12/22/2009 Peter Schiff On Fast Money: Hyperinflation In 2010?

[codediporpal]

How does this guy get ANY air times on TV?

[8080256256]

There is really no need for argument, shouting or insults here. Let the reality be the judge. You people bet your money on expected hyperinflation and I'll invest it in a way which is consistent with an expected annual inflation somewhere in the Japanese-style 1-2% range for the following 3-4 years. The one to come up ahead at the end will be the one closer to the objective truth.

[AndroidPolitician]

Hey guys, how's that 2010 hyperinflation going for ya? 

[doublek321]

@AndroidPolitician Where in this video did Schiff say that hyperinflation was going to hit in 2010? At the 2:54 mark, he's asked "you truly believe that hyperinflation is coming in 2010?" Schiff responds "Well, it's not going to hit in 2010. It's going to hit eventually if we don't change policies. There's still time to do the right thing".

[AndroidPolitician]

@doublek321

He's said in other videos it will literally happen in 2011.

[gus196666]

i give up im leaving bye bye good luck

[watchwhereyouwalk]

2013 is the 100 year anniversary of the Fed.. ugh

[Vajrayana514]

HOLY SHIT FUCK, WE'RE FUCKING DOOMED

HYPER-INFLATION!!?!? HOLY FUCKING MOSES, WE CAN'T EVEN DEAL WITH NORMAL INFLATION!!!

WE'RE ALREADY 6 MONTHS INTO 2010 AND THE HYPERINFLATION ISN'T HERE YET, WHAT IF IT HITS DURING CHRISTMAS!!?!?

SOMEONE TELL ME WHAT I NEED TO BUY SO THE SMART MAN ON TV CAN STOP SCARING ME!

[Vidar1979]

@Vajrayana514 Not only is Hyperinflation not here. We have the Fed now worrying about the real more prescient issue of deflation. Now Austrians are really screwed they now realize that their models ( if they even use them) do not work at or near the zero bound.

[Myndir]

@Vidar1979 Austrians? Models? Ha!

The Austrians have been predicting hyperinflation for DECADES. They can barely explain why people value fiat currency, although von Mises's own Regression Theorem tells us that fiat currency is as intrinsically valuable as gold.

The zero bound isn't what's important, though. Monetary policy isn't about interest rates, it's about money. Broad money growth in the US has been anemic/falling since 2008, so it's not surprising the US inflation rate is so low.

[Vidar1979]

@Myndir RIght but just like when Japan was up against the ZLB the pumped money and it went no where. We need a super agressive fiscal policy. GL with that.

[Myndir]

@Vidar1979 Japan pushed up their national debt towards 150% of GDP. I don't know how much more fiscal policy one can have. On the other hand, BROAD money growth in Japan was anemic (the monetary base is actually a small portion of the money supply) which, as one can predict with the quantity theory of money, resulted in deflation/low inflation. Monetary policy has to effect broad money (M3 in the US) to work.

[Vidar1979]

@Myndir Most of that was QE. So fiscally there is much moe that should have been done. Have heart...we are doing much less. So the Tea-Party Austrain hawks will have ther day. LET THEM EAT CAKE.

[Myndir]

@Vidar1979 Fiscal policy can't do much more, given US debt and the Fed problem. But the Fed could do a lot more to get the US economy into a serious recovery. Removing IOR, having QE and generally getting monetary policy loose again should do the trick. That's what caused the 1983-1984 recovery, when the tight monetary policies of 1979-1982 ended.

[Myndir]

@Vidar1979 In every case in history, where monetary policy went in one direction and fiscal policy went in the other, events followed monetary policy. This is because central banks can ALWAYS negate the effects of fiscal policy. The Fed is the King of the US economy and the US administration is a page-boy. Congress could pass a budget which raised US spending to 1000% of GDP and the Fed could compensate for every last inflationary effect with monetary policy. Monetary policy is the final mover.

[tarantula152]

Nice try getting him to sound like he doesn;t know what he's talking about lol

Dude owned all of them

[41elliott]

FUCK... The media such stupid DICKS!!!

[MrB0TT]

END THE  FED

[mediblue9]

these fuckheads are laughing now, but when they get booted off because of hyperinflation.

[gelekots]

the baby boomers did it. Exterminate all baby boomers.

[girard1973]

@gelekots everyone over 40

[gelekots]

o fine, exterminate all people over 40

[girard1973]

Actually, it wasn't the baby boomers. It was the American Nobility class. You know, the elected ones. They promised everything and instead took everything for themselves.

[gelekots]

...Paulson...

[mediblue9]

The politicians, plutocrats are aristocrats are comprised of baby boomers and the silent generation not generation Xrs. Remember gen x's have about 2/3 as many peeps as the boomers, so they have little power or wealth comparitively speaking.

[mediblue9]

awesome.

[RIPPED7399]

i love how pete basically pulled the pants down of everyone of these talking head ass clowns and makes them look like fools.. the only thing they know about economics is whats written on the cue cards by some college intern

[MEXBOL]

To date the fed 's inflation policy has not appeared as higher prices at the consumer level. Does this mean that the risk of hyper inflation is still small given that the fed could easily deflate? Banks are not lending and real estate is flat at best .while it could be years before banks re build balance sheets and consumers pay down debt it seems premature to expect that the Fed might not be able to manage to deflate and withdraw the stimulus from the system?

[copernicus633]

We have over 10% unemployment. Can you imagine what inflation would be like if we returned to full employment ? Inflation and unemployment are interchangeable. The stimulus needed to get to full employment would be hugely inflationary. But worse, because the response to unemployment (and it's consequent lower demand) is a reduction in production capacity. That takes time. Then there are fewer goods being chased by existing money-inflation. Stagflation then happens. Hyperinflation later .

[MEXBOL]

nice explaination thx

[Myndir]

@copernicus633 "Inflation and unemployment are interchangeable."

1968 wants its economic theory back. The Phillips Curve is totally discredited by empirical evidence.

Inflation can be high and unemployment high, and unemployment can be low and inflation low.

[takerdust]

These morons live in a dream world and think that nothing bad can ever happen.

This generation is truly that of weaklings, wusses, and incompetents.

[emirnkamelia]

These hosts are so rude and ignorant.

[emirnkamelia]

Why is Karen yelling....

[gsrxx420xx]

schiff always wipes the floor with these morons.....hopefully the end of the fed is near and their monopoly of money creation ends...

[rrdrums110]

I think you "gold is the answer " guys are delusional in a hyperinflational state. The only thing you'be able to do is buy bread for one week instead of one day. Wow. Impressive. Then if anyone sees that you have bread for the next day? It's going to be a gladiator fight right on the spot. Wow. way to go dude. The street gladiators live a pathetic existence in the end times. They just take your stuff . What are you white shirt panseys going to do about that? Call the cops? LOL

[dondalle]

You know, the good thing about gold is you can use it in every country in the world, not just in the US, meaning that your purchasing power abroad is much stronger. Stuff isn't just made in the US you know, actually not alot of stuff is these days...

[MaryWaterton]

Those people at Fast Money are complete morons.

[drlex]

Nestle Goldflakes vanished from every store around. All afro guys will survive economic collapse thanks to gold chains around the neck.

[Sempertacsil]

@drlex but I thought 'gold chains' were so '80s and now they've upgraded to "platinum chains"??

[thane17]

I wish PS came across less irritated and used more of a teaching style such as Marc Faber.....though i'm not complaining, PS is the VERY BEST!

[thane17]

More material for the next Peter Schiff Was Right video!

[djguy100]

Go back to sleep america. With dick heads like this advising the nation its all over for you guys.

PS saw this happening years ago and was ridiculed. Now he has been proven right and is still being ridiculed.

Ha ha ha, what a panel of ass holes indeed ;-)

Now im off to China.

[jimmyd3277]

just tell Obama and Benankke to print 100 Trillions and give it to every US citizen so they can afford the Stuff like Ipod, Gm Hammer, etc. and then they can make record profit and then they start hiring .

LOL

[cobrajitsu]

@jimmyd3277

Go back to sleep. The only way to "afford" anything is by production and savings. We have none of that. So the dollar will soon have the same value as monopoly money and will not be worth the paper it's printed on.

Hammer was bought Sichuan Tengzhong of China. IPods are made in china mainly female workers who earn as little as $15 per month. Google Longhua workers. The only workers big corporations are hiring now are slave labor.

[BeadStallcup]

The panel just doesn't understand what Peter Schiff is saying... They haven't read their history of economics very closely.

[JohnLeeMD]

Who are these condenscending morons on this show? (I'm specifically talking the guido in the blue shirt...) all of them acting like Schiff is the drunken uncle or something.

Personally, while I can't foresee hyperinflation in America, who's to say that it's "absurd." All Schiff is referring to is history, saying that every economy that has done the things we're doing have gone to hyperinflation.

Typically, Americans have this notion that "America" is the exception.

[decapitatespammers]

Hey, panel - "You can't handle the truth"

[pepsimannampepsi]

Christmas Cash = Me buying gold.

[davincij15]

After Hyperinflation this video can be used on why you should not watch TV to find out what will happen.

[MaverickZ]

They wouldn't have a show if Peter didn't come on. So what are they laughing at? No one even knows the names of the panel. Slick Talker #1, Not Funny Guy #2, Real questions Lady #3, and I got my job to fit a demographic host #4

[selfrealizedexile]

"By definition!"

rofl, what a fucker

The economics are in Schiff's favor; these Keynesian's just don't like reality. "More false growth, more quick rich schemes! yay"

[mcbowler]

The fed already printed more than 50% of our total money supply so I can say by definition we have already begun hyperinflation. The effects have not been realized yet.

[TheLiberalssuckdick]

The morons laughing in the end will be included on the Peter Schiff Was Right 3rd edition.

[ThorkilKowalski]

@TheLiberalssuckdick LOL. We shall see.

[MRSketch09]

@TheLiberalssuckdick

Here Here! I am looking forward to that day... yet at the same time, for obvious reasons, I am scared of that day. Because I really don't want to see the shit hit the fan. Figuratively speaking.

[noclouds111]

@TheLiberalssuckdick I couldn't have said this better, myself! It's quite sobering to think that those folks can be so stupid.

[Vidar1979]

@TheLiberalssuckdick LOL are you worried about inflation still?!

[TheLiberalssuckdick]

@Vidar1979 Look at the RJ/CRB Index. Of course, you liberals are so brain dead when it comes to Economics and finance. I wouldn't expect to you to interpret it. Good luck faggot. If you want a link, message me. Dumb ass.

[Vidar1979]

@TheLiberalssuckdick PLEASE tell me you are buying gold right now while I will take a position against it just to laugh at all of you inflation hawks...again.

[TheLiberalssuckdick]

@Vidar1979 Queer, FAGGOT!!!! I bought gold near $940 through $1040. In fact i have over 13 oz of it in physical. If it plunges, i will still be in the MONEY!!!!!!!! I dont give a fuck. I want a pull back to buy more. I didnt start buying yesterday you moron. Of course, the dollar rallies, THE US Markets will go opposite direction as well!!!!! GOOD LUCK YOU BITCH.

[Vidar1979]

@TheLiberalssuckdick You make it hard to read through all of your Ad-Hom attacks. You must be 13. There are strong indications that we are not looking at a "rally" as is is a deflationary period a real one.

[TheLiberalssuckdick]

@Vidar1979 No I'm 5 years old you queer. Stupid ass

[goldenthroat86]

@TheLiberalssuckdick No hyperinflation in 2010 or 2011. Peter Schiff is wrong...again!

[AndroidPolitician]

@TheLiberalssuckdick

How about that hyperinflation in 2010?

[motonegros]

Pete shit in their punch bowl....

Good!

[chriswroads]

Fast money, what a joke. I cant believe someone pays these clowns.

[gutrp]

Im pretty sure these TV hosts r reading the youtube or blog comments about their programs..

i notice the change in tone...

earlier they used to be the mocking moron idiots

[djguy100]

Errrm after watching that i think they are still mocking moron idiots.......But we can solve this with one very short simple question.

Out of all the people in this video.....Who has the most REAL wealth!!!

I dont think we really need to answer, but i will say PS. Therefore i will follow his advise and not some pretty boy dumb ass.

[stoneeh]

it's good that he likes peter. he can say he supported him when peter will be right AGAIN 2, 3 years from now

[IVoteNone]

I have a lot of respect for Peter but the prospect of hyperinflation doesn't seem probable. It's true that the Fed is keeping interest rates artificially low but probably not as much money is being created as he thinks since banks are reluctant to lend. That bailout money could sit in the banks as excess reserves for a long time.

[An0ldMan]

@IVoteNone I think you'll see that money come to the surface during 2010 an election year. Think about what Peter said and I'll paraphrase "We are on the same path as previous economy's that have had hyperinflation". It is highly probable, you cannot print money against nothing have high unemployment and produce nothing. I'm not an economist by no means but it's foolish to think that hyper inflation isn't probable when you have an over inflated stock market and a pending currency crisis.

[IVoteNone]

"you cannot print money against nothing have high unemployment and produce nothing."

But that money is in excess reserves. If banks are reluctant to lend that money won't go into circulation.

[josahtompkins]

Ya, but if all other countries decide to dump their $ reserves then you could have HYPERINFLATION

[imre1000]

I think the fed will have only 2 choices:

Either raise interest rates and destroy the banks, or keep rates low destroy the dollar.

Either way the US is headed for bad times.

[IVoteNone]

It doesn't matter what happens to rates if the banks won't lend their excess reserves. Yeah interest rates are artificially low right now, but banks have a ninja grip on their excess reserves. There isn't going to be a bunch of new money in circulation if the banks stay frozen.

[imre1000]

Not all the money stays in the banks. They have to pay wages, bills, creditors etc.

A lot of the stimulus goes to infrastructure projects too, which will inflate more.

I don't thnk the banks will hold onto the cash if they see it's value disappearing.

[An0ldMan]

Honest to God, I cannot believe any program would have this panel of idiots picking stocks or giving economic advise! Unemployment is up, housing is down, the dollar is on the ropes and these clowns talk up the overinflated stock market to pad their own pockets! I would trust the advice of my drunk brother in-law who can barley read to give me a better understanding of the current economic climate. "No reason to panic... just listen to the music and enjoy the night air" sound familiar???

[2uberu]

Unbelievable. they will never get it. He says the same thing every time and they act as though he's speaking Manderin Chinese.

[ronheri]

Lets see how these corporate owned shills laugh when the dollar crashes and they join us in the soup lines. They are useless. Good job again Peter, keep telling the truth!

[polarbeach]

why do I have a feeling that this will be part of a montage one day .... titled peter was right lol

[airborne373]

Who was the nobody at the end?

[residentzombie]

In a perfect world: Ron Paul would be President, Rand Paul VP, Peter Schiff Treasury Secretary, no Federal Reserve, a Gold and Silver Standard, and a true free market. We can only dream.

[chuska8383]

@residentzombie Amen!

[Sawbucks23]

I knew when Ron Paul didn't get the president job that we were doomed. I didn't know Obama would be that bad.

[InTheSticks1881]

Follow Schiff closely, read his book, and understand why he has been accurate for so long.

[TofCanada]

I think what Peter says generally makes sense. But you can't expect these hosts to change their viewpoint just because "Peter says so."

[capcom101you]

Schiff for President!

[pinkcheesegreengh0st]

I will be scared when those idiots figure out that Peter is right.

[wreagfe]

Wow... I mean, gold is lower and they do not say HAHA but suggest that it is maybe a nice buying opportunity ... wow. And another thing, the hosts are laidback and let Peter finish his sentences? Are they on drugs? Anyhow, nice vid.

[colapsofinal]

Thanks Peter!

[ciacciom]

Way to go Peter!

[vantagepointmoon]

Last Money show, it's only worth watching because of the guests like Peter - all the host are either clueless or there to serve the Kool-Aid, likely both.

[chgo8637]

Maybe their is some truth that something will happen around DEC 2012 ? The world as we know it will change, and the depression that hits this country will make the 1930s depression seem trivial by comparison. Keep up the good work Peter Shiff! Tell it like is.

[DEEPGNOSTIC]

I agree...I don't think it'll be natural disasters like in the movies, but a lot of man made turmoil that'll make something real bad happen!

[LeifEiriksson]

This video I expect will make it onto the next Peter Schiff Was Right (Hyperinflation Ed.) video that comes out in 2012.

[fu90210]

Looks like the hosts got washed up for their past behavior towards Peter , yet they still needlessly sting him in the end ...

It doesn't matter as we already have a year load of youtube videos for "Fast money with Slow hosts" clip .

[Intervene]

Great vid by Peter again. Thanks for the up

[gli96187]

Gee these CNBC host are still not getting it. I'm noticing an interesting pattern. The hosts would take a snipe at Schiff only when he is off the air and normally at the end of the segment, what is this high school? They only should be so pleased with the temporary ratings boost whenever Schiff on air. Other than that I think they should consider a new career hosting segments on the Home Shopping Network.

[connj67]

basic economics- the increase in the money supply IS inflation, by definition.

remember Gerald Celente- Terror strike 2010

[michaelpshipley1]

its not totally up to bernanke and obama what inflation will be. the bulk of dollars lies outside america. if the world suddenly decides to dump the dollar, which could happen at ANY TIME, then its game over. thats what happened to the weimar republic; hyperinflation kicked in when the bond vigilantes dumped the mark.

[TheNRA4ever]

Dear Students of CNBC.......free advice.......SHUT THE FUCK UP AND LEARN FROM MR. SCHIFF !!!

[lsa420]

Well said, my friend!

[EMPIRE0FLIES]

Trying to bate Peter on hyperinflation. Can they be any more obvious? Morons.

[haxoreds]

I like how the Laughter on Fast Money gets just a little more nervous each time Peter is on.

I bet half of them go home and buy Gold.

[frugalite]

The whole format of this this show sucks and I don't like the comments they make about the guest after he leaves the show.I watched Schiff on many shows but this show's set up stresses me the most by far, I don't know why, can't put my finger on it.

[lsa420]

Is it because they are full of shit?

[sonnybrown]

Bunch a' looney toones the lot of them.

[judutchinski]

what nimrods...god they kill me. Peter comes in an smokes those fool everytime. I can't wait for the next peter is right video. Though...we all better hope he's fuckin wrong this time. Cause what he's saying is pretty severe. It won't just affect some people. Everyone will be affected. So all of you out there that hope this comes true.... let's pray it doesn't mates. Arm-a-geddon baby! that's all I hear all day on this site! Lol.

[rdubtheislander]

"Peter, its Karen, so you have no faith Bernanke is gonna do the right thing.."

"Well he hasn't done the right thing yet I don't know he's gonna change uh, you know change tunes.."

LOL.

I silently pray that I can eliminate all outstanding obligations before hyper-inflation rocks this nation. Even if I used a different medium of exchange that was actually of value to pay off the de-valued obligations, my conscious would have less guilt knowing that I didn't help rip this nation apart.

[trinomialtree]

3 cheers to chairman bernanke for sending raytheon paveway IV guided smart missiles, armed with +5000% inflation warheads, straight up the shorts of american taxpayers.

karen's net worth is around 50x peter schiff's haha.

[Heathh49008]

Honestly, yo should increase your debt in hard commodities and wait for Peter to be right again. Go a few hundred thousand bits of paper in debt buying gold, silver, corn or widgets, and pay it off with a loaf of bread.

[petiemac12]

They were trying to bait Schiff into sounding like a quack about hyperinflation....lol...He makes them look like fools again....priceless!!!

[Vidar1979]

@petiemac12 He does? Who is worried about inflation now?!!

[davincij15]

More fodder for the next Peter Shchiff was right video.

Kraft dinner was less than $1 here in Canada just a year ago today its $1.42 many food items have gone up in price or reduced the packaging size in combination to hide the 50% price rise.

[marktrade88]

There are plenty of items that have already risen in price by %50, most of them small candy and snack foods. Little packs of donuts that were 50 cents a year ago are now 75.

I am not ruling out convenience stores as a leading indicator of inflation. :P

[bajoverga]

Schiff smokes these fools again.

[jessebickeldotcom]

"He's much better than he used to be." OK, what? He's saying precisely the same things he's said for the last 5 years. Reality has aligned with what he said, so now you think he is better than he used to be. These guys need new jobs.

[jonvssocrates]

It looks like these fast money clowns are starting to realize they need to shutup when the experts come to talk.

I would love to see the bank accounts of the fast money posers. I bet they eat at McDonalds and drive 15 year old cars.

[GreatInca]

Hyperinflation in 2010 in a 1000+% sense? No I don't think so. 20-120%, yes. I see the 1000+% hyperinflation coming in 2013 after the greatest depression bottoms out (hyper stagflation; hyper dragflation). The dollar crash in 2011 will bring in the greatest depression before 1000+% hyperinflation. 2010 will be the year of the commercial real estate crash and the that brings about the monetary policy that is the final death knell of the dollar as world reserve currency.

[audiohi]

Everything posted here i agree with 100%. Im going to make sure i check back with this post 3-4 years from now just so i can say you were right lol.

[bigbrownanimal]

Sounds like a very realistic outlook unless something that can't possibly be predicted happens.

[rjm4013Gold]

The fast money team is so smug. They criticize Schiff for being long Gold all the time. Yet all they want to do is day trade.

[cayman187]

that guy that asked about the hyperinflation...is it bad for me to want his dick to fall off?

[cayman187]

all pete has to say is..."have you seen the 'Peter Schiff was right video on youtube'?" and they will all shut up and say "peter you are probably right"

[cayman187]

now the "dig pete" because they dont want to be on the next "Peter Schiff Was Right" 2.0

[chiyerano]

Tell them what's up, Peter.

[boots920]

The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

John Maynard Keynes

[NovusChaoMundi]

Those people will cling to the dollar to the very end. I don't know how Peter puts up with there condescending comments all the time?

[chiyerano]

At least they are not talking over him and laughing at him as much as they used to.

[horsehorsehorse400]

Everyone is a Jerk except Peter.

[jjrglobal]

Recognize Bitches!!!

[Armando7654]

Of course it IS TOO late by now. They have printed too much debt. The damage is done

[markymarkuss777]

These people are supposed to the the economic "professionals" and have no clue that Peter Schiff is right on the money? After all the predictions he's shown them to be right, they're still blind as a door knob. *shakes head*

[gambit1357]

@markymarkuss777 these people never have any constructive material to debate him with...everytime Peter is on fast money he destroys them.  All they do is poke fun...

[Kittenkattan]

I love the fact that they all have the "Norman Syndrome". I waiting for these yukkle heads to laugh Peter of the program and become Media Toxic, like Norman became after that Mortgage Laugh and a prediction of a rise of 10%. Funny how history starts to repeat.

[boots920]

The only reason you would want a gold standard is for when the "Central Bank" is just counterfeiting paper currency you can call them on it and ask for the real thing.

That's exactly what happened in 1971, Nixon had to close the gold window because he was counterfeiting money to pay for the fake war.

Now all you got to know the federal reserve is counterfeiting Federal Reserve notes is the gold price.

Amazing taxpayers still don't know the central bank is just counterfeiting currency. Braindead?

[residentzombie]

"With alot of 'stag' and alot of 'flation'." great line Peter.

[mike6459]

if these commentators were so good at calling the direction of markets they wouldn't be on TV

[Gbroadcaster]

Good one!

[residentzombie]

It could be debatable that the commentators help grow the investments due to them promoting certain stocks.

[SEOibiza]

you would think these muppet TV commentators would know better than to snigger at Peter's predictions by now, they'll find themselves Youtube Stars of Mockery & Mirth in another year or 2 if they're not careful :)

[VendettaVV]

Guy Adami: "HA~he's much better than he used be"

MSNBC, what a load of shit

[JessicaBelle81]

These neo-classical/ keynesian fast money people absolutely hate Peter.

"Stagflation"? "Huh, what's that"?

Yes, the 70s prooved that it is indeed possible to have inflation and decreased economic growth simutaneously.

[AmericanValues321]

keynesianist don't look at history..and if they do they don't look at in objectivly.

[jfcrow1]

A lot of flation and a lot of stagnation. HA HA HA HA

[pedroquintero]

Thank you!