd.

I understand that it is hard to swallow just how wrong one of your economic theorists has been in his economic and stock market predictions and therefore why its necessary for you to distract from that fact and to resort to a lie by saying that I "loathe"the American economic system. Clearly absurd as well. And I think THAT demonstrates how truly off base you are. You have more than proved my point.

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Nice try - "plain old" free enterprise and capitalism is what he endorses. And you agree that it is what made America great. I agree too.

Here's the question that Hava-gafa-kasha cannot answer. It is not a case of "will not" answer.


Tell us all how SPECIFICALLY his "extreme right wing perspective" leads to his "particular point of view" of free enterprise and capitalism?

Oh, he called Obama a Marxist (did he?). Yes, that is his particular point of view.

You cant run from the record of your favorite economic "theorist".
No matter how much you try. :)



Its a New Year
How will Peter Schiff and the Austrian school of economics predictions do this year?
Last year they did pretty badly. Wonder if SiriuslyWrong and Ron Paul will still praise and
defend him?

http://coolspot7.wordpress.com/2011/...ce-in-a-while/



Well, let’s go back in time and see how good his prediction was for 2011:

US dollar demise: Schiff does not see much safety in the US dollar. Schiff says it is not just a dollar collapse, it is a bond collapse too; "avoid any kind of long term bonds, avoid treasuries, and avoid municipal bonds."
The year is not over yet, there is still one more trading day so this can change, but in 2011 the US dollar is up 1.85%, basically flat. No collapse in the dollar like what Schiff predicted.

The 3-year Treasury bond fund (SHY) is up 0.56% (basically flat), 10-year Treasury bond fund (IEF) is up 12%, and the 20-year Treasury bond fund (TLT) is up 28%. No collapse in treasuries like what Schiff predicted.

I looked up three municipal bond ETFs (PZA, MUNI, MUB) and they are up 8%, 5%, and 10%. No collapse in municipal bonds like what Schiff predicted.

I looked up one long term bond ETFs (BLV) and it is up 16%. No collapse in long term bonds like what Schiff predicted.

Indeed, every bond fund I checked was up big this year (and everyone one I wasn’t invested in was up more than mine). Quite simply, what Schiff predicted would occur this year did not occur.

Buy emerging markets and foreign currencies. Schiff is focusing on Asia where people work hard, are producing and have savings.
The emerging market funds (VWO, EEM) were down 20% this year.

For currencies:

Japanese Yen: +4%
Australian Dollar: –0.9%
Swiss Franc: –1%
Canadian Dollar: –2%
Swedish Krona: –3.06%
Euro: –3%
Chinese Yuan: –1%
Mexican Peso: –11%
New Zealand Dollar: –10%
Russian Ruble: –4%
US Dollar: +1.85%

How did the US dollar do against some other currencies directly?
vs Singapore Dollar: +1.48%
vs Hong Kong Dollar: –0.03%
vs South African Rand: +25%

Looks like the US dollar did very well this year and held its own against almost everyone, contrary to what Schiff said. Emerging markets also did poorly, contrary to what Schiff said.

Buy precious metals and commodities. Stay with gold, stay with silver.
Gold is up +9% this year, so he got this one right. However, silver is down –10% this year. Copper is down 42%, Aluminum is down 45% and platinum is down 25%. If you were lucky enough to buy a precious metal ETF, you could have made some money but not very much, maybe 3%.

What about other commodities? The general commodities ETFs (GSG, MOO, DBA) are down 3%, 20% and 11%.

The fact is that commodities did not do very well this year, contrary to Schiff’s advice.

If you would have listened to Peter Schiff this year, you wouldn’t have done very well in the market. You would have underperformed it. Everything he recommended was either flat (currencies), down big (emerging markets) or straight up wrong (collapse in dollar, treasuries and bonds). He was right on gold but wrong on silver – and every other metal. That’s 1 out of 7.

Now, you can argue (as Schiff does) that gold is a long term investment and long term, everything he is saying will turn out to be correct. Maybe. But for now, his prognostications are no more correct than anyone else’s.

He did say, after all, that this was his outlook for 2011.

Tell us all how SPECIFICALLY his "extreme right wing perspective" leads to his "particular point of view" of free enterprise and capitalism?

If we've established anything here today, it is that you agree that free enterprise and capitalism have made America the most desirable place on Earth to live.

You still havent acknowledged or explained why you, Peter Schiff and the Austrian school of economics have been so wildiy wrong in your economiic predictions. You still havent explained why your
praise of Englands economic solutions to todays economic problems has turned out to be incorrect.

I think I specifically described how Mr. Peter Schiffs and his particular point view (which is extreme right wing (a belief that govt should have absolutely NO role in our economy) have lead toa belief that anything Democratic equals Marxism. in other words this is why he opposes medicare, social security etc.He seems to not understand or care about economic and political history. Much like you dont care to know anything about what happened during the Reagan administration as it pertains to economic policy.

In case you need a refresher.

http://en.wikipedia.org/wiki/Free_enterprise

Quote:

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Originally Posted by Havakasha

You still havent acknowledged or explained why you, Peter Schiff and the Austrian school of economics have been so wildiy wrong in your economiic predictions.

I think I specifically described how Mr. Peter Schiffs and his particular point view (that we have an absolutely 100% free market system, and that govt should have no role in our economy) have lead toa belief that anything Democratic equals Marxism.
He seems to not understand or care about economic and political history. Much like you dont care to know anything about what happened during the Reagan administration as it pertains to economic policy.

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No role? Hmmmm, should have read the book. A clear misunderstanding that could have been avoided had you simply enlightened yourself.

I have listened to too many of his videos.
Explain how he got his economic and stock market predictions so WILDLY wrong.

And please explain why you called his following prediction on gold prices
and the Dow. "BOLD".


Also just as a a reminder, Peter Schiff predicted hyperinflation for 2011. Wrong again.
He predicted a stock market massive collapse in the early part 2011. Way wrong again.
He predicted that the Dow would plunge to 1,400 or Gold will rise to $12,000 in the next 2 years.


So when someone like SiriuslyWrong reads books by and defends someone like this, remember
when he tries to sell you his lunatic fringe opinions on Obama.
He is a Wacko, and i said that with all affection.


Please explain how President obama is a marxist? I have asked for weeks ... Tick tock.