The economist who was right 36
One man, Peter Schiff, an Austrian School economist, stands alone against an onslaught by Keynesians.
They sneer, they mock, they try to laugh him out of court.
But, as we all know now, HE WAS RIGHT.
Will those who mocked and derided Peter Schiff ever admit they were wrong? Apologize? Will any of them “sign a letter saying he/she was wrong”? Could they change their minds as to which school of economic thought – the Keynesian or the Austrian – has proved to be right in the real world?
Almost certainly, no.
Ben Bernanke, current Chairman of the Federal Reserve, hasn’t changed his mind, although (in the video) he claims open-mindedness when Ron Paul asks him what it would take to persuade him he was wrong.
(Hat tip Don L for the video link)
