Paul Krugman writes in NY Times yesterday:
Some readers may recall the “Peter Schiff was right” campaign of 2009, a sort of public-relations blitz claiming that Schiff, an Austrian-oriented commentator, had foreseen everything correctly. It wasn’t really true even then; still, Schiff became a fixture of right-wing TV shows, constantly warning about how expansionary monetary and fiscal policies were about to produce hyperinflation.
Schiff’s high and hyperinflation prediction will still prove correct, so Krugman will have to find another excuse to downplay that in the future when Schiff is making his next correct prediction five years in advance. But what’s interesting is how Krugman down plays the accuracy of Peter Schiff’s predictions of the bursting of the housing bubble.
Watch Schiff’s November 2006 predictions to the US Mortgage Banker’s Association below. You don’t get it more spot on than that.