Reality Check For Peter Schiff

By Shareholders Unite:

In a couple of articles we’ll investigate the tenets of Austrian economics, more especially those of Peter Schiff, as he prominently represents that school of economic thought.

Austrian economics, although a rather diverse group, holds as one of its strongest beliefs that the government can’t do anything to stabilize the economy, which is a considerably more radical view than that of monetarists like Milton Friedman.

Peter Schiff gained fame by calling the 2008 financial crisis (we’ll look into that as well in a later article), so a lot of investors are taking clues from him to make macro bets.

We think investors should think twice in doing that, as we will argue that the foundations, as well as the track record of Schiff’s Austrian economics leaves much to be desired.

We’ll start with discussing monetary policy, what Schiff doesn’t favor (Fed’s QE) and what he favors (a return to gold).


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