On July 2, 2018, Reason and The Soho Forum hosted a debate between Erik Voorhees, the CEO of ShapeShift, and Peter Schiff, CEO and chief global strategist of Euro Pacific Capital. The proposition: “Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange.”
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It was an Oxford-style debate in which the audience votes on the resolution at the beginning and end of the event, and the side that gains the most ground is victorious. Voorhees won by changing the minds of 15 percent of attendees.
The Soho Forum is held every month at the SubCulture Theater in Manhattan’s East Village. At the next debate, which will be held on August 27, William Easterly, professor of economics at NYU, and Joseph Stiglitz, a Nobel Prize Winner in economics and professor at Columbia, will discuss whether free markets or government action is the best way to eliminate global poverty. You can buy tickets here.
The main stars of America’s financial trash TV are broken clocks and contrarian indicators who deliver the same sales pitch day after day, week after week, year after year. That is what salesmen do after all.
Once they have been finally called out for being completely wrong for years, they fight back by changing their talking points to focus on trivial rants, such as when the Fed is going to taper or raise interest rates.
Keep in mind that these talking heads focus on this type of nonsense as a way to distract from their investment failures and lousy predictions.
Schiff couldn’t even get this right. The guy is a complete failure, so why does the media promote him constantly?
Peter Schiff has become a very frequent participant in this media dog-and-pony show. Schiff receives interviews every day, and many times multiple times per day from every segment of the Jewish media, from CNBC and FBN, to Bloomberg.
He also gets quoted or discussed in in the Wall Street Journal, MarketWatch, Forbes, Fortune, The Financial Times, you name it.
Accordingly, Peter Schiff could be considered the male version of a “financial Kim Kardashian.”
For anyone out there who isn’t too bright, let me make sure you get the point. That was by no means a compliment.
Think about it. Schiff runs a brokerage firm, Euro Pacific Capital.
So naturally one would expect him to discuss topics like compelling investment sectors and stocks, valuations, earnings, asset allocation strategies and so forth; you know, things competent financial professionals talk about. The same kinds of things an audience wants to hear about.
Even though he is really only a stock broker and not an analyst, he calls himself Euro Pacific Capital’s chief global strategist. But this too is only a superficial designation.
In my professional view, Schiff is really a marketing strategist because that is how he spends the majority of his time. I state this with complete confidence because I have been noting Schiff’s schedule for several years.
Regardless, surely Schiff has people to do “research” for him, letting him know what is going on, right?
Yet, he is constantly talking about trivial topics, like whether the Fed will raise rates over and over instead of talking about relevant issues.
Why might that be?
Maybe, his research results are complete dog shit.
Once you carefully examine Schiff’s track record as well as his record of investment performance and you will see why he has been focusing on trivial events instead of discussing investment and economic forecasts.