Schiff nailed the housing bubble, credit crisis and crash, and is a HP hero no matter what.
But I think we need to admit now that that his prescription of foreign currencies, foreign stocks and commodities is in a world of hurt today, as all three have now completely collapsed.
As of today, except for US dollars (and yen), there was no safe haven. Not commodities. Not foreign stocks. Not Euros. Not gold. Not oil. Nothing.
I think Schiff's prescription may still come out on top, as I have zero confidence in the US dollar.
But this selloff in foreign stocks, commodities and foreign currencies is brutal, as deflation takes hold.
Inflation then deflation then inflation?
October 28, 2008
Commodities have completely crashed and the US dollar is becoming the strongest currency in the world. Was Peter Schiff wrong, or will he be right?
Posted by blogger at 10/28/2008