Two Incredible Books

by Frost on December 6, 2011

{ 7 comments… read them below or add one }

sth_txs December 14, 2011 at 10:33 pm

The reason Austrian school of economics is disparaged is that it does not believe any state intervention can ever make any bad economic situation better. It also puts the individual and property rights first, so it receive no fair hearing in academic circles.

The truth is most academic economists are merely bought whores to promote the idea of fiat money and central banking.

Rollory December 7, 2011 at 11:39 pm

What davver said.

Karl Denninger’s “Leverage” might cause you to view some of Schiff’s advice a bit differently:

http://www.amazon.com/Leverage-Cheap-Money-Destroy-World/dp/1118122844/

NomadicNeill December 7, 2011 at 5:55 pm

Oh, and if you like Schiff read Jim Rogers’ Hot Commodities.

NomadicNeill December 7, 2011 at 5:55 pm

Why trust Peter Schiff? Because he’s been consistently right for the past 10 years.

davver December 7, 2011 at 8:40 pm

Actually, he hasn’t. His firms main investment strategy has been European blue chip stocks, which have hardly done well. And he was still pimping oil at $140 a barrel.

I’ve met Schiff in person and talked to him. He’s basically a less aware version of Ron Paul or Rothbard. You’ld be much better off just reading Hayek yourself and better summaries of his work. Schiff adds no new insight, if anything his understanding of Austrian economics is incomplete.

His investment strategy basically boils down to, “America sucks and the dollar sucks.” Alright, but Euro sucks too, and China has its own massive bubbles. Schiffs analysis starts and ends with not liking his own country.

He made some good money betting against mortgages, and his firm is actually one of the only ways for retail investors to buy specific companies directely on overseas exchanges rather then through funds or intermediaries. But I’d advise doing your own research and relying on them for execution rather then turning over th research to them.

Overall, I like the guy. But I saved myself a lot of money by not taking his advice in 2008 and betting on deflation.

Jack Dublin December 7, 2011 at 3:00 pm

I’d recommend Edward Gibbon’s ‘Decline and Fall of the Roman Empire.’ Elusive Wapiti posted a long review. If you’re interested in Austrian economics or just political theory in general, check out mises.org. They have thousands of dollars worth of books, free to download, in epub or pdf format.

cypriankorzeniowski December 6, 2011 at 10:45 pm

You would enjoy Plutarch’s Lives of the Noble Greeks and Romans. Herodotus is similarly inspiring (get the Landmark edition; the maps are invaluable). Thucydides (get the Landmark edition for him, too, otherwise you’ll be awash in a sea of meaningless geographical reference points) and Tacitus are great as well, but they’re a bit harder to get into. The last two deal with periods of decline in the ancient world and aren’t as inspiring, but their writings contain timeless lessons on politics.

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