whew cap and trade is out, but what is Obama doing now with the energy plan, at least there won't be high taxes. But they say they might change the name to cap and dividend.
any reason to not like this guy? he seems alright. anyone have any insight on this guy? [don't feel like researching someone who won't be running in my state - lazy]. thanks
I like to know what will people do when cap and trade pass and health care as well, the cost of live will shoot through the roof, tent cities will go in the numbers,people will still try to meet their bills (like fools) and people will start to die from hunger and the cold, and shootings for food and supllies. Yet this folks still will not put up a fight or try to "change" ower Gov., sad but the sheep are in numbers today, the one that see this are small in numbers, the USS USA is sinking fast !
Unfortunately Peter will never get the credit for Crash proof he deserves because giving him credit now, is an admission of stupidity for ignoring or even laughing at him before.
We are not going back to the Gold standard. LoL. There is no way they are gonna put something of value as our reserve....more likely it is gonna be a number on a computer screen....why waste the paper?
peter, I feel down, if this cap and trade it will put my family on the street, in the soon to be tent cities. how will the old folks keep warm and put fod on the table, I am sure they will die, and for the young will go hungry, crime will go through the roof ,, we are thinking, almost there are going to move from this country, obama, dem. rep. realy do care if we call or utube,, what needs to happen will not, so I see a very bad future and USA comig a 3rd world country.
its all a con. saying it was private gave congress the plausible deniability it needed so when things went bad they could throw up their hands and say, "hey, it wasn't us dude, we have no control over the fed!"
the truth is they have total control over it behind the scenes.
Hey Peter, I noticed David Fibber, I mean Faber used the cover of his new book as wallpaper on his daily show. How does that make you feel? What a thief.
I can't believe those guys. I've seen them cut several people off who don't tow the line. People start talking about real issues and ZING.......you're gone!
why isnt faber and everyone else at cnbc in jail along with madoff? they are much worse than him. they just sat there, knowing the end was coming (they were warned!) while their viewers lost trillions!
You are right. They should be in jail because they didnt come door to door to houses making sure that every american has to invest their money right.
Good thing the 21st century version of Uncle Sam, which now should be called DADDY, will %100 take care of everything with the citizens making sure everyone is doing everything the right way.
Damn. I hate when fans of Ron Paul or Peter Schiff act in ways that reflect badly on them. If you want to promote Schiff, don't act like an idiot in his name!
The (REAL)dollar was created and defined by the Coinage Act of 1792. It specified a "dollar" to be between 371 and 416 grains (27.0 g) of silver (depending on purity) and an 'eagle" to be between 247 and 270 grains (17 g) of gold (again depending on purity). It set the value of an eagle at 10 dollars, and the dollar at 1/10th eagle. It called for 90% silver alloy coins in denominations of 1, 1/2, 1/4, 1/10, and 1/20; it called for 90% gold alloy coins in denominations of 1, 1/2, 1/4, and 1/10
As the "FIAT" dollar continues to loose value/confidence the REAL dollar will hopefully get the attention of the people, and maybe they will learn why metals of VALUE (precious metals) and their PORTABILITY [is/was/allwayswillbe], makes these metals the best choice for a medium of exchange(money). Don't forget your food and water etc. storage. No sense is wasting all your gold on these easily accessible(now) items.
Peter, you know you just killed your reviews on Amazon? Now, the people that don't like your opinions know this is annoying you, so they will just push it further.
i just checked amazon and his ratings for crash proof still look very good. the rats who dont like peters views can only operate in the shadows. once you turn on the light they scurry away like cockroaches
Peter they're not stupid they're doing it becasue they can. Schiff keeps assuming these criminals think like him and he's wrong. They are evil, and you can't make deals with the devil.
If Schiff wants to keep his sparkling credibility he'll stay away from government. If he really wants to do something, he should look at his father.
All his info is good, but there is no "good guy" in the end.
All inflation is caused by running a national deficit. Has nothing to do with gold, other than increasing the checking account at the fed without increasing the gold. IE backing the dollar with gold. Backing the dollar with gold only limits the creation of deficits since getting gold involves work. In sumary, there is no need to back the dollar in gold if you pass a balance budget amendment. The fed is not the problem the government spending is. The treasury should hold the debt.
"he should know, he helped create it". of alan greenspan. lol. peter is a thoroughly decent person along with a very knowledgable one. should run for office.
Class on pointing out to people that doing wrong to someone for no reason other then to get a result that you want is immoral. And always remember that it works both ways!
Americans will be shocked by how quickly hyperinflation hits the US and makes the US dollar worthless. Prepare now or go broke. Signup for the free National Inflation Association newsletter at: Inflation . us
Great post Peter (5 stars). Best in a long time... and funny too. I hope you don't run for Senate because I do not believe that you can continute to be as candid as you are if you hold public office. As always, keep up the good work.
alright peter, we enjoy your blog for the economic insight - not for bizarro political rants about clinton and disgracing the oval office or some other inane foolishness.
by the by: groups of people who march around declaring moral authority over others typically end up being hypocrites - because - we're all just a bunch of dumb cavemen whose peak intellectual accomplishment is mustering up some self-righteous notion that we might actually know what it is that we SHOULD or SHOULD NOT be doing
schiff isn't a speculator. he follows the trends. most speculators lose eventually. only the top level people with billions who can manipulate the market consistently make money speculating.
Right. When you are looking for companies that have ideas and need money to turn those ideas into products, or they are already making products, but have a plan to improve production rates and need money for that, that's not 'speculating', that's capitalism. I love how ignoramuses hear some word that has been demonized by the MSM and then try to ignorantly use that word to insult people.
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
o Israel spies on this country (eg. Pollard, Kadish, AIPAC, etc...)
o Israel bought our politicians with our taxes.
o Israel steals our taxes, hence their higher income.
o Israel uses our country as their toilet.
Want more? Checkout my playlist.
Please share this post with others, and demand that your Senator and/or Representative uphold the laws when it comes to Israel's heinous crimes. Peace!
Imagine if, in 1966, then President Lyndon B. Johnson had tried to determine what the emissions levels of America should be 42 years into the future. Even if he had gotten together the best and brightest minds of the day, it is unlikely that his advisers would have come up with data that could have anticipated either our energy needs or our standard of living today. Lawmakers wont admit it but, policymakers today are similarly handicapped when it comes to predicting our future needs
When Peter Schiff says "savings" it isn't really savings from the viewpoint that we common people see it (where we put our money in a bank). We must remember that he's talking from an Austrian Perspective. Peter should take into mind that his audience is the average Joe and that not everyone understands the Austrian viewpoint.
Savings if I recall correctly under the Austrian viewpoint mentions hard currency and the incomes of firms and individuals that is put under a bank. Obviously, under a fractional reserve fiat banking system, a central bank can create money out of nothing through debt so whenever the CB decides to create this money, this did not really come from savings but from debt..
Ultimately, this is why Peter Schiff has been saying that our savings rate has fallen, the American Savings rate may have..
increased in the nominal terms but in real terms, it has really decreased, as the Purchasing Power and value of the Average American's savings has constantly decreased over time as the FED debases the currency.
lenny: smart people should be easy to understand (like Peter, RP). When I listen to DF for a couple minutes I fall into comma. I think people think he is smart because they don't understand what he is talking about. :) Or may be one should be really really really smart to understand him. Like Peter or you maybe :)
Great blog as always Peter! But I almost have to support cap & trade. Our government is so far beyond its Constitutional bounds I don't feel like any number of libertarians in office could shrink it to a reasonable size. In fact, the only time governments ever seem to shrink is when they become so tyrannical that they undermine the economies on which they're founded and collapse. Maybe to achieve freedom, we should stuff our government's face with power. Not a fun time to live through though.
Megadebt, massive bailouts cementing moral hazard, outright nationalizations, inflationary stimulus very likely leading to hyperinflation, all this is just the beginning. When the rooster comes home to nest, there will very likely be, wage and price controls, leading to massive shortages of virtually everything. Inevitably there will be rationing and a black market and at that point, the free market will be illegal. The next ten years could well make the great depression look like a golden age.
Greenspan -sheesh poor guy will die knowing how bad he really screwed up. Now he warns about inflation -- good grief. They blamed Bush for Greenspan's lies.
Ignoring the damage of a seemingly endless attack on clean air and clean water also has its cost Mr. Shiff. If you think you can "deregulate" that away you are sorely mistaken. If you think so, try reading "Silent Spring." Stop thinking so much about your personal wealth and start thinking about the cost of environmental policies that will do much more damage to your children's well-being than any financial problem you can imagine.
why is there so much pollution? cars. why are there so many cars? too much credit. why was there too much credit? central banks all over the world pumped trillions dollars into their economies, enabling easy consumer credit. abolish central banks, go on a full reserve gold standard, and watch the pollution melt away, along with just about every other financial and social ill that they have caused.
Do you mean to say that there was no significant pollution before cars? You must be joking! Have you ever heard of the industrial revolution and the deadly fumes that virtually shut down London? Pollution levels that we see today come from a disregard for one's surroundings and a disrespect for what allowed life to exist. Future generations will hold us to account as sure as the sun rises in the east.
that is why strict property rights is the only solution to a cleaner environment. If I own property adjacent to a factory you best not be polluting my air or you will pay.
but the government can never be trusted. eventually all government programs are captured by special interest groups. the founders knew what made a government good is not what it did, but what it didnt do. the result was most prosperous country in the world, until now. now we're on the path of big government. that is the road to hell.
I get the feeling that our philosophies are not that dissimilar but I am not an absolutist. I'm of the school that maintains that government must always be questioned but your statement that "government can never be trusted" is a bit simplistic. Government, as we know it, has a role in society and ours has lead to great prosperity. My position is that when corporate greed dominates and threatens the planet, governments must step up and intercede.
"of course greenspan should know, he helped create it" ... hilarious.. this is as good as the daily show... keeping holding the inflators feets to the fires, sir!
we need a comedy show for true conservatives. red eye on fox is good but doesnt have the ratings (yet). it would be fun to see peter on red eye. his wit would fit right in. :-)
no.. for him to be on fox would be like him declaring he is a republican... instant loss of credibility... the videos of him schooling the fox idiotry (thats right... i made it up.. but fitting) including stein is hillllarious.. and anyone who thinks fox is "news" is just as hillarious
He is against taxes. Thus he is a Paul republican, only in name. He was on Fox becasue they are the only one who would offer. When Beck ws on CNN he was there often.
if you think there is a place for peter on corporate media, you are very mistaken... remember, murdoch supports obama, GE (nbc,cnbc's) chairman is on the board of the NY Fed. When you play this "good party/ bad party" or "good media/ bad media" game you are losing what we need most... independent thought
I think saying the world is going to go from a dollar reserve directly to a gold standard is wishful thinking. Yes, it would be the best option but I just don't think the currently pervasive economic ideology supports it. Look at the fact that the whole world is still buying our bonds. If they were smart enough to go to a gold standard they would be smart enough not to buy our bonds.
That's an interesting question. I think it's the way history played out where the dollar became the world's reserve currency when it was still backed by gold.
As for why even one smaller nation hasn't bought up a bunch of gold and implemented a gold backed currency since then, maybe because they want to keep their currency weak relative to the dollar so we will buy their stuff (being deceived into thinking they "need" our consumption.)? Beyond that, I don't know - call up WSU and ask Peter.
It's simple actually, if one government were to go back to the Gold Standard while the rest of the nations of the world retained this debt fiat currency then it would be unfair for that country. Imagine in the individual level, what would you rather have, a claim on a gold certificate that promises to pay a certain amount of Gold or an IOU which isn't even backed by anything but just mere pieces of paper?
I tell you, if 1 nation did this, they would see their gold reserves depleted instantly
And also, I think you also got it correct when nations want to make their currencies weaker relative to the dollar as it allows the Americans to buy their goods and services cheaper..
i don't understand why gold standard would be "unfair" for that country. i think the real reason is that with gold standard goverments lose their power and makes it very difficult to spend unlimited amounts of money whenever they want just by using a printing press. and of course no spending = no welfare = less votes
You don't get it do you? If some government suddenly switched back to a gold standard then the Central Banks of other nations will immediately deplete that nations gold reserves. Remember that we are now very tightly knit internationally.
If for example the US suddenly switched back to gold and traded with other nations, the Central Banks of other nations will immediately redeem those paper dollars to gold. Remember that paper money is just an IOU, and if you go to a gold standard those paper
..currencies are redeemable to a fixed amount of gold. I can only see a return to a gold standard if and only if other nations also follow suit. Sadly with the majority of today's currencies being fiat based (and not to mention DEBT BASED), I doubt this will happen.
You're right, however, it's possible if the dollar were not redeemable in gold and the dollar was hard pegged and the supply of dollars was strictly controlled, then maybe we could restore the strength of the dollar.
Yes, that is also true. Several countries were backed with gold, and then there was a global agreement that the U.S. would remain on gold, and become the world reserve currency.
Because it ISN"T good for government. It would help enforce fiscal responsibilty and make the true tax rate lower. With a fiat system, inflation is a form of tax revenue. I don't really see much in the way of an upside for a government. It is GREAT if PEOPLE have sound money, but not great for the govt. That's my understanding.
Infidelity as a political career killer points out hypocracy in our society. Many times morally worse to allow our economic system to erode into socialism and facism.
Boat? My car got repossesed, my house foreclosed, I'm living on the street, I'm posting this from a library. And you're complaining because you haven't gotten to go boating so far this year?
I'm just kidding. Peter you should know about Jim Willie CB's report that China is using US Treasuries as collaterla to buy resources on credit. If the US government games markets and kills resource prices, the US Treasuries get liquidated, killing the US Treasury market. Brilliant!
I have to respectfully disagree with you on this one Peter... the government was not the only reason for the problems in the housing market. The fed's monetary policy was absurd, yes, but the banks knew what they were doing and they knew it was crazy to issue a mortgage 4 times people's incomes to them. In my opinion there is a fine line between serving your own self-interest ("greed") and being irresponsible. the banks crossed that line and thus were a contributor to this crisis
If it wasn't for the Federal Reserve's monetary policies these people wouldn't have even been able to get the loans they eventually couldn't afford. You're blaming the alcoholic for taking another drink the bartender just poured for him. Bartender doesn't pour = no drink. Federal Reserve doesn't dole cheap money out = no mortgage. Fed = Bartender : )
Yea, but if it wasn't for the fed's monetary policies, the banks wouldn't have been able to even do these mortgages. The Federal Reserve and the Govt are the Root of the problem.
Yes. but it the Fannie and Freddie mortgages were backed by the goverment. So they took the risk knowing the could be bailed out. And lookie what happened.
Aelbar2 makes the essential point. The banks were legally 'required' to make these loans by the Federal government. They would have been breaking the law to not make them. Those now 'toxic' assets were devices created with the Federal government's blessing 'so that' those very loans could then be made. I'd like to see an investigation into the crediting agencies that gave those assets triple A ratings. I'll bet you dollars to donuts there was government involvement to influence the ratings.
Obama was responsible for the banks forced to loan to poor blacks - who could not really afford the loans. I saw an interview with obama - he was the president of the body responsible. Its funny he is now president.
progressives seem to be like children who don't know grown up things like economics. they want what they want and they want it now! whereas (true) conservatives are the adults who have to say no, you cant eat that candy yet, eat your dinner first, do your homework, stop humping everyone you see, etc.
if you look at the economic history of the US during the 20th century, whenever there was easy credit created by the fed, the same thing happened. a bubble formed, and when it burst, it caused a recession. if the government tried to stop the recession, eventually it created a depression. you can blame the consumer all you want but there's no way your going to make them disciplined enough to reject a free house!
I appreciate what Peter says about not bashing Faber's book and is one of the reasons I like him so much. He is reasonable and has alot of integrity. I think this goes back to the same % of tin foil hatters who were behind Ron Paul and the Tea Parties that buy every word their hero says and attack anyone who has a difference of opinion. It allows the mainstream to portray Libertarian values as kooky. Guess what? I don't agree with Peter on everything and he would be ok with that.
The reason people went on Amazon is because you have developed an unhealthy cult following. It's interesting that so many so-called libertarians are as devoted to personalities, e.g. Ayn Rand worship, as any leftists. I agree with much of what Peter says, but his "fans" and followers tend to be marginal outsiders who learned of finance and economics only through Schiff - and that's bad.
peter has never encouraged people to do irresponsible things. he cannot be held responsible.
whats wrong with admiring someone who you think is a true hero? left or right?
how can it be bad to learn basic economics from peter, who has proven he is on the right track, when the alternative is to be brainwashed by the progressive liberals at government financed unis who are responsible for the mess we're in now?
Schiff (funny how his protégées call him "Peter," like they know him) runs a brokerage firm specializing in Asian equities. Why don't his fans ever bring up the monumental interest he has in driving investment from the US to Asia? He has been partly right; partly wrong, e.g. decoupling. He is not an economist like Marc Faber; he allows ideology to cloud his opinions. The alternative to hero-worship is not brainwashing but getting a broader view. What is wrong w/you people, so defensive!
personal attacks are usually a sign that the commenter has no facts to back up their accusations and have some sort of grudge or feelings of envy. the motivations peter has are not of your concern. everyone has motivations for what they say and do. im sure you have a motivation for your personal attacks, lame as they may be. why don't you point out the errors in peters theories instead of trying to win by being snide and insulting.
I did point to two errors, but to someone who can only parrot line by line what "peter" says, it's hopeless.
I attacked no one personally, only generally. Like I said, I agree with much of Schiff has to say; I just have an independent basis w/which to sort out when he's right and when he's off base, i.e. I'm much better educated than you.
Please, either find another father-figure and leave me the hell alone. - Don't expect another reply.
Peter, you're loosing me...Bill Clinton's sexual activity and any subsequent behavior related to that are not my current concern. Stick to the economy and save us your moral and egoic rants...
Well sorry he's not thinking of only you. Someone so selfish like you can't comprehend that if Peter is going to run for senate, then voicing his opinion about this stuff is a necessity. Not only that but it sets up his analogy about Bernanke.
Cap & Trade must die in the senate or America is seriously screwed... They only passed the house bill by 7 votes... This is the worst piece of legislation since the Patriot Act!
Call your senators!
Peter if you were in the senate already maybe you could persuade these idiots to pull back from disaster.
this is way worse than the patriot act...the senate has no chance to turn this back..the house was the tougher fight..its as good as passed now...these traitors sold us out again...
Let me guess, you're a lover, not fighter. I think you're on the wrong website; I think you want one of other million or so Michael Jackson web sites.
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WHO IS GLENN BECK ???
bythetwilight . net
claurencefey 1 year ago
Capping Prosperity: watch?v=SqsvKCRdomg
JohananRaatz 1 year ago
Don't worry Peter. I own Crashproof 2.0 with updates. 5 stars. Also rooting for you to win the Connecticut seat.
tblach04 1 year ago
whew cap and trade is out, but what is Obama doing now with the energy plan, at least there won't be high taxes. But they say they might change the name to cap and dividend.
Pdrum2 1 year ago
any reason to not like this guy? he seems alright. anyone have any insight on this guy? [don't feel like researching someone who won't be running in my state - lazy]. thanks
zwalrus1 2 years ago
He has degrees in finance and accounting. I like Peter Schiff and hope he wins that senate seat. I just hope he's wrong about what he's predicting.
t80tank20 2 years ago
If it's on Fox News, or MSNBC it must be true.
BARF!
MOPEDBRAD 2 years ago
I like to know what will people do when cap and trade pass and health care as well, the cost of live will shoot through the roof, tent cities will go in the numbers,people will still try to meet their bills (like fools) and people will start to die from hunger and the cold, and shootings for food and supllies. Yet this folks still will not put up a fight or try to "change" ower Gov., sad but the sheep are in numbers today, the one that see this are small in numbers, the USS USA is sinking fast !
dualaroma 2 years ago 8
Unfortunately Peter will never get the credit for Crash proof he deserves because giving him credit now, is an admission of stupidity for ignoring or even laughing at him before.
theslimeylimey 2 years ago 7
@theslimeylimey Ego stands in the way of good policy. That's why modern politics is completely worthless.
TWSceptic 1 month ago
you are the most educated and real man that i have ever fuking seen.
creten69 2 years ago 4
We are not going back to the Gold standard. LoL. There is no way they are gonna put something of value as our reserve....more likely it is gonna be a number on a computer screen....why waste the paper?
Tanui188 2 years ago
peter, I feel down, if this cap and trade it will put my family on the street, in the soon to be tent cities. how will the old folks keep warm and put fod on the table, I am sure they will die, and for the young will go hungry, crime will go through the roof ,, we are thinking, almost there are going to move from this country, obama, dem. rep. realy do care if we call or utube,, what needs to happen will not, so I see a very bad future and USA comig a 3rd world country.
dualaroma 2 years ago
i hope you got out on your boat peter, you deserve it after so much good advice !!!
nigelthefarmer 2 years ago
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search THE OBAMA DECEPTION
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democrats equals republicans
the economic collapse was planned
know the truth, infowars . com
ohkeepa2009 2 years ago
Hi Peter,
You are saying that The Fed == the Govt. Isn't the Fed privately run?
donktec 2 years ago
its all a con. saying it was private gave congress the plausible deniability it needed so when things went bad they could throw up their hands and say, "hey, it wasn't us dude, we have no control over the fed!"
the truth is they have total control over it behind the scenes.
michaelpshipley1 2 years ago
Who profits?
search "the great american bubble machine"
TiredOldFart 2 years ago
Quoting media interests, Glen Beck,President Clinton. A history lesson without substance for change. Goto campaign for liberty website for the truth.
Stop the terrorism , stop this financial terrorism ,Audit the Federal Reserve.
sierrawlfc 2 years ago
EVERYONE that voted for this "Cap and Tax" should be voted out ASAP!
Time to call/ write/ email all our Senators to stop their vote on this.
United States Senate - (202) 224-3121
Lets put the pressure on AND KEEP IT ON and not stop until they vote this one down!
To find your senators phone number
w w w ( dot) senate (dot) gov /general/resources /pdf/ senators _ phone _list. pdf
(Type in without spaces)
Maybe attend a Tea Party too!
timmunst 2 years ago
Hey Peter, I noticed David Fibber, I mean Faber used the cover of his new book as wallpaper on his daily show. How does that make you feel? What a thief.
I can't believe those guys. I've seen them cut several people off who don't tow the line. People start talking about real issues and ZING.......you're gone!
Keep'em on their toes Peter.
Joe
joescarafone 2 years ago
why isnt faber and everyone else at cnbc in jail along with madoff? they are much worse than him. they just sat there, knowing the end was coming (they were warned!) while their viewers lost trillions!
michaelpshipley1 2 years ago
You are right. They should be in jail because they didnt come door to door to houses making sure that every american has to invest their money right.
Good thing the 21st century version of Uncle Sam, which now should be called DADDY, will %100 take care of everything with the citizens making sure everyone is doing everything the right way.
capaneo 2 years ago
Oh. I thought the name was Big Brother :)
HenrikRClausen 2 years ago
Damn. I hate when fans of Ron Paul or Peter Schiff act in ways that reflect badly on them. If you want to promote Schiff, don't act like an idiot in his name!
Demotruk 2 years ago 2
The (REAL)dollar was created and defined by the Coinage Act of 1792. It specified a "dollar" to be between 371 and 416 grains (27.0 g) of silver (depending on purity) and an 'eagle" to be between 247 and 270 grains (17 g) of gold (again depending on purity). It set the value of an eagle at 10 dollars, and the dollar at 1/10th eagle. It called for 90% silver alloy coins in denominations of 1, 1/2, 1/4, 1/10, and 1/20; it called for 90% gold alloy coins in denominations of 1, 1/2, 1/4, and 1/10
zeezrom 2 years ago 2
As the "FIAT" dollar continues to loose value/confidence the REAL dollar will hopefully get the attention of the people, and maybe they will learn why metals of VALUE (precious metals) and their PORTABILITY [is/was/allwayswillbe], makes these metals the best choice for a medium of exchange(money). Don't forget your food and water etc. storage. No sense is wasting all your gold on these easily accessible(now) items.
zeezrom 2 years ago
Peter, you know you just killed your reviews on Amazon? Now, the people that don't like your opinions know this is annoying you, so they will just push it further.
Great video blog!
SopraTutt1 2 years ago
i just checked amazon and his ratings for crash proof still look very good. the rats who dont like peters views can only operate in the shadows. once you turn on the light they scurry away like cockroaches
michaelpshipley1 2 years ago
its going to happen, just you wait
mercenarybdu 2 years ago
Peter they're not stupid they're doing it becasue they can. Schiff keeps assuming these criminals think like him and he's wrong. They are evil, and you can't make deals with the devil.
If Schiff wants to keep his sparkling credibility he'll stay away from government. If he really wants to do something, he should look at his father.
All his info is good, but there is no "good guy" in the end.
eyewitness043 2 years ago
schiff rules
audioX1 2 years ago
All inflation is caused by running a national deficit. Has nothing to do with gold, other than increasing the checking account at the fed without increasing the gold. IE backing the dollar with gold. Backing the dollar with gold only limits the creation of deficits since getting gold involves work. In sumary, there is no need to back the dollar in gold if you pass a balance budget amendment. The fed is not the problem the government spending is. The treasury should hold the debt.
pirucreek 2 years ago
I think he is considering running as a republican and senator. I'm kinda hoping he does.
ChaoticSouls 2 years ago 3
"he should know, he helped create it". of alan greenspan. lol. peter is a thoroughly decent person along with a very knowledgable one. should run for office.
hume12345 2 years ago
I think Benny Boy BETTER start pleading the 5th!
HeWhoPawns 2 years ago 2
SCHIFF VS FABER VIDEO!
Here's proof that Faber could smell what the Schiff was cookin all the way back in 2005!
google this:
CNBC SquawkBox - Peter Schiff Interview 04-26-2005 Part 2
michaelpshipley1 2 years ago
Peter, I want to go boating with you : )
TheVampirella 2 years ago
Yeah, to sail the seas of monetary policies.
InCharacter 2 years ago
David Faber is an idiot and so are his friends on CNBC, no way in hell am I taking down my 1 star review. Sorry Peter.
rolexx 2 years ago
Class on pointing out to people that doing wrong to someone for no reason other then to get a result that you want is immoral. And always remember that it works both ways!
TheEVEInspiration 2 years ago
Ben: where's the breaking point?
whens the revolution?
marniespeaks 2 years ago
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Americans will be shocked by how quickly hyperinflation hits the US and makes the US dollar worthless. Prepare now or go broke. Signup for the free National Inflation Association newsletter at: Inflation . us
jsnvoe434 2 years ago
dude! gotta stop with the spam, not cool.
michaelpshipley1 2 years ago
To understand who profits from cap and trade, google Generation Investment Management Al Gore.
TiredOldFart 2 years ago 3
im helping to spread this video!
sexdrugsRnR 2 years ago
Great post Peter (5 stars). Best in a long time... and funny too. I hope you don't run for Senate because I do not believe that you can continute to be as candid as you are if you hold public office. As always, keep up the good work.
KeanOOO 2 years ago
Thank you!!
BlueSkies360 2 years ago
Peter, you don't need to worry so much about how everyone else acts.
yogiudo 2 years ago
Peter Schiff is god.
tra789 2 years ago
alright peter, we enjoy your blog for the economic insight - not for bizarro political rants about clinton and disgracing the oval office or some other inane foolishness.
by the by: groups of people who march around declaring moral authority over others typically end up being hypocrites - because - we're all just a bunch of dumb cavemen whose peak intellectual accomplishment is mustering up some self-righteous notion that we might actually know what it is that we SHOULD or SHOULD NOT be doing
huklou 2 years ago
Schiff isn't right on everything globaleconomic blog pointed out his mistakes. But he still has a lot better ideas than obama does.
ChaoticSouls 2 years ago 2
schiff isn't a speculator. he follows the trends. most speculators lose eventually. only the top level people with billions who can manipulate the market consistently make money speculating.
michaelpshipley1 2 years ago
Right. When you are looking for companies that have ideas and need money to turn those ideas into products, or they are already making products, but have a plan to improve production rates and need money for that, that's not 'speculating', that's capitalism. I love how ignoramuses hear some word that has been demonized by the MSM and then try to ignorantly use that word to insult people.
Jaycephus01 2 years ago
I use to live in New England (Massachusetts). I miss thunderstorms.
Pnkbong 2 years ago
This has been flagged as spam show
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
o Israel spies on this country (eg. Pollard, Kadish, AIPAC, etc...)
o Israel bought our politicians with our taxes.
o Israel steals our taxes, hence their higher income.
o Israel uses our country as their toilet.
Want more? Checkout my playlist.
Please share this post with others, and demand that your Senator and/or Representative uphold the laws when it comes to Israel's heinous crimes. Peace!
HateAllNazis 2 years ago
This has been flagged as spam show
Imagine if, in 1966, then President Lyndon B. Johnson had tried to determine what the emissions levels of America should be 42 years into the future. Even if he had gotten together the best and brightest minds of the day, it is unlikely that his advisers would have come up with data that could have anticipated either our energy needs or our standard of living today. Lawmakers wont admit it but, policymakers today are similarly handicapped when it comes to predicting our future needs
sugarpuddin88 2 years ago
The Laws of Economics, Barack Obama et al cannot be long ignored.
Bastiet, Von Mises, and Schiff are right.
Gdkohlman 2 years ago 3
Hey, Peter, summer started last Sunday. (o;
But I do believe you guys had an unusually cool spring.
AnotherUserNamedPaul 2 years ago
people walking away from their homes, renting, and putting the difference into savings and spending?
Or people squatting in their homes, not paying a mortgage, and saving most of the difference?
Or there really is more money starting to circulate around?
It is strange
TheChinaExpat 2 years ago
When Peter Schiff says "savings" it isn't really savings from the viewpoint that we common people see it (where we put our money in a bank). We must remember that he's talking from an Austrian Perspective. Peter should take into mind that his audience is the average Joe and that not everyone understands the Austrian viewpoint.
Sniper2008009 2 years ago
Savings if I recall correctly under the Austrian viewpoint mentions hard currency and the incomes of firms and individuals that is put under a bank. Obviously, under a fractional reserve fiat banking system, a central bank can create money out of nothing through debt so whenever the CB decides to create this money, this did not really come from savings but from debt..
Ultimately, this is why Peter Schiff has been saying that our savings rate has fallen, the American Savings rate may have..
Sniper2008009 2 years ago
increased in the nominal terms but in real terms, it has really decreased, as the Purchasing Power and value of the Average American's savings has constantly decreased over time as the FED debases the currency.
Sniper2008009 2 years ago
I'm giving you 5 stars here Peter. :)
JessicaBelle81 2 years ago
Faber is a smart guy!! Will read the book!!
lenny380 2 years ago
lenny: smart people should be easy to understand (like Peter, RP). When I listen to DF for a couple minutes I fall into comma. I think people think he is smart because they don't understand what he is talking about. :) Or may be one should be really really really smart to understand him. Like Peter or you maybe :)
BlueSkies360 2 years ago
Using gold as a reserve currency would be the smart thing to do... but when do central banks ever do the smart thing?
LibertySteve 2 years ago
Great blog as always Peter! But I almost have to support cap & trade. Our government is so far beyond its Constitutional bounds I don't feel like any number of libertarians in office could shrink it to a reasonable size. In fact, the only time governments ever seem to shrink is when they become so tyrannical that they undermine the economies on which they're founded and collapse. Maybe to achieve freedom, we should stuff our government's face with power. Not a fun time to live through though.
Stargazer5781 2 years ago 2
Megadebt, massive bailouts cementing moral hazard, outright nationalizations, inflationary stimulus very likely leading to hyperinflation, all this is just the beginning. When the rooster comes home to nest, there will very likely be, wage and price controls, leading to massive shortages of virtually everything. Inevitably there will be rationing and a black market and at that point, the free market will be illegal. The next ten years could well make the great depression look like a golden age.
Panpiper 2 years ago
Greenspan -sheesh poor guy will die knowing how bad he really screwed up. Now he warns about inflation -- good grief. They blamed Bush for Greenspan's lies.
lenny380 2 years ago
Ignoring the damage of a seemingly endless attack on clean air and clean water also has its cost Mr. Shiff. If you think you can "deregulate" that away you are sorely mistaken. If you think so, try reading "Silent Spring." Stop thinking so much about your personal wealth and start thinking about the cost of environmental policies that will do much more damage to your children's well-being than any financial problem you can imagine.
tsuboimachi 2 years ago
why is there so much pollution? cars. why are there so many cars? too much credit. why was there too much credit? central banks all over the world pumped trillions dollars into their economies, enabling easy consumer credit. abolish central banks, go on a full reserve gold standard, and watch the pollution melt away, along with just about every other financial and social ill that they have caused.
michaelpshipley1 2 years ago
Do you mean to say that there was no significant pollution before cars? You must be joking! Have you ever heard of the industrial revolution and the deadly fumes that virtually shut down London? Pollution levels that we see today come from a disregard for one's surroundings and a disrespect for what allowed life to exist. Future generations will hold us to account as sure as the sun rises in the east.
tsuboimachi 2 years ago
that is why strict property rights is the only solution to a cleaner environment. If I own property adjacent to a factory you best not be polluting my air or you will pay.
calone 2 years ago 2
but the government can never be trusted. eventually all government programs are captured by special interest groups. the founders knew what made a government good is not what it did, but what it didnt do. the result was most prosperous country in the world, until now. now we're on the path of big government. that is the road to hell.
michaelpshipley1 2 years ago
I get the feeling that our philosophies are not that dissimilar but I am not an absolutist. I'm of the school that maintains that government must always be questioned but your statement that "government can never be trusted" is a bit simplistic. Government, as we know it, has a role in society and ours has lead to great prosperity. My position is that when corporate greed dominates and threatens the planet, governments must step up and intercede.
tsuboimachi 2 years ago
It's almost surreal watching America as we know it being destroyed. I don't really see much hope for the future.
83gls 2 years ago 2
Why didn't Peter talk about Michael Jackson? Isn't he a fan of Thriller? Everybody loves Thriller.
harveybirdmannequin 2 years ago
Schiff is the man!
audioX1 2 years ago
"of course greenspan should know, he helped create it" ... hilarious.. this is as good as the daily show... keeping holding the inflators feets to the fires, sir!
aqgrafx 2 years ago
we need a comedy show for true conservatives. red eye on fox is good but doesnt have the ratings (yet). it would be fun to see peter on red eye. his wit would fit right in. :-)
michaelpshipley1 2 years ago
no.. for him to be on fox would be like him declaring he is a republican... instant loss of credibility... the videos of him schooling the fox idiotry (thats right... i made it up.. but fitting) including stein is hillllarious.. and anyone who thinks fox is "news" is just as hillarious
aqgrafx 2 years ago
He is against taxes. Thus he is a Paul republican, only in name. He was on Fox becasue they are the only one who would offer. When Beck ws on CNN he was there often.
pirucreek 2 years ago
Agreed, but the quotation marks don't really reflect the opinion of the rest of the statement.
TheCubicle 2 years ago
"no.. for him to be on fox would be like him declaring he is a republican... instant loss of credibility..."
And anyone going on MSNBC to declare that they're a Democrat isn't?
itachi705 2 years ago
if you think there is a place for peter on corporate media, you are very mistaken... remember, murdoch supports obama, GE (nbc,cnbc's) chairman is on the board of the NY Fed. When you play this "good party/ bad party" or "good media/ bad media" game you are losing what we need most... independent thought
aqgrafx 2 years ago 4
I think saying the world is going to go from a dollar reserve directly to a gold standard is wishful thinking. Yes, it would be the best option but I just don't think the currently pervasive economic ideology supports it. Look at the fact that the whole world is still buying our bonds. If they were smart enough to go to a gold standard they would be smart enough not to buy our bonds.
iamacyborg 2 years ago
i do find it strange that not one country that i know of has gold backed currency. if its so good why doesnt even one country do that?
michaelpshipley1 2 years ago
That's an interesting question. I think it's the way history played out where the dollar became the world's reserve currency when it was still backed by gold.
As for why even one smaller nation hasn't bought up a bunch of gold and implemented a gold backed currency since then, maybe because they want to keep their currency weak relative to the dollar so we will buy their stuff (being deceived into thinking they "need" our consumption.)? Beyond that, I don't know - call up WSU and ask Peter.
iamacyborg 2 years ago
It's simple actually, if one government were to go back to the Gold Standard while the rest of the nations of the world retained this debt fiat currency then it would be unfair for that country. Imagine in the individual level, what would you rather have, a claim on a gold certificate that promises to pay a certain amount of Gold or an IOU which isn't even backed by anything but just mere pieces of paper?
I tell you, if 1 nation did this, they would see their gold reserves depleted instantly
Sniper2008009 2 years ago
And also, I think you also got it correct when nations want to make their currencies weaker relative to the dollar as it allows the Americans to buy their goods and services cheaper..
Sniper2008009 2 years ago
i don't understand why gold standard would be "unfair" for that country. i think the real reason is that with gold standard goverments lose their power and makes it very difficult to spend unlimited amounts of money whenever they want just by using a printing press. and of course no spending = no welfare = less votes
AcheronFlame 2 years ago
You don't get it do you? If some government suddenly switched back to a gold standard then the Central Banks of other nations will immediately deplete that nations gold reserves. Remember that we are now very tightly knit internationally.
If for example the US suddenly switched back to gold and traded with other nations, the Central Banks of other nations will immediately redeem those paper dollars to gold. Remember that paper money is just an IOU, and if you go to a gold standard those paper
Sniper2008009 2 years ago
..currencies are redeemable to a fixed amount of gold. I can only see a return to a gold standard if and only if other nations also follow suit. Sadly with the majority of today's currencies being fiat based (and not to mention DEBT BASED), I doubt this will happen.
Sniper2008009 2 years ago 2
You're right, however, it's possible if the dollar were not redeemable in gold and the dollar was hard pegged and the supply of dollars was strictly controlled, then maybe we could restore the strength of the dollar.
ajnako12 2 years ago
Yes, that is also true. Several countries were backed with gold, and then there was a global agreement that the U.S. would remain on gold, and become the world reserve currency.
Jaycephus01 2 years ago
Because it ISN"T good for government. It would help enforce fiscal responsibilty and make the true tax rate lower. With a fiat system, inflation is a form of tax revenue. I don't really see much in the way of an upside for a government. It is GREAT if PEOPLE have sound money, but not great for the govt. That's my understanding.
Jaycephus01 2 years ago
Infidelity as a political career killer points out hypocracy in our society. Many times morally worse to allow our economic system to erode into socialism and facism.
mrcell61 2 years ago 2
Boat? My car got repossesed, my house foreclosed, I'm living on the street, I'm posting this from a library. And you're complaining because you haven't gotten to go boating so far this year?
I'm just kidding. Peter you should know about Jim Willie CB's report that China is using US Treasuries as collaterla to buy resources on credit. If the US government games markets and kills resource prices, the US Treasuries get liquidated, killing the US Treasury market. Brilliant!
dashxdr 2 years ago
You are one heck of a guy Peter. 5 stars. Thanks for doing these reports. I'm going to have to give your firm a call.
pclajd6 2 years ago
I have to respectfully disagree with you on this one Peter... the government was not the only reason for the problems in the housing market. The fed's monetary policy was absurd, yes, but the banks knew what they were doing and they knew it was crazy to issue a mortgage 4 times people's incomes to them. In my opinion there is a fine line between serving your own self-interest ("greed") and being irresponsible. the banks crossed that line and thus were a contributor to this crisis
ctrader09 2 years ago
It was also the poeples fault for taking a mortgage they couldnt afford/didnt understand.
bufforilla 2 years ago 2
If it wasn't for the Federal Reserve's monetary policies these people wouldn't have even been able to get the loans they eventually couldn't afford. You're blaming the alcoholic for taking another drink the bartender just poured for him. Bartender doesn't pour = no drink. Federal Reserve doesn't dole cheap money out = no mortgage. Fed = Bartender : )
helpendthefed 2 years ago
Honestly there is more than enuff blame to go around, Everyone needs to be held accountable.
bufforilla 2 years ago
Yea, but if it wasn't for the fed's monetary policies, the banks wouldn't have been able to even do these mortgages. The Federal Reserve and the Govt are the Root of the problem.
helpendthefed 2 years ago
Yes. but it the Fannie and Freddie mortgages were backed by the goverment. So they took the risk knowing the could be bailed out. And lookie what happened.
MMAGRO1 2 years ago
You can't forget about the Community Reinvestment Act; it forced banks to make bad loans.
aelbar2 2 years ago 3
Aelbar2 makes the essential point. The banks were legally 'required' to make these loans by the Federal government. They would have been breaking the law to not make them. Those now 'toxic' assets were devices created with the Federal government's blessing 'so that' those very loans could then be made. I'd like to see an investigation into the crediting agencies that gave those assets triple A ratings. I'll bet you dollars to donuts there was government involvement to influence the ratings.
Panpiper 2 years ago 3
Obama was responsible for the banks forced to loan to poor blacks - who could not really afford the loans. I saw an interview with obama - he was the president of the body responsible. Its funny he is now president.
PlatinumGordon 2 years ago 3
progressives seem to be like children who don't know grown up things like economics. they want what they want and they want it now! whereas (true) conservatives are the adults who have to say no, you cant eat that candy yet, eat your dinner first, do your homework, stop humping everyone you see, etc.
michaelpshipley1 2 years ago
if you look at the economic history of the US during the 20th century, whenever there was easy credit created by the fed, the same thing happened. a bubble formed, and when it burst, it caused a recession. if the government tried to stop the recession, eventually it created a depression. you can blame the consumer all you want but there's no way your going to make them disciplined enough to reject a free house!
michaelpshipley1 2 years ago
Obamageddon is here.
Read 'How Goldman Sachs Runs Washington' in the new Rolling Stone magazine.
RAMKING61 2 years ago
Goldman Sachs next racket? Controlling the Cap-and-Trade/Carbon Tax!!!
READ THE ARTICLE IN ROLLING STONE!!!
RAMKING61 2 years ago
If the subtitle is not accurate, probably the whole book is misleading. I'll skip it.
raythespian 2 years ago
I appreciate what Peter says about not bashing Faber's book and is one of the reasons I like him so much. He is reasonable and has alot of integrity. I think this goes back to the same % of tin foil hatters who were behind Ron Paul and the Tea Parties that buy every word their hero says and attack anyone who has a difference of opinion. It allows the mainstream to portray Libertarian values as kooky. Guess what? I don't agree with Peter on everything and he would be ok with that.
shawner69 2 years ago
Like my boats no big deal.
catskillgreenery 2 years ago
The House passed the Tax and Trade. :(
redxii1234 2 years ago
ugh...
collegeboy477 2 years ago
Fuck
theanswersofnwo3 2 years ago
The reason people went on Amazon is because you have developed an unhealthy cult following. It's interesting that so many so-called libertarians are as devoted to personalities, e.g. Ayn Rand worship, as any leftists. I agree with much of what Peter says, but his "fans" and followers tend to be marginal outsiders who learned of finance and economics only through Schiff - and that's bad.
MarcusCMarcellus 2 years ago
peter has never encouraged people to do irresponsible things. he cannot be held responsible.
whats wrong with admiring someone who you think is a true hero? left or right?
how can it be bad to learn basic economics from peter, who has proven he is on the right track, when the alternative is to be brainwashed by the progressive liberals at government financed unis who are responsible for the mess we're in now?
michaelpshipley1 2 years ago 3
Schiff (funny how his protégées call him "Peter," like they know him) runs a brokerage firm specializing in Asian equities. Why don't his fans ever bring up the monumental interest he has in driving investment from the US to Asia? He has been partly right; partly wrong, e.g. decoupling. He is not an economist like Marc Faber; he allows ideology to cloud his opinions. The alternative to hero-worship is not brainwashing but getting a broader view. What is wrong w/you people, so defensive!
MarcusCMarcellus 2 years ago
personal attacks are usually a sign that the commenter has no facts to back up their accusations and have some sort of grudge or feelings of envy. the motivations peter has are not of your concern. everyone has motivations for what they say and do. im sure you have a motivation for your personal attacks, lame as they may be. why don't you point out the errors in peters theories instead of trying to win by being snide and insulting.
michaelpshipley1 2 years ago
I did point to two errors, but to someone who can only parrot line by line what "peter" says, it's hopeless.
I attacked no one personally, only generally. Like I said, I agree with much of Schiff has to say; I just have an independent basis w/which to sort out when he's right and when he's off base, i.e. I'm much better educated than you.
Please, either find another father-figure and leave me the hell alone. - Don't expect another reply.
MarcusCMarcellus 2 years ago
I cant believe our government is seriously trying to tax air...
THESERF1 2 years ago
man Peter is awesome!
jcNOVA88 2 years ago
Peter, you're loosing me...Bill Clinton's sexual activity and any subsequent behavior related to that are not my current concern. Stick to the economy and save us your moral and egoic rants...
Palang4u 2 years ago
Well sorry he's not thinking of only you. Someone so selfish like you can't comprehend that if Peter is going to run for senate, then voicing his opinion about this stuff is a necessity. Not only that but it sets up his analogy about Bernanke.
turdsplatter 2 years ago
ur an egoic rant. trust me your not loosing anything
collegeboy477 2 years ago
he used it to make a point about ben
pedroquintero 2 years ago
i disagree, Bill clinton got them blowjobs !!
and blowjobs are great!! take it from me LoL
dudebud007 2 years ago
Comment removed
huklou 2 years ago
Cap & Trade must die in the senate or America is seriously screwed... They only passed the house bill by 7 votes... This is the worst piece of legislation since the Patriot Act!
Call your senators!
Peter if you were in the senate already maybe you could persuade these idiots to pull back from disaster.
flaunttnualf 2 years ago 5
this is way worse than the patriot act...the senate has no chance to turn this back..the house was the tougher fight..its as good as passed now...these traitors sold us out again...
kenandjasha 2 years ago
people need to understand that we shouldnt make enemies but friends
iiooioooi 2 years ago
Let me guess, you're a lover, not fighter. I think you're on the wrong website; I think you want one of other million or so Michael Jackson web sites.
BoiseBaked 2 years ago
You're a perfect example of why the mainstream has a hard time taking Schiff seriously. You found your hero, okay - we get it.
MarcusCMarcellus 2 years ago
we need someone like you and someone like me and pretty much everyone we can get to manifest the revolution. so...dont be hatin :-)
iiooioooi 2 years ago
This comment has received too many negative votes show
Speak for yourself you fucking faggot. I like my enemies..... bitch.
JurkoffJay 2 years ago
love this guy
FaithNoMore1977 2 years ago 4
This comment has received too many negative votes show
first
SolitonPL 2 years ago
keeping up on the low-down
/market-ticker.or
wcarlpdrysdale 2 years ago
the dollar scam is gonna continue, untill it'll finally exhaust itself...THEN we'll all see that crash that we've been waiting for
dudebud007 2 years ago
This comment has received too many negative votes show
first yeah
iiooioooi 2 years ago