Peter Schiff Dec 8 CNN International

[johnidavey]

this gal is obviously steeped in Kenseyan ideas, but i appreciate that she's asking direct questions.

she needs to go read Economics in One Lesson.

[13stevejohnson]

both these idiots have no clue!

[mangajo]

hey could anyone help explain why before the crisis he lambasted low private lending standards and now is doing the same with regulation itself? wasn't deregulation the cause of lax standards? this isn't rhetorical, i'm just curious if i'm missing something.

[canisfamilliaris]

I love the uk analogy. We (I'm from the uk), the government propped up British Leyland for decades, and it became a national joke, ruined by stupid managers, and a worthless workforce manipulated by communists in the 70s.

The minute it was forced to compete with manufacturers who produced cars people actually wanted to buy, the whole worthless tin pot enterprise fell apart.

Triumph motorcycles, nationalised joke, privatised success, what more do you need to know?

[jamoes95ta]

Peter is trying to teach this dumb broad who admits she doesn't understand, but she keeps jumping in and interrupting him!!!! therefore she'll never understand!!!

[reprahdm]

ITs amazing how the blind always turn to another blind person to lead them....Peter is like a becon to sound principles and the DEFT DUMB AND BLIND seem to be the only ones that the blind listen to..makes NO SENSE.

[Forsure3333]

I'm glad that Schiff just knocked down one of the crappiest statement I hear many times a day on the media. The interviewer said, "That bailout idea looks like a great idea. Just look at the Dow Jones!". Schiff replied, "Just because the market goes up today... It does not mean anything!".

[return135]

Great summary by peter at the end.

[dowtoplunge]

I love peter schiff.

He has been pretty spot on. Myspacesecrets here on youtube has a good name also. But these guys really know their stuff.

[npohlman95]

Americans need to listen to this common sense... read Peter's books and decide if you want to listen to the fools that got us into this mess or people like Peter who saw it coming and continues to say what needs to be done to get us out of this mess.

[florgat91]

she's good - she pushes Peter a bit, better than most. she's pretty hot too!

[rotobeam]

The voters rejected the bailout of the banks too, but Paulson threatened congress that martial law would be declared if they didn't pass the bailout. Of course there was bribery involved also. Spend a few million to get what amounts to trillions. That bribery is the free market at work. What we have is a pay for play corporatocracy. Obama will maintain the status quo. No real change coming. End The Fed. Term limits. Stop PAC bribery.

[rotobeam]

According to this guy's logic, the Treasury should not have bailed any of the banks out either. That is, unless he is a hypocrite.

I would rather bail out GM than any of the banks, investment firms or insurance companies.

He advocates less regulation. That is nuts. The credit default swap derivatives are basically ponzi schemes. These were illegal, then Phil Gramm got them legalized. These swaps are what will collapse the economy to zero. Greed from these criminal bastards is the cause!

[crabtrap]

rotobeam:did you even watch the video?

this man would agree that they should have let the banks fail.if the free market was allowed to thrive in the banks instead of govt

forced loans,banks that made crap loans would not survive,this is a good thing . this is why on average you get less work/performance for govt employees,the govt will alway back them up instead of free market which would can them for poor performance .

[wavracr]

Why did Clinton sign the Commodities Futures Modernization Act? Didn't that open the door to credit default swaps? There is plenty of blame to go around - it wasnt just Gramm.

[coolwise1]

It appears the the MSM anchors are trying to push the socialist adgenda on the America people, using to terms to "create job" or "provide jobs" as if government bailouts or programs are for the good of the country. Peter Schiff tries to explains that to the news woman but she is paid to believe or talks that government way is the correct route to fixed this economy. I wouldn't hold my breath for a MSM paid newsperson would say "You're right, Peter. The government will only make things worst."

[crabtrap]

no i think this woman is a believer in the socialist agenda,you can see the scowl in her face.probably a lib/arts dgree

[VoiceofReasonI]

They didn't cut him off this time?

[4rcane]

schiff needs to come up with a better argument against emotion points made by media anchors. They always come up with the millions job lost, don't you care argument. He should respond by saying government don't have the money, they need to take millions of job from elsewhere in the economy that are run by efficient companies to save millions of jobs here run by inefficient companies. Then ask the anchor, dont you you care about the millions of job lost?

[fergus247]

no, its not about persuading its about understanding

[deepblue501b]

this time peter schiff is less convincing, i think. I'm a big fan of him, but his logic is less strong here. He's already talking about the long run...however, i still believe him and i think he should be on the financial staff of Obama.

[frixionburne]

Well.. Thats never going to happen, but only because obama is already advised by people who hate schiff.

Now... I personally would hope that it DOESN'T happen because I'd like to see schiff in a position where he will be heard, and that will not happen with the bureaucratic bullshit surrounding the democratic presidency. Sorry guys, turns out both candidates were the wrong choice.

[dogle27]

Remember, UNITED WE STAND, we can't let GM, Chrysler workers starve, it will hit us in the long term too. It's not socialism but solidarity through difficult times.

[rayyf69]

What about Life Liberty adn the Pursuit of happiness ? Why can't i have liberty from the poor decisions of auto CEO's ? America has lost it's way.

[dogle27]

You don't know what you really have, look around, you have a computer, you can express yourself, you have a shelter, you have liberty to do whatever you want. You have to understand there will have bad times and good times. In fact, there is more happiness in the US than there is in Africa.

[rayyf69]

I would have much more if our gov took a pay cutt and let buis. fail. Now with my taxes that i could use to buy a 70" plasmatron will be redirected and i'll be buying somebodies overpriced healthcare, and a few union officials dinners for a year. Why don't we cutt the act and like the soviets did, just pay people to dig holes all day adn fill them in? It may not produce anything but atleast people will have jobs digging holes. + we wouldn't have the burdensome costs of maintaining auto capital

[sssssup]

Tend to disagree with Peter on this one. There is certainly a role for government - such as much needed long-term investment in infrastructure - and the U.S. has been suffering from poor governance rather than too much of it. European countries are characterized by bigger government and yet they are in better shape (incl. their automotive industry).

[dogle27]

I couldn't have said it better.

[rayyf69]

Aren't Usa's corporate taxes much higher then the average EU nation ? Are we really that much smaller when considering this ?

[dogle27]

I agree, the goverment has to regulate that for the benefit of the people.

[sssssup]

Tried to verify this, and according to OECD data, rates until this year were virtually the same for Japan, USA, Germany. The U.K. has been enjoying notably lower rates (*hint*)! Anyway, my point was that Peter seems to shoot down absolutely anything the government does, be it investment in infrastructure or cutting interest rates. Increasing interest rates at this point in time, as he suggests, is ludicrous! It's like telling a person suffering a heart attack to go exercise.

[rayyf69]

Yes i see now but OECD also reveals our rates are static while other nations have plumeted drastically in a 3 year period. That might explain their growth. A good thing for them, and maybe we can learn. We are still highbut by only .3 % Perhaps our low interest rates are sustaining high buis activity. Peter's thesis is based on Austrian business cycle theory which asserts that low interest rates will cause an implosion of hte value of hte dollar. Wiemar, zimbabwe and reduction of buying power.

[sssssup]

Well, U.S. automotive manufacturers have been lagging behind their German and Japanese counterparts for longer than that, so I doubt that corporate taxes are to blame. With regard to interest rates, clearly the Fed kept them too low during the last boom cycle (again, poor governance!), but I don't recall any major economy having recently RAISED their rate.

[sssssup]

Finally, if the Fed had simply acted like the ECB (previously mocked as 'inflation nutters'), we wouldn't be in this mess - no need to dismiss Keynes.

[rayyf69]

I would lay the blame on UAW and the burdensome healthcare costs that the big 3 must bear. GM is the largest purchaser of healhtcare in the world. That cost has to be imputed into their product. As far as keynes in concerned, Austrians assert pump priming is causing this parabolic business boom bust phase we experience decade after decade.

[dogle27]

There are people who use the truth for their own benefit, not really taking care of others. That's something you need to learn.

[motina10]

I see word here.. but you didn't say anything. Please substantiate.

[jdbig37]

Oh and the idea that large corporations pretect us is interesting. I thought these semi-monopolies have hurt us. After all we are so dependent on these few companies that just because one fails it could destroy our economy. There is something wrong with that.

[motina10]

Agree, we are seeing that they are not protecting our interests at all. They have made the economy fragile, like a house of cards. Can't wait to see when big argri fails, and it will, non-germinating seeds.. holy fuck, how do they get away with this.. and we eat these sterile plant crops... omg.. massive starvation and deaths, like Africa.

[dogle27]

You are right the have hurt us, but we have also had benefits from them. The balance should be regulated. The US is just a team in the global economy game, it must defend its players at all levels.

[motina10]

What benefits? The destruction of the environment? Defends.. like breaking the law the they did with the banks?

[dogle27]

Undersand something, they are trying to prevent a great depression, please understand it. There will be pain but lesser than it could have been. There are vultures ready to attack and I guess one of them is Peter and his gold ideas.

[motina10]

Peter is right, they ARE going to CREATE another Great Depression. You say you agree with Peter Schiff a lot of the time, but clearly you are not understanding anything.

[dogle27]

He was right that something bad was being made with the house bubble, etc and that would lead to the problem we have; but I tend to think that he also thought of ways to take advantage of that, I mean he is human he isn't a God for God's sake. If the economy improves, he will lose money and clients for certain. What do you want: the economy improving or Peter winning? Think before you choose.

[cowboy1165]

Ya know dogle, you don't get it, and others like you probably never will!!! REGULATION HURTS THE AMERICAN ECONOMY (PEROID) People like you that go on and on about needing government regulation are taught to only look at the symptoms of the problem and not the root. Enron was brought down by fraud law which is constitutional whereas the SEC (Government regulation) botched the whole thing. It was the people that brought Enron to court that dismantled the company, jailed the crooks, and sued.

[tmac9938]

very good point about enron. and very well put. true shit.

[jdbig37]

Do you realize that these companies are failures in the free market. If you save them you are going to end up with the same problem again down the road. And which failing company will be next. The government isnt smart enough to solve these problems. Maybe we need a new car company to rise up and sell a decent car. Thats used to be what was great about out country. That new companies who did things better were allowed to compete. But not if you bail out these giants who are failures.

[dogle27]

Bad cars, you swallowed that propaganda and urban legend, OMG.

[motina10]

They are bad cars, even the more fuel efficient asian cars are bad. They are ALL bad... lets blame the patent laws that keep good technology on the shelf.

[dogle27]

You are right there are better technologies that GM, Ford should be using after the great help, that's what I meant with regulations, the US goverment must demand a total change in technology. But oil companies, who are dependent on foreing oil, obviously are against it. The goverment has to protect the people not corporations, regulations should be more balanced toward the people.

[motina10]

That will never happen because government is too big. The government is the one behind the oil companies. If government got out of the way, and removed all the regulation that prevent people from starting business out of the way, including patent laws, like patents on DNA! But hey.. your need for protectionism is the reason we are in this mess.

[dogle27]

Anarchy would come if the goverment steps out of the way, not only socially but economomically. That's what goverment is made for, it is elected by the people, so next time you vote, think twice, go for the one who offers the solutions you are interested. Talk to your congresmen, be active in changing something because corruption will always be there to destroy something. Teach that to your children.

[motina10]

Pater Schiff is a Murray Rothbardian Anarcho-Capitalist. Go anarcho-capitalism.

[dogle27]

"You can't let you children fail, you look for solutions so they become stronger and the behavour that led them to commmit such mistake isn't repeated again" Family is the base of the community and a country, such example is what the US goverment is doing. Peter is an extremist, if the US let these companies fail, there could be a possibility that the US never rises again, at least they are trying to help the best that they can. It seems like Peter wants something out of this total collapse.

[motina10]

Yeah, an economy that doesn't fuck the poor. Let the U.S. Free-market works better for the poor, since it is easier for them to produce, as it doesn't regulate in favour of the big corporations.

[motina10]

The education system supports big corporations, AND cost money! Which fucks the poor again.

[dogle27]

I'm not saying that corporations are saints or martyrs, they have been wrong and what's happening now it's the proof, unfortunately they have millions of people working for them that if they are to be fired, poverty will rise at an imaginable scale. United we stand. It's up to the people and the goverment to push for further regulations after the big help they are receiving from the people. It's just business, corporations benefit, later people should also.

[motina10]

Further regulations? They are over regulated. That is why they are so big. If you allow them to get too big, the failure becomes to great. And that is exactly what we are getting. Who cares about peoples jobs. Why can't they start their own business in that same faeild.. OH!!!! thats right.. regulations! Fuck! People just don't get it. Fuck pride!

[dogle27]

Yes they are over regulated, but more for the benefit of the corporations. Regulations should be made to protect the people and the US economics. There are people who can use you identity and destroy you, that's what companies have done till now, they use the US confidence to benefit themselves and destroy the US economy, regulations should be made to stop this.

[motina10]

They do not benifet "corporations". they benifet big nationally supported corporations. The small Co., Inc., and Ltd., run by a very few people suffer, big.

[rayyf69]

If corporations cause problems in teh economy either through mistakes or greed doesn't the same standard of reasoning apply to politicians and the government ? Voting in a new president does not change human nature and transform men into angels or gods with perfect knowledge of future economic events. Voting in new people every 2 to 4 years will not create beneficence or omnipitance.

[dogle27]

There are toxic companies and behavours that, if not being watched or taken care of, the US quality credibility would be lost, just as we are seeing now. This is still capitalism, everyone can compete in the US but US capitalism confidence should be regulated by the goverment. It's like saying "the goverment shouldn't protect us from hurricains since I have my own means to protect myself, let me decide what's best for me", in great business, great solutions must be done by a great goverment.

[motina10]

Everyone CANNOT compete. Period.

[dogle27]

Not at a corporate leve, just imagine destroying the corporations, other countries' corporations would take over the US just as it is happening in Latin america, Asia and Africa (by the way US companies are included for the benefit of US people). Do you want that to happen to the US? We can't go back start bulding small business, THAT'S THE PAST.Corporations protect US economic position in the world, you can always buy stocks and be part of that corporation

[motina10]

All imperialism is bad. I don't not give a shit about your pride and state corporations. They fuck the poor up the ass.

[dogle27]

I know, but there will always be a strong country whether we like it or not in a capitalist world. Even Peter Schiff will benefit if the US collapses, he is into gold and asian stocks, can every american do what he does? No, he is rich, he has is agenda. It's not pride, Chinese have their pride, would you prefer to be under that pride? Chinese imperialism would care less about you for sure.

[motina10]

What is Peter's agenda? His clients? Duh!

I also don't get your tu quoque.

[dogle27]

Sure, he loves his clients, naive. By the way, you don't have to be vulgar to express your ideas.

[motina10]

Well, the naivete will stand until substantiated by opposing information.

Vulgar.. who cares. Why do you care?

[cowboy1165]

He's being vulgar because YOUR being naive. Do yourself a favor and pick up the book "Economy in one lesson" by Hazzlet. But don't stop there Read more and form better opinions.

[rayyf69]

What makes us assume the American governments care a lot about us. If they are willing to destroy our wealth with inflation or increase taxation on us maybe the assumption that the state is a benevolent loving God is the problem, and the notion that the state is the mechanism of last resort is untrue. Perhaps those that reject that state for themselves are those with the most pride, pride in themselves and not a institution with a political class that is out to increase its' own utility.

[dogle27]

Ok so let's not trust the goverment and blame it for all our problems. Typical childish behavour. It's our problem and we need the goverment to solve it, that's what it is supposed to exist in the first place, IT'S A MODERATOR.

[rayyf69]

Well don't you think it's wrong to deify it? It can't possibly have perfect knowledge of the future can it ? Thus it's decisions may have incorrect outcomes and create perverse incentives that they did not intend. The people in government may be operating in their own interest at the expense of us yes? Consider IL "pay for play" scandle on your national news now. If we are aware of this now what are we not aware of ? Are these really childish questions? As a child i was more trusting of the gov

[dogle27]

Corruption will always exist, even in the goverment, I'm not saying they are all sainst, but you have seen that person was caught and will pay for what he did so the goverment is trying to correct it. Don't you think they trying to do the same thing to the economy, I mean,correct it? People trust Peter's interests, gold that's it, you should listen to his radio broadcast. He doesn't care about your children having food on the table, he says let GM fail, that's wrong.

[rayyf69]

I do listen to his casts.If a person says they care for my children how do i know they speak the truth adn just want my vote , money or support. Percieved benevolance means nothing to me, i demand action and results. caring words can be uttered even as a nation starves to death. I think letting GM fail is good, rather then tethering it to every american negatively. Will that make them sustainable? I see no reason why it would.I asset that the nature of gov rewards the corrupt.

[dogle27]

I couldn't agree more with you, there's nothing to assure us benevolance from the elected people, however we have ways to investigate them, be more active in our community, politics, etc, before we elect them instead of watching American Idol or American Football all the time (well you can but with certain mesure). For every word we have to beleive, we need to deeply investigate its true intetions, that reduces the chances of a bad vote. That also goes for what brokers say.

[rayyf69]

This goes back to infallability. No matter how vigilant we will not know everyting because of the nature of government. Further more our policing government does not produce knowledge to fix the economy. The voters or the bureaucrates are not in possession of this information. To say regulate = fix doesn't make sense. Even with a perfectly good intentioned governmnt and perfectly vigilant citizens will not produce perfect economic knowledge of the future. Capitalism must have business failure.

[dogle27]

"Even with a perfectly good intentioned governmnt and perfectly vigilant citizens will not produce perfect economic knowledge of the future"

You are getting the point, nothing is or will be perfect,I agree, but at least taking that attitude reduces the probability to a worse scenario (think of Latin America, Africa.

I didn't say we should keep an eye on what the goverment does (though we should) I did say we should keep an eye on people to be electe for the goverment and, brokers, indeed.

[rayyf69]

How does it reduce the probability of a worse scenerio ? Reducing the costs of milk by fiat on good intentions caused the industry that makes milk to redirect their capital and make cheese or other dairy. Intentions are irrelevent to outcomes, knowledge is critical and neither voters or the government has this. It is through the process of business failure and the market mechanism that this discovery happens, and we are spitting on it and kneeling at the alter of state to take the markets place.

[dogle27]

I agree with you, but the goverment has to regulate that. Just think of FDA, one company produces milk with bad hormones, toxics,etc that affect humans in order to produce more milk with "good quality" as they announce, the other company does it worse, it finds other ways to creat even more milk with different toxics since the othere company wasn't even watched or penalized for that. FDA prevents it (goverment agency), just imagine leaving it to free markets, for sure you don't want that.

[rayyf69]

I want more govlike i want more salmonella in my tomatoes which i can thank the government for because they didn't find it. If government was such an effective regulator why does EUREPGAP a PRIVATE regulator have to pull the weight of the EU governments failed regulatory attempts ? Clearly private regulation is possible and likely prefereble to individuals who have a high lattitude to be incompitant. If private regulation was impossible why do some vehicles have crumple zones ? free choice

[fergus247]

Why would it be in anyones interest to put poison in their milk? Its not good for reputation and thus sales. You would expect the company to research the stuff in their products

However, with an institution like the FDA the company dont have to. Its no longer their responsibility. So even if the company know an additive is not overall good, they will still pour it in because it is accepted by the FDA

Do you understand how government takes away responsibility and the damage that end up causing?

[dogle27]

Please, read again what I wrote and do some research before you post.

[fergus247]

FDA is false security, government doesent have perfect knowledge. And why leave it up to a few socalled experts to decide which drugs are harmfull or not?

[cowboy1165]

You really are naive. It's your moderator who started destroying the peoples free market by enforcing regulation, when the market has it's own. supply and demand; succeed or fail; risk and reward.

[crabtrap]

cowboy makes my point much clearer

[schopmerst]

"This is still capitalism, everyone can compete in the US but US capitalism confidence should be regulated by the government."

How can you have this opinion, and call the U.S. economy, "capitalism"?

[rayyf69]

sorry but your wrong, it is not capitalism but corporatism or "3rd way" economics. As von Mises stated "middle of the road policy will leads to socialism" Every intervention requires yet another and another. Of coarse i belive the USA will feel massive pain if it continues evoking the infallable "hand of the state" assumption. If Sweden adn china can turn away from socialist ethos we will have to also.

[cowboy1165]

You make no sense. The ship cannot sink simply because it's name is "TITANIC".(Thats just saving face.) Apparently you were not listening. all companies that do not produce according to the market (being you and me buying and investing in a solid run company) SHOULD FAIL. Would YOU put your investment money in say an apple orchard if the apple pickers made $50 per hr. No, because they can't compete with a free market price of apples and now your going to be forced to with tax money, thank gov.

[dogle27]

I have always agreed what Peter Schiff says, he is right in most of the things he predicts, however, the US product is kind of a "trademark", it's the goverment's responsability to let the world know that what's produced or done in the US is highly watched and regulated, it's the final quality touch to a product or business crated in the US, there are many companies, as we have see, who don't give a damn to trash the US in order to make profits, so the US goverment has to protect its position.

[marcosxag]

yeah man this broad is a moron and a half...good god.

[justgetsome]

agreed, she's just a tool oh mainstream media...

[FongoBongo]

this bimbo somehow thinks her opinion matters and that Peter Schiff could learn a thing or two from her. She should just shutup and moderate and be honored to have herself graced by Peter Schiff's sound advice. I hate it when news anchors somehow feel that their opinion matters. They didn't go to school for economics or have a career in that field, they report the news, so report ya dumb bitch.

[FongoBongo]

i love how this "news anchor" feels that her opinion matters and that she has more insight than Peter. She should just shutup and moderate rather than spew this news segment with her stupidity.