Peter Schiff 1/15/09 - Wall Street Journal

[FreelancePatriot76]

Geithner is a fucktard for writing tarp.

[unearth1980]

I like this Peter Guy, Americans should get real jobs, that are more helpfull to them, Like the jobs that they dont want like the healthcare sector. Or the ones that they gave to the illigal immigrants.

[MainTightSqueeze]

Unfortunately, the market can't determine what we need because as Max Keiser has said, the patent laws stifle innovation. We need a free market with unlimited protection on new inventions so that no one can compete unless they create a new and better product, not just some cheap carbon copy of the same uber-successful shit.

[cray0308]

the WTO themselves started the free-market/ globalisation movement and had poorer third world countries dismantle tariffs and protections to their industries. First world elite then proceeded to kill local industries in tens of countries in africa, south america and some in asia. "Unintended consequence" of this is the loss of jobs in the US due to companies looking for lower cost production facilities. raise domestic protections only if willing to demolish the WTO for good.

[hara001]

Of course, having the highest corporate taxes in the world after north korea had nothing to do with companies going offshore, or course not!

[wazza33racer]

Peter is right on the money about the general trend of credit collapse. Economies where people and gov are living beyond their means and have economies gutted of REAL, non service jobs.

The Banksters are reeking havoc all over the world with fractional reserve lending ( credit ). Its a disease that is funneling wealth into corrupt financial interests and protected by their paid for politicians.

[giovanhagar]

The economy exploded back in 98, 99. Now it is coming back down. Hopefully it will stop around 98 levels.

[john1230]

No, this time it's going to be much, much worse. Some day the Dollar is going to fall. And you couldn't buy a roll of toilet paper with $100. Riots in the streets, civil wars. You will have to fight to stay alive, literally. The question is, are you prepared? Do you have enough friends you can trust, so you can support each other, and each others family? Do you have enough guns and ammo? Will it be this bad? Yes. I'm afraid so. Obama' s plans won't work.

[wrb1957]

Heh. Schiffbots, eh?

Well, David Walker, Mark Faber, Peter Schiff, Jim Rogers, Gerald Celente, Chris Martenson, Max Keiser, Bob Chapman, Nouriel Roubini, Peter G. Peterson, Boone T. Pickens, Steve Forbes, and many others are all saying pretty much the same things Schiff does. ... It's quite a long list, actually... Hell, even George Soros is talking about it... Sophists, god love 'em, care nothing for the facts. When their positions fail, all they have left is hatred...

[passerby23]

Well said. Denial is a product of fear. Those living in fear will not be prepared. Those who aren't prepared will get destroyed.

[bemer65351]

Peter is a long term investor, how can you say he is wrong about so many thing when he was so right about the many bubbles the fed has created and now they are bursting, look back in 5 to 10 years and see if he is wrong, i bet he will be 100% correct in 5 to 10 years

[Jacobrester]

12 Ways Schiff Was Wrong in 2008 Wrong about hyperinflation Wrong about the dollar Wrong about commodities except for gold Wrong about foreign currencies except for the Yen Wrong about foreign equities Wrong in timing Wrong in risk management Wrong in buy and hold thesis Wrong on decoupling Wrong on China Wrong on US treasuries Wrong on interest rates, both foreign and domestic

[CivitasUltraAporia]

1. he isnt wrong about hyperinflation, it is definetly a possibility.

2. the dollar is on a fast track to hell, what in the hell makes you think it isn't? this tiny little rally? laff don't be so naive.

3. people make wrong calls on commodities all the time i dont feel like addressing the rest but i think you need to provide a little more explanation other than that otherwise you are full of shit

[Jacobrester]

Peter Schiff is an alarmist that preys upon mindless dumbasses who can't think for themselves.

You fit that mold perfectly.

[CivitasUltraAporia]

yeah that alarmist who predicted the housing collapse to a T and was laughed at by statist shills like you back in 2006/7. You have no idea what you are talking about.

[Jacobrester]

Yes the alarmist that said the dollar would collapse by October 2008 and because of that commodities would skyrocket..

Same guy.

[CivitasUltraAporia]

he isn't perfect, the dollar hasn't collapsed but you are sticking your head in the sand if you think it isn't well on its way towards collapsing. The policy of monetary inflation is destroying it and more and more overseas investors are completely dumping the dollar(one of the reasons it made a little bit of a rally). Every dollar the Fed prints is another nail on the big ass coffin. Again, you have no fucking clue, get your head out of your ass.

[CivitasUltraAporia]

And still, Schiff called the collapse perfectly, twats like you laughed at him, now look where we are. Schiff isn't the only one saying things like this.

[CivitasUltraAporia]

omg you are canadian, no wonder you don't know jack shit about economics

[passerby23]

Where did he say by October 2008 the dollar would collapse? The market collapsed, which is what he predicted.

All the defectors can't look beyond a month or two to see the bigger picture. The only thing he was mildly off on was that the dollar rally would be as strong as it was. In any event, that will fizzle out and hyperinflation will set in.

[Jacobrester]

I can tell you don't invest any of your own money with Mr. Schiff.

If you did, you would not be defending him.

[passerby23]

Well I'm Canadian, so I can't invest with him even if I wanted to. But, even he has admitted many of his clients have experienced some short-term losses with the market, but there is so much short-sightedness in the market. Take your eyes off two or three months and look down the road. The U.S. economy is finished and anyone left holding the bag is going to lose everything.

[Jacobrester]

I am Canadian also. And I am no fool. If the USA is finished, then so is Canada. You are blind if you cannot see this.

[passerby23]

Well, I do see this, but I see it to a lesser extent -- at least for now. I have no illusions. Canada is up shit's creek too. But, we will lag behind the U.S. because of our trade account surplus, our natural resources, and thus our ability to recover faster. That is until the eventual destruction of our dollar is replaced with the Amero and we're in exactly the same position they're in.

I have gold and silver so I will be less impacted.

[Jacobrester]

See......I dont believe things will be as bad as what you describe.....most people, including Americans......dont understand that the USA has vast natural resources....I think the problem they face will be a 5 to 10 year problem....with the USA coming out of this on top again...and you are right.....we have vast natural resources also

[passerby23]

If this were a free world, I would agree with you. But, I see some problems with your analysis:

1) They are heavily regulated. Even if they wanted to extract the resources, there are so many barriers.

2) The powers that be have ensured America is mostly foreign dependent

3) The U.S. manufacturing base has been hollowed out, it will take years to rebuild the infrastructure.

By the time they do turn around, who knows what the currency will be like and it will still be "manipulatable."

[Jacobrester]

LOL.....the USA's infrastructure is better than 90% of the world.....this idea that they are behind is pure BS.......It is better than ours dude.....we happen to have only 1/10th the people using ours

I would agree.....environmentalists in the USA screw the people by getting legislation passed that makes it very difficult to take advantage of the vast natural resources they have.....but if times get difficult......that will change

[passerby23]

My friend, the U.S. economy is all smoke and mirrors. It is a 70% service economy propped up by foreign creditors buying massive amounts of U.S. debt and practically giving them cheap goods. Unfortunately, the party is just about over.

When the influx of foreign credit dries up and all the manufacturing that was exported is needed again, the whole house comes down. It's a phony economy.

Tell me exactly what sound infrastructure they have you're referring to.

[Jacobrester]

The basic facilities, services, and installations needed for the functioning of a community or society, such as transportation and communications systems, water and power lines, and public institutions including schools, post offices, and prisons.

That is what I am referring to when I use the term infrastructure. The USA's infrastructure is in better shape than 90% of the world.

We will see if your doomsday predictions come true. I do not think so.

[passerby23]

All of the things you mentioned are becoming increasingly dilapidated. And even if they weren't, where do you think they are going to get the money to pay for these things? The U.S. has enjoyed a phony economy for too long and it's about over.

They have $40 trillion in unfunded liabilities, a $12 trillion federal deficit, a $6 trillion trade account deficit, an estimated $60-120 trillion in circulating money. Do you honestly think this is going to go on forever without massive repercussions?

[Jacobrester]

Oh I don't believe the infrastructure legislation will solve their problems. I also think their infrastructure, for the most part, is in better shape than 90% of the world.

Once again, I think you have too much of a doomsday mentality. The collapse could just as easily happen to us, if the cards don't fall in our favor.

Stop listening to Schiff and his alarmist goons.

[passerby23]

You didn't really answer my question. This is straight fundamentals. For decades now, The western world has been mostly living off the backs of the third world. This is just the law of action and reaction coming home to roost.

It's not a "doomsday mentality," it's an honest appraisal of what has happened and the natural reaction to it. And it's not "cards falling in our favour" as if it's the luck of the draw. It's economic fundamentals, dude.

[Jacobrester]

The "fundamentals" you refer to......are NO WHERE near the levels they were in 1929.........the difference ????

You have a media telling you over and over again how bad things are......Indeed things are getting worse......but the USA .....as well as Canada and other troubled economies will rise to their feet again......it is cyclical

[passerby23]

Dude, this isn't 1929. You want to know the difference this time? Back then, we were on the gold standard, there was a trade account surplus, there wasn't a massive worldwide derivatives market, people didn't have credit cards and home equity loans and weren't up to their eyeballs in debt, there wasn't a massive federal deficit, the U.S. wasn't extended militarily, and there was an actual manufacturing base. None of these factors are present this time around. It's going to be much worse.

[Jacobrester]

Is every currency and nation in the world going to collapse ?

The UK is on the verge of bankruptcy, and in worse shape than the USA. The EU is in dire straits. Russia is on the brink. ALL of Central and Eastern Europe is bankrupt. Almost ALL of Latin America is in big trouble. And don't be fooled, Asia is in the same boat.

You Schiff robots focus on only the USA. That is why he was wrong in October about the dollar collapse.

It will not collapse. It is bullshit alarmist nonsense.

[passerby23]

No, it's not just the U.S. It's going to be global because everyone is tied to the dollar. The most vulnerable countries are the U.K. and the U.S. The EU, I predict, will survive this and the euro will replace the dollar as the world's reserve currency.

Once Asia decouples from the U.S. economy, their economies are poised for huge growth. As long as they continue to demand dollars, they will sink too. Russia has natural resources and gold reserves. They will come out of this ok too.

[Jacobrester]

The Euro Won't Be around in 20 Years: Jim Rogers

The euro will not be around in the next 20 years, but Britain would have been better off had it joined the single European currency when it had a chance, legendary investor Jim Rogers told a British newspaper.

"It makes it more expensive and more cumbersome to do business with the rest of the world. But I am not sure the euro will last 20 years," he said. "The Italians and Germans will be in chaos because they have no plan B."

[passerby23]

That may be so. Twenty years is pretty far ahead and a lot of things could happen in between then. But, what I do know is that the U.S. dollar can't last and there has to be a sound currency to replace it. The euro is just as susceptible to downward fall as the dollar, but you won't even want to wipe your ass with a U.S. dollar once these "stimulus packages" hit the economy.

Even Obama now is telling people to expect things to get worse.

[Jacobrester]

Every economy in the world is stimulating with printed money. China has printed more than the USA. It is going on everywhere.

And the Euro is in trouble now, due to 3.5 Trillion dollars in bad loans given to Central and Eastern Europe.

[passerby23]

Dude, you don't get it. I know they are printing money. It's going to be a global hyperinflationary depression. But that's because they are tied to the dollar and they are absorbing so many bad loans and the phony housing bubble that was packaged and exported around the world.

Look LONG-TERM. Once the dollar sinks, the economies with sound fundamentals will rebound. The housing bubble has been pricked, but it's effects are just getting started.

[Jacobrester]

I disagree.

And I have been listening to the Schiff Robots chirp this nonsense for the past year. Most of them were calling for the collapse last year.

All we can do is watch. Send me a message when the dollar collapses.

[passerby23]

If it's all nonsense, surely you could provide me with arguments. What of all the massive debt? It's already a depression in the U.S. Just because it's not in a neighborhood near you doesn't mean it's not happening. The average home price in Detroit is $18,000.

It's impossible to predict exact dates. There are any number of factors which could set it off. It could be in six months, one year, two years, or three years. I'd be shocked if it didn't happen by then though.

[Jacobrester]

Using Detroit as an example of the other states is retarded. That is like me using Quebec to demonstrate how all Canadians are.

Detroit has been deteriorating for years.

Are you saying all cities in the USA are like Detroit ?

Go to NYC and try to buy a home dude. Go to Los Angeles and try to buy a home. Go to one of the coastal states and try your luck.

[passerby23]

No, I'm not saying all cities are like Detroit It's just an example. NYC and LA are falling apart too. Talk to anyone who lives there. California is issuing official IOUs and has filed for bankruptcy. The real U.S. unemployment numbers are around 17%. I expect that to at least double.

But, I know, I'm making it all up. Much easier to just call someone names than refute it.

[Jacobrester]

I have not called you a name.....what are you talking about ?

However......when you start saying things like...."The REAL numbers"......it does lead me to believe you are a conspiracy nutjob....just a thought

[passerby23]

Schiff robot.

I always love it when someone calls someone a "conspiracy nutjob." Like, what exactly is the criteria for that? I'm not talking about little green men or Bigfoot.

I say the real numbers because I don't believe the government numbers. Why? Because they don't factor in people no longer on unemployment benefits after 6 months. They don't count people looking for work, or people on disability. Much like the inflation numbers, they're fabricated.

[uuutheuuu]

Even if Schiff is off by a year or two, it's better than those who miss the boat entirely. Schiff is right...again.

[Jacobrester]

Why dont we just give him 10 years ?

That way his chances of being correct go up tremendously.

[passerby23]

You also fail to realize that this infrastructure is coming apart at the seams. The shiny exterior gloss is merely masking the rotting cesspool that is the U.S. economy. It can't last.

People like you who would rather dismiss hard realities for fear of discomfort do so at their own peril. People I know who have pooh-pooh'd these things just like you have seen most of their pensions vanish ALREADY and it's just getting started.

[Jacobrester]

You will be chirping this crap two years from now.......waiting for the doomsday bomb to drop.......It wont happen

And if for some reason it does......we will suffer more than the USA

[passerby23]

So you can't refute anything I've said, so you've now resorted to mere one-liners. Explain to me exactly how none of the things I mentioned won't cause major chaos. How will it be resolved?

[Jacobrester]

You just chirp the same old tired lines that Peter Schiff chirps. And in case you have not noticed.........

He Was WRONG !!

[passerby23]

Again, you can't refute anything. I'm actually presenting arguments. If anyone is chirping, it's you. Give me something more than "you don't know what you're talking about."

The only thing Schiff has been wrong about is that the dollar has rallied (somewhat), but his long-term predictions are still well in tact. Once all the liquidation clears and the printing presses rev up, the dollar is going to collapse.

[Jacobrester]

12 Ways Schiff Was Wrong in 2008 Wrong about hyperinflation Wrong about the dollar Wrong about commodities except for gold Wrong about foreign currencies except for the Yen Wrong about foreign equities Wrong in timing Wrong in risk management Wrong in buy and hold thesis Wrong on decoupling Wrong on China Wrong on US treasuries Wrong on interest rates, both foreign and domestic I gotta go dude....try to think outside of what Schiff tells you....his clients havent been happy

[passerby23]

So now you're back to just repeating old posts? Wrong in risk management? What does that even mean?

And it's not just Schiff. Listen to Jim Rogers, Ron Paul, Max Keiser, Robet Kiyosaki, Mike Maloney, dozens of financial analysts. His clients are absorbing short-term losses. Like I said, look beyond that. I know it's easier to just call someone a conspiracy theorist than it is to do actual research. Why don't you check out "Peter Schiff was right" on youtube and listen to his predictions.

[Jacobrester]

The only thing he was right about was the housing bubble.

He said in June interview.......the dollar will collapse by October of 2008.....because of this commodities will skyrocket.....there will be massive hyperinflation......gold will skyrocket....and gold was at $950 when he said this

This is just Some of the things he was wrong about.

[passerby23]

He was right about the housing bubble. He was right about gold. He was right that there would be a recession. And I'll repeat again, the hyperinflation has already started. The only reason prices haven't skyrocketed is becaues there are greater "deflationary" forces keeping prices down temporarily.

Give me the clip where he said the dollar would collapse by October 2008.

[Jacobrester]

I have to go......you will see the doomsday scenario almost NEVER comes into fruition.....and this will be no different.....

I will watch and see which way it goes

[KhmerD0g]

while u are at it, why don't u add he was wrong about the housing bubble which he said will collapse back in 2006.

[passerby23]

Most of these are long-term projections and they are right on par. He didn't predict those things to happen in 2008, he's predicting them to happen going forward.

Plus, he was right about interest rates. He said they would bring them down to practically 0% and they did.

[creten69]

that was fukn canned sales.He'll lose your $,like he did mine,then ,he'll say buy buy buy!

[Ojack33]

R U joking siddhaam? To call a monetary system based on fiat money, the supply of which is controlled by private corps, "capitalism", is OBSCENELY incorrect. We haven't had a true free market for nearly 100 years. This interventionist economic system is what raped the world for profits..not capitalism. Ugh..this obtuse misrepresentation of that facts is exactly what The Fed uses to convince people to allow it to continue its destructive inflationary policies..I think u need to dig a bit deeper.

[siddhaam]

Schiff is only partly right.

What Schiff wants is to let the market solve this crisis...so the market can continue running (raping) the world for profits.

But the era of financial capitalism is over. That model of rapacious consumption of the worlds resources for profits is economically, environmentally and morally bankrupt.

We need a new economic model, focussed on global cooperation and development; running the world for the benefit of its true shareholders - we the people.

[Bankingcartel]

Mr. Schiff is one of the few economists that I have heard talk about labor in unproductive parts of the economy needing to relocate.

It just makes too much sense for nobody else to realize that.

[dnbjarhead]

I absolutely love peter schiff sucha smart man. it it pains me to see obama taking advice from some dipshit jews like robert reich or rahm emanual *sigh*

[dentistsugardusty]

what does nationality have to do with being affiliated with dumb things? you do dumb things don't you? is your nationality, dipshit?

[amsd1231]

I do agree with your point but technically jew is not a country, it is a race of people.

[foosball127]

i beleive a few of you on here need to learn about the term stagflation. It is a situation in which inflation and deflation are both present. And it is exactly what we are begining to experience now. It is also the hardest to detect unless you are good with math and excel. Oh and by the way! The people who get it the worst in stagflation recessions/depressions are the blue collard people.

[PFandGF]

We all know SOMETHING is coming

If your wondering how to prepare for it and gain from it check out:

3w. prepareforandgainfrom (you know the rest)

[rosco1776]

Listening to Peter Schiff and Ron Paul helped me get my 401K out of stocks before I lost everything. I just hope the stable fund I'm in will hold up but not likely because of the government doing the same old same old and ruining the economy and the country!

Ron Paul should be the one being sworn in on Tuesday, not Obama! Peter could be VP or better yet treasurer!

[Lyndehouse]

In one sentence where should I invest now?

[601373]

Precious Metals

[Djmikke2007]

How do you know dconjar?? USA have a lot of debt, much more debt than UK and EU and the dollar has to crash one day. But the pound and euro will get much weaker, because of the crash of the dollar. There are much more people in the economy news telling that the dollar will crash, than the pound or the euro!! Invest some money in Gold and other hard assets and maybe some stocks or papermoney in some Swiss franc, Chinese Yuan or Japanese Yen! At least don't trust the dollar!

[Lyndehouse]

I hope you are right.

Explain to me how doubling the money supply (which has happened over the last 18 months) is going to strengthen the dollar....and how Obama printing trillions more will strengthen it. Since the Fed went off the gold standard in 1971 there has been over 400% inflation--and now that salaries are down what hope is there?

[Djmikke2007]

Okey I'm mostly agree of what you are saying and I don't know so much about economy to describe in advance, but I understand the basics of what's happening with the economy. - But printing more dollars is not the solution to help the companies which are going broke. Let them go bankrupted and take care of themselves. The government can't help every company, by printing more money and give away. In the short run it helps, but not in the long run! This makes hyperinflation happen one time soon...

[frixionburne]

Good point, but one needs to take into the account of the governments actions in response to t-bills going down the toilet. Hyperinflation is possible but ONLY if the fed were to buy them all (t-bills). This action is on par with the current governmental trend. This may be what schiff is referring to.

[Lyndehouse]

Good info dconjar. You are intelligent. I will still get some emergency food just in case there is a major incident--but good to know there's a chance we can avoid inflation. Lucky I have most of my assets in cash right now.

[Lyndehouse]

While your points are logical, I hope you'd admit that Schiff makes a hell of alot of good points.

[Lyndehouse]

One last question. Do you think there is a possibility that foreign dollar holders might lose their faith in the dollar as it trillions more of them are printed and, if so, could this inflation supercede our domestic deflation?

[ftorresgamez]

Il Duce wants to "invest" in Green Jobs (whatever that means), without taking into account the fact that JOBS are a CONSEQUENCE of productive needs, but not the raison d'etre of the economy. Il Duce is looking at things backwards.

[healthhavencom]

Brilliant - love the last question & answer

[hyylo]

Wall Street Journal is owned by FOX.

Fuck FOX NEWS

[beltman713]

He just makes perfect sense. You let the poorly run businesses go under, and the better run businesses will expand to take the business they leave behind. Keeping poorly run businesses going just costs everyone and rewards incompetence.

[dehmrx7]

PETER....Dont GIVE UP. DONT EVER GIVER UP! They should change your nick name from Dr. Doom...To "Captain Competence"...YOU SIR ARE A TRUE PATRIOT CAPITALIST!

[Arthirias]

Yes, FAR more competent managers. Like people who predicted the economic collapse instead of getting stupid with greed and government support.

[NoEyeInTeam]

Type schiff2010 (dot)com into your browser to see how you might (politely) encourage him to run for U.S. senate.

[AwakenSafely]

Thank you, Peter...I just posted a "Peter Schiff Sucks" video as a response (it's a spoof). I love the book--Crash Proof. Can't believe I waited until yesterday to buy it.

regards,

AwakenSafely

Jacob

[Benaiahh]

Your video is funny. I need to buy that book. Glad to hear that it's still worth buying.

[coolwise1]

I have been watching Peter Schiff videos since I have heard of him, which wasn't long ago. One thing I notice is the the interviewer doesn't ask a follow up question(s) of what Peter had just said. He asked a different question like the he or she didn't comprehend what Peter just said.

Just like Ron Paul, Peter is small voice of truth that only reaches out to a few people in the white noise of lies. Keep posting and we keep informing our family, friends and neighbors. Thanks for what you do.

[Benaiahh]

I've been watching him on a daily basis for a year. I like him because Paul often times speaks over peoples' heads, but everyone understands Peter. That said, Paul is still the superhero.

[r3dredwine]

The WSJ is filled with central bankers that don't know anything about economics

[ChristiansMustLearn]

I triple dare Obama to debate Peter, Ron or any other Austrian economist who got this right.

[WOLF333999]

I think Obama would turn pale.

[hugolp]

hahaha really loved it when he said that the goverment should let the big finantial firms to fail so small companies with better managers (like him) can take the place.

[Benaiahh]

That would be awesome to see Europac on a skyscraper in every big city in America.

[PeterSchiffVideos]

Ron Paul's official YouTube channel just released a video on hyperinflation. The link to his channel is in my subscription box.

[sderenzi]

Yay !!! I like him, he's calming to hear!

[Benaiahh]

I concur. For sheeze.

[Benaiahh]

That would be awesome if the government did allow all these gigantic banks/brokerage firms to fail. Then Europac could come in and buy up Smith Barney.

[DavidCJensen]

Because everyone wants a short term panacea. Politics of popularity demand that politicians look for short term solutions.

[Benaiahh]

"For when they shall say, Peace and safety, then sudden destruction com eth upon them, as travail upon a woman with child, and they shall not escape." - 1Thes 5:3

[stealthpakfa]

because obama is a puppet installed by the rothschild family to carry out the new world order!

[Benaiahh]

Did you know that Obama is related to Cheney?

[Iain1962]

Why hasn't Obama recruited Ron Paul, Peter Schiff, Jim Rogers and Max Keiser to his cabinet?

Oh yeah...stupid question.

[Benaiahh]

more foreign wars, more national debt, more police state, more of the same ole same ole appointments... more change!