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Debunking the Hyperinflation of Peter Schiff and the Gold Bugs: A Guide for Investors Paperback – June 1, 2009


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Product Details

  • Paperback: 176 pages
  • Publisher: Mile Sands Press; 1st edition (June 1, 2009)
  • Language: English
  • ISBN-10: 1936069229
  • ISBN-13: 978-1936069224
  • Product Dimensions: 8.2 x 5.6 x 0.6 inches
  • Shipping Weight: 8.8 ounces (View shipping rates and policies)
  • Average Customer Review: 2.8 out of 5 stars  See all reviews (21 customer reviews)
  • Amazon Best Sellers Rank: #1,393,476 in Books (See Top 100 in Books)

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Customer Reviews

Government cannot create gold as it can fiat money.
Vangel Vesovski
Yet throughout this book baseless claims are made over and over again with no supporting evidence whatsoever.
John
We are working with probability here, and not facts, and Peter always disclaims that he could be wrong.
S. Jackson

Most Helpful Customer Reviews

115 of 123 people found the following review helpful By Liberty4all VINE VOICE on September 30, 2009
Format: Paperback Verified Purchase
The author's main thesis seems to be that the economy is so complex that it is impossible to predict what the future holds. No argument there... However, in "debunking" Schiff one of his claims is that a dollar earned in a service related transaction is no less valuable than one earned in an industrial transaction. This claim is made to refute Schiff's hollowing out of the American industrial base as a future source of US bankruptcy. In other words, the author seems to feel that Starbucks is no less a source of wealth than say Intel. It's an interesting claim and truth be told, I'm still undecided on the issue. However, the velocity of money or the pure changing hands of money is not what makes an economy prosper. I suspect it is more related to the productivity gains enabled by capital investment. If true, there is a difference between Starbucks and Intel.

Another claim by the author is that the the dollar (or any currency) works because we believe it is valuable. Since fiat currency has "worked" for 75 years, the author feels there is little reason to believe that people's opinion of the dollar will change and it is only a complete loss of faith in currency that allows for hyperinflation. This argument seems dubious. For one thing, the US has never had such huge unfunded liabilities as we do now. He does address this in the book, but less than convincingly in my opinion.

Similarly, he claims that gold is no more authentic or valuable than fiat currency. Again, his argument fails to convince. The main argument in favor of gold is that it cannot be printed up at will. This distinction seems not to register with the author. However, I suspect Germans felt their currency was innately valuable in the years before hyperinflation too.
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134 of 153 people found the following review helpful By S. Jackson on September 29, 2009
Format: Paperback
Mr. Moheban stakes out to refute the Austrian Economists and "Gold Bugs", in particular Mr. Peter Schiff who through his popularity has become somewhat of a "cause celebre" for what seems to be anyone with a pen and an opinion. Mr. Moheban thus seeks to make a name for himself attacking one of the only sane voices of dissent being voiced in regards to the real estate and stock bubble far before the 2008 market meltdown. For example, Mr. Moheban trivializes the fact that Peter even wrote a book in late 2006 about the impending real estate crises when he states: "it was not hard to see that [the real estate bubble] was going to end badly.." and: "Of course, home values cannot shoot up forever..". Well if this was so obvious Mr. Moheban, then why did so many millions of americans pay these overinflated prices? Why did Greenspan, Bernanke, and other major players tell us well into 2007 that there was no real problem? Why did Lehmann, AIG, Bear Sterns etc all go bankrupt? Of course this was not obvious to Wallstreet or Mainstreet. Most mainstream economists never saw the trainwreck comming until it hit them in the face. See for example "Peter Schiff was right" on youtube.

Here is another one of my favorite lines from the book: "..Schiff's idea that the government would have no choice but to print a lot of money to service the debt, ...is somewhat speculative". As far as I know all ecomonic prediction is speculative. We are working with probability here, and not facts, and Peter always disclaims that he could be wrong. But consider this: this year alone the administration will create ~$19,000 in additional national debt PER FAMILY. How speculative can it be that this will never be repaid through taxation??

Time will prove Mr.
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27 of 33 people found the following review helpful By M. Kimura on June 25, 2010
Format: Paperback
This book is absolute nonsense on Stilts. Mises would puke if he read this garbage. I read about 3/4 of the book, and couldn't read any more, because in my opinion it has such a biased, pro-Keynesian, pro-statist viewpoint. As long as the statist / federal reserve apologists like this hack continue to write their propoganda, this country is going to continue to go down the tubes. If I could give it zero stars, I would. I'm considering going to the store to buy a shredder just so I can properly put this trash in its proper resting place.
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6 of 6 people found the following review helpful By George L. Chadderdon III on February 3, 2012
Format: Paperback Verified Purchase
I read this book as a kind of counterpoint to "Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown" by Wiedemer, Wiedemer, and Spitzer. The latter book argues that the "dollar bubble" will certainly burst and burst hard, but they agree with Moheban (though without fully explaining why) that hyperinflation is an unlikely scenario, while suggesting, however, that we may see inflation at 100% annually or higher.

I give the book 3 stars because the author makes a number of interesting observations and is informative, for example, about some of the matters of how currency is brought into circulation. However, the author holds a view I believe is simply mistaken: namely that money-supply inflation only happens when people's perceptions are that the money supply has increased and that money has lost some value. Chapter 5 contains the heart of his argument that money supply expansion doesn't necessarily lead to higher prices. On p. 83, Moheban says, "With no perception of cheapened, easily obtained money, there would be no particular reason to believe there would be money supply induced inflation." He argues that the 2 conditions for money supply increases leading to price increases are "(1) It must be widely observed that money is more plentiful," and "(2) The new money must be cheaper to obtain." I would agree with the author if he said these things could accelerate the process of inflation, but I do not think these conditions are necessary for inflation. There are objective economic mechanisms that do not rely on human perceptions of value that will cause prices to go up, as I will try to argue presently with an example.

Let's say the U.S. government stealthily gives every American equally a $5,000 tax return from new Federal Reserve Notes.
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