Peter Schiff on the risks of Obama's economic policy part 1 of 2

[BbdHome]

"the workers don't create wealth"

in a capitalist society the car engineers, the car designers the car body workers COULD work for THEMSELVES, no need for merchants, you don't have to be a merchant like peter schiff to be a libertarian

[oyto2009]

Shiff, is the man! Give him the Fed!

[Seanoooog]

Good man Shiffy!

[jack7474]

interesting...it seems that most people in America have no idea how capitalism works - especially in the government.

[oryxx]

Excellent video. Peter Schiff and Ron Paul have the strength and the courage to stand up to their beliefs!

Excellent. Keep it up Schiff!

[justgetsome]

No debate there my friend. Main street media doesn't have the balls nor will they ever to report on this.

I just read an article that infation was the lowest in I don't know how many years, sinse the great depression. Are they serious? yes because they don't count food and energy, that's the spin. Well what the hell else is there that people spend money on? I don't buy plasma TVs monthly or furnature, do you? What a bunch of nonsense all of this is. I feel for people living in the states.

[wildflower420]

the media is owned by 5 companies now (was 90 before Clinton). Check who owns them and what else they own then you will know why the don't report on these things. MSM is a propaganda machine for gov. and corps.

[MMAGRO1]

Electic cars are going to change the market in the coming years, they are already making cars that have 400km ranges and take 5 mins the recharge. It cost approx 2 dollars of energy for a full charge. Once batteires are cheaper/more efficent. I say let the free market work and the people will obviously pick the cheapest method. Also one important part is the educate the people of their effects on the enviroment so they can make educated choices to lessen its impact on the environment.

[justgetsome]

These windmills cost around 1million dollars each. They don't produce enough energy to light even the smallest of towns. The French looked into it for Paris. They said 19,000 windmills would be needed...see where I'm going with this?

I agree though cars don't need to be hybrids but the free market can determine that on it's own. We don't need the gov't telling us what we can or should drive. All these gov't mandates=lost jobs. I live in asia, the environment comes after jobs not first.

[Atom299]

That's $19Billion to Power Paris for the next 30 Years. How much do you think it would cost otherwise?

No You can't let the free market determine because it will always go for the cheapest options, which destroy the environment.

Obviously you don't understand the implications of that. In simple terms. No environment=No humanity.

If you want to commit suicide do it on your own. Don't take me with you.

[justgetsome]

Alot less than 19billion.

You are really ivory towering things up. How did we get this far? by subdueing the earth. If it's time for the spotted owl to go like the do do bird than so be it. According to your philosophy we should be returning to the 1720, live in grass huts and be gatherers.

I understand fully that the 'green' movement is nothing more than a way to get new grants and kill more jobs than create.

Many places have tried socialism my friend, it doesn't work.

[Atom299]

justgetsome

I doesn't work like that. If you wait till oil is $200 you won't have any clean energy to replace it.

The US needs to produce and sell products.(ask Peter) If if weren't for the stupid policies of the past the US would now be the No1 producer of clean energy and energy efficiency products, efficient cars etc.

This market has been stifled by the oil interests to the great detriment of the US.

[justgetsome]

Atom I understand but I just don't think this whole hippie thumb ring tree hugger 'save the world' lets do green energy is nothing more than a gimmick to get grants.

Hybrids aren't selling these days. The cost of them isn't feasible. I've priced one I know. It would take me 140,000km to break even on the extra cost and what they don't tell you which my mechanic(old high-school friend) did is the batteries wear out and it's $4400 to replace them in less than 5years time. It's all a sham bro.

[Atom299]

Well Take a look at

earth-policy(.)org/Indicators/­Wind/2008.htm

That's just wind. Then there's solar. No one can come anywhere near supplying the demand for these.

The US were world leaders in these but they got nothing be resistance from the Government.

That's going to change now.

BTW. Cars don't need to be hybrids to be efficient.

[Atom299]

While I believe Peter is right as to the fundamentals But I think he's still talking about the Bush and other Government.

Sure it could be bad and although Obama's policy might look like Bushe's I believe it is fundamentally different.

e.g. Energy is a foundation stone of a modern economy (without it we collapse instantly)

I don't have space here to explain more.

[Atom299]

Clean renewable energy is the biggest growing market today. The demand is insatiable. A large part of Obama's "stimulus" is to support the US's ability to supply this market.

A lot of big changes need to be made but the economy needs to be kept ticking over while these changes are taking place.

When foreign countries see a real viable plan being put in place they will be prepared to extend much more credit.

[justgetsome]

Why do we need this clean energy when oil is $35/barrel? Clean energy is not economically feasible when oil is low like we have now. When it hits $200 then sure....let's all have windmills but until then nothing will change.

[manojp86]

It is not the government that should decide what is a good investment and what is not .The market forces should determine that. Barrack obama nor anyone is smart enough to judgewhat is a great a investment for america or its future. The market forces should determine it and they give the best result. What this could lead to is obama investing lot of money in trying to develop renewable energy and it is not like magic that can be created out of thin air it would lead to misallocation of capital

[Atom299]

manojp86

Under normal circumstances I would agree but these are not normal circumstances.

For market forces to be effective they must be based on REAL value. The market forces in the US have been grossly distorted in this area because the real cost of fossil fuels is far higher than it appears.

Renewables are one of those rare things which (once the initial costs are recovered)can and will create real value (wealth) out of thin air.

[manojp86]

see if renewable energy is a great investment ask bunch of your buddies who feel so and getinto business or come up with a business model and convince private investors with time and invest and if u can create that and bring some outcome well and good i am happy but the idea that government takes money from everyone and decides i think this shall create wealth and invests billions of dollars is nonsense if you are so confident sell what u have and start a business like many entreprenuers

[manojp86]

whenever government decides something is good and invests it leads to misallocation of capital(because it is not govts money).America and world over is suffering to due to misallocation of capital producing unviable business models which are now failing and government interference has always historicallyl created bad investments. The distortion u are talking about is because of misallocation of capital and univable business.The last thing we need now is more unviable business coming up.

[Atom299]

manojp86

Renewable energy generally IS a very good investment. This is a well known fact (except in the US)where it has been undercut by artificially low prices of fossil fuels.

What's needed is a leveling of the playing field, either by subsidizing renewables or preferably reflecting the true cost of fossils

by environmental taxes etc.

I agree that Governments shouldn't manage businesses but it is up to the Government to set the environment for a thriving free market which benefits all.

[norfair18]

so wait...obama isn't the messiah??