Monday, April 1, 2013

Lou Dobbs versus Peter Schiff

Following an interview on Fox Business during which Peter Schiff discussed the situation in Cyprus and the potential broader implications of the crisis, Lou Dobbs, apparently now more optimistic about the U.S. economy, was very dismissive of Peter Schiff's comments. But instead of just countering Peter Schiff's arguments, he also impugned Peter Schiff's character.

He effectively accused Peter Schiff of being a charlatan, stating that Peter Schiff's real objective was to scare people into opening accounts at his offshore bank. As Peter Schiff is often the bearer of bad economic news, he understand the tendency to shoot the messenger. Of course, Mr. Dobbs had no way of knowing that Peter Schiff's offshore bank does not accept accounts from U.S. citizens or residents (Fox Business does not have an international audience yet) and therefore for this particular interview the only purpose for Peter Schiff bringing up his bank was to illustrate how the crisis was affecting the offshore banking industry; from the unique perspective of the owner of such an institution.

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