We kind of predicted that here at MNE. Bill Gross has shown some shocking degrees of misunderstanding when it comes to economics and the monetary system. It was only a matter of time before clients started pulling out.
For the record, we have been painstakingly pointing out Gross's terrible calls over the years and some examples are here, here, here, here, here, here, here, here and there are even more!
A lot of people may not know this, but ever since Pimco's former Chief Economist, Paul McCulley, left in 2010, it was the beginning of Pimco's slide. Paul McCulley happened to be in agreement with much of MMT.
It's no secret, people...you understand how the economy works, you make money. MMT! (And just as an aside, maybe that's why there has not been one single losing trade in any of my Forex courses so far...MMT!)
Pimco's current co-CEO, Mohammed El-Erianwas Chief Economist at the IMF before coming over and he was also managing the Harvard Endowment just prior to joining Pimco in 2007. Harvard Endowment got killed in the financial crash.
Let it be known that he was no MMT guy either.
P.S. I got an email today from a guy who told me that he was a Peter Schiff client and his account was murdered. Surprise, surprise.
P.S. I got an email today from a guy who told me that he was a Peter Schiff client and his account was murdered. Surprise, surprise.
ReplyDeleteBad advice runs in the family.
In the dedication to the 2009 revision of his book “‘Crash Proof: How to Profit From the Coming Economic Collapse,’’ Schiff credited his father ‘‘whose influence and guidance concerning basic economic principles enabled me to see clearly what others could not.’’ Irwin Schiff has long advised people that they didn’t have to pay income tax, and is serving a 13-year sentence in the Federal Correctional Institution in Fort Worth, Texas, for tax evasion.
Schiff was also obviously deeply affected emotionally by his father's incarceration. That explains a lot of his beliefs today.
ReplyDeleteMust be Obama's fault…
ReplyDelete