View Full Version : Peter Schiff Gets Owned By Michael Panzner
No1ButPaul08
11-23-2008, 10:56 AM
Michael Panzner, author of Financial Armageddon (http://www.amazon.com/Financial-Armageddon-Protecting-Impending-Catastrophes/dp/1427797412/ref=pd_lpo_k2_dp_k2a_3_txt?pf_rd_p=304485601&pf_rd_s=lpo-top-stripe-2&pf_rd_t=201&pf_rd_i=141959608X&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=1GPHDAQV1HH9DSAHM2K4), predicts a short term dollar rally due to an unwinding credit bubble and a speculative position against the dollar. It is important to note, however, that Panzner agrees with Peter long term position against the dollar. His position is deflation first, then hyperinflation. After seeing this video I went out and bought Panzner's book. The parts I've read have been great. Peter also recommends Financial Armageddon in his recommended reading list (http://www.europac.net/books.asp) on Europac.
Edit...wrong video linked the first time...relevant part comes at 7:00
http://www.europac.net/Schiff-CNN-9-18-07_lg.asp
socialize_me
11-23-2008, 11:10 AM
Michael Panzner, author of Financial Armageddon (http://www.amazon.com/Financial-Armageddon-Protecting-Impending-Catastrophes/dp/1427797412/ref=pd_lpo_k2_dp_k2a_3_txt?pf_rd_p=304485601&pf_rd_s=lpo-top-stripe-2&pf_rd_t=201&pf_rd_i=141959608X&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=1GPHDAQV1HH9DSAHM2K4), predicts a short term dollar rally due to an unwinding credit bubble and a speculative position against the dollar. It is important to note, however, that Panzner agrees with Peter long term position against the dollar. His position is deflation first, then hyperinflation. After seeing this video I went out and bought Panzner's book. The parts I've read have been great. Peter also recommends Financial Armageddon in his recommended reading list (http://www.europac.net/books.asp) on Europac.
Edit...wrong video linked the first time...relevant part comes at 7:00
http://www.europac.net/Schiff-CNN-9-18-07_lg.asp
Deflation always follows periods of inflation. Anyone who didn't realize we inflated drastically over recent years is kidding themselves. Debt was at the highest level in human history; deflation had to follow. Everyone is getting margin calls and liquidating all assets they can. That coupled with the fact that mutual and hedge funds must sell off their laggards for tax purposes and that occurs in October, which is why October is notorious for being the worst month for the stock market.
Peter understood deflation would take place. That's a rather short-term view in fact because deflation occurs much faster than inflation does. If you invest for the short term, then Peter Schiff wasn't the guy to listen to. If you're a day trader and took Peter's advice, you probably lost a lot of money. If you can buy and hold, then you should be fine.
No1ButPaul08
11-23-2008, 11:13 AM
Deflation always follows periods of inflation. Anyone who didn't realize we inflated drastically over recent years is kidding themselves. Debt was at the highest level in human history; deflation had to follow. Everyone is getting margin calls and liquidating all assets they can. That coupled with the fact that mutual and hedge funds must sell off their laggards for tax purposes and that occurs in October, which is why October is notorious for being the worst month for the stock market.
Peter understood deflation would take place. That's a rather short-term view in fact because deflation occurs much faster than inflation does. If you invest for the short term, then Peter Schiff wasn't the guy to listen to. If you're a day trader and took Peter's advice, you probably lost a lot of money. If you can buy and hold, then you should be fine.
I agree with this, but Peter mostly shrugged off any predictions of a short term dollar rally. I do understand that Peter is a long term investor and I do believe he will have the last laugh. The point of the post was more to point out Michael Panzner and his book than to emphasize the one thing Peter has been wrong about.
lodge939
11-23-2008, 11:19 AM
Peter didn't see it because this dollar rally makes no sense. Foreign central bankers aren't as smart as him
No1ButPaul08
11-23-2008, 11:24 AM
Peter didn't see it because this dollar rally makes no sense. Foreign central bankers aren't as smart as him
Well, Panzner kind of adds that to his prediction. He calls it a black swan event. This post wasn't to knock Peter (although the title would suggest that), it was to point out Panzner's excellent prediction.
socialize_me
11-23-2008, 12:01 PM
Well, Panzner kind of adds that to his prediction. He calls it a black swan event. This post wasn't to knock Peter (although the title would suggest that), it was to point out Panzner's excellent prediction.
Uhhh...wasn't to "knock Peter"? First off, that's disgusting; second, the title of your thread says Peter Schiff got Owned. So you get owned respectively?? Never heard the word "0wned" as a term of endearment.
MikeStanart
11-23-2008, 02:48 PM
I think Peter has always taken the position that most of his predictions are long term, not short term.
tremendoustie
11-23-2008, 02:54 PM
Uhhh...wasn't to "knock Peter"? First off, that's disgusting; second, the title of your thread says Peter Schiff got Owned. So you get owned respectively?? Never heard the word "0wned" as a term of endearment.
No, THAT's disgusting. To knock something just means to diss it. I don't know which sewer your mind's in.
rockandrollsouls
11-23-2008, 03:54 PM
Michael Panzner, author of Financial Armageddon (http://www.amazon.com/Financial-Armageddon-Protecting-Impending-Catastrophes/dp/1427797412/ref=pd_lpo_k2_dp_k2a_3_txt?pf_rd_p=304485601&pf_rd_s=lpo-top-stripe-2&pf_rd_t=201&pf_rd_i=141959608X&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=1GPHDAQV1HH9DSAHM2K4), predicts a short term dollar rally due to an unwinding credit bubble and a speculative position against the dollar. It is important to note, however, that Panzner agrees with Peter long term position against the dollar. His position is deflation first, then hyperinflation. After seeing this video I went out and bought Panzner's book. The parts I've read have been great. Peter also recommends Financial Armageddon in his recommended reading list (http://www.europac.net/books.asp) on Europac.
Edit...wrong video linked the first time...relevant part comes at 7:00
http://www.europac.net/Schiff-CNN-9-18-07_lg.asp
How did Peter get "owned" if he read the book and recommended it? :rolleyes:
No1ButPaul08
11-23-2008, 05:42 PM
I think Peter has always taken the position that most of his predictions are long term, not short term.
I agree. Also, even with Panzner's correct prediction it would be risky to follow his short term advice. Trying to time the dollar rally then collapse is risky business. Peter is making the safe long term play.
How did Peter get "owned" if he read the book and recommended it? :rolleyes:
:rolleyes: is correct. The tone didn't show it, but the title was somewhat sarcastic, and it was meant to be an attention grabber. Peter hardly got "owned", as him and Panzner agree on nearly everything. The section of Financial Armageddon describing the crisis is very similar to Crash Proof. However, I just wanted to point out Panzner's prediction, and his book in general, as it has hardly been mentioned on RPF.
I'm no doubt a Peter Schiff fan (http://www.ronpaulforums.com/showpost.php?p=1817773&postcount=28), and would have never found this video had I not been going through his video collection (http://www.europac.net/video.asp)
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