I think the gov of the US is not a gov of or for the people...but is a means for the elite to rule indirecty, and take money from the people to fund their national and international plans and ambitions.
"They [China, Russia, India...] can let the dollar sink" says P. Schiff. Yes Mr. Schiff I guess that US government would agree with you this time. I bet that US government counts on that. How else could US get rid off its huuuge debt? At the same time USA destroys savings of dollar holders and that means of the whole fucking world. If USA gets its way out of the problem in this dirty way I think no one will have any business with them for the next 1000 years.
revelations is the best place to find well proven predictions about the course of the future. its all there.
this guy is right about the founding fathers, one of the main reasons for the revolt was the PRIVATE control of the money system from the central bank. we now call that the federal reserve and they should have done more to prevent that.
its when the federal reserve prints money to buy government debt. its a bad thing to do because it inflates the money supply which eventually makes prices go up.
Thanks. I had heard two sides to this story. The other is that in the current economic situation we will see deflation as a result of no lending so if we print money we can try to stabilize it although what we are actually seeing as a result is stagflation. So what would be the difference between borrowing this money from China vs monetizing this debt? Aren't both very bad? If we borrow it we have to pay interest.
I hope somebody makes a financial learning channel.
"Borrowing" from China is happening via the sale of US bonds which of course involves interest. Monetizing it(printing) involves expanding the money base. So say you and I each have $1 dollar and want to buy an apple for $1 dollar."Joe Gov't" comes along and says "I want an apple too!" and prints $1 up without working for it.What just happened to the value of the money you and I just worked for? (It goes down-naturally).That is what Ron Paul calls the "hidden tax" or "inflation tax".
"monitize the debt" is the phrase that's currently used to describe instances when FED buys up treasury bonds. When bonds are bought by surplus of economic activity, it's savings. When it's bought with an institution that issues money (by lending it), it's pure inflation.
The stimulus is stupid, but portions of the bailout aren't. If the bailout was targeted at funding more basic research for disruptive products such as new energy methods then we would have more goods to sell.
Could it be that the dollar is being used to bankrupt the global economy, which may then lead to the global currency being created using the U N and/or the World Bank as controller? No nation could be allowed to run deficits as that would tilt the global balance. Governments would need checks and balances that actually work for their own economies to match what they receive in regulated global currency. And might this happen after another world war that seems to be setting up?
lawmakers love deficits because it allows them to tax people who dont vote - children. politicians can pass whatever programs they want will little politicial retribution from those who are getting the programs without paying for them.
so I dont think politicians in the US or any world government would vote to make deficits illegal - unless their was sufficient political pressure from their constituents.
From listening to Peter Schiff and others who actually seem to understand economics, It's pretty obvious that a US crash is coming. I suspect that it will look like the fall of GM. People will be in complete denial as the US oscillates it's way down to third world status. I think that other countries (like Canada) will just slowly adapt and not really notice.
Let's see what they do at the G-8 ?!? Legalize weed !! At 8-14 Euros a gram,or in the States 10-20 bucks . Weed would help fill the coffers of democracies around the world ,not like financial services,banks,insurance companies etc.!! Just one idea ,but it's better than people going homeless and hungry !! Fuc The "double Bubble" is here now ! Without some "around the Square" thinking ,you will see Mass poverty,mass hunger,fascism,nazism,and revolutions in many countries ! Thanks, sort off
And so fucking what if they have to pay more? Without decent jobs and plenty of them, in case you have not noticed, they don't pay anything at all because they cannot afford to buy shit.
JFC - THIRTY YEARS TRADE DEFICITS!
What the hell did anyone expect other than exactly what is happening? The Global Market Fairy would take us all to Neverland?
PART 1: I understand your frustration. The problem is, trade barriers hurt us just as much as it hurts them. The Smoot Hauley act in the 30s devastated the US economy even more than it already was. It was terrible.
PART 2: The Asian economies beat us because they sacrificed. They were at economic war with us. They were willing to work for almost nothing for many years, just as we did during WW2. They kept their currencies pegged, always devalued against the dollar, so they could always undercut us, at the expense of their population who could not afford the products they were exporting.
PART 3: Nevertheless, we could of won if we had a free market monetary system and a free market economic system. But we didn't. We had weaknesses in our economy that had built up over the years. Socialism creep. Overreaching unions, oppressive government regulations, stifling taxes on business. It made us susceptible to a concentrated targeted attack by an Asian mercantile strategy.
PART 4: The only defense was to fight fire with fire. We should of let our currency devaluate. Imports would of become more expensive and it would of stopped. They couldn't of devaluated their currency enough to match us. We would of won. But because our dollar was the reserve currency we couldn't allow that. So we opened ourselves up to an Asian import onslaught that we couldn't adapt to. We lost.
Tariffs were invented to prevent foreign nations from destroying the internal economy of a nation.
Thirty years of trade deficits. How is it working out for the USA and its citizens?
There are only two choices.
1) Continue the trade deficits until US citizens are the poorest and most desperate in the world and will then work 16 hours a day for a bag of peanuts and a loaf of bread.
2) Use tariffs and control the coasts and borders.
I have thirty years of proof that it has to be one or the other.
what's a good alternative to living in the US? can the US hold up the ponzi scheme for much longer. The federal reserve note has been backed by nothing for a long time, long time already...
so how could they fix it?People with millions like shit here arent moving.We could always kill and take,thats what bacteria does.If it did fail,the countrymen in this cuntry will grow food,we really have everything we need.There has to be a way to make 3rds suffer and die better,we have to get chindia to stop multiplying.Only we the rich should be allowed children.We are the great illuminitti after all.
Also, only reason Europe isn't a fucking sardine can like these other countries is because they were able to colonize and spread. Imagine all the whites in america, crammed in britain or something.
But I do agree, stupid ppl really aren't contributing anything by being human vending machines.
Pretty soon nuclear energy, eugenics, A.I., etc. will help alleviate a lot of problems.
also, we can't just divert back to nature, because we leave ourselves open to invasion, if we don't maintain our military sufficiency, our country men will get slaughtered by foreign military invaders with modern technology (our blue prints, plus their advances).
I think a lot of the solutions are at our fingertips but we're being held back in a lot of ways by special interests. Nikola Tesla, was stripped of funding etc. by Oil barrons with connections to banksters.
there seems a huge disconnect between Government and the People. We need direct feedback lines to our officials in DC. I think the congress thinks the public is asleep and they can do whatever they want at this point. "stimulus plus taxes and bailouts all at the same time?? This money has got to come out of you wallet in one way or another. Who was the guy who got fired for calling us a nation of "whiners"? He may have been closer to the truth that we realized.
The root of the crisis is lack of industry in the USA, manufacturing industry.
Unfortunately most of the same ones that go to tea parties or council on foreign relations meetings rant and scream against common sense protectionism. They refuse to believe that the bogus free trade deals have almost destroyed the United States. They want to stay in their fantasy bubble where the US consumer gets their money to buy products off of money trees in their backyards and not from payroll jobs.
In 1929 the stock market crashed due to an inflationary bubble, just like nowadays. In 1930, the Smoot-Hawley protectionist trade tariff was put into place to protect American industry from those evil foreigners. Just what you now call for. The end result of course was that foreign nations responded in kind with their own tariffs and next thing they knew, half of all American export industry disappeared. And the depression was made great.
Panpiper hun, you don't know your history that well. The Smoot-Hawley act came too late to do anything, good or bad. That lame excuse as the cause has always been pulled out by corporations whose loyalties have never been with what was best for any nation, only what they see as best for themselves. They know that did not cause. Their own greed did.
And FYI - There has been a trade deficit for decades now. There is nothing left to lose.
So your contention is that if the Smoot-Hawley tariffs had been passed a couple years earlier, it would have been a fine piece of legislation? It always blows my mind how those in favor of protectionism honestly think they have the moral high ground. That an American not having to find a new job is more important than a family in the third world starving, and that it is perfectly all right to save that American job even though it means everyone has to pay more, which means less for everyone.
Panpiper - Smoot-Hawley that was passed on a couple of months before the crash was a lame excuse for the cause, as I feel sure you know by now after running a search on the topic.
Spare me the starving third world histrionics. The primary purpose of any government is to care for its nation and its citizens, or it is useless. (much like the government of the US)
Strong nations help weaker ones. They don;t help weak nations by slitting their wrists and going all emo bleeding all over the place.
i think schiff is reading too much into the chinese card. we have enough in our treasuries to buy out china from our debt but china doesnt want to get bought out. the communist party in china needs to keep supplying its people with economic growth, and they are banking on the dollar coming back. now if china does want to be bought out then they risk hurting relations with a major power they export to. America has lessons to learn yes, but were still the same good people as always. remember that
lol....exactly...the last time Fort Knox was inventoried(1950's) it had $146.7 million ounces of gold backing up Treasuries....that's a measely $139 billion is today's USD's. BUT, the US GOV"T does have assets: Warplanes, Post offices, etc. Time for a firesale! lol
And excuse me, that is irrelevant to my point. We have enough in our treasuries and gold reserves to pay for any chinese owned debt, but not private citizen debts. My point is that the dollar and our economy will hold strong as long as inflation can be kept under control and the money printed now is being put into the right place. I highly doubt inflation is under control or our the new money is spent well. so it is up to the American people, we won't be put down. It's not our in our character.
Anyway bedtime for me. Btw, if its the Us or Europe, we get ripped by the banks and our stupid goverment., we just make huge debts, and about a gold reserve we can dream. That's long time ago sold out.
China does not need the US to export to. They send the US their stuff and the US sends them an IOU they will never pay. That is NOT a long term recipe for growth. That is a recipe for slavery. They could simply buy their own stuff and forget the worthless paper. And sooner or later, when the insolvency of the US becomes glaringly apparent, that's just what they will learn to do. Peter Schiff has explained this many times.
This fool has been declaring the demise of the dollar for the last 2 years. I'm 62 years old and I have lived through several recessions and this one, although most likely the largest, is similar to all of the others. The dollar is NOT falling, the dollar is staying strong, unemployment is temporary and the recession will bottom out this year and rebound next year. Just like every other recession in my lifetime.
All of the recessions and even the Great Depression started with misbehavior in Wall Street and big business. Selling short (1929), bundling mortgages(2008) and such borderline criminal activities(Enron 1990s and Texas oil scandal (1970s) jumped started recessions. When Wall street got into real estate and bundled mortgages to sell off in pieces then things went bad. Bank failures and unemployment followed. Of course economies are larger now so everything has greater numbers.
62 years old and not seeing a worse recession gives you right to call Schiff a fool? Let's say he manages large amounts of money for many clients....employees several people doing so-meaning he probably makes decent money doing it....and you call him a fool? What is your profession that makes you so wise? I noticed you have "martial arts" videos for LEO's...are you a LEO?
Nickelodeion2002, You resort to personal insults because your argument is devoid of facts. I'm not impressed by what you cite as his credentials. Remember Bernie Madoff also managed large amounts of money for many clients. In any case the dollar is still strong and even the Chinese and saying so today.
Madoff was a Ponzi scheme master...not a "financial" advisor, investor, etc. The only similarity I can draw to your Ponzi scheme example is that of the US gov't printing up money to pay for more social programs....that's is truly the Ponzi scheme of the century. It makes Madoff look like a 2 bit thug.
Madoff and Schiff are VERY similar. Both are or were experienced and respected by many people like yourself. Madoff made silly claims that don't even agree with the laws of number theory and Schiff is just using the old 'Chicken Little' method to scare people into believing him. Talking heads only.
We could argue all day long about history, "The lie commonly agreed upon."So all we can individually do is listen to those espousing viewpoints and utilize our rationale to discern the truth or not.When I listen to successful & ethical people like Schiff, Faber, et al, watch government actions, and study markets-I discern.You obviously discern differently from me.Collusion between big business and gov't is a problem, you won't get arguments from me there.Socialism is not the answer.
I imply your desire Socialism based on your like of the book "The Jungle" and your desire to end "Wall street" and "Big Business" misbehavior. How do you propose to do that? Gov't regulation? If so, it implicitly suggest socialism....
If you don't feel that way please accept my apology.
My Father worked in the meat packing industry when I was a child. 'The Jungle' by Sinclair depicts in detail the conditions in the meat packing industry. Enron and AIG certainly did misbehave as did the predatory lenders. I am a Vietnam veteran so don't put that 'Socialism' label on me. Stop calling people socialist simply because they don't agree with you. You are inferring the label and you are wrong.
I think people are calling you a socialist, b/c you are an idiot. Now, I don't want to blame it solely on your ignorance - I haven't met that many people who understand economic crisis or monetary policy (even fewer), but you should at least do some research before opening your mouth. Now, start with Christina Romer's Mistaken Revolution of the 60's (yes, Obama's own cabinet member) - that ought to give you some background on how the debt crisis (the impending dollar collapse) really started.
Insulting people never makes an argument. I have said that the dollar is strong and it is. It is strong against the Euro, the Rouble, Yen and Chinese Yuan. Peter Schiff has been saying that there is an impending dollar collapse for two years now and it simply didn't happen. In fact the Chinese came out today stating that the dollar will remain the leading currency for years to come.
Banks are holding all the printed cash for fear of risk. No printed money on floor, no super inflation which mean no "debasing of dollar"
This system is a super ship, very hard and slow to change course, all printed dollar will take months to trickle through the economy.
Like banks have fear of lending so do china fear "meltdown", ofcourse it will take action, see the price of many commodities rising, chinese "investments" away from dollar?
That could very well be the reason why banks don't lend and China is praising the dollar. The super ship metaphor is like the one President Obama uses. Change of direction is slow for a great ship and we are all tied into the dollar. No one would benefit from the collapse of the dollar and that is why it isn't going to happen.
Sure, no one WANTS it to happen, but that doesn't mean they will always be able to prevent it from happening. Once you embark on a monetary policy that monetizes your nations debt and inflates the currency, it becomes difficult to stop. They could stop doing it and raise taxes but that may reflect the true cost of their actions and upset the US people.
It is also tied into politics and the fear that nations will collapse. For example today 140 Han Chinese were killed by local non han people in the western part of China. Coupled that with unrest in Tibet and there is a problem and it could lead to greater unrest throughout the country. So the dollar is stable and safe that is why the Chinese (Han Chinese actually) invest in America.
The Euro, which is the combined currency of 23 nations, was designed to replace the dollar. Well that never happened. The dollar has been rising against the Euro for several years now. Europe is trying to be a single state superpower. That doesn't seem to be the case. If we pull out of NATO then they would have to pay for their own defense. Then the Euro would collapse for sure.
dude, the US forces are not all or anywhere close to even half 'highschool dropouts'. Too much Moore!
And, just because the valuation of the Euro is 'higher' than the dollar doesn't mean it is 'stronger'. The pound is higher, but no one is going to say it is stronger. It all comes down to current & recent performance, & likely performance in the future. Since Mar 09 the $ has been trending down relative to certain things, but other currencies have been trending down relative to the dollar.
Well, yeah, wouldn't you say that if you had all your savings in Dollars? Meanwhile, out back they're buying as much real wealth as they can, as fast as they can. I choose to believe their actions, you believe their words...
I have confidence in the United States of America. So does China and that is why they invest in savings bonds. The US economy is able to sustain itself through the recession just as it had sustained itself during the several recession of my lifetime. I reject the sky is falling outlook of these talking heards.
Peter neglects to mention self-discipline which will come as people are forced to close wallets as a result of not having any money. Not buying Chinese will cause them to dump our dollar, causing a collapse. I see a chance for the US to survive and come out stronger: by firing the NON-representatives and revolting against the illegal, immoral and fraudulent income tax. If that is too extreme and inconvenient , imagine carrying SUV loads of cash to the store to buy a day's worth of groceries.
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THE SKY IS FALLING. THE SKY IS FALLING!!!!
LOL, This guy is sooo full of shit. Education is the best investment that any society can make. Health care for everyone is a good and noble thing. The dollar is strong and has been holding strong all during this recession.
And after education there will be no Job ?? Nobody wants you, good investment LOL..btw with ur strong $ , come to Europe, see how many € you will get for it.
You obviously don't track the dollar index, gold, commodities...or anything else. I can see your socialistic leanings via your favorite book "The Jungle"..and that's fine and dandy...but why not try to push your agenda with facts?
First of all the Yuan is pegged to the dollar, didn't you know that? What a joke. Why not try using a barometer that remains stable...like Gold? $35/ounce in 1971....to what...$935 today? It move $200 up in just the last two years. You site other fiat currencies like Japan and Russia to show a strong dollar? What not the Peso too? lol....Japan and Russia are both hurting so that means the US is doing fine? Good away.
The dollar is strong compared to diverse economies such as Russia, Japan and China. Also it has stayed strong throughout this global recession. Scared rich people in poor countries buy gold and diamonds. That is why gold and such commodities have risen. Still the US Dollars is strong. You simply do not know what you are talking about.
So you explain the rise in commodities over the last 10 years as "scared rich people"...hahaha? What about any commodities other than precious metals that has a relatively predictable supply/demand? What about just the price of steel? Do you think scared rich people run out and buy steel? How about tin? Look at the cost of tin over time-it charts the same as steel with predictable supply and demand...what sayeth you on that Mr. Know it all?(who didn't know China's currency was pegged to ours)
Joe-you're making my point....the NZ currency is increasing in value relative to dollar because they don't inflate their currency...the government is hurting but they have had EXCESS RESERVES...not mountains of debt. Am I missing a different point you are trying to make? (other than you only know of a "Nickelodeon" as being a cartoon channel). The whole idea of "dollar strength" is relative to all fiat currencies.
I bumped into an American Couple last night. They were here on vacation from China. They claimed they earn appox. $1,600 a month each as English Teachers. They live in a house on a lake, "very" exclusive. They come back to bank $20,000 a year here, thinking there will be a turn around here? Sound's like the illegals that come here to take money back to Mexico? Hmm..........
She's a USC GRAD, ex-school princ, He's a Chef who worked for Wolfgang Puck. They teach English in China now?
No Peter, our Politicians will make good on their promises to pay back China. You'll probably see legislation that allows state's to force inmates to manufacter goods and then using Code Enforcement, they'll lock people up for American Clean Energy and Security Act Violations...... We just need to know which products the Chinese need?
Isn't it a coincidence that Gov. Mark Sanford who refused the stimulus and was looked as a leader of the Republican party had an affair with a Argentine beauty.
A guess the good ole US has to take the medicine regardless of whether it will help you or not. Go parasites!!!!
ITs just like people complaining about Walmart....and two seconds later they are in their cars heading for Walmart to shop...Everyone seems to want to continue their habits...but want everyone else to curb theirs....NO UNITY IS OUR PROBLEM...
Everything he preaches is coming together. Remember he is an investor, not a swing trader who reacts to daily news, he looks for longterm capital preservation.
Peter, you're a brilliant financial analyst and sound economist. Don't bother to run for public office, though. You don't speak the language of the diplomats and politicians. Of course China is making a statement (gentle warning). And the American people DO CARE; they voted overwhelmingly 300 : 1 against bailouts and TARP - it's classic taxation w.out representation.
The public of the planet have woken up. Pete, thanks for everything.
looks like Peter Schiff finally learned something about what a real economy comprises; it is manufacturing. very good peter, looks like you've been watching some Lyndon LaRouche videos. Who would've thought "manufacturing" word would come out of a financial stock guy. But looks like he forgot to mention protectionism. No high Tariffs = Death of U.S. manufacturing. stupid fake free trade.
Protective tariffs doesn't help anyone. Protectionism is a sure fire way to turn this recession into the ultimate depression (which it probably will be anyways). Free trade always helps the economy; the lack of production in the U.S has nothing to do with our quasi-free trade agreements.
free trade is bull. The free trade the politicians set up is free for the others and outsourcing our jobs to bankrupt us in order to bring in the new world order govt. Get a clue. I used to think like you but you are wrong. Look at endgame and the obama deception.
Taxation with representation is still valid cause we the people aren't represented. The agenda of the establishment is what gets made into policy rather than what is beneficial for people. Congress gets an hour to vote on a 1200+ page bill. What a joke...
.....the pushers telling their junkies they need more discipline as the noise from helicopter Ben's rotors whirl over their unbowed / over-entitled heads, drowning out their whining......GWAAAAD but I love your analogies Peter!!!!.....Yours truly.....
a Canuck admirer from the Great White North...p.s...whoda thought....the "BRIC" countries....at one time colonies...now the colonizers....
China will continue buying bonds and earning dollars from exports. they are spending dollars on resources all around the world (last purchase 20 year gas supply from Russia 100bn). when China will be strong enough and accquired enough resources, they will drop the dollar.
US will decline and GDP shrink (because its inflated). without the stimulus GDP would drop >10% but government will run 2 trillion deficit to reduce the drop, but it is only a temporary measure.
Peter...their objective is not to save the dollar or America, but (according to Zibignew Brzezinski's book "The Grand Chessboard") to bring down the last remaining "superpower", and fold us into a one world government where nations cease to exist and is run by corporations.
The reason why china is buying our debt is not for economic reasons but political. What are we going th o have to give China when they demand to be paid back, Is it going to be war? Sell Alaska? Sell out national parks? Be ruled by China? Have authoritarian capitalism like China?
its simple. the US will pay back the dollars they borrowed by firing up the printing press and print what they need. With no gold backing the dollar they can do that. Remember that the US borrowed US dollars not Chinese Yuen so they can pay in back in USD, even if 10 years from now, 1 dollar = 2 cents in value of todays dollar. If they do enough "quantitative easing" (printing money) it would be possible to devalue the dollar to that point.
beware!! within the next weeks/months the stock market will crash, which will be the starting point of the greatest depression.
"In truth, the ruling elite are scamming the whole world much like a macro-scale Enron game. That is, they are manipulating the world share markets to present the illusion of greater value until the crash."
God damn it Schiff run for the Senate. You are in position to do something good for all of us. Remember Peter all that is necessary for the triumph of evil is that good men do nothing. Even if you are elected we may fail but it is worth a fight. Godspeed Patriots.
Remember though, we are asking him to invest a huge amount of time and his own money into this, and he may well not win.
I too however would very much like to see him run. Even if he doesn't win, there is a good chance it will force more attention on the part of the media upon Peter's message, and at least locally, that is a certainty.
But if he chooses not to, let's forgive him in advance, ok? ;-) Remember, it's 'his' time and money we are asking him to donate to the cause.
I agree with what you said. If He doesnt run I understand completely. It would cost alot of money, time, and he could lose or even if he does win it may make do difference anyway. He may make more of an impact on the country just continuing to do what he is currently doing. I dont really know. Whatever he decides I will still support him and the liberty message.
We do pay a lot of taxes and some of the money may be wasted on useless things but some of it does go to very good things like public sewer systems. Imagine what would your city smell like without a public sewage system and everybody just threw their excrement out of windows. Our founding fathers may have paid less taxes but they did not have toilets and sewers either and instead used chamber pots and outhouses.
I agree. The only good government is a local government. No more federal governments, ever. It doesn't work, never has. The Europeans should learn from our mistakes and disband their union now before its too late.
There is virtually nothing central governments do that cannot be done better and cheaper by local government, or even better by private enterprise. About the only thing off the top of my head that the states cannot do better than the federal government is the provision of a navy.
All it means is that you have nothing to loose. You will be otherwise equally affected by the extreme difficulty in finding work, and without at least a little bit of silver coinage with which to exchange fore necessities (and participate in the then illegal free market), you will be forced to barter with what few possessions you may have. With a bit of luck, you may possess some skills which you can barter for at least something.
Criticized for vlogging on a holiday???? What about the people watching and commenting????
IMO, you are exactly correct. But what is the end-game? It seems obvious that this kind of borrow/tax/spend can not go on forever. So, what is the end-game? There has to be a goal, objective or reason why they are so massively opening the debt. What could it be????
From reading comments / speeches made by Bernanke he will at any cost do whatever is in his power to make sure US economy does not go through a deflationary cycle.
Peter, only an American who cares and is truly dedicated would vlog on a holiday week-end. I salute you from afar! And thankyou for fixing the audio. The sound quality is now as fine as the message. THANK YOU Peter. Keep going.
I want Peter Schiff in there with Ron Paul. I donated to his exploratory campaign. I would looooove to see him fighting the corruption currently in congress. He can sure be someones hero.
Thank you for the update and I hope your trip went well to visit your Dad. I have his book. When I'm ready to invest I will surely invest with Euro Pacific.
i want to preserve the value of my dollars.I put 30k in last year with adam in arizona,i was down 4.5k in 3 weeks,thats 120%.I woulda bought barrels at $40,but we as civilians cant do that.I'm selling my homes,putting my $ in b of a,live in my van, and look for gold in the ground.Unless you have a better idea._+
i dont joke about $ at all,im hearing fireworks go off,just one is how long it takes to blow your brains out.What is safe and solid for the future,wtf are the rich doing?do i need to move to asia?
B of A is one of the worst banks to put it in, all the fees. I'm really serious about the gold in Guyana idea. We're trying to get some land down there and go mining. It's supposed to be the mother load. The family has some land we just need to get the paperwork together and we're on our way. Gold is where it's at. That's where it's always been. The rich just came up with this fiat money to take away all the gold and have you working for cotton.
omg we are in america going to get whats coming to us. 2012 just around the corner.
omapps 1 year ago
Very impressive! This is exactly the answer I was looking for, you should upload your video to this site, Ewisdomtv
susanbunch1980 1 year ago
Wow, great video!
susanbunch1980 1 year ago
Greed needs to see when enough is still too much. Be happy with what you got.
rich2rock 2 years ago
I think the gov of the US is not a gov of or for the people...but is a means for the elite to rule indirecty, and take money from the people to fund their national and international plans and ambitions.
siddhaam 2 years ago
You make a compelling argument, Mr. Shiff.
MillionaireMarket11 2 years ago 2
If Peter gets $100 in campaign donations from everyone that has watched this video already he will have over $1.5 million dollars.
I have $100 to send ya.
Bankingcartel 2 years ago 2
The last thing I want is a company like Enron running my city's sewage system.
Pnkbong 2 years ago
government is worse though. no competion government. so government is wastful and political and corrupt in nature.
fastfreddy916 2 years ago
"They [China, Russia, India...] can let the dollar sink" says P. Schiff. Yes Mr. Schiff I guess that US government would agree with you this time. I bet that US government counts on that. How else could US get rid off its huuuge debt? At the same time USA destroys savings of dollar holders and that means of the whole fucking world. If USA gets its way out of the problem in this dirty way I think no one will have any business with them for the next 1000 years.
Igor707 2 years ago
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RIP Michael Jordan! Your name will be remembered FOREVER!
VoteAwards 2 years ago
Zimbabwe has a 100,000,000,000,000 dollar bill, I don't know of any country that doesn't have a reserve currency.
new01 2 years ago
Pure truth in this video!!!!
sirjames45 2 years ago
I hope someone will read Revelations - one world government prophesied - one world leader - antichrist to rise.
ntlfr8 2 years ago
revelations is the best place to find well proven predictions about the course of the future. its all there.
this guy is right about the founding fathers, one of the main reasons for the revolt was the PRIVATE control of the money system from the central bank. we now call that the federal reserve and they should have done more to prevent that.
ion1984 2 years ago
It means printing money to pay the debt.
basia056 2 years ago
I need an economic background to understand this guy. Can anybody enlighten me on what it means to "monitize the debt?"
etbitmydogucf 2 years ago
its when the federal reserve prints money to buy government debt. its a bad thing to do because it inflates the money supply which eventually makes prices go up.
michaelpshipley1 2 years ago 2
Thanks. I had heard two sides to this story. The other is that in the current economic situation we will see deflation as a result of no lending so if we print money we can try to stabilize it although what we are actually seeing as a result is stagflation. So what would be the difference between borrowing this money from China vs monetizing this debt? Aren't both very bad? If we borrow it we have to pay interest.
I hope somebody makes a financial learning channel.
etbitmydogucf 2 years ago
"Borrowing" from China is happening via the sale of US bonds which of course involves interest. Monetizing it(printing) involves expanding the money base. So say you and I each have $1 dollar and want to buy an apple for $1 dollar."Joe Gov't" comes along and says "I want an apple too!" and prints $1 up without working for it.What just happened to the value of the money you and I just worked for? (It goes down-naturally).That is what Ron Paul calls the "hidden tax" or "inflation tax".
Nickelodeon2002 2 years ago 2
"monitize the debt" is the phrase that's currently used to describe instances when FED buys up treasury bonds. When bonds are bought by surplus of economic activity, it's savings. When it's bought with an institution that issues money (by lending it), it's pure inflation.
docmoriarti 2 years ago 2
The stimulus is stupid, but portions of the bailout aren't. If the bailout was targeted at funding more basic research for disruptive products such as new energy methods then we would have more goods to sell.
etbitmydogucf 2 years ago
I agree.
tombone3 2 years ago
"Economic sedatives".. yep, correct word there, Schiff.
Steenville 2 years ago
Could it be that the dollar is being used to bankrupt the global economy, which may then lead to the global currency being created using the U N and/or the World Bank as controller? No nation could be allowed to run deficits as that would tilt the global balance. Governments would need checks and balances that actually work for their own economies to match what they receive in regulated global currency. And might this happen after another world war that seems to be setting up?
Zile77 2 years ago
lawmakers love deficits because it allows them to tax people who dont vote - children. politicians can pass whatever programs they want will little politicial retribution from those who are getting the programs without paying for them.
so I dont think politicians in the US or any world government would vote to make deficits illegal - unless their was sufficient political pressure from their constituents.
owenander 2 years ago 2
As a Canadian I am inundated with Amaerican news and see a crash coming in the US.
What do you see this doing to Canada's economy or are we cushioned from this in any way?
buddcinder 2 years ago
The US isn't going to crash. The sky is not falling and no country is cushioned from the world economy. We are all tied into this together.
chairde 2 years ago
From listening to Peter Schiff and others who actually seem to understand economics, It's pretty obvious that a US crash is coming. I suspect that it will look like the fall of GM. People will be in complete denial as the US oscillates it's way down to third world status. I think that other countries (like Canada) will just slowly adapt and not really notice.
rationalCrash 2 years ago
I try to explain this to people and they refuse to "get it"
nyteaparty 2 years ago 5
Let's see what they do at the G-8 ?!? Legalize weed !! At 8-14 Euros a gram,or in the States 10-20 bucks . Weed would help fill the coffers of democracies around the world ,not like financial services,banks,insurance companies etc.!! Just one idea ,but it's better than people going homeless and hungry !! Fuc The "double Bubble" is here now ! Without some "around the Square" thinking ,you will see Mass poverty,mass hunger,fascism,nazism,and revolutions in many countries ! Thanks, sort off
steviebkhall 2 years ago
OMG! There seems to be intelliegent postings agreeing-disagreeing with peter's work.
In two days, 7,000 hits to this vlog.
Mix it up, is the public becoming aware of the real problem?
Few months ago all the comments were mostly "f*** off, dumb ass . . . " while the hits could barely crawl over the 500 mark.
Thank you Mr Schiff!
silent11shadow 2 years ago
who is "the public" and what is his voting record like?
he's not the guy electing each one of these criminal "representatives," one after another, is he?
jonathans8 2 years ago
And so fucking what if they have to pay more? Without decent jobs and plenty of them, in case you have not noticed, they don't pay anything at all because they cannot afford to buy shit.
JFC - THIRTY YEARS TRADE DEFICITS!
What the hell did anyone expect other than exactly what is happening? The Global Market Fairy would take us all to Neverland?
TrueBloodTypeA 2 years ago
PART 1: I understand your frustration. The problem is, trade barriers hurt us just as much as it hurts them. The Smoot Hauley act in the 30s devastated the US economy even more than it already was. It was terrible.
michaelpshipley1 2 years ago
PART 2: The Asian economies beat us because they sacrificed. They were at economic war with us. They were willing to work for almost nothing for many years, just as we did during WW2. They kept their currencies pegged, always devalued against the dollar, so they could always undercut us, at the expense of their population who could not afford the products they were exporting.
michaelpshipley1 2 years ago
PART 3: Nevertheless, we could of won if we had a free market monetary system and a free market economic system. But we didn't. We had weaknesses in our economy that had built up over the years. Socialism creep. Overreaching unions, oppressive government regulations, stifling taxes on business. It made us susceptible to a concentrated targeted attack by an Asian mercantile strategy.
michaelpshipley1 2 years ago
PART 4: The only defense was to fight fire with fire. We should of let our currency devaluate. Imports would of become more expensive and it would of stopped. They couldn't of devaluated their currency enough to match us. We would of won. But because our dollar was the reserve currency we couldn't allow that. So we opened ourselves up to an Asian import onslaught that we couldn't adapt to. We lost.
michaelpshipley1 2 years ago
Tariffs were invented to prevent foreign nations from destroying the internal economy of a nation.
Thirty years of trade deficits. How is it working out for the USA and its citizens?
There are only two choices.
1) Continue the trade deficits until US citizens are the poorest and most desperate in the world and will then work 16 hours a day for a bag of peanuts and a loaf of bread.
2) Use tariffs and control the coasts and borders.
I have thirty years of proof that it has to be one or the other.
TrueBloodTypeA 2 years ago
This comment has received too many negative votes show
who's this clownhat, sounds like some conservative who probably supports war criminals
*looks at wikipedia*
"Schiff is a firm believer in reducing government regulation of the economy."
lmao joke opinion, joke economist
Joe402 2 years ago
He is a libertarian, not a conservative. Strawman arguments mean nothing.
bigheb774 2 years ago 9
what's a good alternative to living in the US? can the US hold up the ponzi scheme for much longer. The federal reserve note has been backed by nothing for a long time, long time already...
rockhardxrocker 2 years ago
so how could they fix it?People with millions like shit here arent moving.We could always kill and take,thats what bacteria does.If it did fail,the countrymen in this cuntry will grow food,we really have everything we need.There has to be a way to make 3rds suffer and die better,we have to get chindia to stop multiplying.Only we the rich should be allowed children.We are the great illuminitti after all.
creten69 2 years ago
are you being sarcastic? it's spelled Illuminati
Also, only reason Europe isn't a fucking sardine can like these other countries is because they were able to colonize and spread. Imagine all the whites in america, crammed in britain or something.
But I do agree, stupid ppl really aren't contributing anything by being human vending machines.
Pretty soon nuclear energy, eugenics, A.I., etc. will help alleviate a lot of problems.
rockhardxrocker 2 years ago
also, we can't just divert back to nature, because we leave ourselves open to invasion, if we don't maintain our military sufficiency, our country men will get slaughtered by foreign military invaders with modern technology (our blue prints, plus their advances).
I think a lot of the solutions are at our fingertips but we're being held back in a lot of ways by special interests. Nikola Tesla, was stripped of funding etc. by Oil barrons with connections to banksters.
rockhardxrocker 2 years ago
there seems a huge disconnect between Government and the People. We need direct feedback lines to our officials in DC. I think the congress thinks the public is asleep and they can do whatever they want at this point. "stimulus plus taxes and bailouts all at the same time?? This money has got to come out of you wallet in one way or another. Who was the guy who got fired for calling us a nation of "whiners"? He may have been closer to the truth that we realized.
lenny380 2 years ago
Peter, thank you for continuing to record these excellent video blogs on the markets! This stuff is awesome!
minnesotachris 2 years ago
The root of the crisis is lack of industry in the USA, manufacturing industry.
Unfortunately most of the same ones that go to tea parties or council on foreign relations meetings rant and scream against common sense protectionism. They refuse to believe that the bogus free trade deals have almost destroyed the United States. They want to stay in their fantasy bubble where the US consumer gets their money to buy products off of money trees in their backyards and not from payroll jobs.
TrueBloodTypeA 2 years ago
In 1929 the stock market crashed due to an inflationary bubble, just like nowadays. In 1930, the Smoot-Hawley protectionist trade tariff was put into place to protect American industry from those evil foreigners. Just what you now call for. The end result of course was that foreign nations responded in kind with their own tariffs and next thing they knew, half of all American export industry disappeared. And the depression was made great.
Panpiper 2 years ago
Panpiper hun, you don't know your history that well. The Smoot-Hawley act came too late to do anything, good or bad. That lame excuse as the cause has always been pulled out by corporations whose loyalties have never been with what was best for any nation, only what they see as best for themselves. They know that did not cause. Their own greed did.
And FYI - There has been a trade deficit for decades now. There is nothing left to lose.
TrueBloodTypeA 2 years ago
So your contention is that if the Smoot-Hawley tariffs had been passed a couple years earlier, it would have been a fine piece of legislation? It always blows my mind how those in favor of protectionism honestly think they have the moral high ground. That an American not having to find a new job is more important than a family in the third world starving, and that it is perfectly all right to save that American job even though it means everyone has to pay more, which means less for everyone.
Panpiper 2 years ago
Panpiper - Smoot-Hawley that was passed on a couple of months before the crash was a lame excuse for the cause, as I feel sure you know by now after running a search on the topic.
Spare me the starving third world histrionics. The primary purpose of any government is to care for its nation and its citizens, or it is useless. (much like the government of the US)
Strong nations help weaker ones. They don;t help weak nations by slitting their wrists and going all emo bleeding all over the place.
TrueBloodTypeA 2 years ago
"For imposing Taxes on us without our Consent:"
bowtie728 2 years ago
Have you even read the Declaration of Independence? It states as one of the violations:
taxation without CONSENT.
IT DOES NOT SAY TAXATION WITHOUT REPRESENTATION!!!!!
bowtie728 2 years ago
Nice video Schiff
MarchHare2009 2 years ago
Thats the truth! If the founding fathers new what America has become; they would not have revolted.
Jasman2444 2 years ago
i think schiff is reading too much into the chinese card. we have enough in our treasuries to buy out china from our debt but china doesnt want to get bought out. the communist party in china needs to keep supplying its people with economic growth, and they are banking on the dollar coming back. now if china does want to be bought out then they risk hurting relations with a major power they export to. America has lessons to learn yes, but were still the same good people as always. remember that
addictfan 2 years ago
@addictfan: Excuse my english, but what do you have in the US treasuries. Asfar I understand there are huge debts, and the printing press is rolling.
leonklein 2 years ago
lol....exactly...the last time Fort Knox was inventoried(1950's) it had $146.7 million ounces of gold backing up Treasuries....that's a measely $139 billion is today's USD's. BUT, the US GOV"T does have assets: Warplanes, Post offices, etc. Time for a firesale! lol
Nickelodeon2002 2 years ago
Edit 146.7 million ounces (no dollar) sign.
I forgot to mention that the US gov't confiscated every regular Joe's gold in 1933....so anything that's left wasn't probably gov't owned anyway.
Nickelodeon2002 2 years ago
And excuse me, that is irrelevant to my point. We have enough in our treasuries and gold reserves to pay for any chinese owned debt, but not private citizen debts. My point is that the dollar and our economy will hold strong as long as inflation can be kept under control and the money printed now is being put into the right place. I highly doubt inflation is under control or our the new money is spent well. so it is up to the American people, we won't be put down. It's not our in our character.
addictfan 2 years ago
Anyway bedtime for me. Btw, if its the Us or Europe, we get ripped by the banks and our stupid goverment., we just make huge debts, and about a gold reserve we can dream. That's long time ago sold out.
(dream bout gold LOL ) :P g'night
leonklein 2 years ago
China does not need the US to export to. They send the US their stuff and the US sends them an IOU they will never pay. That is NOT a long term recipe for growth. That is a recipe for slavery. They could simply buy their own stuff and forget the worthless paper. And sooner or later, when the insolvency of the US becomes glaringly apparent, that's just what they will learn to do. Peter Schiff has explained this many times.
Panpiper 2 years ago
@chairde hmmmm, why do you make me think of Jim Cramer ??
leonklein 2 years ago
This fool has been declaring the demise of the dollar for the last 2 years. I'm 62 years old and I have lived through several recessions and this one, although most likely the largest, is similar to all of the others. The dollar is NOT falling, the dollar is staying strong, unemployment is temporary and the recession will bottom out this year and rebound next year. Just like every other recession in my lifetime.
chairde 2 years ago
@chairde You ever saw such a debt during all your recessions?? Plz bring facts to your opinion, and not ur age of 62.
leonklein 2 years ago
All of the recessions and even the Great Depression started with misbehavior in Wall Street and big business. Selling short (1929), bundling mortgages(2008) and such borderline criminal activities(Enron 1990s and Texas oil scandal (1970s) jumped started recessions. When Wall street got into real estate and bundled mortgages to sell off in pieces then things went bad. Bank failures and unemployment followed. Of course economies are larger now so everything has greater numbers.
chairde 2 years ago
62 years old and not seeing a worse recession gives you right to call Schiff a fool? Let's say he manages large amounts of money for many clients....employees several people doing so-meaning he probably makes decent money doing it....and you call him a fool? What is your profession that makes you so wise? I noticed you have "martial arts" videos for LEO's...are you a LEO?
Nickelodeon2002 2 years ago
Edit: Let's say to "Let's see,"
Nickelodeon2002 2 years ago
Nickelodeion2002, You resort to personal insults because your argument is devoid of facts. I'm not impressed by what you cite as his credentials. Remember Bernie Madoff also managed large amounts of money for many clients. In any case the dollar is still strong and even the Chinese and saying so today.
chairde 2 years ago
You are focusing on the cosmetics and not the real issue.
Jimhill58 2 years ago
I resorted to a personal insult? The only "name" I saw anyone called was a "fool"-and that wasn't me.. Best of luck to you.(Sincerely)
Nickelodeon2002 2 years ago
I didn't take the way that you did. No problem.
Jimhill58 2 years ago
Madoff was a Ponzi scheme master...not a "financial" advisor, investor, etc. The only similarity I can draw to your Ponzi scheme example is that of the US gov't printing up money to pay for more social programs....that's is truly the Ponzi scheme of the century. It makes Madoff look like a 2 bit thug.
Nickelodeon2002 2 years ago
Madoff and Schiff are VERY similar. Both are or were experienced and respected by many people like yourself. Madoff made silly claims that don't even agree with the laws of number theory and Schiff is just using the old 'Chicken Little' method to scare people into believing him. Talking heads only.
chairde 2 years ago
I can see your point but Schiff isn't taking your money.
Jimhill58 2 years ago
Neither did Madoff.
chairde 2 years ago
We could argue all day long about history, "The lie commonly agreed upon."So all we can individually do is listen to those espousing viewpoints and utilize our rationale to discern the truth or not.When I listen to successful & ethical people like Schiff, Faber, et al, watch government actions, and study markets-I discern.You obviously discern differently from me.Collusion between big business and gov't is a problem, you won't get arguments from me there.Socialism is not the answer.
Nickelodeon2002 2 years ago
Why do you use the term Socialism? You imply that I'm a socialist because I disagree with you and say the dollar is strong?
chairde 2 years ago
I imply your desire Socialism based on your like of the book "The Jungle" and your desire to end "Wall street" and "Big Business" misbehavior. How do you propose to do that? Gov't regulation? If so, it implicitly suggest socialism....
If you don't feel that way please accept my apology.
Nickelodeon2002 2 years ago
My Father worked in the meat packing industry when I was a child. 'The Jungle' by Sinclair depicts in detail the conditions in the meat packing industry. Enron and AIG certainly did misbehave as did the predatory lenders. I am a Vietnam veteran so don't put that 'Socialism' label on me. Stop calling people socialist simply because they don't agree with you. You are inferring the label and you are wrong.
chairde 2 years ago
Fine. How do you plan on regulating the "misbehavers"?
Nickelodeon2002 2 years ago
I think people are calling you a socialist, b/c you are an idiot. Now, I don't want to blame it solely on your ignorance - I haven't met that many people who understand economic crisis or monetary policy (even fewer), but you should at least do some research before opening your mouth. Now, start with Christina Romer's Mistaken Revolution of the 60's (yes, Obama's own cabinet member) - that ought to give you some background on how the debt crisis (the impending dollar collapse) really started.
tooltalk 2 years ago
Insulting people never makes an argument. I have said that the dollar is strong and it is. It is strong against the Euro, the Rouble, Yen and Chinese Yuan. Peter Schiff has been saying that there is an impending dollar collapse for two years now and it simply didn't happen. In fact the Chinese came out today stating that the dollar will remain the leading currency for years to come.
chairde 2 years ago
Some behind the scene arm twisting maybe?
Banks are holding all the printed cash for fear of risk. No printed money on floor, no super inflation which mean no "debasing of dollar"
This system is a super ship, very hard and slow to change course, all printed dollar will take months to trickle through the economy.
Like banks have fear of lending so do china fear "meltdown", ofcourse it will take action, see the price of many commodities rising, chinese "investments" away from dollar?
silent11shadow 2 years ago
That could very well be the reason why banks don't lend and China is praising the dollar. The super ship metaphor is like the one President Obama uses. Change of direction is slow for a great ship and we are all tied into the dollar. No one would benefit from the collapse of the dollar and that is why it isn't going to happen.
chairde 2 years ago
Sure, no one WANTS it to happen, but that doesn't mean they will always be able to prevent it from happening. Once you embark on a monetary policy that monetizes your nations debt and inflates the currency, it becomes difficult to stop. They could stop doing it and raise taxes but that may reflect the true cost of their actions and upset the US people.
cmbradford 2 years ago
It is also tied into politics and the fear that nations will collapse. For example today 140 Han Chinese were killed by local non han people in the western part of China. Coupled that with unrest in Tibet and there is a problem and it could lead to greater unrest throughout the country. So the dollar is stable and safe that is why the Chinese (Han Chinese actually) invest in America.
chairde 2 years ago
hey dumbass !!!!
if the dollar was stronger against the euro then it would take less than 1$ to buy 1Euro....it's the other way around now !!!
why dont some people even have a fucking clue what they're saying ? ? ?
dudebud007 2 years ago
The Euro, which is the combined currency of 23 nations, was designed to replace the dollar. Well that never happened. The dollar has been rising against the Euro for several years now. Europe is trying to be a single state superpower. That doesn't seem to be the case. If we pull out of NATO then they would have to pay for their own defense. Then the Euro would collapse for sure.
chairde 2 years ago
you have got to be the dumbest fucking 62 year old american piece of shit ive ever seen
after all, all u.s. army people are high school drop-outs, why dont you learn european and asian history first before you open your mouth
what an american jackoff who thinks that america is the center of the universe - reminds me a lot of George dumbass bush
dudebud007 2 years ago
You should lower your salt intake.
chairde 2 years ago
... and his BS intake. He's overflowing with it.
Jaycephus01 2 years ago
dude, the US forces are not all or anywhere close to even half 'highschool dropouts'. Too much Moore!
And, just because the valuation of the Euro is 'higher' than the dollar doesn't mean it is 'stronger'. The pound is higher, but no one is going to say it is stronger. It all comes down to current & recent performance, & likely performance in the future. Since Mar 09 the $ has been trending down relative to certain things, but other currencies have been trending down relative to the dollar.
Jaycephus01 2 years ago
why are you people replying to something that i said over a month ago ? ?
the US is still fucked and will continue to be so....it will slowly degenerate into
nothing......besides that there's nothing here left to say here
dudebud007 2 years ago
Well, yeah, wouldn't you say that if you had all your savings in Dollars? Meanwhile, out back they're buying as much real wealth as they can, as fast as they can. I choose to believe their actions, you believe their words...
Jaycephus01 2 years ago
I have confidence in the United States of America. So does China and that is why they invest in savings bonds. The US economy is able to sustain itself through the recession just as it had sustained itself during the several recession of my lifetime. I reject the sky is falling outlook of these talking heards.
chairde 2 years ago
btw, the dollar is not "strong"..lol
Nickelodeon2002 2 years ago
Strong Dollar? Ya, like to sell ya some beachfront property in Arizona...sad thing is...you'd buy! Sheeeeple say BAAAAAHHHHHH!
SantaSatin 2 years ago
I agree. Watch what others do , not what they say.
Jimhill58 2 years ago
Old man, you have no clue what you are talking about. It's one thing to be ignorant, but another to make such accusation based on such ignorance.
tooltalk 2 years ago
Peter neglects to mention self-discipline which will come as people are forced to close wallets as a result of not having any money. Not buying Chinese will cause them to dump our dollar, causing a collapse. I see a chance for the US to survive and come out stronger: by firing the NON-representatives and revolting against the illegal, immoral and fraudulent income tax. If that is too extreme and inconvenient , imagine carrying SUV loads of cash to the store to buy a day's worth of groceries.
missliberty7 2 years ago
This comment has received too many negative votes show
THE SKY IS FALLING. THE SKY IS FALLING!!!!
LOL, This guy is sooo full of shit. Education is the best investment that any society can make. Health care for everyone is a good and noble thing. The dollar is strong and has been holding strong all during this recession.
chairde 2 years ago
Ahahahahahahahahahahahahahaha.....
Goodluck man LOL ur gonna need it.
audiohi 2 years ago
And after education there will be no Job ?? Nobody wants you, good investment LOL..btw with ur strong $ , come to Europe, see how many € you will get for it.
leonklein 2 years ago 2
You obviously don't track the dollar index, gold, commodities...or anything else. I can see your socialistic leanings via your favorite book "The Jungle"..and that's fine and dandy...but why not try to push your agenda with facts?
Nickelodeon2002 2 years ago
Nickelodeon2002,
As of today, July 5, 2009 one US dollar is equal to:
31.3 Russian Rubles
6.8 Chinese Yuan Renminbi
96.1 Japanese Yen
How do you account for such a strong showing of the US dollar? I await your 'facts'.
chairde 2 years ago
First of all the Yuan is pegged to the dollar, didn't you know that? What a joke. Why not try using a barometer that remains stable...like Gold? $35/ounce in 1971....to what...$935 today? It move $200 up in just the last two years. You site other fiat currencies like Japan and Russia to show a strong dollar? What not the Peso too? lol....Japan and Russia are both hurting so that means the US is doing fine? Good away.
Nickelodeon2002 2 years ago
Comment removed
Nickelodeon2002 2 years ago
Edit: "site" to cite. "good away" to "go away".
Nickelodeon2002 2 years ago
Nickelodeon2002,
The dollar is strong compared to diverse economies such as Russia, Japan and China. Also it has stayed strong throughout this global recession. Scared rich people in poor countries buy gold and diamonds. That is why gold and such commodities have risen. Still the US Dollars is strong. You simply do not know what you are talking about.
chairde 2 years ago
So you explain the rise in commodities over the last 10 years as "scared rich people"...hahaha? What about any commodities other than precious metals that has a relatively predictable supply/demand? What about just the price of steel? Do you think scared rich people run out and buy steel? How about tin? Look at the cost of tin over time-it charts the same as steel with predictable supply and demand...what sayeth you on that Mr. Know it all?(who didn't know China's currency was pegged to ours)
Nickelodeon2002 2 years ago
Nickelodeon, take a look at a 10 year chart of the dollar and then repeat your remarks based on those same currencies?
I'm mean New Zealand's only up what, 25%? In the last 6 months. lol
Are you a cartoon?
joescarafone 2 years ago
Joe-you're making my point....the NZ currency is increasing in value relative to dollar because they don't inflate their currency...the government is hurting but they have had EXCESS RESERVES...not mountains of debt. Am I missing a different point you are trying to make? (other than you only know of a "Nickelodeon" as being a cartoon channel). The whole idea of "dollar strength" is relative to all fiat currencies.
Nickelodeon2002 2 years ago
Edit: I should say "They don't inflate their currency substantially" or...."not yet"...lol
Nickelodeon2002 2 years ago
Sounds like we're on the same page. What a mess?
joescarafone 2 years ago 2
I bumped into an American Couple last night. They were here on vacation from China. They claimed they earn appox. $1,600 a month each as English Teachers. They live in a house on a lake, "very" exclusive. They come back to bank $20,000 a year here, thinking there will be a turn around here? Sound's like the illegals that come here to take money back to Mexico? Hmm..........
She's a USC GRAD, ex-school princ, He's a Chef who worked for Wolfgang Puck. They teach English in China now?
joescarafone 2 years ago
No Peter, our Politicians will make good on their promises to pay back China. You'll probably see legislation that allows state's to force inmates to manufacter goods and then using Code Enforcement, they'll lock people up for American Clean Energy and Security Act Violations...... We just need to know which products the Chinese need?
Cheap Labor?
Just a thought.
G.E.E. "Global Economic Equalization"
That's my term.
It's coming to a theatre near YOU!
joescarafone 2 years ago
Isn't it a coincidence that Gov. Mark Sanford who refused the stimulus and was looked as a leader of the Republican party had an affair with a Argentine beauty.
A guess the good ole US has to take the medicine regardless of whether it will help you or not. Go parasites!!!!
flexorder 2 years ago
ITs just like people complaining about Walmart....and two seconds later they are in their cars heading for Walmart to shop...Everyone seems to want to continue their habits...but want everyone else to curb theirs....NO UNITY IS OUR PROBLEM...
reprahdm 2 years ago
Everything he preaches is coming together. Remember he is an investor, not a swing trader who reacts to daily news, he looks for longterm capital preservation.
TajiTJ 2 years ago
Peter, you're a brilliant financial analyst and sound economist. Don't bother to run for public office, though. You don't speak the language of the diplomats and politicians. Of course China is making a statement (gentle warning). And the American people DO CARE; they voted overwhelmingly 300 : 1 against bailouts and TARP - it's classic taxation w.out representation.
The public of the planet have woken up. Pete, thanks for everything.
ronpauljimrogers 2 years ago
looks like Peter Schiff finally learned something about what a real economy comprises; it is manufacturing. very good peter, looks like you've been watching some Lyndon LaRouche videos. Who would've thought "manufacturing" word would come out of a financial stock guy. But looks like he forgot to mention protectionism. No high Tariffs = Death of U.S. manufacturing. stupid fake free trade.
mrzack888 2 years ago
Sorry but Peter Schiff has been saying all of this for years..This is nothing new for Peter...way before Lyndon LaRouche
healer69 2 years ago 2
Protective tariffs doesn't help anyone. Protectionism is a sure fire way to turn this recession into the ultimate depression (which it probably will be anyways). Free trade always helps the economy; the lack of production in the U.S has nothing to do with our quasi-free trade agreements.
Questfortruth86 2 years ago
free trade is bull. The free trade the politicians set up is free for the others and outsourcing our jobs to bankrupt us in order to bring in the new world order govt. Get a clue. I used to think like you but you are wrong. Look at endgame and the obama deception.
wakeupsheeplenow 2 years ago
keep it coming peter
mlong5151 2 years ago
Taxation with representation is still valid cause we the people aren't represented. The agenda of the establishment is what gets made into policy rather than what is beneficial for people. Congress gets an hour to vote on a 1200+ page bill. What a joke...
entelechi 2 years ago
Please Run for Senate Peter
robrigo80 2 years ago
.....the pushers telling their junkies they need more discipline as the noise from helicopter Ben's rotors whirl over their unbowed / over-entitled heads, drowning out their whining......GWAAAAD but I love your analogies Peter!!!!.....Yours truly.....
a Canuck admirer from the Great White North...p.s...whoda thought....the "BRIC" countries....at one time colonies...now the colonizers....
patooshka 2 years ago
China will continue buying bonds and earning dollars from exports. they are spending dollars on resources all around the world (last purchase 20 year gas supply from Russia 100bn). when China will be strong enough and accquired enough resources, they will drop the dollar.
US will decline and GDP shrink (because its inflated). without the stimulus GDP would drop >10% but government will run 2 trillion deficit to reduce the drop, but it is only a temporary measure.
sujajajjaakakajjs 2 years ago
Excellent! Thank you.
fal2grace 2 years ago
Peter...their objective is not to save the dollar or America, but (according to Zibignew Brzezinski's book "The Grand Chessboard") to bring down the last remaining "superpower", and fold us into a one world government where nations cease to exist and is run by corporations.
mule1969 2 years ago
From your mouth to the deaf ears of our government!
Peter Schiff rocks!
ifitaintbaroque 2 years ago 2
The reason why china is buying our debt is not for economic reasons but political. What are we going th o have to give China when they demand to be paid back, Is it going to be war? Sell Alaska? Sell out national parks? Be ruled by China? Have authoritarian capitalism like China?
solohg 2 years ago
they are bonds and treasury's that have yields and a minimum time frame for which they hold it for.
ddenkhaus 2 years ago
its simple. the US will pay back the dollars they borrowed by firing up the printing press and print what they need. With no gold backing the dollar they can do that. Remember that the US borrowed US dollars not Chinese Yuen so they can pay in back in USD, even if 10 years from now, 1 dollar = 2 cents in value of todays dollar. If they do enough "quantitative easing" (printing money) it would be possible to devalue the dollar to that point.
theslimeylimey 2 years ago
beware!! within the next weeks/months the stock market will crash, which will be the starting point of the greatest depression.
"In truth, the ruling elite are scamming the whole world much like a macro-scale Enron game. That is, they are manipulating the world share markets to present the illusion of greater value until the crash."
thomaspainereturns. net
LoveAndLiberty1776 2 years ago
The ONLY way for all the other kids in the playground (countries in the world) to make the BULLY (the US) GET BACK IN LINE.
Is for them to 'ALL BAND TOGETHER' (as ONE), and NO LONGER accept the UNRULY/SELFISH BEHAVIOUR.
NowisEvollovetion 2 years ago
watch?v=8sumI0gPYIQ
Gettingtoknowyahshua 2 years ago
Run for senate schiff. If you make it, it will be more pressure to have people like you. We may be able to get this ball rolling.
PairoftheSocks 2 years ago
BTW Shiff how do you come up with these great analogies? I love em.
sunw80 2 years ago 3
Yes, Run for Senate Schiff! Do it already and don't be a Fred Thompson.
sunw80 2 years ago
God damn it Schiff run for the Senate. You are in position to do something good for all of us. Remember Peter all that is necessary for the triumph of evil is that good men do nothing. Even if you are elected we may fail but it is worth a fight. Godspeed Patriots.
WSOR4025 2 years ago
Remember though, we are asking him to invest a huge amount of time and his own money into this, and he may well not win.
I too however would very much like to see him run. Even if he doesn't win, there is a good chance it will force more attention on the part of the media upon Peter's message, and at least locally, that is a certainty.
But if he chooses not to, let's forgive him in advance, ok? ;-) Remember, it's 'his' time and money we are asking him to donate to the cause.
Panpiper 2 years ago 3
I agree with what you said. If He doesnt run I understand completely. It would cost alot of money, time, and he could lose or even if he does win it may make do difference anyway. He may make more of an impact on the country just continuing to do what he is currently doing. I dont really know. Whatever he decides I will still support him and the liberty message.
WSOR4025 2 years ago 2
We do pay a lot of taxes and some of the money may be wasted on useless things but some of it does go to very good things like public sewer systems. Imagine what would your city smell like without a public sewage system and everybody just threw their excrement out of windows. Our founding fathers may have paid less taxes but they did not have toilets and sewers either and instead used chamber pots and outhouses.
Pnkbong 2 years ago
you are a socialist centralist apologist.
sewer systems should be a local tax, and is an insignificantly tiny part of the overall tax burden.
LoveAndLiberty1776 2 years ago 2
I agree. The only good government is a local government. No more federal governments, ever. It doesn't work, never has. The Europeans should learn from our mistakes and disband their union now before its too late.
michaelpshipley1 2 years ago 2
There is virtually nothing central governments do that cannot be done better and cheaper by local government, or even better by private enterprise. About the only thing off the top of my head that the states cannot do better than the federal government is the provision of a navy.
Panpiper 2 years ago
Thanks for calling it Independence day.
theantirobot 2 years ago 5
maybe the US is too big to fail
marniespeaks 2 years ago
I only have $6.25 in my account. If the dollar crash, will this affect me? I guess my question is that is it safer to be broke?
bussysam2 2 years ago
It seems to me tht this is a good time for you to start buying silver coins. Save anyway you can think of and buy some silver a little at a time.
Perceiving 2 years ago
All it means is that you have nothing to loose. You will be otherwise equally affected by the extreme difficulty in finding work, and without at least a little bit of silver coinage with which to exchange fore necessities (and participate in the then illegal free market), you will be forced to barter with what few possessions you may have. With a bit of luck, you may possess some skills which you can barter for at least something.
Panpiper 2 years ago
It seems to me that what is happening in the U.S. is exactly what happened in Argentina, it's scary.
bryandenehy76 2 years ago
this country can't tolerate a correction. that "live with less" mentality died with grandaddy sadly.
lenny380 2 years ago
China setting us up for the big GOTCHA when they control the financial lines centrally like we used to. Maybe they already do?
lenny380 2 years ago
Criticized for vlogging on a holiday???? What about the people watching and commenting????
IMO, you are exactly correct. But what is the end-game? It seems obvious that this kind of borrow/tax/spend can not go on forever. So, what is the end-game? There has to be a goal, objective or reason why they are so massively opening the debt. What could it be????
pepeledog 2 years ago
From reading comments / speeches made by Bernanke he will at any cost do whatever is in his power to make sure US economy does not go through a deflationary cycle.
stealinator 2 years ago
Good heavens, Peter! Do you ever take a break? Have some fun & enjoy a holiday while we still have one!
Rockerchic4God 2 years ago
Peter, only an American who cares and is truly dedicated would vlog on a holiday week-end. I salute you from afar! And thankyou for fixing the audio. The sound quality is now as fine as the message. THANK YOU Peter. Keep going.
triplebrick 2 years ago 6
Dependence day is cause to pause for thought. Lets hope for independence.
stratvic 2 years ago
I want Peter Schiff in there with Ron Paul. I donated to his exploratory campaign. I would looooove to see him fighting the corruption currently in congress. He can sure be someones hero.
LemuriaInTheSea 2 years ago
Thank you for the update and I hope your trip went well to visit your Dad. I have his book. When I'm ready to invest I will surely invest with Euro Pacific.
LemuriaInTheSea 2 years ago
Couple of years in the Senate then we can hope our man here brings gatling guns to the showdown when he's President. Can we really wait that long?
conquerorofbabylon 2 years ago
Peter Schiff for Senator!!!!
luxuryglow 2 years ago 2
i want to preserve the value of my dollars.I put 30k in last year with adam in arizona,i was down 4.5k in 3 weeks,thats 120%.I woulda bought barrels at $40,but we as civilians cant do that.I'm selling my homes,putting my $ in b of a,live in my van, and look for gold in the ground.Unless you have a better idea._+
creten69 2 years ago
You're a genius. Try Guyana.
conquerorofbabylon 2 years ago
i dont joke about $ at all,im hearing fireworks go off,just one is how long it takes to blow your brains out.What is safe and solid for the future,wtf are the rich doing?do i need to move to asia?
creten69 2 years ago
B of A is one of the worst banks to put it in, all the fees. I'm really serious about the gold in Guyana idea. We're trying to get some land down there and go mining. It's supposed to be the mother load. The family has some land we just need to get the paperwork together and we're on our way. Gold is where it's at. That's where it's always been. The rich just came up with this fiat money to take away all the gold and have you working for cotton.
conquerorofbabylon 2 years ago
If you want to make money produce things people want. If you want to invest in something, invest in providing things people want.
stratvic 2 years ago
It's called economic warfare.
conquerorofbabylon 2 years ago 2