Yeah, I've been wondering about the inflation figures not fitting with what I see in the shops. Economics is an inexact enough science without using wishful measurements rather than more exact measurements.
@shiffreport, with more mortgage mess coming soon and the Fed with little ammo left how much longer before the bottom falls out?you are the man when it come to market directions. Now can you tighten up your timeing predictions? I'd like to be in Belize before it hits:)
I just read that the large companies like Microsoft , and HP are investing billions , microsoft 5.5 billion to to buy back their own stock for investors so it artificially inflates their stock prices .
Does this mean that stock prices are so bad that companies have to do this for the board of executives to be happy ? Is this a sign of a future collapse ? It cant be good.
I think peter is looking for a house in New Zealand lol I don blame him people are so ignorant he and everyone who isnt should save there own asses btw silver is now over 23$.
We really missed Peter in the debate with Blumenthal--Peter's complete grasp of the realities, instead of the political posturing of Linda, what's her name?
@violetfae0 That's right. Accept the reality that when you have a whole country solely dependent on wages, when the source of such wages goes away the people demand and expect the problem "fixed". Oh, I know..."the gov. is the one responsible for the lack of jobs in the first place...bla bla bla" I mean, do you really believe that government (you might not realize but gov. is made up of people just like you and I) would be so ignoramous and "destroy" jobs just for fun...
I live in sweden and I got 10000 dollars in savings. 2 years ago the dollar costed 9kr. Now it is 6.4 kr for 1 dollar. So if i sell my dollars today i will get 64000kr instead of 90000kr if I had sold it 2 years ago. I have lost 26000kr on purchasing power. What should I do? a) Whait for the dollar to get stronger and get som of my lost money back or b) sell it now before the dollar gets even weaker?
Peter i think the next topic should be Corporate Wage slaves for all the big box stores , all the jobs that our parents had were either business owners , or union workers they were able to save...
These large companies are going to drive the US into the ground !
Can you do a video blog on what the effects are of foreign currencies gaining on the dollar (i.e. China, etc), and what the effects will be for U.S. investors invested in the U.S. stock market, vs U.S. investors invested in foreign markets where the currency appreciates.
Tax revenue is based over a period from 16-4 previous months (April payment of the last January's amount). If you then pay income tax as the dollar declines, your tax money buys less for the govt.
Food stamps are now at the center of government cost growth for benefits. In the last year, household participation in food stamp programs has grown by 23.74%, according to Paper Money.
The cost of the "Supplemental Nutrition Assistance Program" for 2009 was over $50 billion. The month of March 2010 cost $5.4 billion.
More Growing Federal Debt !
I can smell the ink from the printing press from here.
LUV it......"My Jockey Shorts, (that I farted on) did better than the S&P 500. Holy Crap! Yes, pun intended :). This is a rocket ship now. Prices to the moon over this crappy $ paper currency.
Dave Ramsey does not buy gold for the same reason he does not buy single stocks. He prefers to follow a way of living that he came up with that ensures long term wealth building with hard work and no debt. Go to his website, read his books, and live debt free. Love you Peter.
Hey Peter, a lot of stories and "economists" currently are coming out blaring that TARP really worked, and ended up only costing us $50 billion in the end. What's your response to this? Smells funny to me. Could be a good topic for your next video.
You are absolutely right, I noticed this too. Inflation is happening right now. Everytime I go to the supermarket I'm shocked at the prices they consider SALES PRICES. The sales prices are expensive. SMH
Dave Ramsey generally gives excellent personal financial advice. I love his crusade against debt. I don't agree with him when it comes to gold however.
Randolph Duke: We are 'commodities brokers', William. Now, what are commodities? Commodities are agricultural products... like coffee that you had for breakfast... wheat, which is used to make bread... pork bellies, which is used to make bacon, which you might find in a 'bacon and lettuce and tomato' sandwich.
Randolph Duke: Randolph
Randolph Duke: And then there are other commodities, like frozen orange juice... and GOLD. Though, of course, gold doesn't grow on trees like oranges.
@cramsa Please turn off the television. Until the US dollar is offically removed as the world reserve currency, it will never be trash. Why do you think the world is buying it up at the auctions? Why are global corporations sitting on cash? Why aren't they all buying gold? I'll tell you why. Because they are selling it like Schiff is. With home prices crashing and employment crashing, we're broke! This is hyper-Deflation my friend. Don't follow the inflation fear herd. Use your head!
Now how the hell can I get out of the freakin' dollar? I'm no Soros! I'm just an underemployed working stiff. I eat with the dollar and it's not buying as much as it use to. I guess that's the point. Zimbabwe lies ahead for us.
@pepeledog Do not fall for the gold BS my friend. Keep your cash under the mattress and get rid of gold. I have seen this gold hype for years. Every time it has crashed and wiped people out. Anyone buying gold at these bubble prices is an idiot. Schiff sells gold. Of course he wants you to get it. Trust me, gold is being pushed so these guys can make a fortune. Stay in cash during a deflation.
@drkevincampbell I WAS BEING SARCASTIC! THERE IS NO WAY GOLD WILL DEPPRECIATE!! AT THIS GIVEN TIME! THE FED HAS ALREADY PRINTED WAY TOO MONEY AND PLANNING ON PRINTING MORE!
I dont really konw where you get your info............but at least me I AM GOING TO SAVE MY ASS for dumping US dollars!
@Riddlerx333x Listen carefully my friend. Fed printing money without deployment through the banks in the form of loans, is not inflationary. M3 is contracting. Debt is contracting. Cash is not moving. If you hold onto gold, you are going to get wiped out! At least hold silver, not gold. Platinum even better. Get the hell out of gold before you lose your ass! This is not a joke. I'm in this business.
@drkevincampbell really funny? I am in this business too..yes the FED is holding some of the money they are holding but "quantitative easing" is coming soon due to a statement from Ben the fucking bernanke (excuse my french). Once his statement came out gold went up 5% in a week! YES I BUY SILVER TOO AND PLATINUM AND PALLADIUM! I think silver is a way better investment due its still low price.
But I am sorry sir GOLD is still going up before the FED deploys some tricks like leasing its reserves
@Riddlerx333x How do you say Gold is going to crash? China the worlds next superpower and really strongest economy is telling its citizens to buy silver and Gold! Its central bank is stacking Gold bullion high since America will never be able to pay back its IOU treasury bills. IF China and Saudi Arabia are buying I AM BUYING!
@drkevincampbell I totally agree with your view about not buying gold at this point...gold is the new bubble,like what the housing market was..with ridiculous prices..but i think Peter Schiff does NOT have any underlying motives when he recommends to people to buy gold.I think he means that people should hoard tangible assets as wealth rather than paper money..Platinum seems like a better option because it has use in fuel cell electrodes,unlike gold which is functionally useless
Although right now I'd rather own $100,000 worth of gold than $100,000 in fiat currency, let's be real. There is nothing inherently valuable about gold. You can't eat it. You can't use it as fuel. If you were on a deserted island you would have no use for it. The "real" value of gold, like all money, relies on the PERCEPTION of what it is worth. The key difference is that the amount of gold on earth is fixed, while the amount of paper currency must inflate on a regular basis.
Would someone be kind enough to explain to me why everyone is saying gold is at a NEW high, when last year (i think) it touched $1500/oz? do they mean a 'new high' in the day trade or something? thanks!
@justgetsome Actually, your house is only worth as much as someone is willing to pay. The bank has nothing to do with home values, unless it is the bank that is buying the house. However, there are so many houses on the market (and many more that were foreclosed and not put on the market), and prices are still far too high, so there are no buyers. The gov needs to get out of the way and allow the supply curve to become more elastic, so that buyers can enter the market (i.e. lower prices).
@KSTCBH23 ..A bank isn't going to loan someone $800,000 to buy a house that's appraised or worth $500,000. If a person wishes to pay with his/her own money in cash than that's fine but as most american can't even buy food without puting it on a credit card i don't see how 95% of people could buy a house with cash unless they are 100years old.
@justgetsome I lived in California from 2002-2007, I and many others knew that the prices were not sustainable, and that it would eventually crash. The banks knew this too, but they didn't have to hold the mortgage (it was sold and given gov guarantees). Lending standards were reduced, no down-payment was needed, no documentation, etc. The banks only lent because they knew they were backed by the taxpayer. Still, no loans would have been made without a buyer/borrower. Simple as that.
@KSTCBH23 .i know about fannie and freddie but banks loaned because and I quote 'we didn't want to lose our market share'. this is from one of the bank CEOs in testimony on the hill. He has no reason to lie about such a thing.
If your friend jumps off a bridge sort of thing, grade 3 stuff but that's life in America.
@justgetsome Unfortunately, they all did jump off that bridge and brought us all along for the ride. I do understand the not wanting to lose market share, but it is still no excuse for the moral hazards created. In a free market, the bubble would have popped as soon as all of the savings were depleted. However, since we are under a fractional reserve system, savings is not an issue just so long as you can continue to make loans and thus create more savings artificially (which lowers interest).
@KSTCBH23 I totally agree. as a saver, i am discusted currently. Capitalism doesn't work without capital. Capital comes from savings, savings are scarce. I should be getting 10% or more on my term deposits and not 4-5% that I an getting now. I live in South korea by the way, which has a decent savings rate.
If i were in the US I would be bloody steaming mad. Real interest rates for loaning should be early 1970s numbers. It's another example how policy is dictated by the public non-savers.
@justgetsome Yes, it is pretty bad here in the States. Most savings accounts are yielding below 1%, and CDs are right at about 1-2%. Most of the banks are borrowing from the Fed at near 0%, and then loaning that money to the government at 3-4%, and making the spread. But, this is still increasing the money supply, thus holding rates down. Not to mention the QE programs that the Fed keeps unleashing. All of this is done in order to get people to spend, which is pretty evil if you think about it.
@KSTCBH23 ..i understand why they are doing what they are doing but i think the average american is tapped out. The home equity has either been borrowed against or is no longer there(which is a good thing..a house shouldn't be a cash machine). They say consumer spending is up but they fail to mentioned it's paid for with borrowed money. People are using their credit cards to buy basic groceries for christ sakes, forget that baby needs new shoes. basic needs are even bought on time. YIKES!
@justgetsome The average american is tapped out and buying groceries on credit because they have a $150,000 home, often with multiple mortgages; usually 2 $40,000 vehicles at least one still being paid for; the signature loans that paid the furniture in the home, multiple TVs, the tools in the garage, and the appliances in the home. All this, while having a combined household income of $200000 a year. That is unsustainable in any market. Economics should be a requiired course. Double YIKES!
@jasoneb2006 ...brother I forgot about the other loans like the ones you mentioned. I think it's safe to say that even the clothes on peoples backs are not even truly paid for. Scary stuff, look i'm not rich on any level but i do own my shit, all of it and paid for in full. I do have a couple small rental apt. and some decent savings. I wonder what happened to people, i was raised to pay your bills, live within your means and don't keep up with the Kim's(Jones). where did people go wrong?
@justgetsome Personally, I think a lot of it went wrong with the belief that we should have (and are entitled to) a higher standard of living than our parents. But th GDP over the last coupe of generations hasn't grown at a rate to substantiate the higher standard. Mostly due, again my opinon, to the artificial infation created bythe government handing out "wealth" to those that produce neither goods nor services foooor it. In essence, a generation of Americans for which money has no value.
@jasoneb2006 ..yeah, GDP is a really false indicator of wealth as it doens't explain where the money came from. What I mean is in days of yore it was people spending money, their own money in cash. Now it represents spending cash and credit for the most part. money that isn't even earned yet. This is dangerous and i can't live life like that. Yes, I have had debts in the past and i found it hard sleeping at night owning money. I did my best to get out of the trap, i hope others will do the same.
@ibelucky1 There is only one way you can pay down your current levels of debt (to China, Japan, Saudi Arabia and everyone else) and that is to deflate your currency. This will simultaneously (a) make your goods and services cheaper and attractive to other countries and (b) devalue the money you owe.
Dollar deflation is INEVITABLE I am afraid, and with it will come inflation. On the other hand, once you get through the initial deflation period, employment will increase.
@RedMarineNex I think you mean depreciation and not deflation right? Deflation is what caused the Lost Decade in Japan and the Great Depression for the U.S.
@kkjhhkjhkj You actually get both if asset prices don't move. That is, if you have a house valued at 600K and the dollar depreciates by 50%, and the house price remains the same, then the price has deflated, even though it didn't change, because the purchasing power of 600K has halved (the debt has also halved in real terms, which is the good news). This way you halve your debt, get asset deflation, but price inflation. No more 1$ burgers, which is a good thing (those things will kill you).
@RedMarineNex Depreciate and inflate mean 2 different things. Right, if you have a fixed mortgage, then your mortgage payments are technically 50% cheaper even though in nominal terms, they are still the same. That is just the thing; if the dollar depreciates by 50% (you mean inflates or loses purchasing power) that means there should be a 50% rise in the general price level which means the home price should go up. Asset classes though don't correlate perfectly with inflation/deflation.
@kkjhhkjhkj Inflation has to do with prices, depreciation is the ratio of the money supply to the total trade. I don't mean that the dollar inflates, the *money supply* inflates, causing the the dollar to depreciate, and asset prices to deflate in real-terms but not nominal terms. Asset prices and general cost of living expenses are generally not correlated (unfortunately). If they were, you would not have a 12% year-on-year increase in asset prices while GDP was growing at ~2 1/2%.
@RedMarineNex If the dollar would depreciate against the yuan, then the chinese could buy more us g/s cheaper, and in turn, the U.S. would buy less Chinese g/s which theoretically will balance the trade imbalance.
@kkjhhkjhkj Theoretically yes, but actually it is more likely that Europe and the developed world will buy more US g/s and the US will buy less Chinese g/s. The treasury holdings of the Chinese would also halve in value, so the Chinese would need to pay more for commodities as well. Not so good for them, and would lead to price inflation in the US as well.
it is true what peter says, i invest in silver, i have had alot of opposition from many people who try to make fun of me because i buy physical silver, they tell me that i should invest in mutual funds lol. i just hate people who wanted to talk about investments and want to talk down silver when they know nothing about silver.
@ibelucky1 gold has never hit $2,500 an ounce in history, in 1980 gold hit 850 an ounce then the price collapsed, today gold is $1300 which has never happened in our history.
I would like to make a coment on Suzie Orman , its simple i have watced her before she is not that good as a financial wizard. , but il like when the banks were about to collapse and she said never take your money out of the banks...the reason is she wants to protect her own investments. If i had a million in the bank , or even 50,000 if the banks were going to colapse my funds would be out of there. Remember the FDIC only will reimburse you for 200,000 thats all that is insured.
@ibelucky1 Suzie isn't a wizard, but one thing I really like about her is that she promotes saving money. She doesn't advocate blowing your money on some nonsense if you're without an emergency fund at the very least.
She doesn't understand gold like a good amount of people. Gold isn't an investment that pays interest like stocks or bonds. it preserves your wealth against inflation.
@ourmanthejoker Maybe that is what she is saying now, but she used to recommend taking advantage of home equity lines of credit during the boom (she also recommended ARMs). She never takes the long view, rather she always recommends what is popular at the time. And, unfortunately for her, she has been wrong most of the time.
Im back , home office up and running , and re located , i will continue on with my coments , as for looking for full time work , fixing the house up and playing a little guitar.
I read somewhere that Bernaked wont be influenced by his piers on raising the interest rates , i dont think much will infuence Bernake , i guess he doest want to stall the economy ! My question is what economy ?
I just hope that they don't do what they did in 1933 and confiscate everyone's gold for pennies on the dollar and sell it at a profit. Since you have to report your purchase of gold $600.00 and above now(paper trail of who has gold). Food first then gold
@racenemo China wants to save the Euro so they can move their foreign currency reserves into EUR. If the Chinese and Japanese move to EUR, commodity exchanges (non-US) will also move to EUR, and then the dollar is dead in the water. Looks like the US Army will be hiring a lot more recruits soon.
@ReptheMHC They don't *want* the dollar dead and neither does anyone else. The problem is, the US is full of lazy whiners with an entitlement complex and financial con-artists with unlimited greed, and can no longer be relied upon to manage their debt or their money. As a result, the US dollar is dead regardless, and it those who hold large denominations of it need to start planning for it's eventual demise.
@racenemo Sell to a bad debtor, probably not, but as long as oil is priced in dollars, you need some dollars. On the other hand if a EUR oil bourse opened that would be the end of the US dollar.
@racenemo Indeed, but still no EUR oil bourse. It will happen, maybe not this year, and perhaps not next, but eventually oil and subsequently other commodities will trade in something other than USD, and then the party is over. No more free petrodollar lunch. Then the US will need to get back to economic activity (also known as work) rather than flexing their military muscle to enforce the petrodollar tax on the world.
I am so glad you pointed this out. I contacted all of them and Larry Winget they both told me it was silly and crazy. They I think are told what to say...personally we agree with some of their suggestion but your book opened our eyes and I must tell you we are completely debt free by following your advice. Thanks for loving humanity enough to tell the truth!
the health care bill has a new regulation requiring gold or silver purchases greater than 600 dollars must be reported with a 1099 form. in 1933 an executive order was issued to confiscate all gold coinage and bullion and gold certificates. this is because there is not enough physical gold or silver to cover the debt. Hitler did a similar thing with guns in Germany first he required all guns be registered and then prior to the war he had ordered the confiscation of all the registered guns.
Obama and the democrats are doing to us what Hitler did to the German people only from a economical standpoint. this nation is gradual being enslaved? and by the time the American people wake up our enslavement could be complete! we will all end up like share croppers incapable of paying off our debt to the company store. we will become indentured servants to the government!
@ABGAN100 At some point the people will stand up, when they do wake up. This country stood up to the nazi's and the facists before and prevailed. That will happen again. The truth cannot be hidden for much longer from the people. They will put 2 and 2 together, and the criminals will be brought to trial. There are to many great people in our military, and other government postions to allow the end of this country.
IS Suzy Orman or watever her name is. She has Brain damage? Id like to call her a Bitch. thats Official from me. WHY? Her stupid words will hurt many Gullable people. But hey a book reader will always read a book. No matter how hard you try to get people to become ADHD its a waste of time :-(
"the copper in my basement did better then the dow" hahahaha lolol, im a trader and peter you speak the truth period its a shame the numpties on CNBC dont listen to you.. quality pete
Your the man! You speak the truth and I think it funny to watch the corporate controlled media doing everything they can to discredit you. All it does it make them look even more worthless...
suze orman said (when gold was 400-500oz) that "rich people don't buy gold" and "you WILL NOT CREATE WEALTH WITH GOLD" . i saw this show and remember it well,thats when i knew to tell anyone following her advice to research the prec metals market them selves. Orman is an idiot. ramsey thinks because he is good with debt managment that he is naturally good with investing;these are 2 differing core concepts.he knows little of markets
Rahm Emmanuel and Larry Summers are bailing out,it seems these guys see an imminent train reck ahead,and now you have Geithner picking uneccessary fights with the Chinese(America's creditors,who buy (borrow us)$2Billion aday to fund our bankrupt govt).it seems like its down hill from here folks,time for plan B.This is not looking good folks.
Rahm Emanuel has done his damage to America and now he will exit and wait for the fall after which he will reap the benefits of his evil. Thanks Pete!
Peter, I'm sorry to say you are wrong on inflation. Gold is the biggest bubble I have ever seen. Every indicator tells me you are getting false reads on this economy. This is a deflation in hiding. M3 continues to contract. There is no lending. There is no spending. Those promoting hyper-inflation are misreading this completely. Gold buyers will be crying a few months from now! They will get wiped out!
@drkevincampbell Look at the base money. It was more than doubled in 2008. The base still more than double those of the early 2008 levels. M3 is all that credit structure on top of that.
So even if M3 is contracting, you still have more than double the amount of dollars than in 2008. Thus, gold prices should *at least* double.
It's easy for anyone (myself too) to get blinded by government propaganda. This is why I stopped watching TV. Ultimately, you cannot fool free markets and common sense.
@TheBrotherMouzone The Free Markets? What free market are you talking about. The market is manipulated. Gold is being manipulated. The FED plunge protection team master computer inside Goldman Sachs basement runs the whole show. It's all rigged. What free market are you talking about?
@drkevincampbell That's not what I meant by "free markets". I know the game is rigged now. What I meant is, that the game riggers cannot rig the game forever. The underlying free market forces eventually win the manipulators. It has happened throughout history. It will happen again.
@drkevincampbell I also wish to point out that the 1930s Great Depression was a deflationary depression. Nonetheless, gold and silver performed well during that period. So did gold mining stocks.
I hope this stuff really takes hold BEFORE the Democrats lose power, so we won't see another Democrat surge from blaming Republicans... If the dollar loses traction right when the Republicans take majority, we may see a people making the case for more Democrats again...
Rahm Emanuel is a dual-Israeli Zionist who made sure Obama's foreign policy was nice and cozy to Israel. I still haven't been answered this question, is Schiff a crypto-Zionist or is he not?
The entire purpose of fractional reserve central banking is to transfer wealth from the many to the few (via inflation). It's a modern day slavery operation, designed to accelerate wealth concentration in a fraudulent manner.
OF COURSE the gap between the rich and the poor is breaking records, that's the whole point of it.
Just wondering how much longer will it take before US citizens take some action against the FED - they are literally admitting that they will print money like crazy which is going to destroy the whole economy in the end. How much more proof people need that the FED is run by a bunch of madmen?
@MushroomCloud666 You know, you guys are talking about USA economy failing, so now everybody here is vocal.
For decades USA has been exporting inflation to the nations around the world, making those nations pay for the US inflation with real goods and energy, it's about time this hit back home.
USD should be gone and good riddance, for real, it's time to move forward, to do some real progress, to move away from this money printing scheme that the world accepted for status-quo since the WWII.
"The copper plumbing in my basement did better than the dow" LOL!!!
TWSceptic 2 months ago
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Hi Mr Schiff.
Just wondered what you thought about non-fractional reserve banking and proposals for monetary reform.
Eg. youtube.com/user.bankingreform
I am interested.
Simon Dixon
bankingreform 1 year ago
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benaughty lady Travel around the world **benaughtyman.info**
kristincoyn 1 year ago
"my jockey shorts outperformed the dow" lol i can't stop laughing
rudemood2011 1 year ago
Yeah, I've been wondering about the inflation figures not fitting with what I see in the shops. Economics is an inexact enough science without using wishful measurements rather than more exact measurements.
worotan 1 year ago
@shiffreport, with more mortgage mess coming soon and the Fed with little ammo left how much longer before the bottom falls out?you are the man when it come to market directions. Now can you tighten up your timeing predictions? I'd like to be in Belize before it hits:)
biospharms 1 year ago
I just read that the large companies like Microsoft , and HP are investing billions , microsoft 5.5 billion to to buy back their own stock for investors so it artificially inflates their stock prices .
Does this mean that stock prices are so bad that companies have to do this for the board of executives to be happy ? Is this a sign of a future collapse ? It cant be good.
Peter whats this about ?
ibelucky1 1 year ago
Peter, Is silver a better investment than gold?
dmkwils 1 year ago
I dont know how Peter Schiff can get away with the LIE "Fiat money is to blame for everything unemployment, recessions."
The recessions before fiat money were far longer, deeper and more constant.
momsstickytoes 1 year ago
I think peter is looking for a house in New Zealand lol I don blame him people are so ignorant he and everyone who isnt should save there own asses btw silver is now over 23$.
jezza1789 1 year ago
LOL, "It'll be the greatest depression ever. Have a great weekend, everybody."
ForbiddenStallion 1 year ago
Wow, worse than the 30s'. Thats a shocker
ivar197 1 year ago
We really missed Peter in the debate with Blumenthal--Peter's complete grasp of the realities, instead of the political posturing of Linda, what's her name?
focus21x 1 year ago
Peter Schiff for President
SuperGuitarman69 1 year ago 3
Dear Mr. Schiff,
The Fed says 1.5% inflation is unacceptable; the want inflation to be at 3%. I read this at cnnmoney in late July/ early August.
violetfae0 1 year ago
@violetfae0 That's right. Accept the reality that when you have a whole country solely dependent on wages, when the source of such wages goes away the people demand and expect the problem "fixed". Oh, I know..."the gov. is the one responsible for the lack of jobs in the first place...bla bla bla" I mean, do you really believe that government (you might not realize but gov. is made up of people just like you and I) would be so ignoramous and "destroy" jobs just for fun...
TheWBAH 1 year ago
@TheWBAH
Yes, to get more people into govt jobs and on welfare, which is the left's ultimate dream..
pismo10 1 year ago
lol, he's right
dfjpr 1 year ago
I live in sweden and I got 10000 dollars in savings. 2 years ago the dollar costed 9kr. Now it is 6.4 kr for 1 dollar. So if i sell my dollars today i will get 64000kr instead of 90000kr if I had sold it 2 years ago. I have lost 26000kr on purchasing power. What should I do? a) Whait for the dollar to get stronger and get som of my lost money back or b) sell it now before the dollar gets even weaker?
MrMohammedr9 1 year ago
@MrMohammedr9 You could buy some gold :)
NietzscheanMan 1 year ago
what to do with gold? $ 1,340.30
mphet26 1 year ago 14
@mphet26 My advice is - if u have it keep it :)
Halonkata 1 year ago
"The copper plumbing in my basement did better than the DOW" This is my favorite Schiffism yet, lol!
lonewolf333 1 year ago
Peter i think the next topic should be Corporate Wage slaves for all the big box stores , all the jobs that our parents had were either business owners , or union workers they were able to save...
These large companies are going to drive the US into the ground !
ibelucky1 1 year ago
Just did research , Best buy stores start people at 8 or 9 dollars an hour ! The CEO MR DUNN made 4.3 million alone this year.
No wonder why the US is heading for a depression , no one can afford to save anymore , they are all victims of corporate wage slavery.
Basically all a CEO does is delgate Athority !
This is reverse Slavery , Bring on the Economic Depression , im ready for it ! , so someone else can be depressed besides me !
ibelucky1 1 year ago
Sell your dollars for real money....Gold
pobrejuanito 1 year ago
Peter - Your blogs are VERY helpful.
Can you do a video blog on what the effects are of foreign currencies gaining on the dollar (i.e. China, etc), and what the effects will be for U.S. investors invested in the U.S. stock market, vs U.S. investors invested in foreign markets where the currency appreciates.
Keep on keeping on - thank you!
HornedOwls 1 year ago
Tax revenue is based over a period from 16-4 previous months (April payment of the last January's amount). If you then pay income tax as the dollar declines, your tax money buys less for the govt.
inflation is horrible if you really understand it
6024691380 1 year ago
I love you. haha
PatriotEke 1 year ago
the US seems pretty obsessed with keeping it exports competitive with China and Japan
KAAAching1 1 year ago
I have 2 one dollar silver certificate dollars and One 2 dollar silver certificate duo-dollar. can I get silver in its equilalent value?
TheLivingDeadOne 1 year ago
@TheLivingDeadOne :No you can not. The dollar is not backed by PMs.
geekstreat 1 year ago
I can smell the INK burning in the press room , keeping the wheels of finance well lubricated.
ibelucky1 1 year ago
Food stamps are now at the center of government cost growth for benefits. In the last year, household participation in food stamp programs has grown by 23.74%, according to Paper Money.
The cost of the "Supplemental Nutrition Assistance Program" for 2009 was over $50 billion. The month of March 2010 cost $5.4 billion.
More Growing Federal Debt !
I can smell the ink from the printing press from here.
ibelucky1 1 year ago
Has anyone noticed that the decline in the US$ corresponds to the rise in views of Peters blogs?
kiwicalibre 1 year ago
Peter,
What denomination (i.e., 1/10 ounce, 1/4 ounce, 1/2 ounce, 1ounce) and type (Gold Eagle, Maple Leaf, Krugerrand) of gold coin do you recommend buying?
I am interested in buying gold coins, but I want to make sure the coins I buy will be liquid when the dollar finally crashes.
Thank you!
DWCPA85 1 year ago
LUV it......"My Jockey Shorts, (that I farted on) did better than the S&P 500. Holy Crap! Yes, pun intended :). This is a rocket ship now. Prices to the moon over this crappy $ paper currency.
bperks02 1 year ago
Dave Ramsey does not buy gold for the same reason he does not buy single stocks. He prefers to follow a way of living that he came up with that ensures long term wealth building with hard work and no debt. Go to his website, read his books, and live debt free. Love you Peter.
blanchfield137 1 year ago
Excellent analogy!
yadranko 1 year ago
Hey Peter, a lot of stories and "economists" currently are coming out blaring that TARP really worked, and ended up only costing us $50 billion in the end. What's your response to this? Smells funny to me. Could be a good topic for your next video.
TheZav88 1 year ago 3
You are absolutely right, I noticed this too. Inflation is happening right now. Everytime I go to the supermarket I'm shocked at the prices they consider SALES PRICES. The sales prices are expensive. SMH
Ana1106 1 year ago
Really enjoyed the "lighter side" way of looking at things.
SouthernKudzu 1 year ago
This video was great! I enjoy the humor.
achalmers 1 year ago
Peter, check out theweeklytelegram website. When it gets big, its going to post your articles.
RealDocumentaries 1 year ago
Dave Ramsey generally gives excellent personal financial advice. I love his crusade against debt. I don't agree with him when it comes to gold however.
Nexus974 1 year ago
Randolph Duke: We are 'commodities brokers', William. Now, what are commodities? Commodities are agricultural products... like coffee that you had for breakfast... wheat, which is used to make bread... pork bellies, which is used to make bacon, which you might find in a 'bacon and lettuce and tomato' sandwich.
Randolph Duke: Randolph
Randolph Duke: And then there are other commodities, like frozen orange juice... and GOLD. Though, of course, gold doesn't grow on trees like oranges.
romanmir01 1 year ago
@romanmir01
Billy Ray: Sounds to me like you guys a couple of bookies.
Randolph Duke: I told you he'd understand.
:)
jtravis282 1 year ago
@jtravis282
Louis: Looking good, Billy Ray!
Billy Ray: Feeling good, Louis!
romanmir01 1 year ago
what is your opinion on natural gas?
allyoops44 1 year ago 7
Thanks, Peter. Please keep blogging when you're able to.
barronguru 1 year ago
Gold bubble getting ready to pop. Watch for a small rebound in the dollar. Gold will crash soon after.
drkevincampbell 1 year ago
@drkevincampbell Because a piece of paper with no backing... and massive inflation spells confidence... lol
cramsa 1 year ago
@cramsa Please turn off the television. Until the US dollar is offically removed as the world reserve currency, it will never be trash. Why do you think the world is buying it up at the auctions? Why are global corporations sitting on cash? Why aren't they all buying gold? I'll tell you why. Because they are selling it like Schiff is. With home prices crashing and employment crashing, we're broke! This is hyper-Deflation my friend. Don't follow the inflation fear herd. Use your head!
drkevincampbell 1 year ago
@drkevincampbell you are a complete idiot.
obviously totally uneducated.
anyway .you're irrelevant......
crawl back into your baby boomer hole of ignorance .....
go invest in t notes you moron
Hroark7 1 year ago
@drkevincampbell the gold bubble hasn't even begun.
maximusTLP 1 year ago
Now how the hell can I get out of the freakin' dollar? I'm no Soros! I'm just an underemployed working stiff. I eat with the dollar and it's not buying as much as it use to. I guess that's the point. Zimbabwe lies ahead for us.
pepeledog 1 year ago
@pepeledog Do not fall for the gold BS my friend. Keep your cash under the mattress and get rid of gold. I have seen this gold hype for years. Every time it has crashed and wiped people out. Anyone buying gold at these bubble prices is an idiot. Schiff sells gold. Of course he wants you to get it. Trust me, gold is being pushed so these guys can make a fortune. Stay in cash during a deflation.
drkevincampbell 1 year ago
@drkevincampbell LOL your hilarious!
Riddlerx333x 1 year ago
@Riddlerx333x Thanks. I'm just trying to save a few folks from losing their ass!
drkevincampbell 1 year ago
@drkevincampbell I WAS BEING SARCASTIC! THERE IS NO WAY GOLD WILL DEPPRECIATE!! AT THIS GIVEN TIME! THE FED HAS ALREADY PRINTED WAY TOO MONEY AND PLANNING ON PRINTING MORE!
I dont really konw where you get your info............but at least me I AM GOING TO SAVE MY ASS for dumping US dollars!
Riddlerx333x 1 year ago
@Riddlerx333x Listen carefully my friend. Fed printing money without deployment through the banks in the form of loans, is not inflationary. M3 is contracting. Debt is contracting. Cash is not moving. If you hold onto gold, you are going to get wiped out! At least hold silver, not gold. Platinum even better. Get the hell out of gold before you lose your ass! This is not a joke. I'm in this business.
drkevincampbell 1 year ago
@drkevincampbell really funny? I am in this business too..yes the FED is holding some of the money they are holding but "quantitative easing" is coming soon due to a statement from Ben the fucking bernanke (excuse my french). Once his statement came out gold went up 5% in a week! YES I BUY SILVER TOO AND PLATINUM AND PALLADIUM! I think silver is a way better investment due its still low price.
But I am sorry sir GOLD is still going up before the FED deploys some tricks like leasing its reserves
Riddlerx333x 1 year ago
@Riddlerx333x How do you say Gold is going to crash? China the worlds next superpower and really strongest economy is telling its citizens to buy silver and Gold! Its central bank is stacking Gold bullion high since America will never be able to pay back its IOU treasury bills. IF China and Saudi Arabia are buying I AM BUYING!
Riddlerx333x 1 year ago
@drkevincampbell I totally agree with your view about not buying gold at this point...gold is the new bubble,like what the housing market was..with ridiculous prices..but i think Peter Schiff does NOT have any underlying motives when he recommends to people to buy gold.I think he means that people should hoard tangible assets as wealth rather than paper money..Platinum seems like a better option because it has use in fuel cell electrodes,unlike gold which is functionally useless
cause4fear 1 year ago
@cause4fear I will give you two words to remember: CASH, MATTRESS
These words will save you.
drkevincampbell 1 year ago
@drkevincampbell duh!!! 2 words that will save you... WAKE UP !!
kiwicalibre 1 year ago
Disagree on the TV show , then he will never have time for us again...and we will be stuck with Suzie Creamcheese , I mean Suzie Orman !
ibelucky1 1 year ago
Remember people this year will be who-ville !
2012 That will be the Charley Brown Christmas , so this year it will look like a walk in the park compared to 2012.
ibelucky1 1 year ago
Oh i don't think Santa will come this year...
Its going to look like who-ville in the US , and the Grinch's will be In Wall street SCHNIKERING !
ibelucky1 1 year ago
Buy SIlver and Gold
Get rid of your american dollars !!!!!
alex630710 1 year ago
My Jockey shorts went up more than the S&P! ROFL!!
dontdispie 1 year ago
Although right now I'd rather own $100,000 worth of gold than $100,000 in fiat currency, let's be real. There is nothing inherently valuable about gold. You can't eat it. You can't use it as fuel. If you were on a deserted island you would have no use for it. The "real" value of gold, like all money, relies on the PERCEPTION of what it is worth. The key difference is that the amount of gold on earth is fixed, while the amount of paper currency must inflate on a regular basis.
DrTimWhatley 1 year ago
1980 $100 = $37 Today
So if gold went to $800 back then, it still has another $1100 to go just by that.
BUT, that is not taking into account everything. We could actually see a price for gold at $9000 today easily.
endisnighe 1 year ago
Be ready folks, the next couple years the only thing more valuable than gold and silver will be lead and food.
Hope for the best, prepare for the worst.
endisnighe 1 year ago
This has been flagged as spam show
Would someone be kind enough to explain to me why everyone is saying gold is at a NEW high, when last year (i think) it touched $1500/oz? do they mean a 'new high' in the day trade or something? thanks!
trje246 1 year ago
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trje246 1 year ago
@justgetsome Actually, your house is only worth as much as someone is willing to pay. The bank has nothing to do with home values, unless it is the bank that is buying the house. However, there are so many houses on the market (and many more that were foreclosed and not put on the market), and prices are still far too high, so there are no buyers. The gov needs to get out of the way and allow the supply curve to become more elastic, so that buyers can enter the market (i.e. lower prices).
KSTCBH23 1 year ago
@KSTCBH23 ..A bank isn't going to loan someone $800,000 to buy a house that's appraised or worth $500,000. If a person wishes to pay with his/her own money in cash than that's fine but as most american can't even buy food without puting it on a credit card i don't see how 95% of people could buy a house with cash unless they are 100years old.
justgetsome 1 year ago
@justgetsome I lived in California from 2002-2007, I and many others knew that the prices were not sustainable, and that it would eventually crash. The banks knew this too, but they didn't have to hold the mortgage (it was sold and given gov guarantees). Lending standards were reduced, no down-payment was needed, no documentation, etc. The banks only lent because they knew they were backed by the taxpayer. Still, no loans would have been made without a buyer/borrower. Simple as that.
KSTCBH23 1 year ago
@KSTCBH23 .i know about fannie and freddie but banks loaned because and I quote 'we didn't want to lose our market share'. this is from one of the bank CEOs in testimony on the hill. He has no reason to lie about such a thing.
If your friend jumps off a bridge sort of thing, grade 3 stuff but that's life in America.
justgetsome 1 year ago
@justgetsome Unfortunately, they all did jump off that bridge and brought us all along for the ride. I do understand the not wanting to lose market share, but it is still no excuse for the moral hazards created. In a free market, the bubble would have popped as soon as all of the savings were depleted. However, since we are under a fractional reserve system, savings is not an issue just so long as you can continue to make loans and thus create more savings artificially (which lowers interest).
KSTCBH23 1 year ago
@KSTCBH23 I totally agree. as a saver, i am discusted currently. Capitalism doesn't work without capital. Capital comes from savings, savings are scarce. I should be getting 10% or more on my term deposits and not 4-5% that I an getting now. I live in South korea by the way, which has a decent savings rate.
If i were in the US I would be bloody steaming mad. Real interest rates for loaning should be early 1970s numbers. It's another example how policy is dictated by the public non-savers.
justgetsome 1 year ago
@justgetsome Yes, it is pretty bad here in the States. Most savings accounts are yielding below 1%, and CDs are right at about 1-2%. Most of the banks are borrowing from the Fed at near 0%, and then loaning that money to the government at 3-4%, and making the spread. But, this is still increasing the money supply, thus holding rates down. Not to mention the QE programs that the Fed keeps unleashing. All of this is done in order to get people to spend, which is pretty evil if you think about it.
KSTCBH23 1 year ago
@KSTCBH23 ..i understand why they are doing what they are doing but i think the average american is tapped out. The home equity has either been borrowed against or is no longer there(which is a good thing..a house shouldn't be a cash machine). They say consumer spending is up but they fail to mentioned it's paid for with borrowed money. People are using their credit cards to buy basic groceries for christ sakes, forget that baby needs new shoes. basic needs are even bought on time. YIKES!
justgetsome 1 year ago
@justgetsome The average american is tapped out and buying groceries on credit because they have a $150,000 home, often with multiple mortgages; usually 2 $40,000 vehicles at least one still being paid for; the signature loans that paid the furniture in the home, multiple TVs, the tools in the garage, and the appliances in the home. All this, while having a combined household income of $200000 a year. That is unsustainable in any market. Economics should be a requiired course. Double YIKES!
jasoneb2006 1 year ago
@jasoneb2006 ...brother I forgot about the other loans like the ones you mentioned. I think it's safe to say that even the clothes on peoples backs are not even truly paid for. Scary stuff, look i'm not rich on any level but i do own my shit, all of it and paid for in full. I do have a couple small rental apt. and some decent savings. I wonder what happened to people, i was raised to pay your bills, live within your means and don't keep up with the Kim's(Jones). where did people go wrong?
justgetsome 1 year ago
@justgetsome Personally, I think a lot of it went wrong with the belief that we should have (and are entitled to) a higher standard of living than our parents. But th GDP over the last coupe of generations hasn't grown at a rate to substantiate the higher standard. Mostly due, again my opinon, to the artificial infation created bythe government handing out "wealth" to those that produce neither goods nor services foooor it. In essence, a generation of Americans for which money has no value.
jasoneb2006 1 year ago
@jasoneb2006 ..yeah, GDP is a really false indicator of wealth as it doens't explain where the money came from. What I mean is in days of yore it was people spending money, their own money in cash. Now it represents spending cash and credit for the most part. money that isn't even earned yet. This is dangerous and i can't live life like that. Yes, I have had debts in the past and i found it hard sleeping at night owning money. I did my best to get out of the trap, i hope others will do the same.
justgetsome 1 year ago
Im wondering how we are going to pay off china , will we end up in another war ?
ibelucky1 1 year ago
@ibelucky1 There is only one way you can pay down your current levels of debt (to China, Japan, Saudi Arabia and everyone else) and that is to deflate your currency. This will simultaneously (a) make your goods and services cheaper and attractive to other countries and (b) devalue the money you owe.
Dollar deflation is INEVITABLE I am afraid, and with it will come inflation. On the other hand, once you get through the initial deflation period, employment will increase.
RedMarineNex 1 year ago
@RedMarineNex I think you mean depreciation and not deflation right? Deflation is what caused the Lost Decade in Japan and the Great Depression for the U.S.
kkjhhkjhkj 1 year ago
@kkjhhkjhkj You actually get both if asset prices don't move. That is, if you have a house valued at 600K and the dollar depreciates by 50%, and the house price remains the same, then the price has deflated, even though it didn't change, because the purchasing power of 600K has halved (the debt has also halved in real terms, which is the good news). This way you halve your debt, get asset deflation, but price inflation. No more 1$ burgers, which is a good thing (those things will kill you).
RedMarineNex 1 year ago
@RedMarineNex Depreciate and inflate mean 2 different things. Right, if you have a fixed mortgage, then your mortgage payments are technically 50% cheaper even though in nominal terms, they are still the same. That is just the thing; if the dollar depreciates by 50% (you mean inflates or loses purchasing power) that means there should be a 50% rise in the general price level which means the home price should go up. Asset classes though don't correlate perfectly with inflation/deflation.
kkjhhkjhkj 1 year ago
@kkjhhkjhkj Inflation has to do with prices, depreciation is the ratio of the money supply to the total trade. I don't mean that the dollar inflates, the *money supply* inflates, causing the the dollar to depreciate, and asset prices to deflate in real-terms but not nominal terms. Asset prices and general cost of living expenses are generally not correlated (unfortunately). If they were, you would not have a 12% year-on-year increase in asset prices while GDP was growing at ~2 1/2%.
RedMarineNex 1 year ago
@RedMarineNex If the dollar would depreciate against the yuan, then the chinese could buy more us g/s cheaper, and in turn, the U.S. would buy less Chinese g/s which theoretically will balance the trade imbalance.
kkjhhkjhkj 1 year ago
@kkjhhkjhkj Theoretically yes, but actually it is more likely that Europe and the developed world will buy more US g/s and the US will buy less Chinese g/s. The treasury holdings of the Chinese would also halve in value, so the Chinese would need to pay more for commodities as well. Not so good for them, and would lead to price inflation in the US as well.
RedMarineNex 1 year ago
@RedMarineNex then Subway is going to advertise the value of the ten dollar foot long.
missingremote 1 year ago
@missingremote LOL, yes.
RedMarineNex 1 year ago
it is true what peter says, i invest in silver, i have had alot of opposition from many people who try to make fun of me because i buy physical silver, they tell me that i should invest in mutual funds lol. i just hate people who wanted to talk about investments and want to talk down silver when they know nothing about silver.
maximusTLP 1 year ago
the fed needs inflation to counter the interest on the national debt . so, we can look forward to ultra high prices ! have fun ! -peace-
stonerj0e 1 year ago
Bernake is already in a depression he has lost 25% of his wealth , just in the past year alone...he is now worth like 880,000.
Bend over Bernake take it like the rest of us...
ibelucky1 1 year ago
I have researched this gold uprising , and yes back in the 80s gold did hit 2,500 an ounce will it do that again who knows...
On thing for sure the Feds keep printing money , bernake is sweating ink from the printing press , and the FEDS have their balls caught in a vice.
More forclosures on the way , median price homes in Napa CA went from 300,000 to 150,000 in the last year.
Im wondering who is going to eat all this gov debt..mortages , school loans , failed business loans.
ibelucky1 1 year ago
@ibelucky1 gold has never hit $2,500 an ounce in history, in 1980 gold hit 850 an ounce then the price collapsed, today gold is $1300 which has never happened in our history.
maximusTLP 1 year ago
@maximusTLP Yes you are correct my mistake , it hit 850 an ounce in the mid seventies sharply...Im haveing a cold start this morning...
ibelucky1 1 year ago
I would like to make a coment on Suzie Orman , its simple i have watced her before she is not that good as a financial wizard. , but il like when the banks were about to collapse and she said never take your money out of the banks...the reason is she wants to protect her own investments. If i had a million in the bank , or even 50,000 if the banks were going to colapse my funds would be out of there. Remember the FDIC only will reimburse you for 200,000 thats all that is insured.
ibelucky1 1 year ago
@ibelucky1 Suzie isn't a wizard, but one thing I really like about her is that she promotes saving money. She doesn't advocate blowing your money on some nonsense if you're without an emergency fund at the very least.
She doesn't understand gold like a good amount of people. Gold isn't an investment that pays interest like stocks or bonds. it preserves your wealth against inflation.
ourmanthejoker 1 year ago
@ourmanthejoker Maybe that is what she is saying now, but she used to recommend taking advantage of home equity lines of credit during the boom (she also recommended ARMs). She never takes the long view, rather she always recommends what is popular at the time. And, unfortunately for her, she has been wrong most of the time.
KSTCBH23 1 year ago
@KSTCBH23 Ah, I did not know that. ;D thank you much.
ourmanthejoker 1 year ago
Im back , home office up and running , and re located , i will continue on with my coments , as for looking for full time work , fixing the house up and playing a little guitar.
I read somewhere that Bernaked wont be influenced by his piers on raising the interest rates , i dont think much will infuence Bernake , i guess he doest want to stall the economy ! My question is what economy ?
ibelucky1 1 year ago
FED: We need more inflation to have stable prices...
LOL
Voy2378 1 year ago
My jockey shorts did better than the dow! What and AWEsome comment.. :-)
This must live on like a classic!
theemperorofkings 1 year ago
ur background is too dark. please restore ur foreskin and convert to christianity.
gingowitch 1 year ago
I just hope that they don't do what they did in 1933 and confiscate everyone's gold for pennies on the dollar and sell it at a profit. Since you have to report your purchase of gold $600.00 and above now(paper trail of who has gold). Food first then gold
chvemn 1 year ago
I have an immediate dis-trust of anyone who feels the need to yell when speaking.
smeuse 1 year ago
good vid. even if it is depressing lol
tylerzchance 1 year ago
Awsome Schiff!!!
yuvrajwadhwani 1 year ago
Suze Orman??!!!!LOL!!!!!!!
pretorious700 1 year ago
Great upload Peter
The FED is in a system of DOW(n)
China (yesterday) agreed to support Greece so I guess the Chinese are favoring the European way to handle the debts.
racenemo 1 year ago
@racenemo China wants to save the Euro so they can move their foreign currency reserves into EUR. If the Chinese and Japanese move to EUR, commodity exchanges (non-US) will also move to EUR, and then the dollar is dead in the water. Looks like the US Army will be hiring a lot more recruits soon.
RedMarineNex 1 year ago
@RedMarineNex
Why would China want the dollar dead? They are holding ~$800 billion of them.
ReptheMHC 1 year ago
@ReptheMHC They don't *want* the dollar dead and neither does anyone else. The problem is, the US is full of lazy whiners with an entitlement complex and financial con-artists with unlimited greed, and can no longer be relied upon to manage their debt or their money. As a result, the US dollar is dead regardless, and it those who hold large denominations of it need to start planning for it's eventual demise.
RedMarineNex 1 year ago
@RedMarineNex
Imagine the Chinese "borrowing" from the US the same amount the US "borrowed" from the Chinese, more than enough reason to conquer China.
racenemo 1 year ago
@racenemo China needs the US to continue its industrialization. Unfortunately for China, the US is not going to make it over the finishing line.
RedMarineNex 1 year ago
@RedMarineNex
China needs countries to export to.....
There are other (emering) markets to trade with and be honest, would you sell goods to me if you are certain I will never pay back?
Looks like the FED is pushing the US, ------OVER------ the finishline
racenemo 1 year ago
@racenemo Sell to a bad debtor, probably not, but as long as oil is priced in dollars, you need some dollars. On the other hand if a EUR oil bourse opened that would be the end of the US dollar.
RedMarineNex 1 year ago
@RedMarineNex
Russia and Iran stated months ago they want to deal oil in Euro
racenemo 1 year ago
@racenemo Indeed, but still no EUR oil bourse. It will happen, maybe not this year, and perhaps not next, but eventually oil and subsequently other commodities will trade in something other than USD, and then the party is over. No more free petrodollar lunch. Then the US will need to get back to economic activity (also known as work) rather than flexing their military muscle to enforce the petrodollar tax on the world.
RedMarineNex 1 year ago
I am so glad you pointed this out. I contacted all of them and Larry Winget they both told me it was silly and crazy. They I think are told what to say...personally we agree with some of their suggestion but your book opened our eyes and I must tell you we are completely debt free by following your advice. Thanks for loving humanity enough to tell the truth!
mari0228504 1 year ago
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ABGAN100 1 year ago
This has been flagged as spam show
the health care bill has a new regulation requiring gold or silver purchases greater than 600 dollars must be reported with a 1099 form. in 1933 an executive order was issued to confiscate all gold coinage and bullion and gold certificates. this is because there is not enough physical gold or silver to cover the debt. Hitler did a similar thing with guns in Germany first he required all guns be registered and then prior to the war he had ordered the confiscation of all the registered guns.
ABGAN100 1 year ago
1 sec ago
Obama and the democrats are doing to us what Hitler did to the German people only from a economical standpoint. this nation is gradual being enslaved? and by the time the American people wake up our enslavement could be complete! we will all end up like share croppers incapable of paying off our debt to the company store. we will become indentured servants to the government!
ABGAN100 1 year ago 13
@ABGAN100 At some point the people will stand up, when they do wake up. This country stood up to the nazi's and the facists before and prevailed. That will happen again. The truth cannot be hidden for much longer from the people. They will put 2 and 2 together, and the criminals will be brought to trial. There are to many great people in our military, and other government postions to allow the end of this country.
bossduff 1 year ago
@ABGAN100 dont forget Bush did it too
phantommadness 1 year ago
@ABGAN100
Obama + Democrats = Bush + Republicans. Tell me something that Obama and the Democrats have done that Bush and the Republicans haven't done.
scottastley 1 year ago
IS Suzy Orman or watever her name is. She has Brain damage? Id like to call her a Bitch. thats Official from me. WHY? Her stupid words will hurt many Gullable people. But hey a book reader will always read a book. No matter how hard you try to get people to become ADHD its a waste of time :-(
Nevawake 1 year ago
"the copper in my basement did better then the dow" hahahaha lolol, im a trader and peter you speak the truth period its a shame the numpties on CNBC dont listen to you.. quality pete
benjiheads 1 year ago
Peter,
Your the man! You speak the truth and I think it funny to watch the corporate controlled media doing everything they can to discredit you. All it does it make them look even more worthless...
85Tourist 1 year ago
lmfao this video was hilarious
qualm43 1 year ago
You teach me so much every day. Thank you.
cmuhl18 1 year ago
I LOVE YOU SCHIFF
Rownery 1 year ago
suze orman said (when gold was 400-500oz) that "rich people don't buy gold" and "you WILL NOT CREATE WEALTH WITH GOLD" . i saw this show and remember it well,thats when i knew to tell anyone following her advice to research the prec metals market them selves. Orman is an idiot. ramsey thinks because he is good with debt managment that he is naturally good with investing;these are 2 differing core concepts.he knows little of markets
crabtrap 1 year ago
"My underwear out-performed the DOW" That was great
Devious2323 1 year ago
Very funny and informative. Thx for sharing.
McTojo 1 year ago
Rahm Emmanuel and Larry Summers are bailing out,it seems these guys see an imminent train reck ahead,and now you have Geithner picking uneccessary fights with the Chinese(America's creditors,who buy (borrow us)$2Billion aday to fund our bankrupt govt).it seems like its down hill from here folks,time for plan B.This is not looking good folks.
brown9ja 1 year ago
Right again Mr. Schiff! The global economy is in transition. Hopefully everyone is prepared.
autobahn101driversed 1 year ago
Rahm Emanuel has done his damage to America and now he will exit and wait for the fall after which he will reap the benefits of his evil. Thanks Pete!
Downfacingdog 1 year ago
Peter, I'm sorry to say you are wrong on inflation. Gold is the biggest bubble I have ever seen. Every indicator tells me you are getting false reads on this economy. This is a deflation in hiding. M3 continues to contract. There is no lending. There is no spending. Those promoting hyper-inflation are misreading this completely. Gold buyers will be crying a few months from now! They will get wiped out!
drkevincampbell 1 year ago
@drkevincampbell Look at the base money. It was more than doubled in 2008. The base still more than double those of the early 2008 levels. M3 is all that credit structure on top of that.
So even if M3 is contracting, you still have more than double the amount of dollars than in 2008. Thus, gold prices should *at least* double.
It's easy for anyone (myself too) to get blinded by government propaganda. This is why I stopped watching TV. Ultimately, you cannot fool free markets and common sense.
TheBrotherMouzone 1 year ago
@TheBrotherMouzone The Free Markets? What free market are you talking about. The market is manipulated. Gold is being manipulated. The FED plunge protection team master computer inside Goldman Sachs basement runs the whole show. It's all rigged. What free market are you talking about?
drkevincampbell 1 year ago
@drkevincampbell That's not what I meant by "free markets". I know the game is rigged now. What I meant is, that the game riggers cannot rig the game forever. The underlying free market forces eventually win the manipulators. It has happened throughout history. It will happen again.
TheBrotherMouzone 1 year ago
@drkevincampbell I also wish to point out that the 1930s Great Depression was a deflationary depression. Nonetheless, gold and silver performed well during that period. So did gold mining stocks.
TheBrotherMouzone 1 year ago
Have a safe journey and God bless!
tiamarchos 1 year ago
we are hoping a World war will get us out
btigtime2 1 year ago
This is music to my ears.
evolor 1 year ago 2
I hope this stuff really takes hold BEFORE the Democrats lose power, so we won't see another Democrat surge from blaming Republicans... If the dollar loses traction right when the Republicans take majority, we may see a people making the case for more Democrats again...
TheEllipsis731 1 year ago
Great report Peter...keep doing them after Friday drinks!!
clacks78 1 year ago
They are going to burn in the lake of fire.
nomoreserfs 1 year ago
bottom line, inflation, inflation, inflation
commonsense2008 1 year ago
LOL
yogiudo 1 year ago
LMFAO @ the jockey shorts comment!
LibertyMike1 1 year ago 2
Rahm Emanuel is a dual-Israeli Zionist who made sure Obama's foreign policy was nice and cozy to Israel. I still haven't been answered this question, is Schiff a crypto-Zionist or is he not?
lonewolf1369 1 year ago
The fed through the dollar controlls the worlds economy ...someone has to do it.
IWashMyOwnBrain 1 year ago
The entire purpose of fractional reserve central banking is to transfer wealth from the many to the few (via inflation). It's a modern day slavery operation, designed to accelerate wealth concentration in a fraudulent manner.
OF COURSE the gap between the rich and the poor is breaking records, that's the whole point of it.
twisttt420 1 year ago 4
federal reserve policy = hyperinflation
daveashe 1 year ago
Just wondering how much longer will it take before US citizens take some action against the FED - they are literally admitting that they will print money like crazy which is going to destroy the whole economy in the end. How much more proof people need that the FED is run by a bunch of madmen?
MushroomCloud666 1 year ago
@MushroomCloud666 You know, you guys are talking about USA economy failing, so now everybody here is vocal.
For decades USA has been exporting inflation to the nations around the world, making those nations pay for the US inflation with real goods and energy, it's about time this hit back home.
USD should be gone and good riddance, for real, it's time to move forward, to do some real progress, to move away from this money printing scheme that the world accepted for status-quo since the WWII.
romanmir01 1 year ago 2
@romanmir01 Yes, dear, you will see a new curency: Amero ..the american dream is a nighmare now :((
tiamarchos 1 year ago