Posted Nov 24, 2008 01:55pm
EST by Aaron
Task in Investing,
Newsmakers, Recession
Related: ^dji, ^gspc, ^ixic, SPY, DIA, QQQQ, GLD
There's a popular YouTube clip called "Peter
Schiff Was Right" that shows the president of Euro Pacific Capital
engaged in on-air debates with financial luminaries such as Art Laffer and Ben
Stein, circa 2006-07.
The clips show the wisdom of Schiff's dire forecasts — and, judging from
the dismissive reactions, just how far he was outside the mainstream.
Ben
Stein publicly apologized to Schiff in a New York Times column, but Laffer
refuses to admit defeat, recently
telling Bill Maher his economic forecasts have a statute of limitations of
just nine months.
To his credit, Schiff isn't declaring victory, noting "100% of my
forecast hasn't panned out," most notably "a major collapse in the
dollar" that leads to a spike commodity prices.
As discussed in the accompanying video, Schiff believes the recent
dollar rally and commodity price weakness will prove temporary. Most troubling,
he says the "economic crisis is only just beginning."
Click here for part
one of my interview with Schiff.