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THE INFLATION VS DEFLATION DEBATE

Peter Schiff, the long-time hyperinflationist, takes on Gary Shilling, the long-time deflationist. I don’t think either quite understands how the monetary system works, but Shilling is much closer to getting it right. In particular, he notes that the Fed does not create money – they only create reserves. This proves that Shilling maintains a key fundamental understanding that Schiff does not. Schiff has been calling for a spike in rates and a collapsing dollar for years on end. He thinks the USA is going bankrupt and that default is right around the corner. Could he have been more wrong? The debate follows:

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