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Economics 101: Peter Schiff Explains "Why We're in Such a Mess"

Posted Apr 28, 2010 12:19pm EDT by Tech Ticker in Newsmakers
Related: ^DJI, ^GSPC, SPY, DIA, QQQQ, ^IXIC, IWM
The financial crisis is "far from over," according to Peter Schiff of Euro Pacific Capital, as detailed here.

Along with his brother Andrew, Schiff has written a new book, How an Economy Grows and Why It Crashes, which he says is "for anyone who wants to understand the government, the economy, how it works and why we're in such a mess."

Unlike the vast majority of books written in the wake of the crisis, Schiff's latest is very light and breezy -- it's a cartoon book -- using an allegory about a local fisherman to explain the global economy.

"The whole idea is to present economics in very simple terms," he says. "It's so simple even Congressmen can understand it."

Often combative and always thought-provoking, Schiff (rightly) notes he was one of the few pundits to predict the crisis ahead of time, as detailed in his first book Crashproof.

"I wasn't Monday morning quarterbacking. I wrote my serious book before [the crisis] happened," he tells Aaron in the accompanying clip. "If you read this [new] book and grasp its concepts...you might know more about economics than many people who have PhDs in economics, including some people who've won Nobel Prizes in economics and sit in very high places of power in Washington D.C."

Click "more" to view the accompanying clip and hear why Schiff says Maria Bartiromo is wrong about the boom-bust cycle.

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