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'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead

Posted Nov 24, 2008 01:55pm EST by Aaron Task in Investing, Newsmakers, Recession
Related: ^dji, ^gspc, ^ixic, SPY, DIA, QQQQ, GLD

There's a popular YouTube clip called "Peter Schiff Was Right" that shows the president of Euro Pacific Capital engaged in on-air debates with financial luminaries such as Art Laffer and Ben Stein, circa 2006-07.

The clips show the wisdom of Schiff's dire forecasts — and, judging from the dismissive reactions, just how far he was outside the mainstream.

Ben Stein publicly apologized to Schiff in a New York Times column, but Laffer refuses to admit defeat, recently telling Bill Maher his economic forecasts have a statute of limitations of just nine months.

To his credit, Schiff isn't declaring victory, noting "100% of my forecast hasn't panned out," most notably "a major collapse in the dollar" that leads to a spike commodity prices.

As discussed in the accompanying video, Schiff believes the recent dollar rally and commodity price weakness will prove temporary. Most troubling, he says the "economic crisis is only just beginning."

Click here for part one of my interview with Schiff.

(Note: The accompanying video was recorded Friday afternoon.)

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