Peter Schiff 3/12/09 - Fox Business Closing Bell

[UrielWN]

What do you expect from a country that used to say in WWII "Spend for the Axis or SAVE for Victory". What is this irresponsible change of policy? Putting the people who make money out of debt instead of sound economic policies?

Something really un patriotic for the american people is going on here!!! The generals of the US economy are actually enemy spys destroying the home front in order to make more money out of the people's credit plight.

Use your common sense. Listen to Peter Schiff.

[aviomaster]

-- Since 2001 , Russian military indystry , is in very good shape, THANKS to USA Russian military industry , is growing like a corn in California, Thank you USA.

People around the world are afraid of USA.

[pookiroo]

Why would you depend on your credit card for your rainy day? That's so immensely stupid. If you can't pay it back right it away you will charged the highest consumer interest rate. If you can't pay it back right away it will lower your standard of living until you can pay it all back.

[classic7890]

I don`t see China ceasing it`s policy of buying US debt any time soon and the day they do because maybe they have enough chinese consumers buying their own stuff is the day manufacturers move to cheaper countries to produce their goods and that "cheaper" country replaces China and buys US debt. The only way it can end is with a US bankruptcy somehow because Washington and the Fed will not stop doing what they`re doing.And even with bankruptcy, the same politicians will still be in control.

[dooglio]

Probably as long as they are afraid of losing all the money they loaned us, yes they will continue to lend us more money. The day they decide it's no longer worth it, when they meet that tipping point, then we're screwed. So perhaps we either bankrupt on our own or they do it to us, either way it ends badly.

[plabudotcom]

I would say that Jesse and Peter are definitely NOT working for the gangsters and cronies in power right now. For example, look-up Irwin Schiff, Peter Schiff's father. Irwin Schiff is a self proclaimed tax protester for as far back as I can remember. He was around in the 60's preaching this message of active tax protestation. He eventually ended up in jail for 13 years! Schiff's family is extremely pro-freedom and I can validate it from meeting and talking to Schiff at a financial seminar.

[FattKidd]

Peter Peter Peter... people CAN'T save money man! That is the problem! Wages have been stagnant AT BEST in this country for the last 30+ years! avg real wage in 1964 was about $16/hr. Avg real wage today is about $16.40! People would save if they had the money. You & I both know that the cost of EVERYTHING since 1964 has gone thru the roof! Housing/autos especially. We have no money! We're not all investment/fund managers! Try supporting a family of four on $16/hr! It's impossible!!!

[plabudotcom]

That's what you get for being sold down the river by private banks and still "working" for a living earning that wage. Everything you said is correct but, there are solutions to it. If you have a business that sells a product and not a physical service, you can adjust your products price for inflation. Or the ultimate way to win is to use the system for what it was designed for, going further and further into Debt using the Limited Liability Corporation to buy Assets in the Corporations name.

[FattKidd]

Well, that's fine if you own a business but, the vast majority of Americans do not. I get your sarcasm tho. I just don't think people like Peter really get it tho. Most people cannot afford to invest. Most people cannot afford the cost of a house, a car, food, gas, etc. The vast majority of Americans simply do not make enough money to afford even a modest lifestyle, even on two incomes, and thus HAVE to go into debt to make ends meet. I wish he would stop talking about saving & talk about wages.

[dec2]

he supports sound currency economics to avert those problems altogether.

[dooglio]

If you have a problem with wages and the rising cost of living, then let's talk about what the government has been doing to the dollar for the past 75 years. That is all he talks about! Inflation is caused by our nation's abysmal monetary policy. And so was this entire financial mess! That and out of control federal spending. He is right to go on about debt--look at our nation's national debt! We ought to be ashamed of ourselves!

[FattKidd]

Yeah, that's definately most of the problem right there. We either need to have massive deflation, which is something most people are loathe to have happen due to all the $ we've poured into houses, cars, investments; or we need to have wages increase to match the inflation. David Cay Johnson did a study & found that if wages had kept up with inflation over the last 30-40 yrs, avg hourly wage in the US would be $90+/hr! That goes to show how out of whack things are.

[dec2]

also notice your quoted stats begin at 1964, the very year our currency and coins stopped all silver backing.

[FattKidd]

very true

[Jaycephus01]

We can't save because why? Oh, yeah... we're paying $1100 a year for an iPhone, $500 a year on Starbucks or energy drinks, or both, $240 a year on computer games, $200 a year on movie rentals, get a new car every 5 years, a new computer every 3 years, and pay finance charges on all that 'cause we put it on a credit card!

Peter lives in an apartment because he believes in saving, not throwing his money away on an overpriced house. Pretty smart, and he walks the walk.

[hexzerg]

Wages have been stagnant because we are less and less competive. We have the second highest corporate tax rate in the world. One of the strictest restrictions on business in a capitalist country. How can wages rise if we aim to destory business.

[FattKidd]

fact is, no matter what the rate is, most corporation do not pay income tax or if they do, it is minimal. Tax rates vs actual revenue collected is a big difference. I don't know how you can argue that we've been trying to destroy business in this country when it's obvious that big business is in control. Their lobbyists write the laws, they own the politicians, etc. Businesses move offshore to exploit slave labor & have crafted import/export/tax law to favor this practice.

[dooglio]

The fact that corporations minimize their income tax by passing it on to their customers is true. Any business, large or small, seeks to offset their liabilities by building it into the cost of the product or service, and tax is just one more liability. The problem is, the more prices rise due to inflation, and when you increase the corporate tax rate more and more, and add excess regulation, you reach a tipping point where you can't pass that expense on to your customers.

[dooglio]

That's called not making profit and going out of business or moving to a foreign country where taxes and regulations are low.

And we are not talking about big business. We are talking about small and medium business, the companies that don't have access to high-powered lobbyists that get special legislation crafted that benefit them and only them.

[FattKidd]

If you want to talk competitiveness, the US workers is STILL BY FAR the most productive worker in the world per capita & our production rates have soared year to year over the last 30-40 yrs even while wages have declined & jobs shipped overseas. This has nothing to do with competition & everything to do with exploitation. US biz expects to be able to have their product made by slaves in Vietnam & then import back to US & have US consumers buy products we once made. Well, that's over now.

[dooglio]

I don't think I agree 100% with that. See my post above. Many companies are leaving the U.S. because we are over-taxed and over-regulated.

[FattKidd]

If we're over-taxed regulated, then it must be REALLY bad overseas. Fact is, for all the hype you hear about taxes & regulation here, the US is BY FAR the least taxed/regulated country there is. Do you really think taxes/regulation are less/more liberal in China than they are here? In order to have a business in China or India, 51% of your business has to be owned by the gov't or a national enterprise. How's that for regulation? Look at the European countries that opened themselves up to foreign

[FattKidd]

companies a la lax regulation/tax laws; Ireland, Iceland, & every Eastern Bloc country... they are all bankrupt and collapsing. So, I'm really not sure which countries you refer to when you talk about these regulation/tax havens that US companies are fleeing to. No, Us companies flee to exploit slave labor. When Mexicans demanded more from industry, they fled to China. When Chinese demanded more, they fled to Indonesia, Laos, Veitnam, Cambodia. As I said, most of these countries have MORE

[FattKidd]

restrictions in terms of regulation/taxation (some are communist, all are very socialized). I'd even argue some are fleeing FOR more regulation/taxation as many are admitting they are setting up shop in Canada/Europe vs US to take advantage of National Health Insurancein leiu of having to provide it for workers themselves. The whole regulation/taxation argument is a canard for more control/less responsibility. Moving offshore is shortsighted at best as America is the end user market still.

[dooglio]

As socialized as China is, they at least up to the collapse began to understand that you have to lower the regs on business if you want to raise the standard of living. And if you think it's just about slave labor, why go to a country with more regulation if it doesn't balance out? Just because you lower the cost labor does not mean you make a profit. There are plenty of countries out there with much lower tax rates and much lower regulation than the U.S..

[FattKidd]

Again, you can't even OWN a business in China outright. China is so regulated, that they do not allow companies to compete. They use price fixing to achieve this. So, basically, I'm still waiting to find out where these countries actually are that have fewer regulations & less taxes than the US AND (very important AND here) actually have a market in which to sell their product. China is actually moving very fast to implement enviro, workplace, wage etc standards to appease their people.

[FattKidd]

China has higher emission & CAFE standards than the US so much so that the Big 3 cannot sell most vehicles they make in China because they do not meet the regulations/standards. So, I would really like to hear specifically how China (or any other country) is less regulated, more business friendly, has lower tax rate, etc etc than the US. Again, the main difference is the WAGE standards. That is what truely separates the countries. That and Univ Health Ins.

[stealthswimmer]

put this after the equals sign in the URL bar

hYE4gO0b3K4

[Justbeatit999]

FOR EVERYONE who follows JIM ROGERS, PETER SCHIFF, MARC FABER and RON PAUL.. Guys I just always go to financialtruth0.blogspot. com because they post all the latest videos there!!! Thanks for uploading the video anyway! Your friend in liberty!

[Gollywog]

people laughed at my mum when she said she didn't believe in Credit card! I wonder how those idiots are doing now?

[rupertmja1]

I noticed the credit card craziness building up over ten years ago. I have never had one and always laughed at those that did. Suckers.

[cowboycarl04]

It's kind of funny, but I have one of those 3% rewards, so I get 3 cents for every dollar spent back.

Well I pay my townhouse rent with my credit card. I live well within my means and payoff my card every month.

I get a $500 check for free just using my one card

If they didn't offer rewards, I'd be just like you.

[TheFlex21]

Peter's hairline is steadily vanishing because of trying to kick some sense into propaganda-pushing reporters