Peter Schiff: The Calm Before the Storm

[allthingsluxury]

Peter Schiff appears at Cambridge House international, where he was one of the recent keynote speakers. He talks about the dangerous financial situation the world now finds itself in and tells investors that they should not be too complacent.

We are simply in the calm before the storm and hard times are coming. Prepare now, or rue the day you didn't.


Click here to watch this video and to read more:

https://schiffblog.blogspot.com/2018/05/peter-schiff-calm-before-storm.html

[Hydrogen]

30 minute long video clip. 

I doubt I'll watch the whole thing. Initial notes.

Schiff doesn't appear aware of past historical precedents where tax revenues increased off of tax cuts. Fairer taxes, lower taxes can cut down on tax evasion and utilization of offshore tax shelters. The concept appears counter intuitive to many due to linear perception of tax rates. If people think taxes are fair, they are more likely to pay them which can result in higher tax revenues which is what we're currently seeing from Trump era tax cuts.

Schiff labeling positive outlooks over Trump's economic policies "false optimisim" is premature. We have seen real numbers in terms of job resurgence. China has agreed to negotiate the trade deficit. We may see higher investment in united states business due to corporate taxes being cut. There is evidence to support a positive economic outlook which Schiff appears to dismiss out of hand.

I agree with Schiff in terms of high debt and spending via the state not being the best policies. However there may be no choice given the neglect US infrastructure, defense and other issues have suffered over the past 4+ administrations. We're seeing collective falllout accumulated over decades of neglect and there's no avoiding it forever. The spend, spend, spend mode of politics which created $21 trillion in debt wasn't about to disappear overnight simply because Trump took office and its unfair for people to try to pin all of the blame on any single person.

[The Sceptical Chymist]

Schiff doesn't appear aware of past historical precedents where tax revenues increased off of tax cuts.

I'll admit I may not watch this video, but I'll comment here anyway.  Schiff is an overrated figure who, if I recall correctly, is a gold & silver permabull--and I am skeptical of his motives there.  The permabull metals crowd always makes me cringe, because they've been saying the same thing over and over for many years now and meanwhile the market for precious metals has flatlined.  Most people who aren't wealthy don't need metals to hedge against inflation, and since 2011 or so, gold & silver are lousy investments.  You would have done MUCH better investing in bitcoin.

I won't argue that Schiff is a successful investor and must know something about markets, but his position on metals seems to be extremely irrational.  Hydrogen's quote above doesn't surprise me in the least, because Schiff seems like a man who's a bit blinded by some things.  The fact is that people like him have been squawking about how bad the economy is and how much debt the US has, and how worthless fiat is--and yet we have yet to crash, and the economy as of 2018 is much, much better than it has been since 2008. 

Could the USD crash and send the economy spinning on its head?  Yes.  But I've been hearing this for years now and have come to believe that's it's a marketing ploy designed to sell metals to suckers who like to be scared.  Schiff and those folks play on that fear.

[dE_logics]

Schiff doesn't appear aware of past historical precedents where tax revenues increased off of tax cuts.

I'll admit I may not watch this video, but I'll comment here anyway.  Schiff is an overrated figure who, if I recall correctly, is a gold & silver permabull--and I am skeptical of his motives there.  The permabull metals crowd always makes me cringe, because they've been saying the same thing over and over for many years now and meanwhile the market for precious metals has flatlined.  Most people who aren't wealthy don't need metals to hedge against inflation, and since 2011 or so, gold & silver are lousy investments.  You would have done MUCH better investing in bitcoin.

I won't argue that Schiff is a successful investor and must know something about markets, but his position on metals seems to be extremely irrational.  Hydrogen's quote above doesn't surprise me in the least, because Schiff seems like a man who's a bit blinded by some things.  The fact is that people like him have been squawking about how bad the economy is and how much debt the US has, and how worthless fiat is--and yet we have yet to crash, and the economy as of 2018 is much, much better than it has been since 2008. 

Could the USD crash and send the economy spinning on its head?  Yes.  But I've been hearing this for years now and have come to believe that's it's a marketing ploy designed to sell metals to suckers who like to be scared.  Schiff and those folks play on that fear.

Agreed. I used to listen to some podcasts he did several years ago to learn more about currencies, etc. This was back before Bitcoin even. He seemed rational enough then, but ever since then he strikes me as a snake oil salesman.

[pinkflower]

30 minute long video clip. 

I doubt I'll watch the whole thing. Initial notes.

Schiff doesn't appear aware of past historical precedents where tax revenues increased off of tax cuts. Fairer taxes, lower taxes can cut down on tax evasion and utilization of offshore tax shelters. The concept appears counter intuitive to many due to linear perception of tax rates. If people think taxes are fair, they are more likely to pay them which can result in higher tax revenues which is what we're currently seeing from Trump era tax cuts.

Schiff labeling positive outlooks over Trump's economic policies "false optimisim" is premature. We have seen real numbers in terms of job resurgence. China has agreed to negotiate the trade deficit. We may see higher investment in united states business due to corporate taxes being cut. There is evidence to support a positive economic outlook which Schiff appears to dismiss out of hand.

I agree with Schiff in terms of high debt and spending via the state not being the best policies. However there may be no choice given the neglect US infrastructure, defense and other issues have suffered over the past 4+ administrations. We're seeing collective falllout accumulated over decades of neglect and there's no avoiding it forever. The spend, spend, spend mode of politics which created $21 trillion in debt wasn't about to disappear overnight simply because Trump took office and its unfair for people to try to pin all of the blame on any single person.

But doesnt higher debt and spending by the state always causes higher taxes as a consequence? When US congress decides the perpetually higher annual budget, it also discusses how to tax the people and where to get more out of them.

[magneto]

Schiff doesn't appear aware of past historical precedents where tax revenues increased off of tax cuts.

I'll admit I may not watch this video, but I'll comment here anyway.  Schiff is an overrated figure who, if I recall correctly, is a gold & silver permabull--and I am skeptical of his motives there.  The permabull metals crowd always makes me cringe, because they've been saying the same thing over and over for many years now and meanwhile the market for precious metals has flatlined.  Most people who aren't wealthy don't need metals to hedge against inflation, and since 2011 or so, gold & silver are lousy investments.  You would have done MUCH better investing in bitcoin.

I won't argue that Schiff is a successful investor and must know something about markets, but his position on metals seems to be extremely irrational.  Hydrogen's quote above doesn't surprise me in the least, because Schiff seems like a man who's a bit blinded by some things.  The fact is that people like him have been squawking about how bad the economy is and how much debt the US has, and how worthless fiat is--and yet we have yet to crash, and the economy as of 2018 is much, much better than it has been since 2008. 

Could the USD crash and send the economy spinning on its head?  Yes.  But I've been hearing this for years now and have come to believe that's it's a marketing ploy designed to sell metals to suckers who like to be scared.  Schiff and those folks play on that fear.

The economy based on fiat currencies can and eventually will collapse, or fiat could depreciate a lot in value. However, Schiff and Maloney's views are extremely exaggerated and as you said, are perma-bulls that do not care about market cycles at all.

If gold goes up, he'll continue to tell you to buy. If gold goes down, he'll continue to tell you to buy.

And how does he profit from all this? He owns a PM dealer site, just like Maloney, and selling more PM by injecting fear obviously means better sales for himself.

That doesn't mean that silver is a bad bet, in fact, I think it is a good one to make right now. But it's not foolproof or failsafe. Same thing goes with the economy, it has issues, but there are no signs that it's going down as fast as these people claim.

[Visteryy]

But doesnt higher debt and spending by the state always causes higher taxes as a consequence? When US congress decides the perpetually higher annual budget, it also discusses how to tax the people and where to get more out of them.

If so, the disadvantaged are still the people. Do not know when they can change the mechanism, to help people get rid of the high tax scene. Not only the United States but also the whole world. Only then will trust in the people and new policies can be applied, if they are clever and in particular should not be too straightforward to the citizens.