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.