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Peter Schiff versus Conventional Wisdom

Posted by Steve Markowitz on August 6, 2014

Peter Schiff is the CEO of Euro Pacific Capital.  He has significant financial expertise that has helped make him a wealthy, the result of being a successful investor.

Schiff is conservative and a proponent of the Austrian School of Economics.  He is looked at as somewhat of a rogue by Wall Street due to his bearish outlook of the long-term view of the US economy and the US dollar, which Schiff contends have been weakened by Federal Reserve policies.

While Schiff‘s views are often controversial, his willingness to go against conventional wisdom and being right makes his ideas worthy of consideration.  For example prior to the 2008 Great Recession caused by the economic meltdown, Schiff went on TV and railed against the Fed’s cheap money policies that he contended created the housing bubble and would ultimately lead its popping.  As seen in the video below, it is remarkable on just how many respected economist and Wall Streeters scoffed at Schiff’s ideas.

Let’s see, Greenspan and his pals at the Fed first did not see the housing bubble being created.  When the downturn started they then predicted that the damage to the economy would be contained.  Greenspan’s successors have since implemented the same easy money policies, but on steroids, that created this economic mess in the first place.

Schiff is once again predicting significant economic turmoil in the near future resulting from the Fed’s ongoing easy money policies.  Most economists disagree.  History, as demonstrated in the video below, has not been kind to conventional wisdom.


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