There are more reasons than ever for me to distance myself away from the rhetoric and e-mails of the National Inflation Association. The two latest Peter Schiff videos explain why (see below).
Interestingly enough, I eventually came to study Austrian Economics because of the NIA. Well, actually Gary North, Thomas Woods, and Robert P. Murphy had more to do with that than the NIA.
It was NIA's first video, "Hyperinflation Nation", produced back in 2009, that first alerted me to the threat of hyperinflation and compelled me to join Gary North's website. Then I read Robert P. Murphy's Political Incorrect Guide to Capitalism that winter and Thomas Wood's Meltdown the following summer. I also began reading Gary North's work, too.
Slowly but surely, I've been inching away from the NIA. As I wrote on April 25, 2011, I no longer rely on them as a credible source. Then again, since about the second quarter of 2010, I haven't been relying on them much anyway. They merely introduced me to the concept of hyperinflation. They have served their purpose.
The Austrians have taken over from there.
Anecdotal minutiae aside, two events within the last year gave me confidence in my own convictions that the NIA is just not the most reliable group around. Good intentions? Yes. Credibility and thoroughness of argument? No.
The first event was Gary North's debunking of an NIA article called "Hyperinflation Warning Signs."
The second event was Peter Schiff's debunking of NIA's latest pump & dump scheme.
Monday, May 23, 2011
The National Inflation Association Scam
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Below is an excerpt of an email from a friend who bought NIA's 2011 best stock recommendation for $1000. This is the real deal. Stay far away from their stock recs.ReplyDelete
>> I have started an independent organization NIACKMB "nia can kiss my butt". This organization will now recap to you the nia "best stocks of 2011" in case you were curious. Oddly enough, the nia did not endeavor to publish this update themselves:
>> 1. China Agra business
>> Bought: 1.75
>> Current: 0.30
>> Return: -82%
>> 2. Earthstone energy
>> Bought: 16.44
>> Current: 16.76
>> Return: 2%
>> 3. Eurasian mineral
>> Bought: 3.35
>> Current: 2.18
>> Return: -35%
>> 4. Formation metals
>> Bought: 2.65
>> Current: .60
>> Return: -78%
>> 5. Impact silver
>> Bought: 1.58
>> Current: 1.42
>> Return: -10%
>> 6. Silvercrest mines
>> Bought: 1.75
>> Current: 2.00
>> Return: 14%
>> (of note Silvercrest mines was worth "0.00" for 6 months of 2011 because they got delisted from the stock exchange for failing to meet reporting requirements. This builds faith with investors and in general is a sign of a solid reputable company)
>> This last stock was not included in the top stocks of 2011, but was offered later as a too good not to share bonus of sorts:
>> 7. Garibaldi resources
>> Bought: .35
>> Current: .15
>> Return: -56%
>> As you can see the nia is on target. I can't wait for their best stocks of 2012.