i have a question for all of you. do you think it's wise or stupid to take out IRA money and use that money to buy physical silver? i figure by the time i retire (in like 30 years...), $25,000 in dollar denominations won't mean anything anyway. wouldn't it be better to just convert that to real assets now? thanks!
@bkdmd I'm a student and have only about $5,000 in my checking account. If I make 6 figures a year, I wouldn't even think to touch my retirement money. i'm not a young professional and i wait tables to make ends meet. even with the 10% penalty, that much in silver has to be worth more than what that money will be at around 2040, no? and who even knows if the dollar will exist at that time?
@shadowgeyser consumer loss - I've worked for an outsourcer before and I've seen flat out, consumers get less quality, less service. Outsourcing only benefits the outsourcing corporation, no one else.
Peter i just check in once in awhile to see how you are doing...Gas price hit 4.15 a gallon in SF this weekend...Sorry no sense of humor tonight people i have a headache. All i can say is its time for Bernake to break out the plastic Jesus and glue it to his dashboard....because i belive he has been forsaken...Peace
The dollar and the economy will collapse. No politician or policy can stop it. It's over folks. The return of the Lord Jesus Christ is fast approaching. Prepare yourselves and repent. Seek the Lord while He may be found, call upon His name while He is near.
we don't have the resources to maintain the growth and wealth of the 1800s, what a stupid thing to say - the earth is not a bottomless magic pot.
What's wrong with gold are the hoarders like John Paulson.
The US will have to fall to a resource based society and it will becomes more of a socialist country - unless you kill all the poor and the poor to come.
Revolution is in the air - choose what side you are on or hang from the gallows
@marniespeaks Kill all the poor? What do you thing Sanger, Eugenics and Planned Parenthood are for? The Democrats are doing their best, NYC kills 59% of Black babies in the womb. That's why they need new illegal Mexicans to pick up the electoral slack. If they can't buy a vote, the Democrats are done in the modern world.
@marniespeaks Where did I say that? I said a fact. Planned Parenthood is killing 59% of Black babies in the womb in NYC. A fact. Who supports Planned Parenthood with taxpayer funding? Who supports Sanger's Eugenics? What other conclusion can be drawn but Dems are comfortable with this result? No wonder you are so confused with such sloppy thinking. Dems still needs fools to vote against their own interests and this done with welfare checks or other protections,. Troll somewhere else.
@iannetta11 Yes! Absolutely. Previous bill HR 1207 had over 300 co-sponsors in the House but was killed in committee. There are powerful forces working against us, but we have to keep trying.
It's somewhat ironic that he should cite the 19th century as America's greatest century economically for operating under the gold standard, because, to the best of my knowledge, America was also a highly protectionist economy, as were virtually all others at that time. Not exactly something that Schiff would support :P.
@ENJager Economic growth was huge between 1870 and the beginning of the 20th century after returning to gold, which had been suspended during the Civil War (on both sides) in favor of highly inflated fiat currency. I think that's the most direct comparison to be made — the before and after effects once sound money had been reintroduced and the twenty or so years of prosperity that followed, despite the existing protectionism or the fact that, even then, it wasn't a "true" gold standard.
Peter, you don't honestly believe these people are dumb do you? Tell me you dont think bernanke doesnt know what results his actions will be?
Cmon these people may be psychopaths but they are not dumb they know full well what their doing. Its about time we start realizing theirs an agenda underway and stop denying it. As long as we play stupid like its a series of unrelated events were going to get rolled over. Just sayin...
Rich people gave Bernie Madoff their money, whereas our Government TOOK YOUR money and gave it to the rich. Our Government makes Madoff look like a saint.
Bernanke is delusional. Maybe he hasn't bought any gas for his automoble lately. Bernanke is either the biggest lier in the universe or he has some warped concept of reality. I guess he hasn't been to the grocery store either. He can take his QE2 and shove it where the sun don't shine. I am sick of Bernanke's nonsence. The Egyptians certainly are experiencing the inflation alot more than we are in the USA.
@Mineretta2012 He knows exactly what he is doing. He is concerned with the health of BANKS, that still have huge mortgage exposure. He is desperate to reinflate the housing bubble to protect the banks from large levels of default. The potential is worse than 2008. If we have massive bank collapse the money supply will drop and we will have deflation. That will not be good. But he can't tell the public that this is all about protecting the BANKS, the public won't sit for that. *more*
@bahhumbucker It is all a house of cards. Fiat is fiat is fiat is fiat. First the gold standard was removed then Glass Steagall. Then the banks did all the derivatives on the mortgages. What did they expect would happen? This day was going to come no matter what. The baby boomers are getting older. The baby boomers were the economy. The banks will never recover. The economy will never recover to support the debt. The numbers won't and don't add up. The house of cards is going to fall.
@Mineretta2012 Yup. I don't see a way out. That's what happens when you establish fiat and use Keynesian as an excuse to allow banking and gov't to loot the wealth. And make no mistake about it, Keynesian thinking is just an excuse to legitimize deliberate actions aimed at transferring wealth from us to "them". Buy gold, silver, other non-dollar assets. It's all we can do today. The gov't and Fed aren't going to face the music until the cards collapse.
@bahhumbucker I have been buying silver. I am growing my own food these days. We are also looking into alternative vehicles. Gas prices are going to continue to go up. It all basically sucks. The thing is there are other countries who are going to suffer more. The Fed has got to go. Why is a private bank printing money and charging us interest for it anyway. The States never approved the Fed it was pushed through illegally. I hope someone in Congress figures that out soon. It is Piracy.
@Mineretta2012 I've written to my rep and senators. My rep is more inclined towards reigning in, Senator is protective of the Fed. Problems are 1) gov't likes to spend money to get votes, so they support fiat and accomodating policies of Fed and 2) politicians are in the pocket of contributors and finance industry is a big contributor. Finance world cares little for Demo or Repub, they buy them both. Ron Paul figured it out, he will never get elected because the money views him as the enemy.
@bahhumbucker You know I think this is all designed for the so called Globalization agenda and one world currency. One world currency isn't going to work though anymore than the Euro is working. Too many different economies involved.
@Mineretta2012 I agree, the major finance players know or care nothing of national boundaries. They only know that their objective is to acquire wealth. Since they produce nothing, they have to extract the wealth from those that DO produce. It makes no difference what country the wealth is in, they want it and they're in the process of getting it. They laugh at national politics... it's a diversion that keeps people occupied while the global pillaging happens.
@bahhumbucker The banksters are pirates dressed up in suits and ties. Actually I like how Max Keiser puts it they have an addiction to gambling. That is the truth I think. They are all behaving like a bunch of gambling junkies and they get to print all the money they want at the working mans sweat and blood. Wake up everybody you are being robbed by the bankers. The Crooks work for the banks and the Brokerage Firms. You know what backs the money now our labor. They want us to be slaves again.
@Mineretta2012 Problem is that bubble is a Fed creation. Printing money isn't propping up the housing market, but it is delaying the next housing crash. The system is a house of cards and neither the Fed nor the Gov't are willing to revamp it. They're choosing to ride it out and that is not likely to end well. No economy has ever been able to print its way out of problems. Since we have abdicated our domestic production capability and become a consumer nation, we won't be able to, either .
@bahhumbucker Wow that is so funny we were basically writing the same thing to each other at the same time. I just got your post after I finished typing to you. I guess we are on the same page on this subject.
@Mineretta2012 Hope others are on this page, too. The thought that hard working Americans are getting robbed makes me nauseous. Of course there are a *lot* of people that are oblivious to the cost and still think that the Gov't should give us everything, even though the Constitution grants them NO authority to do most of what they are doing... and what has bankrupted our Country.
@bahhumbucker Yea, many people are still living in LA LA land. I can only thank God for my wake up call. When everything came down in 2008 I was caught off guard but I am well aware and getting prepared this time. I have talked to people in my life but they don't want to listen. Some are listening but most don't trust my information. I told my closest friend to buy silver and she talked to the guy at the bank and put her money in money market. Dumb move.
China's having a bad inflation problem. It's caused by massive exporting of their production at undervalued prices since the dollar and the euro are sharply declining in value relative to real measures of value (hard commodities), and the fact that they've pegged their currency to the dollar. China won't let their own inflation continue, or they will have a billion + very unhappy Chinese to deal with. Bottom line, expect large increases in price of Chinese made goods very soon.
I have noticed, that the real poor don't have any impute in this, lower middle has more, higher middle much less, the rich see this as temporary, a bump in the road, everything will return to normal as soon as the middle class takes its place with the poor, I would suggest watching what the gov, of FL is doing,
most of the research suggests that govt regulations with regards to biofuels, demand in emerging markets and other factors unrelated to money printing are main cause of increased food and fuel costs. From 1974 to 2005 food prices actually dropped. there was money printing even back then. it is unfortunate that people spend most of their time on youtube and so little time using their own brains.
@pytube2007 My food and energy bills sure didn't go down compared to 1974. I would take a return to 1974 prices in a hearbeat. Even Bernanke has acknowledged that increase in the money supply drives up prices. He is making the crazy argument that QE's an asset sway which doesn't affect the money supply. But then he says it will make exports attractive, whihc is the same as saying that it must be affecting the money supply. The man re-invents his story every time he speaks.
Mr. Schiff is right in his point that rising commodity prices are CAUSED by inflation and not CAUSING inflation. It is really important for people to understand this causality. Most people dont however..
I hate RINOs who criticize Ben Bernake for his great work. Bernake is a true Capitalist who exercises the principles of Maynard Keyes, the best economist who ever lived, and truly understands the consequences of inflation. Ben Bernake 2012!
An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.
Peter ...When backwardation does occur in a futures market it has been suggested that an individual in the short position would benefit the most by delivering as late as possible??????????
Silver is in Backwardation so that as the contract approaches expiration, the futures contract will trade at a higher price compared to when the contract was further away from expiration. This is said to occur due to the convenience yield being higher than the prevailing risk free rate.
I have to say I disagree with Schiff on Social Security. There is not enough money for SS to be privatized. The average corporate profit is 4%, that is not enough to feed the elderly.
@pirucreek If there is not enough money to be privatized, how can government pay for it? Governments don't produce anything, they take before they give and destroy some in the process. How can that be a better option?
@tothemax01 : The Core Price Index which the Gov't uses to measure inflation. Conveniently Food & Energy prices, the 2 most important factors in our lives are excluded from it.
Peter, this is a likely scenario, but I don't think the Chinese are dumb enough to stop buying treasury bills and allowing their currency to soar. Yes, it will bring the prices of commodities in THEIR country down, but as you pointed out it will also consequently bring our commodity prices up. If that happens, consumption will decrease here, and they'll stop selling their goods to the US--in which case they'll lose money and all their production capacity will evaporate. They can't risk that.
@regelemihai You should read his book: How an economy grows and why it crashes. The Chinese don't need Americans to consume their production. They could do it themselves.
It's like saying, you would be poorer, if your neighbor stopped eating your lunch. Because if you tell him to stop eating your lunch, there is no need for you to make lunch and your production capacity will evaporate.
Well, you could eat your own lunch. Your standard of living would increase.
But the lunch analogy isn't the same. If you sell your food to your neighbour you get money in eturn. If you eat your own food you're not gaining any money--you're spending.
And if this were true, why isn't the Chinese governmnet already selling its goods to its citizens and instead chooses to sell it to us?
@regelemihai Because they are pegging their currency to the USD. That's why Chinese purchasing power isn't growing. The analogy is the same. To complete it, you lend the money back to your neighbour, so he can buy lunch again. And if your neighbour hasn't enough money, he'll print it and you accept all this IOU, while thinking you're rich. At some point you want those IOUs returned in real stuff, but then you'll find out he has nothing to show for! And then the SHTF and you won't accept his IOUs
Interesting. I have bought the book over the weekend, and I'm half way through. By fra one of the best intro- to economocis book i've ever read (and the funniest). Concepts still keep aluuding me, but I'll get there.
As for the Chinese maneuver, why can't we do the same? We just devalue the currency, we export more and we gain capital. It certainly has worked well for China being the fastest growing economy in the world.
@regelemihai I don't think Americans are willing to work for $10 a day. There is no need to export for gaining capital. You need savings to gain capital. Exporting isn't needed per se to get economic growth. A country needs to export stuff it is good in producing, so that it can import goods it can't produce. You sell your labor skils, so that you can buy stuff you can't produce. It's called the division of labour. Division of labour is what has given us economic growth.
True, but thbe other extreme where you base your economy on exports exclusively has worked well for China. As I said, it's one of the biggest economies in the world at the moment.
Peter's views on free trade(since you mentioned it now) confuse me. John Stossel had a segment about how free trade helps the US and how a trade deficit doesn't mean anything and then I read in Peter Schiff's book that free trade is important but that we need to produce more and import less.
@regelemihai The problem with the US right now is that imports are for consumption and payed for with borrowed money. Once consumed, it's gone, but the debt is still there. One should only borrow for investment, otherwise what you consume now, that much less plus interest can't be consumed in the future. Borrowing for investment to produce more, the debt can be repayed by greater production in the future. Only then, the growth is sustainable. China has been underconsuming. They saved, thus grow.
@regelemihai do the same? Well first you'd need all the machines, the factories, not being shut down, torn apart. Too late. Then there's wages: the wages in China are much lower than wages in the USA. If you can handle only 1 meal a day and zero spending on non-essentials forever and perhaps living in a box, you can handle it.
The fact that we can't handle it says a lot about our trade deficit. If we can't hurt the workers as bvad as China does, then why are we crying about the trade deficit? Once we embrace the easy money, the cheap goods, and the high saalries, we will have trade deficits with countries like China who do the opposite.
@ytgv3fc7 The cost of living in China is also much lower than in the USA. Most migrants working in big cities make more than enough to pay for basic food and shelter and send extra money to their families in rural China. The Chinese also save a large portion of their income, even if this income is low, rather than buying things they can't afford with borrowed money. When China decides to unpeg it's currency from the USD all these savings will be worth more and China will consume its own goods.
@zhongguohua88 the cost of living includes all transportation & all health care. I doubt it adds up the way you say it does. China will consume its own goods eventually, but it's up to them to figure out if that will balance out vs population. There's no way for cost of living to go DOWN in North America. A good hope is refusing all paper money forever to resist inflation which never should be there. Time will tell if it is enough or if we can overthrow the money-printing slavers.
@avj314 Using the core isn't inane when it's your goal to convince people that inflation is low. The core tends to show lower numbers that the complete CPI. However both of them are nonsense. Real costs for people are going way up. Same brand of dishonesty that the Fed used when they stopped reporting M3. They gave nonsense reasons, but the real reason is that they didn't want anyone to actually see how badly they were inflating the money supply and M3 is the measure that best shows it..
@TheCanuckster The Consumer Price Index is a US government measure of inflation. The "core" is a version of this index that EXCLUDES certain items that are highly volatile. Food and energy are the two big exclusions. The volatility reason makes some sense, but by excluding food and energy you introduce other problems that result in the core not being a good measure of inflation. Most of us feel that food and energy are major expenses, so just ignoring them doesn't work as a real measure.
But Peter exporters will get hurt if say India or China doesn't keep its currency pegged against the dollar and hence debased. Even though there is hyper inflation here but immediate profits to exporters are important too.
The other way that artificially low interest rates hurt job creation is that it lets businesses cheaply borrow to invest in labor saving equipment. At the same time as the Obama administration is making the cost of employees higher and higher, Ben Bernanke is making the cost of financing equipment to replace them cheaper and cheaper.
Saw you on Fast Money, no one ever believes you Peter, why? Because the thought of you being right AGAIN and them losing money pisses them off.....they want to keep you quiet.
What a fantastic, passionate ending! Mr. Schiff, I hope your outrage spreads like a contagion to each and every viewer. I wonder if Mr. Bernanke (and the big spenders in government) will be held accountable when the dollar is worthless, or will they manage to find scapegoats. A populace ignorant of economics might be hoodwinked.
There is more than one option than going back to a gold standard. The movie the Secret of Oz and the book "Web of Debt" points out the problems with a gold standard. A currency that has a controlled supply that is based on population or GDP that is printed debt free without fractional reserve banking is a very viable option. The island of Guernsey has had a lot of success with this type of system. As did colonial America before the British held currency warfare against them by counterfeiting .
@joshuarayborn Glad you posted again.. Fractional reserve banking is responsible for many many problems and serves only the bankers. It came about as a scam to serve bankers and that's why we still have it. I bet most people would be astonished if they understood what was happening, the Fed's so-called high powered money, etc. BTW, yes I agree that bad loans deflate the money supply but dropping prices per se does not. Yes they're related, but not the same thing.
Our economy is being destroyed on purpose. Bernanke and the bankers are not idiots. They know what the end result of this course will be. The same thing always happens when countries try to print their way out of debt. We will be no different. It could be fast or slow, but it is too late for us to reverse course. Water, food, and metals folks!
@wldennis1 yes, yes, yes. Everything since Fed was chartered in 1913 has been a banking scam to strip wealth and it's worked. The banking world is not hurting. And yes they know exactly what they're doing/have done. During this period of time they are quietly making themselves collapse proof.
@Cazador42265 Can't reign them in. Have to let them go under. We tried to warn them. They know what they're doing. Don't spend, save. Buy US made or don't buy it, you don't need a new phone or tv anyway. Inflation is a transfer of wealth scheme. That's why the middle class disappeared in the US. The gov't won't apply austerity measures, but we all can. We are tougher than they are, anyway. Use your cash to buy hard assets before tehy climb out of sight to protect your family.
I disagree a little bit. There is large deflation and inflation at the same time. Housing prices lost large amounts of value and thus removed that money from the money supply. At the same time all that money was printed to transfer that wealth to the elite.
@joshuarayborn Housing doesn't remove any real money from the money supply until the loans default. Until then, the loan is still on the books and if the payments are made then there is no impact. Bernanke is hyper concerned with deflation because the threat is that the banks still have huge exposure. Unfortunately, all the money they can print is NOT reinflating the housing prices, nor is the absurd low interest rates. Bernanke has turned the knob all the way and nothing is happening.
@bahhumbucker bad loans that are not paid back remove that capital from the banks. Therefore they are not able to borrow based on that money they would receive from the federal reserve. That is what removes the money from the supply. This mass supply of homes does not help either with the home prices.
Bernanke is a liar! The results of inflation are rearing their ugly heads and the "Helicopter Man" has no choice but to lie to the American public. This is embarrassing. You can't have a sound economy without sound money!!!!!!!!!!!!
@nomoreserfs Not just Bernanke. The Gov't refuses to audit the Fed, they buried HR1207 and gave us Dodd Frank, which pays lip service to an audit but won't do anything that matters. Bernanke's policies support gov't spending, which is the politicians' tool for getting elected/re-elected.
@bahhumbucker Exactly right. Spending is what keeps the politicians in power, by allowing them to give little goodies to all the special interest groups out there in order to get their vote. So if they stop the Fed from printing, they limit their ability to spend on govt programs and may even need to cut programs (gasp!). With so many people depending on govt programs of some sort, how many votes is that politician going to get from those people?
back in 08 I bought his book "bull moves in bear markets" took it to heart and today I can give you well over a $illion reasons why Peter Schiff is worth his salt!
I have followed Peters advice for the last few years. I am better off financially. I just made 4000.00 in the last two weeks with silver. Thanks Peter.
Madoff es mas creible! The government is running the biggest Ponzi scheme. It's just "too bad" for him he couldn't hold out for the current regime. They would have bailed him out and he would still be living the good life at the cost of the taxpayers. Sucks for him.
Phil Hartman though in all seriousness was mas macho! But his comedic genius will live on.
Do you think he should raise rates? i kind of feel if rates went up at all we would quickly have to declare bankruptcy as a country. 3rd world countries that declare bankruptcy seem to recover quickly is this what is most desirable for the US?
@dontdispie We're bankrupt today. The gov has no money. They can't tax enough or borrow enough at low rates, so they print some up! This debases the currency and is exactly the same as a tax on the public. When your dollar buys less, it's the same as taxes going up. End result, your std of living goes down. Yes raising rates will cause pain, but holding rates down increases the money supply and THAT IS THE REAL DEFINITION of INFLATION. Price increases result from monetary inflation.
Mr. Schiff- I have been looking into buying some gold and silver bullion. I spoke to one of your brokers last week in the precious metals department at EuroPacific. I don't have the minimum $8,000 to open an account. What do you recommend regular people like myself and others who may have a little money in savings and want to protect it and themselves?
@walsmj Take a look at apmex and gainesville coins online. Both will sell you physical metals with low minimum orders. gainesville is a little cheaper if you are buying a few $k at a time and can do a wire transfer. Apmex is good too, better for small orders I think. But look at both. Also, I agree with local coin dealers. 1964 and earlier silver is 90% silver and sells at low premiums. I would avoid collector coins, bars, and "rounds". Stick to coins minted by a government.
@walsmj I have found that Monarch Precious Metals often has better prices compared to others online. However, I think it's always best to buy locally and build relationships close to home, so check out your local coin/bullion dealer. I went to a local coin show here in Michigan last wkend and grabbed 17 primo SIlver Eagles, Maples, and Timber Wolves for $3.38 under spot! Sometimes you get lucky.
@walsmj there are multiple websites you can buy physical bullion from. apmex is a good one. Make sure you physically own it! (coin shop is the cheapest place to buy because you dont have to pay for shipping)
@walsmj Yes listen to Peter Schiff's advice about buying from local coins but make sure you buy silver coins as there's a major short squeeze building up and JP Morgan,HSBC,CiTi and a few other banks have shorted silver but now it's fallen into backwardation allway to 2015 for $31.83 yet today's spot is much more & will ONLY continue to increase.
Check out returns on both PM's,silver outperformed gold 7 has so far this year also.
I got 2 vids uploading on $130 Silver from CNBC & R.Cnd Mint silvr
@walsmj Local dealers may be fine to buy from & I do suggest you get a relationship going with your local guy, making certain he's honest. However, may I suggest you go in on silver with some like minded QUIET friends? After I enlightened a co-worker to what's really happening in govt. she was ready to make a large purchase & I went in with her to buy a monster box, 500 rounds, which has a nice discount per coin, plus you split the shipping fee
I heard on the radio that the Dow was down sharply today due to concerns about the higher price of oil, yet these fears were factored in last week...100bbl is overdue anyhow from other issues like our inflation policy and an overall international demand, after all, the US has a surplus...IMO, let the media be complicit with the Fed and Treasury in their lies and Ponzi schemes...honest brokers like you and commoditie prices such as oil and metals will guide and reflect the value of our market...
Peter, I read an article by Gary North the other day and he seems to disagree with you on why commodity prices are rising. He says the increased consumption by the Chinese and Indians, not the Fed's current monetary policy, is the cause.
Is there something I am missing? Is the combined monetary policy of large central banks responsible for the Chinese and Indian middle class bidding up the price of food?
@VictoryCough listen to schiffradio. com the segment with the Jacob Geiger Interview. There is exactly that arguement made and peter gives a good answer.
Cool, I thought the same thing about Madoff....we ought to listen to the guy....because he's been there, he helps inmates with sound financial advice and has nothing to gain by lying in prison on a life sentence. The guy's remorseful and most likily he's telling a truth.
I think Schiff is too optomistic about other countries... the Death of the US Dollar does not mean China prospering necessarily.. It most likely means the new..
Yup and just as the people on the Titanic were told "nothing to worry about" people are told everything as fine. Only in the last minutes when the boat is filling with water will the story change. When that happens the ritch will be the ones that get the life boats. The poor will get locked down in steerage.
You think you see people freaking out when a storm comes. Get ready for it people.
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wunderbeast 11 months ago
Get a magic 8 ball
See my channel
Prepare
stratcatavarious 11 months ago
6 people disliked this video are
John Maynard Keynes, Alan Greenspan, Ben Bernanke, Paul Krugman, Christopher Dodd, Barack Obama,
zzzzzz522002 11 months ago 6
@zzzzzz522002 + Austan Goolsbee & Christina Romer.
TWSceptic 2 months ago
i have a question for all of you. do you think it's wise or stupid to take out IRA money and use that money to buy physical silver? i figure by the time i retire (in like 30 years...), $25,000 in dollar denominations won't mean anything anyway. wouldn't it be better to just convert that to real assets now? thanks!
wunderbeast 11 months ago
@wunderbeast
Why take the money out of that account? Why not by SLV?
bkdmd 11 months ago
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@bkdmd I'm a student and have only about $5,000 in my checking account. If I make 6 figures a year, I wouldn't even think to touch my retirement money. i'm not a young professional and i wait tables to make ends meet. even with the 10% penalty, that much in silver has to be worth more than what that money will be at around 2040, no? and who even knows if the dollar will exist at that time?
wunderbeast 11 months ago
In other words, Ben Bernanke has promised hyperinflation, and to bring the unimployment rate up to 100%. I suppose that's one way to end the Fed.
GabrielKoulikov 11 months ago 2
@GabrielKoulikov Sadly I think you are correct!
BailedOut2008 11 months ago
@shadowgeyser consumer loss - I've worked for an outsourcer before and I've seen flat out, consumers get less quality, less service. Outsourcing only benefits the outsourcing corporation, no one else.
ytgv3fc7 11 months ago
6 people who viewed this video work for Bernanke.
REOGURU 11 months ago 6
Peter i just check in once in awhile to see how you are doing...Gas price hit 4.15 a gallon in SF this weekend...Sorry no sense of humor tonight people i have a headache. All i can say is its time for Bernake to break out the plastic Jesus and glue it to his dashboard....because i belive he has been forsaken...Peace
ibelucky1 11 months ago
@ibelucky1 : Bernanke is Jewish. Consequently a mezuzah or maybe a menorah would be appropriate for him.
REOGURU 11 months ago
@REOGURU Bernanke doesn't strike me as a religious man
takerdust 11 months ago
The dollar and the economy will collapse. No politician or policy can stop it. It's over folks. The return of the Lord Jesus Christ is fast approaching. Prepare yourselves and repent. Seek the Lord while He may be found, call upon His name while He is near.
mrchiefofsinners 11 months ago
@mrchiefofsinners fuck off
H1TMANactual 11 months ago
wait we have far more many people now.
we don't have the resources to maintain the growth and wealth of the 1800s, what a stupid thing to say - the earth is not a bottomless magic pot.
What's wrong with gold are the hoarders like John Paulson.
The US will have to fall to a resource based society and it will becomes more of a socialist country - unless you kill all the poor and the poor to come.
Revolution is in the air - choose what side you are on or hang from the gallows
marniespeaks 11 months ago
@marniespeaks Kill all the poor? What do you thing Sanger, Eugenics and Planned Parenthood are for? The Democrats are doing their best, NYC kills 59% of Black babies in the womb. That's why they need new illegal Mexicans to pick up the electoral slack. If they can't buy a vote, the Democrats are done in the modern world.
emmy1cat 11 months ago
@emmy1cat
funny how you think black and brown people are all poor
freedom is the ability to put your hands on your own vagina
I suggest unless you work for the TSA you keep yours there
unless you think Smith and Wesson are responsible for all the deaths caused by their guns
and I'll tell you what's done in the modern world - religion
marniespeaks 11 months ago
@marniespeaks Where did I say that? I said a fact. Planned Parenthood is killing 59% of Black babies in the womb in NYC. A fact. Who supports Planned Parenthood with taxpayer funding? Who supports Sanger's Eugenics? What other conclusion can be drawn but Dems are comfortable with this result? No wonder you are so confused with such sloppy thinking. Dems still needs fools to vote against their own interests and this done with welfare checks or other protections,. Troll somewhere else.
emmy1cat 11 months ago
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@emmy1cat
freedom is the ability to put your hands on your own vagina
I suggest unless you work for the TSA you keep yours there
marniespeaks 11 months ago
It really is just a giant Ponzi scheme. Almost makes Madoff look like a saint!
AspenNomad 11 months ago
ONe of the rare times I've seen Mr. Schiff pissed-off. I think Schiff realizes how many people will be effected by flawed FED policies.
jibbi4one 11 months ago
Support Peter! Happy TRADING everyone
freeSCALPINGindicato 11 months ago
END Bennie and THE FED before they end U.S. !!
Tell your congressman to cosponsor Ron Paul's H.R. 459 !!!
iannetta11 11 months ago
@iannetta11 Yes! Absolutely. Previous bill HR 1207 had over 300 co-sponsors in the House but was killed in committee. There are powerful forces working against us, but we have to keep trying.
bahhumbucker 11 months ago
A good economic rant stirs my bowels. Thumbs up if you enjoy a good session when you're backed up. ;)
judutchinski 11 months ago
It's too bad I can't "like" the title in Spanish!
revolutionnot 11 months ago
6 people love to pay more money for gas and food but make the same wage
PEDLIFE 11 months ago 2
It's somewhat ironic that he should cite the 19th century as America's greatest century economically for operating under the gold standard, because, to the best of my knowledge, America was also a highly protectionist economy, as were virtually all others at that time. Not exactly something that Schiff would support :P.
ENJager 11 months ago
@ENJager Economic growth was huge between 1870 and the beginning of the 20th century after returning to gold, which had been suspended during the Civil War (on both sides) in favor of highly inflated fiat currency. I think that's the most direct comparison to be made — the before and after effects once sound money had been reintroduced and the twenty or so years of prosperity that followed, despite the existing protectionism or the fact that, even then, it wasn't a "true" gold standard.
mjhonsun 11 months ago
Peter, you don't honestly believe these people are dumb do you? Tell me you dont think bernanke doesnt know what results his actions will be?
Cmon these people may be psychopaths but they are not dumb they know full well what their doing. Its about time we start realizing theirs an agenda underway and stop denying it. As long as we play stupid like its a series of unrelated events were going to get rolled over. Just sayin...
uwmbigb 11 months ago 2
Rich people gave Bernie Madoff their money, whereas our Government TOOK YOUR money and gave it to the rich. Our Government makes Madoff look like a saint.
AspenNomad 11 months ago
Bernanke is delusional. Maybe he hasn't bought any gas for his automoble lately. Bernanke is either the biggest lier in the universe or he has some warped concept of reality. I guess he hasn't been to the grocery store either. He can take his QE2 and shove it where the sun don't shine. I am sick of Bernanke's nonsence. The Egyptians certainly are experiencing the inflation alot more than we are in the USA.
Mineretta2012 11 months ago
@Mineretta2012 He knows exactly what he is doing. He is concerned with the health of BANKS, that still have huge mortgage exposure. He is desperate to reinflate the housing bubble to protect the banks from large levels of default. The potential is worse than 2008. If we have massive bank collapse the money supply will drop and we will have deflation. That will not be good. But he can't tell the public that this is all about protecting the BANKS, the public won't sit for that. *more*
bahhumbucker 11 months ago
@bahhumbucker It is all a house of cards. Fiat is fiat is fiat is fiat. First the gold standard was removed then Glass Steagall. Then the banks did all the derivatives on the mortgages. What did they expect would happen? This day was going to come no matter what. The baby boomers are getting older. The baby boomers were the economy. The banks will never recover. The economy will never recover to support the debt. The numbers won't and don't add up. The house of cards is going to fall.
Mineretta2012 11 months ago
@Mineretta2012 Yup. I don't see a way out. That's what happens when you establish fiat and use Keynesian as an excuse to allow banking and gov't to loot the wealth. And make no mistake about it, Keynesian thinking is just an excuse to legitimize deliberate actions aimed at transferring wealth from us to "them". Buy gold, silver, other non-dollar assets. It's all we can do today. The gov't and Fed aren't going to face the music until the cards collapse.
bahhumbucker 11 months ago
@bahhumbucker I have been buying silver. I am growing my own food these days. We are also looking into alternative vehicles. Gas prices are going to continue to go up. It all basically sucks. The thing is there are other countries who are going to suffer more. The Fed has got to go. Why is a private bank printing money and charging us interest for it anyway. The States never approved the Fed it was pushed through illegally. I hope someone in Congress figures that out soon. It is Piracy.
Mineretta2012 11 months ago
@Mineretta2012 I've written to my rep and senators. My rep is more inclined towards reigning in, Senator is protective of the Fed. Problems are 1) gov't likes to spend money to get votes, so they support fiat and accomodating policies of Fed and 2) politicians are in the pocket of contributors and finance industry is a big contributor. Finance world cares little for Demo or Repub, they buy them both. Ron Paul figured it out, he will never get elected because the money views him as the enemy.
bahhumbucker 11 months ago
@bahhumbucker You know I think this is all designed for the so called Globalization agenda and one world currency. One world currency isn't going to work though anymore than the Euro is working. Too many different economies involved.
Mineretta2012 11 months ago
@Mineretta2012 I agree, the major finance players know or care nothing of national boundaries. They only know that their objective is to acquire wealth. Since they produce nothing, they have to extract the wealth from those that DO produce. It makes no difference what country the wealth is in, they want it and they're in the process of getting it. They laugh at national politics... it's a diversion that keeps people occupied while the global pillaging happens.
bahhumbucker 11 months ago
@bahhumbucker The banksters are pirates dressed up in suits and ties. Actually I like how Max Keiser puts it they have an addiction to gambling. That is the truth I think. They are all behaving like a bunch of gambling junkies and they get to print all the money they want at the working mans sweat and blood. Wake up everybody you are being robbed by the bankers. The Crooks work for the banks and the Brokerage Firms. You know what backs the money now our labor. They want us to be slaves again.
Mineretta2012 11 months ago
@Mineretta2012 Problem is that bubble is a Fed creation. Printing money isn't propping up the housing market, but it is delaying the next housing crash. The system is a house of cards and neither the Fed nor the Gov't are willing to revamp it. They're choosing to ride it out and that is not likely to end well. No economy has ever been able to print its way out of problems. Since we have abdicated our domestic production capability and become a consumer nation, we won't be able to, either .
bahhumbucker 11 months ago
@bahhumbucker Wow that is so funny we were basically writing the same thing to each other at the same time. I just got your post after I finished typing to you. I guess we are on the same page on this subject.
Mineretta2012 11 months ago
@Mineretta2012 Hope others are on this page, too. The thought that hard working Americans are getting robbed makes me nauseous. Of course there are a *lot* of people that are oblivious to the cost and still think that the Gov't should give us everything, even though the Constitution grants them NO authority to do most of what they are doing... and what has bankrupted our Country.
bahhumbucker 11 months ago
@bahhumbucker Yea, many people are still living in LA LA land. I can only thank God for my wake up call. When everything came down in 2008 I was caught off guard but I am well aware and getting prepared this time. I have talked to people in my life but they don't want to listen. Some are listening but most don't trust my information. I told my closest friend to buy silver and she talked to the guy at the bank and put her money in money market. Dumb move.
Mineretta2012 11 months ago
Silver! The money of the people!
n66178 11 months ago
I didn't watch this for a couple days because I thought you were going to be speaking Spanish. Seriously...
D4Shawn 11 months ago
@D4Shawn Me too.
Mineretta2012 11 months ago
Support mr. Schiff - and wishing great Trades to all Traders!
freeSCALPINGindicato 11 months ago
China's having a bad inflation problem. It's caused by massive exporting of their production at undervalued prices since the dollar and the euro are sharply declining in value relative to real measures of value (hard commodities), and the fact that they've pegged their currency to the dollar. China won't let their own inflation continue, or they will have a billion + very unhappy Chinese to deal with. Bottom line, expect large increases in price of Chinese made goods very soon.
bahhumbucker 11 months ago
While Bernanke was assuring people that there is no inflation, my silver stocks went up 10%...
MushroomCloud666 11 months ago
I have noticed, that the real poor don't have any impute in this, lower middle has more, higher middle much less, the rich see this as temporary, a bump in the road, everything will return to normal as soon as the middle class takes its place with the poor, I would suggest watching what the gov, of FL is doing,
freepress666 11 months ago
This is fantastic
frankknopers 11 months ago
most of the research suggests that govt regulations with regards to biofuels, demand in emerging markets and other factors unrelated to money printing are main cause of increased food and fuel costs. From 1974 to 2005 food prices actually dropped. there was money printing even back then. it is unfortunate that people spend most of their time on youtube and so little time using their own brains.
pytube2007 11 months ago
@pytube2007 My food and energy bills sure didn't go down compared to 1974. I would take a return to 1974 prices in a hearbeat. Even Bernanke has acknowledged that increase in the money supply drives up prices. He is making the crazy argument that QE's an asset sway which doesn't affect the money supply. But then he says it will make exports attractive, whihc is the same as saying that it must be affecting the money supply. The man re-invents his story every time he speaks.
bahhumbucker 11 months ago
Mr. Schiff is right in his point that rising commodity prices are CAUSED by inflation and not CAUSING inflation. It is really important for people to understand this causality. Most people dont however..
SilverDonk 11 months ago
Por que el titulo en espanol?
SpiteBellow 11 months ago
Why is the tittle in Spanish?
BITARTEN2 11 months ago
I hate RINOs who criticize Ben Bernake for his great work. Bernake is a true Capitalist who exercises the principles of Maynard Keyes, the best economist who ever lived, and truly understands the consequences of inflation. Ben Bernake 2012!
ThePatrioticJew 11 months ago
@ThePatrioticJew fuck ben bernake , his a snake . why he dont want fed audited???
Kpublik1 11 months ago
What Does Keynesian Economics Mean.
An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.
Yeah right and the tooth ferry is live and well!
TheSilverGuild 11 months ago
Peter ...When backwardation does occur in a futures market it has been suggested that an individual in the short position would benefit the most by delivering as late as possible??????????
TheSilverGuild 11 months ago
Silver is in Backwardation so that as the contract approaches expiration, the futures contract will trade at a higher price compared to when the contract was further away from expiration. This is said to occur due to the convenience yield being higher than the prevailing risk free rate.
TheSilverGuild 11 months ago
I have to say I disagree with Schiff on Social Security. There is not enough money for SS to be privatized. The average corporate profit is 4%, that is not enough to feed the elderly.
pirucreek 11 months ago
@pirucreek If there is not enough money to be privatized, how can government pay for it? Governments don't produce anything, they take before they give and destroy some in the process. How can that be a better option?
tverboon 11 months ago
So what the hell is the 'core' and what is in it?
tothemax01 11 months ago
@tothemax01 : The Core Price Index which the Gov't uses to measure inflation. Conveniently Food & Energy prices, the 2 most important factors in our lives are excluded from it.
moybutter 11 months ago
@tothemax01 It is the CPI-Core, It tracks almost everything except food and energy.
moshix1989 11 months ago
It's CPI-Core, it's the same as CPI index but excludes food and energy (gas).
moshix1989 11 months ago
Is there a particular reason the title is in Spanish? Or is it only doing that for me and no one else?
NinjaHydra 11 months ago
@NinjaHydra lol yeah same here idk whats up wit that
CDub817 11 months ago
Peter, this is a likely scenario, but I don't think the Chinese are dumb enough to stop buying treasury bills and allowing their currency to soar. Yes, it will bring the prices of commodities in THEIR country down, but as you pointed out it will also consequently bring our commodity prices up. If that happens, consumption will decrease here, and they'll stop selling their goods to the US--in which case they'll lose money and all their production capacity will evaporate. They can't risk that.
regelemihai 11 months ago
@regelemihai You should read his book: How an economy grows and why it crashes. The Chinese don't need Americans to consume their production. They could do it themselves.
It's like saying, you would be poorer, if your neighbor stopped eating your lunch. Because if you tell him to stop eating your lunch, there is no need for you to make lunch and your production capacity will evaporate.
Well, you could eat your own lunch. Your standard of living would increase.
tverboon 11 months ago
@tverboon
But the lunch analogy isn't the same. If you sell your food to your neighbour you get money in eturn. If you eat your own food you're not gaining any money--you're spending.
And if this were true, why isn't the Chinese governmnet already selling its goods to its citizens and instead chooses to sell it to us?
regelemihai 11 months ago
@regelemihai Because they are pegging their currency to the USD. That's why Chinese purchasing power isn't growing. The analogy is the same. To complete it, you lend the money back to your neighbour, so he can buy lunch again. And if your neighbour hasn't enough money, he'll print it and you accept all this IOU, while thinking you're rich. At some point you want those IOUs returned in real stuff, but then you'll find out he has nothing to show for! And then the SHTF and you won't accept his IOUs
tverboon 11 months ago
@tverboon
Interesting. I have bought the book over the weekend, and I'm half way through. By fra one of the best intro- to economocis book i've ever read (and the funniest). Concepts still keep aluuding me, but I'll get there.
As for the Chinese maneuver, why can't we do the same? We just devalue the currency, we export more and we gain capital. It certainly has worked well for China being the fastest growing economy in the world.
regelemihai 11 months ago
@regelemihai I don't think Americans are willing to work for $10 a day. There is no need to export for gaining capital. You need savings to gain capital. Exporting isn't needed per se to get economic growth. A country needs to export stuff it is good in producing, so that it can import goods it can't produce. You sell your labor skils, so that you can buy stuff you can't produce. It's called the division of labour. Division of labour is what has given us economic growth.
tverboon 11 months ago
@tverboon
True, but thbe other extreme where you base your economy on exports exclusively has worked well for China. As I said, it's one of the biggest economies in the world at the moment.
Peter's views on free trade(since you mentioned it now) confuse me. John Stossel had a segment about how free trade helps the US and how a trade deficit doesn't mean anything and then I read in Peter Schiff's book that free trade is important but that we need to produce more and import less.
regelemihai 11 months ago
@regelemihai The problem with the US right now is that imports are for consumption and payed for with borrowed money. Once consumed, it's gone, but the debt is still there. One should only borrow for investment, otherwise what you consume now, that much less plus interest can't be consumed in the future. Borrowing for investment to produce more, the debt can be repayed by greater production in the future. Only then, the growth is sustainable. China has been underconsuming. They saved, thus grow.
tverboon 11 months ago
@gravitas73 you could learn something very important here about why gold is real money & has no failures of fiat currency
ytgv3fc7 11 months ago
"imports are for consumption and payed for with borrowed money."
All the money is borrowed? So we're paying China for these imports with he same money they've lent us?
Also, I know we don't produce as much as China does, but we still produce. Aren't we generating any revenue at all? That seems extreme.
regelemihai 11 months ago
@regelemihai do the same? Well first you'd need all the machines, the factories, not being shut down, torn apart. Too late. Then there's wages: the wages in China are much lower than wages in the USA. If you can handle only 1 meal a day and zero spending on non-essentials forever and perhaps living in a box, you can handle it.
ytgv3fc7 11 months ago
@ytgv3fc7
The fact that we can't handle it says a lot about our trade deficit. If we can't hurt the workers as bvad as China does, then why are we crying about the trade deficit? Once we embrace the easy money, the cheap goods, and the high saalries, we will have trade deficits with countries like China who do the opposite.
regelemihai 11 months ago
@ytgv3fc7 The cost of living in China is also much lower than in the USA. Most migrants working in big cities make more than enough to pay for basic food and shelter and send extra money to their families in rural China. The Chinese also save a large portion of their income, even if this income is low, rather than buying things they can't afford with borrowed money. When China decides to unpeg it's currency from the USD all these savings will be worth more and China will consume its own goods.
zhongguohua88 11 months ago
@zhongguohua88 the cost of living includes all transportation & all health care. I doubt it adds up the way you say it does. China will consume its own goods eventually, but it's up to them to figure out if that will balance out vs population. There's no way for cost of living to go DOWN in North America. A good hope is refusing all paper money forever to resist inflation which never should be there. Time will tell if it is enough or if we can overthrow the money-printing slavers.
ytgv3fc7 11 months ago
Is there a way to impeach a fed chairman?
Bishop153 11 months ago
@Bishop153 Nope he is in charge of a private bank. But we can tar and feather him.
IKSDoomie 11 months ago
am completely debt free since last month. no loan, no cc, no negative balance on my bank account, NOTHING
maybe i can now temporarly afford a little less than someone with a lot of debt, but I AM NO SLAVE
stoneeh 11 months ago 2
@stoneeh Dude, congratulations, thumbs up, we should all be so lucky.
hedonist27 11 months ago
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stoneeh 11 months ago
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stoneeh 11 months ago
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stoneeh 11 months ago
Viva la Schiff!
Cinemaguy2007 11 months ago
who ever put out thumb down, i want to know why, tells us
bykashka75 11 months ago
This has been flagged as spam show
awesome video, the gov IS a giant ponzi scheme
a4finger 11 months ago
Its unbelievable that the Fed still relies on the core inflation rate for its policies! How inane is that!
avj314 11 months ago
@avj314 Using the core isn't inane when it's your goal to convince people that inflation is low. The core tends to show lower numbers that the complete CPI. However both of them are nonsense. Real costs for people are going way up. Same brand of dishonesty that the Fed used when they stopped reporting M3. They gave nonsense reasons, but the real reason is that they didn't want anyone to actually see how badly they were inflating the money supply and M3 is the measure that best shows it..
bahhumbucker 11 months ago
@bahhumbucker
Can you please explain "The core" I do not understand this term or to which it is referred to?
TheCanuckster 11 months ago
@TheCanuckster The Consumer Price Index is a US government measure of inflation. The "core" is a version of this index that EXCLUDES certain items that are highly volatile. Food and energy are the two big exclusions. The volatility reason makes some sense, but by excluding food and energy you introduce other problems that result in the core not being a good measure of inflation. Most of us feel that food and energy are major expenses, so just ignoring them doesn't work as a real measure.
bahhumbucker 11 months ago
But Peter exporters will get hurt if say India or China doesn't keep its currency pegged against the dollar and hence debased. Even though there is hyper inflation here but immediate profits to exporters are important too.
uditchow 11 months ago
@uditchow I mean politically
uditchow 11 months ago
The four people who disliked are:
Bernanke
Paulson
Geithner
And who else?
Cyrus992 11 months ago
@Cyrus992 Their stooge Obama
uditchow 11 months ago
@Cyrus992 Obama, LOL
cvenzke410 11 months ago
@Cyrus992 David Rockefeller........but Bernanke may have used another account to double dislike LOL
Riddlerx333x 11 months ago
@Riddlerx333x
You know.. I was about to put that... but I instead wanted to make a puzzle..
Cyrus992 11 months ago
@Cyrus992 Obama
beatbreaka 11 months ago
The other way that artificially low interest rates hurt job creation is that it lets businesses cheaply borrow to invest in labor saving equipment. At the same time as the Obama administration is making the cost of employees higher and higher, Ben Bernanke is making the cost of financing equipment to replace them cheaper and cheaper.
GaryVolts 11 months ago
Saw you on Fast Money, no one ever believes you Peter, why? Because the thought of you being right AGAIN and them losing money pisses them off.....they want to keep you quiet.
sommerboy6 11 months ago
I have given up on you.
blythebaby777 11 months ago
What a fantastic, passionate ending! Mr. Schiff, I hope your outrage spreads like a contagion to each and every viewer. I wonder if Mr. Bernanke (and the big spenders in government) will be held accountable when the dollar is worthless, or will they manage to find scapegoats. A populace ignorant of economics might be hoodwinked.
famemolto 11 months ago
Oh how I wish we could have another Industrial Revolution...maybe we will have a technological revolution...we need independent energy
silveristhefuture 11 months ago
Good video Peter,
Thank you...
gat867 11 months ago
Mr. Schiff, the end of your video: 8:24 til the end is a knockout. Great work.
MidasTitus 11 months ago
There is more than one option than going back to a gold standard. The movie the Secret of Oz and the book "Web of Debt" points out the problems with a gold standard. A currency that has a controlled supply that is based on population or GDP that is printed debt free without fractional reserve banking is a very viable option. The island of Guernsey has had a lot of success with this type of system. As did colonial America before the British held currency warfare against them by counterfeiting .
joshuarayborn 11 months ago
@joshuarayborn Glad you posted again.. Fractional reserve banking is responsible for many many problems and serves only the bankers. It came about as a scam to serve bankers and that's why we still have it. I bet most people would be astonished if they understood what was happening, the Fed's so-called high powered money, etc. BTW, yes I agree that bad loans deflate the money supply but dropping prices per se does not. Yes they're related, but not the same thing.
bahhumbucker 11 months ago
@bahhumbucker But I don't buy *any* fiat money system. Never has worked for long, won't ever work for long.
bahhumbucker 11 months ago
I saw you on Fox business today. two thumbs up
JudgeHades 11 months ago
I couldn't agree more.
nomoreserfs 11 months ago
Our economy is being destroyed on purpose. Bernanke and the bankers are not idiots. They know what the end result of this course will be. The same thing always happens when countries try to print their way out of debt. We will be no different. It could be fast or slow, but it is too late for us to reverse course. Water, food, and metals folks!
wldennis1 11 months ago
@wldennis1 yes, yes, yes. Everything since Fed was chartered in 1913 has been a banking scam to strip wealth and it's worked. The banking world is not hurting. And yes they know exactly what they're doing/have done. During this period of time they are quietly making themselves collapse proof.
bahhumbucker 11 months ago
The question is how do we as a nation reign in the FEDRES($monopoly)? What will the world banks do then??
Cazador42265 11 months ago
@Cazador42265 Can't reign them in. Have to let them go under. We tried to warn them. They know what they're doing. Don't spend, save. Buy US made or don't buy it, you don't need a new phone or tv anyway. Inflation is a transfer of wealth scheme. That's why the middle class disappeared in the US. The gov't won't apply austerity measures, but we all can. We are tougher than they are, anyway. Use your cash to buy hard assets before tehy climb out of sight to protect your family.
bahhumbucker 11 months ago
Peter Schiff
Is the EPH China fund still something you would add money to now?
I have some shares in that but would it be better to put money in some
other stock?
vic4rp 11 months ago
How do you convince a blind man of the light? Make him feel the heat.
MotesTV 11 months ago
The two dislikes must be Bullard and Madoff.
hexzerg 11 months ago
@hexzerg There's three dislikes now. Maybe the Bernanke saw this video...
gat867 11 months ago
Peter needs to watch the Secret of Oz by Bill Still
joshuarayborn 11 months ago
Great information Peter, but we all know behind the scenes world central banks are all in this together...I smell WWIII in the air...
dbmdsv 11 months ago
I disagree a little bit. There is large deflation and inflation at the same time. Housing prices lost large amounts of value and thus removed that money from the money supply. At the same time all that money was printed to transfer that wealth to the elite.
joshuarayborn 11 months ago
@joshuarayborn Housing doesn't remove any real money from the money supply until the loans default. Until then, the loan is still on the books and if the payments are made then there is no impact. Bernanke is hyper concerned with deflation because the threat is that the banks still have huge exposure. Unfortunately, all the money they can print is NOT reinflating the housing prices, nor is the absurd low interest rates. Bernanke has turned the knob all the way and nothing is happening.
bahhumbucker 11 months ago
@bahhumbucker bad loans that are not paid back remove that capital from the banks. Therefore they are not able to borrow based on that money they would receive from the federal reserve. That is what removes the money from the supply. This mass supply of homes does not help either with the home prices.
joshuarayborn 11 months ago
When the dollar falls, embrace freedom at last.
gradiu3rox 11 months ago
What are your guys thoughts on silver etf's instead of owning physical bullion? I want to buy some SLW when the prices drop down again briefly.
RonPaulFuture 11 months ago
Bernanke is a liar! The results of inflation are rearing their ugly heads and the "Helicopter Man" has no choice but to lie to the American public. This is embarrassing. You can't have a sound economy without sound money!!!!!!!!!!!!
nomoreserfs 11 months ago 15
@nomoreserfs Not just Bernanke. The Gov't refuses to audit the Fed, they buried HR1207 and gave us Dodd Frank, which pays lip service to an audit but won't do anything that matters. Bernanke's policies support gov't spending, which is the politicians' tool for getting elected/re-elected.
bahhumbucker 11 months ago
@bahhumbucker Exactly right. Spending is what keeps the politicians in power, by allowing them to give little goodies to all the special interest groups out there in order to get their vote. So if they stop the Fed from printing, they limit their ability to spend on govt programs and may even need to cut programs (gasp!). With so many people depending on govt programs of some sort, how many votes is that politician going to get from those people?
whitedragon1337 11 months ago
Time for a prison interview with Madoff.
westin1985 11 months ago
ditto.
back in 08 I bought his book "bull moves in bear markets" took it to heart and today I can give you well over a $illion reasons why Peter Schiff is worth his salt!
Take Care!
1betrman 11 months ago
The Fed chairman is the biggest dissembler next to the Prez.
pepeledog 11 months ago
Peter, you are ahead of your time.
dodoinurpants 11 months ago
I vote him to take Bernanke place
eatfish97 11 months ago
I have followed Peters advice for the last few years. I am better off financially. I just made 4000.00 in the last two weeks with silver. Thanks Peter.
Jimhill58 11 months ago
Madoff es mas creible! The government is running the biggest Ponzi scheme. It's just "too bad" for him he couldn't hold out for the current regime. They would have bailed him out and he would still be living the good life at the cost of the taxpayers. Sucks for him.
Phil Hartman though in all seriousness was mas macho! But his comedic genius will live on.
melodicdreamer72 11 months ago
Peter , you can make longer videos now
sov19871987 11 months ago
Do you think he should raise rates? i kind of feel if rates went up at all we would quickly have to declare bankruptcy as a country. 3rd world countries that declare bankruptcy seem to recover quickly is this what is most desirable for the US?
dontdispie 11 months ago
@dontdispie We're bankrupt today. The gov has no money. They can't tax enough or borrow enough at low rates, so they print some up! This debases the currency and is exactly the same as a tax on the public. When your dollar buys less, it's the same as taxes going up. End result, your std of living goes down. Yes raising rates will cause pain, but holding rates down increases the money supply and THAT IS THE REAL DEFINITION of INFLATION. Price increases result from monetary inflation.
bahhumbucker 11 months ago
Lol Peter is learning Spanish now since he is doing business in Latin America.
SamuelMoralesJr 11 months ago
Mr. Schiff- I have been looking into buying some gold and silver bullion. I spoke to one of your brokers last week in the precious metals department at EuroPacific. I don't have the minimum $8,000 to open an account. What do you recommend regular people like myself and others who may have a little money in savings and want to protect it and themselves?
walsmj 11 months ago
@walsmj buy silver bullion from a local coin dealer.
SchiffReport 11 months ago 20
@walsmj Take a look at apmex and gainesville coins online. Both will sell you physical metals with low minimum orders. gainesville is a little cheaper if you are buying a few $k at a time and can do a wire transfer. Apmex is good too, better for small orders I think. But look at both. Also, I agree with local coin dealers. 1964 and earlier silver is 90% silver and sells at low premiums. I would avoid collector coins, bars, and "rounds". Stick to coins minted by a government.
bahhumbucker 11 months ago
@walsmj I have found that Monarch Precious Metals often has better prices compared to others online. However, I think it's always best to buy locally and build relationships close to home, so check out your local coin/bullion dealer. I went to a local coin show here in Michigan last wkend and grabbed 17 primo SIlver Eagles, Maples, and Timber Wolves for $3.38 under spot! Sometimes you get lucky.
Torgo1969 11 months ago
@walsmj there are multiple websites you can buy physical bullion from. apmex is a good one. Make sure you physically own it! (coin shop is the cheapest place to buy because you dont have to pay for shipping)
SilverPott 11 months ago
@walsmj coin-rare com
joshuarayborn 11 months ago
@walsmj I sell silver eagles online if you would like to contact me.
Riddlerx333x 11 months ago
@walsmj Yes listen to Peter Schiff's advice about buying from local coins but make sure you buy silver coins as there's a major short squeeze building up and JP Morgan,HSBC,CiTi and a few other banks have shorted silver but now it's fallen into backwardation allway to 2015 for $31.83 yet today's spot is much more & will ONLY continue to increase.
Check out returns on both PM's,silver outperformed gold 7 has so far this year also.
I got 2 vids uploading on $130 Silver from CNBC & R.Cnd Mint silvr
connectingdots1 11 months ago
@walsmj Local dealers may be fine to buy from & I do suggest you get a relationship going with your local guy, making certain he's honest. However, may I suggest you go in on silver with some like minded QUIET friends? After I enlightened a co-worker to what's really happening in govt. she was ready to make a large purchase & I went in with her to buy a monster box, 500 rounds, which has a nice discount per coin, plus you split the shipping fee
I highly recommend APMEX. Silver rounds not coins
mkmason2002 11 months ago
I heard on the radio that the Dow was down sharply today due to concerns about the higher price of oil, yet these fears were factored in last week...100bbl is overdue anyhow from other issues like our inflation policy and an overall international demand, after all, the US has a surplus...IMO, let the media be complicit with the Fed and Treasury in their lies and Ponzi schemes...honest brokers like you and commoditie prices such as oil and metals will guide and reflect the value of our market...
imataxslave 11 months ago
Peter, I read an article by Gary North the other day and he seems to disagree with you on why commodity prices are rising. He says the increased consumption by the Chinese and Indians, not the Fed's current monetary policy, is the cause.
Is there something I am missing? Is the combined monetary policy of large central banks responsible for the Chinese and Indian middle class bidding up the price of food?
VictoryCough 11 months ago
@VictoryCough listen to schiffradio. com the segment with the Jacob Geiger Interview. There is exactly that arguement made and peter gives a good answer.
Krampfarsch 11 months ago
Quis custodiet ipsos custodes? Who watches the watchmen?
Steve2323ZX 11 months ago
Cool, I thought the same thing about Madoff....we ought to listen to the guy....because he's been there, he helps inmates with sound financial advice and has nothing to gain by lying in prison on a life sentence. The guy's remorseful and most likily he's telling a truth.
AccuracyMarked 11 months ago
I think Schiff is too optomistic about other countries... the Death of the US Dollar does not mean China prospering necessarily.. It most likely means the new..
SDR Currency..
Cyrus992 11 months ago
every time Benji speaks, the market will drop and metals will rally. Think of the old story, The Boy Who Cried Wolf.
knutsenglenn 11 months ago
Yup and just as the people on the Titanic were told "nothing to worry about" people are told everything as fine. Only in the last minutes when the boat is filling with water will the story change. When that happens the ritch will be the ones that get the life boats. The poor will get locked down in steerage.
You think you see people freaking out when a storm comes. Get ready for it people.
deadman12078 11 months ago
Does anyone else have the title displaying in Spanish? <