Top 10 reasons Peter Schiff is a clown
Ten (plus or minus a few) gems that will entertain you if you like to make fun of gold bugs like Peter Schiff (via Bloomberg):
[Peter Schiff] shows off $50 gold chips, to be used when paper money becomes worthless, a prediction repeated on his daily two-hour radio show broadcast from his basement studio to 68 stations in 30 states and 50,000 listeners online.
…of course he broadcasts it from his basement…
“Before President Barack Obama leaves office in 2017 the U.S. will default, the dollar will collapse, hyperinflation will strike and gold will skyrocket, he says.”
“With inflation at or below the Fed’s 2 percent target for the past 11 months, the Standard & Poor’s 500 stock index reaching record levels and the dollar strengthening against major currencies in the past year, Schiff knows his forecasts make some people laugh. He’s used to it. “
…yeah, he’s used to being laughed at…that’s because he’s a CLOWN!
““They should take him seriously — he was right with a lot of other ones,” Ron Paul […] Schiff was an economic adviser to [Ron] Paul’s presidential campaign in 2007.”
…that explains so much…so, let’s bring in Austin Goolsbee for some explaining…
“They [gold bugs] have been saying that for literally four-plus years, and they have been egregiously wrong,” Goolsbee said by phone Oct. 30. “As a matter of mathematics, they’re just adding up the numbers incorrectly to say that they think there’s going to be 200 percent inflation.”
…I fear for the people who listen to him for advice…
“Thank God we got so many stupid people that don’t understand the value of gold because that means that people who do understand are able to buy it at a low price,” Schiff said into the microphone. “Don’t necessarily get mad, get in on it.”
…and these are the types of people who do…
“Schiff’s listeners call in wanting to know how to prepare. Mike from St. Lucia asked about a $1 trillion treasure allegedly hidden in a New Mexico mountain, that if found would make a dent in the national debt. “We don’t have that much time” to discuss such theories, Schiff said.”
…and yes, he does like to promote himself…
…but wait, there’s more (this sentence is a real gem):
“Schiff credited his father ‘‘whose influence and guidance concerning basic economic principles enabled me to see clearly what others could not.’’ Irwin Schiff has long advised people that they didn’t have to pay income tax, and is serving a 13-year sentence in the Federal Correctional Institution in Fort Worth, Texas, for tax evasion.”
And that pretty much made my day. He also ran for Senate and lost to Linda McMahon. Read the whole thing here.