Peter Schiff and Harry Dent Debate on Economy – Gold vs. Fiat Currency

Peter Schiff is for a gold, Harry Dent is for the U.S dollar. Peter Schiff represents Euro Pacific Capital while Harry S. Dent represents DentResearch.com and HarryDent.com. Now based on my unbiased reviews Peter Schiff if you listen to him intently views the world similar to the way you’d expect a 1%er to view the world. Historically everywhere it’s been tried the Gold Standard has failed.

The real question is why historically the gold Standard has failed? Well the Gold Standard fell for the same reasons the housing market failed in 2008. It failed because when the wrong people get into the market they will always be susceptible to manipulation. In order for a GLOBAL gold standard to work countries would have to have a uniformed education system. Why? Because you don’t one country ending up with all the gold reserves.

He who has the gold makes the rules…  cough, cough, Fort Knox. cough.

Why does this even matter you ask? Because in a global economy you have a bunch of cultures that are governed by a bunch of different rules. If the world had a gold standard in this world meaning an immovable storer of wealth that a government or a people could not influence, what would stop these Gold hoarders from inflicting harm on any economy that wanted? Yes you guessed it Nothing…Except for well… military power.

To combat gold storage the concept of fiat currency was created(Yes I’m skipping steps). What fiat currency really does is it protects the poor from being further exploited. In the United States the down side to fiat currency is federal reserve which sets interest rates. The federal reserve really is the complaint most economist have. Why because the federal reserve is not a reflection of the market whereas if there was a gold standard and no federal reserve the free market would be allowed to dictate everything.

I’m all for free markets but, you have to educate at least 90% of the public on how the free market works otherwise they’ll open to communist ideals. Teachers unions already have a monopoly on how children are educated which ultimately means it’s up to the private sectors to educate people on free market economics. It’s not in the private sectors best interest to educate the mass public on free market economics. If you listen to Peter Schiff he never tells you the whole story, he tells listeners enough to get them to sign up with euro pacific capital.

Now I challenge you to search Google and type in “euro pacific metals reviews” or “euro pacific capital complaints”

Also I want you to think about this… If you believe Peter Schiff is telling you the truth that the U.S dollar is going to crash. Why would you buy stocks? Most of the people I know that believe that the U.S dollar is going to crash tend stock up food, they own a house in the hills, they have guns, ammunition, land and they own PHYSICAL SILVER AND GOLD BULLION! Peter Schiff to me is a very good salesman, and sure he’s right SOME OF THE TIME! and he’s also well versed on free market economists, but based on my reviews it’s guys like him why a lot of people think Socialism is a better than capitalism.

Ron Paul if you follow him and listen to him will tell you everything in detail. Ron Paul will explain to you his positions in detail and break the history of why he came to his conclusions. Peter Schiff on the other hand holds firm o his LONG TERM bet. Which is eventually the economy is going to crash and when it does Gold will emerge the victor. Peter Schiff’s explanations and his solutions don’t line up the way Ron Paul’s do. Which I find odd because Ron Paul was a former politician and as we all know politicians are usually professional liars.

Harry Dent although not always perfect approaches investing from a common sense point of view. From what I gather Harry Dent like myself doesn’t see a crash as means to a gold standard, no he see’s a crash as opportunity to make fiat money. If the world is going to experience the type of crash Peter Schiff describes that’s would equal massive changes not only economically but politically and this fact alone leads to euro pacific capital having negative reviews and complaints. Because if that’s how Peter Schiff is investing he’s probably only going to get it right 1% of the time, and by the time he get’s right your U.S currency will be useless.

Personally I’m for Fiat monetary system, however I do think there should be a gold standard system for the private sector that should be taxed as capital gains. Also understand that I’m also for a oil standard system, a solar standard system, a silver standard system and chicken standard system etc. However I would not be in favor of military or government intervention to save any of these asset backed systems in the event they fail, which they will because throughout history every monetary system has failed because there isn’t a one size fits all solution to money.

When it comes to the Peter Schiff and Harry Dent debate on the economy I lean more towards Harry Dent. When I listen to Peter Schiff I’m often reminded of why the gold backed monetary system was abandoned in the first place. Is the Fiat monetary system perfect? Ofcourse not but I don’t think a gold backed system will make things any better. I would however be open to the idea of auditing the Fed and/or changing the current monetary system we have in place.

Thanks for reading!