if the US people would buy up all the t-notes out there then Ben would have to pay us back all the income tax they take. So if anyone wants to take back America, this is the best way to do it. Own the the owner. it really IS that straightforward. Own the debt and you own the Fed. I bet China for one, would be more than happy to sell all back to us at this point too.
@uturniaphobic youve been drinking. try eliminating the (illegal)16th amendment (federal reserve act) secretly installed into your US Constitution back in 1913 by the rothschilds of england(Americans have been funding/defending the old British empire through their payrol taxes ever since)
@uturniaphobic you are a fucking nutcase....we ALREADY OWN the DEBT s2upid.....through the illegal, private federal reserve bank of the USA(run by the rothschilds of england,est worth 500 TRILLION)
these bankers were given full control of USA's financial system through the illegal 16gth amendment secretly slipped into the US Constitution in 1913 "federal reserve act". fancy how its 100 years later and Americas economy is collapsing(by design)
@MrHarry46 we PAY the debt interest with income tax collections through the IRS. China Brazil Japan and others along with the Fed et al OWN the debt. Ben is "monetizing" the debt at this point. and yes I agree it is illegal but can you stop them? yes! do as China does and buy up the debt. own the FED in other words. which realistically is probably impossible at this point. debts too big to stop.
@uturniaphobic you may be drunk. we do not need to buy anyones debt......how fucking retarded is that? why should I buy something someone else owes someone else??? default credit swap your ASS
FUCK YOU...take youre OWN RISK
the corp topic here is..END THE FED..the illegal fed (owned by englishmen) is raping america(has been since 1913...
americans didnt know then...AND DONT HAVE A FUCKING CLUE NOW(blame media) 16th amendment sold americas ass("federal reserve act")
@MrHarry46 I'll say this: when WE scream and yell about the debt they laugh. when CHINA complains about the debt they get on a plane and go kiss ass like the pigs they really are. don't you want the pigs to kiss your ass too? if you owned even 20% of the debt you enter what is known as a "controlling interest"range. in other words, one day you may SELL your interest and crash the currency and the bank (aka Fed). savvy? now you're the boss and Feds your bitch.
I do not like this Uncle Sam, I do not like his health care scam. I do not like these dirty crooks, or how they lie and cook the books. I do not like when Congress steals, I do not like their secret deals. I do not like this speaker Nan , I do not like this 'YES WE CAN'. I do not like this spending spree, I'm smart, I know that nothing's free, I do not like your smug replies, when I complain about your lies. I do not like this kind of hope. I do not like it. nope, nope, nope!
Yes, yes, yes, whatever. Where's the other vertical line that's supposed to run through the dollar sign on my computer keyboard? They started that in 1972 after Nixon took us off the gold standard, which de-valued our national currency. I want some butts.
@rwcbanzai He's been talking about this for years, it's just that people are finally listening to him because he's been right. No one wants to hear bad news when things look good.
@MrHarry46 Comments are here for feedback & your late to the table, didn't your mom teach you any manners, as U have no face nor character nor any Manners.
@rwcbanzai fuck manners. time is nigh..for WAR. you dont see it youre way too busy being brainwashed. leave the table ASSHOLE. oh by the way ...the dollar you use in the USA has been owned by the rothschilds of england since 1913 (the year the "illegal federal reserve act" or "illegal 16th amendment" was signed by Wilson and the BIG bankers of england/New York(rothschilds/morgans/warburgs etc..))
Recession is primarly caused by very low interest rates.Now when money is spent it is wrong to have budget deficit where expenditure is 40% more than tax revenues.Hystorically that always led to hyperinflation.Dollar is currently rising because eurozone has problems also.
But some officials said they must take out at least one trilion from system.I just wonder how with this new budget and projected deficit
But fact is there is already inflation in the system despite all deflationary pressures.
This comment has received too many negative votesshow
He also doesn't mention that even if Obama cut spending he'd have to cut all discretionary spending and social security and defense to the bone.
Another point: US government deb and spending didn't cause this recession, deregulation of the banking industry gave the conditions to cause the recession.
This comment has received too many negative votesshow
1 year ago Peter said that the dollar was going to collapse, now it's now strengthening. So, he was wrong there.
Another note - printing money doesn't cause hyper-inflation unless you actually print 100s x the amount already in the system or more! The Weimar Republic had hyper-inflation because they printed something like 12 trillion times the amount of money. Also, printing money isn't a Keynesian idea, it's a monetarist idea, 2 different schools of thought.
This cannot last. The physics of money is no different than say, the physics of gravity, regardless of what the Keynesian school says. All of the money printing will have dire consequences, and it's incredibly arrogant of Bernanke and the congress to think otherwise.
Schiff has been spot on for many years, he just cant go too far or will be called a Conspiracy Theorist and no-one will listen to him. The U.S. dollar will fall mid year. What a shame I love America and its people. But not the wolves in sheeps clothing who masquerade as being American. They have agendas Id hate to know about. Are we not the Government?
Yes there is hidden tax.They are printing money for government spending.Every month Fed prints at least 50% of government bonds,close to 1 trilion.This means money is significantly devalued and will buy much less in time.
Blah, blah, blah. Like he's never heard of deficit spending before. The private sector has to finance a gargantuan government? I haven't heard of any tax increases yet, have any of you?
They can't increase taxes, they are too burdensome already...There comes a point when deficit spending is unsustainable, and monetizing the debt will crash the currency. If you knew anything about what is really happening to our currency, you wouldn't be so glib about this.
Every damn nickle stole on a box of TIDE detergent so some jackass can drive around in circles for NASCAR is the rape of the consumer. Yea, tell me not to buy TIDE, but I think you miss the point, its not TIDE, its the whole god damn system. Its hidden and pervassive.
Evey dividend and bounus to the top is direct theft from the production of others. It's socialism for the rich, (why you think they bailed it out) you just have to "buy" into their system of socialism. How's that working out?
In more relevant investor news, in the past 2 months, Gold has lost 11%, Silver 21% and gold/silver shares are down a juicy 30%, All the while the dollar is going gang-busters. You can now buy gold/silver shares for prices of 4 years ago. Congratulations.
The Dollar index now staring 80 square in the eyes.
Somebody remind me again why buy and hold doesn't work....lol Good grief.
Are you selling your physical gold and silver? If so, I'll gladly buy it. All of it. And you can walk away thinking you've just taken advantage of a sucker, while I walk away and stick it in my vault for safe keeping.
Hey guys, Red Gets it! I don't know how you came to a different conclusion. I will buy all the physical gold and silver any fool is willing to sell. Seriously.
Hmm..maybe if those guys in the privite sector had acted responsibilly, the government would too? or maybe the government wouldn't have found itself in the no win situation it finds itself now?
Come'on Peter, really?, only the government is responsible for the postion we find ourselves in? I think American business, the people you support, are the ones who's sholders rests the huge problems we face today, including yours.
You offer no real solution, except the continued rape us by business
@Bezz80, There have been zero indictments in any of this. One can deduce that the private sector acted within the bounds of the laws and regulations that govern their activity. This suggests gov policy is flawed. These three in particular... The Gramm-Leach-Bliley Act of 1999, The Commodity Futures Modernization Act of 2000, and a special exemption granted by the SEC in 2004 to five "special" investment banks to allow them absurd leverage ratios.
It's the typical uninformed half baked analysis. Oh. it's the capitalists that crashed the system. Do any of these idiots even stop to think how all of this phony money came to be? Last time I looked there was only one entity printing money and suppressing interest rates.
Good info mr schiff, hard believe the numbers though.
They serously cant be that stupid can they? 1.9 trillion debt celing for this year and already a planned 1.4 trillion in debt. christ how do you manage to blow 3.4 trillion in a year. besides that the sad part is all this money there throwing around will just make everything worse on every angle.
wake up, Zeldovich. the government will not allow insidious inflation to show up in the public statistics - which is why they employ substitution and exclusion to fudge the numbers. meanwhile, no one can deny that his/her grocery bill has nearly doubled over the past 2 years, just as one example.
Peter when you say "living High on the Hog" you must be referring to the Banksters because they are the only ones I know making money through all this. Yes there will be an elite class that still shops at Tiffany's while the rest of U.S. starve or just get by. - imo
There is only one solution. To manufacture everything we use... within US borders, until the dust settles. Of course we all know this will not happen. That is, not until after a complete and utter global economic collapse.
This type of leadership brought our econmomy in British Columbia to a standstill in the 1990s.
Our ruling party was much more imature and left leaning but businesses of all shapes and sizes lost total confidence in their abilty to stewardship the economy that everyone just quit spending $.
This with the backdrop of north America prospering while we waited to vote them out and replace them with centrist liberals.
If you would take G Edward Griffin analysis and research on the Federal Reserve, it was never made to be 'for the people' the original bill was written by the bankers to protect the bankers. And that's what it's done.
If you concede that 1.9 trillion is practically 2 trillion, it suggests 100 billion doesn't make much of a difference, which is the kind of thinking that led to this.
The US economy is in its last years, but the average American cannot see it because everything on the street level looks OK.
The economy has been dependent on low rates since the tech bubble popped. Since then, both the dollar and the S&P 500 have been in overall bear markets. Adjusted for inflation, I believe the S&P is down about 30% since 2000.
The problem is that too many manufacturing jobs have been outsourced and there is no longer enough production to support the service sector.
Seriously, Americans will become poorer because obama's reckless fiscal and monetary policies are devaluing the USD resulting in higher taxes and inflation.
Anyone with basic knowledge of economics knows that higher taxes and inflation are the main reasons why people get poorer. And, at this moment obama controls both.
The cost of living will go up and people will be forced to rely on govn't. If you control the economy you control the people.
^^^All hail the re-nomination of Chairman Bernanke, Time person of the year, Central banker of the year, to another term at the Fed^^^
^^^Peter Schiff is still dead last in the Republican nomination. Looks like he will be consigned to political history and electoral waste dump and spend his life blogging on Youtube in a few weeks time^^^
Connecticut voters are stupid as are most American voters and thats why the US has a special interests run governmental system. However, by NOT voting for Peter Schiff, they are actually doing themselves a favor since Peter Schiff will be able to achieve nothing even if he is elected under this system.
With a career politico or special interests supported candidate, you might have a chance that that person has a conscience and will do something for his/her constituents.
Great Blog! It's time for america to wake up and see how our goverment is increasing our debt & destroying our country currency. Keep up the great work!
All this spells colaspse, total colaspse of our economy soon. There is no other conclusion. The math doesn't add up. All this is UNASTAINABLE, They know exactly what they are doing. ON PURPOSE DESTRUCTION OF AMERICA CAPITIALISM FREEDOM OUR ECONOMY ETC. Prepare people, and most importantly pray to God.
Revelation's Chapter 13: Verse 3, "and I saw one of his heads as if it had been slain, and his fatal wound was healed, and the whole earth was amazed and followed the beast"
Obama has 7 creeds/heads (Islam, Communism etc...) of which one, Christianity, was fatally "wounded" when SATANICAL 666 was drawn and shared front pages' news with his victory headlines, thus cursing and revealing him as evil
Cutting spending is like loosing weight. Saying you will start later is a LIE. It is never easy and splurging now makes it even harder later. Knowing all the players and that they have to work together ... it is a LIE ... it will never ever happen.
@GoAndersen - LOL, of course cut spendings will NEVER happen, actually, HAS it EVER happened? But you know what? The Voters know it, the Politicians know it. So why would a Politician tell US the truth if we can't face it ourselves? And a politician always find a justifying cause NOT to save ANY money...LOL....
This comment has received too many negative votesshow
socialism will work in America because America has the wealth and foundation to support it. it didn't work in other countries because they were poor to begin with, and did not have the infrastructures in place. I hope the 43 million Americans can get real free health care. we need to be socially responsible, not just fiscally responsible.
benefits owed to social security & medicare/medicaid already equal the total tax receipts acording to Obama's new budget for 2011 which runs $1.5 TRILLION more into debt. socailism does not work. it is theft and ruins economies. we need healthcare reform but in the form of decreasing restrictions and barriars to enter that market created by the government to protect the main players. obamacare is a nightmare and is a giveaway to insurance comapnies. increased competition is the answer
the social security and medical expsnes can be covered if US cuts wasteful military spending, and if it moved to natural preventitive anti-aging health care, and trauma care only. not drug pill pushing for big pharma. my scheme will work, because it's never been tried before, it's NOT Obamacare.
Unfunded liabilities already exceed GDP. How can these liabilities be funded when the nation as a whole doesn't produce enough to cover the expense?
Dreamer, stoopid little dreamer.
Well can you put your head in your hands
OH NO!
Now you want us to put our health in *your* hands? And your "scheme" ( I certainly won't argue with *that* term) is justified because no one has ever given it enough veracity to try it. Fact of life: The best ideas float to the top. The don't wallow on the bottom.
America can sell off some assets it holds globally, or rent out some domestic assets. it's got enough assets to cover the liabilities. it's got oil in Alaska, plenty of oil fields being replenished again in Texas becuz oil is naturally produced by the mother earth, similar to milk from a tit to us, and tons of natural gas. America got plenty of wide open land, allow rich foreigners to immigrate to US. Everybody wants to come here, have them pay for social sec, and phase out soc sec slowly.
Gobal oil reserves are depleting because it takes 1000's of years for good ol' Ma Nature to produce. Oil is not pragmatically a renewable resource.
Why would wealthy emigre's choose to come to NA while it's current population is borrowing itself into oblivion? The wealthy aren't as altruistic as you presume and have no immediate plans of bailing you out of your self imposed financial corner.
u havn't got a clue. the world is awash in oil. it's a monopoly to suppress oil from going into the market in order to artificially jack up the prices. if you'd pay attention to the news the last few years, Russia, China, Japan, Mexico are finding new huge oil reserves annually. there is no peak oil, it's all a scam, similar to man-made global warming. a big scam. don't be a tool.
Your perspective and unstated solution(s) are both objective and realistic for those who live in bubble environments. I'm thinking you're local to Anaheim and visit Disneyland often.
you're wrong. you will be proven wrong in the future. only time will tell. the reason oil prices are high is because it's manipulated. oil futures and derivatives make it higher, and is exchanged 11 times through wall street financier middle men before it reaches the consumer, that's why it's high. Jim Rogers is wrong about peak oil. England's oil fields will in time replenish itself.
@maskedphrogg - Oil Reserves are depleting. Yeah, right. We hear this since 40 years and are consuming more and more oil. Buddy, there are BILLIONS of UNTOUCHED oil out there. B I L L I O N S...now why would they not tell us that? Go to the Gas Station. Ringe a bell?
socialism has inherent structural problems that make it impossible.
The tragedy of the commons, inability to engage in cost accounting( see von Mises), it inverts the incentive structure of production and "need" becomes an economic output, The Peltzman effect causes poverty to have a positive supply elasticity.
The mechanism for planning , at best, becomes democracy which itself has serious issues, inability for biases to cancel, rational ignorance, inability to internalize cost.
basically the point is costs exist. You must have a way to determine what costs what and relate the costs of various things to other things. The problem here is that those that reject capitalism bcs of their inability to understand it are operating under the assumption that something that seems incoherent or to complex is necessarily wrong. Anybody can make this error, yet when you make these errors in democracy or the leaders make these errors, everybody pays.
Also when you speak of wealth and infrastructure in regards to the dialectic, that is, capitalism will lead to socialism and the capitalists will yield their stuff by revolutionary force you cannot ignore the fact that infrastructure deteriorates. The tragedy of the commons will all but accelerate deterioration and capital consumption. In addition since the world is not static you cannot just switch 2 soclzm, you must have a flexible system that can rationalize production. Socialism is not this.
there must be proper government. libertarians think all government is bad. there are some infrastructure developments only government can do. capitalism has to be guided, otherwise it's a libertarian's wet dream of everybody for themselves, and we end up with this derivatives bomb of a mess.
have you applied your criticisms of behavior in the private market to those in governmental positions? why are politicians and bureaucrats somehow untethered from basic human drives like seeking utility or profit? Also are you sure that this bomb of a mess isn't' the result of government intervention to begin with?
The problem is how the argument is framed. When you say we hate government that compresses a lot of assumptions. We need a more articulate mode of communicating about institutions.
when you get rid of glass stegall regulation, it's not government intervention, more like government getting rid of regulations and letting the free market in the finance world go buck wild. the nerve of you saying it was too much government actions that caused derivatives bomb. this mess woulda been contained if government regulations were in place. who you jackin???
He kind of contradicts himself some. The bear mkt rally will soon end he says and oil/gold/commodities will rise. They have moved together for the last year and would have to break this association first in order to move in opposite directions. During this latest correction, gold has gotten clobbered along with stock and currencies.
Pismo, he was referring to the bear-market rally in the Dollar, not the stock market. He was discussing the most recent (1 month or so) move, not the past year.
Bernancke is like a drug dealer and the drug is credit/printed money and the senate are the local distributors so of course they vote the king dealer back in.
Obama's objective is to become the Rule Maker. Right now the powerful are the rich, they make the rules that Obama and the rest of us live by in one way or another. Obama must demonize anyone that is rich, then anyone that has a house, or two cars or a car or a job. His administration only suceeds if people accept the premise that their neighbors could potentially the next boogie man. The enemy of the people are the Rule Makers that put power first and people last.
Is the government certain they will be able to collect that much in tax reciepts in 2011? The next shoe to fall is commercial mortgage failure. Look at the west coast, Arizona, Florida, empty strip malls will be foreclosed on and more jobs lost. This will cause an even deeper deficit spending percentage, depreciation of property values. THanks Peter, go, fight, WIN.
When the $500-$1000 trillion derivative markets crash, the world economy is going to collapse. Just brace yourself for it, it might get a little noisy.
Peter, I have seen about 30 of your videos, and none have talked about the cost of war. The real, Austrian cost of war. We lost 100 humvees in one night in Afghanistan. The Penatagon said it was a minor loss. If that is what they consider a minor loss, then know how much loss their is every day. The costs of these wars are astronomical. Quit just bitching about social programs. We may need these videos in case you decide to go soft on the wars.
Peter did talk about the cost of war. Not directly. But in some video's he explains what happened after WW II. Factories where producing for the army. People and other resources were used to fight the war. After the war ended, these factories were used to build high quality consumer goods.
US wealth went up as well as US purchasing power. Maybe GDP was the same, real wealth was going up. Therefore GDP doesn't equal wealth.
@tverboon Good point. When you compare the cost of war to the cost of entitlement spending, it is a drop in the bucket. Entitlement spending is the biggest federal outlay by a large margin.
@Ne0mega Hey, guess what? The military IS a social program. Statists like to focus on the cost of hardware, but the fact is, the biggest part of the military budget is personnel costs, costs which include free healthcare, paid jobs training (much of which is unrelated to combat), food & clothing, housing, "scholarships," pensions, etc, etc, etc., all this not just for servicemembers but their families and dependents as well. And most troops are not "combat" troops, but rather support personnel.
@banquo60615. Everything you mention is not ENOUGH to make military a social program. Military has a more compelling need. Social programs do not serve any need other than the program's social mandate.
I certainly am not denying the need for defense, but like everything else, the military budget has been hijacked by politicians to serve purposes other than defense. Let's keep the real soldiers, cashier the bureacrats and cut the fat.
@Ne0mega And 100 humvees? That's about $8 million, a small fraction of what the Federal government spends on electricity alone in one day. Cut military spending? Get out of the war? Absolutely. But let's get real about where all the "defense" spending actually goes.
1. Humvees are 20+ year old equipment. They might be $150k a piece if bought fully loaded off the assembly line, but...
2. "Energy replenishes. Humvees don't." Is that actually supposed to be a meaningful statement? Not even Keynesians claim "replenishment" as an economic concept, much less economists who actually know what they're talking about.
1. A fully loaded military humvees is actually around 200 - 350G's. The ones being sent to Afghanistan and Iraq are not 20 year old models.
2)God forbid I actually try to bring in a concept you don't understand, haven't read in one of your books, so it must be false. Yes, Humvees, and the material they are made of, does not replenish. Energy is abundant. and a simple resource. The technology in materiel, and the amount of work put into making one, is not. Sorry, 500 chars is not enough.
Good point, we are spending 30 billion to send 30,000 troops to Afghanistan to be "police academy". $1,000,000 per soldier for 18 months. These aren't Al Queda hunters, they are training Afghans. please message me for blog post on Afghan wars throughout history.
There are many people who voted for Pres. Obama so the federal government would GIVE them something. They love government entitlements. What they fail to realize is...they will be taxed for these entitlements later on in two ways: 1) Higher income taxes. 2) Inflation of the dollar.
The government will give the people what they want...then the people will regret it.
The taxpayer has no reason to complain about the banks handing out bonuses. The taxpayer didn't bail out the banks. Whichever American citizen believes that is a fool. The voting public didn't pay for the bailout. The future generation of Americans did. Current Americans are getting 1.6x in benefits for the every $1 they contribute in taxes. How dare the Americans spend so much when the Chinese have bailed out all the American people. Plus the peasants don't even pay the taxes. The rich do.
They monitize the debt, meaning they buy the debt. But the federal reserve has no money, so they create it out of thin air, and then this newly created money cancels the debt, thus putting more money in circulation.
The interest rate is the cost of capital in United States dollars. The cost of that capital is, like always, governed by supply and demand. Hence, in order to make interest rates zero (this will go down in the history books as a REALLY bad idea, by the way) the Fed has to create enough liquidity to give dollars to any bank who wants them at literally no interest.
So yes, to answer your question, the Federal Reserve creates liquidity and loans to the Treasury.
@residentzombie this it a great video by Edward Griffin it's called creature from jekyll island you can find it here on youtube it's a long movie but everyone with questions about the Fed should see this movie.THIS IS A MUST SEE TO ALL.
And less than a year later they need to raise it again. They will, obviously. When will they have to do it next at this rate? Another 6 months?
eurohim 1 year ago
@eurohim yes. 3 months next?
divreg 6 months ago
if the US people would buy up all the t-notes out there then Ben would have to pay us back all the income tax they take. So if anyone wants to take back America, this is the best way to do it. Own the the owner. it really IS that straightforward. Own the debt and you own the Fed. I bet China for one, would be more than happy to sell all back to us at this point too.
uturniaphobic 1 year ago
@uturniaphobic youve been drinking. try eliminating the (illegal)16th amendment (federal reserve act) secretly installed into your US Constitution back in 1913 by the rothschilds of england(Americans have been funding/defending the old British empire through their payrol taxes ever since)
WAKE THE FUCK UP NOW AMERICA
END THE ILLEGAL FED
MrHarry46 1 year ago
@MrHarry46 we can do all that stuff ...right after we buy them out. yes drinking
uturniaphobic 1 year ago
@uturniaphobic you are a fucking nutcase....we ALREADY OWN the DEBT s2upid.....through the illegal, private federal reserve bank of the USA(run by the rothschilds of england,est worth 500 TRILLION)
these bankers were given full control of USA's financial system through the illegal 16gth amendment secretly slipped into the US Constitution in 1913 "federal reserve act". fancy how its 100 years later and Americas economy is collapsing(by design)
MrHarry46 1 year ago
@MrHarry46 we PAY the debt interest with income tax collections through the IRS. China Brazil Japan and others along with the Fed et al OWN the debt. Ben is "monetizing" the debt at this point. and yes I agree it is illegal but can you stop them? yes! do as China does and buy up the debt. own the FED in other words. which realistically is probably impossible at this point. debts too big to stop.
uturniaphobic 1 year ago
@uturniaphobic you may be drunk. we do not need to buy anyones debt......how fucking retarded is that? why should I buy something someone else owes someone else??? default credit swap your ASS
FUCK YOU...take youre OWN RISK
the corp topic here is..END THE FED..the illegal fed (owned by englishmen) is raping america(has been since 1913...
americans didnt know then...AND DONT HAVE A FUCKING CLUE NOW(blame media) 16th amendment sold americas ass("federal reserve act")
LOOK INTO IT NOW AMERICA
MrHarry46 1 year ago
@MrHarry46 I'll say this: when WE scream and yell about the debt they laugh. when CHINA complains about the debt they get on a plane and go kiss ass like the pigs they really are. don't you want the pigs to kiss your ass too? if you owned even 20% of the debt you enter what is known as a "controlling interest"range. in other words, one day you may SELL your interest and crash the currency and the bank (aka Fed). savvy? now you're the boss and Feds your bitch.
uturniaphobic 1 year ago
TheUSVET 1 year ago
The Bahamas? Talking about monetary policy? Haha, you people are hopeless. You too, schiff.
bweazel 1 year ago
Search for
"MARC FABER MADNESS"
eliasmouawad 1 year ago
Yes, yes, yes, whatever. Where's the other vertical line that's supposed to run through the dollar sign on my computer keyboard? They started that in 1972 after Nixon took us off the gold standard, which de-valued our national currency. I want some butts.
buzzclick500 1 year ago
Where was Schiff when lil'BushWacker ran up the deficit?
What is he going to do for the people who can't find jobs or get HealthCare?
All he talks about is money!
Another suit working for Corporatism....
rwcbanzai 1 year ago
@rwcbanzai He's been talking about this for years, it's just that people are finally listening to him because he's been right. No one wants to hear bad news when things look good.
GtheMVP 1 year ago 2
Even a broken clock is right twice a day. ;)
bweazel 1 year ago
@rwcbanzai shut up and have a seat
MrHarry46 1 year ago
@MrHarry46 Comments are here for feedback & your late to the table, didn't your mom teach you any manners, as U have no face nor character nor any Manners.
rwcbanzai 1 year ago
@rwcbanzai fuck manners. time is nigh..for WAR. you dont see it youre way too busy being brainwashed. leave the table ASSHOLE. oh by the way ...the dollar you use in the USA has been owned by the rothschilds of england since 1913 (the year the "illegal federal reserve act" or "illegal 16th amendment" was signed by Wilson and the BIG bankers of england/New York(rothschilds/morgans/warburgs etc..))
MrHarry46 1 year ago
american public fails itself
chinaownsusa 1 year ago
Comment removed
renegade2142 1 year ago
Recession is primarly caused by very low interest rates.Now when money is spent it is wrong to have budget deficit where expenditure is 40% more than tax revenues.Hystorically that always led to hyperinflation.Dollar is currently rising because eurozone has problems also.
But some officials said they must take out at least one trilion from system.I just wonder how with this new budget and projected deficit
But fact is there is already inflation in the system despite all deflationary pressures.
11malavoglia 1 year ago
This comment has received too many negative votes show
He also doesn't mention that even if Obama cut spending he'd have to cut all discretionary spending and social security and defense to the bone.
Another point: US government deb and spending didn't cause this recession, deregulation of the banking industry gave the conditions to cause the recession.
He's not that smart.
girardbcp 1 year ago
This comment has received too many negative votes show
1 year ago Peter said that the dollar was going to collapse, now it's now strengthening. So, he was wrong there.
Another note - printing money doesn't cause hyper-inflation unless you actually print 100s x the amount already in the system or more! The Weimar Republic had hyper-inflation because they printed something like 12 trillion times the amount of money. Also, printing money isn't a Keynesian idea, it's a monetarist idea, 2 different schools of thought.
girardbcp 1 year ago
judoyodan = obamadrone
gringott12 2 years ago
Destruction of the $ is the number one goal of the marxist from Chicago, destruction of the Republic is the number two goal.
gringott12 2 years ago 2
gringott12 = moron
judoyodan 2 years ago
CANT WE JUST KILL EM' ALL ?
kiltyoposse 2 years ago
No thats 2 easy. Throw them in jail and let there be a fresh fish feast. lol
SurvivalWithBushcraf 1 year ago
This cannot last. The physics of money is no different than say, the physics of gravity, regardless of what the Keynesian school says. All of the money printing will have dire consequences, and it's incredibly arrogant of Bernanke and the congress to think otherwise.
pretorious700 2 years ago 12
You have no idea what you're talking about. Shush.
bweazel 1 year ago
They're driving the dollar into the ground. On purpose.
rickster348 2 years ago 17
10th Amendment is the answer. The Cure is to Ignore!
iannetta11 2 years ago
Nov 2010...Clean house...VOTE THEM OUT
tank3584 2 years ago 4
holy shit get rid of fukin credit cards 0_0
60% of income O_O
thank you prepaid credit cards and silver =)
689362003 2 years ago
FINANCIAL MAFIA is the most dangereous in the world and only people with the best hearts an minds can save us if we pray for it.
alauc 2 years ago
Schiff has been spot on for many years, he just cant go too far or will be called a Conspiracy Theorist and no-one will listen to him. The U.S. dollar will fall mid year. What a shame I love America and its people. But not the wolves in sheeps clothing who masquerade as being American. They have agendas Id hate to know about. Are we not the Government?
Ctemple2012 2 years ago
Yes there is hidden tax.They are printing money for government spending.Every month Fed prints at least 50% of government bonds,close to 1 trilion.This means money is significantly devalued and will buy much less in time.
11malavoglia 2 years ago 2
Blah, blah, blah. Like he's never heard of deficit spending before. The private sector has to finance a gargantuan government? I haven't heard of any tax increases yet, have any of you?
brothermikefan 2 years ago
They can't increase taxes, they are too burdensome already...There comes a point when deficit spending is unsustainable, and monetizing the debt will crash the currency. If you knew anything about what is really happening to our currency, you wouldn't be so glib about this.
You'll find out soon enough.
pretorious700 2 years ago
@brothermikefan, Not this year, next year. Tax increases are coming. Let me know how you do on your april tax return if you had to pay more.
olh1152 2 years ago
Every damn nickle stole on a box of TIDE detergent so some jackass can drive around in circles for NASCAR is the rape of the consumer. Yea, tell me not to buy TIDE, but I think you miss the point, its not TIDE, its the whole god damn system. Its hidden and pervassive.
Evey dividend and bounus to the top is direct theft from the production of others. It's socialism for the rich, (why you think they bailed it out) you just have to "buy" into their system of socialism. How's that working out?
Bezz80 2 years ago
haha the sideshow over in Europe.. thankyouverymuch for the mention :)
strasheep 2 years ago
This man makes sense , USA goverment I will say it here ,
IS largest criminal organisation ever created on EArth.
I bow down to that , But they will fuck up everybody who lives in USA.
How to do that , they will create HUGE war , where all people ill have to go to war , War with Ruussia and China I think Very soon.
aviomaster 2 years ago
It Is Now Mathematically Impossible To Pay Off The U.S. National Debt
cazyblood3 2 years ago
can i buy you a nose rings.
hilololomoa 2 years ago
we really just need to end the federal reserve bank and send all of it's staff to jail
ianmoffati 2 years ago
In more relevant investor news, in the past 2 months, Gold has lost 11%, Silver 21% and gold/silver shares are down a juicy 30%, All the while the dollar is going gang-busters. You can now buy gold/silver shares for prices of 4 years ago. Congratulations.
The Dollar index now staring 80 square in the eyes.
Somebody remind me again why buy and hold doesn't work....lol Good grief.
mcdonaldscalling21 2 years ago
Are you selling your physical gold and silver? If so, I'll gladly buy it. All of it. And you can walk away thinking you've just taken advantage of a sucker, while I walk away and stick it in my vault for safe keeping.
RedDelPaPa 2 years ago
Red, get up to speed and read a little bit.
mcdonaldscalling21 2 years ago
@RedDelPaPa Gold is still dirt cheap, but most people just don't get it.
commonsense2008 2 years ago
Hey guys, Red Gets it! I don't know how you came to a different conclusion. I will buy all the physical gold and silver any fool is willing to sell. Seriously.
RedDelPaPa 2 years ago
I love these up and down swings in the price of gold and silver. I use it to buy on the dips, from the dips.
RedDelPaPa 2 years ago
Hmm..maybe if those guys in the privite sector had acted responsibilly, the government would too? or maybe the government wouldn't have found itself in the no win situation it finds itself now?
Come'on Peter, really?, only the government is responsible for the postion we find ourselves in? I think American business, the people you support, are the ones who's sholders rests the huge problems we face today, including yours.
You offer no real solution, except the continued rape us by business
Bezz80 2 years ago
@Bezz80, There have been zero indictments in any of this. One can deduce that the private sector acted within the bounds of the laws and regulations that govern their activity. This suggests gov policy is flawed. These three in particular... The Gramm-Leach-Bliley Act of 1999, The Commodity Futures Modernization Act of 2000, and a special exemption granted by the SEC in 2004 to five "special" investment banks to allow them absurd leverage ratios.
WGS669 2 years ago
@Bezz80,
You think you are being raped by business? How so?
Business cannot take any of your money. It's your choice what you buy and who you buy it from.
Government on the other hand can indeed reach right into your wallet and take your money before you even see it yourself.
These things are true. Are they not?
Business cannot rape you. Only government can.
averagejoe040 2 years ago
@averagejoe040 true so true.
moomman89 2 years ago
It's the typical uninformed half baked analysis. Oh. it's the capitalists that crashed the system. Do any of these idiots even stop to think how all of this phony money came to be? Last time I looked there was only one entity printing money and suppressing interest rates.
pretorious700 2 years ago
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Patriots Jake Towne Money Bomb Feb 15 at dailypaul(dot)com where rEVOLution has home!
campaign4liberty 2 years ago
I wish Peter wasn't such a long-shot to win...we need more politicians with his intellect.
rmccay88 2 years ago
patriots please visit:
theconspiracyexposed.blogspot. (com)
barquedust 2 years ago
Good info mr schiff, hard believe the numbers though.
They serously cant be that stupid can they? 1.9 trillion debt celing for this year and already a planned 1.4 trillion in debt. christ how do you manage to blow 3.4 trillion in a year. besides that the sad part is all this money there throwing around will just make everything worse on every angle.
douglassx86 2 years ago
Schiffs breaks it down again!!
mediaboyz 2 years ago
999 billion sounds so much cheaper than a trillion.
Stego2001 2 years ago
wake up, Zeldovich. the government will not allow insidious inflation to show up in the public statistics - which is why they employ substitution and exclusion to fudge the numbers. meanwhile, no one can deny that his/her grocery bill has nearly doubled over the past 2 years, just as one example.
mcourtmiller 2 years ago 2
Thanks peter , again
boob1019 2 years ago
Good luck in your senate campaign.
Truthpolice9698 2 years ago
A Nation of sheep begets a government of wolves.
fuzzybekool 2 years ago
Peter when you say "living High on the Hog" you must be referring to the Banksters because they are the only ones I know making money through all this. Yes there will be an elite class that still shops at Tiffany's while the rest of U.S. starve or just get by. - imo
Keep up the great work!
joescarafone 2 years ago
There is only one solution. To manufacture everything we use... within US borders, until the dust settles. Of course we all know this will not happen. That is, not until after a complete and utter global economic collapse.
aspenmogul 2 years ago
This type of leadership brought our econmomy in British Columbia to a standstill in the 1990s.
Our ruling party was much more imature and left leaning but businesses of all shapes and sizes lost total confidence in their abilty to stewardship the economy that everyone just quit spending $.
This with the backdrop of north America prospering while we waited to vote them out and replace them with centrist liberals.
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sfgsylook 2 years ago
I wonder if they are Hiring in the bahamas?
Budvb 2 years ago
@Budvb I hear they are hiring grave diggers in Haiti
thcarson 2 years ago
Obama is the Greatest SHOW on Earth! {Much like the CIrcus}
notpcone 2 years ago
Comment removed
nadinemanfredi 2 years ago
If you would take G Edward Griffin analysis and research on the Federal Reserve, it was never made to be 'for the people' the original bill was written by the bankers to protect the bankers. And that's what it's done.
openeed 2 years ago 3
why dont we have people like peter schiff in elected office?
fiddlenut24 2 years ago
Note to Republicans: If you launch a war of discretion, you ought to pay for it.
baigandine 2 years ago
If you concede that 1.9 trillion is practically 2 trillion, it suggests 100 billion doesn't make much of a difference, which is the kind of thinking that led to this.
baigandine 2 years ago
@baigandine Somehow I don't think that was the point he was going for there.
rhettrongun 2 years ago 2
It's also the amount Obama wants to spend on health care every year. Funny, huh?
Zeldovich 2 years ago
It all derives from the failure of the American people at the end of the day. You reap what you sow.
selfrealizedexile 2 years ago
The US economy is in its last years, but the average American cannot see it because everything on the street level looks OK.
The economy has been dependent on low rates since the tech bubble popped. Since then, both the dollar and the S&P 500 have been in overall bear markets. Adjusted for inflation, I believe the S&P is down about 30% since 2000.
The problem is that too many manufacturing jobs have been outsourced and there is no longer enough production to support the service sector.
2hard21 2 years ago 3
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Seriously, Americans will become poorer because obama's reckless fiscal and monetary policies are devaluing the USD resulting in higher taxes and inflation.
Anyone with basic knowledge of economics knows that higher taxes and inflation are the main reasons why people get poorer. And, at this moment obama controls both.
The cost of living will go up and people will be forced to rely on govn't. If you control the economy you control the people.
Think about it.
Fact: obama is the modern hitler
YouSmellLikePOOO 2 years ago
^^^All hail the re-nomination of Chairman Bernanke, Time person of the year, Central banker of the year, to another term at the Fed^^^
^^^Peter Schiff is still dead last in the Republican nomination. Looks like he will be consigned to political history and electoral waste dump and spend his life blogging on Youtube in a few weeks time^^^
trinomialtree 2 years ago
Unfortunately you will probably be right. Goes to show the rest of America how stupid Connecticut voters are...
DJAnthonyillWill 2 years ago
Connecticut voters are stupid as are most American voters and thats why the US has a special interests run governmental system. However, by NOT voting for Peter Schiff, they are actually doing themselves a favor since Peter Schiff will be able to achieve nothing even if he is elected under this system.
With a career politico or special interests supported candidate, you might have a chance that that person has a conscience and will do something for his/her constituents.
trinomialtree 2 years ago
Great Blog! It's time for america to wake up and see how our goverment is increasing our debt & destroying our country currency. Keep up the great work!
drumsmetalheavy 2 years ago
Comment removed
imansports 2 years ago
All this spells colaspse, total colaspse of our economy soon. There is no other conclusion. The math doesn't add up. All this is UNASTAINABLE, They know exactly what they are doing. ON PURPOSE DESTRUCTION OF AMERICA CAPITIALISM FREEDOM OUR ECONOMY ETC. Prepare people, and most importantly pray to God.
MrPsalm141 2 years ago
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@MrPsalm141 OBAMA FATAL WOUND: THE BIBLE !
Spread worldwide the Worst-Case scenario
Revelation's Chapter 13: Verse 3, "and I saw one of his heads as if it had been slain, and his fatal wound was healed, and the whole earth was amazed and followed the beast"
Obama has 7 creeds/heads (Islam, Communism etc...) of which one, Christianity, was fatally "wounded" when SATANICAL 666 was drawn and shared front pages' news with his victory headlines, thus cursing and revealing him as evil
TibetanIdol 2 years ago
Anyone catch Judd Gregg verbally chew out Peter Orszag? It was a thing of beauty although I am non-partisan
Melville10 2 years ago
what National Debt ceiling? There is none!
aw3212 2 years ago 2
@aw3212 The celing is the clouds. I think that's the ceiling they must be talking about. After the clouds is the moon.
jsnip4 2 years ago
And the fiscal hole continues to grow deeper.
Melville10 2 years ago
Schiff for Senate!!!!!!
numba1stunna4269 2 years ago 10
Great vid peter
Jozobrindie 2 years ago
Thanks Schiff, it's 25 degrees in Michigan, and snowing. buurrrrr
freedom4kaz 2 years ago
Hahaha, 1.9 instead of 2 trillion! I can't believe the US government is pulling such a cheap retail trick!
VBioreactorBydlo 2 years ago 2
Cutting spending is like loosing weight. Saying you will start later is a LIE. It is never easy and splurging now makes it even harder later. Knowing all the players and that they have to work together ... it is a LIE ... it will never ever happen.
GoAndersen 2 years ago
@GoAndersen - LOL, of course cut spendings will NEVER happen, actually, HAS it EVER happened? But you know what? The Voters know it, the Politicians know it. So why would a Politician tell US the truth if we can't face it ourselves? And a politician always find a justifying cause NOT to save ANY money...LOL....
manoman0 2 years ago
congratulation !! over 5K hits in 1 day !!
Not bad Peter !! keep going !
arka67 2 years ago 2
This comment has received too many negative votes show
socialism will work in America because America has the wealth and foundation to support it. it didn't work in other countries because they were poor to begin with, and did not have the infrastructures in place. I hope the 43 million Americans can get real free health care. we need to be socially responsible, not just fiscally responsible.
mrzack888 2 years ago
benefits owed to social security & medicare/medicaid already equal the total tax receipts acording to Obama's new budget for 2011 which runs $1.5 TRILLION more into debt. socailism does not work. it is theft and ruins economies. we need healthcare reform but in the form of decreasing restrictions and barriars to enter that market created by the government to protect the main players. obamacare is a nightmare and is a giveaway to insurance comapnies. increased competition is the answer
njThaze 2 years ago 3
the social security and medical expsnes can be covered if US cuts wasteful military spending, and if it moved to natural preventitive anti-aging health care, and trauma care only. not drug pill pushing for big pharma. my scheme will work, because it's never been tried before, it's NOT Obamacare.
mrzack888 2 years ago
How?
Unfunded liabilities already exceed GDP. How can these liabilities be funded when the nation as a whole doesn't produce enough to cover the expense?
Dreamer, stoopid little dreamer.
Well can you put your head in your hands
OH NO!
Now you want us to put our health in *your* hands? And your "scheme" ( I certainly won't argue with *that* term) is justified because no one has ever given it enough veracity to try it. Fact of life: The best ideas float to the top. The don't wallow on the bottom.
maskedphrogg 2 years ago
America can sell off some assets it holds globally, or rent out some domestic assets. it's got enough assets to cover the liabilities. it's got oil in Alaska, plenty of oil fields being replenished again in Texas becuz oil is naturally produced by the mother earth, similar to milk from a tit to us, and tons of natural gas. America got plenty of wide open land, allow rich foreigners to immigrate to US. Everybody wants to come here, have them pay for social sec, and phase out soc sec slowly.
mrzack888 2 years ago
As I thought, you haven't a clue.
Gobal oil reserves are depleting because it takes 1000's of years for good ol' Ma Nature to produce. Oil is not pragmatically a renewable resource.
Why would wealthy emigre's choose to come to NA while it's current population is borrowing itself into oblivion? The wealthy aren't as altruistic as you presume and have no immediate plans of bailing you out of your self imposed financial corner.
maskedphrogg 2 years ago
u havn't got a clue. the world is awash in oil. it's a monopoly to suppress oil from going into the market in order to artificially jack up the prices. if you'd pay attention to the news the last few years, Russia, China, Japan, Mexico are finding new huge oil reserves annually. there is no peak oil, it's all a scam, similar to man-made global warming. a big scam. don't be a tool.
mrzack888 2 years ago
@mrzack888 Wow... you are really something!
abhir314 2 years ago
my perspective and solution is more objective and realistic.
mrzack888 2 years ago
tnx for the giggles mrzack.
Your perspective and unstated solution(s) are both objective and realistic for those who live in bubble environments. I'm thinking you're local to Anaheim and visit Disneyland often.
maskedphrogg 2 years ago
@mrzack666
"The world is awash in oil"
That goes a long way to explaining the price rise of oil. It's so plentiful.
maskedphrogg 2 years ago
you're wrong. you will be proven wrong in the future. only time will tell. the reason oil prices are high is because it's manipulated. oil futures and derivatives make it higher, and is exchanged 11 times through wall street financier middle men before it reaches the consumer, that's why it's high. Jim Rogers is wrong about peak oil. England's oil fields will in time replenish itself.
mrzack888 2 years ago
@mrzack888
Sure, sure. Oil fields will replenish over time.
Somewhere around 5000 or 6000 AD... maybe.
You really ought to peddle your pseudoscience in less educated circles mrzack888
maskedphrogg 2 years ago
@maskedphrogg - Oil Reserves are depleting. Yeah, right. We hear this since 40 years and are consuming more and more oil. Buddy, there are BILLIONS of UNTOUCHED oil out there. B I L L I O N S...now why would they not tell us that? Go to the Gas Station. Ringe a bell?
manoman0 2 years ago
@mrzack888 & @manoman0
That is a barely interesting observation.
Large reserves that take inexorably lengthy amounts of time to replenish should not be treated as ever depleting.
Did you'se guys miss the class on common sense, or was it not offered to you?
maskedphrogg 2 years ago
socialism has inherent structural problems that make it impossible.
The tragedy of the commons, inability to engage in cost accounting( see von Mises), it inverts the incentive structure of production and "need" becomes an economic output, The Peltzman effect causes poverty to have a positive supply elasticity.
The mechanism for planning , at best, becomes democracy which itself has serious issues, inability for biases to cancel, rational ignorance, inability to internalize cost.
rayyf69 2 years ago 3
now i know why nobody listens to guys like mises and larouche. they don't communicate in american english.
mrzack888 2 years ago
basically the point is costs exist. You must have a way to determine what costs what and relate the costs of various things to other things. The problem here is that those that reject capitalism bcs of their inability to understand it are operating under the assumption that something that seems incoherent or to complex is necessarily wrong. Anybody can make this error, yet when you make these errors in democracy or the leaders make these errors, everybody pays.
rayyf69 2 years ago
Also when you speak of wealth and infrastructure in regards to the dialectic, that is, capitalism will lead to socialism and the capitalists will yield their stuff by revolutionary force you cannot ignore the fact that infrastructure deteriorates. The tragedy of the commons will all but accelerate deterioration and capital consumption. In addition since the world is not static you cannot just switch 2 soclzm, you must have a flexible system that can rationalize production. Socialism is not this.
rayyf69 2 years ago
there must be proper government. libertarians think all government is bad. there are some infrastructure developments only government can do. capitalism has to be guided, otherwise it's a libertarian's wet dream of everybody for themselves, and we end up with this derivatives bomb of a mess.
mrzack888 2 years ago
have you applied your criticisms of behavior in the private market to those in governmental positions? why are politicians and bureaucrats somehow untethered from basic human drives like seeking utility or profit? Also are you sure that this bomb of a mess isn't' the result of government intervention to begin with?
The problem is how the argument is framed. When you say we hate government that compresses a lot of assumptions. We need a more articulate mode of communicating about institutions.
rayyf69 2 years ago
when you get rid of glass stegall regulation, it's not government intervention, more like government getting rid of regulations and letting the free market in the finance world go buck wild. the nerve of you saying it was too much government actions that caused derivatives bomb. this mess woulda been contained if government regulations were in place. who you jackin???
mrzack888 2 years ago
Schiff for president, federal reserve chairman, and King!
crbnfunoxide 2 years ago
He kind of contradicts himself some. The bear mkt rally will soon end he says and oil/gold/commodities will rise. They have moved together for the last year and would have to break this association first in order to move in opposite directions. During this latest correction, gold has gotten clobbered along with stock and currencies.
pismo10 2 years ago
I'm not sure which "correction" you are referring to, but gold is still +1100 per ounce. It's only 8-9% off of its record.
kihjin 2 years ago 2
@kihjin The equity mkt has been in a correction for 2-3 weeks now, as has gold/commodities/etc. They move together.
pismo10 2 years ago
Pismo, he was referring to the bear-market rally in the Dollar, not the stock market. He was discussing the most recent (1 month or so) move, not the past year.
mcdonaldscalling21 2 years ago
This country and government are screwed. The govt doesn't want prosperity, just taxes, taxes, taxes. Have a nice vacation Pete!
mja2035 2 years ago 3
Bernancke is like a drug dealer and the drug is credit/printed money and the senate are the local distributors so of course they vote the king dealer back in.
pismo10 2 years ago
Obama's objective is to become the Rule Maker. Right now the powerful are the rich, they make the rules that Obama and the rest of us live by in one way or another. Obama must demonize anyone that is rich, then anyone that has a house, or two cars or a car or a job. His administration only suceeds if people accept the premise that their neighbors could potentially the next boogie man. The enemy of the people are the Rule Makers that put power first and people last.
overtbellicosity 2 years ago
Is the government certain they will be able to collect that much in tax reciepts in 2011? The next shoe to fall is commercial mortgage failure. Look at the west coast, Arizona, Florida, empty strip malls will be foreclosed on and more jobs lost. This will cause an even deeper deficit spending percentage, depreciation of property values. THanks Peter, go, fight, WIN.
6024691380 2 years ago
Gold $ 1113.80 at the moment.
Michael7477 2 years ago
The timing of that was ironic. Some truth in their actions regarding the link of those events.
bertly71 2 years ago
This explains gold's rise yesterday.
shatteek 2 years ago
When the $500-$1000 trillion derivative markets crash, the world economy is going to collapse. Just brace yourself for it, it might get a little noisy.
He101A 2 years ago
@He101A
I think you are off by a factor of 4.
666sigma 2 years ago
There is no instance of a country having benefited from prolonged warfare.
Sun Tzu
Ne0mega 2 years ago 2
Peter, I have seen about 30 of your videos, and none have talked about the cost of war. The real, Austrian cost of war. We lost 100 humvees in one night in Afghanistan. The Penatagon said it was a minor loss. If that is what they consider a minor loss, then know how much loss their is every day. The costs of these wars are astronomical. Quit just bitching about social programs. We may need these videos in case you decide to go soft on the wars.
Ne0mega 2 years ago
@Ne0mega,
I would also like to hear an analysis of this.
MensRifleAssociation 2 years ago
Peter did talk about the cost of war. Not directly. But in some video's he explains what happened after WW II. Factories where producing for the army. People and other resources were used to fight the war. After the war ended, these factories were used to build high quality consumer goods.
US wealth went up as well as US purchasing power. Maybe GDP was the same, real wealth was going up. Therefore GDP doesn't equal wealth.
tverboon 2 years ago
@tverboon Good point. When you compare the cost of war to the cost of entitlement spending, it is a drop in the bucket. Entitlement spending is the biggest federal outlay by a large margin.
bertly71 2 years ago
@Ne0mega Hey, guess what? The military IS a social program. Statists like to focus on the cost of hardware, but the fact is, the biggest part of the military budget is personnel costs, costs which include free healthcare, paid jobs training (much of which is unrelated to combat), food & clothing, housing, "scholarships," pensions, etc, etc, etc., all this not just for servicemembers but their families and dependents as well. And most troops are not "combat" troops, but rather support personnel.
banquo60615 2 years ago
@banquo60615. Everything you mention is not ENOUGH to make military a social program. Military has a more compelling need. Social programs do not serve any need other than the program's social mandate.
docmoriarti 2 years ago
I certainly am not denying the need for defense, but like everything else, the military budget has been hijacked by politicians to serve purposes other than defense. Let's keep the real soldiers, cashier the bureacrats and cut the fat.
banquo60615 2 years ago
@docmoriarti China only spends 70 billion...and how much do we spend? China is not in any wars or posing a threat to the world.
ZullGostnu2 2 years ago
@banquo60615 Let them find real jobs, productive jobs.
ZullGostnu2 2 years ago
@Ne0mega And 100 humvees? That's about $8 million, a small fraction of what the Federal government spends on electricity alone in one day. Cut military spending? Get out of the war? Absolutely. But let's get real about where all the "defense" spending actually goes.
banquo60615 2 years ago
More like 15M. But it really is 15M of real loss, not paper loss. Energy replenishes. Humvees don't.
Ne0mega 2 years ago
1. Humvees are 20+ year old equipment. They might be $150k a piece if bought fully loaded off the assembly line, but...
2. "Energy replenishes. Humvees don't." Is that actually supposed to be a meaningful statement? Not even Keynesians claim "replenishment" as an economic concept, much less economists who actually know what they're talking about.
banquo60615 2 years ago
1. A fully loaded military humvees is actually around 200 - 350G's. The ones being sent to Afghanistan and Iraq are not 20 year old models.
2)God forbid I actually try to bring in a concept you don't understand, haven't read in one of your books, so it must be false. Yes, Humvees, and the material they are made of, does not replenish. Energy is abundant. and a simple resource. The technology in materiel, and the amount of work put into making one, is not. Sorry, 500 chars is not enough.
Ne0mega 2 years ago
And if or when you graduate from high school, you might stop pulling numbers and "concepts" out of your ass...
banquo60615 2 years ago
This comment has received too many negative votes show
live in your ignorance, see if I give a fuck.
Ne0mega 2 years ago
Good point, we are spending 30 billion to send 30,000 troops to Afghanistan to be "police academy". $1,000,000 per soldier for 18 months. These aren't Al Queda hunters, they are training Afghans. please message me for blog post on Afghan wars throughout history.
6024691380 2 years ago
There are many people who voted for Pres. Obama so the federal government would GIVE them something. They love government entitlements. What they fail to realize is...they will be taxed for these entitlements later on in two ways: 1) Higher income taxes. 2) Inflation of the dollar.
The government will give the people what they want...then the people will regret it.
MishuTaste 2 years ago 5
Thx Peter!
Intervene 2 years ago
Peter, that didnt make me feel good about the future of my country :(
UniversalMind45 2 years ago
Glenn beck just said obama budget includes cap and trade as if it has already passed! I thought cap and trade was voted down.
creekesl 2 years ago
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Jesus Christ died for ALL of your sins! John 3:16. Live holy and right before the LORD. Read your BIBLE
kobe88us 2 years ago
Big Trouble.
dfc2276 2 years ago
I've Been there fun stuff.
Zooksboardshop 2 years ago
The taxpayer has no reason to complain about the banks handing out bonuses. The taxpayer didn't bail out the banks. Whichever American citizen believes that is a fool. The voting public didn't pay for the bailout. The future generation of Americans did. Current Americans are getting 1.6x in benefits for the every $1 they contribute in taxes. How dare the Americans spend so much when the Chinese have bailed out all the American people. Plus the peasants don't even pay the taxes. The rich do.
procanuck 2 years ago
Peter keep up the good work.
mfgunit 2 years ago
Hey Peter will you be at CPAC coming up?
ciottini 2 years ago
It is kinda windy in the Bahamas. Probably, it is due to global warming. If not, it should be because of climate change.
sinitskyd 2 years ago 2
I have a question for anyone who can answer it.
Peter states that the U.S. Fed reserve printed money, but I thought only the U.S. treasury prints money.
Does peter really mean that the U.S. Fed reserve increases the money supply by just lowering interest rates and buying govt securities?
If I'm wrong, please tell me how the Federal reserve prints money
kyjpg 2 years ago
@kyjpg I replied to your post but under the wrong name sorry, you can look for this under my mane, QWERTY.....
QWERTY34990 2 years ago
They monitize the debt, meaning they buy the debt. But the federal reserve has no money, so they create it out of thin air, and then this newly created money cancels the debt, thus putting more money in circulation.
chroNick546 2 years ago
Think about it this way:
The interest rate is the cost of capital in United States dollars. The cost of that capital is, like always, governed by supply and demand. Hence, in order to make interest rates zero (this will go down in the history books as a REALLY bad idea, by the way) the Fed has to create enough liquidity to give dollars to any bank who wants them at literally no interest.
So yes, to answer your question, the Federal Reserve creates liquidity and loans to the Treasury.
chuska8383 2 years ago
I wholeheartedly agree that the big problems are still ahead of us, but you have to hand it to Bernanke & company they did buy us some time.
john5246 2 years ago
They made the collapse much worse in the future from their recent actions than if they let the economy fail originally.
residentzombie 2 years ago 2
@residentzombie this it a great video by Edward Griffin it's called creature from jekyll island you can find it here on youtube it's a long movie but everyone with questions about the Fed should see this movie.THIS IS A MUST SEE TO ALL.
QWERTY34990 2 years ago