The YouTube Attacks on Peter Schiff
One of the most popular economic videos on YouTube are the “Peter Schiff was Right” videos. In them, Peter Schiff argued back in 2006-2007 that the economy was about to crash due to the Housing Bubble finally bursting. You will notice in these two videos that the pundits laugh there asses off at him for even thinking such nonsense!
Of course, Peter Schiff was indeed correct, and events folded out as he said that they would. But that hasn’t stopped the anti-Schiff crowd from taking up arms against him on YouTube with a constant bombardment of videos. On YouTube, I count no less than ten different channels all directed at discrediting Peter Schiff and Austrian Economics. One such channel, a user calling himself “Minethis1”, a YouTuber who I’ve sparred off against myself, is claiming victory on his YouTube Channel.
Quote from the channel: “VICTORY! DOW MAKES NEW HIGHS! Silver, Gold Miners Collapse down 65%! LOL!”
He’s claiming victory, these ten people are quite literally the only people claiming any sort of victory, and yet, they continue to pump out anti-Schiff videos when Peter Schiff hasn’t said anything different from what he’s been saying. The Modus Operandi of these channels is rather straight-forward; they typically post 3 – 5 minute video clips of Peter Schiff in various interviews sparring with one of the hosts or another guest, then give it some snarky title like, “Peter Schiff’s idiocy gets destroyed by Person X”. On occasion, they’ll post longer videos of a person doing some sort of economic presentation, but these videos are rare in comparison to the number of 3 – 5 minute interviews with Peter Schiff that get put up, and they too have some snarky title to them.
Part of the actual “worth” of a video on YouTube is in how many views it gets, and not surprisingly, the videos on Minethis1’s channel have hardly no views even though they’ve been up for months. For example, as of this writing, Minethis1’s most popular video has been up for one year, and has 55,032 views. Peter Schiff’s channel, “SchiffReport” on the other hand, has videos that have been up for the same time period (even less actually, some being up for 10, 8, 6 months, etc.) that double/triple the videos that Minethis1’s most popular video has gotten thus far.
In fact, the only reason Minethis1’s video got so many views is because it is Peter Schiff’s predictions for 2012, supposedly proving him wrong, and yet Peter Schiff is more popular than ever. The ten channels that I mentioned earlier have, as of this writing, a grand total of 24,463 subscribers. In other words, 24,463 people are subscribed to all ten channels. Peter Schiff’s channel on the other hand has, as of this writing, 83,224 subscribers; 3.4 times the subscribers as ten different channels all dedicated to slandering and discrediting him, and bear also in mind that this is in light of whatever hits Gold and Silver have taken in the stock market.
Before I leave, however, I would like to mention one thing. These (and other) commentators are treating Gold and other precious metals as if they were like any other stock that you would buy and sell, when in reality they aren’t. If you’re buying Gold or Silver, you’re hedging against the currency, and that is Peter’s entire drive for Gold and Silver. What he is saying is that there will be a massive credit crunch in the future, and that the government isn’t going to let the crunch run it’s course. Instead, they’re going to try to stimulate; flood the banks with more currency in order to loosen credit up again. This will create inflation, and the price of Gold will go up.
This is his entire investment plan, and despite claims to the contrary, it is hardly unreasonable.