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Valued Member
175 Posts |
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Pillar of the Community
United States
830 Posts |
Yeah I read that before but its always good to reread Peter's thoughts. This was one thing I missed (or skimmed too fast) the first time through that really is worth thinking about. Quote:
Just like a dog always craves steak and will grab a bite when no one's looking, central bankers always crave the printing press. Makes sense of course, they get to print up the money to loan to the government and collect interest on it. Its like a big juicy profit just sitting there waiting to be cobbled up. |
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Pillar of the Community
United States
667 Posts |
Peter Schiff is another Austrian School follower. It appears by the end of the year we will know them all if this keeps up. They become popular in hard times when people look for quick answers ready to follow anyone promising a better way.
I just wanted to put the link in perspective since we have been awash with the Austrian School recently.
I think it is good to read and understand different view points. But the key is to read and understand and not just follow.
Pete has been ever since I have known him very, very bearish on the dollar and any dollar type of assets. He favors and has always favored tangible assets along with foreign stocks and the funny one that I could never get him to explain was foreign currencies.
So he isn't high on the fiat dollar but is on other fiat foreign currencies. It might be a hold over from his father who is serving time for skipping out on paying his income tax.
We both have come to an agreement that gold is safe in troubling times. However even people without an education of finances understand this. If you have some reserve capital it is a good choice to have some gold.
I tend to lean with Peter on gold not being in a bubble and that it has far more room for growth. Though we disagree on the us dollar, he see a quick doom and end. I do not see it this way at this period of time. However if I have been taught one thing that is never be so sure of your self that you fail to understand what is happening all around you.
In any point now at least you have an understanding of Peter so you can understand his thought process a little better.
Edited by mkfarm
09/05/2011 12:48 pm
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Pillar of the Community
United States
3670 Posts |
Bubble smubble I say. It is so high, even if gold an platinum pull back multi hundreds it is still worth a fortune, and add that in with older key date, numismatic factor, and I think we are all good. If gold fell 500 bucks an oz. this week, I would turn some cart wheels an video tape it an post on this board, as I will be rallying to buy much more.... The bubble term always makes me think of the movie K-pax where Jeff Bridges asks Kevin Spacy's character why a soap bubble is round and he replied it was because a circle is the most efficient form, lol.... Makes sense, your week is round, the day runs in a cycle, the planets, moons, stars, all round an so on revolving around each other in a circular pattern....  Edited by Silverhawk74
09/05/2011 2:49 pm
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Pillar of the Community
United States
1064 Posts |
I guess I'm a little confused as to the whole gold as a last resort thing; are we talking about affluent investors keeping their cash in gold bullion, and selling for huge profits, because it can only go up, or are we talking gold as a medium of exchange, where it will be the only acceptable currency after all the financial doom and gloom comes true?  |
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Pillar of the Community
United States
667 Posts |
There are those that are thinking hyperinflation and others thinking total world currency collapse. Good Speculators have always been able to make money by speculating in PM's or investing in stocks.
I bank on better returns by speculating in gold during troubled times.
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Pillar of the Community
United States
830 Posts |
Last resort as a wealth preservation vehicle, I think.  Edited by GoThunder
09/05/2011 5:18 pm
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Pillar of the Community
United States
1064 Posts |
But who can afford to buy it? Even if it was $500 an ounce, how many American citizens could afford to buy it? Seems to me it would only worsen the current haves vs have-nots situation. Truly, I just cannot see a collapse happening.
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Valued Member
 175 Posts |
The Austrain school has gained popularity because throughout the years they continue to be right. Peter and the Austrians were the only ones who saw the housing bubble in 08' coming while everyone else laughed at them.
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Pillar of the Community
United States
830 Posts |
Quote:
But who can afford to buy it? I guess the wealthy, now anyway. If you don't have wealth I guess you don't need a wealth preservation vehicle. |
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Pillar of the Community
United States
667 Posts |
"The Austrain school has gained popularity because throughout the years they continue to be right. Peter and the Austrians were the only ones who saw the housing bubble in 08' coming while everyone else laughed at them.
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WOW there Ron this is so far out of line. There were in fact many people who saw this coming as did my financial adviser that talked to me and moved my assets.
I don't mind giving him credit as one of the many but he was far from the only one and in fact those that also saw it coming were not not from the Austrian School.
It was in fact the most called bubble of the last 100 years.
Like I say you everyone should read several sources and understand them clearly.
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Pillar of the Community
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667 Posts |
Who can afford gold? I would speculate more people than you would think. The problem is do they want to?
The middle class certainly can make a choice to buy gold or go on vacation, keep a cell phone or cable TV. No one said investing or speculating was an easy choice but it can be done.
NO most of us are not going to be able to switch now and buy large amounts of silver and gold. But you can buy small that is what I did when I had my first job and lived pay check to paycheck. I skipped a few things and bough PM's. Heck is was so expensive back then it was a struggle to do.
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Pillar of the Community
United States
830 Posts |
Quote:
Like I say you everyone should read several sources and understand them clearly. My dad always said you can't believe everything you read. And that was way back when everything written had to be type set. Now days that any idiot can post something up it has to be even more true. BTW I'm not saying anyone here is an idiot, just saying. Edited by GoThunder
09/05/2011 6:25 pm
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Valued Member
175 Posts |
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Pillar of the Community
United States
667 Posts |
Nouriel Roubini
Robert J. Shiller
Dean Baker
Michael Burry
Armando Falcon
Med Jones
These are just a few and as you can see they come from all types of beliefs in economics. For the record there are over 100 people and I will be fair there were some Austrian school people too.
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Valued Member
175 Posts |
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Replies: 23 / Views: 2,682 |
Posted 09/05/2011 12:47 pm
