RE: The most important video you don't need to seePeter, like a lot natural resource buffs, were right in talking about the huge run up in credit that was building up in the system in the long low interest rate environment post 9/11.
Guys like Eric Sprott, John Embry, Jim Rogers and many other 'alternative' voices were warning us about the ramifications of American consumers using their 2 and 3 bedroom homes as ATMS to refinance and use the cash to fund consumption.
It's not hard to find guys who were warning us about the dangers of such consumptive folly.
But if you were a Schiff client, you too lost your shirt last Oct/Nov. Gold stocks and other "hard assets" that these gurus were recommending were decidedly not the place to be. They went down...Big Time.
Peter didn't foresee the incredible deleveraging that was taking place from what Donald Coxe calls the July 13th massacre. When everyone starting selling everything...fundamentals be damned!
Indeed, what would have saved one's you-know-what back was to sell just about everything in the middle of '08. Particularly commodities. Particularly gold equities.
And buy what Peter called toilet paper: the US Dollar. The greenback soared as the world rushed to the safety of US treasuries and needed dollars to buy them (not that this is a long term strategy).
These 'gurus' may have seen the sky falling, but no one saw what would be up there after it fell.
In one very real sense -- his clients' net worth -- Peter was full of Schiff.