Are banks to blame for the global economic downturn

[imtonasty]

laughing at your own joke when noone else does is such a douchy move by that host

[charronfamilyconnect]

we need to get big banks out of the way. we need government of the people, by the people and for the people so they can wipe too big to fails out of the way.

[ItsAllAboutGuitar]

You're very ignorant to argue that the US has a capitalist health care system.  Medicare, Medicaid, prescription drug program, FDA, and HMO's. Furthermore we don't allow competing currencies.

[Tomta20012]

These people are clueless next to schiff

[TWSceptic]

@Tomta20012 At least they are more friendly and open minded than the scumbags at CNBC, CNN, etc

[chadberry75]

well..2012 is gonna suck..

[Fusionwavex]

@pjamesbda I agree with Schiff and Dr. Ron Paul, capitlism is not the problem, its the corrupt corporate politicians sucking the cocks of banks and lobbyists, they create bureaucratic bullshit laws that impede on all small businesses, and so job creation. Return to the constitution and sound money is the main concern... Get your government under control, blaming Schiff is just a waste of your time, your a small business owner, you should know.

[pjamesbda]

@Fusionwavex - You probably do (agree with your oppressors) this is customary of the young, the poor and the feeble minded. Yes, I WAS a small business owner, and I agree there is too much regulation in the wrong place, but it is perpetuated by a litigating group of financiers like Pete. And their cronies are politicians like Newt and their blind followers ignorant kids like you. Sound money? You're telling me whats a "waste of time", you little prick. From NZ no less!

[MetalHeadViking]

Peter Schiff continues to educate the masses. 

[MatthewBMany]

@a32223 I can't agree with the murder of innocents for their parents or partners crimes. I feel they should be tried for their crimes and if found guilty then the appropriate sentence should be carried out and their personal property should be confiscated under the RICO statutes they love so well.

[blythebaby777]

Where is the Hyper-Inflation, Pete?

[TWSceptic]

@blythebaby777 Don't beg for misery, you might get it.

[MatthewBMany]

I don't think we should fire the people at the fed... I think we should arrest them and try them for treason...

[MatthewBMany]

I give him credit for saying we need to let the banks fail.

[mclaren855]

"Are banks to blame for the global economic downturn " If someone still has this question in mind, he can blame himself for what he will go through when it gets worse next year.

[bumfeckohio]

While he may be right about job creation through capitalism, he's wrong about health care. Privatized health care is where greed becomes downright evil, and we see it every day in America, as health care providers find new ways of cutting care to the sick and the dying. If he was right about capitalism, we would see affordable health care already--it's probably the single biggest want and need of the middle and lower classes. Instead many Americans never see a doctor at all until they die. Hmm.

[TWSceptic]

@bumfeckohio The government doesn't allow the free market to organize better health care. It should be obvious to anyone that when you allow competition, in the end the product will be better for the consumer. We see that in all products and services. Give me one reason why we would not see it in health care.

[BigBoss1991]

The girl was hot as fuck tho...

[pjamesbda]

Schiff is an absolute ass! Someone tell him to shut up and sit down.

[chadberry75]

@pjamesbda and shoot obama..dead.

[pjamesbda]

Schiff predicted the fall because he helped cause it. He is riding the de-leveraging cycle like all investors, because he doesn't create ANYTHING. He just rides the efforts of people who produce wealth. Problem is, the toxic equity they thought they "held" is now being bull dozed down because they have so completely trashed the functioning of the system with their usury practices. The work force is used up, tired and completely frustrated with dicks like this. And he blames it on government!

[Fusionwavex]

@pjamesbda how can you not understand anything this man just said. How is it not the Government's fault? Riding the leveraging cycle?? Who created that cycle?? It wasn't capitalism. The government allows the fed to print all the money in the world, no regulations stop them, the government spends trillions of dollars of tax payers hard earned cash on bombing Iraqis... So this is all on Peter Schiff, one of the few that has been warning dumb yanks for over ten years... Schiff provides jobs, you??

[pjamesbda]

@Fusionwavex - Before you completely show your ass, think...this will be a stretch for you but the distinction between big business and government is nearly gone. Has been for some time. The gov. spends trillions, yes, on propping up too big to fail financiers like the banks, and those hiding under their skirts like Schiff. Yes, and they do line the pockets of the war mongers, why? PROFIT. Peter is a corp. shill and kills jobs, like the 25 jobs in my small company. How about you bucko?

[zebb1111]

canada is the only country thats not worried about going titas up. we have lots of social programs here. all they did was make us more competitive and educated. american style capitalism is repleat with cronyism.

[Tenatiouz]

@zebb1111 You've got to be kidding. Canada didn't get hit as hard because it isn't as tied up in financials as other Countries. It's still a fiat country and it's welfare system will not stand up against reality. Canada will fall with the rest of the fiat nations, if the central bankers go belly up.

[zebb1111]

@Tenatiouz when Gold was currency, it was fiat also because it had a set price per oz. no matter how scarc e it was.

read your history. back when you were on the gold standard, nobody could buy a house or farm unless they had lots of Gold. you were better off panning then having a job. yaaa, lets go back to that. lol

fiat currency is ok. what we dont need is a private institution printing it. congress would be just fine.

[AngriestAmerican]

@zebb1111 The difference is, that Gold, over time, bought more. Real money, gets stronger over time. For instance, if you lived in 1960 and had saved $100 of silver coins, dimes and quarters and half dollars, and also saved 100-$1 dollar bills. You will see that the 100-1$ is only worth $100. But the $100 in silver coins, is worth $2700. So if were still on the gold standard, the $100 in the bank, over time would now buy $2700 if stuff, and this, is why Americans became rich!!!

[Tenatiouz]

@zebb1111 That's not true. It's price was set against the market. You didn't need a whole lot to buy anything at all. In fact we set it's price against the silver dollar, our golden eagle. You didn't need a lot of money to buy any land back then, we had homesteading. So I don't see how you get your figures. We might have had to pan a little gold, but at least we didn't have to wait for handouts. A man could make his own way back then, now we have indentured servitude with paper money.

[zebb1111]

@Tenatiouz then explain to me why farmers and workers were pushing the gov. to issue silver coins? must have been all that available gold that drove them from their farms to the cities hunh?



[Tenatiouz]

@zebb1111 Because in those days silver WAS the dollar. It was the silver dollar and the gold eagles. Those were the currencies in demand during those times. Gold is not exclusive when it comes to a sound currency. Silver is the alternative and the competing currency, but they both out perform fiat and paper currencies. 2000 years they have never failed.

[Tenatiouz]

@zebb1111 Never in the history of mankind has a fiat currency system ever been successful long term. The English used wood sticks, and that system lasted almost 500 years. Gold and silver have been successful for over 2000 years. Fiat paper currencies always failed and have never in history been successful. The only thing keeping the fiat system alive today is that it's all backed by the US dollar and the us dollar is backed by Oil.

[Tenatiouz]

@zebb1111 The US Dollar is the international reserve and by international law all oil must be purchased in US Dollars, therefor making it somewhat backed by oil. This is why America is constantly at war with foreign nations, because those "Rogue" nations threaten to purchase oil in other currencies other than the US Dollar. Those actions could devastate the international economic system.

[zebb1111]

@Tenatiouz liberal economics is what makes your i-pod possible. there was very little progress and technological advancement when Gold was the currency. i dont agree with the yankee dollars hegemony but it doesnt mean that liberal economics doesnt work. it worked just fine until kissinger created the petrodollar wich made the usa the top dog in the world political spere. but canaa doesnt need to buy its resources from anyone. they come to us. gold or paper, our banks are strong.

[Tenatiouz]

@zebb1111 You are ridiculously wrong, so much so it's sickening. We had the MOST technological advancements during and up until the lose of the gold standard. You need to go back and re-read your history some. The greatest of all technological advances have to be electronics and aircrafts. Not to mention wireless technology and satellites. I mean you must get your facts out of some imaginary book.

[CaptainZuluGamma]

@Tenatiouz Yah I noticed too that at some point we lost our innovation boom during the 20th century loss of freedoms and free markets Real free markets we lost our main niche art and tech now we are dying shell of what we are capable of !

[Tenatiouz]

@CaptainZuluGamma Yes exactly. We haven't had a single major invention since the loss of our free market. My opinion on that is simply due to the fact that people have less time to direct towards inventions and just overall think tanking. One person used to be able to provide for an entire family. Now we are lucky if two or three people can provide for that family.

[CaptainZuluGamma]

@Tenatiouz Last year I was researching Greek 508 BCE "Demokratia" The Athens people and all Greeks were midget sheep cloth people no real technology until Democracy then a boom of tech came after this system lasted off on for 160 years but during that period ,steam, roads, theater, x-bow, vending(archemedias-stone lever) machine, brass calculator, under this system farmers defeated an empire twice that of USA today Battle of Thermopolea 1st persian invasion

[CaptainZuluGamma]

@Tenatiouz I can send you word doc where I sum it up in a conversation about that brass calculator from 208 BCE for grain counting and zodiac information storage that was talked about in that series on discovery about ancient aliens most it is wide speculation but some stuff is weird as if we had very advanced civilizations many times only we start over every now and then for some reason weather mostly I assume but we will likely never know aliens or otherwise

[CaptainZuluGamma]

@Tenatiouz Pistratus a king of greece implented a free market system well very similiar anyway aristocrates were forced to lend at 0% interest to workers whom then used money to buy more land and tools (seeds) therfore more trade which made everyone rich even poor people became rich like an inverse pyramid small group of poor meeting large group rich at the top tariff taxes were lowered too 5$ on five trades (25$ tax) down to 1$ on 100 trades (100$ tax) serfes happy as taxes were lwr

[Tenatiouz]

@zebb1111 Talking about I-Pod. Apple is THE POSTER company for Capitalism. They are completely opposite of what keynesian economics stand for. They have enough gold reserves to start their own bank. Even your Fiat Paper Central Banks all keep and maintain gold reserves. They themselves know that when their system fails they can always depend on their trusty gold reserves. If people truly through anything else besides gold or silver was real money, they wouldnt have reserves.

[Tenatiouz]

@zebb1111 China is a great example of an entity hoarding gold to leverage themselves against the fiat financial crisis. Every central bank on the planet holds gold reserves because they know a paper economic system is about as functional as a gun with no bullets.

[Tenatiouz]

@zebb1111 Canadian Banks are about as strong as a straw house during a hurricane. It might stand up while the eye of the storm is outside it's parameters. Once that storm comes overhead though, it'll blow over like everything else that isn't built with a solid foundation. I don't know what books or sources of information you are getting your education from. But it sure isn't where the rest of us get our information from that's for sure. You live in a fantasy world.

[Tenatiouz]

@zebb1111 You're completely backwards when it comes to advancements technologically speaking. We haven't had a single major advancement since we left the gold standard. We've only had updates to already invented ideas. Solid and Free economic systems allow for people to work less and afford them more time to dedicate to their ideas and goals. When paper systems are introduced, people are forced into never ending labor. Therefore have less time to dedicate to advancements.

[zebb1111]

@Tenatiouz what? are you 14 or what?

[Tenatiouz]

@zebb1111 No I'm an adult. I can see from your lack of rebuttal and understanding I am wasting my time with you though. Fiat Systems are in a crisis right now, because that system doesn't work and never has or never will. That's all the proof I need for any argument against a fiat currency system. End of Conversation.

[CaptainZuluGamma]

@Tenatiouz Innovation and art are only two industries in the end of automation

So I agree new incentive system is needed

[Tenatiouz]

@CaptainZuluGamma I don't understand what you mean. Typically in a free market, prosperity is the incentive. Prosperity is achieved by means of mutual profit, which is achieved through means of services/trade/business/etc.

[CaptainZuluGamma]

@Tenatiouz Yes thats right for long term macro thinkers quality of life around me is my incentive but not everyones

We all have two main incentive systems extrinsic and intrinsic

The one we use is for monkeys with a tail we live in a time of robots

We must stop worshiping oil energy created yesterday

We must worship the machines that free us labour create the energy we use today TODAY --that way our civilization does not run out with the finite resource its based on

[Tenatiouz]

@CaptainZuluGamma Well we actually already have plenty of alternative renewable resources. The reason for us not using it is the fact that our entire economy is based on what is dubbed the "Petro Dollar". Our entire international economic system is literally based off the backings of the purchasing of oil. This is a faulty system completely and entirely. Because it is not "Backed" by oil, it is backed by the "Purchasing" of oil.

[Tenatiouz]

@CaptainZuluGamma See if we would actually just back our dollar by oil, not saying that I advocate this system, just using it as an example. We would actually have more incentive to create and use another resource for energy. One that isn't used as our currency and one that isn't finite that wouldn't compete against our currency base. Instead our leaders do something like back our dollar by the "purchasing" of oil, so we instead use and trade more and more of it.

[Tenatiouz]

@CaptainZuluGamma Now there are many flaws in backing a currency with a finite resource, this is why I do not advocate such a thing. I was merely using it as an example to show the idiocy of our leaders in how they do things. A more intelligent backing of course would be something like gold or silver that can be collected and re-smelted and redistributed by a free market. As well as having a tremendously long life span. Or something along these lines of course.

[Tenatiouz]

@CaptainZuluGamma Long story short we just need to repeal all these restrictive laws. People should be free to trade and do business as long as it does not impede on the freedom of others to do the same. This creates a system of competition and always the best solution in a competition environment rises to the top. Of course everyone has mutual benefits and profits from a free market competition environment as well. Technology also flourishes and progresses further.

[CaptainZuluGamma]

@Tenatiouz But if you think we live in free market now here in North America your funny Bailouts in 2008 changed our system into regualted socialist market place very scary times indeed.

Daniel Pink lays out what science teaches us is way forward ....

Machines do goods production and services NO HUMAN LABOUR

Humans do Art / Innovation the rest of the day lesuire we are all very very rich in stuff but real problems require real problem solvers this is only way faroward....

[CaptainZuluGamma]

@Tenatiouz But if you think we live in free market now here in North America your funny Bailouts in 2008 changed our system into regualted socialist market place very scary times indeed.

Daniel Pink lays out what science teaches us is way forward ....

Machines do goods production and services NO HUMAN LABOUR

Humans do Art / Innovation the rest of the day lesuire we are all very very rich in stuff but real problems require real problem solvers this is only way faroward....

[Tenatiouz]

@CaptainZuluGamma No quite the contrary. I don't think we've had a free market for almost 100 years. We've had bits and pieces of a free market for some, and a rigged game for the vast majority. This is why we're experiencing such turbulent times now. I don't believe that robots should do all human labor for us, but I certainly believe it should replace whatever tedious tasks in which they are capable of doing to free our time to progress further.

[Tenatiouz]

@CaptainZuluGamma The problem with not being able to allow technology to do our tedious tasks for us, is the fact that we cannot afford to let it at the moment. Once we rid ourselves of this rigged economic system of paper money and regulations and laws that favor one party over another. We will be able to afford ourselves from the necessity of having to do what mechanization should be doing for us.

[CaptainZuluGamma]

@Tenatiouz " Prosperity through mutual profit " Sounds like you are on the right track anyway I always say

" Compunded social dividend is how an economy will work, Social exploitation is how it will fall apart ! "

[Tenatiouz]

@CaptainZuluGamma Oh for sure. I absolutely agree with this. Anytime we have a system that profits one party or parties over another. That system is soon to fall and fail. You can't bleed a person forever, sooner or later you will cease to be able to profit or exploit that person for they will no longer be able to feed that imbalance.

[CaptainZuluGamma]

@Tenatiouz Check out google platform new incentive system

TED.com

Daniel Pink: surprising science of motivation

RSA animate

Motivation

[Tenatiouz]

@zebb1111 Once you educate yourself on Realistic Economics, then you will soon understand the very premise of almost all the actions taken by every nation in the world. The Dollar is the global currency because Oil must be purchased by law with the US Dollar. Anything that threatens that establishment will be met with lethal actions. Every currency in the world depends on the US Dollar including the Canadian Dollar.

[zebb1111]

@Tenatiouz youtube economics.

[Tenatiouz]

@zebb1111 Welfare systems have never been prosperous in any example in history.

[Tenatiouz]

@zebb1111 You forget that Social Programs are paid for by Businessmen and women. Once those people go belly up, in any nation. Your social programs and in fact your entire economic system will go belly up.

[Tenatiouz]

@zebb1111 Government doesn't pay for Social Programs out of their own pockets. They take money from those whom are profitable and productive. So once those people can no longer pay money to the Government. Then the government will no longer be able to provide Social Welfare Programs.

[PrometheusMovement]

@zebb1111 canadas fiat currency is based on the us dollar. most of canadas exports AND imports are with the USA. i dont remember the exact figures, but close to a 70% partnership with the USA. Canada can only devalue along with the US dollar. Canada is a net importer just as the USA. if the USA collapses, Canada will collapse at the same exact time. believe that. all fiat currencies are simply backed by other fiat currencies, primarily their major trade partners. who makes our stuff?