Peter Schiff was Right.

Quote from the1:

He has <b>not</b> been wrong for 2 decades, he has been <b>right</b> for 2 decades. If a scientist were to say another massive earthquake was going to occur along the San Andreas fault but it didn't happen for another 2 decades would you say this guy was wrong for 2 decades? No one can predict earthquakes or currency defaults with the kind of accuracy you are expecting. They are naturally occuring phenomenon. Dude, get a little education in science before you begin proclaiming people are wrong about their analysis and predictions.
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He most absolutely, positively has been WRONG for the past 20 years. He's been saying the same thing over and over again, and it never happened. If you followed Jim Rogers' advice back in the 80s, you would have missed out on the strongest bull market in history. Congratulations.

Even now, when the US is issuing trillions in debt, its deficit is a mess, etc... the dollar is still holding up. If not now, then WHEN?

A broken clock is right twice a day. Does that make the clock right? A prediction of an end result without a corresponding prediction of timing is completely useless.

People are predicting that the super-volcano under Yellowstone national park will erupt some time in the next 200,000 years and destroy the entire Western USA. I'm sure that person who predicted that will eventually be "right", just like Jim Rogers. Are you going to sell all you stuff and move to the East coast? Oh wait, what about global warming, I guess you should move to the Midwest instead.
 
Quote from jedwards:

He most absolutely, positively has been WRONG for the past 20 years. He's been saying the same thing over and over again, and it never happened. If you followed Jim Rogers' advice back in the 80s, you would have missed out on the strongest bull market in history. Congratulations.

Even now, when the US is issuing trillions in debt, its deficit is a mess, etc... the dollar is still holding up. If not now, then WHEN?

A broken clock is right twice a day. Does that make the clock right? A prediction of an end result without a corresponding prediction of timing is completely useless.

People are predicting that the super-volcano under Yellowstone national park will erupt some time in the next 200,000 years and destroy the entire Western USA. I'm sure that person who predicted that will eventually be "right", just like Jim Rogers. Are you going to sell all you stuff and move to the East coast? Oh wait, what about global warming, I guess you should move to the Midwest instead.
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Move to Asia, that's the future!

I believe Rogers touched upon that in his market wizards interview as well, back in the eighties.
 
But now you're assuming Rogers traded in the direction of his predictions and seeing as he has performed pretty well over the past 20 years I'd think he has not. Yes, timing is important but it doesn't have to be perfect and even those who see a bearish event can have an open enough mind to see opportunity for a bullish play in the meantime.

Quote from Kassz007:

If I say S&P goes to 1200 and it gets there in the year 2030, am I right? Like it or not, timing is just as important as direction in this game.
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Quote from wavel:

Have you considered the possibility that we have arrived at this situation by design?

If what we have is by design, then there is no intention to solve the "debt problem" by saving the Dollar or any other sovereign currency that will be earmarked for assimilation. The central bank"s" couldn't give a shit what the name of the currency is that they issue, aslong as they can issue it without the interference of a democratic government.

Personally, I don't find the concept/ideal of a one world currency all that bad as I'm not shackled by the emotional attachments associated with patriotism, however, I would probably go insane if I didn't have a data feed to study 5 days per week, heck, it is difficult enough having to cope with 2 days of boredom per week as it is, nevermind having no data feed ever again. But "trivialities" aside, a one world currency appears to be completely unworkable due to the diversity of cultures along with regional economic novelties. The problem that the banks are creating for themselves is that they are pushing this agenda far to quickly and as a result it is very unstable, not only from an economic perspective, but from the perspective of the average working class individual who doesn't wish to survive upon a diet of genetically modified square banana's.

The point is, if where we are at is by design, there won't be any Dollar or Pound in the not so distant future.

All we need now is the ultimate trigger... and we can only speculate upon what that might be... perhaps a "terrorist attack" on a scale that will dwarf 911, or perhaps a biological attack that wipes out 90% of the human population, maybe both, why not? If we are here for the party, lets do it in style.
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I don't think there could ever be a one world currency, because, as you've touched on, the world is too diverse. What country wants to give up control of its monetary policy? Europe did it, but most of the countries involved are very similar culturally. Can you imagine the Chinese in charge of American monetary policy? Or Americans in charge of monetary policy of Arabs, or say Venezuela? I just can't see it happening.
 
Quote from Debaser82:

Here is a 2002 Peter Schiff video.

http://www.youtube.com/watch?v=rhJaVEWAG24

I'd be happy to hear people's opinion on whether he is 'a broken clock' or he was indeed on to something even back then.

Cheers.
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Peter Schiff was right about the housing crisis back in 2006/2007, but the conversation was about Jim Rogers. Peter Schiff's timing was impeccable, and everyone laughed at him and he got the last laugh.

The only problem is that his trading picks weren't good. I believe he lost money in 2008 because of flight to safety, and in 2009 he made money from the Chinese markets. Not sure how he's faring right now with the chinese markets down 15+% since August though.

The question now is whether or not his prediction of armageddon will be correct. As I've said previous, I think basically he's right, but I think it won't be enough for the world to lose confidence in the US... not yet anyway.
 
Quote from jedwards:

Peter Schiff was right about the housing crisis, but the conversation was about Jim Rogers. Peter Schiff's timing was impeccable, and everyone laughed at him and he got the last laugh.
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Marc Faber told people in 2000 to buy gold and oil because they were going to go to +1000$ and +100$ in a few years but he was rather bearish on stocks themselves calling for a DOW 6K or something like that.

No one has all of them right.


I like listining to these guys anyway because they implement history in their discours which is always nice to learn.
 
Quote from Kassz007:

What country wants to give up control of its monetary policy? Europe did it, but most of the countries involved are very similar culturally. Can you imagine the Chinese in charge of American monetary policy? Or Americans in charge of monetary policy of Arabs, or say Venezuela? I just can't see it happening.
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Or Americans in charge in Arabs? Places like Afghanistan and Iraq for example?

It could argued that the Chinese are already indirectly incharge of American monetary policy.

The probability will be a progressive reduction of currencies, inititially to 4 in the developed world, in the same manner as the recent impartial reduction in the number retail banks in the US.

It's still moving too fast, however.
 
Peter Schiff is a great speaker and a wide reaching thinker.

I own his books. He's a great starting point for an investor / trader.

However, he doesn't understand correlation, nor global macro liquidity distortions like other people out there do.

Example: He was long emerging Markets stocks of all kinds through the crisis and had a 70% drawdown, so I've read.

So risk management is important when your trading other peoples money, you can't just be a theoretician.
 
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