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Old 09-06-2013, 12:51 PM   #1
Arkie
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Default Peter Schiff Stand-Up Comedian

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Old 09-06-2013, 01:06 PM   #2
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I still say that if you go with austerity you end any chance you had of paying down the debt. Austerity leads to fewer consumers having the ability to consume. In a consumer economy, that's suicide. I think Krugman is right. The government puts the liquidity back into a crap economy until people get back to work. Once the multi-trillion dollar economy is rolling again, you pay down the debt. Of course, this Keynesian formula was devised under the umbrella of a progressive taxation system. When you have capital gains taxed at a third of workers' income, will it still work? I don't know.
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Old 09-06-2013, 02:44 PM   #3
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Austrian School is so dumb.

http://www.etvita.com/2013/04/peter-...verything.html

http://rationalwiki.org/wiki/Austria...l#Peter_Schiff

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Old 09-06-2013, 05:04 PM   #4
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Originally Posted by Blart View Post
Neat site. It's definitely not the scientific source it claims to be. They're just entertaining us with a political spin.

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It's impossible to make a post on the internet about the financial crisis, or even anything economic in general, without being bombarded by "Peter Schiff was right!!11!!" videos.
It's kinda like Peter Schiff's little stand-up act. Everything he joked about has some truth to it, or it wouldn't be funny. It's obviously biased and more funny to people who agree with him.
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Old 09-06-2013, 05:19 PM   #5
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When did a follower of the Austrian School start caring about science? You guys reject empiricism and the scientific method in economics, after all.

Peter Schiff's failed predictions over the last decade:
DOW 2000
Gold 5000
Silver 100
Bond Market Implosion
Asia Decouple From America
Dollar Crash
Run-Away Inflation (Hyper-Inflation)
Foreign Stocks Preform Better Than US
Double-Digit Interest Rates
Ben Bernanke Wrong
Gold/DOW 1:1

To be clear, Schiff is a pundit for cable news, someone they can bring on for an entertaining opinion that sounds informed, a nice little debate on MSNBC or FOX for 5 minutes, but his thoughts on economics are not respected outside of the cable-news bubble.


Here's a list of the top economists cited in academic journals, from all walks of life, from all different ideologies:
http://ideas.repec.org/top/top.person.all.html


Note Schiff's place on that list: nowhere, as he's not an economist. He's never even studied econ, his highest level of education is a bachelors in accounting. He regurgitates Rothbard's & Mises's ideas to laymen to make his (hilarious) predictions, which make him quite popular on the OM.

Last edited by Blart; 09-06-2013 at 06:00 PM..
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Old 09-07-2013, 01:10 PM   #6
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When did a follower of the Austrian School start caring about science? You guys reject empiricism and the scientific method in economics, after all.
You would have a point if economics were a natural science. The social sciences are less predictable, and econ is even more complicated because politics are involved. The scientific method shouldn't be ignored nor should it be worth the same proof as it is in natural sciences when it applies to economics. Some universities have economics in the business department. A few have it in the social sciences department. I can't think of any that have it with the natural sciences.
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Old 09-07-2013, 02:01 PM   #7
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I'm as highly suspicious about the idea of economics being a science as I am about psychology. Waaaay too much subjectivity. What I do think you can go by is evidence. The best times America ever had were under the kind of progressive policies that built an enormous, thriving middle class. Every time we've gone away from that, every time we have reverted to a greed-based system, our country has gone in the ****ter. Trickle down, under any of its various names, has never worked. Unregulated markets have never worked. Laissez faire economics have never worked, except to the benefit of a very small sliver of the population at the top of the economic pyramid. Think of it as Downton Abbey economics: The many in the town work for the benefit of the manor so the few lords of the manor can live in luxury. And the workers get the leftovers.

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