Elias presents ... a worm!    Thoughts on family, philosophy,
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Tuesday, January 27, 2009

Mish versus Schiff

This is my take on Mish's post explaining that Peter Schiff was wrong (Schiff is a highly visible analyst who predicted the housing bust and recession):

Schiff ruined his own credibility. Even if he's pro-laissez faire, he's not a philosopher: foremost he's supposedly an expert on this economy, but he was dead wrong on the most fundamental economic trend last year which followed the housing bust: global deflation. He will get called out on this because he can be. It is far better the calling out be done by someone who deserves an audience for being right (Mish), than by the "MSM" defenders of statism. (Statism is what nurtures the mass corruption we suffer from among both politicians and their corporate clients, by the way. And if you don't mind a foul-mouthed, emotionalist tirade, this video -- not to be played at work or around children or nuns -- expresses something of the proper attitude towards the powers that be.)

I see nothing personal in the Schiff piece, I judge it to be objective and just. Mish laid out the facts which make the case that he's the real thing, he's what Schiff was supposed to be, both as investment advisor and as outspoken expert on our economic-political reality. Good for him, I hope he gets a lot more readers and customers. I think the post and the attention it gets can only be good for the cause of laissez faire.

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