Wow you could tell me this video was from yesterday and I would believe you. Who would think it's 2 years old! It all sounds like today's economy. It is a fake economy with phony money. We are broke as a country, the fed has no money, stock market is corrupt, and we are only running on credit cards and printing more money. This country will have to collapse sooner or later, I hate to say it. But sooner, in the next 3-5 years is a practical estimate.
Do you not understand the deleterious effects printing money has on the economy and people's savings? In turn what that does to the economy?
You speak to the superficial short term effects it has on the economy. But what about the fundemental problems it causes? What about it's long term effects?
Jeremy Siegel, I'm sorry, you look like a loveable guy. But if your understanding of economy and economic history is this flawed you should not be teaching. Especially not at the university level.
Jeremy, 10 mos later we now have had 70+ banks fail, and it ain't over yet. A real estate group estimates that foreclosures are going to continue CLIMBING through 09 AND '10, and based on the assumption that the economy recovers sometime in '10, the foreclosures will gradually trail off (historically, unemployment continues to rise even after the 'end' of the recession.) This means we have yet to pass the 50% mark on the total foreclosures due to the bubble and the current recession!
shows you how much a wharton education will get you....lol Seigel loses all respect in my book. i guess thats why he is in academia verses the real world
Peter Schiff is the one to listen to, he's had this same consistent message for at least 6 years.
Folks, this is no longer a Left/Right argument, the Republicrats have sold us out. We were so busy arguing the minutia and pretending there was a difference between the parties and they sold us out.
It's time for a Real Genuine Change! TEA Parties are a good place to organize and plan the next move.
I love how everyone ends off getting their a** ripped off by Peter Schiff by saying "just you wait in x time we'll see who is right". And... big surprise, rationality and objectivity wins out over empty optimism every time.
I don't get it.....we are now a long ways from this interview and Peter's claims of insane hyperinflation are still unfounded. Yes the Dow has continued to worsen and probably will for some time more, but our economy is still fundamentally sound. SOMEONE PLEASE RESPOND THE FOLLOWING POINTS:
1) Peter contradicts himself by saying the US is a basket case economy ever since we went off the gold standard, but Japan and other countries are still sound....Does peter realize that no modern day economy
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still is backed by the gold standard? We went off the gold standard to provide liquidity to the markets...if we were still on the gold standard today our entire economy would have been completely free of credit and would have collapsed.
2) There still are no indication of hyperinflation that Peter has predicted (not minor inflation that will be expected after we get out of this mess, but inflation that Peter claims will render the dollar as useless as a Zimbabwe dollar)
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3) With TIPS, the US gov't cannot merely overinflate our currency in attempts to reduce debt because they would rapidly increase inflation, and further the amount owed out to investors.....it's just not a possible scenario.
4) Siegel is completely right about the Fed providing reserves to provide liquidity. Peter claims you must have legitimate savings only. He's wrong. Yes savings is one determinant of supply of loanable funds, but the primary factors are OMO from the FED, infusion of foreign
5) Why hasn't Japan experienced rapid inflation a la Zimbabwe if it has the largest Debt to GDP ratio of any modern economy and why does this still make Japan a sound economy to PEter?
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6) Your children would be lucky to go to Wharton. It's the oldest collegiate business school in the world with the most published and cited faculty in the world, pumping out some of world's most famous and capable business leaders.
it's not about the gdp/debt ratio... it's about the money supply.. the more money you got the less it's worth... and by pumping 2.3 trillion it's not gonna help neither to regain the strength on the dollar neither to fix the gdp debt ratio... it will only inflate or even hyperinflate the currency.. japan didn't pump into economy, they produced goods... something the usa is not doing... if u want to know more sen me a message
So you're saying that you need the fed to produce all this phony money which is in effect wealth redistribution and that is better than savings and foreign investment? What do you think caused the dot-com and the housing bubbles anyway?
I'm not going to take the time to respond to all of these. But 1) The primary reason why the US is in such a bad condition is because we don't produce - ie. we have a large trade deficit. Japan has a productive economy.
Fiat currency does not create credit out of thin air; it 'steals' credit from savers and gives it to debtors via inflation. A gold standard prevents this sort of immoral distortion in that; if I want
to build a factory, I must borrow the capital to do so from people who have saved their money; and pay them interest on the amount I have borrowed.
2) It hasn't happened yet. It will happen when the billions the fed has created finds its way into consumer prices; and when the rest of the world stops buying treasury bonds and financing our debt.
without the Federal Reserve. They are not creating money, they are simply providing liquidity at a time when it is sorely needed. Yes, this liquidity may be based on government debt, but what is wrong with that? It is essential in times like this. Once we get kick started again, that's when the liquidity is pulled back again - aka no hyperinflation. I do hope though that people learn from these times not to overextend themselves so much.
I can't believe what I'm seeing here. rrdrums with "the worldwide economy is destroyed... I'm a realist... Absolutely no Federal Reserve." and brewerscrew's silly statements. That is not inflation, it's called borrowing. Without borrowing, no one could have cars or houses without building them themselves. I just wonder what made you all so disillusioned. I couldn't agree more with ddacn2, he seems to be the only sensible person here. We would be at a point much worse than the great depression
Right on hungvan!! To ddacn2: The worldwide economy is destroyed.. It just doesn't know it yet , just like you. I'm a realist. I don't want you pissing on my leg and tell me it's raining. Since the dow and the dollar are doomed I simply choose not to prolong the inevitability. Let's start with barter now and choose a currency based on production/ No loans without collateral and business plans. No more high leveraged economy. Absolutely no Federal Reserve
Well, we're almost 6 months from this debate. The Dow during this interview was at 9,300, the Dow now is below 7,500 and it will get to 2,500. That Jeremy Seigel come back for a debate again, sure he would cover his face with a bag.
My economics education is none of your business but I wouldn't be surprised if yours wasn't from the s---t for brains Siegel Institute type. He's an absolute moron and so are you if you think that the crisis has gotten better from any move the fed or gov has pulled. All moves designed to destroy economy one year from now civil war potential.
the crisis hasn't gotten better from any more the fed or gov't has pulled? The gov't bail out of Freddie/Fannie, AIG, BofA, Bear, and other banks that received TARP funds completely avoided the spread of hte systemic risk in the market. Do you understand what would've happened had the government not intervened. Why don't you look at the Dow and overall confidence after lehman failed? The worldwide economy would have been destroyed.
What don't you understand about Siegel's argument. He was completely on the mark. Schiff is screaming about potential massive inflation concerns back in November....it's now mid February and the CPI and other index stats are showing deflation. In regards to long run inflation, look to countries like Japan which has a 179% Debt - GDP ratio and very low inflation.
Jeremy's point is completely accurate. Zimbabwe is printing dollars, but the banks have no interest in holding them.
Actually the inflation rate anounced today was .8% analysts were expecting .2%, so there was 800% (?) more inflation than expected. But CPI and PPI are all terms used to by fiat money supporters to try to confuse people, just as the unemployment numbers have changed over the years as well. The truth is we are seeing the end of brenton woods 2, and just like a sinking ship everyone that knows it's sinking are grabbing the valuables and getting to the lifeboats.
I was referring to 4q numbers for one thing and b) do you realize how insiginificant .8% inflation is? Schiff was calling for hyperinflation that would render the dollar as useless as a Zimbabwe dollar.
Again the inflation numbers given by the federal reserve are bogus. The money system is based on debt, so when we mortgage a home, the bank takes the entire debt and conjures money out of thin air as if that debt were actual money and can lend out 90% of that mortgage to someone else. That is inflation, even if they want to call it derivitives or leveraged or what ever, it's new money in the system that wasn't there before they performed thier alchemy.
The Fed is pumping dollars into the system to loosen credit markets but the banks want to hold the dollars and have not yet loosened their grip. The fed needed to inject money into our economy to prod the banks to lend. otherwise the crisis would have been much worse.
How does no one see that Schiff is completely crazy? Have you ever taken a fundamental economics course? Siegel studied econ undergrad at Columbia and received a PhD at MIT - he knows his stuff.
Or, instead of stealing money from our posterity, who don't have any representation, we can let the companies and individuals who made poor descisions fail. Yes it will hurt for awhile, but these bailouts haven't worked anyway, so we are still hurting and we are strapping future generations with a debt of servitude. We should also take responsibility for our monetary system and remove the federal reserve's monopolistic power to commit fraud by counterfeiting.
Schiff sounds sweet on the ears. This is an operation gladio like ploy to leave one of their corrupt inside our ranks to further the _ew world order agenda set by Mayer Amschel Rothschild in 1776. Schiff's great grand daddy Jacob, was raised in a Rothschild estate, later sent to America as another front for the Rothschild's with his Kuhn, Loeb bank and their Jekyll Island 1913 FED set up. Capitalist Jacob Schiff financed bolshevik (aka communist) V.Lenin (Jew) whom killed 30+ million Christians.
i WOULDNT WIPE MY ARSE WITH A DOLLAR, ITS WORTHLESS PIECE OF PAPER, THE ZIMBABWE MUGABSTER WILL BE WORTH MORE THAN IT IN 2 YEARS. THOSE WHO AGREE TYPE ABOVE GEORGE BUSH BAGHDAD SLIPPER DODGER LOL
Why will no one listen it is silly that we continue to dig ourselves deeper. wouldn't it be better for the country if people could use "real" money to buy things as opposed to constantly using credit, lowering the value of the Dollar it's self.
How is this guy a professor? Printed money has no intrinsic value. If what the professor is true why can't I use Monopoly money to pay for goods and services. Tell you what. Lemme write IOU on a sheet a paper and you give me your car for it.
I've got an idea! Lets turn on the printing press and give everyone a billion dollars. Then we will all be billionares and no one will ever have to go to work ever again. How do people with such a child-like veiw of economics get to be professors?
That guy is a Upenn professor? He talked like an idiot!
If all the US top universities are hold by stupid guys like this one, we shouldn't send our children to colleges. These schools charge over $30000 tuition a year, but what can they offer?
I'm not an expert but I've watched youtube videos of Peter Schiff over the last 6 years. This guy is laughed at on every video and has been right on everything. Watch the video "Peter Schiff was right". When this guy now says we are heading for hyper inflation and huge unemployment I believe it. The question he always gets is what do we do to get out of this and he always comes back with nothing because we have to go though this in order to every recover.
This Jeremy Siegel guy is going to look as stupid as Art Laffer did after going one on one with Peter Schiff. Schiff predicted all this stuff in '06 and Art Laffer.......well......laffed at Schiff and his predictions. In 5 months Siegel is going to eat some serious crow. Come to think of it with everyone on the poor house thats probably all that will be avilable to eat.
Its pathetic we have morons like this teaching Economics. Liquidity is a another word for printing money in injecting it into the system. Inflation. This is why the dollar is worth shit.
Jeremy: ten days later following this debate, the Dow has lost another 900 points. I don't even want to imagine where it's going to be at in 6 months from now when you have your "revenge debate with Peter Schiff "...That's if you dare to stil have one.
FDIC insured will save us all, huh Siegel you FKN tool.
Reminds me of 'TOMMY BOY'!
But why do they put a guarantee on the box?
Tommy: Because they know all they sold ya was a guaranteed piece of shit. That's all it is, isn't it? Hey, if you want me to take a dump in a box and mark it guaranteed, I will. I got spare time. But for now, for your customer's sake, for your daughter's sake, ya might wanna think about buying a quality product from me.
Peter schiff is right. Why would china, which is planning on dumping the dollar, want to keep lending money knowing that the debt is not going to be paid back by the US?
Because their economy is very dependent on exports to the US. If they do anything highly disruptive to the US economy, the blowback on their economy could lead to internal political unrest. They have a selfish incentive not to do anything too drastic in this regard. Wise or not, death by a thousand cuts is the likely choice over over hari-kari. It's the free market at work, they won't want to poison their best customer.
Your basically right but it's not the free markets at work. The chineese people don't choose to send their production to the US in exchange for worthless paper when they could consume it themselves.
It's the free choice of the owners/managers of the factory to trade their production for Federal Reserve Notes and then pay their workers, probably in China's currency. You can rest assured the factory owners would not trade their production output for worthless paper whether they are fascist slavemasters or gentle capitalists or anything in between. And the factory workers would not be showing up at the factory to produce if they had something better to do with their time.
It WAS the free choice, back when the dollar was worth something. Now, the dollar isnt worth half what it used to be, and it is only a matter of time till those Chinese Factory owners decide that our paper money is really just that: worthless paper.
Also, this economic situation, is called the 'dirty little secret in Washington that everybody knows about.' Listen to Peter Schiff and Ali Velshi, i believe on Glenn Beck, ive never seen an optimist like Ali agree more with a pessimist like Peter.
we have recklessly borrowed and spent all of our wealth and money and now we must pay for it.
Mr. Jeremy Siegel is wrong on many counts, e.g., we are headed for the worse economy in decades. Printing trillions of dollars dilutes savings, does not increase them. You cannot replace savings with debt.
The only thing I disagree with Schiff on is the fact that these guys are dumb & they are making mistakes. If you read Von Mises Planned Chaos you see that nothing is left to chance!
do you really think these guys are doing this on purpose? The more I watch Paulson and Bernanke talk, the more I realize they are in WAY over their heads. They have no clue what's happening. Your thoughts?
you can't smoke Gold,invest in cashless society pay your global carbon tax automatically bank withdraw from your international debit card or implant micro chip,invest in Prozac,9/15/08 was inside job
Trust your government; have they ever lied to you before? Turn your extra money into hard goods; you won't be sorry. The disasters are just starting. Think people. Who else will CYA? You will be convinced by the end of 2009, but that may be too late.
lol.. that guy is a tool if he thinks he can go against schiff in 6 months.. We already have videos of Schiff betting a penny years ago predicting this all would happen.
Is everyone stupid the crash is from Companies going over sea and replacing good paying jobs for crappy one.People are so stupid.The housing market was a small part of the truth.IDIOTS
"The Illuminati OWN 99% of the worlds gold,GOLD is only an asset in a free market,the IMF will dump there gold to control the price." I hope so, then I can buy more if it :o)
I think you have hit the nail on the head, I'm sure that Mr Seigel will not be available for interview in six months time, do any of these "Experts" that try to call Peter out ever come back?
My favorite is that Art Laffer guy back in 2006, did he ever pay up I wonder?
Once again, how many more times does Peter have to be right before these clowns listen?!?! This guy gives Peter no credit for calling this current housing/credit crisis years ago.
"That why we have the Fed.." bollox. We have it because after President Jackson rooted out the Bank of America the same forces slimed their way back in again, leading the president who allowed it to happen to express extreme regret and state the nation had been taken over. Things are much worse this time, no savings, more of the GDP is just government, ie unproductive, plus before the world needed US markets - today not so much, Chine for example could sell to Asia and Europe. The dollar's dying
This bloke knows that Peter's right, look at his face. He's got his part to play and he's sold his soul. Apart from that it's not possible for a thinking person to have his views, they're beyond idiotic.
A lot of these so-called experts are missing a very simple, fundamental truth about markets: volatility of this magnitude is bad and indicative of worse things to come. Please point to an era of sound economics where you have massive gains and losses, in the hundreds, every day for weeks. Several of the biggest gains in history, in percentage terms, were during the Great Depression!
Schiff is a rather common name and it is impossible for Jacob to be Peter's grandfather. According to wikipedia, Irwin, Peter's father, was born in 1928, while Jacob died in 1920.
There is also the possibility that the government could confiscate gold and force people to sell it to the government for dollars, just like they did under FDR. The government might also engage in price fixing on gold. They could do it with silver, too, but gold is more likely. I still prefer gold, but I encourage people to buy either one and hold it for the long run, meaning maybe twenty years or more, as insurance against hyperinflation moreso than as an investment, per se.
Take a look at golds performance in the last 10 years. This will continue until a 1980 event where gold was WAY over priced or become money again. Silver, well that is a whole other ball game it has the potential to be the next bubble asset.
Why?
It happens to be more rare than gold in comparison to above ground supply.
Egg on his face? He's been right about everything so far. He saw this crisis coming a mile away. Why wouldn't you trus him now? They apparently don't understand hyperinflation.
The old guy is a nut job. You think you get wealthier by printing more money? You need backing and if the jobs are exported there is no backing. He is an idiot.
Peter Schiff is the man. His book outlines everything that has happened. Schiff knew this was coming. The gold standard is 100% THE WAY TO GO. Read professor Fekete and see how removing us from the gold standard in 1971 destroyed labor, industry and the dollar. The dollar is dead, the US economy WILL COLLAPSE! Buy gold, escape dollars. RUN FOR YOUR LIFE! AMEN PETER SCHIFF.
Man, they better get these two guys back on the show...and not just in six months, but every six months from now. Just so Peter can keep coming back to say "I told you so."
All these videos should be shown on tv, to prove how wrong the current policies are.
mokum777 2 months ago
this jeremy siegel guy students are screwed LMAOOO
parvezawais 3 months ago
I love watching Peter Schiff own people
snuhtoyou 3 months ago
To Siegel,
Education (in your case, Wharton), makes the wise slightly wiser, but makes the FOOL vastly more DANGEROUS.
Youo are the latter. Clearly.
flipdabird02 9 months ago
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flipdabird02 9 months ago
Dr jeremy keep up the good work! keep up ur propaganda and just maybe you might delay the collapse dollar
billychen13 1 year ago
Dr jeremy keep up the good work! keep up ur propaganda and just maybe you might delay the collapse dollar
billychen13 1 year ago
People Russian central goverment planing and big plan to restore CCCP economy in 1989 led to 1991 bankruptcy of CCCP.
USA stymulus package and printing of money can only create shit and destruction.
USA goverment take over of Large financial institutions in USA is bringing HELL to USA. Raise of the SATAN
aviomaster 1 year ago
Wow you could tell me this video was from yesterday and I would believe you. Who would think it's 2 years old! It all sounds like today's economy. It is a fake economy with phony money. We are broke as a country, the fed has no money, stock market is corrupt, and we are only running on credit cards and printing more money. This country will have to collapse sooner or later, I hate to say it. But sooner, in the next 3-5 years is a practical estimate.
MediaWire 1 year ago
Schiff and Ron Paul are like the Jack Bauers of economics. THEY'RE ALWAYS RIGHT. PEOPLE IGNORE THEM. BAD SHIT HAPPENS. THEY COME TO SAVE THE DAY LOL
typebhero 1 year ago 2
Jeremy Siegel there is no inflation , Jeremy siegel double cheesburger few months ago was 1.00 $
Now 8-15-2010 1.19 $ ...
What you say about that Jeremy,
aviomaster 1 year ago
Jeremy Siegel probably son of super rich parents ...
aviomaster 1 year ago
Jeremy Siegel .... if he is right . Tha we will economic boom after the bailout ...
and standard of living in USA will skyrocket ...
WHo needs savings spend all you got ... That will bring everlasting happines ...
aviomaster 1 year ago
Do I smell "Peter was right Part 3"?
LetsGetItStartedNow 1 year ago 4
its time to stop using GDP to mesure growth and prosperity in an economy.
gpi maybe?
mumuchu99 1 year ago
How does this man be permitted to TEACH economics?
Maybe Kleptoplutocracy and stealing of Americas wealth via inflation so bankers can make billions in fake profits permitted through fake accounting.
JohnnyMac2237 1 year ago 3
Do you not understand the deleterious effects printing money has on the economy and people's savings? In turn what that does to the economy?
You speak to the superficial short term effects it has on the economy. But what about the fundemental problems it causes? What about it's long term effects?
Jeremy Siegel, I'm sorry, you look like a loveable guy. But if your understanding of economy and economic history is this flawed you should not be teaching. Especially not at the university level.
B00NAMAI 2 years ago 5
It is a simple formula. Save the video's of Schiff, bring them out later to embarrass the people that were laughing at him.
Joem734 2 years ago 6
she was mocking Peter
warrenmcurrier 2 years ago
she has to mock peter or she loses her job. just as the politician has to lie to keep his job.
chevycf15 2 years ago 4
just as the citizen commits to violent backlash to keep his sanity.
Rzaforshiza 2 years ago
the older gentleman should be enjoying retirement in a rocking chair on his porch, sipping whiskey and telling his grandkids about the good ol' days.
check his diaper first though.
milkmandan77 2 years ago 2
hmmm look at the old farts face his eyes looks like hes in a sort of hynotic daze...
hotterThanU101 2 years ago 3
This video should be called "Jeremy Siegel Was Wrong"
after1001 2 years ago 5
Jeremy, 10 mos later we now have had 70+ banks fail, and it ain't over yet. A real estate group estimates that foreclosures are going to continue CLIMBING through 09 AND '10, and based on the assumption that the economy recovers sometime in '10, the foreclosures will gradually trail off (historically, unemployment continues to rise even after the 'end' of the recession.) This means we have yet to pass the 50% mark on the total foreclosures due to the bubble and the current recession!
Jaycephus01 2 years ago 3
did they meet again?
ricochetVendetta 2 years ago 2
Nice interview. Jeremy is wrong as hell, but overall he is a better foil than many of the others that Peter has debated.
bearcat648 2 years ago 4
on what is he better...? He's even more annoying with his typical yiddish accent (I know both are, but Schiff is loyal to the US and a smart guy)
Ilovedachau 2 years ago
Jeremy is a lot more respectful than most of the people Peter debates, and allows Peter to make his points.
bearcat648 2 years ago 4
egg on peter's face?!
as if.
milkmandan77 2 years ago 7
shows you how much a wharton education will get you....lol Seigel loses all respect in my book. i guess thats why he is in academia verses the real world
timadams100 2 years ago 17
most americans could use a little 'academia".
tristramshandy3 1 year ago
LoL that dude is druged or drunk heavily, look at his...
DesTroYeRuS7 2 years ago
This has been flagged as spam show
more at : peter schiff channel . com
warrenbuffettreport 2 years ago
Crash and burn huh Siegel?
Olaus08 2 years ago 7
Faith-based economics. No thinking allowed.
littlebier8 2 years ago
good one. LOL.. no critical thinking allowed!
balbahut0g 2 years ago
Siegel is one of those big-gub'ment-loving, ivory-tower-living, Keynsian-loving, ivy league academics. Everything he knows he read in a book.
jryan1971 2 years ago 5
Peter Schiff is the one to listen to, he's had this same consistent message for at least 6 years.
Folks, this is no longer a Left/Right argument, the Republicrats have sold us out. We were so busy arguing the minutia and pretending there was a difference between the parties and they sold us out.
It's time for a Real Genuine Change! TEA Parties are a good place to organize and plan the next move.
ChornyiKot 2 years ago 6
Hahaha, this guy is the next Art Laffer!
DNATS 2 years ago
Okay, been six months now. What do you say, Dr. Jeremy Siegel??
fatfree1234 2 years ago 23
Yes smarty pants Siegel!!! Let's hear how much better it all is now!
dooglio 2 years ago 4
Wow remind me never to send my kids to the university that hired this bozo.
dreverends 2 years ago 2
I love how everyone ends off getting their a** ripped off by Peter Schiff by saying "just you wait in x time we'll see who is right". And... big surprise, rationality and objectivity wins out over empty optimism every time.
iamacyborg 2 years ago
I don't get it.....we are now a long ways from this interview and Peter's claims of insane hyperinflation are still unfounded. Yes the Dow has continued to worsen and probably will for some time more, but our economy is still fundamentally sound. SOMEONE PLEASE RESPOND THE FOLLOWING POINTS:
1) Peter contradicts himself by saying the US is a basket case economy ever since we went off the gold standard, but Japan and other countries are still sound....Does peter realize that no modern day economy
ddacn2 2 years ago
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still is backed by the gold standard? We went off the gold standard to provide liquidity to the markets...if we were still on the gold standard today our entire economy would have been completely free of credit and would have collapsed.
2) There still are no indication of hyperinflation that Peter has predicted (not minor inflation that will be expected after we get out of this mess, but inflation that Peter claims will render the dollar as useless as a Zimbabwe dollar)
ddacn2 2 years ago
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3) With TIPS, the US gov't cannot merely overinflate our currency in attempts to reduce debt because they would rapidly increase inflation, and further the amount owed out to investors.....it's just not a possible scenario.
4) Siegel is completely right about the Fed providing reserves to provide liquidity. Peter claims you must have legitimate savings only. He's wrong. Yes savings is one determinant of supply of loanable funds, but the primary factors are OMO from the FED, infusion of foreign
ddacn2 2 years ago
capital, etc.
5) Why hasn't Japan experienced rapid inflation a la Zimbabwe if it has the largest Debt to GDP ratio of any modern economy and why does this still make Japan a sound economy to PEter?
ddacn2 2 years ago
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6) Your children would be lucky to go to Wharton. It's the oldest collegiate business school in the world with the most published and cited faculty in the world, pumping out some of world's most famous and capable business leaders.
ddacn2 2 years ago
it's not about the gdp/debt ratio... it's about the money supply.. the more money you got the less it's worth... and by pumping 2.3 trillion it's not gonna help neither to regain the strength on the dollar neither to fix the gdp debt ratio... it will only inflate or even hyperinflate the currency.. japan didn't pump into economy, they produced goods... something the usa is not doing... if u want to know more sen me a message
MortalAndKnowingIt 2 years ago
So you're saying that you need the fed to produce all this phony money which is in effect wealth redistribution and that is better than savings and foreign investment? What do you think caused the dot-com and the housing bubbles anyway?
dooglio 2 years ago
I'm not going to take the time to respond to all of these. But 1) The primary reason why the US is in such a bad condition is because we don't produce - ie. we have a large trade deficit. Japan has a productive economy.
Fiat currency does not create credit out of thin air; it 'steals' credit from savers and gives it to debtors via inflation. A gold standard prevents this sort of immoral distortion in that; if I want
iamacyborg 2 years ago 5
to build a factory, I must borrow the capital to do so from people who have saved their money; and pay them interest on the amount I have borrowed.
2) It hasn't happened yet. It will happen when the billions the fed has created finds its way into consumer prices; and when the rest of the world stops buying treasury bonds and financing our debt.
iamacyborg 2 years ago 4
without the Federal Reserve. They are not creating money, they are simply providing liquidity at a time when it is sorely needed. Yes, this liquidity may be based on government debt, but what is wrong with that? It is essential in times like this. Once we get kick started again, that's when the liquidity is pulled back again - aka no hyperinflation. I do hope though that people learn from these times not to overextend themselves so much.
acjsfgiants 2 years ago
I can't believe what I'm seeing here. rrdrums with "the worldwide economy is destroyed... I'm a realist... Absolutely no Federal Reserve." and brewerscrew's silly statements. That is not inflation, it's called borrowing. Without borrowing, no one could have cars or houses without building them themselves. I just wonder what made you all so disillusioned. I couldn't agree more with ddacn2, he seems to be the only sensible person here. We would be at a point much worse than the great depression
acjsfgiants 2 years ago
Right on hungvan!! To ddacn2: The worldwide economy is destroyed.. It just doesn't know it yet , just like you. I'm a realist. I don't want you pissing on my leg and tell me it's raining. Since the dow and the dollar are doomed I simply choose not to prolong the inevitability. Let's start with barter now and choose a currency based on production/ No loans without collateral and business plans. No more high leveraged economy. Absolutely no Federal Reserve
rrdrums110 2 years ago
Well, we're almost 6 months from this debate. The Dow during this interview was at 9,300, the Dow now is below 7,500 and it will get to 2,500. That Jeremy Seigel come back for a debate again, sure he would cover his face with a bag.
hungvan 2 years ago
My economics education is none of your business but I wouldn't be surprised if yours wasn't from the s---t for brains Siegel Institute type. He's an absolute moron and so are you if you think that the crisis has gotten better from any move the fed or gov has pulled. All moves designed to destroy economy one year from now civil war potential.
rrdrums110 2 years ago
the crisis hasn't gotten better from any more the fed or gov't has pulled? The gov't bail out of Freddie/Fannie, AIG, BofA, Bear, and other banks that received TARP funds completely avoided the spread of hte systemic risk in the market. Do you understand what would've happened had the government not intervened. Why don't you look at the Dow and overall confidence after lehman failed? The worldwide economy would have been destroyed.
ddacn2 2 years ago
Can you imagine wasting money being taught by this Siegel idiot!!
rrdrums110 3 years ago
What don't you understand about Siegel's argument. He was completely on the mark. Schiff is screaming about potential massive inflation concerns back in November....it's now mid February and the CPI and other index stats are showing deflation. In regards to long run inflation, look to countries like Japan which has a 179% Debt - GDP ratio and very low inflation.
Jeremy's point is completely accurate. Zimbabwe is printing dollars, but the banks have no interest in holding them.
ddacn2 2 years ago
Actually the inflation rate anounced today was .8% analysts were expecting .2%, so there was 800% (?) more inflation than expected. But CPI and PPI are all terms used to by fiat money supporters to try to confuse people, just as the unemployment numbers have changed over the years as well. The truth is we are seeing the end of brenton woods 2, and just like a sinking ship everyone that knows it's sinking are grabbing the valuables and getting to the lifeboats.
brewerscrew 2 years ago
I was referring to 4q numbers for one thing and b) do you realize how insiginificant .8% inflation is? Schiff was calling for hyperinflation that would render the dollar as useless as a Zimbabwe dollar.
ddacn2 2 years ago
Again the inflation numbers given by the federal reserve are bogus. The money system is based on debt, so when we mortgage a home, the bank takes the entire debt and conjures money out of thin air as if that debt were actual money and can lend out 90% of that mortgage to someone else. That is inflation, even if they want to call it derivitives or leveraged or what ever, it's new money in the system that wasn't there before they performed thier alchemy.
brewerscrew 2 years ago 5
The Fed is pumping dollars into the system to loosen credit markets but the banks want to hold the dollars and have not yet loosened their grip. The fed needed to inject money into our economy to prod the banks to lend. otherwise the crisis would have been much worse.
How does no one see that Schiff is completely crazy? Have you ever taken a fundamental economics course? Siegel studied econ undergrad at Columbia and received a PhD at MIT - he knows his stuff.
ddacn2 2 years ago
Or, instead of stealing money from our posterity, who don't have any representation, we can let the companies and individuals who made poor descisions fail. Yes it will hurt for awhile, but these bailouts haven't worked anyway, so we are still hurting and we are strapping future generations with a debt of servitude. We should also take responsibility for our monetary system and remove the federal reserve's monopolistic power to commit fraud by counterfeiting.
brewerscrew 2 years ago
Peter Schiff made this guy look like an assclown!
velocegatto 3 years ago
Never was the term "Bull" more appropriate than for this obnoxious windbag.
40ny 3 years ago 2
Peter Schiff owned the old codger.
midianholic 3 years ago
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Schiff sounds sweet on the ears. This is an operation gladio like ploy to leave one of their corrupt inside our ranks to further the _ew world order agenda set by Mayer Amschel Rothschild in 1776. Schiff's great grand daddy Jacob, was raised in a Rothschild estate, later sent to America as another front for the Rothschild's with his Kuhn, Loeb bank and their Jekyll Island 1913 FED set up. Capitalist Jacob Schiff financed bolshevik (aka communist) V.Lenin (Jew) whom killed 30+ million Christians.
gaycure 3 years ago
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Peter is the man. If you want the latest Peter Schiff videos, articles, and his podcast, check out Peter-Schiff . com. It's all on one page.
ggadguy 3 years ago
I don't get it. Why did they bring the custodian from the university to discuss the economy?
falcon2154 3 years ago 5
i WOULDNT WIPE MY ARSE WITH A DOLLAR, ITS WORTHLESS PIECE OF PAPER, THE ZIMBABWE MUGABSTER WILL BE WORTH MORE THAN IT IN 2 YEARS. THOSE WHO AGREE TYPE ABOVE GEORGE BUSH BAGHDAD SLIPPER DODGER LOL
chrisdorman 3 years ago 3
Why will no one listen it is silly that we continue to dig ourselves deeper. wouldn't it be better for the country if people could use "real" money to buy things as opposed to constantly using credit, lowering the value of the Dollar it's self.
bodidarma505 3 years ago 5
Schiff is King.
utuba69 3 years ago 2
I second that.
bodidarma505 3 years ago
8600 points on the Dow, 2 months later. The question is, will our dollar collapse
jehnubis 3 years ago
this Jeremy university professor is a bastard - shaking his head all the way refusing to even listen to peter
fuckass!!
imaginator 3 years ago
these bitches need to be sitting behind the whole in the wall- with Peter Schiff standing on the other side
echopper1 3 years ago 2
crash proof ftw
ddubrul 3 years ago
Susan Lisovicz needs a good hard hour long fucking!
bigart1993 3 years ago 4
How to make some one look stupid?
Make him debate Peter and play it year later.
mindmasta2221 3 years ago 7
Love that comment
shouldlistentoronpau 3 years ago
ROFL!!!!!
doanmess1 3 years ago
that bald guy is a professor?! from what i recall in college, the shit coming out of his mouth is the stuff they teach in school. peter is my hero.
mreisma 3 years ago
Could have done without the first 2 1/2 minutes.
gregarious24 3 years ago
Is this broad retarded. does she really think that the market is actually reacting instantly to what these guys are saying
Mansel5 3 years ago
Yeah, that amazed me too. This is another reminder of how dumb these tv anchors are.
TheRedPriestofVenice 3 years ago
"gold standard relic of the old times."
"Printed money so we can provide liquidity."
How is this guy a professor? Printed money has no intrinsic value. If what the professor is true why can't I use Monopoly money to pay for goods and services. Tell you what. Lemme write IOU on a sheet a paper and you give me your car for it.
DeadpoolX 3 years ago 4
I've got an idea! Lets turn on the printing press and give everyone a billion dollars. Then we will all be billionares and no one will ever have to go to work ever again. How do people with such a child-like veiw of economics get to be professors?
bobofpgh 3 years ago 8
Susan what's her face is a milf.
pretorious700 3 years ago
That guy is a Upenn professor? He talked like an idiot!
If all the US top universities are hold by stupid guys like this one, we shouldn't send our children to colleges. These schools charge over $30000 tuition a year, but what can they offer?
emeihongshen 3 years ago 4
It's not that he's stupid, just blinded by the kool-aid that makes him sound like it.
Shadyhunter04 3 years ago
We're at 7500 today. Schiff pwns another useless retard.
roddiero 3 years ago 3
I'm not an expert but I've watched youtube videos of Peter Schiff over the last 6 years. This guy is laughed at on every video and has been right on everything. Watch the video "Peter Schiff was right". When this guy now says we are heading for hyper inflation and huge unemployment I believe it. The question he always gets is what do we do to get out of this and he always comes back with nothing because we have to go though this in order to every recover.
davmdavm111 3 years ago 8
i didnt know barney frank had an aborted brother
h0tpoop 3 years ago 3
ha ha that was fucking awsome.. gave me a good laugh in all this fucking bleakness, and as a resident of mass I know what an ass hat barney frank is!
colbrot 3 years ago
This Jeremy Siegel guy is going to look as stupid as Art Laffer did after going one on one with Peter Schiff. Schiff predicted all this stuff in '06 and Art Laffer.......well......laffed at Schiff and his predictions. In 5 months Siegel is going to eat some serious crow. Come to think of it with everyone on the poor house thats probably all that will be avilable to eat.
hendy4584 3 years ago
This professor has an IQ not much above a normal factory worker.Wharton must not be as good as I thought.
detriotdave72 3 years ago
This guy has the IQ of a hubcap.
hendy4584 3 years ago
like the old guy said, "let's wait in six months. 1 month down, the Dow fell 1,000 points! It's now at 8203! 5 more months to go.
EdMan2012 3 years ago
Either we have a phoney economy, or we have a phoney professor at Wharton.
morosi15 3 years ago 4
Its pathetic we have morons like this teaching Economics. Liquidity is a another word for printing money in injecting it into the system. Inflation. This is why the dollar is worth shit.
renegadetrainer 3 years ago
jeremy is a total idiot. and schiff is not doom and gloom and i resent this being said.
scobra2007 3 years ago
Siegel = Jew... in the boat with Ben Shalom Bernanke and the rest of the jews that control the printing presses
gkeohan 3 years ago 3
this idiot keeps shaking his head at everything Peter Schhiff says... moron!
imaginator 3 years ago
Jeremy: ten days later following this debate, the Dow has lost another 900 points. I don't even want to imagine where it's going to be at in 6 months from now when you have your "revenge debate with Peter Schiff "...That's if you dare to stil have one.
pascalcs 3 years ago
umm ok
i luf u 4F
casualfriends 3 years ago
FDIC insured will save us all, huh Siegel you FKN tool.
Reminds me of 'TOMMY BOY'!
But why do they put a guarantee on the box?
Tommy: Because they know all they sold ya was a guaranteed piece of shit. That's all it is, isn't it? Hey, if you want me to take a dump in a box and mark it guaranteed, I will. I got spare time. But for now, for your customer's sake, for your daughter's sake, ya might wanna think about buying a quality product from me.
A19Z89 3 years ago
It is up to China.
If China suddenly balks one day at taking US debt, Schiff's on target.
But if China decides to ride the dollar down the hill for the next 5-10 years Siegel's outlook will be the better forecast.
rphaigh 3 years ago
Peter schiff is right. Why would china, which is planning on dumping the dollar, want to keep lending money knowing that the debt is not going to be paid back by the US?
gutrp 3 years ago 3
Because their economy is very dependent on exports to the US. If they do anything highly disruptive to the US economy, the blowback on their economy could lead to internal political unrest. They have a selfish incentive not to do anything too drastic in this regard. Wise or not, death by a thousand cuts is the likely choice over over hari-kari. It's the free market at work, they won't want to poison their best customer.
rphaigh 3 years ago
Your basically right but it's not the free markets at work. The chineese people don't choose to send their production to the US in exchange for worthless paper when they could consume it themselves.
richrdroma 3 years ago
It's the free choice of the owners/managers of the factory to trade their production for Federal Reserve Notes and then pay their workers, probably in China's currency. You can rest assured the factory owners would not trade their production output for worthless paper whether they are fascist slavemasters or gentle capitalists or anything in between. And the factory workers would not be showing up at the factory to produce if they had something better to do with their time.
rphaigh 3 years ago
It WAS the free choice, back when the dollar was worth something. Now, the dollar isnt worth half what it used to be, and it is only a matter of time till those Chinese Factory owners decide that our paper money is really just that: worthless paper.
toshzpelta 3 years ago
"it is only a matter of time "
Possible, but doubtful. China has just decided to do their own bailout of 4 TRILLION yuan, 20% of their GDP.
Those factory owners may like our 'worthless paper' more than their own 'worthless paper.'
rphaigh 3 years ago
hey, dont take my word for it, take the word of the guy who called the current situation to a T: Peter Schiff.
toshzpelta 3 years ago
as I said in my first post
"if China decides to ride the dollar down the hill for the next 5-10 years Siegel's outlook will be the better forecast. "
The fun is in the noodling this out, not taking anyone's word. Perpetual doom and gloomers do occasionally make a good forecast.
rphaigh 3 years ago
Yes, but that is "IF" China decides to...
Also, this economic situation, is called the 'dirty little secret in Washington that everybody knows about.' Listen to Peter Schiff and Ali Velshi, i believe on Glenn Beck, ive never seen an optimist like Ali agree more with a pessimist like Peter.
we have recklessly borrowed and spent all of our wealth and money and now we must pay for it.
toshzpelta 3 years ago
Yea but Uncle Obama is going to heal the sick, raise the dead, and make everyone a zillionaire.
rphaigh 3 years ago
haha i hinted a strong note of intense sarcasm.
Dem or GOP, its really just all the same... might as well have elected Tookie Williams or a member of the BLOODS...
toshzpelta 3 years ago
Yet another fool that peter has to fight.
itubeutude 3 years ago 2
A dollar is useless unless you spend it.
Why do you think it is called "tender?"
Siegel says "people want to hold them?"
Maybe so, but they will have to be spent at some point.
And this guy is a professor at U of PN?
billy2bob 3 years ago
Mr. Jeremy Siegel is wrong on many counts, e.g., we are headed for the worse economy in decades. Printing trillions of dollars dilutes savings, does not increase them. You cannot replace savings with debt.
catsarereallycool 3 years ago
The only thing I disagree with Schiff on is the fact that these guys are dumb & they are making mistakes. If you read Von Mises Planned Chaos you see that nothing is left to chance!
jen472 3 years ago
do you really think these guys are doing this on purpose? The more I watch Paulson and Bernanke talk, the more I realize they are in WAY over their heads. They have no clue what's happening. Your thoughts?
PimpMogul 3 years ago
you can't smoke Gold,invest in cashless society pay your global carbon tax automatically bank withdraw from your international debit card or implant micro chip,invest in Prozac,9/15/08 was inside job
louis12346 3 years ago
They have us right where they want us watch: ?v=iK_yHv6uzDA
jen472 3 years ago
Schiff rules. He was the one that was certain all this time against all those bulls. This old guy is just another one.
crashhpt 3 years ago
Trust your government; have they ever lied to you before? Turn your extra money into hard goods; you won't be sorry. The disasters are just starting. Think people. Who else will CYA? You will be convinced by the end of 2009, but that may be too late.
rollsthepaul 3 years ago
Has anyone even connected the dots yet ? Does anyone recognize the Schiff name ? Google it and you'll be shocked.
bulldogger 3 years ago
old man jeremy, better go dig ur fucking grave asshole!
Paseooo98765 3 years ago
lol.. that guy is a tool if he thinks he can go against schiff in 6 months.. We already have videos of Schiff betting a penny years ago predicting this all would happen.
Schiff for the win! again!
Desnoxvu 3 years ago
Is everyone stupid the crash is from Companies going over sea and replacing good paying jobs for crappy one.People are so stupid.The housing market was a small part of the truth.IDIOTS
matt1987401 3 years ago
Sorry no more chewing packs, maybe if you hurry, you can get back 1 penny in a transaction.
snoopyflick 3 years ago
Peter Schiff! Campaign for Liberty dotcom!
roseagain2 3 years ago
The Illuminati OWN 99% of the worlds gold,GOLD is only an asset in a free market,the IMF will dump there gold to control the price.
deepmindquest1 3 years ago
"The Illuminati OWN 99% of the worlds gold,GOLD is only an asset in a free market,the IMF will dump there gold to control the price." I hope so, then I can buy more if it :o)
Capnwabbit 3 years ago
Why is Peter forced to debate retards?
Nickelodeon2002 3 years ago 8
The Dollar is gonna collapse.
The Dollar is gonna be replaced by Amero.
The government is gonna collaps.
The Government is gonna be replaced by NAU.
American citizens please get as much gold and silver as you can!
Clobalize 3 years ago
this guy needs to eat his hat in 6 months
escobari 3 years ago 3
Jeremy Siegel's and other so called economic experts are going through Kübler-Ross grief cycle.
1st stage: Shock
2nd stage: Denial (Current stage)
In six months they will have passed through the
3)Anger stage 4)Bargaining stage and then reach the 5)Depression stage.
and if they had any intellectual integrity,they would just skip to the Acceptance stage.
TiaSaysSo 3 years ago 10
TiaSaysSo
I think you have hit the nail on the head, I'm sure that Mr Seigel will not be available for interview in six months time, do any of these "Experts" that try to call Peter out ever come back?
My favorite is that Art Laffer guy back in 2006, did he ever pay up I wonder?
watch?v=LfascZSTU4o
swiftysmithuk 3 years ago 2
Taking Peter's example of Zimbabwe's dollar,here is something interesting.
According to CIA fact book,here is the US dollar exchange (watch this inflation- scary)
Zimbabwean dollars per US dollar - 30,000 (2007), 162.07 (2006), 77.965 (2005), 5.729 (2004), 0.824 (2003).
However,ZSE(Zimbabwe stock exchange) grew by a record 322111 %,the best forming stock market in 2007.
Peter correctly pointed out the most spectacular rallies come from bear markets.
The 900 point DOW rally is an illusion.
TiaSaysSo 3 years ago 3
Once again, how many more times does Peter have to be right before these clowns listen?!?! This guy gives Peter no credit for calling this current housing/credit crisis years ago.
Boxmonkey69 3 years ago 4
Who says its a mistake.I think this is planned.
xsleef 3 years ago
"That why we have the Fed.." bollox. We have it because after President Jackson rooted out the Bank of America the same forces slimed their way back in again, leading the president who allowed it to happen to express extreme regret and state the nation had been taken over. Things are much worse this time, no savings, more of the GDP is just government, ie unproductive, plus before the world needed US markets - today not so much, Chine for example could sell to Asia and Europe. The dollar's dying
Capnwabbit 3 years ago 2
This bloke knows that Peter's right, look at his face. He's got his part to play and he's sold his soul. Apart from that it's not possible for a thinking person to have his views, they're beyond idiotic.
mymegabiz 3 years ago 4
A lot of these so-called experts are missing a very simple, fundamental truth about markets: volatility of this magnitude is bad and indicative of worse things to come. Please point to an era of sound economics where you have massive gains and losses, in the hundreds, every day for weeks. Several of the biggest gains in history, in percentage terms, were during the Great Depression!
WelfareRobot 3 years ago 6
who the hell said schiff is a jew? if he is a jew, then hes a good jew!
stealthpakfa 3 years ago 5
Peter Schiff is in no way related to the Jacob Schiff who was behind the Federal Reserve Act.
crealm3 3 years ago 2
Schiff is a rather common name and it is impossible for Jacob to be Peter's grandfather. According to wikipedia, Irwin, Peter's father, was born in 1928, while Jacob died in 1920.
ttj1776 3 years ago 2
Schiff is from the family behind the Federal Reserve act? How do you explain Irwin Schiff?
crealm3 3 years ago
Don't you want to believe the professor though? Don't you want to believe that everything is going to be ok? Don't you want to keep the hope alive?
kermitcintronsucks 3 years ago
Yes I do, I hope the professor is right. But HOPE does not keep everything I have worked for from evaporating. Knowledge and action does.
Besides if Peter is wrong you will have gold it will NEVER have no value.
But I doubt he is wrong, borrowing from the Fed is getting it from a printing press so google...
"Banks borrow record $437.5 billion per day from Fed"
Got Gold?
davincij15 3 years ago
No Gold but I have silver. ;)
TrueConservative123 3 years ago
Even better. Silver has a bigger upside potential and get priced higher than gold.
Silver Fun Fact:
For most of our human history 1/10 of an ounce of silver was one days wadge. As far back as 100 years ago that was true.
davincij15 3 years ago
There is also the possibility that the government could confiscate gold and force people to sell it to the government for dollars, just like they did under FDR. The government might also engage in price fixing on gold. They could do it with silver, too, but gold is more likely. I still prefer gold, but I encourage people to buy either one and hold it for the long run, meaning maybe twenty years or more, as insurance against hyperinflation moreso than as an investment, per se.
peterscottfrost 3 years ago
Take a look at golds performance in the last 10 years. This will continue until a 1980 event where gold was WAY over priced or become money again. Silver, well that is a whole other ball game it has the potential to be the next bubble asset.
Why?
It happens to be more rare than gold in comparison to above ground supply.
davincij15 3 years ago
Egg on his face? He's been right about everything so far. He saw this crisis coming a mile away. Why wouldn't you trus him now? They apparently don't understand hyperinflation.
sniper6081 3 years ago 9
He even wrote a book 'bull moves in bear markets'
I mean: come on!
fatjohn1408 3 years ago
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That kike on the right knows he's wrong. He's just trying to sell his bullshit economics so he can make a quick buck or two. Never trust a jew.
BestFuckingChannel 3 years ago
This comment has received too many negative votes show
NEVAR TRUST A JEW
khattamshud 3 years ago
That prof is a moron. What a waste of education, degrees can't replace common sense and logic.
renegadetrainer 3 years ago 6
This is great, you had the same bullshit during the real estate bubble and they doubted him then.
Shadyhunter04 3 years ago 3
The old guy is a nut job. You think you get wealthier by printing more money? You need backing and if the jobs are exported there is no backing. He is an idiot.
gold95 3 years ago 10
Peter Schiff is the man. His book outlines everything that has happened. Schiff knew this was coming. The gold standard is 100% THE WAY TO GO. Read professor Fekete and see how removing us from the gold standard in 1971 destroyed labor, industry and the dollar. The dollar is dead, the US economy WILL COLLAPSE! Buy gold, escape dollars. RUN FOR YOUR LIFE! AMEN PETER SCHIFF.
DennyDucet 3 years ago 7
Get that old man the hell outta here. Everyone with two cents knows the dollar will do way down in value as a result of this Fed BS.
YEEFREAKINHAA 3 years ago 6
How is anyone still arguing with Schiff? He's been right every time so far.
rockhuddy 3 years ago 14
Exactly! Well we just have to take advantage of it;)
Dollarisworthzero 3 years ago 5
Man, they better get these two guys back on the show...and not just in six months, but every six months from now. Just so Peter can keep coming back to say "I told you so."
sonofaglitch2 3 years ago 16
Peter can say "I told you so" every time he comes on TV now.
davincij15 3 years ago 3
Good point!
sonofaglitch2 3 years ago 2