Schiff on John Stewart

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This dude nailed it. Whats so sad is that he wasnt talking "crazy talk" and having a highly intellectual debate he was just stating common sense. Of all the networks FOX ran there mouths and mocked him the most. Wrote him off as a lunatic.
 
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While he's surely counter culture, ..and that's surely refreshing - albeit way too late, he's also selling his own way for you to "beat the bill" as a sub text. Someone always has to pay it.
 
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I read his book, he did a pretty good job analyzing what went wrong. But his advice on how to profit from this mess is shaky at best.
 
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 Originally Posted By: Billy007
I read his book, he did a pretty good job analyzing what went wrong. But his advice on how to profit from this mess is shaky at best.
Can you summerize his advice on how to profit from it?
 

buster

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How to profit from it is a long run strategy. People that are expecting to be rewarded in the SR don't understand economics.
 
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 Quote:
From the Inside Flap …he also outlines a specific three-step plan that will allow you to preserve wealth and protect the purchasing power of the savings you have worked a lifetime to accumulate. Step #1: Rethinking Your Stock Portfolio: shows you exactly how to replace your endangered U.S. dollar holdings with a portfolio of foreign securities that are safer, significantly higher yielding, and appropriate for any investment objectives Step #2: Gold Rush: examines the various ways you can capitalize on the bull market in gold, as well as silver, and explains how these precious metals can add both safety and exciting growth potential to a conservative foreign stock portfolio Step #3: Stay Liquid: discusses the importance of liquidity in times of financial uncertainty—from having enough money for living expenses to keeping a reserve of uncommitted cash that can be used to acquire assets at bargain prices Investing using conventional wisdom will not work during times of financial distress. That's why Crash Proof has taken the reality of today's economic situation into account as it offers you guidance. Filled with in-depth insights and expert advice, Crash Proof will help you survive and thrive during the coming years of economic uncertainty.
Peter Schiff wants you to buy precious metals, and mining shares. In his gloom and doom scenario he wants you to stay away from American mining companies operating in the US for fear of our governement nationalizing them. If you read his book when it was published in February of 2007, his advice for his readers was to take a home equity loan to leverage your overvalued home equity in other international currencies or good dividend paying foreign equities. You gotta take his advice with a grain of salt, he owns Euro Pacific Capital and was the economic adviser to Ron Paul.
 
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Step #3: Stay Liquid: discusses the importance of liquidity in times of financial uncertainty—from having enough money for living expenses to keeping a reserve of uncommitted cash that can be used to acquire assets at bargain prices This is the safest way to build wealth, imo. You cherry pick slam dunks ..like something like XOM taking a $5/shhare hit when they got the bill for the Valdez (I think $5B). It rebounded in a very short time. It requires patience and the need to control the impulse to grab at the plate of bacon in constant tweaking of your portfolio. It's JUST like going to the casino. No one stops when they hit a decent take. They keep thinking that they can always get more.
 

buster

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I don't think Schiff is a genius or smarter than anyone else. He is basically preaching that savings are important and we need to start producing more. Need to re-think think our economic system. Nothing new, just a bit more radical and less mainstream. We are used to being stuck in the same mode year after year. Economics doesn't have to be that complex, or does it? Schiff certainly has an agenda, but it's based on his understanding or view of the situation. I hope he is wrong about the hyper-inflation threat. I think even he said that is a worst case scenario. He could very well be wrong but so far he hasn't been. The arrogance that all of these network clowns showed over the years is hilarious now. They look like fools. Gary, you seem to share Keynes view:
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The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.
 
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Notice how Stewart ignores Schiff's condemnation of Obama. To agree with Schiff you also have to acknowledge that Obama is as clueless as the rest and has only made things worse by continuing to dig the hole deeper.
 
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 Quote:
I hope he is wrong about the hyper-inflation threat.
Well, the "threat" is often used as a "wages of sin" consequence to make you move toward something that offers no real gain in benefit. I noted the (almost) resignation in Vee-Dubbs post once when he referenced it. It was like he was forced to participate in seeking gain in the flawed mechanics/physics of the scenario as it is being played ..or fall victim to the alternative - hyper inflation (among others). That's why I tend to look at it as the perfect trap (from an American standard of living POV) ..you get the instruments of its destruction to eagerly further it. I coin it "Hey, kid. It's either me, or them three."
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Gary, you seem to share Keynes view:
I dunno I think that promoting ways to operate a defective piece of machinery will never result in success. Then again, one must define success. I know how I define functional.
 

buster

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 Originally Posted By: GROUCHO MARX
Buster is Schiff's P.R. department.
Thanks. LOL Hey, I give credit where credit is due. Schiff isn't a genius, but I like his consistency and I LOVE how he made all the other clowns look like fools. The arrogance they showed this guy was sickening. Ben Stein, Art Lauffer etc.. Schiff deserves the credit. Faux News was one of the worst too looking back at it but they were in bed with the Bushies and were riding the wave of what they thought was a sound economy.
 
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How about this Buster. Put your money where your mouth is. Invest with Schiff! I think the guy makes a lot of excellent points, but would I trust my money with him? Well, he can't hardly do any worse then 95% of other financial institutions and their products...
 
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 Quote:
and were riding the wave of what they thought was a sound economy.
No, they were dispensing their economic kool-aid for the benefit of the tinkle down crowd. You never tell your pawns that they're expendable.
 

buster

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Drew, I did open an account with his firm but have yet to fund it. LOL. He already addressed those issues, including Mish. The dollar gained more than he thought but more importantly, Schiff's strategy is LONG TERM. Some of his clients didn't do well in 2008, but that doesn't mean his LR strategy is flawed. Fact of the matter is when everyone else thought the Bush economy was sound, Schiff was saying no it's not.
 

buster

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 Originally Posted By: Gary Allan
 Quote:
and were riding the wave of what they thought was a sound economy.
No, they were dispensing their economic kool-aid for the benefit of the tinkle down crowd. You never tell your pawns that they're expendable.
True...true.
 
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 Originally Posted By: buster
Fact of the matter is when everyone else thought the Bush economy was sound, Schiff was saying no it's not.
He's going to have a field day with Big O's economy and it's "soundness". What I don't get is if Schiff's long term prediction is a dollar worth nothing and total decoupling of the US economy, a better long term investment would be fully automatic weapons, lots and lots of ammunition, the knowledge of how to grow food, and the knowledge of how to purify water!
 
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He is. I think that since he was the only guy to see the elephant in the room, or at least admit to its existence, he's now got to pull another rabbit out of a hat. It's hard to resist that spotlight once its on you.
 
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