PETER SCHIFF - 6 YEARS AGO -- "...and they will panic" - PT1

[bykashka75]

the water was hidden behind the vase!!!!!!!!!!!

[Avidcomp]

Even Schiff couldn't have imagined how incompetently the government would react

[elvin20ny]

We are done. We will get alot pain.

[breckandy]

He said get out of the US dollar. I got out of my last dollar this morning when I had breakfast from the McDonalds dollar menu

[rmccay88]

The only thing Peter ever is wrong about in his broader macro economic predictions really, is he discounts the incredible length and power the Fed can prop up the economy. In other words, that's why his predictions at times take longer to come. But that just shows no one can predict the exact timing of macro economic collapses, only the reasons behind them and an estimated time frame is the real key in my opinion.

[Burnedice]

a financial analyst or a bilderberg member?

[bobby4500]

well

thanks to peter i will be buying gold in a few weeks...hopefully

the baltic dry index is down, all of you should consider this !

[450984]

He's right more than he's wrong, and he's outsmarted most of the "experts" on wall street! Dow is falling, the end is coming, housing is done, and there is no way to save the sinking ship! Just read his book "Crash Proof"2.0. His investing policies are based on common sense, he admits this himself!

[nasafakedit]

Peter said sell the Dow Jones at 7000

It is now 10600

Hwe lost a lot of money for investors

[GMHGTO]

@nasafakedit

He told people to buy gold when it was $300 oz. and a housing bust was imminent in 2007, wearing a tin foil hat its hard for you to understand that.

Why does Peter know these things, hes on the floor making trades, he shorted subprime market back in 2006, he easily saw the outcome, simple.

[jeremyraybrown]

Guess what guys, we still have had the full recession or started to rebuild factories yet! Of course the government continues to spend more and erode our rights. It is scary what our future holds.

[BA0084]

yeah the fashion and hair is from 1998-9, what is the real date for this video?

[louisinhongkong]

2002? Really, from the video quality and music it looks its from the 80's!

[nakeist]

This is real deep

[ruppstomp]

All of this nonsense was propped up by the Bush Administration. America was officially in recession in 2003.

But, Dubya had Bernake give away credit, because he wanted a second term.

G'job Dubya!

[AFRIKTODAY]

He is no genius; just a student of the Austrian school of economics!

[newnoggin2]

Evidently, considerably smarter than AFRIKTODAY.

[AFRIKTODAY]

24 years older for sure! What I just meant to show is that from an early age, Schiff was acquainted with the Misesian school of thought. Nothing else!

[scottvska]

Africa is so great that you don't want to live there.

[AFRIKTODAY]

Who told you that I do not want to live there? And, how do you know that I am not in Africa? I knew there was a lot of advance in technology but I had never, until encountering the filth that you are, met someone who could read through the life of another individual he has never met! You are indeed a genius, of stupidity!

[scottvska]

You ought to read Gedaliah Braun's Racism, Self-Hatred and -Self-Deceit.

[AFRIKTODAY]

Indeed i suppose I should take leads from your educated self! Are trying to make me laugh of puke?

[scottvska]

Read it, Mbele. It shows how "evolutionarily challenged" black Africans are. Oh, and the author is Jewish.

[AFRIKTODAY]

Hahahahahaha! You certainly do have an extended Library of "love"! Sorry but I own 500 books and a couple more digitally and, none of them is titled "Evolutionary challenged". In actuality, I have a book for you: "Mentally retarded", just for your likes!

[bjarnet3]

What about Gold,,, if you bougt 1million in gold,, that gold is now worth 4-5 times more.

[musarman]

I think she was hoping to interview him - I think she got struck by the gravity of reality - way to go Peter! Irrepressible over and over. Sick of all the pretenders out there who get money but they don't really understand it half as much as this ace.

[sublimeksaleel]

hes is genius....and she got legs...

[pairunoyd]

did he say invest in NZ dollars?

[ari1989]

he recently suggested buying NZ dollars in his blogs on youtube as it has risen 38 % since March

[pairunoyd]

did nasdaq hit 500?

[flamemebitch]

jesus christ he is a genius

[lookagain77]

wait, jesus christ is a genius? or peter schiff is a genius?

[Usernamn10]

Not really, more americans being morons refusing to give up their "americans rule" perspective all while watching Ricky Lake n eating macaroni n cheese...

[gus19668]

Peter is a genius , thanks for your advice

[TheGreekMobsterr]

"Their feeding you propoganda" Its been SEVEN fucking years and this guy is still saying the same shit hes been saying for the last SEVEN fucking years...can you say consistent?! Ron paul for President/Peter schiff for Treasury secretary

[GOPSpinMachineInOD]

Peter Schiff is a genius

[ThaRealHipHop2008]

yes he is

[bunyip2005]

I don't think he is a genius, more of a realist.

It was so simple but so hard to comprehend for most American financial 'experts'.

[bajen3]

Hes a joke

[Sniper2008009]

Your intelligence is a joke..

[diaverde09]

I'm kinda pissed that I didn't hear about this guy years ago.

[Lymojo]

There's still time, man. Call him, but don't wait another day!

[Elasaltaculos]

i know man. I wish I was into Austrian economics back then, I would have had so much more money right now.

[popcornfreak828]

man, if people actually listened to this guy almost 7 years ago and invested outside of the US thye'd have been a lot better off!

[hungvan]

She's crossed her legs at the breaks, wow - basic instinct.

[drakflyga]

Well, it was 2002, Peter couldn't really say "hey it may happen in 5-6 years" since most people wont listen. So yeah some of his forcasts like "bubble will burst soon", may be a bit early. But of course in general he was right. in the end. cheers to P Schiff

[mandatum]

Peter was never really good with timing. His global analysis was correct. But all of the predictions he made in this interview were off. His prediction that the DOW would fall to 2000 has yet to be proven true. He was also wrong about the dollar collapse and rising interest rates.

[jvittetoe]

you know the game ain't over.

[mickeyrookie]

sadly it has just begun!!!! you have borrowed approxematily 10 trillion dollars and your defecit EVERY month is still around minus 60-70 billion dollars (36-39 billion january 2009, primarily due to the 20-25 billion saved on crude oil and falling import... Sorry but you are fucked!!! By Bush By The Way..mmm it Rimes on what he might pray, why o why did i have to be gay....

Saluting all Spacepeople( and your pets )

[celestialnubian]

@mandatum

The game is rigged. When you have people propping up the system, you know it's going to fall but the exact timing is in the hands of the puppeteers. BTW, your statement was untrue. Peter did not say that "the DOW would fall to 2000". He said that he predicts that the Dow would fall to between 2,000 and 4,000.

[forestloves]

@mandatum He has said himself that this prediction didn't take into account the irresponsibility of the fed; therefore he altered his views in 2003 and 2004 as he saw how they responded to all of this.

[adam9a9]

@mandatum He would have been 100% correct if the government didn't blow up the real estate bubble. We just postponed the problem and now we are finally seeing the moral hazards the Fed and the government created.

[Deimosxsz]

@mandatum Its too hard to predict and exact date, that is impossible. The speech of Peter is right, he have good reasons and reasoning. But you can't ask him for a good timing, that is impossible, really. But the things that he said are happening. Not exactly, but we should recognize his merit.

[SevereTstormFan]

@mandatum: But I would also keep in mind Peter probably didn't think the Bush administration and the Fed would stimulate the economy in the early 00s. I think Peter predicted DOW 2000 based off himself assuming no easy lending standards and no low interest rates. The DOW should have fell as far as he said if we had true free markets in my opinion.

[emerson24]

@mandatum The problem with making predictions is that they never really pan out. As for the economy, who would have thought the FED would print out as much money they did to keep the dollar afloat? Had that not happen, things would have already tanked. There are certain wild cards that just can't be predicted.

[s0beit]

@emerson24 Uh, everyone thought that. QE was easily predictable and isn't really a wild card. More like as predictable as snow, in winter, in Russia.

[Avidcomp]

@mandatum My maths probably don't add up, however given the insane amount of money that has been printed it's worth allowing for the fact that the DOW is based on US Dollars which have devalued. So 11,000+ is meaningless if it's based on near worthless or soon to be US Dollars. We're still kicking the can down the road and I don't know how much longer this is possible.

[ddstar]

@mandatum Dude. No body can predict exactly what the price is going to be. You have to give him credit for a lot of his drops.

May 2002 DOW: 10000

Low of 2002 DOW: 7500

Financial Crisis: 14,000 to 6600.

Those are some pretty big fucking drops and liquidations. The next one will be bigger. That is how the game works.

Why don't you stop being so biased and use your brain?

[Finnbar01]

What does Peter mean when he says you do not want to be in US Dollar? Does he mean that if you have shares in a US company listed on the NYSE you should sell them? Great video BTW.

[scientistwriter]

yea

[Lymojo]

Yes. He also means that you shouldn't have a bunch of cash in your savings account or mutual fund and think you're safe. The government's plan right now is going to ensure that even if the dollar figure in your account stays the same or goes up, you won't be able to buy nearly as much with those dollars.

[katchum]

Time to buy a massive amount of gold then.

[hermbilliamherm18]

what a badass!!!!!!!!!!!!!!

[SpaceCadetRyan]

Peter Schiff definitely breaks it down on this one.

[midianholic]

Who's that MILF ?

[ismuks]

what peter is saying was nothing unknown then or now.. the other speculators are just pretending that they don't know.

[denzilla171]

I like Peter and respect his opinion, but he totally mis-called the bull market run from 2003-2007.  And thus far, his prediction for interest rates to go through the roof have been just the opposite.

Perhaps he will be correct in the near future. But to those who are touting him as accurately predicting the current mess - I say clean the wax out of your ears...

[jvittetoe]

Nobody is perfect, nor can they predict the financial market with any certainty. Bottom line though, Peter has been far above the rest in calling the housing bubble and the coming credit card collapse years ago. The thing is, with our current Keynesian policies, the booms and busts are predictable and inherent. There are thousands of Austrians Economists who have been calling this for years. Economics is a hard science, just as physics and chemistry. 03-07 wasnt a bull market, it was a bubble.

[westy44cal]

@jvittetoe I agree. He was withing 6 months calling that housing bubble burst while everyone was still laughing at him. He also navigated away from the dot com bubble. He's also been buying gold for over a decade. Not saying he did better than a few that did buy and hold say and Apple or Amazon but as far as common sense economic goes he's been pretty close. The high interest rates are the last thing he speaks of that hasn't happened but I'm worried it could. THAT is when homes will collapse

[whater39]

I would say that you are wrong about a Bull 2003-2007. It should have been a bear market, but the interest rates were so low, it allowed people to keep on buying goods on credit. The trade deficit has been terrible for that entire time. Which is another reason Bush is a terrible leader.

He will be correct with the interest rates going up. Interest goes up, as inflation goes. The bailout is a massive printing of money, which will cause inflation.

[ddstar]

@denzilla171 Interest rates are being suppressed by the Fed purchasing bonds. When they have to reset interest rates will spike.

Get a clue.

[jehnubis]

The real estate boom was the PIN that burst the bubble.

[chrisdorman]

jesus, this is 6 years ago and he was dead right considering what has since transpired..

[imaginator]

he is right, the market even then was over valued. See now the Dow has fallen below that point in just 1 year....

[chunstiger]

Peter Wasn't wrong on 02-07 being a bear market. It was bear market masquerading as phoney bull market created by the federal govt. Sure, his predictions are slightly off time wise, but in his defense he doesn't have a crystal ball to know what the govt is going to do. In this case the Govt propped up the phoney economy by controlling interest rates at artificially low levels. You also have to take into account this financial stuff can take a LONG time to flesh itself out and show its true self.

[SLEEPy2k16]

2002-2007 was a bull market, he was wrong there

[mattd49]

I think they (as in Governments - both UK and US) pumped up the boom so much that the recession Peter is talking about, will now end up being a prolonged period of something alot more nasty.

He was right in this clip. He timing was a bit off, due to Government policy stoking the cheap credit boom for longer than expected.

The longer the bust didn't occur for from 2002, the worse the problem we were storing up for the future.

The future has now arrived.

[whitechocolatespace]

Yes a bull market but why? At the time Schiff couldn't have predicted the Fed would lower interest rates to prevent the bear market to actualize. Instead, Fed created a new bubble - the housing bubble. Now that's burst, guess what the Fed's doing? They keep on intervening to prevent the economy to self-adjust.

[JP5466]

Yup... a totally PHONEY bull market based on easy moneny/credit.

[fafkulec]

Just look at the chart. His timing was perfect.

bigpicture . typepad . com/comments/2006/04/dow_jones­gold_r.html

[rayappanrowdy]

He clearly states that he is preparing his clients for what is coming by getting out of dollars. He has a done a damn good job doing that. Pulling out at the end of 'bull market' would have been disastrous.

[SLEEPy2k16]

I bought Gold at $250 an ounce and sold at it $300 an ounce.

[hamsterama]

Oops! Instead of selling it, you should've kept it!

[megawavez]

bear market for 5 - 10 years?

[drudge28]

He is against the gangsters who controll the Fed.

[kaushikchemburkar]

His prediction is so accurate its scary... Every person who holds US$ should sell it and move out of USA ASAP.

[hamsterama]

This guy is so awesome. If there were any justice in the world, he'd be the president.

[bearsagainstevil]

he said he didnt have the background to run ,but your right he would make a awesome president

[kermitcintronsucks]

Peter got lasik and bosley hair care. HA HA !

You can't take anyone seriously that has gotten lasik and bosley hair transplants. nigga please.

[h0tpoop]

peter schiff scares the shit out of me. mostly cuz i know hes right.

[Airbandit5427]

Wow, he was talking about capital flight for a while. I have been thinking that's the next major stage of the crisis we are in. Everyone runs from U.S. assets and interest rates get jacked.

[maqawar1]

Peter is a genius

[justgetsome]

Peter is a god. He was bang-on..on everything!

[TrackerMedic]

I'm just so glad that I listened to Peter and sold all my tech stocks and put my money into Gold back in Jan of 2001 when it was $270 an ounce. Hah, I wish.

[funsguy]

Holy crap, this guy was right about everything why isn't he the Fed Chairman?

[jbryant13]

Because he's not a member of the crooked international banking cartel. You don't really believe the Fed has our interests at heart do you ? They are criminals

[milan20]

because a prerequisite to work for the government is you need to be a fucking moron.

[livefree1789]

Dow at 2,000-4,000K? Wheee!!! Sounds about right!

[littlemisspissy]

No wonder Peter Schiff and Ron Paul got together... these two guys are and were the only guys who were not afraid to tell the terrible truths about the real state of the union.

[Elmeromero1]

Peter Schiff, Ron Paul, Bob Barr, Ralph Nader, Jessie Ventura, Cynthia McKinney, etc. would make the 21st. century political dream team! WE NEED TO INFORM THE MASSES, AND GRASP THOSE WHO ARE WILLING TO LISTEN!

[taznruby]

And people said he was a "doom and gloomer".

Sounds dead-on to me.

This happens now, maybe a little worse than Mr. Schiff thought.

[paulDIAT]

What a fantastic video! Thank you for the post. 5*, favoured.

[markymarkuss777]

Peter is so right about everything.

[jvittetoe]

finally! youtube doesn't like .mov files.