Inflation is caused by printing money and expanding credit. Greenspan cut the rate back in 2001 and created a stock market, housing, commodities bubble through too much credit. And since it was all imaginary gains, it will deflate. Sure, they are printing $ now to keep the bubble alive, but guess what? there is no credit (at least not crazy credit like there was in the 2000's.) And at this point they can't print enough money to compensate for it.
Google "Hooverville" - you will see that Schiff is proposing exactly what Hoover did and what prolonged the great depression. Peter Schiff is really stupid and I can't believe how many people are falling for his bullshit.
No, you are incorrect. I just read the Wikipedia article on Hoover. He proposed all kinds of inane policies that Schiff would be totally against. This is a false comparison.
Peter Schiff is an idiot. He correctly saw the economic meltdown coming and then stupidly proceeded to invest such that he lost 70% of his portfolio. That is like a physician correctly diagnosing a patient with heart disease and then stupidly prescribing flu medication. What a dumb douchebag!!!
Look at everyone Else's investments everyone's investments are down. except for the ones that manipulate the stock markets .. continue to live in your fantasy world because you are the unteachable. We have nothing to back up the dollar this is going to end up being worse then the 20s we had manufacturing back then . we have none now.
I'm a liberal lefty and I take this guy seriously. He's been right at every turn when it comes to predicting the economy and forcasting what would be poor investments.
Politics doesn't really come into facts... and the fact has a better track record than any of his detractors.
Having a strong social secuirty net or geting universal health care won't mean shit if the entire economy tanks eh?
Even if America did bomb Iran, I don't think that's what would drive the cost of gold to go up. It would be the devaluation of the only other contemporary way to measure monetary value: the US$.
Schiff may have made some off comments about making bombing runs on Iran, but I don't think it was in context or a fair representation of his ideas about foreign policy. Let's give him a fair chance to explain himself, as I'm sure he will have to if he's running for senate.
I thought the dollar may temporarily go up because i am told that when people from foreign countries purchase gold in the u.s. (where it is still cheap), they must convert to u.s. dollars first. Gold will be the next safe haven people will run to when there is no where else to go.
Well I have to congratulate Jimmy Rogers for a trade that has panned out well as a short-term one. Not too shabby Jimmy. Now pull some profits off :-) That's why there ARE two sides to each trade, and which is why when you're one too sided all the time it's not a good thing. The dollar failed to breach key resistance levels against a few currencies so I would not be ready to wave the flag and claim a turnaround in the greenback just yet :-)
I wonder if he read all those books... This guy definately knows what he's talking about thoguh, I've been trying to convince all of my friends of basically what he's saying, and now I finally found a respectable economist that believes the same thing as what I've been saying all along
peter, your policy on iran makes me very concerned if you are elected to senate. Bombing any country is neocon mentality that has troops stuck there to begin with. Economically, you make alot of sense, ive been an avid supporter for the past year, but after hearing your comments in regards to foreign policy, i am very disappointed.
He says if they don't let inspectors come in then they don't need to send in an invading army...they can just bomb the facility and follow through with a credible threat. (ie if you don't let inspectors come in the facility will be destroyed)
Any administration in charge would do that if the Iranian clerics/Revolutionary Guard had missiles that could reach allied targets.
That is the same rhetoric and justification that has the US military in 2 countries pushing them further in debt. You think the revolutionary guard is going to roll over after their facilities are bombed? Hell no, the whole world will feel it the next day. Oil will stop flowing and world economies will come to a halt. Everyone knows this, as I am sure you have heard this also regardless what side you are on. Its obvious and it sucks that Schiff doesnt see that despite his foresight in economics
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Now he is bullish on the dollar, lol. Flip Flop Schiff. Today the 17th and Gold is way down. More than $30 down. Told ya so. Watch for it to reach close to $900. Schiff will make money on the people that take his advice. Where will those be who take his advice? hmmm? Sciff lets his obsession and jealousy of Obama and others warp his and his followers minds.
@lizardgizard2002 lizard did you listen to any more than the first 10 seconds of video? He is still long term bearish on dollar, while accepting there may be a short term rally. One view for somene who thought gold was a good buy at 900 should be thinking its an even better buy when it dropped to 700. Not thinking it should be sold. But that depends on their comfort level with risk etc and trading rules. If Schiff is saying that then he can definitely not be accused of flip flopping...
ward, being British you should know that Schiff and others are right wing and what is important to them is to be negative, anti-reason, basically anti Obama. At the same time they make their fortunes on the backs of those who would believe. Don't be one of them. Gold would be a good buy at $700 I agree, but Shiff is asking you to buy at $1200, setting some up to lose while the gurus cash in.
Hmm.... if you're going to criticize Peter, you could at least spout off some Keynesian ramblings and pretend to know what you're talking about. When your criticisms are so naive and childish, you don't fool anyone into believing you. :)
@lizardgizard2002 A 7 year old could grasp simple concepts like 'you cant spend your way out of debt.' Seems like you may be better served by listening to some 7 year olds, their simple logic tends to outstrip many of these would be economists. But its ok, keep your money in US dollars, thats just more gold for me.
Not me, my money is in Canadian Dollars. That is Canada, the true north strong and free. No bank failures, no credit crisis, free health care and lots of gold and oil. Oh and no Peter Schiff.
@lizardgizard2002 And your point is? Im in Australia, and the thing the Canadians and Aussies forget is that with a population so small its veritably impossible to fuck up too badly. But the USA is a completely different story. Schiff is espusing sound logic to people in the USA who need something besides Keynsian inspired stupidity.
I am old..I forgot what we were talking about. Anyway, if you are one of those who think Schiff's logic is sound then you are hoodwinked like the crazy right wing Americans. There is no convincing a radical conservative once belief in some (any) conspiracy theory takes hold.
Peter, if Iran doesn't let us in we should blow the place up? If you get elected will you go to bilderberg meetings and Bohemian Grove? Dont get me wrong, Perter schiff was right. Crash Proof is THE book.
strong analysis for sure, but I'd like a blog entry about how you reconcile your distrust of government with your desire to enter it. I'm sure it was tough.
Mr. Schiff, before u expect us to start supporting your run for senate, firstly you need to get educated on some of the conspiracy facts. The BILDERBERGERS is a very real present danger to world freedom. I was shocked to hear Mark DIce ask you about them ,and you had never even heard of them!
Thank you Peter for being honest. The only thing i disagree with you is your outlook on real estate.If you leave in the house and mortgage less than rent it is grate investment
what peter says sounds exactly like what i read in the book, the richest man in babylon.
in the book the king asks the richest man in babylon if he can teach the people in babylon to become rich so babylon can become the richest city in the world. the richest man in babylon says yes he can teach his method to get rich. his method was to save!!!!! not borrow. save 10% of the money you earn forever. no matter how rich you become, always save 10%. so work hard and save and teach your kids this too
@AtlasShruggery what a profound comment. try putting some meat into it, dipshit. Exactly what bullshit, or are you just another wanna-be? Better yet, man up, what's your call big man?
In May 2002, Shiffty Pete predicted hyperinflation, skyrocketing interest rates and the Dow falling to 2000 within the next two years. None of that happened, did it?
Now Schiffty Pete is predicting that the price of gold will rise to $5,000 an ounce. It'll be interesting to see how that pans out.
I've built and sold two companies, restructured several and liquidated many.
I was at least smart enough to sell my properties in 2005 and cash out of most of my bank stocks and REITs by 2007. I'm not a short seller so, no, I wasn't short last fall. Of course, unlike Schiffty Pete, I wasn't short last March, either.
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Peter Schiff is an idiot. He wants Obama to create more jobs and at the same time he wants less government intervention. You can't have it both ways, jackass. Either the government intervenes and creates jobs or it doesn't. No wonder everyone on CNBC and all serious economists laugh at him.
The only man in America....who predicted the housing crash while the stock market was at 13500. And all this choate can say his "peter schiff is an idiot".
hahahaha. Keep off the forums if you dont like him.
He wants Obama to let the market create real jobs by raising interest rates and encouraging private savings and capital investment. There is nothing contradictory about that.
Yep, they all laughed when he said gold would hit $1000/oz 5 years ago and that the housing bubble would collapse, and that massive bank failures were coming. Seriously, is that your best?? Austrian economists don't laugh about the ideas he presents. But what do they know, they've only been right about everything that's happened since the Federal Reserve Act was passed in 1913. Go troll somewhere else and get an education!
Roger's has bought USD. Sure, he's had to cover his shorts. The short-squeeze is on. We'll see what happens when the market tanks in early January. The buck goes up for a while, but then what? THUD!
very simular to te CRA "community reinvestment act" which wasthe major starting point to the lossened lending practice of the major firms. it will be interesting what happend when those required/loose business loans fail. at least with real property loans you have a real property securing the debt. the business loan is usally unsecure; this will equal major losses to those lenders.
PPI and CPI increases. It's partly due to everyone buying up commodities because nobody trusts the USD. Bernanke keeps printing more money and he will create a commodity shortage as people store wealth in precious metals and other things. It will be a repeat of $150 oil and record food prices only worse because the economy is in ruins. As for reducing capacity to compensate for inflation that means firing people and one person's worker is another person's customer. VICIOUS CYCLE!
Gulf petro-powers to launch currency in latest threat to dollar hegemony
The Gulf monetary union pact has come into effect, said Kuwaits finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.
The move will give the hyper-rich club of oil exporters a petro-currency of their own
As soon as they try to sell there oil in a different currency they wil be invaded just like we invaded Iraq for doing it, the federal reserve makes to much money off of the petro dollar scam.
re banks... They don't want to make loans because they have so many bad loans on their books, they will not be able to maintain capital requirements if they make new loans. Should have let them fail. New banks without the hidden sea of red ink would be in a better position to loan.
Real Estate markets in the US are being manipulated by gov't interference and have further down to go in value, but not necessarily in nominal prices.
However, remember that inflation benefits the debtor and punishes the saver. If you have a fixed rate mortgate you can pay of your house w/ devalued dollars faster. In times of hyper-inflation you can either negotiate your rent monthly, or pay off the mrtg w/ dimes on the dollar.
Gold is not the answer here...I'll keep saying this as I see the same comments over and over...learn well the sciences, physics, and get up to speed on technology. Gold, fiat, whatever money is completely obsolete. It has been for about 2 decades. The further we go along here the more visible it will become. Where's the contributing purchasing power from personal wages when most of the economy will be automated & further efficient through computers. Either tech holds, people die, or money goes.
Asset backed money including gold is not obsolete. This does not mean you have to carry gold coins around. Having a digital currency that is regularly audited by 3rd parties and backed by gold would work just fine.
As long as you can convert it back when needed the basis is safe and you wouldn't have to ditch any of the digital equivalents of it.
But why not opening up the currency market and letting it decide which is the best instead of pretending we are all smart enough to know.
Contrary to what all you gold people think it will not work, the central banks own most of the gold, including the reserves that were held at fort knox it was giving to the fed as collateral on the debt. the central banks can manipulate the price of gold by lowering or raising intrest rate. We need to ban the fed that would sovlve the problem and go to debt free currency.
I specifically said "asset backed money", as well as let the market decide. If gold is the only alternative and it is cornered people could move to silver, copper, cigars, whatever. The only reason they've been able to corner said market is telling people how useless gold is and then buying it all up.
As long as (the majority) of people continue to believe what claerly mankes no sense , well the day Schiff s predictions come true maybe longer off than he thinks, and obviously the damages alot bigger!
He says that because he believes a higher savings rate will lead to more investment. If people save money, then other people can borrow that money and invest it. Schiff would argue that the negative savings rate the US has had for some time has been killing the levels of productive investment in the US.
but will it happen? it makes sense more people save then more money can be invested. But this all relies on banks and banks are not lending now inspite of all the money they received, I wonder if the higher savings rate will mean they will start lending again. It is like the USD it makes no sense that people rely on it as a safe haven during times of crisis,if we believe Schiff's arguements, however recent history suggests there are more that still rely on the USD.
The investment wont necessarily happen. The missing ingredient is expectation of return or profit, and this must come from demand for goods and services you need to expect someone to buy your good if you are to produce it. I do not advocate short term stimulus in order to increase demand as it cause long term damage. Schiff however assumes demand will increase if Government shrinks however I personally am unconvinced by this argument.
Obama just can't get it right. Please someone needs to follow him around and remind him about how things really work and tell him to shut it when he blurts out some nonsense like the banks need to make loans. Does he really think people are that stupid?
He put all the bankers in charge, he is going to turn out to be worst then bush but, the u.n. is setting him up to run the world and bring in the nwo.
A lot of these politicians in Congress want to pat themselves on the back for saving the American economy. What they need to do is let the market correction take place instead of delaying it w/ bailout money. They need to stop babysitting the bankers and let them grow up!
I think Obama pressuring the banks just a publicity stunt, keep the general public thinking he got their best interest, just a distraction from the planned economic collapse that coming,.
If we never have production of anything then inflation may never appear. Khan Academy has a video explaining how 6 to 12 months after all the production kicks is historically when the cycle turns to inflation.
Mr. Schiff, I wanted to ask why you are not questioning the president's decision of expanding the war and thus increasing spending? Obviously the GOP is for sending more troops, and thus more spending for that expenditure, but why haven't you become outspoken in condemning his decision?
I know in your previous videos you have said you're against both wars, and you're from the Ron Paul camp. But your being mum on this issue makes me think you're just trying to play to the GOP base. Big fan, btw.
PIMCO (World's largest bond fund): "Disorderly decline of the dollar cannot be denied."
Enough said?
Make your bets, and have patience. I for one am investing in gold and gold mines and it's already paid off nicely. I hope gold will go even lower to 1100, it will give us a good buying price.
Short term Bullish on the $ is what Jim Rogers is saying. But he is very clear that he believes it will be a short term & then the dollar will tank even worse than ever eventually. Even Jim says that although he is buying dollars, there is a danger of not selling soon enough & loosing big time.
I see supply shrinking already. Walmart is shrunk. When I look for things I know they used to have, they either don't have it at all, or they have a much more limited selection or supply.
We the people are rooting for Peter to win in 2010, against Countrywide's favorite son, Chris Dodd, because we want the United States to return to stability. We don't want the dollar to collapse. I am not hoping this to happen, but I am also a realist, so I have invested in food, an alternate heating source, and silver. This is not a matter of over-reaction, just plain common sense.
I bought 4 propane heaters and stocked up on propane just in case price jumps. Living in upstate New York, you just never know. The units have an oxygen depletion sensor, which will cut the power off, just in case. Kerosene is the other choice, but it smells. :)
Peter, perhaos you can muster up 20 bucks and buy a small lapel microphone and plug it into your PC's microphone jack. then attach it to your lapel. Then you won't sound like you're talking into a tin can.
lets face it alot of people are hoping it will collapse. they think they're prepared to outlive the competition. but what they don't realize is they will be affected too... no mater how many canned goods they have saved. besides living on canned goods sucks anyway. Who the hell wants that?
Riiiiight. I'm not worried about deflation, but what I am worried about is inflation. So is the 'smart money' Warren Buffett.
Everything is way up in price... Food, gas, medical, and all kinds of Chinese plastic trinkets you buy at the store or mall. I don't think this is really a deflationary environment.
Do you think we could have a short lived deflation before Bernanke prints his way into the real inflation? If we have a second wave of mortgage/banking problems, I think it could temporarily cause deflation, which would be the catalyst for Bernanke to print.
Peter, they do business in the way some gambling junkies do: If you have a gambling machine that gives out two times your input (sometimes!), they start with $1, then $2, etc. If eventually they win, they have $1 profit. The funny thing is that all these junkies run out of dollars before they ever win.
The government fixes that by printing them, but if they would ever win, they get their own devalued crap, hehe
In 2010, I really hope people in Connecticut doesn't make a mistake like the entire country did with Ron Paul in 2008.. we really cannot afford to continue this charade of corruption.
We literally cannot afford it any longer. America is being held together by a couple threads, that's it...
IMO, one of the best ways to take advantage of the short run dollar rally is to buy commodities like gold. Dollar cost average on the dips. That way you get more commodity for your dollar.
so if the dollar is going to rally, then equities and commodities are going to plummet. So Bob Prechter is right when saying that there will be a leg drop in the stock market? Damn! better stay in cash then... I wish they interviewed Bob Prechter more so we could get a contrarian view also...
I love the comment about how if the government wants people to make loans then they should balance the budget. That's exactly right. It's like the government is at a restaurant and is ordering all of the food in the kitchen and is then telling the restaurant that they should have had more food to feed everyone else.
The banks are getting set to make easy lending again, we are going to have 860 billion phantom dollars entering into the economy next year. Also let us not forget about the 600 billion from the stimulus and the 200 billion from tarp.
yep and the 1.1 trillion dollar budget passed by congress earlier this week. yep. of course in january begins the draining of the pool of 1.5 trillion reserve notes. yep we are in uncharted waters.
I hear another reason banks aren't lending is because people aren't applying for loans. Anyone who's business savy knows that this is not a good time to start a business, unless it's in the pawn business.
I have a morbid fascination with Monetary Policy...key word "morbid". lol
adulby 7 months ago
mr.schiff would it be safe to assume that as inflation rises we could actually see food rationing in America?
With the cuts in production and the scarcity of resources it seems like a possibility.
lonnwill2 2 years ago
@lonnwill2 that depends if the government is going to interfear with the market, once again...
kardentyrell 1 year ago
Inflation is caused by printing money and expanding credit. Greenspan cut the rate back in 2001 and created a stock market, housing, commodities bubble through too much credit. And since it was all imaginary gains, it will deflate. Sure, they are printing $ now to keep the bubble alive, but guess what? there is no credit (at least not crazy credit like there was in the 2000's.) And at this point they can't print enough money to compensate for it.
willwillp 2 years ago
precious metals are saying inflation ahead
Straightsix76 2 years ago
how so? im debating buying silver
catharthic 2 years ago
Google "Hooverville" - you will see that Schiff is proposing exactly what Hoover did and what prolonged the great depression. Peter Schiff is really stupid and I can't believe how many people are falling for his bullshit.
shahen13 2 years ago
No, you are incorrect. I just read the Wikipedia article on Hoover. He proposed all kinds of inane policies that Schiff would be totally against. This is a false comparison.
sidewinderguy 2 years ago
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Peter Schiff is an idiot. He correctly saw the economic meltdown coming and then stupidly proceeded to invest such that he lost 70% of his portfolio. That is like a physician correctly diagnosing a patient with heart disease and then stupidly prescribing flu medication. What a dumb douchebag!!!
shahen13 2 years ago
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Peter Schiff is a douchebag. His investments are down 70% - what a loser.
shahen13 2 years ago
Look at everyone Else's investments everyone's investments are down. except for the ones that manipulate the stock markets .. continue to live in your fantasy world because you are the unteachable. We have nothing to back up the dollar this is going to end up being worse then the 20s we had manufacturing back then . we have none now.
firewallsniper 2 years ago
Don't pull that ad-hominim shit shahen13. Peter is not a loser. you are. Otherwise speak the fuck up and tell us otherwise, then back it up.
judutchinski 2 years ago
I agree. Peter should start his own political party called the 'Common Sense' Party.
Your the best Peter keep fighting, I watch your blogs from the UK every day.
hitman40912 2 years ago
Schiff rules!!!! Just absolute sense. This is just common sense. No left no right, just sense.
drewbloom34 2 years ago 6
Totally agree!
The "Left", "Right" business in politics is simply the playing two of the human archetypes off of each other.
It's a game to give us the belief we're electing our presidents.
UnoRaza 2 years ago
I'm a liberal lefty and I take this guy seriously. He's been right at every turn when it comes to predicting the economy and forcasting what would be poor investments.
Politics doesn't really come into facts... and the fact has a better track record than any of his detractors.
Having a strong social secuirty net or geting universal health care won't mean shit if the entire economy tanks eh?
aceflashheart 2 years ago
When I see logical liberal lefties it almost make me tear up. Thank you, you just restored my faith in humanity :p
FUZZYisBIG 2 years ago
PETER SCHIFF 2010 !!!
iannetta11 2 years ago
Did you hit the phone banks yet? Otherwise you're just dreaming.
Doesn't matter what state you live in, anyone can volunteer for the phone banks.
purplefetus3 2 years ago
I wonder if Schiffty Pete's call to bomb Iran has anything to do with his prediction that the price of gold will rise to $5,000 per ounce?
AtlasShruggery 2 years ago
Even if America did bomb Iran, I don't think that's what would drive the cost of gold to go up. It would be the devaluation of the only other contemporary way to measure monetary value: the US$.
Schiff may have made some off comments about making bombing runs on Iran, but I don't think it was in context or a fair representation of his ideas about foreign policy. Let's give him a fair chance to explain himself, as I'm sure he will have to if he's running for senate.
reefpirate 2 years ago
hat jemand lust zu schreibn oder pic tausch mir ist soo langweilig
libiniasua 2 years ago
uhm i am really bored nyone want to chat i have a cam too
annnbabii 2 years ago
great points made here on supply and demand.
lindabebe835 2 years ago
I thought the dollar may temporarily go up because i am told that when people from foreign countries purchase gold in the u.s. (where it is still cheap), they must convert to u.s. dollars first. Gold will be the next safe haven people will run to when there is no where else to go.
lindabebe835 2 years ago
Well I have to congratulate Jimmy Rogers for a trade that has panned out well as a short-term one. Not too shabby Jimmy. Now pull some profits off :-) That's why there ARE two sides to each trade, and which is why when you're one too sided all the time it's not a good thing. The dollar failed to breach key resistance levels against a few currencies so I would not be ready to wave the flag and claim a turnaround in the greenback just yet :-)
mcdonaldscalling21 2 years ago
WoW... there's a lot of snot nosed kids commenting on Schiff clips lately why don't some of these morons comment on music or cat's sneeze clips??
jibbi4one 2 years ago
I wonder if he read all those books... This guy definately knows what he's talking about thoguh, I've been trying to convince all of my friends of basically what he's saying, and now I finally found a respectable economist that believes the same thing as what I've been saying all along
iceclimbers1 2 years ago
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mechanicalengineer3 2 years ago
peter, your policy on iran makes me very concerned if you are elected to senate. Bombing any country is neocon mentality that has troops stuck there to begin with. Economically, you make alot of sense, ive been an avid supporter for the past year, but after hearing your comments in regards to foreign policy, i am very disappointed.
nikoo195 2 years ago 2
He says if they don't let inspectors come in then they don't need to send in an invading army...they can just bomb the facility and follow through with a credible threat. (ie if you don't let inspectors come in the facility will be destroyed)
Any administration in charge would do that if the Iranian clerics/Revolutionary Guard had missiles that could reach allied targets.
scrapnad 2 years ago
That is the same rhetoric and justification that has the US military in 2 countries pushing them further in debt. You think the revolutionary guard is going to roll over after their facilities are bombed? Hell no, the whole world will feel it the next day. Oil will stop flowing and world economies will come to a halt. Everyone knows this, as I am sure you have heard this also regardless what side you are on. Its obvious and it sucks that Schiff doesnt see that despite his foresight in economics
nikoo195 2 years ago
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Now he is bullish on the dollar, lol. Flip Flop Schiff. Today the 17th and Gold is way down. More than $30 down. Told ya so. Watch for it to reach close to $900. Schiff will make money on the people that take his advice. Where will those be who take his advice? hmmm? Sciff lets his obsession and jealousy of Obama and others warp his and his followers minds.
lizardgizard2002 2 years ago
@lizardgizard2002 lizard did you listen to any more than the first 10 seconds of video? He is still long term bearish on dollar, while accepting there may be a short term rally. One view for somene who thought gold was a good buy at 900 should be thinking its an even better buy when it dropped to 700. Not thinking it should be sold. But that depends on their comfort level with risk etc and trading rules. If Schiff is saying that then he can definitely not be accused of flip flopping...
ward1066 2 years ago 2
ward, being British you should know that Schiff and others are right wing and what is important to them is to be negative, anti-reason, basically anti Obama. At the same time they make their fortunes on the backs of those who would believe. Don't be one of them. Gold would be a good buy at $700 I agree, but Shiff is asking you to buy at $1200, setting some up to lose while the gurus cash in.
lizardgizard2002 2 years ago
Hmm.... if you're going to criticize Peter, you could at least spout off some Keynesian ramblings and pretend to know what you're talking about. When your criticisms are so naive and childish, you don't fool anyone into believing you. :)
lockdownD7 2 years ago
Sorry, I dont talk to 7 year olds or Schiff cult members. They have the same mentality.
lizardgizard2002 2 years ago
@lizardgizard2002 A 7 year old could grasp simple concepts like 'you cant spend your way out of debt.' Seems like you may be better served by listening to some 7 year olds, their simple logic tends to outstrip many of these would be economists. But its ok, keep your money in US dollars, thats just more gold for me.
FUZZYisBIG 2 years ago
Not me, my money is in Canadian Dollars. That is Canada, the true north strong and free. No bank failures, no credit crisis, free health care and lots of gold and oil. Oh and no Peter Schiff.
lizardgizard2002 2 years ago
@lizardgizard2002 And your point is? Im in Australia, and the thing the Canadians and Aussies forget is that with a population so small its veritably impossible to fuck up too badly. But the USA is a completely different story. Schiff is espusing sound logic to people in the USA who need something besides Keynsian inspired stupidity.
FUZZYisBIG 2 years ago
I am old..I forgot what we were talking about. Anyway, if you are one of those who think Schiff's logic is sound then you are hoodwinked like the crazy right wing Americans. There is no convincing a radical conservative once belief in some (any) conspiracy theory takes hold.
lizardgizard2002 2 years ago
Peter, if Iran doesn't let us in we should blow the place up? If you get elected will you go to bilderberg meetings and Bohemian Grove? Dont get me wrong, Perter schiff was right. Crash Proof is THE book.
Ddonjuan 2 years ago
One of your best Peter - really dead on and with great explanations of each point.
PEinHK 2 years ago
strong analysis for sure, but I'd like a blog entry about how you reconcile your distrust of government with your desire to enter it. I'm sure it was tough.
kasranov 2 years ago
Mr. Schiff, before u expect us to start supporting your run for senate, firstly you need to get educated on some of the conspiracy facts. The BILDERBERGERS is a very real present danger to world freedom. I was shocked to hear Mark DIce ask you about them ,and you had never even heard of them!
BlindMonkeyProd 2 years ago
If you look up old newspaper articles Bilderberg used to be reported on a lot, but the media is silent about them today
elitebanktyranny 2 years ago
the last thing anyone wants are conspiracy theory morons like you to be on their bandwagon.
trinomialtree 2 years ago
Bernanke, Person of the year............what the hell is going on, first obama gets a peace prize and now this idiot gets it.
mechanicalengineer3 2 years ago
@mechanicalengineer3: The award isn't for the best person, it's for the most impactful. That's why Hitler and Stalin both won it.
PEinHK 2 years ago
WTF is going on with this sell-off of currencies tonite ? ? ?
dudebud007 2 years ago
Thank you Peter for being honest. The only thing i disagree with you is your outlook on real estate.If you leave in the house and mortgage less than rent it is grate investment
lilidk6150 2 years ago
MERRY CHRISTMAS ALL. dont have any financial advice to offer, all i can offer are good tidings.
jmisiur 2 years ago
what peter says sounds exactly like what i read in the book, the richest man in babylon.
in the book the king asks the richest man in babylon if he can teach the people in babylon to become rich so babylon can become the richest city in the world. the richest man in babylon says yes he can teach his method to get rich. his method was to save!!!!! not borrow. save 10% of the money you earn forever. no matter how rich you become, always save 10%. so work hard and save and teach your kids this too
rawer77 2 years ago
kinda hard to save 10% of what I earn when I'm trying to support a family of four on one electrical engineer's income and prices are skyrocketing...
Mikhail617 2 years ago
Last month it was gold he cashed out.Schiff you are not a politician you are a day trader.Thats it ,Thats all.
humaner 2 years ago
Dollar will probaly rise a couple of weeks before it falls so every rich imporant dude can take his money out in time before the shit goes down.
BrutusAlbion 2 years ago
This comment has received too many negative votes show
Schiffty Pete still peddling his bullshit.
AtlasShruggery 2 years ago
@AtlasShruggery what a profound comment. try putting some meat into it, dipshit. Exactly what bullshit, or are you just another wanna-be? Better yet, man up, what's your call big man?
mcdonaldscalling21 2 years ago 2
2010 is almost here so the Dodd shills are coming out. Expect it to get worse.
FightMarxism 2 years ago
@FightMarxism: I don't even think Dodd has shills left judging by the poll numbers. Probably a paid spokesman :-D
PEinHK 2 years ago
Okay, dipshit.
In May 2002, Shiffty Pete predicted hyperinflation, skyrocketing interest rates and the Dow falling to 2000 within the next two years. None of that happened, did it?
Now Schiffty Pete is predicting that the price of gold will rise to $5,000 an ounce. It'll be interesting to see how that pans out.
AtlasShruggery 2 years ago
How many business have you started Einstein? Did you get it right? Were you shorting the market last fall?
worldgoingtozero 2 years ago
I've built and sold two companies, restructured several and liquidated many.
I was at least smart enough to sell my properties in 2005 and cash out of most of my bank stocks and REITs by 2007. I'm not a short seller so, no, I wasn't short last fall. Of course, unlike Schiffty Pete, I wasn't short last March, either.
AtlasShruggery 2 years ago
atlas, jealous?
tmac9938 2 years ago
Lol,you and Joe Lieberman
forthelovefogod 2 years ago
@ conrad. Spoken like someone who has never run a business. You think capital investment increases when interest rates go up? Thanks for playing.
@ Nik, abey madarchod, teri ma ki chud mey. Go look up and see how many called the housing crash and then come back and talk, little boy.
shahen13 2 years ago
Peter,
I have a question for you. What is the stock market 1:1 gold? Where do you get that?
nikmarkwell 2 years ago
I have awarded you the Prestigious Internet Retard Award.
Top40ModernRockPlay 2 years ago
This comment has received too many negative votes show
Peter Schiff is an idiot. He wants Obama to create more jobs and at the same time he wants less government intervention. You can't have it both ways, jackass. Either the government intervenes and creates jobs or it doesn't. No wonder everyone on CNBC and all serious economists laugh at him.
shahen13 2 years ago
You're stupid
scott76252 2 years ago
Comment removed
nikmarkwell 2 years ago
The only man in America....who predicted the housing crash while the stock market was at 13500. And all this choate can say his "peter schiff is an idiot".
hahahaha. Keep off the forums if you dont like him.
nikmarkwell 2 years ago
He wants Obama to let the market create real jobs by raising interest rates and encouraging private savings and capital investment. There is nothing contradictory about that.
conradvink 2 years ago
You guys are just playing some game someone made up. None of this bullshit is even real.
What the hell is an an economy anyways? Where is it?... imagination land?
JurkoffJay 2 years ago
idiot
grmreeeepr 2 years ago
Yep, they all laughed when he said gold would hit $1000/oz 5 years ago and that the housing bubble would collapse, and that massive bank failures were coming. Seriously, is that your best?? Austrian economists don't laugh about the ideas he presents. But what do they know, they've only been right about everything that's happened since the Federal Reserve Act was passed in 1913. Go troll somewhere else and get an education!
brown55061 2 years ago 8
Comment removed
FATToney12 2 years ago
you know those guys that talk too much...they are always trying to sell you a pink cow. WATCH YOUR WALLET.
P.s. NOtice how the people that sell gold are usually "Capital investment" type companies, translation : wallstreet scams.
It is a fake market, with a fake price, where traders continuously make money with the trades. Making fake money.
So you people send your money and keep supporting the paper pushers in the fancy offices of wall street. Dont complain later.
thecruiseliner 2 years ago
man he talks a lot, haha.
boethius27 2 years ago
Roger's has bought USD. Sure, he's had to cover his shorts. The short-squeeze is on. We'll see what happens when the market tanks in early January. The buck goes up for a while, but then what? THUD!
BrainBuggered 2 years ago
very simular to te CRA "community reinvestment act" which wasthe major starting point to the lossened lending practice of the major firms. it will be interesting what happend when those required/loose business loans fail. at least with real property loans you have a real property securing the debt. the business loan is usally unsecure; this will equal major losses to those lenders.
MrCheckitout123 2 years ago
At 7:59 he says "entities", I almost thought I heard him saying "enemies", that would have been quite freudian... :)
gerloczyek 2 years ago
how do you draw the conclusion that unemployed people dont want to buy anything. " One nation under a groove"
08311979donaldlabrie 2 years ago
How does a person with no money and no credit buy something?
Silveracity 2 years ago
PPI and CPI increases. It's partly due to everyone buying up commodities because nobody trusts the USD. Bernanke keeps printing more money and he will create a commodity shortage as people store wealth in precious metals and other things. It will be a repeat of $150 oil and record food prices only worse because the economy is in ruins. As for reducing capacity to compensate for inflation that means firing people and one person's worker is another person's customer. VICIOUS CYCLE!
harveybirdmannequin 2 years ago
Dec 15th
Gulf petro-powers to launch currency in latest threat to dollar hegemony
The Gulf monetary union pact has come into effect, said Kuwaits finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.
The move will give the hyper-rich club of oil exporters a petro-currency of their own
213rapture 2 years ago
As soon as they try to sell there oil in a different currency they wil be invaded just like we invaded Iraq for doing it, the federal reserve makes to much money off of the petro dollar scam.
TheLordtaiko 2 years ago
iraq was banned from selling oil at all except for food aid
ricochetVendetta 2 years ago
re banks... They don't want to make loans because they have so many bad loans on their books, they will not be able to maintain capital requirements if they make new loans. Should have let them fail. New banks without the hidden sea of red ink would be in a better position to loan.
billschannel 2 years ago
Real Estate markets in the US are being manipulated by gov't interference and have further down to go in value, but not necessarily in nominal prices.
However, remember that inflation benefits the debtor and punishes the saver. If you have a fixed rate mortgate you can pay of your house w/ devalued dollars faster. In times of hyper-inflation you can either negotiate your rent monthly, or pay off the mrtg w/ dimes on the dollar.
420canada247 2 years ago
Gold is not the answer here...I'll keep saying this as I see the same comments over and over...learn well the sciences, physics, and get up to speed on technology. Gold, fiat, whatever money is completely obsolete. It has been for about 2 decades. The further we go along here the more visible it will become. Where's the contributing purchasing power from personal wages when most of the economy will be automated & further efficient through computers. Either tech holds, people die, or money goes.
tslipsitin 2 years ago
Asset backed money including gold is not obsolete. This does not mean you have to carry gold coins around. Having a digital currency that is regularly audited by 3rd parties and backed by gold would work just fine.
As long as you can convert it back when needed the basis is safe and you wouldn't have to ditch any of the digital equivalents of it.
But why not opening up the currency market and letting it decide which is the best instead of pretending we are all smart enough to know.
sirellyn 2 years ago
Contrary to what all you gold people think it will not work, the central banks own most of the gold, including the reserves that were held at fort knox it was giving to the fed as collateral on the debt. the central banks can manipulate the price of gold by lowering or raising intrest rate. We need to ban the fed that would sovlve the problem and go to debt free currency.
TheLordtaiko 2 years ago 2
I specifically said "asset backed money", as well as let the market decide. If gold is the only alternative and it is cornered people could move to silver, copper, cigars, whatever. The only reason they've been able to corner said market is telling people how useless gold is and then buying it all up.
And yes I agree the fed must be ended.
sirellyn 2 years ago
Helicopter Ben Bernaki is Time magazines man of the Year...are you kidding me.
1970 GDP = 2 trillion
This year GDP 14 trillion - do we really have 7 times the wealth we did back then?
Martintfre 2 years ago 3
and why is it when gdp is higher than interest rates that is inflationary?
MEXBOL 2 years ago
Sell house and buy gold/silver?
partyhouse88 2 years ago 2
go for it
zuiprax 2 years ago
As long as (the majority) of people continue to believe what claerly mankes no sense , well the day Schiff s predictions come true maybe longer off than he thinks, and obviously the damages alot bigger!
MEXBOL 2 years ago
love you peter. Wish I was in Conn so I could vote for you.
sabrinacle 2 years ago
At last some explaination from Schiff why we will get HIGHER prices during an economic slump
Now if he,or anyone else out there,could just explain why he often says a higher savings rate leads to better production,I'll be a happy camper
MEXBOL 2 years ago
He says that because he believes a higher savings rate will lead to more investment. If people save money, then other people can borrow that money and invest it. Schiff would argue that the negative savings rate the US has had for some time has been killing the levels of productive investment in the US.
Choros22 2 years ago 2
but will it happen? it makes sense more people save then more money can be invested. But this all relies on banks and banks are not lending now inspite of all the money they received, I wonder if the higher savings rate will mean they will start lending again. It is like the USD it makes no sense that people rely on it as a safe haven during times of crisis,if we believe Schiff's arguements, however recent history suggests there are more that still rely on the USD.
MEXBOL 2 years ago
The investment wont necessarily happen. The missing ingredient is expectation of return or profit, and this must come from demand for goods and services you need to expect someone to buy your good if you are to produce it. I do not advocate short term stimulus in order to increase demand as it cause long term damage. Schiff however assumes demand will increase if Government shrinks however I personally am unconvinced by this argument.
Choros22 2 years ago
I would argue that letting an independent bank handle our currency has causes the inflation not americans savings rate.
TheLordtaiko 2 years ago
WHO writes the text on Obama's prompter?
breadeaterfrompl 2 years ago
His speechwriter Jonathan Favreau? Not 100% on that.
Intervene 2 years ago
this was on of your best blogs Peter!!
grossleinbach 2 years ago
Peter Schiff for president!
bevoorbeeld 2 years ago 9
Obama just can't get it right. Please someone needs to follow him around and remind him about how things really work and tell him to shut it when he blurts out some nonsense like the banks need to make loans. Does he really think people are that stupid?
lenny380 2 years ago 4
He put all the bankers in charge, he is going to turn out to be worst then bush but, the u.n. is setting him up to run the world and bring in the nwo.
TheLordtaiko 2 years ago
Obama would love to be leader of ANY other nation besides the US - agreed.
lenny380 2 years ago
Schiff rocks!
jcortez73 2 years ago 6
A lot of these politicians in Congress want to pat themselves on the back for saving the American economy. What they need to do is let the market correction take place instead of delaying it w/ bailout money. They need to stop babysitting the bankers and let them grow up!
MishuTaste 2 years ago 4
Agenda 21 demands reduction pf livestock.
Hence taxation of breathing...
Tressco 2 years ago
Excellent video. 5 stars. I get more education from these 10 minute videos than I think I'd get in a 4 year degree. lol.
Intervene 2 years ago 2
lol thats a mistake on the neg
msegreto2 2 years ago
You are the shit Shiff. Can't wait to have you in the senate man!
ChrisKillz503 2 years ago 5
LOL.... 306 views... but 384 ratings???
partyhouse88 2 years ago
Real time counter stops at 300 views.
Tressco 2 years ago
It stops updating the count after 300 or so.
0muffins0 2 years ago
I think Obama pressuring the banks just a publicity stunt, keep the general public thinking he got their best interest, just a distraction from the planned economic collapse that coming,.
decepticonsofnwo 2 years ago 6
you gotta love pete.
chroNick546 2 years ago 5
Love the intro! The mismatches dilemma. :-)
Zander242 2 years ago
If we never have production of anything then inflation may never appear. Khan Academy has a video explaining how 6 to 12 months after all the production kicks is historically when the cycle turns to inflation.
lvecsey 2 years ago
Mr. Schiff, I wanted to ask why you are not questioning the president's decision of expanding the war and thus increasing spending? Obviously the GOP is for sending more troops, and thus more spending for that expenditure, but why haven't you become outspoken in condemning his decision?
I know in your previous videos you have said you're against both wars, and you're from the Ron Paul camp. But your being mum on this issue makes me think you're just trying to play to the GOP base. Big fan, btw.
drywater2k 2 years ago 5
As much as I love Ron Paul,I think I'd rather have this guy in the White House. He articulates with clarity.
sleedolfine15 2 years ago 2
PIMCO (World's largest bond fund): "Disorderly decline of the dollar cannot be denied."
Enough said?
Make your bets, and have patience. I for one am investing in gold and gold mines and it's already paid off nicely. I hope gold will go even lower to 1100, it will give us a good buying price.
Adahondeayenh 2 years ago
Short term Bullish on the $ is what Jim Rogers is saying. But he is very clear that he believes it will be a short term & then the dollar will tank even worse than ever eventually. Even Jim says that although he is buying dollars, there is a danger of not selling soon enough & loosing big time.
I see supply shrinking already. Walmart is shrunk. When I look for things I know they used to have, they either don't have it at all, or they have a much more limited selection or supply.
imsailing2 2 years ago
We the people are rooting for Peter to win in 2010, against Countrywide's favorite son, Chris Dodd, because we want the United States to return to stability. We don't want the dollar to collapse. I am not hoping this to happen, but I am also a realist, so I have invested in food, an alternate heating source, and silver. This is not a matter of over-reaction, just plain common sense.
Shameonfed 2 years ago 2
what alternative heating source are you using?
TheLiddlekiddle 2 years ago
I bought 4 propane heaters and stocked up on propane just in case price jumps. Living in upstate New York, you just never know. The units have an oxygen depletion sensor, which will cut the power off, just in case. Kerosene is the other choice, but it smells. :)
Shameonfed 2 years ago
@shameonfed diesel generators, FTW... can be converted to run on any type of light oil such as canola oil, used car oil, etc etc
partyhouse88 2 years ago
Thanks for the information. :)
Shameonfed 2 years ago
Peter, perhaos you can muster up 20 bucks and buy a small lapel microphone and plug it into your PC's microphone jack. then attach it to your lapel. Then you won't sound like you're talking into a tin can.
Lockemeister 2 years ago
youtube cannot handle truth that is why the counter takes so long to process.
freedomnow2012 2 years ago
Fantastic video. I seriously envy that clarity of mind.
n3rdm4n 2 years ago
308 ratings
306 views
lisajason111 2 years ago
330 ratings
306 views.
One day we will all learn that some of these videos actually had millions of viewers. = )
kja5 2 years ago 3
have you guys never seen any videos that have many viewers after being released?
The ratings are always updated in real time, while the view take some time.
But you guys seem to smell a conspiracy everywhere which wouldn´t be so bad, if you wouldn´t phrase it as a fact.
If you don´t believe me, just subscribe to any of the most subscribed youtube channels, and look a short time after they release a new video.
BMWizardofOz 2 years ago
lets face it alot of people are hoping it will collapse. they think they're prepared to outlive the competition. but what they don't realize is they will be affected too... no mater how many canned goods they have saved. besides living on canned goods sucks anyway. Who the hell wants that?
judutchinski 2 years ago
if you bet on the dollar, you will lose, period
donniebrasco24 2 years ago
it depends on when, and also your time frame, Donnie.
To the shorts dismay in 2008, the USD went on a bull run that crushed a lot of "fundamentally correct" shorts.
I was long the dollar and it was my best trade of 2008.
A trade is a trade.
I covered my US shorts about 1 month ago. I am out of the trade currently.
mcdonaldscalling21 2 years ago
Comment removed
donniebrasco24 2 years ago
i've heard rumors going around that the dollar may actually collapse in the next two months. Is this even possible?
michaelencarnacion 2 years ago
not really no one is interested in it , although other countries benefit short term from cheap dollar they pay with high inflation
Inflation in China 15 % in Russia 15 %
In US minus 2 % deflation :)
All of our money trashing economies of other countries so far But governments of those countries do not have guts to stop this nonsense
tuktukktotam 2 years ago
Deflation?
Riiiiight. I'm not worried about deflation, but what I am worried about is inflation. So is the 'smart money' Warren Buffett.
Everything is way up in price... Food, gas, medical, and all kinds of Chinese plastic trinkets you buy at the store or mall. I don't think this is really a deflationary environment.
Adahondeayenh 2 years ago
Do you think we could have a short lived deflation before Bernanke prints his way into the real inflation? If we have a second wave of mortgage/banking problems, I think it could temporarily cause deflation, which would be the catalyst for Bernanke to print.
chroNick546 2 years ago 2
@michaelencarnacion I'll tell you if it is possible in the next two months if that is possible
Jakearoo14 2 years ago
Hey Peter,
If you want to cough, just pause the recording and restart when you are ok
Seano71 2 years ago 2
it's amazing how you can just smell the blood in the water. we'll see about this $ tomorrow.
drusha1 2 years ago
Inventory is coming down in every facet of business. Loss leaders are screaming
Buy me! But there are no profits in loss leader promos. Meaning Additional layoffs will be prescribed by end of March 2010 if not sooner.
The dollar is about to give a head fake but remember it is FAKE.
What we do know Temporary Christmas employment is over.
The Titanic she is listing and about to split into.
There are not enough life boats nor Martyr's to go around.
ABETRMAN 2 years ago
you make a lot of sense peter.
ardizd 2 years ago 5
Peter, they do business in the way some gambling junkies do: If you have a gambling machine that gives out two times your input (sometimes!), they start with $1, then $2, etc. If eventually they win, they have $1 profit. The funny thing is that all these junkies run out of dollars before they ever win.
The government fixes that by printing them, but if they would ever win, they get their own devalued crap, hehe
jcvjcvjcvjcv 2 years ago
You're a bad ass dude.
In 2010, I really hope people in Connecticut doesn't make a mistake like the entire country did with Ron Paul in 2008.. we really cannot afford to continue this charade of corruption.
We literally cannot afford it any longer. America is being held together by a couple threads, that's it...
rdubtheislander 2 years ago 3
1.8% in ONE month?? :o
jcvjcvjcvjcv 2 years ago
IMO, one of the best ways to take advantage of the short run dollar rally is to buy commodities like gold. Dollar cost average on the dips. That way you get more commodity for your dollar.
whitechocolatespace 2 years ago
The Fed still paying banks not to loan?
PassTheLoot 2 years ago
Yes. Apparently the message for the banks is: Dont lend! Why are you not lending?
MrSteve125 2 years ago
so if the dollar is going to rally, then equities and commodities are going to plummet. So Bob Prechter is right when saying that there will be a leg drop in the stock market? Damn! better stay in cash then... I wish they interviewed Bob Prechter more so we could get a contrarian view also...
haveabeer123 2 years ago
Everyone..... put your heads between your legs and kiss your asses good-bye. Blame the eugenics loving richers....god danm richers!!!
Downfacingdog 2 years ago
dollar could drop like gold rose this last few weeks.
GovWillKillU 2 years ago
I love the comment about how if the government wants people to make loans then they should balance the budget. That's exactly right. It's like the government is at a restaurant and is ordering all of the food in the kitchen and is then telling the restaurant that they should have had more food to feed everyone else.
jmelkis 2 years ago 5
It's so over.
Tick, tick, tick, tick . . . .
RCinPAWA 2 years ago
Peter, I think you have it round the wrong way round. The banks don't do what Obama wants, he does what they want.
carlfinkle 2 years ago 2
They are both different sides of the same coin......yes they have a very mutual relationship.
jonah70757 2 years ago
Peter for King in Sweden :D
StefanJohanssonX 2 years ago 2
Outstanding, uncommon common sense.
Thanks, Peter.
averagejoe040 2 years ago 4
Peter is the only one I listen too and actually take his advice and act (or not)...I listen to JR and others but all I do is listen.
kenandjasha 2 years ago
New haircut?
capitalist4life 2 years ago
The banks are getting set to make easy lending again, we are going to have 860 billion phantom dollars entering into the economy next year. Also let us not forget about the 600 billion from the stimulus and the 200 billion from tarp.
In other words welcome to the end of the dollar.
Vunks2000 2 years ago 2
yep and the 1.1 trillion dollar budget passed by congress earlier this week. yep. of course in january begins the draining of the pool of 1.5 trillion reserve notes. yep we are in uncharted waters.
Michael7893 2 years ago
great comment
GuildF40 2 years ago
Yeah I will believe that when I see it...lending to who? For what?
jonah70757 2 years ago
@jonah70757 To anyone and everyone, A lot people want loans, they just can't get them.
Once the banks let them get the loans the phoney money becomes injected into the economy. Welcome to the end of the dollar.
Vunks2000 2 years ago 3
I hear another reason banks aren't lending is because people aren't applying for loans. Anyone who's business savy knows that this is not a good time to start a business, unless it's in the pawn business.
Robert697 2 years ago 2