Peter Schiff v. Paul Krugman — Who Was Right?August 9th, 2011
As the world of finance continues to be in free-fall, speculation has arisen over whether or not the massive spending bills passed by President Obama in 2009 (namely the stimulus package, and the Affordable Care Act), and championed by Keynesian economists like Paul Krugman, actually helped turn the economy around. However, two years and $3 trillion later, the economy is still struggling, and as the recent debt downgrade shows, is getting worse.
However, there was one guy that predicted the crash that occured, and his name is Peter Schiff. Mr. Schiff is an Austrian economist and a pro-metals investment banker, who is touted by his supporters and other economists as the guy who predicted the housing crash three years ago.
In this animated video, a Schiff-supporter debates a Krugman supporter over the housing crash, as well as Mr. Krugman’s push from a technology bubble to a housing bubble in the early part of the last decade.