Peter Schiff on CNN Auto Bailout Intense Debate! 12-4-08 part 1/2

[PAZ0619]

The anchor seems to be relevant on most things, although she talks a bit much. Still, at least she let Peter talks.

[TheRedPriestofVenice]

I recently heard a theory that the rise in the dollar has to do with the US gov buying up US bonds (by printing money) and this is creating a demand for the bond and in turn a stronger dollar.

[EliteWarrior8]

How about these auto CEO's pay for their own failures.

[viewitpdx]

To answer sam9657's question about where to invest past year? Cash. Nothing in any equity market. With deflation the purchasing power of cash has gone up. Now we may have inflation in the future but we will be having deflation for a while. "Printing money" doesn't explain the entire money supply system. Schiff is a good person, he wants what is best for the US but he didn't get the big picture and his clients lost 1/2 their wealth. Maybe it will regain its value but not counting on it.

[viewitpdx]

I had some of you email me on my comments. My account is down by 1/2 since about March (when I started). Schiff is right about US economy,fiat currency,bailouts,ect I agree. But too brag about correct predictions when you were wrong on 1/2 of them is ridiculous. Other Austrian economists predicted massive deflation worldwide. Schiff from 2007 said on his website " I see no possible scenario where consumer goods prices fall in term of paper dollars" (google Schiff,2007, deflation).

[novawolverine]

Are you talking about Mike Shedlock by any chance? I like Mish a lot, but to say he predicted this is a bit misleading. Most people who saw this deflationary period happening, didn't really predict as much as acknowledge it when it was already happening when the credit market started to collapse. We're still a long way from this ending and the end game is most important. Lots of people who didn't invest w/ Schiff also lost money. He didn't see deflation but who knows what this all leads to.

[arcanekrusader]

Don't count your chickens before they have hatched.

[ShiekYerbooty]

Schiff just laughs at him, that was great

[viewitpdx]

To all the Peter Schiff fans. I have an account with this guy and its down by over 1/2. The man has lost 1/2 my money and it keeps going down.

If he believes in capitalism his firm will be out of business in the upcoming years. Go put your money with him if you think he is so correct. He's been wrong on many fronts. Yes he predicted the US assests down but the rest of the world folded as well, the dollar has gone up and foreign assests he invested in were bubbles as well.

[tianya1389]

I am sure that most Peter Schiff fans know that. If you listen to his radio shows, he admitted that several times recently. To me Peter and many others are just like a person who saw a glass would fall from the table. It only takes common sense to see that falling. But nobody can predict how many pieces the glass would become after it is fallen to the ground. There are something that can be predicted and something that can never be predicted.

[tianya1389]

I also want to say that if you follow him enough, you should understand that he is one of those "gold bugs". These people hate fiat currency and believe that gold standard will be back. I believe that they are correct but nobody knows when that will happen. Fiat money means that FED can tax you by printing money. Gold standard means that government cannot use fake money to enslave individuals. So if you believe Peter and buy gold, make sure that you don't need the money in a short time.

[tianya1389]

Another thing I want to point out is that you cannot trust anyone in these predictions. Everyone should think this through. I like Peter because he is honest although he might be wrong on something. It is difficult to believe that government/fed does not know about this crisis in 2007/2008. Yet they kept lying and lying until they cannot hide it. Listening to Peter just gives you another source of information channel. Just my 2 cents.

[sam9657]

First of where could you have invested and done much better this year? Second of all this dollar rally is short term, the fundamentals of the dollar is terrible. I think that over time Peter's predictions will pan out.

[sssssup]

As a matter of curiosity, over what timespan has your money been halved?

[cycoaxe]

This jackass mayor knows if they don't get a bailout, he's gonna be out of work in his town. Peter crushed him as usual!

[justgetsome]

The mayor is a typical cheerleader. Peter destroyed this clown! The mayor just does what all politicians do, shift blame on phantom entities.

[motonegros]

This mayor looks to me like a perfect example of a politician completely in the pocket of a huge corporation.

[jeffcarruthers]

ron paul/peter schiff 2012