{"id":1268,"date":"2014-11-08T09:04:39","date_gmt":"2014-11-08T14:04:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1268"},"modified":"2014-11-08T09:04:39","modified_gmt":"2014-11-08T14:04:39","slug":"in-defense-of-peter-schiff-ludwig-von-mises-institute-canada","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1268","title":{"rendered":"In Defense of Peter Schiff &#8211; Ludwig von Mises Institute Canada"},"content":{"rendered":"<p><a href=\"http:\/\/mises.ca\/posts\/blog\/in-defense-of-peter-schiff\/\">In Defense of Peter Schiff &#8211; Ludwig von Mises Institute Canada<\/a>.<\/p>\n<p style=\"font-size: 16px; font: inherit; vertical-align: baseline; color: #000000; font-family: 'Book Antiqua', Georgia, 'Times New Roman', Times, serif; line-height: 21px; padding: 0px; margin: 20px 0px 20px 0px; border: 0px initial initial;\">The financial television channel CNBC has hit hard times. Nielsen ratings show the network\u2019s viewership is at a\u00a0<a style=\"font-size: 16px; font: inherit; vertical-align: baseline; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; color: #1b6cb7; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.zerohedge.com\/news\/2014-09-05\/cnbc-viewership-plunges-21-year-lows\">21 year low<\/a>. This is a far cry from two decades ago. The dot-com bubble of the late 90s and early aughts gave the channel its highest ratings in history. The Federal Reserve\u2019s easy money flooded the market, hitting blue chip stocks like a tidal wave. All of a sudden laypeople fancied themselves market gurus, playing the market and investing for a big pay day some time in the future. Trader and commentator Barry Ritholz\u00a0<a style=\"font-size: 16px; font: inherit; vertical-align: baseline; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; color: #1b6cb7; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.ritholtz.com\/blog\/2009\/08\/why-cnbcs-ratings-are-down\/\">described<\/a>\u00a0the environment as one where \u201cCNBC was everywhere.\u201d \u201cGyms, bars, restaurants, any public place you went into that had a TV \u2014 even sports bars! \u2014 had the ticker strewn channel running in the background.\u201d<\/p>\n<p style=\"font-size: 16px; font: inherit; vertical-align: baseline; color: #000000; font-family: 'Book Antiqua', Georgia, 'Times New Roman', Times, serif; line-height: 21px; padding: 0px; margin: 20px 0px 20px 0px; border: 0px initial initial;\">One bubble burst and a financial crisis later, the home of hothead Jim Cramer has cooled off significantly. There are a few reasons for this. As Lehman Brothers cratered into bankruptcy, the middle class saw its 401(k)s\u00a0<a style=\"font-size: 16px; font: inherit; vertical-align: baseline; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; color: #1b6cb7; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.ebri.org\/publications\/ib\/?fa=ibDisp&amp;content_id=4192\">lose<\/a>\u00a0a significant portion of value. Such a loss begged for an explanation. Yet economists and financial experts were caught off-guard by the crisis. No popular orator of the dismal science could explain why the banking system devolved into chaos. CNBC\u2019s most popular hosts and guests could only offer guesses.<\/p>\n<p style=\"font-size: 16px; font: inherit; vertical-align: baseline; color: #000000; font-family: 'Book Antiqua', Georgia, 'Times New Roman', Times, serif; line-height: 21px; padding: 0px; margin: 20px 0px 20px 0px; border: 0px initial initial;\">One person was the exception: Peter Schiff. The internet video \u201c<a style=\"font-size: 16px; font: inherit; vertical-align: baseline; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; color: #1b6cb7; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"https:\/\/www.youtube.com\/watch?v=sgRGBNekFIw\">Peter Schiff was right<\/a>\u201d collaged all of Euro Pacific Capital founder\u2019s dire warnings about the housing bubble. At the time, he was ridiculed on air. Schiff was a cassandra, spouting crank theories long disproven by economic orthodoxy. But by September of 2008, he had the last laugh. The financial world was in turmoil, and Schiff\u2019s explanation \u2013 based on the Austrian school\u2019s theory of boom and bust cycles \u2013 was at last seen as legitimate.<\/p>\n<p style=\"font-size: 16px; font: inherit; vertical-align: baseline; color: #000000; font-family: 'Book Antiqua', Georgia, 'Times New Roman', Times, serif; line-height: 21px; padding: 0px; margin: 20px 0px 20px 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Defense of Peter Schiff &#8211; Ludwig von Mises Institute Canada. The financial television channel CNBC has hit hard times. Nielsen ratings show the network\u2019s viewership is at a\u00a021 year low. This is a far cry from two decades ago. The dot-com bubble of the late 90s and early aughts gave the channel its highest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[964,239,963],"class_list":["post-1268","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cnbc","tag-economic-crisis","tag-peter-schiff"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1268"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1268\/revisions"}],"predecessor-version":[{"id":1269,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1268\/revisions\/1269"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}