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Source link: http://archive.mises.org/9620/why-the-meltdown-should-have-surprised-no-one/

Why the Meltdown Should Have Surprised No One

March 16, 2009 by


ehmoran March 27, 2009 at 7:14 pm

Marc Faber: Now there’s a wonderfully honest individual. I heard an interview with him, this man is just like Soros, he’s dishonest, self serving, and I wouldn’t believe a word he says.

I’ll try to remember what he said that made me think this way.

iswani April 3, 2009 at 1:25 am

I am Chinese living in China,I read Peter Schiff’s Crash Proof:How to Profit From the Coming Economic Collapse.

His prediction made sense,you see what is happening in 2008 and 2009 in America is exactly what Schiff mentioned years ago.

I think his biggest ability is in firmly realizing that there is always a bubble in any economy and industry and period of history.

And I believe many others have the same ability like Schiff,but the difference is that they didnt write a book like Schiff did before crash.

Actually in China several Chinese predicted this kind of crash many years ago,therefore you see Schiff is not a magician,it is a common sense to know that the economy will likely crash if you know there is a bubble,simple and pure.

So do not blindly believe Schiff is a God,he does right things,he does wrong things,like all of us. (dont mistake,I am huge fan of Schiff).

Some people say “Schiff is genius”,some say ” Schiff is scammer”,this is not relevant, the most relevant thing is that,you should have your own brain.

At last,let me write a little opinion about his book Crash Proof:How to Profit From the Coming Economic Collapse:

The book generally makes sense,especially he wrote about how USA economy would go collapse due to house bubble and “consumption financed by debt”,this is excellent. (although as I said earlier,this is common sense that many of us know as well,he merely wrote this out for us).

Of course I feel he is probably also not right in other things.

for example, he wrote “Chinese citizens now produce export goods from which they themselves derive no direct economic benefit. In effect, consumer goods are rationed in China so as to make them plentiful in the United States”.

I think this statement is ridiculous,the reality is that Chinese people’s standard of living has been improved greatly because of export. without export based model,China would have been poorer back to 20 years ago.

“consumer goods are rationed in China so as to make them plentiful in the United States”,Jesus,is that the image of China in Schiff’s mind is still in 20 years ago?

As far as I can remember ( I am 28),there is no such thing in China as ration,we can buy everything at whatever quantity you want as long as you have money!

Therefore,Schiff is great,but he is just like all of us.
Dont inflate him,otherwise a bubble will come,he will crash as well.

Jeremy April 4, 2009 at 2:12 am

Hi Iswani,

Peter doesn’t mean China literally rations goods so that Americans can have more – he just means that if China had exchanged goods for other goods instead of accumulated dollars, that the RMB would be higher and the average Chinese person’s standard of living higher.

Alan April 4, 2009 at 2:31 pm

So much for land of opportunity. God save America.

ドクトリーヌヤリ過ぎた April 13, 2009 at 2:40 am


ドクトリーヌヤリ過ぎた April 13, 2009 at 2:41 am


Stephen Burgoyne Coulson April 14, 2009 at 12:14 am

The problem isn’t the government: the problem is the people who own the government.

よよよ May 11, 2009 at 3:53 am


tjmmz9843 May 26, 2009 at 12:19 pm

Since I knocked Schiff’s investments earlier, I wanted to post a follow-up.

My Euro-Pacific account is doing a little better right now. It has gone into the black and is up about 10% from when I started it in Feb.

Given the broad recovery in foreign stock markets (up 30% in dollar terms), that is not fantastic. But it could be worse. And I am beginning to see some good dividends paid by the foreign stocks that my E-P broker put me in, which is nice.

If I could do it over again, I still would not have invested with E-P. They have no clear exit strategy, just “buy and hold forever”. If I take charge and tell them to sell an investment, I believe that I still have to pay them their 3.5% commission as I get out. So they make 7% from me on each investment. As I said earlier, I could have gone with Vanguard index funds and enjoyed a bigger cut of the recent international stock recovery, as well as avoiding E-P’s expensive commissions. That’s why I still wish I hadn’t invested with them. Having said that: it’s not like my money went down the tubes; in fact, I am slightly ahead now, esp. with dividends.

flyingcat January 7, 2010 at 6:54 am

Hi HM,

Unfortunately, I’m a Chinese and watched this video. It is fantastic. I have translated it into Chinese, and paste it on my blog at:

I’m a great admirer of Peter Schiff.

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