Monday, November 17, 2008

Another Economic Prophet: Peter Schiff

I have labeled Nouriel Roubini and Andy Xie as certified economic prophets for calling the financial crisis ahead of time. Let me add Peter Shiff to the list. He too warned of the looming financial crisis. What is really remarkable is that he made this call many times despite the intense ridicule he received from the naysayers. See him get scorned below:

I admire Peter Schiff's resolve. Thanks to my student Adam Alderman for the pointer.


  1. David,
    Peter is one of my heros in economics. He is a strong believer in the Austrian school of economics. The book by the Austrian economist Murray Rothbard (Americas Great Depression) is a textbook explanation as to what is happening in our economy today.... Will we have another Great Depression? If Rothbard is right, based on the size of the Bank Credit Inflation in the 2000s we may be so lucky to have a depression like the 1930s....or we will have very serious monetary inflation (based on massive Government intervention) followed by catostrophic price rises.....I think Ill take the depression.....
    LCDR Neil Colston, USN
    Texas State 1997

  2. Seems to me Peter Schiff would serve this country well as Secretary of Treasure

  3. Gotta give Schiff his due respect. He was invited on most of these shows simply as a punching bag, yet he stood his ground and proved them all wrong. But who does Congress invite to Capitol Hill to advise on the current mess? All the people that were dead wrong over the past few years.

  4. You could have had Peter Schiff at Treasury, you would have had to vote for Ron Paul since he was one of his primary economic advisors....if this gets as bad as Austrian economics might predict, maybe you might have a chance to vote for an "Austrian" candidate in 2012...... I dont see Obama doing much less than Herbert Hoover did when his administration constantly meddled with the economy until the U.S. had its worst depression ever.....

  5. That's a classic.

    "The U.S. economy has never been in better shape."

    Also, nice touch with the approaching hurricane in the corner of that FNC clip.

    Someone could put together a howler of a video simply by piecing together predictions from those FNC business shows.

  6. It seems they were really right, on the other hand, there are many "prophets", who predicted crisis. Maybe not exactly this one, not the exact date and extend, but they have predicted that current monetary system, based on central banking, state monopoly on money and some other features will lead to a serious problems. It's Freedman rule, but also Austrian school predictions...