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Peter Schiff Was right.

Notorious A.R.T.Notorious A.R.T.
edited November 2008 in Seattle Real Estate
An interesting youtube video i stubbled upon. Peter Schiff, in 2006 called out the RE bust. To no suprise, Peter Schiff was ridiculed and not believed as a creditable source. Kinda reminds me of the RE agents that would do the same on this website once upon a time.

About 2:50 secs they start talking about RE. Around 3:50 secs, a panel of RE experts predict 10% appreciation and laugh at Peter Schiff because he's predicting a RE Bust.

http://www.youtube.com/watch?v=2I0QN-FY ... re=related

Comments

  • snigletsniglet
    Actually, Peter Schiff has been spectacularly wrong! He has been proclaiming the end fo the US dollar and assets for ages, extolling the virtues of Asian stocks and precious metals.

    Instead, what we are seeing is that ALL the world's economies are tanking at the same time, and EVERY asset class is getting creamed (gold, oil, or whatever). I think Peter has a poor grasp of how money creation works in the modern financial system. Not that he is the only one.

    Most of the money creation that has taken place in the last 20 years has been in the form of debt, and this is a VERY different thing from "printing" it. When credit contracts (like it is now) you can wind up in deflation, and there is precious little policy makers can do about it.

    I believe we are going to see the dollar appreciate against virtually all asset classes for several more years at least, and foreign markets are going to tank even more than those in the US. How Peter could miss the rot of mal-investment in China (and other emerging markets) is beyond me...
  • deejayohdeejayoh
    sniglet wrote:
    Actually, Peter Schiff has been spectacularly wrong! He has been proclaiming the end fo the US dollar and assets for ages, extolling the virtues of Asian stocks and precious metals.

    Instead, what we are seeing is that ALL the world's economies are tanking at the same time, and EVERY asset class is getting creamed (gold, oil, or whatever). I think Peter has a poor grasp of how money creation works in the modern financial system. Not that he is the only one.

    Most of the money creation that has taken place in the last 20 years has been in the form of debt, and this is a VERY different thing from "printing" it. When credit contracts (like it is now) you can wind up in deflation, and there is precious little policy makers can do about it.

    I believe we are going to see the dollar appreciate against virtually all asset classes for several more years at least, and foreign markets are going to tank even more than those in the US. How Peter could miss the rot of mal-investment in China (and other emerging markets) is beyond me...

    right about the impending crash + wrong about decoupling = one of the worst performing funds in the market
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