it was difficult to enjoy my father's day after that. It seems that a little bit over half of America is happy to vote themselves the other half's money and to that end they have no problem voting liars and creeps into office - so long as the party line is "and then we'll give you the rich people's money". LIttle to the voting-drones realize now but that policy would destroy the economy, and them with it. Will anyone be able to stop this process? It's getting late in the game for it.
@vbywrde It has recently occurred to me that voting rights should somehow be linked with ownership or productivity. Otherwise the system is doomed to what we have today.
I, myself, think it's too late.
I think we will go through a very ugly period and who knows what will come out in the end. I cry for the idea that was America. I wish we had followed our founding fathers advice and paid more attention to their warnings. I don't know how to save it at this point.
We must phase out "defined benefit" entitlements and phase in "defined contribution" plans, and require everyone to accept responsibility for their own decisions.
Perhaps this is not a bad thing, that is the government running everything into the dirt. Then we will have clear proof of their incompetence and perhaps a diminished role for them in the future might be a new found super intelligence for the citizens of the world. After Pol Pot(and many other similar monsters) the viability of state sponsored redistribution and eugenics will be viewed under a caustic eye for centuries to come. Sometimes the best cure for horrible ideas is their implementation.
Peter, I've been eagerly awaiting the launch of your precious metals business in order to buy my coins from you. However, I was sorely disappointed to find out you have minimum order requirement of roughly $10,000. There is a huge market out here for small investors like myself which you have totally neglected. Please change your policy to include us. Thank you
What a nonsense to talk about post soviet production growth! The free market gave Russia the growth in corruption and reduced industrial production to almost nothing (not to count oil and gas exploration for export to the West). Corruption is the base for the capitalist "invisible hand" economy. That what they do in Iraq and Afghanistan; they bribe as many officials as they can to create the "wealthy class" whom can be manipulate and control.
The public sector does not takes the capital from the private, it takes capital from foreigners (Chinese, Japanese, Saudis) so the american private sector still has capital and I dont know what you mean by rebalancing
If inflation is higher than it really is which you and I both agree it is than the debt adjusted for inflation is even lower and secondly if China revalues the Yuan (towards which it has hinted recently) then manufacturing will return to the US and we will have more tax revenues therefore less need for deficits and so "china will no longer need to support our spending by purchasing our bonds."
This whole affair is a historical irony...luring mattress money into banks with FIDC insurance worked well until the gov had to inflate to pay off Vietnam and bailout S & L's...forcing the mattress money into other vehicles like IRA's, stocks,and commodities over the last two decades has revealed this mistake...instead of owning much of its debt to Americans, like the Japanese situation, the FED now has to endure exposure to a true free market of fiat currency with no buffer from savers...ironic
reply to constitutiondefendr: The national and household debt adjusted for inflation is at the same level as it was 2 decades ago (Find Out), and the US is stepping pressure on china to revalue the yuan and there has been some protectionist measures eg. in the tyre industry by the US to spur industrial growth but my point is that people like schiff never acknowledge the good things, they will ALWAYS ALWAYS tell you the bad things.
@yasirjamal285 You're understanding of things is completely off. National debt adjusted for the core inflation value means nothing, since core inflation is a complete lie, it's just manipulated numbers to make an advertisement that inflation is lower than it really is. The U.S. does not really want china to revalue the yuan because once that happens china will no longer need to support our spending buy purchasing our bonds.
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!
I think that eventually The US will be owned by China. we will pay the debt by allowing more Chinese people citizenship into the US. Eventually building the one world republic that I actually am not opposed to but rather very excited about.
@GovWillKillU: That, unfortunately, is how desperate governments try to stir people away from the economic reality. Look for a Black Swan event to precipitate the war drums. :(
We need the deficits so that the demand can be raised to a level where the private sector feels confident to invest and then the government can reduce the deficit and PLEASE don't compare the US to communist russia
@yasirjamal285 : *sigh* If I want to hear such fallacious argument for more debt, I'd turn to Krugman's op-ed on NYT. Clearly you have no idea what you are talking about - you are parroting libtards' talking point.
@yasirjamal285 WTF are you talking about. So if the public sector takes all of the capital from the private, then they'll want to go out on a limb and invest at a time that things SHOULD be rebalancing? The recession isn't the problem, it's the cure.
He is nothing more than a Prophet of Doom, his deficit arguments are the same that have been going on since centuries and people like him come out during every recession only to go back in the burrow after a few years when the recession ends. The US has had a lot more good years than bad ones.
@yasirjamal285 THIS is no ordinary business cycle. Compared to the GDP we have never had this kind of deficit spending, national debt or bail outs and a lot less manufacturing base but a lot more government, and, alot more deceit and trickery. No, my freind, this one smells, and it smells real bad.
The current debt clock is just over 13 trillion. The US GDP is around 14.4 trillion. Now that debt is ridiculously high, but it isn't something this country hasn't seen before, and it certainly isn't 5 times that of GDP.
Actually it's even more than that with the unfunded liabilities, especially with the Fannie Mae and Freddie Mac Bailout. There's a lot that isn't calculated in the national debt, I think the real number is 53 trillion. This country has NEVER seen a debt this high. One thing that has contributed to our vast debt is because of the switch from a commodity backed currency to a fiat currency in 1971. The debt has grown exponentially ever since.
53 trillion is way out of the ball park. Are you making these numbers up? Also, decoupling the currency from gold has little to do with debt, but rather how substantially the money supply can be fluctuated by the Fed and the Treasury. The debt has been growing exponentially since well before 71'.
54 trillion is the total US Debt I'm not making this number up. Your right it had to do with the ability to create inflation via printing money so we could pay for some of the programs such as war on poverty, war in Vietnam, medicare and medicaid. The debt has risen since our inception as a nation that is true, but it has not risen exponentially until recently (past 40 - 30 years).
another idiot who subscribes to these inane theories. firstly, the unfunded liabilities are irrelevant. social security, medicare and medicaid were always ponzi schemes designed to rake in cash against long term liabilities - the participants are all useless peasants anyway - all the gov't needs to do is void all these programs.
secondly, the external debt is irrelevant so long as the US can print its own currency and the USD is the world's reserve currency.
How are they irrelevant? Since they are Ponzi schemes shouldn't we stop them then? Useless peasants? Oh I get it since they are all poor it's ok to take an advantage of them...
Yeah that's the problem the external debt is so large when we print the money to fund these debts inflation will get out of control. Ha and I doubt the US Dollar will be the worlds reserve currency for long with the debts we are racking up.
the gov't should not honor the unfunded liabilities, period. yes, it is ok to take advantage of poor people. particularly when most of them are lazy consumerists and criminals.
its not like the 13 trillion owed is due today ok. its due in installments many years from now. and china is not exactly going to call the US on its debt. so according to chinese accounting systems, it will be "triangular" debt, which means it will just sit on the books for a long time.
Lazy consumerists, sounds like most of America to me. Actually I would argue that most of the poor have better work ethics than a lot of the rich (like Paris Hilton). Illegals are here illegally, but no one can deny they work hard. No it's not due today but with the inevitable rise in interest rates the more debt we will rack up the more interest we will owe which will cause a huge problem since we will probably have trouble just paying the interest.
@trinomialtree Your attempts at sarcasm are as lame as your knowledge of economics. Get your head out of that raindeer's ass (unless you like it there). Norway is in fairly good shape, now; but as Europe fares, so will your sorry cold asses. Now quit bothering people who know something about world economics.
thirdly, its actually private sector debt thats the issue. out of the roughly 43 trillion private sector debt, guess how much of that leverage has been shifted onto peasants? yes, you guessed right - a lot, either directly or indirectly via taxpayer backstops.
all that matters is that the relevant part of the USA - namely banks, corporates and wealthy individuals have balance sheet and income protection, everything is hunky dory.
All debt is an issue which is why we need to fix our currency to a commodity or something that is physical and has real world value. Not just a piece of paper.
Also the interest rates are way to low with the amount of money being creates through loans. There is no real money to back up the high amount of lending, which again is the Federal Governments fault because the federal reserve sets the rates. These low rates all your so called "peasants" to rack up massive debts.
peasants racking up massive debts is great. now that we've squeezed them dry and they can't borrow nor repay, its time to get rid of them. slow starvation, added taxation, welfare cancellation, credit starvation. let these peasants move elsewhere or starve to death - most of them are immigrants anyway. just look at the youtube clip about people in walmart and tell me that you sympathize with that crowd?
Immigrants and the poor are important to the founding of this country and the economic machine. You are either being sarcastic or have a very strange world view. I actually work at Wal-Mart and I have to say I do sympathize will every single employee there. The difference between a person who works at walmart and one who works at a brokerage firm is mostly education. Some chose not to get an education but work instead, how is that laziness?
Yes some would say it is infeasible and unrealistic because we would have to totally get rid of the current system we are on and revalue our currency. I'm not as big on it as Schiff is but I do see the problem with our fiat system. The Federal Reserve is being really irresponsible with interest rates which is going to inevitably make our currency worthless. If we were on the Gold Standard it would help stem the out of control creation of money instead of relying on our fed.
@TheAtheistAllegiance have you watchd meltup? or if you really read the wsj you can find it there it is 5 times gdp and the tarp bailout was 23.7 trillion.
@TheAtheistAllegiance have you watchd meltup? or if you really read the wsj you can find it there it is 5 times gdp and the tarp bailout was 23.7 trillion.
@TheAtheistAllegiance Wars and debt are bad. We ran up a big debt, you could argue fighting for the exisitance of our country. Also, the war succeeded in destroying the productive capacity of our primary industrial competitors, so we were the only man standing, so things were good for a while while the rest of the world recovered.
He may be wrong, but I heard very weak arguments from the other side. Until they present some convincing counter-points, I'll continue to listen to this Doomsayer.
@yasirjamal285 True the US has had a lot more good years than bad, but recently we've had more than we should have. You can't have a big party without a hangover. The bigger the party, he bigger the hangover. Drinking more booze doesn't cure the hangover, it just postpones and magnifies it. Economies just like all things in life are about balance and moderation.
Inflation from deficits, as I understand it, comes about because the government is spending more money, which isn't going toward production, taking money from the private sector. Therefore, you have more dollars but less productivity, hence inflation.
Now, the free market response is a raising of interest rates to curb inflation, which the Fed isn't doing. That's what ended the double-digit inflation of the early '80's.
@xp19375 Yes so if we're not forced by law to use the same dollars the gov't is spending, perhaps the deficit won't have a great effect on what we do use as currency?
Look up Hayek's monetary theory. We allow private individuals to choose their own money that they trade in instead of governments mandating that you trade in dollars, etc. If you think about it, that's the way it was for thousands of years - people agreed to trade in common currencies not decided by governments. In the West, it was bullion, and in Africa and SE Asia, the cowry shell.
Yes, but there was also a huge recession that followed the contraction of the money supply. There's a trade-off to be considered, and because inflation is less than 3% right now, it's best to keep interest rates low, along with keeping the money supply at its bloated state.
Yes, there was a short recession after the contraction of the money supply. The choice is between a temporary recession and not-so-temporary inflation.
Yes, but the economy was much stronger during that time than it is now in its current state. Contracting the money supply right now would most likely result in spiraling deflation and an ensuing depression. That's exactly what happened shortly after the 1929 stock market crash as a result of premature contraction.
@TheAtheistAllegiance no, credit expansion, or inflation created a boom that was unsustainable creates economic downturns. If you expand credit, you create more economic activity, when credit contracts, the economic activity contracts, at times with disaster because of malinvestments that were created during the boom times.
Yes, but unless inflation is out of control, it is best to keep the money supply relatively bloated until the economy recovers a bit. Premature contraction shortly after a bust would do more harm than good, especially considering the alternative.
The government will listen to Krugman. Not because he is right, but because he says what they want to hear: You can keep spending and avoid pain, just crank up the press. We will travel down that road, it is nigh inevitable.
What gives Greenspan ANY credibility on the American economy? His solution for everything is removing regulation and oversight. Where did that get us?
The cause of this economic collapse was due to Fannie & Freddie securitizing mortgages, allowing banks to give out bad loans, driving up the price of housing and creating this bubble, which burst.
It was government intervention, not the free market.
you all keep talking about theories and the future when you need to stop and just enjoy life. Planet x is making its way here and a pole shift is going to occur and when that happens, none of this is going to matter. BTW, "they" know this and that's why they keep you all busy arguing about this and that whilst "they" are preparing for a major, major issue. I'm not going to add sites to visit on this topic because those who are ignorant and won't don't deserve to survive it.
firstly, you make it sound like that ONLY people who listen to schiff are profitable. sorry to burst your bubble but there are millions of people who are not only making money but making far better returns by listening to real professional advice (and this is how you spell advice properly btw.).
from your message, i can tell that you are a pretty dumb individual but heres hoping that even your backward brain can process this information.
the reason for the slow appreciation of the RMB is that china is not out of the woods yet their future is looking good but if their currency were to become a major impactor on this economy it would take some hits and fall to far theyll manipulate it so that weather and survives the coming colapse
Folks, when you respond to trolls like hyperglobalist, you give 'em exactly what they want: Attention. Just thumb 'em down and ignore 'em. Let 'em just stew in their moms' basements. =^[.]^=
Peter, I agree with what you are saying about china and the RMB, but I think they are letting it appreciate gradually for the purpose of not changing the conservative mind set that Chinese have in regards to savings etc. They may be afraid to let it go rapidly in fear that it would change the psychology of the Chinese, especially the rising generation.
@zogg18 It was a disaster at the time it happened because of what Peter explains was happening in the country at the time. It wasn't until the illusion of prosperity was taken down and assets were able to reallocate themselves that Russia's economy was able to start growing like it is now.
@IWashMyOwnBrain why are you so negative about Peter....he has been right for so many years now its just not funny....and why do you think people are afraid as a result of his arguments.??..really the economy is collapsing around everyone, if you don't think so you must be wearing special goggles.....and he is not the only one thinking this way look up Celente, Faber, Mike Maloney, Ron Paul etc
@seamaverick1 There are many things i agree with Peter on like reducing government size and control...but government is not doing everything wrong.....the world economy is going through a natural cycle of boom and bust....it's not collapsing.....If you think "the economy is collapsing around everyone" you have to be scared don't you?
peter schiff has been wrong for so many years with one dead cat bounce in 2007.
the economy is collapsing around you because you are unproductive and useless - it has nothing to do with government or the banks.
the US and europe are weighed down by millions of useless people like you who expect to live well, despite being uneducated, a combination of uninformed and misinformed, lazy and unproductive.
well, the party is over (for all 200m of your gang).
@hyperGlobalist for your info I presently dont't live in the usa or europe, but in Australia and have CHOSEN to go sailing instead of working for the past 2 years, I'll probably keep doing that for another couple of years so if you think I am unproductive you are right as for the time being I am just enjoying myself off the queensland coast on my own hard earned savings......you can keep paying the taxes for those two hundred millions you mentioned if you choose to do so
I'm not sure how the rising Chinese RMB (=falling gold price) will encourage gold buying. Gold is a hedge against inflation and if inflation is controlled and the RMB is strengthening, would it not make the RMB more attractive to hold than gold? The affordability of gold is relative anyway and it's future purchasing power is what's important. is it not?.
@theslimeylimey, the RMB will appreciate in dollar terms. Not likely in the long term price of gold as their interest rates are still very low. They still print money and will eventually pay for it.
You also can't speculate with the RMB unless you have specific channels. Sure, you and I can get RMB at the bank for our trip to Hong Kong, but try turning $1 billion USD into RMB.
The Chinese market is, smartly, not open to rampant foreign speculation.
you are trying to rationalize schiff's economic predictions? hahahaha. thats like shooting a pellet gun at a moving stock ticker to pick stocks and then trying to rationalize the odds of winning.
schiff is a compete idiot and most of the time, completely wrong.
Since you are supposedly smarter than most of us Americans, tell us your economic assessment and name an economist with such a track record of being correct that rivals Peter Schiff?
correct me here... sounds like the chineses let the yuan stay pegged w / dollar while it gained momentum against the euro's fall during greek crisis. now at the top they unpeg as the euro gains momentum back up against the dollar:albeit slowly...This will allow the dollar to drop back more even with the rest of the basket of currenciies while the yuan, which is not part of the basket to stay at its peak and gain an increase in value against the drop in the dollar...wont that kill american eco.?
@iannetta11 ya but it is a double edge sword because now the country is nearly bankrupt and the government does not have nearly enough precious metals or the means to procure them in order to have enough of a new gold or bi-metal backed currency. Too many Indians and not enough pelts! So what then?
@lecake101 That reminds me of the story about a man buying a pizza. The pizza shop owner says to the customer, "Do you want your pizza in 6 slices or 8 slices?" The customer says, "Make it 6 slices. I'm on a diet."
@IWashMyOwnBrain In the future that might be a good deal! The Federal Reserve Note is going down in value and metals are going up. The trend will continue. Also, I just read that Russia is considering buying Canadian dollars and Australian dollars while reducing their reserves of FRNs and Euros.
@bobgguitar Because the rmb is way undervalued keeping the labor costs in China low and the Chinese people slaves so manufacturing goes to China....When the labor costs in china are equal with the rest of the world manufacturing will move back to other countries making a more stable world economy.
if it doesnt happen we can always just eat the stored food and sell the gold boullion and go on a nice vacation. Whats it going to hurt to just "prepare
a fast revalue of the Yuan would damage major manufacturers and US treasury value holdings in China. but of course the Schiffster forgets to mention that because manufacturing doesn't show up in his financial mumbo jumbo radar.
Scary scenario folks! The chickens are coming home to roost. Thanks Peter for the awesome update report! Peter Schiff for Senate. . SchiffForSenate . com
There actually was a huge rise in standard of living in the Soviet Union in the 50s 60s and a little in the 70s. The economy grew at something like ~10% a year. It had its problems but saying there was no rise in standard of living is just plain wrong and revisionist history.
@T0X0Plasmosis It's because they sucked the countries that they occupied dry. And because the standard of living in Russia was extremely low. The standard of living of the capitalist countries that they took over went down 99%. Baltic countries were comparable to Denmark before commies took over and destroyed everything. Look at them now. They are scrambling for EU handouts.
@BlueSkies360 You just skipped over World War 2... I'm pretty sure WW2, 2-3 years of nazi occupation, total war and the "scorched earth" policy by the nazis was mostly responsible for the decline in standard of living. All Stalin did was salvage the scraps left over from that affair to rebuild the western half of Russia, which was also completely destroyed by the nazis. There was never that much left over from WW2 in the occupied countries that could be "sucked dry".
@T0X0Plasmosis Nazis occupied a relatively limited area of the USSR. Also, they still maintained massive amounts of natural resources... the basis of the Russian economy since the end of WWII.
Germany and Japan, far more war ravaged then Russia, were relatively quick to turn around their standards of living and their economies (well... west Germany any way).
it was difficult to enjoy my father's day after that. It seems that a little bit over half of America is happy to vote themselves the other half's money and to that end they have no problem voting liars and creeps into office - so long as the party line is "and then we'll give you the rich people's money". LIttle to the voting-drones realize now but that policy would destroy the economy, and them with it. Will anyone be able to stop this process? It's getting late in the game for it.
vbywrde 1 year ago
@vbywrde It has recently occurred to me that voting rights should somehow be linked with ownership or productivity. Otherwise the system is doomed to what we have today.
I, myself, think it's too late.
I think we will go through a very ugly period and who knows what will come out in the end. I cry for the idea that was America. I wish we had followed our founding fathers advice and paid more attention to their warnings. I don't know how to save it at this point.
Lentnomore 1 year ago
We must phase out "defined benefit" entitlements and phase in "defined contribution" plans, and require everyone to accept responsibility for their own decisions.
xtarka 1 year ago
@xtarka Hallelujah!!!
Lentnomore 1 year ago
Perhaps this is not a bad thing, that is the government running everything into the dirt. Then we will have clear proof of their incompetence and perhaps a diminished role for them in the future might be a new found super intelligence for the citizens of the world. After Pol Pot(and many other similar monsters) the viability of state sponsored redistribution and eugenics will be viewed under a caustic eye for centuries to come. Sometimes the best cure for horrible ideas is their implementation.
GomersRevenge 1 year ago
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suhaibonline 1 year ago
Peter, I've been eagerly awaiting the launch of your precious metals business in order to buy my coins from you. However, I was sorely disappointed to find out you have minimum order requirement of roughly $10,000. There is a huge market out here for small investors like myself which you have totally neglected. Please change your policy to include us. Thank you
iFreedom4ever 1 year ago
What a nonsense to talk about post soviet production growth! The free market gave Russia the growth in corruption and reduced industrial production to almost nothing (not to count oil and gas exploration for export to the West). Corruption is the base for the capitalist "invisible hand" economy. That what they do in Iraq and Afghanistan; they bribe as many officials as they can to create the "wealthy class" whom can be manipulate and control.
SergeForTruth 1 year ago
The public sector does not takes the capital from the private, it takes capital from foreigners (Chinese, Japanese, Saudis) so the american private sector still has capital and I dont know what you mean by rebalancing
yasirjamal285 1 year ago
Dear midtra52:
If inflation is higher than it really is which you and I both agree it is than the debt adjusted for inflation is even lower and secondly if China revalues the Yuan (towards which it has hinted recently) then manufacturing will return to the US and we will have more tax revenues therefore less need for deficits and so "china will no longer need to support our spending by purchasing our bonds."
yasirjamal285 1 year ago
can any1 explain why, according to Schiff, are the Chinese not going to be buying as many US dollars?
Bestmiler 1 year ago
would it be because then the demand for dollars goes down which will lead to a depreciation of the US dollar against the Yuan?
Bestmiler 1 year ago
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would it be because then the demand for dollars goes down which will lead to a depreciation of the US dollar against the Yuan?
Bestmiler 1 year ago
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Bestmiler 1 year ago
@Bestmiler Because hey will be consuming more of their wealth themselves instead of lending it to us.
GaryVolts 1 year ago
3:20 is the Problem. Who controls the supply of money! If the M1 supply is someones opinion! They are the Problem!!!!!!!!!!!
wvolson 1 year ago
Greenspan seemed to have a lot of words to say. They must have reduced the telephone toll rates from hell this week.
decapitatespammers 1 year ago
This whole affair is a historical irony...luring mattress money into banks with FIDC insurance worked well until the gov had to inflate to pay off Vietnam and bailout S & L's...forcing the mattress money into other vehicles like IRA's, stocks,and commodities over the last two decades has revealed this mistake...instead of owning much of its debt to Americans, like the Japanese situation, the FED now has to endure exposure to a true free market of fiat currency with no buffer from savers...ironic
imataxslave 1 year ago
reply to constitutiondefendr: The national and household debt adjusted for inflation is at the same level as it was 2 decades ago (Find Out), and the US is stepping pressure on china to revalue the yuan and there has been some protectionist measures eg. in the tyre industry by the US to spur industrial growth but my point is that people like schiff never acknowledge the good things, they will ALWAYS ALWAYS tell you the bad things.
yasirjamal285 1 year ago
@yasirjamal285 You're understanding of things is completely off. National debt adjusted for the core inflation value means nothing, since core inflation is a complete lie, it's just manipulated numbers to make an advertisement that inflation is lower than it really is. The U.S. does not really want china to revalue the yuan because once that happens china will no longer need to support our spending buy purchasing our bonds.
midtra52 1 year ago
haha enjoy the coming economic apocalypse and enjoy your father's day!
dgallegos4201 1 year ago
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 1 year ago
Peter
Rahm Emanual will finally be leaving the white house soon.
You should throw your name in the hat of our shadow government AIPAC Zionist New World Order Elites to be our new shadow gov comander in chief.
Come on! Don't you think that would be a fun gig?
brotherjupiter 1 year ago
I know first hand what Peter is saying. Greenspan lamenting doesn't bode well for the path we are on too. We need Peter in DC.
Krupification 1 year ago 6
"Our economy is doomed. Enjoy your Father's day!"
D4Shawn 1 year ago
It is all about buying elections, that's it. The more they spend, the easier it is to stay in office and that is all they care about.
pismo10 1 year ago
who the F hijacked my google...
wachman 1 year ago
Bring back the 1 oz silver Mexican peso! Bring back the people's money!
n66178 1 year ago
I think Krugman and Bernanke subscribe to Schiff's blog. There are always one or two thumbs-down on his videos.
bttalbot 1 year ago
Please Peter, disable your Windows Default Beep. I hear it at least once or twice per video. Otherwise, you are spot on everything you say!
RIckySteel69 1 year ago
I guess Greenspan read Peters book: How an economy grows and why it crashes! It was simple enough for him to understand :-)
tverboon 1 year ago
@tverboon
why would the powerful ex-chairman read a stupid book from a nobody?
trinomialtree 1 year ago
Krugman is smoking crack. He also said that MORE gouvernment spending is needed
lucius1976 1 year ago
@lucius1976 Krugman is just an errand boy for the central banking cartels. The NYT has been compromised long ago.
qkholster 1 year ago
@qkholster He's just an ass kisser. He found out the best way to be popular with the boss is to tell him whatever it is he wants to hear.
GaryVolts 1 year ago
asiaroundup dot com
mrhacker26 1 year ago
all true
2020goforit 1 year ago
Greenspan a.k.a. Two-Face
residentzombie 1 year ago
Thank you Peter.
I love your blogs.
ExhibitMan 1 year ago
I think that eventually The US will be owned by China. we will pay the debt by allowing more Chinese people citizenship into the US. Eventually building the one world republic that I actually am not opposed to but rather very excited about.
francescorengifo 1 year ago
Comment removed
PatriotEke 1 year ago
OK now the US can peg to the RMB!
GovWillKillU 1 year ago
quote from US Democratic Senator on the CHina de pegging:
"Oh, it'll be OK, we'll just go blow shit up"
GovWillKillU 1 year ago
@GovWillKillU: That, unfortunately, is how desperate governments try to stir people away from the economic reality. Look for a Black Swan event to precipitate the war drums. :(
HyperReport 1 year ago
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VanillaIceBestRapper 1 year ago
We need the deficits so that the demand can be raised to a level where the private sector feels confident to invest and then the government can reduce the deficit and PLEASE don't compare the US to communist russia
yasirjamal285 1 year ago
@yasirjamal285 : *sigh* If I want to hear such fallacious argument for more debt, I'd turn to Krugman's op-ed on NYT. Clearly you have no idea what you are talking about - you are parroting libtards' talking point.
tooltalk 1 year ago
@yasirjamal285 WTF are you talking about. So if the public sector takes all of the capital from the private, then they'll want to go out on a limb and invest at a time that things SHOULD be rebalancing? The recession isn't the problem, it's the cure.
GaryVolts 1 year ago
He is nothing more than a Prophet of Doom, his deficit arguments are the same that have been going on since centuries and people like him come out during every recession only to go back in the burrow after a few years when the recession ends. The US has had a lot more good years than bad ones.
yasirjamal285 1 year ago
@yasirjamal285 THIS is no ordinary business cycle. Compared to the GDP we have never had this kind of deficit spending, national debt or bail outs and a lot less manufacturing base but a lot more government, and, alot more deceit and trickery. No, my freind, this one smells, and it smells real bad.
constitutiondefendr 1 year ago
@constitutiondefendr
The US had debt that was over 100% of GDP during WWII.
TheAtheistAllegiance 1 year ago
but with stuff like ssi and medicare our debt is 5and a half times gdp
skizzle42 1 year ago
@skizzle42
The current debt clock is just over 13 trillion. The US GDP is around 14.4 trillion. Now that debt is ridiculously high, but it isn't something this country hasn't seen before, and it certainly isn't 5 times that of GDP.
TheAtheistAllegiance 1 year ago
@TheAtheistAllegiance
Actually it's even more than that with the unfunded liabilities, especially with the Fannie Mae and Freddie Mac Bailout. There's a lot that isn't calculated in the national debt, I think the real number is 53 trillion. This country has NEVER seen a debt this high. One thing that has contributed to our vast debt is because of the switch from a commodity backed currency to a fiat currency in 1971. The debt has grown exponentially ever since.
asmall89 1 year ago
@asmall89
53 trillion is way out of the ball park. Are you making these numbers up? Also, decoupling the currency from gold has little to do with debt, but rather how substantially the money supply can be fluctuated by the Fed and the Treasury. The debt has been growing exponentially since well before 71'.
TheAtheistAllegiance 1 year ago
@TheAtheistAllegiance
54 trillion is the total US Debt I'm not making this number up. Your right it had to do with the ability to create inflation via printing money so we could pay for some of the programs such as war on poverty, war in Vietnam, medicare and medicaid. The debt has risen since our inception as a nation that is true, but it has not risen exponentially until recently (past 40 - 30 years).
asmall89 1 year ago
@asmall89
another idiot who subscribes to these inane theories. firstly, the unfunded liabilities are irrelevant. social security, medicare and medicaid were always ponzi schemes designed to rake in cash against long term liabilities - the participants are all useless peasants anyway - all the gov't needs to do is void all these programs.
secondly, the external debt is irrelevant so long as the US can print its own currency and the USD is the world's reserve currency.
trinomialtree 1 year ago
@trinomialtree
How are they irrelevant? Since they are Ponzi schemes shouldn't we stop them then? Useless peasants? Oh I get it since they are all poor it's ok to take an advantage of them...
Yeah that's the problem the external debt is so large when we print the money to fund these debts inflation will get out of control. Ha and I doubt the US Dollar will be the worlds reserve currency for long with the debts we are racking up.
asmall89 1 year ago
@asmall89
the gov't should not honor the unfunded liabilities, period. yes, it is ok to take advantage of poor people. particularly when most of them are lazy consumerists and criminals.
its not like the 13 trillion owed is due today ok. its due in installments many years from now. and china is not exactly going to call the US on its debt. so according to chinese accounting systems, it will be "triangular" debt, which means it will just sit on the books for a long time.
trinomialtree 1 year ago
@trinomialtree
Lazy consumerists, sounds like most of America to me. Actually I would argue that most of the poor have better work ethics than a lot of the rich (like Paris Hilton). Illegals are here illegally, but no one can deny they work hard. No it's not due today but with the inevitable rise in interest rates the more debt we will rack up the more interest we will owe which will cause a huge problem since we will probably have trouble just paying the interest.
asmall89 1 year ago
@trinomialtree Your attempts at sarcasm are as lame as your knowledge of economics. Get your head out of that raindeer's ass (unless you like it there). Norway is in fairly good shape, now; but as Europe fares, so will your sorry cold asses. Now quit bothering people who know something about world economics.
4KnowWon 1 year ago 3
@4KnowWon
you are not trying to infer that you know something about world economics, right? i hope not, because you are obviously a mongoloid troll.
trinomialtree 1 year ago
@trinomialtree The correct word is imply not "infer", you mongoloid idiot!
MyStoneColdHeart 1 year ago
@asmall89
thirdly, its actually private sector debt thats the issue. out of the roughly 43 trillion private sector debt, guess how much of that leverage has been shifted onto peasants? yes, you guessed right - a lot, either directly or indirectly via taxpayer backstops.
all that matters is that the relevant part of the USA - namely banks, corporates and wealthy individuals have balance sheet and income protection, everything is hunky dory.
who cares what happens to the rest of the USA?
trinomialtree 1 year ago
@trinomialtree
All debt is an issue which is why we need to fix our currency to a commodity or something that is physical and has real world value. Not just a piece of paper.
Also the interest rates are way to low with the amount of money being creates through loans. There is no real money to back up the high amount of lending, which again is the Federal Governments fault because the federal reserve sets the rates. These low rates all your so called "peasants" to rack up massive debts.
asmall89 1 year ago
@asmall89
peasants racking up massive debts is great. now that we've squeezed them dry and they can't borrow nor repay, its time to get rid of them. slow starvation, added taxation, welfare cancellation, credit starvation. let these peasants move elsewhere or starve to death - most of them are immigrants anyway. just look at the youtube clip about people in walmart and tell me that you sympathize with that crowd?
trinomialtree 1 year ago
@trinomialtree
Immigrants and the poor are important to the founding of this country and the economic machine. You are either being sarcastic or have a very strange world view. I actually work at Wal-Mart and I have to say I do sympathize will every single employee there. The difference between a person who works at walmart and one who works at a brokerage firm is mostly education. Some chose not to get an education but work instead, how is that laziness?
asmall89 1 year ago
@asmall89
all you are doing is repeating erroneous peter schiff rhetoric here.
the whole world is running on fiat currency - any talk of change to commodity based currencies is totally infeasible and unrealistic.
its about as dumb as talking about world peace and stopping all wars. right, i'm sure it would work as long as everyone in the world agrees. haha.
trinomialtree 1 year ago
@trinomialtree
Yes some would say it is infeasible and unrealistic because we would have to totally get rid of the current system we are on and revalue our currency. I'm not as big on it as Schiff is but I do see the problem with our fiat system. The Federal Reserve is being really irresponsible with interest rates which is going to inevitably make our currency worthless. If we were on the Gold Standard it would help stem the out of control creation of money instead of relying on our fed.
asmall89 1 year ago
@TheAtheistAllegiance have you watchd meltup? or if you really read the wsj you can find it there it is 5 times gdp and the tarp bailout was 23.7 trillion.
skizzle42 1 year ago
This has been flagged as spam show
@TheAtheistAllegiance have you watchd meltup? or if you really read the wsj you can find it there it is 5 times gdp and the tarp bailout was 23.7 trillion.
skizzle42 1 year ago
@TheAtheistAllegiance Wars and debt are bad. We ran up a big debt, you could argue fighting for the exisitance of our country. Also, the war succeeded in destroying the productive capacity of our primary industrial competitors, so we were the only man standing, so things were good for a while while the rest of the world recovered.
GaryVolts 1 year ago
@GaryVolts
You have no argument from me.
TheAtheistAllegiance 1 year ago
He may be wrong, but I heard very weak arguments from the other side. Until they present some convincing counter-points, I'll continue to listen to this Doomsayer.
takerdust 1 year ago
@yasirjamal285 True the US has had a lot more good years than bad, but recently we've had more than we should have. You can't have a big party without a hangover. The bigger the party, he bigger the hangover. Drinking more booze doesn't cure the hangover, it just postpones and magnifies it. Economies just like all things in life are about balance and moderation.
GaryVolts 1 year ago
His voice is too nasal, high-pitched and distrubing for him to be an elected in the US.
The voters like relaxed dudes and he is waaay uptight.
Cathalism 1 year ago
@Cathalism Nice shallow thought process, you are a true American.
pretorious700 1 year ago
I like the way how he ends with enjoy your fathers day everybody...LOL
asianliciousonline 1 year ago
PETER: Isn't inflation from deficits only because of legal tender laws?
herzogsbuick 1 year ago
@herzogsbuick
Inflation from deficits, as I understand it, comes about because the government is spending more money, which isn't going toward production, taking money from the private sector. Therefore, you have more dollars but less productivity, hence inflation.
Now, the free market response is a raising of interest rates to curb inflation, which the Fed isn't doing. That's what ended the double-digit inflation of the early '80's.
xp19375 1 year ago
@xp19375 Yes so if we're not forced by law to use the same dollars the gov't is spending, perhaps the deficit won't have a great effect on what we do use as currency?
herzogsbuick 1 year ago
@herzogsbuick
Look up Hayek's monetary theory. We allow private individuals to choose their own money that they trade in instead of governments mandating that you trade in dollars, etc. If you think about it, that's the way it was for thousands of years - people agreed to trade in common currencies not decided by governments. In the West, it was bullion, and in Africa and SE Asia, the cowry shell.
xp19375 1 year ago
@xp19375
Yes, but there was also a huge recession that followed the contraction of the money supply. There's a trade-off to be considered, and because inflation is less than 3% right now, it's best to keep interest rates low, along with keeping the money supply at its bloated state.
TheAtheistAllegiance 1 year ago
@TheAtheistAllegiance
Yes, there was a short recession after the contraction of the money supply. The choice is between a temporary recession and not-so-temporary inflation.
xp19375 1 year ago
@xp19375
Yes, but the economy was much stronger during that time than it is now in its current state. Contracting the money supply right now would most likely result in spiraling deflation and an ensuing depression. That's exactly what happened shortly after the 1929 stock market crash as a result of premature contraction.
TheAtheistAllegiance 1 year ago
@TheAtheistAllegiance no, credit expansion, or inflation created a boom that was unsustainable creates economic downturns. If you expand credit, you create more economic activity, when credit contracts, the economic activity contracts, at times with disaster because of malinvestments that were created during the boom times.
SamuelMoralesJr 1 year ago
@SamuelMoralesJr
Yes, but unless inflation is out of control, it is best to keep the money supply relatively bloated until the economy recovers a bit. Premature contraction shortly after a bust would do more harm than good, especially considering the alternative.
TheAtheistAllegiance 1 year ago
Go Schiff!! What a solid video.
Intervene 1 year ago
The government will listen to Krugman. Not because he is right, but because he says what they want to hear: You can keep spending and avoid pain, just crank up the press. We will travel down that road, it is nigh inevitable.
RobTzu 1 year ago 9
@RobTzu. Your right. According to Krugman, don't take the financial pain and just crank up the printing presses.
Melville10 1 year ago
What gives Greenspan ANY credibility on the American economy? His solution for everything is removing regulation and oversight. Where did that get us?
SteveLyleEverett 1 year ago
@SteveLyleEverett
The cause of this economic collapse was due to Fannie & Freddie securitizing mortgages, allowing banks to give out bad loans, driving up the price of housing and creating this bubble, which burst.
It was government intervention, not the free market.
xp19375 1 year ago
@xp19375
Fannie and Freddie weren't the only ones bundling mortgages.
TheAtheistAllegiance 1 year ago
You forgot to mention AUSTERITY but other than that you were dead on as always.
havoctrend 1 year ago
@laptoprepairs And he says it so it is easy for anyone - including a Congressman, to understand.
762lenny 1 year ago
I think Peter may be wrong because the BIS told me that a "Currency Collapse May Stimulate Economic Expansion". Google it.
davincij15 1 year ago
Enjoy your father's days while you can, b/c the end of the USA is coming.
Cascade3891 1 year ago
Lets see now....the dollar is going down...oil and gold are going up......and ..oh yeah happy fathers day...lol
IWashMyOwnBrain 1 year ago
@laptoprepairs
hahaha. peter schiff is not even an economist. the fact that you haven't even figured this out illustrates how ignorant your comment is.
the fact that your comment got 5 thumbs up illustrates that there are at least 5 more people on this planet as ignorant as you.
hyperGlobalist 1 year ago
@hyperGlobalist then who needs economists when we have Peter Schiff?
bluewaterjimmy 1 year ago
@bluewaterjimmy
reverse logic. you should say "who needs peter schiff when we have real economists?"
hyperGlobalist 1 year ago
What ghetto ass University did Krugman go and did he fail all his classes to get his degree? What the hell?
TheLiberalssuckdick 1 year ago
@TheLiberalssuckdick economics is an art ...not a science.
IWashMyOwnBrain 1 year ago
you all keep talking about theories and the future when you need to stop and just enjoy life. Planet x is making its way here and a pole shift is going to occur and when that happens, none of this is going to matter. BTW, "they" know this and that's why they keep you all busy arguing about this and that whilst "they" are preparing for a major, major issue. I'm not going to add sites to visit on this topic because those who are ignorant and won't don't deserve to survive it.
cmonpeeps 1 year ago
@hyperGlobalist
Some of us are profitable by listening to the advise of Schiff. Sorry you're not one of them. Too bad, so sad...
cooperbry 1 year ago
@cooperbry
firstly, you make it sound like that ONLY people who listen to schiff are profitable. sorry to burst your bubble but there are millions of people who are not only making money but making far better returns by listening to real professional advice (and this is how you spell advice properly btw.).
from your message, i can tell that you are a pretty dumb individual but heres hoping that even your backward brain can process this information.
hyperGlobalist 1 year ago
the reason for the slow appreciation of the RMB is that china is not out of the woods yet their future is looking good but if their currency were to become a major impactor on this economy it would take some hits and fall to far theyll manipulate it so that weather and survives the coming colapse
SimonSezListen 1 year ago
@hyperGlobalist
We're not clueless, it is you my friend. You have it all backwards. We US citizens will never give up our guns!
cooperbry 1 year ago
Greenspan is the one who destroyed us for over 25 years. He needs to shut up because he does not blame his own butt for all of this! S
StyngRay1 1 year ago
@TejasTigre The problem is money hose Ben is just like all the other politicians and beauracrats,they are easily replaced.
There are thousands and thousands of people training ,waiting ready ,getting groomed to take over these positions.
Even if Bernake was not doing what he is doing ,someone else would do it .
They are just frontmen for the Real power behind the scenes.
The only way we will have change is by creating the system WE want.
That means getting on the "Chess board"
Hroark7 1 year ago
thanks!
bowtie728 1 year ago
Another great analysis Peter
AccuracyMarked 1 year ago
Peter schiff, is the man!
JamesBlakeWilliams 1 year ago
Folks, when you respond to trolls like hyperglobalist, you give 'em exactly what they want: Attention. Just thumb 'em down and ignore 'em. Let 'em just stew in their moms' basements. =^[.]^=
Raycheetah 1 year ago
Yes, Greenspan does drive bys on a regular basis...a lot like Jimmy Carter.
On Your Side,
Glen
CoinTreeMLM 1 year ago
Every investor in the world should listen to this video right now and act accordingly to protect themselves and their savings.
cloudstrife543 1 year ago
@cloudstrife543 LOL...that would surley distroy the economy....
IWashMyOwnBrain 1 year ago
Peter, I agree with what you are saying about china and the RMB, but I think they are letting it appreciate gradually for the purpose of not changing the conservative mind set that Chinese have in regards to savings etc. They may be afraid to let it go rapidly in fear that it would change the psychology of the Chinese, especially the rising generation.
12Tamtui 1 year ago
the economy will collapse, and by the way enjoy your father's day! total win!
Cinemaguy2007 1 year ago 30
@Cinemaguy2007 Ya now you can enjoy that great movie/cinema about the leftist takeover by Obama and friends.
762lenny 1 year ago
I don't know if Schiff is a liar or just ignorant.
By all economic indicators the collapse of the USSR was a disaster.
zogg18 1 year ago
@zogg18 It was a disaster at the time it happened because of what Peter explains was happening in the country at the time. It wasn't until the illusion of prosperity was taken down and assets were able to reallocate themselves that Russia's economy was able to start growing like it is now.
cloudstrife543 1 year ago
@zogg18 He is not ignorant...Just manipulative....He needs you to be afraid so you will buy gold...lol
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain why are you so negative about Peter....he has been right for so many years now its just not funny....and why do you think people are afraid as a result of his arguments.??..really the economy is collapsing around everyone, if you don't think so you must be wearing special goggles.....and he is not the only one thinking this way look up Celente, Faber, Mike Maloney, Ron Paul etc
seamaverick1 1 year ago
@seamaverick1 There are many things i agree with Peter on like reducing government size and control...but government is not doing everything wrong.....the world economy is going through a natural cycle of boom and bust....it's not collapsing.....If you think "the economy is collapsing around everyone" you have to be scared don't you?
IWashMyOwnBrain 1 year ago
@seamaverick1
peter schiff has been wrong for so many years with one dead cat bounce in 2007.
the economy is collapsing around you because you are unproductive and useless - it has nothing to do with government or the banks.
the US and europe are weighed down by millions of useless people like you who expect to live well, despite being uneducated, a combination of uninformed and misinformed, lazy and unproductive.
well, the party is over (for all 200m of your gang).
hyperGlobalist 1 year ago
@hyperGlobalist lol plant yer rudabegas mate...
herzogsbuick 1 year ago
@hyperGlobalist for your info I presently dont't live in the usa or europe, but in Australia and have CHOSEN to go sailing instead of working for the past 2 years, I'll probably keep doing that for another couple of years so if you think I am unproductive you are right as for the time being I am just enjoying myself off the queensland coast on my own hard earned savings......you can keep paying the taxes for those two hundred millions you mentioned if you choose to do so
seamaverick1 1 year ago
@laptoprepairs
if you think he is a genius, then you are obviously a mongoloid.
hyperGlobalist 1 year ago
@hyperGlobalist if you think he is such a lamb duck why?? are you at this video?? hyperGlobalist must be your troll name..
kixdirtsevin 1 year ago
@hyperGlobalist "Mongoloid" (also Mongolic) is a word used to describe people of East Asia and North Asian origin.
Hypermoron you are an obvious contradiction moron ,schill ,troll and Hypocrite.
State you premise and back it up with Facts .
We await with baited breath your "wisdom".lol
Hroark7 1 year ago
@hyperGlobalist your a dumbass go take a high school economics class.
MirageScience 1 year ago
It's all about the destruction of the United States.
Auggie56 1 year ago
Peter, is world war 3 the solution to the world's economic problems from the point of view of the elite?
WJValente 1 year ago
The Fox is tending the Hen house.
NovusChaoMundi 1 year ago
I'm not sure how the rising Chinese RMB (=falling gold price) will encourage gold buying. Gold is a hedge against inflation and if inflation is controlled and the RMB is strengthening, would it not make the RMB more attractive to hold than gold? The affordability of gold is relative anyway and it's future purchasing power is what's important. is it not?.
theslimeylimey 1 year ago
@theslimeylimey, the RMB will appreciate in dollar terms. Not likely in the long term price of gold as their interest rates are still very low. They still print money and will eventually pay for it.
imre1000 1 year ago
@theslimeylimey
You also can't speculate with the RMB unless you have specific channels. Sure, you and I can get RMB at the bank for our trip to Hong Kong, but try turning $1 billion USD into RMB.
The Chinese market is, smartly, not open to rampant foreign speculation.
Dyhalto10 1 year ago
@theslimeylimey
you are trying to rationalize schiff's economic predictions? hahahaha. thats like shooting a pellet gun at a moving stock ticker to pick stocks and then trying to rationalize the odds of winning.
schiff is a compete idiot and most of the time, completely wrong.
hyperGlobalist 1 year ago
@hyperGlobalist yes like how wrong he was about the crash of 09... dumb ass
kixdirtsevin 1 year ago
@hyperGlobalist
Since you are supposedly smarter than most of us Americans, tell us your economic assessment and name an economist with such a track record of being correct that rivals Peter Schiff?
asmall89 1 year ago
correct me here... sounds like the chineses let the yuan stay pegged w / dollar while it gained momentum against the euro's fall during greek crisis. now at the top they unpeg as the euro gains momentum back up against the dollar:albeit slowly...This will allow the dollar to drop back more even with the rest of the basket of currenciies while the yuan, which is not part of the basket to stay at its peak and gain an increase in value against the drop in the dollar...wont that kill american eco.?
2237lemon 1 year ago
@2237lemon Yes your right china is riding the wave and their going to ride it all the way to the beach and the rest of us will fall and drown
SimonSezListen 1 year ago
I'm giving more credit to Peter Schiff than I am to Buffett...because Buffett is just a patsy now for the Bildeberg group
korzym 1 year ago
@laptoprepairs
That's pretty pathetic.
zetsway5000 1 year ago
The root problem is our fiat currency. Paper, redeemable in NOTHING, is not money! Go to ConstitutionalTender website.
iannetta11 1 year ago
@iannetta11 ya but it is a double edge sword because now the country is nearly bankrupt and the government does not have nearly enough precious metals or the means to procure them in order to have enough of a new gold or bi-metal backed currency. Too many Indians and not enough pelts! So what then?
lecake101 1 year ago
@lecake101 That reminds me of the story about a man buying a pizza. The pizza shop owner says to the customer, "Do you want your pizza in 6 slices or 8 slices?" The customer says, "Make it 6 slices. I'm on a diet."
iannetta11 1 year ago
@iannetta11 So your dollars are worth nothing...I will take them off your hands for 10 cents on the dollar......
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain In the future that might be a good deal! The Federal Reserve Note is going down in value and metals are going up. The trend will continue. Also, I just read that Russia is considering buying Canadian dollars and Australian dollars while reducing their reserves of FRNs and Euros.
iannetta11 1 year ago
Why is Ben B. happy that the Chinese are unpegging from the dollar? What is his reasoning for being encouraged?
bobgguitar 1 year ago
@bobgguitar Because the rmb is way undervalued keeping the labor costs in China low and the Chinese people slaves so manufacturing goes to China....When the labor costs in china are equal with the rest of the world manufacturing will move back to other countries making a more stable world economy.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain Thanks, I see what you mean now.
bobgguitar 1 year ago
Greenspan wants to screw the little people and keep the elite more than well fed
Agreeing with Greenspan is always dangerous - we will always lose
the vortex watch?v=Zw3i5Rzpx5A
marniespeaks 1 year ago
if it doesnt happen we can always just eat the stored food and sell the gold boullion and go on a nice vacation. Whats it going to hurt to just "prepare
sabrinacle 1 year ago 2
a fast revalue of the Yuan would damage major manufacturers and US treasury value holdings in China. but of course the Schiffster forgets to mention that because manufacturing doesn't show up in his financial mumbo jumbo radar.
mrzack888 1 year ago
Scary scenario folks! The chickens are coming home to roost. Thanks Peter for the awesome update report! Peter Schiff for Senate. . SchiffForSenate . com
ibislee 1 year ago 2
@ibislee See Peter it works you scared this one...
IWashMyOwnBrain 1 year ago
Enjoy today (Father's Day) for tomorrow you will die...or worse yet, suffer.
raythespian 1 year ago
sorry what is RMB? anybody can answer
Riddlerx333x 1 year ago
@Riddlerx333x It's the currency of China, also known as the chinese yuan.
BloodiCheeseCake 1 year ago
@Riddlerx333x RMB = Renmimbi. AKA: RMB or Yuan.
MyStoneColdHeart 1 year ago
There actually was a huge rise in standard of living in the Soviet Union in the 50s 60s and a little in the 70s. The economy grew at something like ~10% a year. It had its problems but saying there was no rise in standard of living is just plain wrong and revisionist history.
T0X0Plasmosis 1 year ago
@T0X0Plasmosis It's because they sucked the countries that they occupied dry. And because the standard of living in Russia was extremely low. The standard of living of the capitalist countries that they took over went down 99%. Baltic countries were comparable to Denmark before commies took over and destroyed everything. Look at them now. They are scrambling for EU handouts.
BlueSkies360 1 year ago 2
@BlueSkies360 You just skipped over World War 2... I'm pretty sure WW2, 2-3 years of nazi occupation, total war and the "scorched earth" policy by the nazis was mostly responsible for the decline in standard of living. All Stalin did was salvage the scraps left over from that affair to rebuild the western half of Russia, which was also completely destroyed by the nazis. There was never that much left over from WW2 in the occupied countries that could be "sucked dry".
T0X0Plasmosis 1 year ago
@T0X0Plasmosis Nazis occupied a relatively limited area of the USSR. Also, they still maintained massive amounts of natural resources... the basis of the Russian economy since the end of WWII.
Germany and Japan, far more war ravaged then Russia, were relatively quick to turn around their standards of living and their economies (well... west Germany any way).
Syphalis1 1 year ago
@Syphalis1 Relatively limited in terms of area but not in terms of population, industry and agriculture.
Germany and Japan had massive amounts of help from countries that were virtually untouched by the war.
T0X0Plasmosis 1 year ago