Economics 101: Peter Schiff Explains "Why We're in Such a Mess"

Economics 101: Peter Schiff Explains "Why We're in Such a Mess"

Posted Apr 28, 2010 12:19pm EDT

The financial crisis is "far from over," according to Peter Schiff of Euro Pacific Capital, as detailed here.

Along with his brother Andrew, Schiff has written a new book, How an Economy Grows and Why It Crashes, which he says is "for anyone who wants to understand the government, the economy, how it works and why we're in such a mess."

Unlike the vast majority of books written in the wake of the crisis, Schiff's latest is very light and breezy -- it's a cartoon book -- using an allegory about a local fisherman to explain the global economy.

"The whole idea is to present economics in very simple terms," he says. "It's so simple even Congressmen can understand it."

Often combative and always thought-provoking, Schiff (rightly) notes he was one of the few pundits to predict the crisis ahead of time, as detailed in his first book Crashproof.

"I wasn't Monday morning quarterbacking. I wrote my serious book before [the crisis] happened," he tells Aaron in the accompanying clip. "If you read this [new] book and grasp its concepts...you might know more about economics than many people who have PhDs in economics, including some people who've won Nobel Prizes in economics and sit in very high places of power in Washington D.C."

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[DaHonestAbe]

Did Peter Schiff take a stab at Paul Krugman here when he mentioned "Nobel Prize" economists?



[Viewfrom100khigh]

bkdmd: This "Schiff follower" is 30% in precious metals and increasing %age of emerging market stocks.

But I am NOT in GLD or SLV, since I can't be sure their gold and silver are REAL, and not just paper.

[aviomaster]

Fuck the USA empire

[beancube2010]

Americans deserving what they got base on what they have been working on aren't cheap credits.

The problems are our efforts are hijacked by military establishment, our advantages are cornered into Federal Reserve's bubble interest rate religious currency loopholes, and our focus are distracted by Wall St bankers bidding both sides scamming trade wars.

We should work /w people overseas using modern technologies (not wars) and help each other building sustainable community infrastructures.

[toshibavoodoo]

gratzz

[bkdmd]

What if Peter Schiff is right?

What are you Schiff followers doing with your investments? What % is your allocation in emerging markets, international, and international small cap stocks? and are you Schiff followers adding to any of those now?

[ric0rich]

great interview