Peter Schiff answers Reddit's questions (1 of 2)

[koolangeldude1]

if we're printing more money to pay back debt, then why dont just print more money in the first place and not borrow from foreign countries. im a genius! hahaha.

[CytherLynx]

AUSTRALIA FTW! ... only developed country to continue growing during the global economic shitty-ness.

[libertarian93]

@CytherLynx not true germany was able to do it also

[CytherLynx]

@libertarian93 oh really, cool

[libertarian93]

@CytherLynx yeah germany told the U.S to stop with the bailouts and goverment spending because it doesnt work and germany fell a little but has improved at a faster rate than america

[filmpje101]

I LOVE this guy. Also his view on drugs is VERY good.

[CASHPOKER2010]

COW WITH BEEF

[Yamakashi1]

POKEHER

[iam4u2cl8er]

I dont know why people dont listen to this man. This man knows what he is talking about! Peter Schiff 4 President!

[hegemonymony]

I love you Schiff... but what's that thing on your desk?

[jaberwocky6669]

@hegemonymony That's the Reddit mascot.

[eastspring123]

Stfu you gay gay gay , lalaala you talk shit /

[CASHPOKER2010]

@eastspring123 what

[Redcaster916]

USA is a jail compared to other free countries .....it's not even close. Guess who's has the most LAWS against it's citizens? not for them but against them. Americans think the people run the country yet their government is making laws behind closed doors. You wanna talk about inflation? you're too stupid to understand it.

[julianmck]

This guy has no idea of commerce and how it works. Today the substance has been taken out of commerce/ money but he talks of money or currency as though it's backed by gold. The us will just change to a new currency when the greenback hyperinflates. Commerce can now put of payment indefinetely.

[ldleworker]

@julianmck Not sure why you got marked as spam as your comment is clearly satirical

[STEVEDIGIBOYtv]

As a lonley Canadian manufacturer of industrial seals and gaskets I can confirm NZ, AU (great gold rush going on) and Europe are still buying heavy but the retraction of many incomes in USA and Canada have buyers frozen or almost in a state of confusion over whether to spend or not. Like a person holding their breath the eventual "gulp" only becomes more desperate and ill timed as the consumers wait for "cures" from above or sir Obama and the miniacle maniacs pushing paper worth nothing. 5*'s

[DoctorMontalban]

I agree Peter...despite it being better to legalize drugs for all the reasons you said, no need to get yourself killed. Esp. since the US gov pushes legal and illegal drugs on their own as well. So just legalize prostitution instead, for many of the same reasons - cleaner, healthier for all involved, safer, cheaper, helps unemployment, people are going to do it anyway, taxable, easier to control, etc.

[NoisemakerArrow]

The biggest pusher is the US government. The CIA runs the world's biggest drug smuggling operation. Of course Schiff would not survive.

[BlueSkies360]

Peter Schiff 4 Senate Moneybomb TODAY

s c h i f f a t h o n . c o m

[strongbadassman]

mr Schiff i think you are in greater danger under the feds who want to keep your mouth shut than criminals.

[msungs]

@strongbadassman I agree. I believe Peter Schiff could be targeted in the future by the US Government if things continue to deteriorate (which they will if we stay on this unsustainable path). He is one of the only true voices left. He is a modern day founding father and the US Government will see him as a threat as more and more people look to a voice of truth and reason like Peter.

[msungs]

@strongbadassman I also believe the Federal Reserve as "Federal" as Federal Express would also have some motives to hurt Peter. Maybe this will not be physical but it may be financial as Peter has so brilliantly outlined in how the Financial Reform bill is a complete farce.

[LeeKwangEng]

When hyperinflation come?

When the US Dollar bubble burst!

So what are the indicators of the US dollar bubble burst?

When oil producing countries no longer accept US Dollar as the trading currency!

When the other countries no longer buying any US's bound!

Already many countries indicating the worries, China, which having the most reserved in US Dollar showed concerns.

Its getting very very near! Watch out guys.

[curtishawkley]

You are a comical man because you are somehow wealthy from speculating the economic results from people who do something for a living, but you never worked a day in your life.

[nonantianarchist]

He's wealthy because he kept his investors from losing all their wealth in the fed-generated bubble, and thus has gained lots of financial cred.

[aviomaster]

-- DO you guys  have a clue what is a HYPERINFLATION ,

That is something like a war in your country , Lived thru the hyperinflation in Former Yugoslavia , which was main reason for civil war there which lasted from 1991 -1995 ,,, Hyperinflation means destruction of a country , it is not GOOD.

[KommanderWill]

Prescriptions? Come on Peter, where's your libertarianism?

[ulysseinvest]

The only reason this guy is running for Senate is to get a 100% full tax rebate (juste like Henry Paulson did) while banking on all his current investments as he enters the government. Don't be fooled by all the nice talk.

[arnoldsfield]

yumyummoany - I'm sure back in the 70s it was a lot easier to get into AUS and NZ like it was most countries, but not anymore. I know in recent years they have become very strict with their immigration - most people who go nowadays and stay, are probably the illegals

Good luck to anyone who tries.

[marisjay]

The thing is go to Brazil \o/

I'm alredy there.

[arnoldsfield]

I highly doubt that AUS and NZ will want just anyone moving to their country to escape the USA most who do decide to take the plunge and actually move there from the USA, will probably end up being illegal immigrants.  They have become more difficult to get into than the USA and most EU countries.

[yumyummoany]

I was in New Zealand in 1971 -1974 and the place was bursting with Americans. The young ones hated the Vietnam War and after coming home left America and the older ones were refugees from Mccarthyism. It was easy to get in then - as you say, much harder now.

[managarm1349]

interesting view on drugs, many will disagree or even call him crazy for saying that. But think about it: Alcohol, Cigarettes, Meds and stuff are just as dangerous and cause hell of a lot more suffering and deaths that pcp or whatnot.

Still i´m not sure whether to agree or disagree

[MasterZug]

The thing is, it's no one's business what you put into your body. Even if it kills you. It's YOUR BODY! And there is so much crime because of the "War on Drugs". Something like four hundred THOUSAND pot smokers are in jail! That is a HUGE amount of money to keep them jailed.

[rowania]

probably slightly less than their welfare cheque haha

[itachi705]

Hong Kong and Taiwan have two of the freest economies in the world and are rather prosperous. If I had to choose, those two would be the best places to head if you don't want Big Brother in America handing you everything in rations.

[nonantianarchist]

I expect both to come under the complete purview of the PRC as the US implodes.

[BlueTunisia]

One Question for Peter Schiff:

I'm an American. Would it be a good idea to move to China or another Asia country? I have the opportunity but am unsure on what to do.

Thank you!!

[johny392009]

Singapore has 18000 inhabitans/mi2, China is leassing farm land in Africa and Central America to feed their peoples, How can they create weathy middle class? US/Canada are bleassed with the best fertile land ,natural resources and massive well organized agriculture, and food on the table means basics, not TVs,Computers and other toys. I don't believe the life standards will ever become better in overpopulated Asia than North America.

[owenander]

our government doesnt allow us to use the land

[cheesechoker]

No. Having a large agricultural sector has nothing to do with prosperity. A country can just as easily produce something else (financial services, for example) and trade to obtain food.

[johny392009]

.I was born in 1970, the world population was 3.7 bil, today we are 6.5 bil and the Earth has same size and has to feed all of us. It's not only agriculture, it's population density we are 3 inhabitants/mi2 here in Canada/: 30/mi2 in USA and comparing with 150-18000 inhabitants/mi2 in EU/Asia. Doesn't make a diference? It's like comparing a family with 2 kids vs one with 10 kids, Wich one can provide better prosperity?

[klaptongroovemaster]

Good luck with that if/when hyper-inflation hits.  I'll be growing my own.

[Ddvex]

One question for Peter: What happens when the dollar collapses and the world's military super power (USA) has no gold, and no production (i.e. no purchasing power)?

[Ddvex]

If it walks like a duck, swims like a duck, quaks like a duck, and looks like a duck, then IT IS A DUCK!!!!!. No, there will not be high inflation (that is a different animal), there will be HYPERINFLATION (It is a duck!!!) 100%!!!!!!!!!!!!!!!!!!!! Peter is going to be wrong on this one.

[fox20012]

i luv u peter is that wrong

[libertyeconomics]

Krugman is nutters. The idea that this is all "pushing on a string" is nonsense. Don't forget that even if banks don't make loans, the BANKS SPEND THE MONEY. Banks that would have otherwise failed are kept in business, hiring more staff, etc., etc.

[PLooBzor]

Australia is great, I'd invite everyone to come here!

[stramey8866987]

I am Peter Schiff's #1 Canadian fan. Schiff should immigrate here and run for Prime Minister of Canada

[jsnvoe434]

Watch Hyperinflation Nation starring Peter Schiff, it just broke 47,000 views in 5 days!

[BA0084]

Hyperinflation Nation is great!

--

peter s is the man!

you have perfect lighting now, looks fab!

[Perceiving]

BTW great quality video and audio!

[Perceiving]

LOL Yes Peter we want you to go on living long enough to accomplish your goals. Don't take on the drug issue!

[patio87]

Hasn't Ron Paul been saying these things for the past couple years??

[bandito707]

Peter Schiff was Ron Paul's economic advisor for his 2008 presidential bid.

[DomAndraDum]

You obviously do not live in Sweden. Sweden always talk more about their issues, a lot more. So, I am not surprise when foreigners always talk about Malmö and generalize about Sweden.

Yet, I am saying that Sweden is good, but at the same time I should not because I don't want you here.

[cmbradford]

What is that white thing in front of them?

[Saffiru]

it's the Reddit alien... all these questions were from Reddit users

[kilgatron]

Peter, I've been reading and watching your posts. Thank you for your intelligent comments. Since I live in Kansas and am not really acquainted with purchasing gold, my wife and I have purchased a 50 acre brome hay farm with buildings, etc. for cattle. This is my gold. We also own two rentals. Your thoughts?

[deltapunk21]

delfation after credit expansion is the prices of certain goods(homes) and other effected credit exansion markets(tech boom ala 90's) returning to their market price after being inflated much to the chagrin of real sustainable true wealth.

[stratcatavarious]

LOOKS AND SOUNDS GREAT !!  Bravo !!!!!

[deltapunk21]

Notice how Krugman ignores money entering the money supply through government spending. He obsufucates that when that is one of the two (and only two) reasons for our current inflationary soon to be hell. Government artificial lending out printed money boom-bust, and the typical government spending inflation bust. Ever wonder how government can spend more money than it receives in taxes?

[purplepamphleteer]

Hey Peter, I'm openly calling for legalization in my campaign for city council in Boston. If CT residents are at all like MA's, it could fly.

[sweenigami]

Schiff owns

[andrijbulba]

oh. how refreshing to hear somebody who is using and sharing their own mind instead of replicating the mass media shite..thx..great points all the way.

[bellerophonate]

I like the cut of your jib, and I agree with your points on the drug war, but a prescription system probably wouldn't work. The biggest problem the DEA are facing right now is prescription drug diversion, so I can't imagine how currently illegal drugs would not contribute to that if they were available in the same manner.

[MrDarwind]

Canada is a good choice. Vancouver B.C was rated the best city in the world to live in. Our banks are solid. Check it out on wikpedia.

Cheers,

[DomAndraDum]

The US is the most socialist country ever, but for the good of lobbies only. The best country in the world, is Sweden

Google TSLS Konsult for all about Sweden

[Jaycephus01]

And yet there is an article on mises. org about the actual standard of living of the average Swedish citizen being lower than that of the average Black American. Ironically, blacks in the US voted overwhelmingly for a man who's promising to turn us into Sweden.

[Xtro2005]

It's not as ironic as it seems from the eyes of the supporters. They believe the alternative better because that's what they've been lead to think.

[jcvjcvjcvjcv]

A higher standard of living doesn't mean more or less heaven on earth.

More time with family and friends is priceless, and when I see that Americans work a lot more I think they have a lot less time to spend with family and friends.

Welfare is not only about the narrow definition of it.

[STEVEDIGIBOYtv]

Sweden can house every citizen in a shelter underground for 2 months or so, that may be a good thing at this point for US. Sweden is more an equal freee market than the US rigged one is with big block format addiction. Walmart is commie as hell dude, one source dictatorship of consumers.

[STEVEDIGIBOYtv]

The reply below is for: Jaycephus01 not Mr Schiff.

[CowWithBeef]

I asked that question for 2 reasons. First I knew it would be easy to get upvotes on reddit with it. Second I consider it to be a good measure of free thought. I think he did a great job, but I do disagree with him on the significance of the issue. The economic effects of imprisoning millions of people are incredibly significant, especially to those millions of people.

[Omnis2]

I laughed so hard at "Are you sure you want to start Heroin?"

[HiredGunz98]

Does anyone know what the minimum amount to open an account with Europac is?

[r0adkill4u]

$50,000

[Jaycephus01]

It's definitely less than $50,000 because I just did it with less. And I had to open two because one is a SEP account, and I only had a little over $10K for that one.

[pookeybrain]

I believe it is $10K.

[stormcrow2525]

There isn't any "minimum amount" to open an account. Just open your account and start funding it.

[stm333]

Schiff for Senate! The success/failure of the War on Drugs is a matter of perspective. True, it's been a total failure for people, based on its overt purpose. But, it's been a huge success for the Uncle Sam, based on the ulterior purpose by which this CIA-contrived "War" has been used, to erode civil rights, create crime & chaos, jail the citizenry, fund covert operations, etc. It's served the government quite well, but its use reached its limits; hence the invention of the NEW "War": Terrorism.

[BlueTunisia]

Lol Peter is awesome!

[Maelfyn]

I thought Peter Schiff was cool before, and now this? Mad props to whoever coordinated this. It's great to hear you talk without blowhard idiots interrupting you or commercial breaks.

Who needs the MSM for interviews anymore when we have this?

[commonsense2008]

Good point about drugs Peter. Most people don't even know what they are talking about when go like "say no to drugs". Close all the starbucks down, and see what effect this will have on the work force. People will be sleepy and dozy all day. Because caffeine is a drug, like cigarettes, pot and alcohol. The model Peter described reflects the policy we use in Holland, and it works great. Junkies don't have to steal, because we have government programs for these people to support and help them.

[bajoverga]

Run for Senate! I will donate to you and I live in MN

[msungs]

@bajoverga Hola, Que tal? Have you donated yet? I live in Germany now, and come out of Minneapolis myself. I sent $5.00, not a lot but something. Please remember to send him something if you haven't!

[capitalist4life]

We gotta get this guy in the Senate!!

[ehntoo2]

Forget the Senate.  This guy needs to be President!

[momerath42]

The "drug pusher" is a myth. I've done all sorts of drugs in my day, and known "dealers" in several states, and not once has one of them "pushed" as hard as your average lazy retail employee.

Regardless, I do think there are more pressing issues right now, and I hope Peter gets a chance to work on them in the Senate.

[Boethius51250]

Lol....the last comment is awesome...."I might not survive the campaign"....lol....End the Drug War!!!!

[howitzer24]

Oh man that was the best drug approach I've ever heard and that was funny too.

[ChimpWithACar]

Thanks for posting these replies, Peter!

[pedroquintero]

LOL at the last response

[Dwaylu2]

Great video, I hope to see more from you!

[Libertarianman88]

Cool Mr. Schiff you should do this more often.

[halfasheep]

Portugal legalised drugs,in 2001 I think it was. The results have reportably been good, despite what many might imagine.

[rubenximenes]

halfasheep, define "good". Tirando os arrumadores e os putos começarem a fumar droga aos 12 anos, estamos melhor suponho. E que belo trabalho tem feito o IDT...

[halfasheep]

improvement on enough aspects of the problem to offset the negatives. Relativity to prior trends. Now ask me to define "reportably been good" ;-)

[rubenximenes]

Do you actually live in Portugal or just read a few blogs? Cuz' I live in Portugal and here, with freedom NEVER comes responsability.

[halfasheep]

I don't live in Portugal. I have lived with numerous addicts in the past. I have lived in social experiments, with addicts being taken to hosp, yada yada. This subject is very complicated & polarising. Ones cultural outlook & emotion skews things. Example: You have quoted "good" which is unfair but surely suits your agenda. I wrote "reportably been good". You are attempting to shift the context of my quote. Your emotional state perhaps does not allow you to correctly interpret my writing.

[bugsbugmenot]

Excellent video and audio quality.

[jcNOVA88]

Peter Schiff is the Best!

[realrasher]

You, Mr. Schiff, rock!

I almost want to move to Connecticut just so I can vote for you.

Thank you for being so accessible. You're obviously a good sport and have a great sense of humor. Please hurry and ace your Congress term(s) so we can vote you in as President.

[TajiTJ]

This dude is awesome, whether you listen to his investment advice or not you have to give hom credit for his past predictions.

[Nielsio]

Go for the Digg option under the video.

[Hepoola]

Thanks Peter, appreciate the responses!

[ShaddowSwordX]

Swedish Radio had a report yesterday on Portugal where possetion of Drugs don't lead to criminal charges since a few years.

Drug use was actually down and treatment and disseases related to drug use where way down.

This just shows how fixed we are at the current mindset as social beings just because the conventional wisdom says that drugs have to be illegal doesen't mean this is so.

[Tasadaru]

Hyperinflation will come if the people allow it. Let's say the people of these United States actually destroyed themselves by begging to the central government. The first thing to happen before hyperinflation is major deflation. Remember, the currency has to flow throughout the system, but right now people are saving. It's when the people go on a spending spree that hyperinflation comes because all the extra currency from the printing(monetary base) and keyboards(revolving credit) come out.

[cybersphere]

Schiff +2

Krugman -1

[maggoli67]

Score!

[MooseOfReason]

8:01 - "Cow with BEEF!"

Hehehe. Gotta love when people say these usernames aloud.

[CASHPOKER2010]

@MooseOfReason HAHAAHHAHA

[doesmykeyboardwork]

as a member of the reddit community, i thank you for taking these questions seriously and answering them rationally. you have many supporters. thank you.

[rawer77]

every never listened to politicians. but now i hear Ron Paul and Peter Schiff speak. They are great!

I could listen to them all day. Nothing seems boring when they speak on serious subjects.

Im really glad i learned about these two guys!

their our future leaders if more people discover them!

[maggoli67]

We can only hope!

[HeWhoPawns]

LMAO at your comment about drug dealers whacking you, Peter.

BTW, it's great to finally see a good HD camera and high-quality sound! Bravo.

[valhala56]

Thankyou for talking sense on the Drug situation. It is a mirror of Prohibition and kick started the Costra Nostra in this country.

I don't think you will just have problems with drug lords on this, a lot of people make their money off drugs, Criminal attorneys, Judges, Police/Narcs, Prison guards, DEA. They won't like you cutting their hands in the money/cookie jar of drugs.

Please note: In America now you just about have to be 1 day from dying to get a pain killer. Just take an aspirn, aye

[cpswyl2]

I wonder if Ben would do better if drugs were legalised. I can see him now at question time, answering casually, with uncharacteristic frankness, a joint tugging at a corner lip. Oh to have someone serious about doing the right thing at the Fed

[valhala56]

I'll tell you this, when the economy continues to implode, angry people are rioting on the street, it won't just be Ben Beranke you would wish would be toking on joint with the munchies.

The prisons are filled to capacity with drug cases. Now when the states are out of money because they gave some 19 year old 2 years for marijuana.

Well I suspect they will release some of these "Scofflaws" to make room for all the bank robbers coming soon.

Think Dillenger, Bonnie&Clyde Depression 2.0

[youpick4me]

vid 2/2 available?

[return135]

***** 5 stars

[abraxalito]

I'm blown away by the video quality of this - can see reflections in the glass of the pictures behind Peter's head - awesome - this is no el cheapo PC webcam. I want one!

[devilmirror1]

I don't know that Peter likes cutie stuff. What the heck is that smiley doll? LOL

Me like it!

[ZachRB87]

Its the reddit alien.

[SchiffReport]

upvoted for the truth

[carlosjhr64]

Value of bank money = Value of currency + Value of debts

Right? :-??

Bad debts then devalues bank money.

Therefore inflationary.

[michaelpshipley1]

wouldn't just the act of increasing the money supply make a currency lose its value in the forex market? if i spun 1 million tons of gold from straw overnight and the public found out about it, wouldn't people sell their gold?

[carlosjhr64]

Technically, inflation is increase in money supply, so the abstraction I give above is something else. Anyways, "Value of currency" is ZERO, it's just paper. So it's just "Value of debts"...

the dollar is screwed?

[Apptendo]

Reddit got Peter Schiff. I'm so jealous. PS: Reddit looks like a website from 1996.

[theantirobot]

If reddit was around in 1996 this world would be a much different place. Hopefully it's still around in 2196.

[Apptendo]

Would Reddit look the same in 2196 as it does now because that would really suck. And I fail to see how reddit would change the world since the website is not even in the 1,000 for most visted websites.

[theantirobot]

My comment was meant to contrast the state of web culture today with the state of web culture in 1996 in order to provoke the thought that today's web culture wields much greater influence on mainstream culture, and we can expect that influence to increase more over the next thirteen years than it did over the last thirteen years.