Peter Schiff vs Jeremy Siegel Debate at Global Leadership Forum -- 2010 : Always entertaining watching Peter break these guys down - Peter always makes perfect sense. Schiff's rebuttals and arguements were excellent! He speaks really well and comes up with his ideas so spontaneously. Even on all his financial news interviews, Schiff never hesitates to cite examples and facts to back up his ideas. Very impressive. I don't know how he keeps all that info right on the tip of his tongue. Schiff is coherent, knowledgeable, and positive in his argument, as is usually the vase when you speak the truth. What surprises me is how little understanding professor Siegel has of the problem and his very flimsy argument. I am sure the organizers did their best but really should have got a worthy opponent for Schiff. Although I presume not that many takers. Just give Peter the floor next time. Would be more educational! Well said Peter, wish there were more like you!!!
One point I wish Peter should have pointed to Jeremy that the difference between Japan and China is 50 years ago, Japan exported to accumulate dollars because it was backed by gold.
when this disaster happens and everything starts to crash down around Washington's ears, THEN they will pull the WAR card and distract everyone by starting another world war... that is my FEAR! they will argue that the War-Effort is now suddenly employing millions and millions of people in the US as well as all the other countries that are involved in the war..... they reduce the population, and reduce the joblessness and artificially beef up the economy.... I hope and Pray that I am wrong!
PETER SCHIFF
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I agree with Schiff on everything as usual except on China. The thing is that today products are not manufactured in one country alone any more. Electronics for example have their parts manufactured in the U.S, Japan, S.Korea, Germany ect. Then they land in China for the final assembly. When you buy an electronic from say bestbuy and the label says “Made in China”, it should more properly be labeled as “Assembled in China”.
ReplyDeleteFor example; My Apple IPod nano case holder which I kept reads on it’s label “Designed by Apple in California, Assembled in China.” It would be nice if more companies did this but unfortunately it just says on most labels “Made in China” which is not always the case.
The growth path China is following is no different from Japans during it’s boom years. Of course this was because Japan was “the pride of Asia” and everyone wanted to emulate Japan. Given the same growth pattern and China’s problems that Japan never had, you can expect a crash much louder the Japans bubble burst.
Don’t think that China is doing well just because you have seen some good cities. When people look at these cities they are traveling the coastal line only but not the interior. All those empty cities modeled after Spain’s green economy ca only be described as a “City bubble” which will certainly be more disatrous then the U.S housing bubble of 2008.