Peter Schiff

By: Ashley Roy

Economist Peter Schiff repeatedly predicted the financial crisis we’re in today, including its ugliest details. Across a span of 3 years, he remained steadfast in the presence of ridicule, adhering strictly to economic facts and principles while the media bowed to consensus. Below is a partial chronicle of Schiff’s warning-calls, all of which fell on (willfully) deaf ears.

As frustrating as the culture can be, I believe it is a vital, joyful thing to seek out and celebrate individuals who struggle against its corrupt cross-currents. Peter Schiff made consistent, long-range predictions about the causes and consequences of complex economic phenomena. So should we marvel that he was right, in passing? Or should we pause on the virtue that made his insights possible, and which accompanied his defense of them?

I think there is much to be gained from observing the power of principle at work, and Peter Schiff’s fidelity to reality. Although I might depart from a few of Schiff’s evaluations, I find it important to retain a sense of love for the man as an emblem of virtue. He is dignified but unrelentingly honest; he speaks with the assurance of someone who trusts his mind to know reality, who treats his mind as his exclusive means of knowledge, and who refuses to act in accordance with any but the dictates of reason.

I do not mean to suggest that we ignore the bad in our culture—such would be surrendering to it—or flaws in a man’s character—such would be sanctioning it—but that we do focus on achievement as an evidence of virtue; and that we be truly glad of it, especially because it exists despite the culture within which it operates.


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