RON PAUL, WE ARE STILL WAITING FOR AN ANSWER! TELL AMERICAN PEOPLE HOW EXACTLY RU GOING TO CREATE JOBS? OK LETS SAY ALL TROOPS CAME BACK AND THEN WHAT? THEY ARE GOING TO SELL IPHONES AND BLACKBERRIES? DUDE BE A MEN, HOW RU GOING TO CREATE JOBS? POPULATION OF CHINA IS 1.4 B CHINESE WORK LIKE ROBOTS, BE HONEST TELL AMERICAN PEOPLE TO BUY UR BOOK U NEED CASH , U LOVE POWER, U LOVE CASH, U WILL NEVER CREATE JOBS, U HAVE NO ANSWER!
Gold has no real value?? What? LOLLL. It has value because it is scarce, and it's supply can only grow so quickly as we mine for more, so, for all intents and purposes, it has a fixed supply. Yes, Miss, oil is also valuable; however, since it's a commodity, that's known as the Barter System, which is both very inconvenient and SOOOO 1000 B.C.E XD
@MEpianist She said nothing wrong? Gold has not real value? She is clueless. That paper CRAP that the FED prints is worth NOTHING. She needs to wake up. Peter is right gold and silver are MONEY not currency.
@sithjedi71 Haha, Gold is the real bubble -- WAKE UP. What raw metals aren't worth anything? Just because banks have inflated their balance sheets doesn't mean the dollar is worthless. Just keep listening to Glenn Beck.
@MEpianist I don't listen to, nor do I watch Glenn Beck. If you study history, every fiat currency that has been overprinted eventaully collapses. Gold and silver always correct themselves. How long do you think the world banks will allow our worthless Federal Reserve Notes to be the "world reserve currency"?
@tbscrazy12 I hear you, but I am afraid that people are getting ripped off buying gold coins and such. If you want to invest in equity-like products -- iShares, ETP -- for gold that's fine, but other raw metals are just as fine a hedge against US recession: lead for example. Other raw metals have even performed better. Gold might be up 25% over the past 12 months, but Silver is up 113% (cf. the S&P 500 which returned 14%)
Ok all you liberals, I know you can't admit that Shiff called it years early with absolute accuracy but can you at least admit that your fat lazy butt is tired of looking for a job and eating that government ration!
Schiff needs to have a talk show so he can spread the truth, but the sad thing is all of these phony and corrupt "news stations" would never let a true patriot and truth speaker have his own show.
I genuinely think that these news reporters shouldn't even open their mouths when they have someone with a brain on their show.
To hear that complete tool say to Peter Schiff 'some of what you say has some truth' you should think: OMG these pundits think they're so wise but they haven't two brain cells to share between them.
Most of you guys are probably smarter than these pundits but if PETER SCHIFF came to discuss the USA's economic prospects with you, would you keep interrupting him?
What fucking school do these reporters go to anyone should be able to understand what he's saying. I mean have all reporters been brought and sold in America.
these two hosts are part of the ignorance that has and will continue to drive america into the ground. thank you cnbc for advocating the spread of delusional thinking and ruining the untrained minds of our country.
Speaking of dumbing things down, you do know that basic english involves capitalized letters at the start of a sentence and ending with a period, yes?
FINALLY!!! Someone realizes we live in a republic. And these two other idiots can't realize that democracy is bad. It's a mobocracy like he said. And those two jokers don't realize that just because you don't like democracy (like our founders did not like democracy) doesn't mean you want a totalitarian government.
This woman is annoying. She is like all the dumb thoughts that people have that are normally filtered out before they speak. Only she says them. She is so dumb she doesn't know the difference between a democracy and a republic, nor the importance of that difference. I bet she went to public school.
@19gokey78 shes retarded.. but those thoughts never land in my head... I dont filter those out.. those thoughts are ones which sarah palin imagines.... wow this woman is STUPID
this guy has been predicting this collapse since 2005 and people havie been telling him hes crazy. I wonder if hes related to the Schiff family from jekyll island.
see this is exactly the problem it so hard to be straight forward and honest that if you try you are told in america that you to moral to be involved and you must be "crazy" I dont side with religious wackos but I think we've lost track of the right people for the right jobs, were on our way to a civil war if this keeps up.We need strong centrists right now.
Hey guys...PEAK OIL is causing a cap on oil production that is built into the ROCKS...we CAN'T change it. AND, The demand on energy is INCREASING. AND, the markets only work if the economy is working. BECAISE, banks GENERATE money though loans. BECAUSE, they expect GROWTH. BUT, oil supply depletion means LESS ENERGY, meaning LESS PRODUCTIVITY...meaning, LESS ECONOMIC growth and actually CONTRACTION of the free market.
US please borrow money from the productive EU zone and make us an even bigger productive exporter than before.
The next century belongs to the EU because and it is sad to say the US has become a religious basket case run by Zionists, Christan end timers and Satanist.
They don't understand economics and are obsessed with bring about the apocalypse is this what a rational atheist like Jefferson wanted.
You must produce in a fiat currency for you currency to have any value it is simple economics.
This recession is a long overdue market correction- in the long run it will help us as long as Obama doesn't beggar our currency into irrelevance. Paul has some good ideas about reducing the govt's role in our economy but he flirts with being a LaRouchie. And the EU will be far more damaged than the US in this recession. The UK is in the best position economically out of all the EU powers and their mortgage crisis is much worse.
I disagree with you about the E.U or rather the euro zone which the UK is not in having the pound as its currency. The UK has the same economic model as the US, it is debt ridden and an import led economy. The US has lost its financial dominance.
Germany(EU) is the biggest exporter in the world a world leader in science and has state of the art infrastructure which the US does not.
I do not right the US off it could turn itself around if it goes back to its Jeffersonian principles.
I know the UK is not on the Euro but it is one of the "big three" of the EU and, in my opinion, is much better off than France or Germany. Germany has a better infrastructure to be sure but the stimulus bill passed by Obama does one good thing- it updates ours. Aside from that Germany is a basketcase with high unemployment, low growth and unaffordable entitlements which dwarf US obligations. They're also halving each generation so they cannot pay for these programs going forward.
Anywaaays, this next century will absolutely not belong to EU. Do you realize that the second and third biggest economical powers in the world are China and Japan? Do you realize that the biggest growing economies are China, India and the ASEAN countries (+ Brazil, but they're not in Asia)? Do you realize that these countries hold half of the earth's population? Seriously, there is no discussion around it: This will be the century for East and South East Asia by far.
The female interviewer seems to be like a high school graduate who just gave the other interviewer a head. I mean the interviewers dont know what the guy is trying to say or just making a fool of themselves.. when it all finally collapses you can kill them yourselves. :)
That female correspondent saying Gold has no vaue....that is just plain sillyness. GOLD has had value since medieval times.
If you take a time machine 30 years from now with an ounce of gold and 100 dollar bill. i bet you Gold would buy u more than 100 dollars...Gold is infinite..it has secondary uses like ornaments, it shines people like shiny stuff..Americans WAKE UP PLEASE B4 U TAKE THE WORLD INTO DEPRESSION.
Of course the businessmen aren't going to like the new rules. Business only cares about itself, and it's stock price. A business in the US only cares about it's workers enough to keep them from quitting, and a business will try to get away with whatever it can to save money. That includes taking away worker's rights, benefits, polluting the environment.
It is all about money, period. This is why we need regulations, because Wall Street will not ethically regulate itself.
they still arent listening to him....but one question...why gold? its a luxury product isnt it?id be investing in resources like fresh water....sound crazy?....there are wars going on right now over a variety of national resources......
Gold is used for far more things than just looking nice in jewelry (which one shouldn't underestimate. Humans have always had a need to adorn themselves as a way to strengthen their own view of themselves, and gold has been a popular choice for thousands of years. That's a long lasting trend!). It also has industrial usages as a catalyst and as a heat absorber! It's abundant, inert and appreciated, thus a dependable messurement for value and a safe investment. Gold is awesome!
Peter Schiff is a relic among a few other Americans. It's a pity he's constantly attacked (not particularly in this interview) for being the messenger.
Its not true that you cant get elected if you tell the truth. Ron Paul keeps getting elected in his rural area even though he does not support government farm subsidies. He has educated his constituents and they accept it. If the American people are told the truth, they will also accept it. Then, maybe we will elect politicians who will represent us and not special interests.
I respect peter schiff but its confusing since paul krugman says a lot of stuff different from him . Krugman also explains sub-prime lending bubble elegantly and agrees with auto-bailout. I guess short term we need to pump the economy and long-term reduce the deficit , its certainly a challenge.
yeah but one thing's true. the bailout hasnt worked. gm&chrystler are about to need yet another bailout. peter stands correct, while paul should be standing embarassed.
Peter Schiff has been right all along, and these media clowns STILL laugh at him. Unbelievable. Well, OK, maybe it is believable. Most people are idiots.
@pmkraa I think this will go on for ever and ever, he is gonna be right time and time again, lefties just don't get it. I used to be one, as you can see by my nickname. Yes, ppl are fucking idiots.
@pmkraa they laugh at him because they are paid to laugh at him to mislead the public , but rest assured , Gold and Diamonds are a girls best friend , although the Girl doesn't seem to bright , she might be a matress for one of the exec's
Boy it is scary to see how dumb and ignorant a majority of the media are. But Peter needs to jump on these morons when they start bringing up autocracies and military juntas. The fact is a majority of the American population have no understanding of economics. They are completely ignorant which is why people like Obama and McCain were the front runners. Peter should be countering these morons in the media more aggressively when they make a mockery of the truth bring up that nonsense.
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Lack of government regulation in key areas is what caused this problem. Businesses felt they could get away with it, and for a while they did.
Do you really think a business, which is totally focused on profit, really cares anything about people? Neither the average worker at a company, nor it's customers, are more important to the company than money. Without regulation, real people get stepped on by the companies to do whatever is necessary for high profits.
You couldn't be more wrong. This is the standard Obama propaganda line, unfortunately there are no facts backing this up. You'll really benefit from reading this:
@chromatic2006 If you have regulated interest rate there has to be the same level of regulation in the banking sector, i agree. how do you think businesses make money? the only way for them to make money is serve or provide value... and if that value is at a cheaper and better value than the other business then so be it....
if you have a free market in interest rates, then free market forces, force companies to be honest, there is no moral hazard and no easy money, every dollarisaccounted for
So what you are saying is that business HATE money? A business that steps on its customers and doesnt care about them is abusiness that fails to make a profit and goes out of business. The only way what you are saying makes sense is if you believe businesses hate money and try to prevent people from giving it to them.
@chromatic2006 you have a lack of understanding of how business works. governments are the only entity that can step on people, not businesses. how can you say a company values profits over customers? customers ARE profits, that's how they make their money. they have to give me what I want to get my business, if they don't do that, ill shop somewhere else. just watch a couple commercials on tv, they don't say, hey our product sucks, but screw you give us money anyway. actually, that's government
the only way for a business to succeed is to take care of his employees and his customers better than his competitors. Good employees require higher salaries and a company cannot succeed without the best employees in their field. All successful businessmen know that his employees make or break his compny
pfft whos that woman reporter? rofl I remember when i was in class a year ago in college, my teacher still was trying to argue that the dollar was based on gold.... I know peter is right but i hope his predictions will be wrong.
wait a minute, in a totally free market economy, most companies would rather outsource their manufacturing plants to 3rd world nations to take advantage of labor and environmental policies. Shit, I would. And what do regulations do these countries have? In most cases, none. Than, where would the jobs come from? There are so many other things that peter is not considering like the cost of manufacturing benefits of other nations, transnational companies, greed, and corruption, which stems from...
Peter was saying right about those politicians that their major concern is how to get elected and make positive-sounding decisions though in long-term these decisions might have negative effect. The candidate that would tell the truth about the situation and how the things really are just wouldn't be elected. I'd like to see that politicians (and not only they) would have guts to make the right judgements based on true analysis of the situation. Peter Schiff has this nice virtue.
That has to be one of the dumbest comments I've heard on this financial crisis. The fact that gold prices go up when fiat currency fails (like it is now) is because gold DOES have inherent value. How she can believe otherwise is beyond me.
Nathan i agree with you to a point. Gold does have inherent value but only insomuch as people BELIEVE it has value. I know that Gold has been the store of value for thousands of years going back to the egyptians etc etc.
I think though, what the woman was talking about is that in the event of an apocalypse, gold has no value. You cannot eat it and you cannot use it to make anything. In that sense alone I agree with the woman. Under those conditions food and brass/lead would be more valuable.
all precious metals have inherent value, including in an apocalypse. including gold. in your scenario, gold is more rare and it would be logical to say 100oz's of brass could = 1oz of gold. even silver would be very valuable.
but yes, food is always a universal trade as well. food surpasses anything because people just have to eat, period.
WHOO i wonder if that bitch has seen all the hateful comments posted. I'm going to send her an e-mail about how retrded she is. BITCH IS A NWO PLANT nobody could be that stupid.
The reason gold has value is that its supply is inherently limited by nature and that it takes scarce resources to extract it. It's serves as a general substitute for 'scarcity'. It's also easily portable and malleable, so it's a convenience store of value, unlike a barrel of oil for example. Buy Gold through certificates: BMP BullionFund. When you buy a certificate, the company buys the gold and stores it for you.
When you buy a certificate, the company buys the gold and then turns it over to the government for you after the economic collapse, for only a small shipping charge. Don't worry, I'm sure the government will pay you it's full value in worthless dollars.
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Mr. Schiff:
Please don't take yourself seriously. I understand if people buy your idea, then they get half truths and more problems. Do you realize that there are only a fraction of the society that can invest in gold? Do you understand what Obama is faced with? Don't you realize what you propose ultimately drives the working poor, retiring seniors and part of the middle class. As bad as it seems the economy still can recover and the inlation can still be managed with increasing interest rates
If you put away money that you spend on extras you can buy 1/10 ounce of gold every week. that is somewhere you can start. He is not talking about INVESTING in gold. Most people don't have money to invest in anything leave alone Gold. People in America consume too much and don't save anything. He is talking about puting away real tangible assets. saving in other words. People all over the world do this. It is only very foreign to Americans. That is why we are in this soup to begin with.
Who in their right mind listens to these clowns who have been 100% DEAD WRONG for years? Thank God more people like peter are being heard. Unfortunately, the masses probably won't wake up until it's too late.
It's just insane that people still don't listen to this guy after he has been right on everything he predicted!! Ron Paul 2012!! Our only TRUE hope....
we witnessed roughly a 75% increase in the money supply the total # of $s in the world is $14 TRILLION Already the federal reserve and the treasury have dolled out $8 Trillion.
to those who have blind faith in the FED you are being robbed blind by your ignorance. The consitution is timeless The founders understood that a republic=rule of law and limited government is the only way to live free
it is a sign that people w/ no understanding of our form of government ridicule those who do
and all of those currencies stood for one thing... gold represented by DOLLARS. What you are referring to are banknotes. Read the Coinage act of 1792 and the Mint Act of that year. We had the dollar before the Federal Reseve you idiot.
We need real money - not government manipulation of worthless (unbacked) paper slips. This economy is funadmentally unsound. Fractional reserve banking is the ultimate root of the problem.
Yes, money itself is the problem. Money wasn't backed by anything prior to the Federal Reserve, I mean, SOME money was, but not all of it.
You had money backed by gold, silver, by a business' word, etc. We've never had a universal system of money backed by the same thing, that is until we got a Federal Reserve where the Central Bank can control interest rates to help stabilize the economy.
Every country in the world uses this system, it's not perfect but it's better than our alternatives.
I disagree. Money is not the problem. The problem is the undermining of money. Gold, for example, is substance people have always desired. It has uses. It's also scarce, light and can be shaped into coins. It's ideal as money. Paper is not. It has almost no value unless a government forces people to accept it. If it does stand for gold or something real and this agreement is not destroyed then that's okay as well. But free compitition of competing monies would be the best solution.
Stabalize? This is what you call "stablized"? All the fed does is create bubbles, then claim to be the solution when these bubbles burst. It is absolute insanity to believe that a group of men can determine what the appropriate supply of money should be. They don't have enough knowledge and there is NO WAY to ever obtain that knowledge. The economy is too complex to be managed by some statisticians in an ivory tower.
Before the Federal Research the government printed the money it thought the system needed. It actually worked very well throughout history. See colonial scrip, greenbacks and tally sticks. Only when central banks came in and started printing the money did economies have problems.
If they never had any problems why was the old system dismantled?
Again, this is the system that every country in the world uses, you can't just say that it's awful and bad without proposing a decent and plausible alternative. And either way, it's government run.
"It was fun" she says? Hey stupid broad a discussion like this isn't supposed to be "fun". Open your ears and pull your head out of the sand. More big government bailouts aren't going to solve this problem.
So he's been spot on, and they still scoff at him like he's crazy. This shows we have a long way to go before any sense is knocked into us, and it's going to have to be a lot more painful.
What a dumb bitch. She has no place at all discussing this subject with Peter Schiff. She does not even have the mental capacity to understand the subject. Therefore she makes snide little disparaging comments.
'Gold has no inherent value'...she comments as if prompted.. Where do people get these ideas? Gold and Silver, other precious metals, diamonds, commodities have inherent value....fiat federal reserve dollars do not have value--paper only....
I know Libertarians love the words coming out of Peter Schiff's mouth, but I completely disagree with him. Oh sure, there is plenty of economic growth without government regulation. In essence he wants to take the United States back to the 50's, the 1850's!
The good ol' days of fat cat Robber Barons, their corrupt hands in pulling the strings of government.
I suppose in time they can convince some Americans that the 40 hour work week and child labor is also intrusive government "regulation."
and mind you, there were plenty of economic busts in the 1800's, at least two if memory serves me correctly. So what historical basis is Peter Schiff basing his theory that government regulation caused this crisis? On the contrary - it probably delayed the inevitable.
You may want to do some research on this before you go criticizing. The busts in the 1800's were due to the central banks' (for example, the Federal Reserve) deliberate expansion and contraction of the money supply. It's not govt "regulation" so much as it's govt intervention in the free market. Yes, they might delay the inevitable, but they make it far worse. Yes, back to the 1850s, when we actually produced something other than debt.
My point was that there was almost zero government interference throughout most of the 19th century, and yet busts still occurred. It wasn't until the late 19th early 20th century that you had government take notice, realizing too much power in the hands of industry hurt competition and workers.
Laissez-Faire is dead my friend. And we're better off for it.
Now, am I saying the Fed Reserve is perfect the way it is? No. But I don't think the 1850s are an improvement.
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Amen, these Libertarians are such Ideologues. The problem is ALWAYS TOO MUCH GOVERNMENT 100% OF THE TIME! It could not possibly be any other way. When has any mainstream Liberal said, "the Free Market is always the problem, the Government is always the solution." Liberals are pragmatic, Communists and Libertarians are Rigid Unthinking Ideologues. Their theories are ALWAYS CORRECT!! Ron Paul is a loon, this guy too.
Excellent points and you get to the heart of the matter, this entire bailout argument isn't a debate between Right and Left, it's a debate between pragmatists and ideologues. On a fundamental level, I agree the government shouldn't step in to help a failing business, but if that business makes up an enormous percentage of the economy, it's like an anchor that takes the ship down with it. Those who say that these sectors should be allowed to die are putting their ideologies ahead of reason.
Not to be picky, but many economists are always making doom-and-gloom predictions (some make a career out of this prognostication). That Peter Schiff's predictions come close to what's happened is all well and good, but it's hardly prophetic (or 100 percent accurate).
Peter Schiff has an agenda, and that is to promote his commodities, which I believe is gold (which is doing well right now). Therefore, I take what he says with a large grain of salt.
He is right about the fundamental flaws in our economy and say this as a specific example. The issues in the sub-prime industry and the collapse of the housing bubble have rippled throughout our entire economy.
Credit markets are frozen because they were over extended and this situation is a gigantic pullback. Digging deeper into debt isn't going to solve anything maybe just delay the bursting of the next bubble.
Everyone has an agenda, but that doesn't mean he's not right.
I can't help but feel an overwhelming sense of frustration, bordering on rage, when I see these ignorant pundits continue to treat him as a nut. They are so incapable of recognizing reality. What other accurate predictions does he need to make for people to see the value of his opinions and assessments. They so easily gobble up the promises of "change"; which are nothing more than rhetoric. The fact that people like Schiff are marginalized is the reason people vote against their own interests.
Well put. I notice how they marginalize him with their body language and tone of voice, everything. Like at about 5:00 where he says, "I'm not saying you're wrong.... but" you're wrong (in so many words) These idiots don't have a clue on basic economics, like the woman saying gold doesn't have intrinsic value. It makes me laugh at people's ignorance sometimes, but I am starting to feel the frustration as well. What can you do, but try to inform people?
The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components)...
I'll admit it, i was once one of the ignorant people......I had my eyes open. ron paul 2012.
wooite 1 month ago
"Gold has no inherent value."
Except when her boyfriend buys her gold chain, dumb bitch.
TWSceptic 1 month ago
RIP Mark Haynes.
fotop06 1 month ago
wow! peter got this one bang on 3years down the road.
justgetsome 3 months ago
It will fly politically after the reality that Peter is presenting comes up and bites voters in the arse.
beallendall08 6 months ago
This has been flagged as spam show
RON PAUL, WE ARE STILL WAITING FOR AN ANSWER! TELL AMERICAN PEOPLE HOW EXACTLY RU GOING TO CREATE JOBS? OK LETS SAY ALL TROOPS CAME BACK AND THEN WHAT? THEY ARE GOING TO SELL IPHONES AND BLACKBERRIES? DUDE BE A MEN, HOW RU GOING TO CREATE JOBS? POPULATION OF CHINA IS 1.4 B CHINESE WORK LIKE ROBOTS, BE HONEST TELL AMERICAN PEOPLE TO BUY UR BOOK U NEED CASH , U LOVE POWER, U LOVE CASH, U WILL NEVER CREATE JOBS, U HAVE NO ANSWER!
democratsaresmart 6 months ago
One to Two Trillion dollar deficits? Pshaw - never happen. Oh, it's already happened?
Well I guess it's too late anyway.
Mark it doesn't make sense to you for a reason.
Paetaor 8 months ago
Well ihave a general question to all the people who celebrated obama. Is your life better now ? And what has changed ?
hcsuarnefeiT 9 months ago
Ron Paul/Peter Schiff presidential ticket 2012!
Sopranohooper 9 months ago
this woman needs to get her neck chopped off for saying gold has no intrinsic value. i hate that filthy rat faced woman.
stealthpakfa 10 months ago 2
Gold has no real value?? What? LOLLL. It has value because it is scarce, and it's supply can only grow so quickly as we mine for more, so, for all intents and purposes, it has a fixed supply. Yes, Miss, oil is also valuable; however, since it's a commodity, that's known as the Barter System, which is both very inconvenient and SOOOO 1000 B.C.E XD
nabilhentabli 11 months ago
@nabilhentabli Uh... Gold is also a commodity, and if you traded it, that is also a Barter System. I agree with everything else you said though.
ddstar 6 months ago
This is really prophetic
Graham6762 1 year ago
That woman clearly had no idea what she was talking about, how the hell is she supposed to be a credible news source
rossdaboss06 1 year ago
@rossdaboss06 She's a well respected journalist and said nothing controversial here. What's your problem, tough questions?
MEpianist 1 year ago
@MEpianist She said nothing wrong? Gold has not real value? She is clueless. That paper CRAP that the FED prints is worth NOTHING. She needs to wake up. Peter is right gold and silver are MONEY not currency.
sithjedi71 1 year ago
@sithjedi71 Haha, Gold is the real bubble -- WAKE UP. What raw metals aren't worth anything? Just because banks have inflated their balance sheets doesn't mean the dollar is worthless. Just keep listening to Glenn Beck.
MEpianist 11 months ago
@MEpianist I don't listen to, nor do I watch Glenn Beck. If you study history, every fiat currency that has been overprinted eventaully collapses. Gold and silver always correct themselves. How long do you think the world banks will allow our worthless Federal Reserve Notes to be the "world reserve currency"?
sithjedi71 11 months ago
@MEpianist This is beyond Glen Beck. Listen to Peter, and Ron Paul. These guys are outside the established red/blue kool aide.
tbscrazy12 10 months ago
@tbscrazy12 I hear you, but I am afraid that people are getting ripped off buying gold coins and such. If you want to invest in equity-like products -- iShares, ETP -- for gold that's fine, but other raw metals are just as fine a hedge against US recession: lead for example. Other raw metals have even performed better. Gold might be up 25% over the past 12 months, but Silver is up 113% (cf. the S&P 500 which returned 14%)
MEpianist 10 months ago
@MEpianist People are, this is true, Glen Beck and company were put in place by Fox to discredit Peter and Ron.
tbscrazy12 10 months ago
LOL... Right again! These idiots should teach themselves economics 101...
bjarnet3 1 year ago
Wow, once again. Peter was right about EVERYTHING!
twk373 1 year ago
"Cut entitlement spending?? That's ridiculous!"
Devious2323 1 year ago
Ok all you liberals, I know you can't admit that Shiff called it years early with absolute accuracy but can you at least admit that your fat lazy butt is tired of looking for a job and eating that government ration!
mrfuckyouobammy 1 year ago 3
This video should be titles Two idiots and a guy who gets it.
BlindMaphisto 1 year ago
The hosts have no idea what they are talking about.
Go Peter Schiff!
I hope someone can give your father a pardon to get out of jail as well.
rogerver 1 year ago
wow schiff hits it out of the park on this one. I see alot of videos but this is right on point.
dickiepipes 1 year ago
Schiff needs to have a talk show so he can spread the truth, but the sad thing is all of these phony and corrupt "news stations" would never let a true patriot and truth speaker have his own show.
gennbattle 1 year ago 2
I genuinely think that these news reporters shouldn't even open their mouths when they have someone with a brain on their show.
To hear that complete tool say to Peter Schiff 'some of what you say has some truth' you should think: OMG these pundits think they're so wise but they haven't two brain cells to share between them.
Most of you guys are probably smarter than these pundits but if PETER SCHIFF came to discuss the USA's economic prospects with you, would you keep interrupting him?
Nintendomanwill 1 year ago
What fucking school do these reporters go to anyone should be able to understand what he's saying. I mean have all reporters been brought and sold in America.
Theladiesman04 2 years ago
these two hosts are part of the ignorance that has and will continue to drive america into the ground. thank you cnbc for advocating the spread of delusional thinking and ruining the untrained minds of our country.
peter schiff ftw
itbwhitey 2 years ago
who that sexy little jewish girl
nVei06 2 years ago
what an idiotic women " gold is not that valuable like oil or the dollar" sooo stupid!
yis2 2 years ago
no, she said food and oil. and she was right.
nVei06 2 years ago
this is why he's running for Senate.
sparshparimoo 2 years ago
both of these hosts are jackasses
scott04la 2 years ago
she's annoying. just let Schiff speak..
scott04la 2 years ago
schiff was right obongo is a failure get ready for the obongo bread lines
obamathedisaster 2 years ago
another dumbed down american reporter educated in the us public school system and most of thesse idiots voted for the dear leader obongo...sadly
obamathedisaster 2 years ago
Speaking of dumbing things down, you do know that basic english involves capitalized letters at the start of a sentence and ending with a period, yes?
obamasensation 2 years ago
FINALLY!!! Someone realizes we live in a republic. And these two other idiots can't realize that democracy is bad. It's a mobocracy like he said. And those two jokers don't realize that just because you don't like democracy (like our founders did not like democracy) doesn't mean you want a totalitarian government.
th3gr8juan 2 years ago
He ate Ben Stein for lunch. Peter made him look like forust Gump. its on you tube
fastfreddy916 2 years ago
lsa420 --- people were using gold as money for 2000 years and it never failed ,.,...
aviomaster 2 years ago
almost a year later and that Peter guy called it all spot on
fubarczar 2 years ago
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JPK7777777 2 years ago
"that was fun" ouch
lowbrowrodeo 2 years ago
This woman is annoying. She is like all the dumb thoughts that people have that are normally filtered out before they speak. Only she says them. She is so dumb she doesn't know the difference between a democracy and a republic, nor the importance of that difference. I bet she went to public school.
19gokey78 2 years ago 17
yeah but she's really really hot!
kobe88124 2 years ago
wait, i thought that was rebecca jarvis...on 2nd thought this chick isn't all that hot.
kobe88124 2 years ago
Im getting tired of watching pretty faces with empty heads behind them, why do the people in the media think we want this on our tvs
19gokey78 you are so spot on, I kept hitting the up thumb in vain
phantomcharger 2 years ago
@19gokey78 shes retarded.. but those thoughts never land in my head... I dont filter those out.. those thoughts are ones which sarah palin imagines.... wow this woman is STUPID
PhilippoChannel 6 months ago
You know, he kind of reminds me of a young Ben Stein in this clip. That is a good thing!
exactoknife 2 years ago
ben stein is such a cunt though
rockman22 2 years ago
man he called it!
hanzo138 2 years ago
Schiff is a beacon of sanity, I don't see anything provocative about what he says.
ZuzoFriend 2 years ago 4
That woman is a fucking idiot. "Gold has no inherent value." Yeah, only for thousands of years...
WJValente 2 years ago 10
Yes. Amazing how gold has held its purchasing power for 2000 years.
What's paper money's record?
lsa420 2 years ago 3
wow peter was on fire!!!
zoltron30 2 years ago 2
that dingbat seriously said that gold has no value. what a flake.
pfost 2 years ago
2012: Make Jesse Ventura president, Ron Paul VP or Secretary of State, and Peter Schiff the Secretary of the Treasury!
bonxmarl 2 years ago 2
u'd be a better supporter of ron paul/peter schiff if u focus on what they say.. they dont want be bureaucrats they want to limit government.
sillynanny44 2 years ago 2
this guy has been predicting this collapse since 2005 and people havie been telling him hes crazy. I wonder if hes related to the Schiff family from jekyll island.
8Thirst 2 years ago
see this is exactly the problem it so hard to be straight forward and honest that if you try you are told in america that you to moral to be involved and you must be "crazy" I dont side with religious wackos but I think we've lost track of the right people for the right jobs, were on our way to a civil war if this keeps up.We need strong centrists right now.
DemonosZXZ 2 years ago
send this guy to the white house
DemonosZXZ 2 years ago 3
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Hey guys...PEAK OIL is causing a cap on oil production that is built into the ROCKS...we CAN'T change it. AND, The demand on energy is INCREASING. AND, the markets only work if the economy is working. BECAISE, banks GENERATE money though loans. BECAUSE, they expect GROWTH. BUT, oil supply depletion means LESS ENERGY, meaning LESS PRODUCTIVITY...meaning, LESS ECONOMIC growth and actually CONTRACTION of the free market.
GOT THAT? Grow your own food NOW!
Chromatype 2 years ago
US please borrow money from the productive EU zone and make us an even bigger productive exporter than before.
The next century belongs to the EU because and it is sad to say the US has become a religious basket case run by Zionists, Christan end timers and Satanist.
They don't understand economics and are obsessed with bring about the apocalypse is this what a rational atheist like Jefferson wanted.
You must produce in a fiat currency for you currency to have any value it is simple economics.
infokemp 2 years ago
This recession is a long overdue market correction- in the long run it will help us as long as Obama doesn't beggar our currency into irrelevance. Paul has some good ideas about reducing the govt's role in our economy but he flirts with being a LaRouchie. And the EU will be far more damaged than the US in this recession. The UK is in the best position economically out of all the EU powers and their mortgage crisis is much worse.
rollotwomassey 2 years ago
Good coment
I disagree with you about the E.U or rather the euro zone which the UK is not in having the pound as its currency. The UK has the same economic model as the US, it is debt ridden and an import led economy. The US has lost its financial dominance.
Germany(EU) is the biggest exporter in the world a world leader in science and has state of the art infrastructure which the US does not.
I do not right the US off it could turn itself around if it goes back to its Jeffersonian principles.
infokemp 2 years ago
I know the UK is not on the Euro but it is one of the "big three" of the EU and, in my opinion, is much better off than France or Germany. Germany has a better infrastructure to be sure but the stimulus bill passed by Obama does one good thing- it updates ours. Aside from that Germany is a basketcase with high unemployment, low growth and unaffordable entitlements which dwarf US obligations. They're also halving each generation so they cannot pay for these programs going forward.
rollotwomassey 2 years ago
Satanists? What? :S
Anywaaays, this next century will absolutely not belong to EU. Do you realize that the second and third biggest economical powers in the world are China and Japan? Do you realize that the biggest growing economies are China, India and the ASEAN countries (+ Brazil, but they're not in Asia)? Do you realize that these countries hold half of the earth's population? Seriously, there is no discussion around it: This will be the century for East and South East Asia by far.
dradeel 2 years ago
What a crazy lady, gold has no value. LOLOLOLOL, no wonder our country is screwed.
They think the receipt is actually the money.
Bankingcartel 2 years ago 3
The female interviewer seems to be like a high school graduate who just gave the other interviewer a head. I mean the interviewers dont know what the guy is trying to say or just making a fool of themselves.. when it all finally collapses you can kill them yourselves. :)
rosestranger 2 years ago
That female correspondent saying Gold has no vaue....that is just plain sillyness. GOLD has had value since medieval times.
If you take a time machine 30 years from now with an ounce of gold and 100 dollar bill. i bet you Gold would buy u more than 100 dollars...Gold is infinite..it has secondary uses like ornaments, it shines people like shiny stuff..Americans WAKE UP PLEASE B4 U TAKE THE WORLD INTO DEPRESSION.
FrancisPayne 2 years ago 2
Of course the businessmen aren't going to like the new rules. Business only cares about itself, and it's stock price. A business in the US only cares about it's workers enough to keep them from quitting, and a business will try to get away with whatever it can to save money. That includes taking away worker's rights, benefits, polluting the environment.
It is all about money, period. This is why we need regulations, because Wall Street will not ethically regulate itself.
chromatic2006 2 years ago
Those talking heads are a waste of time
JohnnyHorton 2 years ago
So when they start with the price controls, you think they'll have Schiff back to elaborate on his "loooooooony" theories.
tor1976 2 years ago
That stupid bitch needs to shut up. "No, wait, so you support McCain?" Can't get it through her dumb head that they both suck.
Leadwerks 2 years ago
they still arent listening to him....but one question...why gold? its a luxury product isnt it?id be investing in resources like fresh water....sound crazy?....there are wars going on right now over a variety of national resources......
lumpfish99 3 years ago
It has instrinsic value and it is easy to store. $100,000 worth of fresh water doesn't store well.
Leadwerks 2 years ago
Gold is used for far more things than just looking nice in jewelry (which one shouldn't underestimate. Humans have always had a need to adorn themselves as a way to strengthen their own view of themselves, and gold has been a popular choice for thousands of years. That's a long lasting trend!). It also has industrial usages as a catalyst and as a heat absorber! It's abundant, inert and appreciated, thus a dependable messurement for value and a safe investment. Gold is awesome!
dradeel 2 years ago
These interviewers are soo oblivious on what is going on. Unbelievable!!! Products of american public school system / DOE.
EMPIRE0FLIES 3 years ago
This comment has received too many negative votes show
He's an idiot!
2oldstyle55 3 years ago
Peter Schiff is a relic among a few other Americans. It's a pity he's constantly attacked (not particularly in this interview) for being the messenger.
qloudz 3 years ago
I think most Americans are against entitlement spending. Kiss NBC goodbye.
readyjojoy 3 years ago
Its not true that you cant get elected if you tell the truth. Ron Paul keeps getting elected in his rural area even though he does not support government farm subsidies. He has educated his constituents and they accept it. If the American people are told the truth, they will also accept it. Then, maybe we will elect politicians who will represent us and not special interests.
medliberty 3 years ago 4
It would be so much easier to get the truth out with the media on our side. =(
Myz89 3 years ago
Comment removed
RobTzu 3 years ago
Please keep it somewhat civil, thanks.
erikvdln 3 years ago
Those 2 morons know nothing about economy, especially the chick.
sgtkarjalainen 3 years ago 4
I respect peter schiff but its confusing since paul krugman says a lot of stuff different from him . Krugman also explains sub-prime lending bubble elegantly and agrees with auto-bailout. I guess short term we need to pump the economy and long-term reduce the deficit , its certainly a challenge.
maveait 3 years ago
yeah but one thing's true. the bailout hasnt worked. gm&chrystler are about to need yet another bailout. peter stands correct, while paul should be standing embarassed.
tmac9938 2 years ago
Peter Schiff has been right all along, and these media clowns STILL laugh at him. Unbelievable. Well, OK, maybe it is believable. Most people are idiots.
pmkraa 3 years ago 24
@pmkraa I think this will go on for ever and ever, he is gonna be right time and time again, lefties just don't get it. I used to be one, as you can see by my nickname. Yes, ppl are fucking idiots.
TheProgressistViewer 1 year ago
@pmkraa they laugh at him because they are paid to laugh at him to mislead the public , but rest assured , Gold and Diamonds are a girls best friend , although the Girl doesn't seem to bright , she might be a matress for one of the exec's
jhunted7667 1 year ago
"What about an autocracy....." crickets chirping.
Why do we have these dumb media puppets on the tube.
kuza01 3 years ago 3
At 3:41 i'ts obvious you DoN't understand. And yes, really, he said Ron Paul
jejojassy76 3 years ago
main stream media = mouth pieces
DDT35001 3 years ago 5
Boy it is scary to see how dumb and ignorant a majority of the media are. But Peter needs to jump on these morons when they start bringing up autocracies and military juntas. The fact is a majority of the American population have no understanding of economics. They are completely ignorant which is why people like Obama and McCain were the front runners. Peter should be countering these morons in the media more aggressively when they make a mockery of the truth bring up that nonsense.
gitterfritter 3 years ago 4
This comment has received too many negative votes show
Lack of government regulation in key areas is what caused this problem. Businesses felt they could get away with it, and for a while they did.
Do you really think a business, which is totally focused on profit, really cares anything about people? Neither the average worker at a company, nor it's customers, are more important to the company than money. Without regulation, real people get stepped on by the companies to do whatever is necessary for high profits.
chromatic2006 3 years ago
One necessity for high profits is a motivated well paid staff, a businessman should understand this.
Ford did: paying high salaries he produced cheap but good quality cars. It was one of the most successful companies on earth, making him very rich.
A truly selfish man thinks about others' interests.
erikvdln 3 years ago
You couldn't be more wrong. This is the standard Obama propaganda line, unfortunately there are no facts backing this up. You'll really benefit from reading this:
thatstockguy . net / Booms %20 and %20 Busts .pdf
17Spartacus76 3 years ago
@chromatic2006 If you have regulated interest rate there has to be the same level of regulation in the banking sector, i agree. how do you think businesses make money? the only way for them to make money is serve or provide value... and if that value is at a cheaper and better value than the other business then so be it....
if you have a free market in interest rates, then free market forces, force companies to be honest, there is no moral hazard and no easy money, every dollarisaccounted for
zang777788797998 1 year ago
@chromatic2006
So what you are saying is that business HATE money? A business that steps on its customers and doesnt care about them is abusiness that fails to make a profit and goes out of business. The only way what you are saying makes sense is if you believe businesses hate money and try to prevent people from giving it to them.
Why do you believe this?
FartyFace 1 year ago
@chromatic2006 you have a lack of understanding of how business works. governments are the only entity that can step on people, not businesses. how can you say a company values profits over customers? customers ARE profits, that's how they make their money. they have to give me what I want to get my business, if they don't do that, ill shop somewhere else. just watch a couple commercials on tv, they don't say, hey our product sucks, but screw you give us money anyway. actually, that's government
redsoxx2424 1 year ago
@chromatic2006
the only way for a business to succeed is to take care of his employees and his customers better than his competitors. Good employees require higher salaries and a company cannot succeed without the best employees in their field. All successful businessmen know that his employees make or break his compny
jjrglobal 1 year ago
@chromatic2006 hence why when government steps in and subsidises losses it turns out utterly disastrous.
bobjimjones 1 year ago
pfft whos that woman reporter? rofl I remember when i was in class a year ago in college, my teacher still was trying to argue that the dollar was based on gold.... I know peter is right but i hope his predictions will be wrong.
inthebluescrossroad 3 years ago
wait a minute, in a totally free market economy, most companies would rather outsource their manufacturing plants to 3rd world nations to take advantage of labor and environmental policies. Shit, I would. And what do regulations do these countries have? In most cases, none. Than, where would the jobs come from? There are so many other things that peter is not considering like the cost of manufacturing benefits of other nations, transnational companies, greed, and corruption, which stems from...
sulfice 3 years ago
Corruption stems from a government with too much power.
erikvdln 3 years ago 2
A GREAT VIDEO!
Peter was saying right about those politicians that their major concern is how to get elected and make positive-sounding decisions though in long-term these decisions might have negative effect. The candidate that would tell the truth about the situation and how the things really are just wouldn't be elected. I'd like to see that politicians (and not only they) would have guts to make the right judgements based on true analysis of the situation. Peter Schiff has this nice virtue.
sitamunn 3 years ago 5
"But gold has no inherent value..."
That has to be one of the dumbest comments I've heard on this financial crisis. The fact that gold prices go up when fiat currency fails (like it is now) is because gold DOES have inherent value. How she can believe otherwise is beyond me.
NathanZackery 3 years ago 4
Haha. Many of these CNBC anchors are ignorant idiots,pal.
00587649 3 years ago 2
Nathan i agree with you to a point. Gold does have inherent value but only insomuch as people BELIEVE it has value. I know that Gold has been the store of value for thousands of years going back to the egyptians etc etc.
I think though, what the woman was talking about is that in the event of an apocalypse, gold has no value. You cannot eat it and you cannot use it to make anything. In that sense alone I agree with the woman. Under those conditions food and brass/lead would be more valuable.
atelang7 3 years ago
all precious metals have inherent value, including in an apocalypse. including gold. in your scenario, gold is more rare and it would be logical to say 100oz's of brass could = 1oz of gold. even silver would be very valuable.
but yes, food is always a universal trade as well. food surpasses anything because people just have to eat, period.
tmac9938 2 years ago
If you don't know Ron Paul, watch as many videos on here of him as you can. He is one of the only politicians that tells the truth.
shouldlistentoronpau 3 years ago 8
She is a FUCKIN CUNT!!! Changing the conversation when Peter Schiff was talking about Ron Paul!!She is part of the crime!!!
madgreek68 3 years ago 4
He is going to bankrupt America by the Summer of 09
2010 NAU
dave777blaster 3 years ago
"I love talking to you because sometimes you make sense."
Haha, It's going to make a lot more sense when what Peter says happens.
usmc721 3 years ago 14
the guy looks really silly in front of peter.
vonleixy 3 years ago 2
WHOO i wonder if that bitch has seen all the hateful comments posted. I'm going to send her an e-mail about how retrded she is. BITCH IS A NWO PLANT nobody could be that stupid.
gold has no value
btch what the fuck
aelleo 3 years ago 2
rofl yea i couldn't believe it either man. what a moron.
inthebluescrossroad 3 years ago
The reason gold has value is that its supply is inherently limited by nature and that it takes scarce resources to extract it. It's serves as a general substitute for 'scarcity'. It's also easily portable and malleable, so it's a convenience store of value, unlike a barrel of oil for example. Buy Gold through certificates: BMP BullionFund. When you buy a certificate, the company buys the gold and stores it for you.
cannuckistan 3 years ago
When you buy a certificate, the company buys the gold and then turns it over to the government for you after the economic collapse, for only a small shipping charge. Don't worry, I'm sure the government will pay you it's full value in worthless dollars.
aelleo 3 years ago
lol dude there are companies that ship the good stuff to your house.
inthebluescrossroad 3 years ago
deja vu, deja vu
Locke1217 3 years ago
This comment has received too many negative votes show
Mr. Schiff:
Please don't take yourself seriously. I understand if people buy your idea, then they get half truths and more problems. Do you realize that there are only a fraction of the society that can invest in gold? Do you understand what Obama is faced with? Don't you realize what you propose ultimately drives the working poor, retiring seniors and part of the middle class. As bad as it seems the economy still can recover and the inlation can still be managed with increasing interest rates
neknikatchew 3 years ago
If you put away money that you spend on extras you can buy 1/10 ounce of gold every week. that is somewhere you can start. He is not talking about INVESTING in gold. Most people don't have money to invest in anything leave alone Gold. People in America consume too much and don't save anything. He is talking about puting away real tangible assets. saving in other words. People all over the world do this. It is only very foreign to Americans. That is why we are in this soup to begin with.
Happen2008 3 years ago
Amen
Kryptik316 3 years ago
Who in their right mind listens to these clowns who have been 100% DEAD WRONG for years? Thank God more people like peter are being heard. Unfortunately, the masses probably won't wake up until it's too late.
jeffe2222 3 years ago 2
It's just insane that people still don't listen to this guy after he has been right on everything he predicted!! Ron Paul 2012!! Our only TRUE hope....
sinkout24 3 years ago 5
Obama, by choosing Hilary Clinton, squandered positive World opinion just like Bush did after 9/11.
WashMitt 3 years ago
Peters life must be so frustrating at times knowing he is right and people just don't listen. No one to blame but ourselves
epicdeuce 3 years ago 8
we witnessed roughly a 75% increase in the money supply the total # of $s in the world is $14 TRILLION Already the federal reserve and the treasury have dolled out $8 Trillion.
to those who have blind faith in the FED you are being robbed blind by your ignorance. The consitution is timeless The founders understood that a republic=rule of law and limited government is the only way to live free
it is a sign that people w/ no understanding of our form of government ridicule those who do
njThaze 3 years ago 7
and all of those currencies stood for one thing... gold represented by DOLLARS. What you are referring to are banknotes. Read the Coinage act of 1792 and the Mint Act of that year. We had the dollar before the Federal Reseve you idiot.
timmymcdee7 3 years ago
This comment has received too many negative votes show
Lol he threw away all of his credibility when he mentioned the Federal Reserve.
I don't get why people still can't see why we need a Federal Reserve, we had 30,000 currencies in this country prior to a Federal Reserve.
BipolarBomber 3 years ago
We need real money - not government manipulation of worthless (unbacked) paper slips. This economy is funadmentally unsound. Fractional reserve banking is the ultimate root of the problem.
RedShirtArmy 3 years ago 2
Yes, money itself is the problem. Money wasn't backed by anything prior to the Federal Reserve, I mean, SOME money was, but not all of it.
You had money backed by gold, silver, by a business' word, etc. We've never had a universal system of money backed by the same thing, that is until we got a Federal Reserve where the Central Bank can control interest rates to help stabilize the economy.
Every country in the world uses this system, it's not perfect but it's better than our alternatives.
BipolarBomber 3 years ago
I disagree. Money is not the problem. The problem is the undermining of money. Gold, for example, is substance people have always desired. It has uses. It's also scarce, light and can be shaped into coins. It's ideal as money. Paper is not. It has almost no value unless a government forces people to accept it. If it does stand for gold or something real and this agreement is not destroyed then that's okay as well. But free compitition of competing monies would be the best solution.
RedShirtArmy 3 years ago
Stabalize? This is what you call "stablized"? All the fed does is create bubbles, then claim to be the solution when these bubbles burst. It is absolute insanity to believe that a group of men can determine what the appropriate supply of money should be. They don't have enough knowledge and there is NO WAY to ever obtain that knowledge. The economy is too complex to be managed by some statisticians in an ivory tower.
jeffe2222 3 years ago 2
Before the Federal Research the government printed the money it thought the system needed. It actually worked very well throughout history. See colonial scrip, greenbacks and tally sticks. Only when central banks came in and started printing the money did economies have problems.
howitzer24 3 years ago
If they never had any problems why was the old system dismantled?
Again, this is the system that every country in the world uses, you can't just say that it's awful and bad without proposing a decent and plausible alternative. And either way, it's government run.
BipolarBomber 3 years ago
the anchor guy said he agree with schiff throughout most the interview, but then ends with i dont agree with anything he said
4rcane 3 years ago
Since when does a piece of paper have more value than gold? jeez this is insane
NoesisNRG 3 years ago
The two dimwit jokers on the right are either f'ing stupid or paid propagandists (probably both). He's right though. This is only the beginning.
metalhed187 3 years ago 6
This is the financial equivalent of Michael Phelps swimming at the Special Olympics.
thitherthinton1 3 years ago 2
It two years time all financial news networks will be shutdown. No one will care
marky1333 3 years ago
This comment has received too many negative votes show
Schiff is right about consumer spending being unsustainable but he's an idiot Ron Paulitarian and even worse, a goldbug moron
moyshekapoyre 3 years ago
What a dumb bitch. He doesn't like Obama so he must like Mccain. Why won't ppl understand that its all the same shit in a different can?
falcon2154 3 years ago
What a stupid bitch. Gold has no value? Gimme a break
ru40342 3 years ago 3
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her life has no value.
Locke1217 3 years ago 2
"It was fun" she says? Hey stupid broad a discussion like this isn't supposed to be "fun". Open your ears and pull your head out of the sand. More big government bailouts aren't going to solve this problem.
dkickboxer 3 years ago
So he's been spot on, and they still scoff at him like he's crazy. This shows we have a long way to go before any sense is knocked into us, and it's going to have to be a lot more painful.
iiitrey23 3 years ago 2
What a dumb bitch. She has no place at all discussing this subject with Peter Schiff. She does not even have the mental capacity to understand the subject. Therefore she makes snide little disparaging comments.
dkickboxer 3 years ago
'Gold has no inherent value'...she comments as if prompted.. Where do people get these ideas? Gold and Silver, other precious metals, diamonds, commodities have inherent value....fiat federal reserve dollars do not have value--paper only....
mormonbrae 3 years ago
I know Libertarians love the words coming out of Peter Schiff's mouth, but I completely disagree with him. Oh sure, there is plenty of economic growth without government regulation. In essence he wants to take the United States back to the 50's, the 1850's!
The good ol' days of fat cat Robber Barons, their corrupt hands in pulling the strings of government.
I suppose in time they can convince some Americans that the 40 hour work week and child labor is also intrusive government "regulation."
mikepalomino 3 years ago
and mind you, there were plenty of economic busts in the 1800's, at least two if memory serves me correctly. So what historical basis is Peter Schiff basing his theory that government regulation caused this crisis? On the contrary - it probably delayed the inevitable.
mikepalomino 3 years ago
You may want to do some research on this before you go criticizing. The busts in the 1800's were due to the central banks' (for example, the Federal Reserve) deliberate expansion and contraction of the money supply. It's not govt "regulation" so much as it's govt intervention in the free market. Yes, they might delay the inevitable, but they make it far worse. Yes, back to the 1850s, when we actually produced something other than debt.
BATCH420 3 years ago
My point was that there was almost zero government interference throughout most of the 19th century, and yet busts still occurred. It wasn't until the late 19th early 20th century that you had government take notice, realizing too much power in the hands of industry hurt competition and workers.
Laissez-Faire is dead my friend. And we're better off for it.
Now, am I saying the Fed Reserve is perfect the way it is? No. But I don't think the 1850s are an improvement.
mikepalomino 3 years ago
This comment has received too many negative votes show
Amen, these Libertarians are such Ideologues. The problem is ALWAYS TOO MUCH GOVERNMENT 100% OF THE TIME! It could not possibly be any other way. When has any mainstream Liberal said, "the Free Market is always the problem, the Government is always the solution." Liberals are pragmatic, Communists and Libertarians are Rigid Unthinking Ideologues. Their theories are ALWAYS CORRECT!! Ron Paul is a loon, this guy too.
AbrahamIsDead 3 years ago
Excellent points and you get to the heart of the matter, this entire bailout argument isn't a debate between Right and Left, it's a debate between pragmatists and ideologues. On a fundamental level, I agree the government shouldn't step in to help a failing business, but if that business makes up an enormous percentage of the economy, it's like an anchor that takes the ship down with it. Those who say that these sectors should be allowed to die are putting their ideologies ahead of reason.
mikepalomino 3 years ago
What happens if the bank holding your mortgage fails?
These sectors won't "die," it will simply change those in control of them. If GM, Ford, and Chrysler fail the auto industry won't "die."
How are we going to finance all our debt?
rusirious13 3 years ago
Yeah, this guy was calling this whole disaster for years and Ron Paul was only one talking about it for years. What loons!
rusirious13 3 years ago 5
Not to be picky, but many economists are always making doom-and-gloom predictions (some make a career out of this prognostication). That Peter Schiff's predictions come close to what's happened is all well and good, but it's hardly prophetic (or 100 percent accurate).
Peter Schiff has an agenda, and that is to promote his commodities, which I believe is gold (which is doing well right now). Therefore, I take what he says with a large grain of salt.
mikepalomino 3 years ago
He is right about the fundamental flaws in our economy and say this as a specific example. The issues in the sub-prime industry and the collapse of the housing bubble have rippled throughout our entire economy.
Credit markets are frozen because they were over extended and this situation is a gigantic pullback. Digging deeper into debt isn't going to solve anything maybe just delay the bursting of the next bubble.
Everyone has an agenda, but that doesn't mean he's not right.
rusirious13 3 years ago 2
its politically acceptable to me to eliminate the govt :)
danspeaks 3 years ago 2
I can't help but feel an overwhelming sense of frustration, bordering on rage, when I see these ignorant pundits continue to treat him as a nut. They are so incapable of recognizing reality. What other accurate predictions does he need to make for people to see the value of his opinions and assessments. They so easily gobble up the promises of "change"; which are nothing more than rhetoric. The fact that people like Schiff are marginalized is the reason people vote against their own interests.
gitterfritter 3 years ago 4
Well put. I notice how they marginalize him with their body language and tone of voice, everything. Like at about 5:00 where he says, "I'm not saying you're wrong.... but" you're wrong (in so many words) These idiots don't have a clue on basic economics, like the woman saying gold doesn't have intrinsic value. It makes me laugh at people's ignorance sometimes, but I am starting to feel the frustration as well. What can you do, but try to inform people?
BATCH420 3 years ago
when she said that, I nearly fell out of my chair.
Casting couch is alive @ that network, that's the only excuse for such stupidity.
believr77 3 years ago
The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components)...
Check out Wikipedia on this.
erikvdln 3 years ago
Wow. My 12 year old niece has a better understanding of currency than that woman and fat guy.
DeadpoolX 3 years ago 2
This is the best Schiff interview ever. So much truth, so much political incorrectness. Gotta love it!
richrdroma 3 years ago
I can't believe people still laugh at his ideas considering his track record. Maybe they want to be the next Art Laffer?
virt2755 3 years ago