lol, is he still long the dollar? oh and gold is at $1255. although peter needs to stop making excessive predictions like gold will reach $2000 in 2009.
it's probably way over 2000 but the central banks manipulate price of gold.. Do some research and you will probably conclude that central banks manipulate price of gold.
WOW!.. I feel very smart compared to those dumb fucks!... how embarrassing!, how did those people got anchor jobs for money related topics?.... it's beyond me!... and people still think I'm being too harsh by saying that the American population is being dumber down by the week!...lol of course they are, look at this programs, they don't know shit!.. and they feed the average-inbreed-mongoloid such Tv shows, unbelievable!
so morons refused to except there was a collapse coming ?morons denied when the collapse was taking place before our very eyes that it was happening,now the same morons are claiming we are coming out of the collapse that was'nt going to happen and not happening ! but parrots are not expected to think just repeat ?
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who is that bald headed F$#@. He reminds me of Mike Norman. he does not know SHIT. His Bullshit 401k has tanked and he is trying to save his ass so bad it stinks like SH*T.,
Yea those guys are all complete morons. If any of them had a real clue they would be putting their money where their mouth is. Instead they make markets calls like a used car salesman. Peter Schiff is the only that has a clue, hopefully they will all take a lesson.
This is exactly like the youtube video wherein the guy literally beat up three attackers in the street... The better one WILL prevail! You da man Peter!
you worhtless bastards,you cant except the fact that doomed and fag infested america is collapsing....quit lying and cheating and stealing and commiting adiutlery and get right with Gid you dumdums
Fast money now, you fuckers. Wave around your pen, you fast talkking, bald headed, bastard. If I ever see you in a bar, I will knock your as out. And I will see you before you see me, slick. You will get yours, motherfucker.
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All your bills will be affected. When the dollar collapses it means that everything will be more expensive to buy. Imagine a loaf of bread costing US$2000 or something, not because bread is expensive but because the US dollar is cheap.
Peter Schiff is NOT a "negative prick". He is an economist who is able to put aside any unreasonable patriotism in order to make an objective analysis (unlike Jeff Macke). If only the USA could stop viewing the political landscape as "US vs. the World" then progress can be made. It is a simple equation. Imports > Exports = Trade Deficit. Government Spending > Tax revenue = Budget Deficit. All this leads to increased national debt. How can a country run Deficits forever?
Peter Schiff is a negative prick. How many times does he repeat himself??? Its sucks that people want to see this guy spell his negatively.just so CNBC get ratings. Theres some dump prick on youtube that does the same thing. I think his called (visionvictory) he is as dumb as this guy
99% of the people who say the dollar will collapse have NO understanding of what that entails.
I ask people all the time.
What will happen if the dollar collapses ?
I have yet to get an answer. Nobody wants to say, because they don't know.
I ask them if a loaf of bread will cost $20. Nobody will tell me what they think will happen. It is just cool to say...the dollar will crash...it means you are politically correct right now.
Sorry about the spam, lol. Didn't separate my points very well in that last one. I went from the DOW to gold price without a clear indication. Near 8,000 is referring to the DOW, then the 1,000 is referring to gold price.
lol. He has said many times he can't predict exact dates of when things will happen. Markets are irrational in the short term. The fundamentals on the dollar is still terrible. US National Debt near 10.7 trillion dollars, 700 billion dollar a year trade deficit annually and diminished productive capacity. Instead of looking at things, ask why. The dollar has risen because people have had to liquidate into dollars. It will be down the drain shortly. Everything is down but the dollar short term.
Remember when all those idiots on TV were saying DOW 16k this year? What's it at? Near 8,000. It hit 1,000 earlier this year before everyone started having to meet margin calls and come up with cash. Don't get faked out by this bs. It's clear to anyone with eyes the government, and these morons on TV (except Schiff) are either incompetent or dishonest. I'd suggest you watch some more videos or do some more research, Jacob. Go see what Bernanke/Paulson said about the economy before the crisis.
How do you explain the strengthening of the dollar? No one can argue with anything you said, but there has to be a bottom. Economic growth will or is down and Government debt is way up. So what can happen other than a decline in purchasing power. $20 for a loaf of bread has happened in other countries, so I think it is foolish to think that it can not happen here.
I never said it could not happen. I am simply trying to get all of the chicken littles to commit to their outrageous claims. If you dont get them to give a timeline and a very specific example of what they think is going to happen, they will be on Youtube 2 years from now saying the same nonsense.
agreed, I just lean toward the idea that it will happen unless some policies change fast. But, it looks like spending will continue to sky rocket until something catastrophic happens.
3 weeks later, gold is sitting now at more than $850/oz. With the new bailout pending on the auto market, gold will trade higher in the coming months.
top that with obama's foreign policy of sending troops to afghanistan, as opposed to a recall that he subsequently rallied for, americans will have to borrow more from developing from other economies.
obama is now considering a tax cut for small businesses so they can operate, but customers won't come b/c saving is rising exponentially...
When he claimed that tech stocks were going to go down, they continued to go up. Does that mean Peter was wrong? No, because eventually tech stocks did go down.
LOL.....damn.....the nature of the stock market is cyclical...if you dont put time restraints on peoples predictions.....everyone would be 100% correct...it did not happen when Mr. Schiff said it would...and it has not happened yet
Back in summer interviews in 2008, he said many times that the dollar would collapse by October 2008. He said commodities would skyrocket because of this collapse and he said gold would move much higher.
I'd like to be open minded about this because my money is at stake. Now what is wrong with Schiff's reasoning? He is arguing that in order to stimulate the economy the government will print money. Printing money creates inflation. Government cannot print gold, so gold will be stable, but relative to fiat currency it will rocket. Clearly in the market humans can be irrational, but how else can we invest other than looking at the fundamentals? Where have you invested?
Don't misunderstand me, Mr. Schiff is a very intelligent man. I do not disagree with him on everything. Gold is one area where I definitely disagree with him.
Mr. Schiff also advocates solid companies with generous dividends. That is where I put my money. I have been doing this for over 3 years, I just happen to know that Schiff is a dividend junkie, and so am I.
Many of those stocks seem to be the sorts of things Schiff would invest in, that is, energy, utilities, etc. Many of them have fallen in price recently.
What's wrong with gold? Schiff tries to get people to buy gold from the Perth Mint. Gold is probably the only asset that has gone up in the last five years.
When Schiff recommended gold back in June 2008, it was sitting at $950/ounce. It is now sitting at around $850/ounce. He also recommended positioning yourself in commodity stocks. They took a beating.
It is my personal belief that oil is not going to go too much lower than $35/barrel.
I will say it again. Gold at these entry prices is for suckers.
You're wrong, Jacobrester. Schiff's understanding of economics is completely sound. If you want to read a primer on this crisis, check out 'The Dollar Crisis' by Peter Duncan. Foreigners won't accumulate claims on your assets indefinitely...they'll eventually want real goods in exchange for the stuff they send your way. It's just a matter of 'when' not 'if' they cut you off from their savings.
Dude....they have been saying that for the past 30 years. And I can show you "Expert" financial analysis who say the crisis is not nearly as bad as Mr. Schiff is making it out to be. I do not dislike Mr. Schiff, I just think he is an alamrist.
This crisis will end up somewhere between worst case scenario and nothing happening at all. They always do.
No, Schiff addresses this point by stating that de-levering is causing a temporary decline in those prices. What he doesn't say, but what he and others espouse, is that rapid inflation will come after a bout of de-levering deflation. (It always does!) He openly states that he's a long-term investor and he makes his claim based on macroeconomics... which suggest that gold will continue to go higher.
if you have to ask how to invest in something on youtube, you're probably not ready to invest in that asset. you must understand the risk involved before you invest in anything. research gold's history, how it has acted in times of crisis (inflation, deflation, stagflation etc). don't take advice from anyone, peter schiff included, without doing the necessary research into the asset class involved. you should never put all of your money into anything. there are many places to buy gold bullion.
I'll tell you why. Schiff only cares about marketing himself and his brokerage firm. So the allows the media to clown him because he wants to be invited back. The problem is that by allowing them to clown him people dont take his message seriously. But Peter doesn't care because he only wants to market himself. Schiff has no credibility because he has been saying this since the early 1990s. Notice how CNBC says he was warning about this since 2006 to make him look like his timing was accurate.
His predictions were extremly accurate! His description of the whole development of this crisis is right on the money - step by step. You are simply an ignorant moron! Watch his speach for mortage bankers on YT!
do you know what his believe and concept about portfolio , I mean does he believe market risk is important , diversifying , market is efficient market portfolio , inflation important?
do you know what his believe and concept about portfolio , I mean does he believe market risk is important , diversifying , market is efficient market portfolio , inflation important?
This show is call fast money for a reason. It's not about long-term investing. It's about short-term speculation and taking profits from trends. Schiff is talking about long-term. The bald guy is getting insulted because his short-term bets on the dollar have paid off.
This show was alot better than seeing this guy debate CNN/FOX pundits and paid consultants/talking heads.
You idiot, the dollar has gained a lot of strength as of late and I've been long the dollar as well in the short term. 1GBP would get you 2 US Dollars a while back now 1 GBP gets you $1.24 so why you laughing at him? Looks like you're the dumbass
Yes I know what being "long" means. Do you? A Long position is when you buy expecting to profit from an increase in price. The dollar has been gaining strength so he is long to try and profit from it. I am buying gold and am shorting the dollar for the long term (not on leverage) through etrade.
Schiff, telling the morons like it is. The faces on those big corp. sycophants are classic. They haven't got a clue. And the lost in the headlight look is them going, "holy sh*t, you can't tell the truth on a network that profits off of bombs, and jet engines and GE derivative packages, dang it, it pays for our salaries." Go get'em Schiff!!!
Hahaha so right. Sycophant is the best term for these bootlickers. I don't have a dollar to my name but I am getting a whole lot of insight into economics from Schiff as well as others like Jim Rogers. So hopefully in the future when I am ready to make moves I am not infected by the stupidity of the masses which include the media and many within the financial industry itself.
Of course, those in the know saw this coming years ago. I don't pay much attention to what is being said on TV. Mostly mindless chatter and reflective of society as a whole, not groundbreaking or thought-provoking as they like to portray themselves as being.
The economy is collapsing (not "recession"), it is the collapse of Western Civ. Going a little deeper, some of the fundamental precepts of W Civ are flawed.
I. Growth/expansion is good and is required for financial/economic survival. Problem: We cannot live out of balance with our world. We cannot expand forever. Our nest is finite.
II. We and only we know what's best for EVERYBODY EVERYTHING EVERYWHERE. ("Ethnocentricity") This egocentered worldview is wrong, and is instilled from birth.
They are just talking heads on TV - they are narrowly educated, and just dim enough to miss the big picture and real truth, and just smart enough to manipulate the financial nomenclature and ideas effectively on screen. They are empty shells.
I think the talking heads just think short term and are being tricked by the movement in the dollar and gold in the last several months.
Peter is right, of course, for the medium and long term. In the end, the US gov't is bankrupt, the dollar is worthless, and the bailouts we're seeing are only inflation, which will cause gold to rise.
Unless you called it when Peter called it you dont get to talk. If you were one of the people telling peter he was dead wrong years ago, you have to shut up and listen. These fools dare to speak to him when he has shown such foresight. This generation thinks everyone is equal. They are not. Some people are teachers, some are students. Know your place learn your lessons do your homework.
Its called CAPITALism not BORROWism. Our whole economy is based upon a confidence game. I hate to say, but its game over.
The banking cartel is expanding the money supply at an astounding annualized rate yet we're looking at deflation. They are doing everything they can do to destroy the currency yet the value of the dollar has astronomically increased ($49 now buys your a barrel of oil, instead of $149). Cash is king when credit is null.
Yes we are at risk of a dollar collapse, but doing nothing is not an option.
An agresive fiscal intervention can reactivate the economy, save the dollar, and after recovery, we could possibly pay back the fiscal cost.
Pete's approach is like the case of a Cancer patient who is assured he has no more days to live, but if you are someone like Armstrong, you can prove then wrong.
You haven't been listening to Peter. He suggests the *GOVERNMENT* does nothing. He suggests the *PEOPLE* work hard; save money; manufacture goods; live within their means; invest wisely. All of these things are essential to reviving the economy. This is certainly not doing nothing. In your metaphor, the cancer patient is *THE PEOPLE* (not the economy like you suggest) and *THE GOVERNMENT* is the cancer. If the government *DO SOMETHING*, it means they must grow. The cancer will spread not shrink.
it's too late already. real gold and silver are already a premium and difficult to find. if that is the price u will to pay, subscribe to davincij15. he has great videos about gold and there are discussions about where to buy. watch and read all the videos and discussion. very informative.
So true nmby. Peter schiff has been spot on and what he says makes sense about producing in the US and lending by foreigners etc etc. And these other "fake ass patriots" instead of talking about the problem appear to show off their fake patriotism.
nmbypmby34 - r u talking about Peter Schiff BLOOMBERG 28 Oct 2008 video?
I could tell 5+ years ago by Peter's demeanor that he knew what he was talking about. I think that freshly circumcised bald dickhead should shut up and listen.
many lower & middle class people would argue that trickle-down economics is bullshit. the problem isn't that they're right and the gov't has been screwing people--they aren't, and it hasn't--it's that the trickle-down doesn't necessarily have to be wealth. poison can trickle down just as easily..
rich people throughout the world recently discovered that much of their "wealth" wasn't real, and no longer can they finance the things that everyone else depends on. they screw up and everyone suffers
His words fell on the deaf ears of the talking heads. They are too busy listening to themselves to hear Schiff. Classic fools. I hope the talking heads will remember this moment when their dollars are worthless and they hold their hands out in desperation.
All these so called "economist" have not been listening to Schiff for years. Look at where it has gotten them and us. Arrogance does no one any good at all. Maybe that is the lesson that needs to be learned here.
Schiff was talking about trading useful commodities as being a basis for the "real" economy, early on. Gold is no longer a real commodity -- just like the dollar, it is traded for other goods and services as a currency, not on its own merits. So why was he talking about gold as if its a "real" economic commodity? If he said something like "jewelery and microchips, which are going up in value, are using more gold", then I might agree. Otherwise it's banking on the same old currency exchange trap.
as you pointed out, gold is used in jewelery, in microchips, and other products. so it IS a commodity on its own merits. i think at it most basic, its just a beautifully shiny, malleable metal, that doesn't corrode, that people like to sport as an ornament. this is fundamentally human and will probably never change. its always going to have this allure and therefore always have worth in its own right, and therefore always be a medium of exchange.
What the hell are you talking about? Gold has been deemed a store of value for 6000 years, ever since the start of civilisation. You got it backwards, gold has real value, fiat money doesn't.
Arrogant Americans that think we are some how better than the rest of the world live in a fantasy land. 4:00 Dude. Wake up. The American Economy is collapsing and nobama can stop it now. Stop watching lame TV and eating poison food all made to dumb you up. Dumb American slaves. WAKE UP!
What? You're not making any sense. Nobama? Can stop it? LOL Obama is our economic patsy. Now we can have some real racism in this country. Fortunatly, I hate everyone.
Evolution of economy? Unified block of capital? WTF is the guy talking about? Basically, he wants to redefine the dynamics of economics to state that you can get something for nothing (aka a free lunch) through hand waving and money manipulation.
For all you Peter Schiff fans, subscribe to his weekly podcast on itunes...Its free and he drops some real gems...I have become a huge fan and just bought his book.
How hard is it to understand that debt is not wealth? How delusional can someone b?The major export products of the US r Toxic bonds(with fake AAA ratings)(basically fraud)
they can't even give him a chair
punktillidie27 1 month ago
silver was 9 dollars a god damn ounce...*goes to frig for another beer* :(
westy44cal 4 months ago
Gold didn't reach 200 you dummy Schiff
shotsky94 7 months ago
that bald sucker: "im long the dollar" (proud). how u like the dollar now u suckerrr
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perera419 1 year ago
Dollar still working a-hole?
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girlfriendofnone 1 year ago
Pause is my friend.
Stop thinking.PLaaaaaaaaaaase
girlfriendofnone 1 year ago
lol, is he still long the dollar? oh and gold is at $1255. although peter needs to stop making excessive predictions like gold will reach $2000 in 2009.
bonfirejovi 1 year ago
@bonfirejovi
it's probably way over 2000 but the central banks manipulate price of gold.. Do some research and you will probably conclude that central banks manipulate price of gold.
xMaXiMuSx 1 year ago
WOW!.. I feel very smart compared to those dumb fucks!... how embarrassing!, how did those people got anchor jobs for money related topics?.... it's beyond me!... and people still think I'm being too harsh by saying that the American population is being dumber down by the week!...lol of course they are, look at this programs, they don't know shit!.. and they feed the average-inbreed-mongoloid such Tv shows, unbelievable!
JohnHolmesDick 1 year ago
they have no concept of economics. how do they have a show?
shakaama 1 year ago
so morons refused to except there was a collapse coming ?morons denied when the collapse was taking place before our very eyes that it was happening,now the same morons are claiming we are coming out of the collapse that was'nt going to happen and not happening ! but parrots are not expected to think just repeat ?
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MarkMillionaireGuru 2 years ago
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Peter Schiff supports fractional reserve banking. He is a Rothshilds' shill
dimaniak 2 years ago
LOL silly bald fat guy.
ctfdacow 2 years ago
Today is Nov 18/09 and the Dollar index has went from 88 to 75 and gold from 745 to 1140.
Hmmm who was right (LOL)
endlessmountain 2 years ago
who is that bald headed F$#@. He reminds me of Mike Norman. he does not know SHIT. His Bullshit 401k has tanked and he is trying to save his ass so bad it stinks like SH*T.,
baperkins2 2 years ago
Karrabell seems to think that economics is a lot more complex than how Schiff describes it. It isn't. Its very simple.
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BrittPhillips 2 years ago
Schiff tells it how it is.
of course cnbc cant say what they real feel, they would be fired or atleast suspended.
SENTRY000 2 years ago
What's scary is he's right
wuzcloopin 2 years ago 4
Schiff is always a year or two premature with his predictions. So expect the dollar to collapse in late 2009, or sometime in 2010.
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Richballermoney 2 years ago
This comment has received too many negative votes show
These predictions...everyone can predict
MattRYM 2 years ago
yet noone did.
MANofINACTION 2 years ago 4
anyone who isn't a Keynesian
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kodykodyoneill 2 years ago
Yea those guys are all complete morons. If any of them had a real clue they would be putting their money where their mouth is. Instead they make markets calls like a used car salesman. Peter Schiff is the only that has a clue, hopefully they will all take a lesson.
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MonroeOgden 2 years ago
"Fast money" is by far the worst show on CNBC. I'd rather watch re-runs of "Wall street week with Louis Rukeyser"
phonedial9 2 years ago 4
I'm a high school Junior and I get what Peter is saying, apparently these economic analysts don't
kangbyj8481 2 years ago 2
He is very good in explaining it in simple terms. I like his analogies. Search for them.
vuong785 2 years ago 3
This is exactly like the youtube video wherein the guy literally beat up three attackers in the street... The better one WILL prevail! You da man Peter!
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hero129 2 years ago
these guys are specific, anybody could be one of these idiots commmenting out of their asses
marengo08 2 years ago
did i write specific? i meant pathetic sorry LOL
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powercleansepro 2 years ago
They look like a gang of kids that got sent to the Principals office! LOL
Principal Schiff.
Their facial reactions reminds me how the other candidates treated Ron Paul during the debates.
PacApp5 2 years ago 7
This Fast Money Guys are Money PIMPS , they do not know nothing about economics !!
fcmrocha 2 years ago 4
give the guy a seat and make it out of gold
ramp31 2 years ago 3
you worhtless bastards,you cant except the fact that doomed and fag infested america is collapsing....quit lying and cheating and stealing and commiting adiutlery and get right with Gid you dumdums
doomedamerica 2 years ago 3
lose money real fast with these lying piecies of shit.
mow1717 2 years ago 3
Fast money now, you fuckers. Wave around your pen, you fast talkking, bald headed, bastard. If I ever see you in a bar, I will knock your as out. And I will see you before you see me, slick. You will get yours, motherfucker.
rahimi5 3 years ago 13
gold will fall heavily sometime soon when the IMF is forced to sell it's holdings to bail out those developing countries.
shikagonga 3 years ago
Once again hes right.
Gold is once again above $900
and the dollar is once again down versus the Euro.
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Vatsonlee 3 years ago
hey yo FAST FUCKTARDS.......stock market nation is dead. get real careers and jobs at WALL.................MART.
garyowen4ever 3 years ago
Holy shit, it's the Al Gore of economy!
Calliber50 3 years ago
No he's actually right...
MANofINACTION 3 years ago
One again right on. The dollar has once again is reaching near the lows against the Euro.
informationauth 3 years ago
Peter is the master and the rest are the servants waiting to hear the truth
mangathebeautiful 3 years ago
I like how Peter is the only one standing; like a teacher and his students.
atheistnarnia 3 years ago
All your bills will be affected. When the dollar collapses it means that everything will be more expensive to buy. Imagine a loaf of bread costing US$2000 or something, not because bread is expensive but because the US dollar is cheap.
noraklagrangian 3 years ago
Peter Schiff is NOT a "negative prick". He is an economist who is able to put aside any unreasonable patriotism in order to make an objective analysis (unlike Jeff Macke). If only the USA could stop viewing the political landscape as "US vs. the World" then progress can be made. It is a simple equation. Imports > Exports = Trade Deficit. Government Spending > Tax revenue = Budget Deficit. All this leads to increased national debt. How can a country run Deficits forever?
It can't.
shaunzane 3 years ago 2
Peter Schiff is a negative prick. How many times does he repeat himself??? Its sucks that people want to see this guy spell his negatively.just so CNBC get ratings. Theres some dump prick on youtube that does the same thing. I think his called (visionvictory) he is as dumb as this guy
WhitePlayer1 3 years ago
LAWL at Winnie the Pooh at 1:07.
What the heck?
MooseOfReason 3 years ago
LOL... Peter Schiff just PWNED the shit outta these muthafukers!
jehnubis 3 years ago 5
Jeff4Prez
fvck MacObama
colacocala 3 years ago
Update: 12/17/08: Dollar Falls Most Against Euro Since 1999 Debut After Fed Cut
chunstiger 3 years ago
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garyowen4ever 3 years ago
99% of the people who say the dollar will collapse have NO understanding of what that entails.
I ask people all the time.
What will happen if the dollar collapses ?
I have yet to get an answer. Nobody wants to say, because they don't know.
I ask them if a loaf of bread will cost $20. Nobody will tell me what they think will happen. It is just cool to say...the dollar will crash...it means you are politically correct right now.
Jacobrester 3 years ago
Schiff schooled these fools
Vertigo2903 3 years ago 4
Sorry about the spam, lol. Didn't separate my points very well in that last one. I went from the DOW to gold price without a clear indication. Near 8,000 is referring to the DOW, then the 1,000 is referring to gold price.
Zalithian 3 years ago
lol. He has said many times he can't predict exact dates of when things will happen. Markets are irrational in the short term. The fundamentals on the dollar is still terrible. US National Debt near 10.7 trillion dollars, 700 billion dollar a year trade deficit annually and diminished productive capacity. Instead of looking at things, ask why. The dollar has risen because people have had to liquidate into dollars. It will be down the drain shortly. Everything is down but the dollar short term.
Zalithian 3 years ago
Remember when all those idiots on TV were saying DOW 16k this year? What's it at? Near 8,000. It hit 1,000 earlier this year before everyone started having to meet margin calls and come up with cash. Don't get faked out by this bs. It's clear to anyone with eyes the government, and these morons on TV (except Schiff) are either incompetent or dishonest. I'd suggest you watch some more videos or do some more research, Jacob. Go see what Bernanke/Paulson said about the economy before the crisis.
Zalithian 3 years ago
Peter Schiff said back in June of 2008, that the dollar, which was sitting at 70 on the index would collapse by October 2008.
He said because of the dollar collapse, ommodities would skyrocket.
He said gold, which was sitting at $950 in June 2008, would go higher to $1200 by October 2008.
What happened?
The dollar has rallied to 88 on the dollar index
Commodities have fallen like a rock.
And gold, is now sitting at $776/ounce.
He is not so accurate from what I can see.
Jacobrester 3 years ago
How do you explain the strengthening of the dollar? No one can argue with anything you said, but there has to be a bottom. Economic growth will or is down and Government debt is way up. So what can happen other than a decline in purchasing power. $20 for a loaf of bread has happened in other countries, so I think it is foolish to think that it can not happen here.
thedudeabides76 3 years ago
I never said it could not happen. I am simply trying to get all of the chicken littles to commit to their outrageous claims. If you dont get them to give a timeline and a very specific example of what they think is going to happen, they will be on Youtube 2 years from now saying the same nonsense.
Jacobrester 3 years ago
agreed, I just lean toward the idea that it will happen unless some policies change fast. But, it looks like spending will continue to sky rocket until something catastrophic happens.
thedudeabides76 3 years ago
3 weeks later, gold is sitting now at more than $850/oz. With the new bailout pending on the auto market, gold will trade higher in the coming months.
top that with obama's foreign policy of sending troops to afghanistan, as opposed to a recall that he subsequently rallied for, americans will have to borrow more from developing from other economies.
obama is now considering a tax cut for small businesses so they can operate, but customers won't come b/c saving is rising exponentially...
kikkoman1231 3 years ago
When he claimed that tech stocks were going to go down, they continued to go up. Does that mean Peter was wrong? No, because eventually tech stocks did go down.
noraklagrangian 3 years ago
LOL.....damn.....the nature of the stock market is cyclical...if you dont put time restraints on peoples predictions.....everyone would be 100% correct...it did not happen when Mr. Schiff said it would...and it has not happened yet
Jacobrester 3 years ago
When did Schiff say the US dollar was going to collapse? I never heard him give a precise date.
noraklagrangian 3 years ago
Back in summer interviews in 2008, he said many times that the dollar would collapse by October 2008. He said commodities would skyrocket because of this collapse and he said gold would move much higher.
He was wrong on all counts.
Jacobrester 3 years ago
I'd like to be open minded about this because my money is at stake. Now what is wrong with Schiff's reasoning? He is arguing that in order to stimulate the economy the government will print money. Printing money creates inflation. Government cannot print gold, so gold will be stable, but relative to fiat currency it will rocket. Clearly in the market humans can be irrational, but how else can we invest other than looking at the fundamentals? Where have you invested?
noraklagrangian 3 years ago
Don't misunderstand me, Mr. Schiff is a very intelligent man. I do not disagree with him on everything. Gold is one area where I definitely disagree with him.
Mr. Schiff also advocates solid companies with generous dividends. That is where I put my money. I have been doing this for over 3 years, I just happen to know that Schiff is a dividend junkie, and so am I.
I am currently invested in:
PWE
IWA
BPT
ED
Jacobrester 3 years ago
Just keep in mind. I DO invest my own money. I am not a nutjob on Youtube calling for the collapse of the USA because I am eaten up with envy.
Here are some other strong companies with solid dividend you MIGHT consider:
KMP
PFE
ETP
GXP
Basically, in my opinion, stay away from Financials, Real Estate and any stock driven by retail sales.
Jacobrester 3 years ago
Many of those stocks seem to be the sorts of things Schiff would invest in, that is, energy, utilities, etc. Many of them have fallen in price recently.
What's wrong with gold? Schiff tries to get people to buy gold from the Perth Mint. Gold is probably the only asset that has gone up in the last five years.
noraklagrangian 3 years ago
When Schiff recommended gold back in June 2008, it was sitting at $950/ounce. It is now sitting at around $850/ounce. He also recommended positioning yourself in commodity stocks. They took a beating.
It is my personal belief that oil is not going to go too much lower than $35/barrel.
I will say it again. Gold at these entry prices is for suckers.
Jacobrester 3 years ago
You're wrong, Jacobrester. Schiff's understanding of economics is completely sound. If you want to read a primer on this crisis, check out 'The Dollar Crisis' by Peter Duncan. Foreigners won't accumulate claims on your assets indefinitely...they'll eventually want real goods in exchange for the stuff they send your way. It's just a matter of 'when' not 'if' they cut you off from their savings.
cannuckistan 3 years ago
Dude....they have been saying that for the past 30 years. And I can show you "Expert" financial analysis who say the crisis is not nearly as bad as Mr. Schiff is making it out to be. I do not dislike Mr. Schiff, I just think he is an alamrist.
This crisis will end up somewhere between worst case scenario and nothing happening at all. They always do.
Jacobrester 3 years ago
No, Schiff addresses this point by stating that de-levering is causing a temporary decline in those prices. What he doesn't say, but what he and others espouse, is that rapid inflation will come after a bout of de-levering deflation. (It always does!) He openly states that he's a long-term investor and he makes his claim based on macroeconomics... which suggest that gold will continue to go higher.
pniemczyk 3 years ago
Definition of a Long Term investor........Just give me time and in 5 or 10 years I will be correct
Jacobrester 3 years ago
Lol ...he is the only one without a chair to sit on
damagejackal10 3 years ago
CNBC Rookies. Schiff gets it, why don't they?
A19Z89 3 years ago
I love when these shows have Schiff.. it is almost completely worthless to watch an economic show without him or like minded people on it.
Desnoxvu 3 years ago
I can't beieve they still doubt him.
Sweetp000433 3 years ago 2
how do i buy gold?
i'm young and ignorant, i would like to invest the money i currently have into gold
Causticsting 3 years ago
if you have to ask how to invest in something on youtube, you're probably not ready to invest in that asset. you must understand the risk involved before you invest in anything. research gold's history, how it has acted in times of crisis (inflation, deflation, stagflation etc). don't take advice from anyone, peter schiff included, without doing the necessary research into the asset class involved. you should never put all of your money into anything. there are many places to buy gold bullion.
underaserpentsun 3 years ago
I'll tell you why. Schiff only cares about marketing himself and his brokerage firm. So the allows the media to clown him because he wants to be invited back. The problem is that by allowing them to clown him people dont take his message seriously. But Peter doesn't care because he only wants to market himself. Schiff has no credibility because he has been saying this since the early 1990s. Notice how CNBC says he was warning about this since 2006 to make him look like his timing was accurate.
ispeakthetruth2008 3 years ago
His predictions were extremly accurate! His description of the whole development of this crisis is right on the money - step by step. You are simply an ignorant moron! Watch his speach for mortage bankers on YT!
SolitonPL 3 years ago
do you know what his believe and concept about portfolio , I mean does he believe market risk is important , diversifying , market is efficient market portfolio , inflation important?
do you know the answers of these questions?
KwaiiiGirl 3 years ago
This has been flagged as spam show
do you know what his believe and concept about portfolio , I mean does he believe market risk is important , diversifying , market is efficient market portfolio , inflation important?
do you know the answers of these questions?
KwaiiiGirl 3 years ago
I don't know why Peter Schiff goes on with these arrogant ass holes.
TheRodeoClown123 3 years ago 3
This show is call fast money for a reason. It's not about long-term investing. It's about short-term speculation and taking profits from trends. Schiff is talking about long-term. The bald guy is getting insulted because his short-term bets on the dollar have paid off.
This show was alot better than seeing this guy debate CNN/FOX pundits and paid consultants/talking heads.
jhr001 3 years ago
Get one of those idiots out of there and let the man sit down.
fatmoleman 3 years ago 4
That's partly okay... In few years when we watch this clip again, we will like to think that the wise man was lecturing the dim wits...
kapaka12 3 years ago 3
Did that bald dumb-ass just say, "I'm long the dollar."??
Hahaha
God speed baldy!!
Truth4Power 3 years ago 6
You idiot, the dollar has gained a lot of strength as of late and I've been long the dollar as well in the short term. 1GBP would get you 2 US Dollars a while back now 1 GBP gets you $1.24 so why you laughing at him? Looks like you're the dumbass
john5246 3 years ago
correction it's 1.49 not 1.24
john5246 3 years ago
Your absolutely right!
But do you even know what being long even means?
The dollar has surged as of late, thats because large funds have dumped their equity positions and run to cash.
Thats a short-term move.
I hope you hold on to your dollars for a very long time!!
God speed young man!!
Truth4Power 3 years ago 3
Yes I know what being "long" means. Do you? A Long position is when you buy expecting to profit from an increase in price. The dollar has been gaining strength so he is long to try and profit from it. I am buying gold and am shorting the dollar for the long term (not on leverage) through etrade.
john5246 3 years ago
Schiff, telling the morons like it is. The faces on those big corp. sycophants are classic. They haven't got a clue. And the lost in the headlight look is them going, "holy sh*t, you can't tell the truth on a network that profits off of bombs, and jet engines and GE derivative packages, dang it, it pays for our salaries." Go get'em Schiff!!!
RosenKrantz666 3 years ago 16
Hahaha so right. Sycophant is the best term for these bootlickers. I don't have a dollar to my name but I am getting a whole lot of insight into economics from Schiff as well as others like Jim Rogers. So hopefully in the future when I am ready to make moves I am not infected by the stupidity of the masses which include the media and many within the financial industry itself.
gitterfritter 3 years ago
Of course, those in the know saw this coming years ago. I don't pay much attention to what is being said on TV. Mostly mindless chatter and reflective of society as a whole, not groundbreaking or thought-provoking as they like to portray themselves as being.
CFVertigo 3 years ago
The economy is collapsing (not "recession"), it is the collapse of Western Civ. Going a little deeper, some of the fundamental precepts of W Civ are flawed.
I. Growth/expansion is good and is required for financial/economic survival. Problem: We cannot live out of balance with our world. We cannot expand forever. Our nest is finite.
II. We and only we know what's best for EVERYBODY EVERYTHING EVERYWHERE. ("Ethnocentricity") This egocentered worldview is wrong, and is instilled from birth.
mannytwoshoes 3 years ago
Peter Schiff is standing there trying to educate those so called financial analysts. Like a college professor talking to grade school kids.
ronheri 3 years ago 12
To ronher:
They are just talking heads on TV - they are narrowly educated, and just dim enough to miss the big picture and real truth, and just smart enough to manipulate the financial nomenclature and ideas effectively on screen. They are empty shells.
mannytwoshoes 3 years ago 4
I think the talking heads just think short term and are being tricked by the movement in the dollar and gold in the last several months.
Peter is right, of course, for the medium and long term. In the end, the US gov't is bankrupt, the dollar is worthless, and the bailouts we're seeing are only inflation, which will cause gold to rise.
buddjas1 3 years ago 3
Mann, if George Carlin was alive to high five this guy.
at1212b 3 years ago
This guy and Jim Rogers are the two smartest people I have heard.
kingofmilwaukee 3 years ago 3
Schiff is an obdurate Austrian; he knows his facts and is able to defend them.
'Federal Reserve' delenda est
brojiml 3 years ago 2
That chubby bald guy, I thought was a joke. "the chinese are commies, the dollar is better than the euro and any russian money" lol
LakersFan247 3 years ago 2
Schiff took those schmucks to school!
WOLFENCT 3 years ago 4
Schiff for Treasury Secretary! Audit the FED
b5thomas7 3 years ago 4
PETER SSCHIFF IS THA MAN!!!!!!!
matello18 3 years ago 3
gotta buy some Euro's or something, cause I agree with this guy, at the end of the credit crunch the $'s gonna collapse...
may win 20-30% on the transaction
semiliteratedgod 3 years ago
Unless you called it when Peter called it you dont get to talk. If you were one of the people telling peter he was dead wrong years ago, you have to shut up and listen. These fools dare to speak to him when he has shown such foresight. This generation thinks everyone is equal. They are not. Some people are teachers, some are students. Know your place learn your lessons do your homework.
PETEYPOPOFF 3 years ago 3
well said
chadillac19 3 years ago
WOW!
How things have changed eh!
Before they used to bring Schiff on TV so that 5 people could gang up on him and ridicule him and never allow him any time to talk.
Now 5 people sit back with respect and listen to him talk!
poyani 3 years ago 6
OH BLOW ME! I called this years ago.
likes2p 3 years ago
finally these chumps starting to realize that Peter is the only one who believes in the truth
raguv2000 3 years ago
The only guy I see who is willing to call it like it is. God Bless Peter Schiff!!!!
He is a true American Hero.
friedenmeister 3 years ago
And they didn't even offer him a cup of tea or coffee!
pieaficionado 3 years ago
They could have at least extended him the courtesy of a seat.
I know that Schiff gets a rough time on these shows but they didn't have to make him stand.
Anyway this talent is wasted on you Americans.He's been saying this stuff for years but hardly anyone listened.
Can we borrow him for the UK please?
pieaficionado 3 years ago
The TV studios keep lining them up and Peter keeps knocking them down. Peter Schiff is the real deal, folks.
Unkn0wnGuy 3 years ago
CNBC blows.... what a circus
vernymax 3 years ago
Its called CAPITALism not BORROWism. Our whole economy is based upon a confidence game. I hate to say, but its game over.
The banking cartel is expanding the money supply at an astounding annualized rate yet we're looking at deflation. They are doing everything they can do to destroy the currency yet the value of the dollar has astronomically increased ($49 now buys your a barrel of oil, instead of $149). Cash is king when credit is null.
ehertzog 3 years ago 2
**** THE DO NOTHING APPROACH? ****
Yes we are at risk of a dollar collapse, but doing nothing is not an option.
An agresive fiscal intervention can reactivate the economy, save the dollar, and after recovery, we could possibly pay back the fiscal cost.
Pete's approach is like the case of a Cancer patient who is assured he has no more days to live, but if you are someone like Armstrong, you can prove then wrong.
honestlycorrect 3 years ago
You haven't been listening to Peter. He suggests the *GOVERNMENT* does nothing. He suggests the *PEOPLE* work hard; save money; manufacture goods; live within their means; invest wisely. All of these things are essential to reviving the economy. This is certainly not doing nothing. In your metaphor, the cancer patient is *THE PEOPLE* (not the economy like you suggest) and *THE GOVERNMENT* is the cancer. If the government *DO SOMETHING*, it means they must grow. The cancer will spread not shrink.
MisterRothstein 3 years ago 3
perfect way to put it
maplelum 3 years ago
Someone tell me where there's a trustworthy place to buy gold coins and gold biscuits?
TheFlex21 3 years ago
I buy and sell with BullionDirect com on the net. They've delivered have no problems. Can buy directly or auction on their nucleo xchange.
kt10585 3 years ago
it's too late already. real gold and silver are already a premium and difficult to find. if that is the price u will to pay, subscribe to davincij15. he has great videos about gold and there are discussions about where to buy. watch and read all the videos and discussion. very informative.
KhmerD0g 3 years ago
Schiff for Treasury Secretary! He's the man everyone else is a poser know it all who enjoy there own voice and counts on your short memory!
barrymc10 3 years ago 3
Ron Paul was our last hope.
TheFlex21 3 years ago 4
HOLY FUCK!!! That bald guy seriously has to shut up, he is talking out his ass and know nothing about economics.
The whole reason the economy is down the gutter is because people like him have been living in denial for so long.
MuzeecX 3 years ago 3
Did you see him on " Bloomberg"? I wonder why these people still laugh at him. On bloomberg today there were a few chuckles and alot of silence.hmmm.
nmbypmby34 3 years ago
So true nmby. Peter schiff has been spot on and what he says makes sense about producing in the US and lending by foreigners etc etc. And these other "fake ass patriots" instead of talking about the problem appear to show off their fake patriotism.
nmbypmby34 - r u talking about Peter Schiff BLOOMBERG 28 Oct 2008 video?
gutrp 3 years ago
There's a two part interview with Peter on youtube that was recorded back in 2002. Search for it. Hear was Peter was saying way back in 2002.
RedDelPaPa 3 years ago
I could tell 5+ years ago by Peter's demeanor that he knew what he was talking about. I think that freshly circumcised bald dickhead should shut up and listen.
RedDelPaPa 3 years ago 2
many lower & middle class people would argue that trickle-down economics is bullshit. the problem isn't that they're right and the gov't has been screwing people--they aren't, and it hasn't--it's that the trickle-down doesn't necessarily have to be wealth. poison can trickle down just as easily..
rich people throughout the world recently discovered that much of their "wealth" wasn't real, and no longer can they finance the things that everyone else depends on. they screw up and everyone suffers
jlroettger 3 years ago
Oh, 'trickle-down' works, alright - but who in their right mind wants to be pissed on?
jimpips 3 years ago 2
that's the point ha
jlroettger 3 years ago
His words fell on the deaf ears of the talking heads. They are too busy listening to themselves to hear Schiff. Classic fools. I hope the talking heads will remember this moment when their dollars are worthless and they hold their hands out in desperation.
Nerodz 3 years ago
All these so called "economist" have not been listening to Schiff for years. Look at where it has gotten them and us. Arrogance does no one any good at all. Maybe that is the lesson that needs to be learned here.
labtechjamie 3 years ago
Schiff is not a profit, nor does he pretend to be.
These FKN fair weather friend idiots on CNBC should be lucky to be able to get first hand information from him.
'The Chinese are commies'. It's these blind 'USA,USA,USA chanters' that are destroying our country.
Piss me off.
A19Z89 3 years ago 3
gold, in the $798's now. It's basicaly $800, so happy time for gold people!
PairoftheSocks 3 years ago 2
He stomped the bastards again LOL
MrSkaramanga 3 years ago 5
Schiff is awesome EVERY frakking time he is on TV.
Next summer I'll watch this clip again, and knowing gold was just 750$ an oz, it'll be stunning.
LondonCrusader 3 years ago 3
peter schiff kicks ass! he kicked their asses. bring them on!
uea978 3 years ago 3
the dollar is going to fall like a stone...........
uea978 3 years ago
Schiff was talking about trading useful commodities as being a basis for the "real" economy, early on. Gold is no longer a real commodity -- just like the dollar, it is traded for other goods and services as a currency, not on its own merits. So why was he talking about gold as if its a "real" economic commodity? If he said something like "jewelery and microchips, which are going up in value, are using more gold", then I might agree. Otherwise it's banking on the same old currency exchange trap.
TakeyMcTaker 3 years ago
as you pointed out, gold is used in jewelery, in microchips, and other products. so it IS a commodity on its own merits. i think at it most basic, its just a beautifully shiny, malleable metal, that doesn't corrode, that people like to sport as an ornament. this is fundamentally human and will probably never change. its always going to have this allure and therefore always have worth in its own right, and therefore always be a medium of exchange.
shroomingnewman 3 years ago 2
What the hell are you talking about? Gold has been deemed a store of value for 6000 years, ever since the start of civilisation. You got it backwards, gold has real value, fiat money doesn't.
sianghan 3 years ago 3
Look at their faces as the CNBC Monkeys get flippin' schooled!
Schnookums1975 3 years ago 2
Arrogant Americans that think we are some how better than the rest of the world live in a fantasy land. 4:00 Dude. Wake up. The American Economy is collapsing and nobama can stop it now. Stop watching lame TV and eating poison food all made to dumb you up. Dumb American slaves. WAKE UP!
tito2b2 3 years ago 4
What? You're not making any sense. Nobama? Can stop it? LOL Obama is our economic patsy. Now we can have some real racism in this country. Fortunatly, I hate everyone.
BipolarProject 3 years ago
Shut them up Peter!!!!!!!
locosland 3 years ago 3
Curley from the three stooges says we're not communist because we "pretend" to be free market. What a fuckin' dolt!
DoctorJohnJGibbons 3 years ago 4
Evolution of economy? Unified block of capital? WTF is the guy talking about? Basically, he wants to redefine the dynamics of economics to state that you can get something for nothing (aka a free lunch) through hand waving and money manipulation.
DoctorJohnJGibbons 3 years ago 2
For all you Peter Schiff fans, subscribe to his weekly podcast on itunes...Its free and he drops some real gems...I have become a huge fan and just bought his book.
BlackVivaldi 3 years ago 2
How hard is it to understand that debt is not wealth? How delusional can someone b?The major export products of the US r Toxic bonds(with fake AAA ratings)(basically fraud)
jonz23m 3 years ago 2
They should just Schiff his own show, then they'd atleast have one smart host.
quagles 3 years ago 5