Peter Schiff’s understanding of economics, while not as good and in depth as Robert Wenzel’s for instance, is still very good when it comes to the end game. Whereas someone like Wenzel is arguably better at spotting more twists and turns within the business cycle, Schiff is good at pounding away at the inevitable.
While Wenzel holds that the Fed will nominally raise rates around September, Schiff holds that they won’t, and at that point, the cat will be out of the bag and everyone will realize that rates will never, ever rise.
Wenzel holds that rates will rise nominally in September, but will not rise fast enough to damper the coming price inflation. I don’t know which one is correct. I lean towards Schiff.
The key takeaway from this is that when spotting a bubble, you either look like a fool before it pops, or you look like a fool after it pops. Right now I, he, and all gold bugs, look like fools. But not for much longer. Bring on the ridicule now. Heap it on. In the end, we will have the last laugh, and it will be a big one.
Here he is, in one of his most powerful video blogs in recent memory, in my opinion.
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