Peter Schiff: bernanke is lying!!!!!

[piezoe]

Quote from MKTrader:

Can you produce time-stamped or other verified documents warning of the things Schiff did when he did? Great. Do provide links.

Otherwise, that's one of the worst examples of hindsight bias I've seen in some time.

I am not inclined to do any of the things you suggest. Here is my main point, and then I will leave it rest. Schiff has been correct about a number of things, but they are all things that very many of us in the investing/trading world have warned about. If you look back at my very old posts and those of countless others on ET you will see the same warnings and concerns expressed. Nitro and I both, for example, have warned about the need to buy only dividend paying stocks in long term investment accounts. I have warned repeatedly and early that Fed policies would lead to significant inflation, and my timing was far better than Schiffs because I did that during a brief window when the USA was experiencing near zero inflation right after the 2008 crash and many others were insisting we would have deflation. On the other hand, Schiff's timing, frankly, has been terrible.

(I will add something here. Inflation is going to get still worse and reach, in real terms, low double digits, but there will not be hyperinflation as Schiff has incorrectly warned of because rates will eventually rise. Money pumped into the economy by the Fed via the Treasury takes anywhere from about 6 months to 18 months to filter down to the street level. So we have not yet seen the full effect of the ongoing stimulus.

Had Schiff seen the collapse in the CDO market coming and the problem with CDS's, and then acted on that ,in a timely manner, I would have been impressed. So far as I know he didn't. People like Mike Burry that saw the collapse in the CDO's coming and the defects in the thinking of those issuing CDS's and then took action, were the smart ones. And there were very few. People like Schiff are a dime a dozen. If I get up every day and warn of a market crash, rising interest rates, or a fallng dollar and these things eventually come to pass, am I brilliant? I hardly think so.

Also, Schiff's negative view of Wall Street and trumped up corporate earnings is a commonly held opinion. I have said publicly many times that Wall Street is made of thieves, liars, and cheats. Am I brilliant to state the obvious, I hardly think so.

Here is some interesting reading Re: Schiff.

http://selfinvestors.com/tradingstocks/news/peter-schiffs-euro-pacific-capital-down-40-70-in-2008/

 

[Visaria]

Quote from WallStWhizKid:

Schiff serves no purpose. Everyone including Bernanke knows the dollar is being sabotaged intentionally.

For what purpose?

Since no one here is part of the Bilderberg group we'll have no clue what the NWO has in store for us. All I can say is $150 oil is around the corner. If you can't do anything about something why even mention it. Schiff and Ron Pauls motor mouths have done zero good.

I would just like to mention that I am part of the Bilderburg Group . My subscription also entitles me to the the NWO, but i have yet to go to any meetings - there's one on Tuesday evening, but i have dinner reseravtions so will not be able to make that one.

 

[ElCubano]

Quote from piezoe:

people like Mike Burry that saw the collapse in the CDO's coming and the defects in the thinking of those issuing CDS's and then took action, were the smart ones. And there were very few.

700% return. If the "BIG SHORT" is correct, this guy saw it coming way before anyone and actually helped create the vehicle used to capture the mega wave of all trades.

There was a guy on you tube who was crying wolf about lehman way before the collapse...im going to find the video.

 

[piezoe]

Quote from ElCubano:

700% return. If the "BIG SHORT" is correct, this guy saw it coming way before anyone and actually helped create the vehicle used to capture the mega wave of all trades.

There was a guy on you tube who was crying wolf about lehman way before the collapse...im going to find the video.

That would be real interesting to find out who that guy was.

 

[the1]

Of course he is lying. That's what unelected politicians do best. The Fed is traveling down a course of stealing from the poor to feed the rich. I believe all developed nations need a central bank but with checks and balances. Presently, the Fed can act in any way they want with no oversight or repercussions for what they do or fail to do.

 

[gtor514]

Quote from the1:

Of course he is lying. That's what unelected politicians do best. The Fed is traveling down a course of stealing from the poor to feed the rich. I believe all developed nations need a central bank but with checks and balances. Presently, the Fed can act in any way they want with no oversight or repercussions for what they do or fail to do.

Amen, but I believe a change in the status quo is not going to happen. Your right, the Fed is acting like a 4th branch of government, an unelected branch with way too much power.

However, recall their mandate is given to them by one of the most liberal congress' in history in an act which was meant to support keynesian economics. Having a Fed allows congress to spend without limits. Congress just has to raise the debt ceilings every so often and simply pass the bill to the Fed and say "here pay for it". Why would they question that or provide any oversight to a system that allow them to spend whatever they want.

I ask, if it's the Fed's mandate to minimize inflation and create jobs then wtf does each one of us need a president, two US senators and a US representative for except to spend money on social programs and get reelected.

Here's another question I have which i hope makes another point; If the Fed doesn't consider the cost of fuel and food in their calculation of inflation than who does? Who is protecting the American people from this inflation? I give props to Schiff for speaking out.

 

[Debaser82]

Quote from ElCubano:

700% return.

Schiff is up more on his silver!

 

[AK100]

Quote from intradaybill:

Why do you like a guy who puts profit above and beyond the good of his own country, where he lives and where he sh*ts.

By calling on everyone to sell US assets he is basically making the job of US enemies easier.

He's not making policy. If you want to blame anyone for 'making the job of US enemies easier' then blame Washington.

 

[intradaybill]

Quote from AK100:

He's not making policy. If you want to blame anyone for 'making the job of US enemies easier' then blame Washington.

Calling on everyone to sell American assets is more than a financial decision. It is also a political decision. Why doesn't he keep it for himself if it is just a financial decision. He either wants to manipulate the markets by taking advantage his popularity in the media or he is acting against his own country.

Try to understand this. I am not questioning his onw sale of American assets. I am questioning his call to everyone to do it. That is a totally different issue here. You don't see the difference?

 

[Debaser82]

Quote from intradaybill:

Calling on everyone to sell American assets is more than a financial decision. It is also a political decision. Why doesn't he keep it for himself if it is just a financial decision. He either wants to manipulate the markets by taking advantage his popularity in the media or he is acting against his own country.

Try to understand this. I am not questioning his onw sale of American assets. I am questioning his call to everyone to do it. That is a totally different issue here. You don't see the difference?

If you don't agree with US policy you sell the US dollar.

Starve the beast.