Was Peter Schiff wrong?
Mike "Mish" Shedlock thinks all of you excited by Peter Schiff's outstanding criticisms of the Fed, his explanations of how the US Government wrecked their economy, and his predictions-in-advance of the coming crash should remember that he hasn't, and isn't, getting eveything right.
Schiff's overall thesis has four legs, reminds Mish, only the first of which has so far come to pass:
- US Equity Markets Will Crash.
- US Dollar Will Go To Zero (Hyperinflation).
- Decoupling (The rest of the world would be immune to a US slowdown.
- Buy foreign equities and commodities and hold them with no exit strategy.
It's worth reading his criticism, since it looks in some detail at the issues of decoupling, and specifically of what might be happening in China. [Read it here: Peter Schiff Was Wrong].
Robert Murphy, who amusingly calls this The Mish-Schiff Tiff, points to two dissenting opinions, from the Economic Policy Journal and Tim Swanson, who have rushed to Schiff's defence.
If these are issues that concern you, then it might be worth following the debate as it develops.