I'm reading Peter's dad's book, "The Biggest Con". He talked about this stuff 30 years. Irwin and Peter Schiff are good straight talking economists! If our damn politicians would listen to these two guys we could get this country back on a solid economic and business basis!
I Pledge Allegiance to the flag of the United States of America and to the Republic for which it stands, one Nation under God, indivisible, with liberty and justice for all.
INDIA is part of "fighting" against '"terrorism" - because it needs oil in order to come Next China.
And also because history related to old Kashmir Crise. Indian Troops were in Mesopotamia once during the WWI with British, like before in Afghanistan once too with British.
Interesting, but I've been stationed in the UK for the past six months and it's worse over here in the Europe than in the US so I'm not sure why he says the rest of the world didn't have it as bad.
He doesn't mean the UK, trust me. He's referring to nations like Germany and South Korea that have advanced, production based economies. He also invests accordingly. The UK is even worse than the US.
If you like dogs who fall off couches and expose their showins then head on over to the one and only page, my page, for dos videos showing what happens when dogs go wild. HEY!
How much is $9 trillion in 20 years when compounded annually at 3% interest? 16.26 trillion. And guess what kids? We didn't get diddly shit for the difference. There's no frigging limit to what these criminals will do to destroy this country.
Iowa Department of Public Health has determined that you had contact with a person with Novel Influenza A H1N1," Department has determined to quarantine
Department has determined that quarantine in your home and other less restrictive alternatives are not acceptable,"document continues, before listing mandatory compliance with relocation to a quarantine facility.
"Facility Quarantine Order,"Iowa Department of Public Health Medical Director Patricia Quinlisk state has the form, she told WND
I fully agree with "plucault" This mess is in large part every single Americans fault. For not paying any attention, for being greedy, for losing our morals somewhere along the way.
Sadly I don't feel there is enough time to steer this Titanic away from the iceburg.
"Tomorrow" for America will be one that I don't recognize, and it makes me angry.
Wake up EVERYONE, get ANGRY, lets not spend our way into oblivian !!!
Peter: CNBC and the Plunge Protection Team aren't fooling anyone but the stupid money. They certainly aren't fooling China. And you're right, as screwy as fiat currency is the only way to save it WOULD HAVE BEEN to appoint a Volcker to chair the Fed and let the bubbles burst. But, again you're right on target: it's too late for that. Everyone should buy gold, NOW. I'm sure you've heard of GATA? Your thoughts on this, Peter?
Don't agree with everything he says but one of the few people who is seriously striving for the change i think America and perhaps the world, needs. Well done Peter! Keep it up!
Peter, please let us know when you see the beginning of the market and the dollar sinking at the same time. I know you feel it will eventually happen but to date it's been nothing but the opposite. How would know for certain this trend begins?
But to understand it you'd have to see where the money is flowing to. I sincerely hope Obama will get his act together, otherwise he might turn out a worse president than Bush.
decoupling will never happen , it is absolutely impossible
Just becasue you were right on economy direction in the past does not mean that you will be right in the future . everything leads to more globalization not less globalization
Balance of Trade Tuk. Do you believe this is sustainable? I don't think you do. PS never argued that the future is less globalization. Check of Steve Keen's debtwatch website. Good stuff.
You can't base the health of the economy on the stock market. When you have rampant inflation stocks go up because the dollar loses value which makes stocks more valuable.
did you watch raw last night! i 3 weeks ortan and cena have a i quit match. and when i said that cena's contract expires soon i got messages sayin it is not. but its true cena wants to move on in his carrier
I think they almost HAD to reappoint him. Otherwise, it is a statement that the current course of actions is incorrect. Making such a statement would make the Fed vulnerable to the Audit the Fed movement, the End the Fed movement, and the NUKE THE FED movement. At the very least, it would sow considerable doubt and cause a loss of confidence, which is what most of the bozos thinks is all that is actually needed. (No need for real factory production, let's just liquor up them consumers!)
From 4:00 on through the end is enough to make me sick. I can't decide whether to laugh, cry or throw a chair through the window. These people are unbelievable.
I think the US Caught a Lite Sneeze. I think the big Flu is coming. In Oz we have set our selves up for our own little sub-prime. God, I wish some one would talk about OZ, but everyone seems afraid.
And you know that $9 trillion is nowhere close to the real figure. Based on historical projections, it will be $15-20 trillion, but this time they may not be able to get away with it. If they try to get away with it, the dollar is dead.
Yep, this is what happens when something is divorced from the profit dynamic- the state. It stays in business no matter how poorly it does, you'll be extorted no matter what.
Peter, the government is also facing around $56 trillion in entitlement debt this century too. I have no doubt that the so-called "public option" will add to this.
9 trillion is a gross underestimate. Remember so far their estimates whether it be unemployment, budget deficits have all been way below where they actually fell.
If the bud def for this year isprojected at 1.8 tril, it probably means it will be 2.0. Well unemployment is way up, wages are way down = MUCH lower tax revenues = 20 tril next 10 years.
I wonder what they use in the formulas for tax revenue projection? Is there anyway to find out?
Exactly... They are counting on a V-shaped recovery!! We'll probably get an L-shaped recovery if we keep doing this Keynesian BS through the Fed and govt stimulus, which itself will add trillions more to the final bill. And if the world stops holding dollars, the Fed will need to pull a Volker and allow interest rates rise to 20%, meaning our current Trillion $ deficits financed with short-term notes turns into the Mother of all ARMs with a reset from Hell.
Well, time is already showing this decoupling to be true.
Anyone who doesn't want to believe what is happening right now is either paid by Obama to blog (ie. Acorn, etc), is a worshiper of Obama, or is down right crazy in the head.
Look at where all the big money has been put, it is not in the USA. Most countries are slowly dumping their US dollars.
I disagree with what he's doing too but don't spout that garbage he's not American. Almost every american has been complicit in what has happened top to bottom but obama must being doing it cuz he's a inside operative meant to bring down the US? What he convinced Bush and greenspan years before he came to power to cause the crisis so he could take power and destroy the nation? There aren't enough people who disagree with what's going on to have some of those people think like that. Wake up.
They shut down a zeitgeist internet group in Germany. Please help put a stop to this type of stuff by going to The Zeitgeist Movement web page, where you can find out how to contact them. Thanks.
He's a good FED analogy. Ben wrote a check for $1T out of thin air and gave it to the banks to allow them to be solvent on paper. That's like giving an aspirin to someone having a heart attack - it maybe is just enough to get him into the ambulance but it certainly doesn't solve the underlying problem, and now the world thinks BEN was a genius and a hero?? Laughable!
And that is just it: The government is borrowing to fuel consumption - not production. This = digging a deeper hole. Of course.
If economic growth was measured at the production end of the economy, rather than the consumption end, you would not be able to mask debt-fuelling. It doesn't work that way, and this is what you get. An oblivious sleepwalk to economic amagedon.
i dunno how to say this. obama is doing what called politically correct. both china and the u.s. are working on the medical reform. china's goal is to provide some basic coverage for rural workers and peasants so that they don't save too much. for regular visits, peasants can reimburse about 30% of the expense. for emergencies and in-hospitals, they will reimburse up to 90% up to a limit. the chinese government doesn't offer a full coverage as they know they don't have that kind of money.
the reform is welcome in china due to expense reduction: never has rural workers received such coverage in recent history. now the u.s. reform is more difficult. in reality, u.s. doesn't have money to maintain the current medicare quality. it is, however, politically unpopular to say so. only viable "p.c." way is to raise deficit and cause inflation. inflation is another way of taxing people, but receives less resistance.
Had to laugh. When you put it that way (about the OMB deficit projections) it's quite humerous but said. They don't see it. I think they see it has a fair trade: USD for goods. Right on the mark. From the looks of it the foreigners are beginning to shun the dollar.
Sure, but eventually America will have nothing left to give; China will have all the wealth. At that point, China will become a consumer nation and start to go down the same path as America.
it basically means china and the rest of the world will separate/decouple from America and stop being so interwined with the American economy, because Peter sees it as the American economy is holding the world economy back because all we do is consume products and we don't produce as many products and we are basically freeriding off the world.
Peter, when Reagan wanted to get a message out, he bypassed the media and spoke straight to the citizens. He explained, taught and motivated. Americans are intelligent and teachable at the grassroots level. Thanks for being America's economics teacher. We need this stuff; do not quit. Each video blog, article and TV appearance is another blow to the wall of lies - it will come down.
Hey Pete I heard that Financials are hiding their losses through accounting changes like mark to market accounting. Can you add some insight to this in your next blog?
Its like the blind leading the blind. We go from Bushs huge spending spree to Obamas, and Bernanke gets reappointed wtf?? He said there was nothing to worry about in 07, ya right!! People have the attention span of a fly! Wheres all the supposed smart people at in the colleges?? Shouldn't they be paying attention to this! Rome burns and everyone just watchs..
Our economy is being propped up by our own government too make it look like doing much better. I give it 6 months before you see people lose their new (cash for clunker) cars because of lack of payment or better yet, most of them will get it stolen or wreck it just so that they can get the insurance company to pay off the balance.
2. Trading in Treasuries market. I read an article today about how the Treasury market is being traded like the stock market thanks to HUGE issues of gov't debt. Instead of buy and hold now they have active day traders. It would explain how the dollar is being manipulated. What's worse is the amount of speculation which always leads to booms and busts. The dollar collapse trigger will be the popping of the speculation bubble in Treasuries.
Since March we've lost millions of jobs, but our stock market has soared. Can someone please tell me, WTF are they trading over there on Wall St? Which companies are doing so amazingly well here? Or are they trading futures, derivatives, and other speculative bullshit?
Josh, when a company had decreasing revenue the biggest at first thing to cut is labor, so initially the company will make more, but doenst mean economy is better, it is speculative also because only few stock trade with high volume which usually mean investors arent looking at earnings ratios
I'm also wondering if it is actually just the current asset bubble being blown up by the re-inflation efforts of the Fed. Just like the past Fed re-inflation led to the housing bubble, the current actions are leading to a stock-bubble that is about to burst.
It's not just ignorance or stupidity, the real powers behind the government are malevolent- they actually want the US economy, and particularly the dollar, to implode. This will set the stage for a global currency and global financial regulations under the IMF, in a nutshell economic dictatorship of the whole world.
"Allow me to issue and control a nation's money and I care not who writes its laws." - M. A. Rothschild
I wouldn't pretend to specifically know what goes on in these gov't "officials" minds, but I agree with you that stupidity is highly unlikely to be the force at work here. A somewhat greedy clique of well-meaning fools would still want the system they run to work. The level of decay Peter observes goes beyond what idiots frantically trying to really fix the economy would do. They hide behind stupidity and people eat it up, loving feeling "better" than Bernanke and his almost perfect SAT score.
And Bush was Jesus? Millions dead. Lands destroyed. He walked away. Obama gave you Healthcare. War VS Healthcare? In OZ we have had Healthcare for decades, and it works fine. No one ever complains. You guys could have done this years ago instead of spending it on a pointless war and infighting.
Bush was possibly our worst President ever. That being said Obama is working hard to cement his name to that claim.
National Health Care, as it's being proposed, is a absolute disaster. We are already on the hook for up to 100 TRILLION due to mismanagement of our current entitlement programs, and anyone who thinks Gov will get NHC right is an absolute fool.
Amtrak, USPS, Medi*, SS, Katrina, any war, Mustang Ranch.... the examples are endless, all financial failures. Gov FAILS everytime.
...which is why cost are going up in a recession. It's already been broken by govt & more govt intervention on top of the past intervention isn't going to fix it.
We need to ask ourselves why the govt BLAMES increasing HC costs on the MONOPOLY of the large insurance corps which are supposed to be competing with each other, yet the govt says it needs to to step in & COMPETE with these corps, & YET these same corps have spent millions on an ad campaign FOR the govt plan!? HUH? They want it!?
This is not about "you guys" and "us". Lose the bs partizan lingo. The only difference between Dem and Rep is one spends more than the other, but in the end both pursue similiar policies, and both cater to the wishes of the same 'elite' group.
I wish people would just wake up and understand that behind the scenes both parties are butt buddies and only care about being re-elected and could care less that in the process they are ruining this once great country. I am sick of both parties.
I'm with you man! I've been a partisan hack for the left and the right in my life but over the last couple of years I have seen a HUGE shift starting with Bush's stimulus and bailouts and CAPITALIZED by Obama and co. They are raping all of us and are desperate in inflating not only the final bubble, but this distortion the mainstream media would have you believe as reality.
Obama doesn't "give us" healthcare. He is not a doctor, a medical researcher, or a nurse. He's a damn politician. If he has his way, he'll take wealth from some people to subsidize a national health insurance plan for other people. And you're talking to libertarians, which means most of us wanted neither war NOR socialized medicine.
These videos are becoming more and more profound! The 5-min or 10-min is fine for me Peter but I think you are right, more people will watch if it's just 5-minutes instead. Keep up the great work and post often!!! How about a blog on the FDIC report this Tuesday?
The thing is, Obama could care less about the deficit over the next 10 years. He is only interested in keeping the economy afloat for the next 4 so he can be reelected in 2012. Because our deficit is so high, my gut is telling me treasury and the fed have pretty much given up hope in repaying it and therefore are going all out zimbabwe style.
But is he really interested in keeping the economy afloat? Politicians are the ultimate bottomfeeders, and this administration in particular has benefitted from the misfortunes of the middle class. It's obvious from their initiatives and policies that they would like nothing better to see this crisis continue and expand.
I think the gov't economic advisors as well as the federal reserve is well aware of everything schiff is saying. My investment teacher said we have the biggest deficit in the world of any country as well as any country as history. I don't know about the validity of the second part of her statement (zimbabwe had a higher deficit in terms of the numeric currencies value not adjusted for inflation when the imf asked for the money back; similar scenerio with germany prior to world war 2)
If these shorter videos mean more videos then please keep them coming as shorter videos.
I agree 100% about the budget morass. And I tell you, your analogies almost always make me laugh. Like the kid telling his parents his study plan is to fail all his classed for the next few years. Funny.
Trying to be a little cute with that 'someone has to go to Washington...' part. Lol. Little campaign ad there. But that's cool.
I wish we could know how this is going to pan out. The US has 1 trump card and that is the dollar. Every commodity in the world is priced in dollars and so we don't have to convert our dollars into another currency, but I don't think it's a total get out of jail free card. I think it's more like a posting of bail. Everyone is acting the like the economy is improving and I just don't see it. Just because some paper wealth is being created in the stock market doesn't put meat on the table.
Bernacke being reappointed is a good thing. Think of it as short term pain for long term gain. Bernacke's epic incompetence and total refusal to recognize the truth increases the chances that there will be a popular groundswell to end the Fed and return to a real money economy.
It's actually an inside joke about the fool that's been trashing peter. He painted an American flag (badly, I might add) and rants and raves about how Peter is sick and needs help. He's quite comical.
No, you don't understand. If the Chinese government starting selling off bonds en masse, that would signal the market to their true value and they would be worthless before they could even sell off a fraction of them. If you think about it, the optimal strategy for the Chinese government is to sell off bonds slowly and secretly over time, while making it seem like they still have confidence in the US dollar using PR campaigns and by publicly buying a few bonds here and there.
Notice how they have started buying bonds/treasuries with shorter and shorter durations. This way, they don't even have to sell them, they just don't roll them over.
Good one Peter - hard hitting, accurate and Determined. You're getting your polish on and it is coming through.
Indeed, someone with fiscal sanity must get to DC - and I see a seat in that house with 'Senator Schiff' on it...
Franken ain't wasting no time Peter - likewise we need a Counterweight in there to buttress the Constitution and provide the restraint on public finances and over-regulation so needed at this critical juncture.
Not really. They've sold off over 1 trillion in USD to buy up assets all over the world in the last year or so. They're positioning themselves very well. The lost they may yet suffer is peanuts to the bargains they're getting right now.
too heavily invested so that they HAVE to finance our 9 trillion budget deficit this next decade?? They only own a trillion or two right now of treasuries, they are smart enough not to throw good money after bad.
its not just their treasuries... which is > 2tn, but its also their industry relies on exporting shit to the states. the chinese ppl are too poor, they need to export to the US. what when the US stops buying.
we are already in a one-world global system... when one link (as big as america) fails, the entire structure falls down.
Imagine if an American and five asians are stranded on a desert island and everyone has different jobs to survive. One asian's job is to fish. another is to hunt, another is to built shelter, etc. Finally the American's job is to eat. According to the economic theory that you're espousing, the American must be the key to the whole island's economy because without the American, the asians wouldn't have jobs. In reality, the Asians would be a lot better off if they kicked the American out.
but what the US does is we borrow 3 billion dollars a day from foreigners (most from china), so that we can purchase their own products. We aren't even paying out of our own pockets for the crap they send us! When the yuan strengthens, and it will, then you will see that purchasing power transferring from the US to the chinese consumer
China's middle class is larger than the ENTIRE US population. All that has to happen for this group to displace Americans as the prime Chinese consumer is for the value of the Chinese currency to rise.
When China cuts the string between their hot-air balloon, and American dead weight, they rise and we fall.
You better get ready for that.
China's actual reserves are a STATE SECRET, but I've only seen estimates of just $1 Trillion in US govt securities.
I'm reading Peter's dad's book, "The Biggest Con". He talked about this stuff 30 years. Irwin and Peter Schiff are good straight talking economists! If our damn politicians would listen to these two guys we could get this country back on a solid economic and business basis!
BigRedMcCool 2 years ago
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The Pledge of Allegiance
I Pledge Allegiance to the flag of the United States of America and to the Republic for which it stands, one Nation under God, indivisible, with liberty and justice for all.
liveoutstanding 2 years ago
INDIA is part of "fighting" against '"terrorism" - because it needs oil in order to come Next China.
And also because history related to old Kashmir Crise. Indian Troops were in Mesopotamia once during the WWI with British, like before in Afghanistan once too with British.
PNACATTACKdotCOM 2 years ago
that was my study plan
spineadjuster13 2 years ago
Interesting, but I've been stationed in the UK for the past six months and it's worse over here in the Europe than in the US so I'm not sure why he says the rest of the world didn't have it as bad.
emrobin 2 years ago
Expose the fed and obama. Visit moneypirates com. Spread the word!
30percentplusreturns 2 years ago
He doesn't mean the UK, trust me. He's referring to nations like Germany and South Korea that have advanced, production based economies. He also invests accordingly. The UK is even worse than the US.
bobjman 2 years ago
Wow, I wish that everyone could hear these videos... Peter puts everything into perspective.
jaredrs5 2 years ago 12
If you like dogs who fall off couches and expose their showins then head on over to the one and only page, my page, for dos videos showing what happens when dogs go wild. HEY!
HiShiaLaBeouf 2 years ago
How much is $9 trillion in 20 years when compounded annually at 3% interest? 16.26 trillion. And guess what kids? We didn't get diddly shit for the difference. There's no frigging limit to what these criminals will do to destroy this country.
heymisterderp 2 years ago 3
It was actually projected at 7 trillion just recently they revised it to 9 trillion.
kusari86 2 years ago
SchiffReport is all this bad economic have any connection we the swing flu H1N1 vaccination???
Thins are going to get worse?
raulvideo 2 years ago
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Iowa Department of Public Health has determined that you had contact with a person with Novel Influenza A H1N1," Department has determined to quarantine
Department has determined that quarantine in your home and other less restrictive alternatives are not acceptable,"document continues, before listing mandatory compliance with relocation to a quarantine facility.
"Facility Quarantine Order,"Iowa Department of Public Health Medical Director Patricia Quinlisk state has the form, she told WND
louis12346 2 years ago
I fully agree with "plucault" This mess is in large part every single Americans fault. For not paying any attention, for being greedy, for losing our morals somewhere along the way.
Sadly I don't feel there is enough time to steer this Titanic away from the iceburg.
"Tomorrow" for America will be one that I don't recognize, and it makes me angry.
Wake up EVERYONE, get ANGRY, lets not spend our way into oblivian !!!
trekinseattle 2 years ago
Peter: CNBC and the Plunge Protection Team aren't fooling anyone but the stupid money. They certainly aren't fooling China. And you're right, as screwy as fiat currency is the only way to save it WOULD HAVE BEEN to appoint a Volcker to chair the Fed and let the bubbles burst. But, again you're right on target: it's too late for that. Everyone should buy gold, NOW. I'm sure you've heard of GATA? Your thoughts on this, Peter?
Econocataclysm 2 years ago
Go Peter you have my vote.
movie58 2 years ago 2
Off to Washington with you! ;-)
Panpiper 2 years ago 3
Peter when you get into office, just mention this stuff to Congress, then when they don't listen, they won't get re-elected.
AldoRama69 2 years ago
That "somebody" is YOU, Peter! Godspeed....
sonofaglitch2 2 years ago
Don't agree with everything he says but one of the few people who is seriously striving for the change i think America and perhaps the world, needs. Well done Peter! Keep it up!
CanadianPatriot26 2 years ago
I Love this guy!
CanadianPatriot26 2 years ago
Steve Jobs just said.....No studying for me....
Ubreako 2 years ago
Peter Schiff is a voice of reason.....OMB is out of their minds and way outta money
guitarland 2 years ago
Peter, please let us know when you see the beginning of the market and the dollar sinking at the same time. I know you feel it will eventually happen but to date it's been nothing but the opposite. How would know for certain this trend begins?
worldgoingtozero 2 years ago
CHINA CHINA CHINA.
Funny how they are suggesting to its massive population to buy physical silver bullion now THAT is a global move.
GuildF40 2 years ago
So should I cash out my 401k now or later? lol
KenMacMillan 2 years ago
thumbs me up!
norfair18 2 years ago
Right on, it's insanity.
But to understand it you'd have to see where the money is flowing to. I sincerely hope Obama will get his act together, otherwise he might turn out a worse president than Bush.
CabronDioz 2 years ago
love the new format, shorter and more often ;P
supa987 2 years ago 2
peter schiff is good at analogies
mike norman is good at anal loogies.
michaelpshipley1 2 years ago 8
If you are looking for the Truth about the economy then subscribe to Peter's channel! Peter Schiff 2010!
uwejuwe 2 years ago
Didn't European stocks actually lose more value than the US? That's how I seem to remember it.
etbitmydogucf 2 years ago
decoupling will never happen , it is absolutely impossible
Just becasue you were right on economy direction in the past does not mean that you will be right in the future . everything leads to more globalization not less globalization
tuktukktotam 2 years ago
yes but the us will play a less important role... and maybe in 10 years nobody in the world gives a f. what the us has to say...
carapone1 2 years ago
Balance of Trade Tuk. Do you believe this is sustainable? I don't think you do. PS never argued that the future is less globalization. Check of Steve Keen's debtwatch website. Good stuff.
badonkadonk34 2 years ago
that is not true that European countries are out of recession You are lying to people . I really do not know why .
You think people are stupid ? Most of them are . Talk about super massive Chinese stimulus
1.6 bil spending 2 trillion having 3 tril injection compared to US 300 K spending 11 trillion
our deficit is 1.5 tril now not 9 trillion
tuktukktotam 2 years ago
You can't base the health of the economy on the stock market. When you have rampant inflation stocks go up because the dollar loses value which makes stocks more valuable.
uwejuwe 2 years ago
I have used this analogy many times to try and convince people that we are screwed.
The government is a huge business.
Taxes are its revenue source.
Departments are its products.
The USD is its stock price.
The deficit is its net income.
The National debt is its outstanding debt.
Therefore, why would ANYONE invest in the US government?
kja5 2 years ago
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TVsoccerTV 2 years ago
Lol I love his analogies. Yet another great video peter!
siasina 2 years ago
I think that once people understand the decline in the dollar we won't be able to even avoid the pain of a recession.
nonantianarchist 2 years ago
Politicians don't produce anything. At the very best they can remove the barriers to production erected by other politicians.
nonantianarchist 2 years ago 3
Peter Schiff is really good at analogies!
abhir314 2 years ago
did you watch raw last night! i 3 weeks ortan and cena have a i quit match. and when i said that cena's contract expires soon i got messages sayin it is not. but its true cena wants to move on in his carrier
brianfrombrick 2 years ago
Bernanke has been reappointed. Where else can you be wrong 100% the time and still secure your job.
kosai19 2 years ago 2
I think they almost HAD to reappoint him. Otherwise, it is a statement that the current course of actions is incorrect. Making such a statement would make the Fed vulnerable to the Audit the Fed movement, the End the Fed movement, and the NUKE THE FED movement. At the very least, it would sow considerable doubt and cause a loss of confidence, which is what most of the bozos thinks is all that is actually needed. (No need for real factory production, let's just liquor up them consumers!)
Jaycephus01 2 years ago
AIG, Bank of America.....the list is quite long.
shitomimax 2 years ago
Arrogance, Ignorance, Greed!
JPPT1974 2 years ago
From 4:00 on through the end is enough to make me sick. I can't decide whether to laugh, cry or throw a chair through the window. These people are unbelievable.
byrdinflight 2 years ago 3
I think the US Caught a Lite Sneeze. I think the big Flu is coming. In Oz we have set our selves up for our own little sub-prime. God, I wish some one would talk about OZ, but everyone seems afraid.
JollyMunkie 2 years ago
Right on. It is THE AUDICITY OF DOPE.
And you know that $9 trillion is nowhere close to the real figure. Based on historical projections, it will be $15-20 trillion, but this time they may not be able to get away with it. If they try to get away with it, the dollar is dead.
666sigma 2 years ago 2
Yep, this is what happens when something is divorced from the profit dynamic- the state. It stays in business no matter how poorly it does, you'll be extorted no matter what.
Peter, the government is also facing around $56 trillion in entitlement debt this century too. I have no doubt that the so-called "public option" will add to this.
GuardofLiberty 2 years ago
9 trillion is a gross underestimate. Remember so far their estimates whether it be unemployment, budget deficits have all been way below where they actually fell.
If the bud def for this year isprojected at 1.8 tril, it probably means it will be 2.0. Well unemployment is way up, wages are way down = MUCH lower tax revenues = 20 tril next 10 years.
I wonder what they use in the formulas for tax revenue projection? Is there anyway to find out?
aw3212 2 years ago
Exactly... They are counting on a V-shaped recovery!! We'll probably get an L-shaped recovery if we keep doing this Keynesian BS through the Fed and govt stimulus, which itself will add trillions more to the final bill. And if the world stops holding dollars, the Fed will need to pull a Volker and allow interest rates rise to 20%, meaning our current Trillion $ deficits financed with short-term notes turns into the Mother of all ARMs with a reset from Hell.
Jaycephus01 2 years ago
Flippen hilarious! You should be a comedian too lol
fox20012 2 years ago
Well, time is already showing this decoupling to be true.
Anyone who doesn't want to believe what is happening right now is either paid by Obama to blog (ie. Acorn, etc), is a worshiper of Obama, or is down right crazy in the head.
Look at where all the big money has been put, it is not in the USA. Most countries are slowly dumping their US dollars.
katiatomsk 2 years ago
What r u on drugs, i was saying peter makes a great point on the Obama 9 trillion forecast, what he is saying is funny haha, FU loser
fox20012 2 years ago
fox20012: You are right, the Obama 9 trillion forecast is way under reported. If it is anything like cash for clunkers, it will be many times higher.
Thanks for the clarification.
Obama seems hell bent on destroying this nation. Perhaps it is because it is not his own.
katiatomsk 2 years ago
I disagree with what he's doing too but don't spout that garbage he's not American. Almost every american has been complicit in what has happened top to bottom but obama must being doing it cuz he's a inside operative meant to bring down the US? What he convinced Bush and greenspan years before he came to power to cause the crisis so he could take power and destroy the nation? There aren't enough people who disagree with what's going on to have some of those people think like that. Wake up.
plucault 2 years ago
worse how?
marniespeaks 2 years ago
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itrainsinoctober 2 years ago
haha awesome rant peter, it truly is ridiculous.
DaveC86 2 years ago
He's a good FED analogy. Ben wrote a check for $1T out of thin air and gave it to the banks to allow them to be solvent on paper. That's like giving an aspirin to someone having a heart attack - it maybe is just enough to get him into the ambulance but it certainly doesn't solve the underlying problem, and now the world thinks BEN was a genius and a hero?? Laughable!
Schweizer135 2 years ago 2
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Bernanke is my God....
MikeNormanIsRETARDED 2 years ago
I just sucked a burrito fart with a purple straw out of my ass.
MikeNormanIsRETARDED 2 years ago
LOL lovin the name
audiohi 2 years ago
Huge government is necessary for wealth to increase......
MikeNormanIsRETARDED 2 years ago
Troll
fox20012 2 years ago
Your analogies are hilarious!!!!
czargwar 2 years ago 2
And that is just it: The government is borrowing to fuel consumption - not production. This = digging a deeper hole. Of course.
If economic growth was measured at the production end of the economy, rather than the consumption end, you would not be able to mask debt-fuelling. It doesn't work that way, and this is what you get. An oblivious sleepwalk to economic amagedon.
andrewada 2 years ago 2
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Government is the engine of wealth.
MikeNormanIsRETARDED 2 years ago
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You are so right
MikeNormanIsRETARDED 2 years ago
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Thank you for the compliment.
MikeNormanIsRETARDED 2 years ago
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No thanks buddy.
MikeNormanIsRETARDED 2 years ago
i dunno how to say this. obama is doing what called politically correct. both china and the u.s. are working on the medical reform. china's goal is to provide some basic coverage for rural workers and peasants so that they don't save too much. for regular visits, peasants can reimburse about 30% of the expense. for emergencies and in-hospitals, they will reimburse up to 90% up to a limit. the chinese government doesn't offer a full coverage as they know they don't have that kind of money.
vonleixy 2 years ago
the reform is welcome in china due to expense reduction: never has rural workers received such coverage in recent history. now the u.s. reform is more difficult. in reality, u.s. doesn't have money to maintain the current medicare quality. it is, however, politically unpopular to say so. only viable "p.c." way is to raise deficit and cause inflation. inflation is another way of taxing people, but receives less resistance.
vonleixy 2 years ago
Comment removed
vonleixy 2 years ago
Please reconsider your new 5 minute format. I loved the old 10 min videos
goforthewhole 2 years ago 2
Year-Deficit-National Debt
pirucreek 2 years ago
The prediction in 2004.
2009 -281 5,897
pirucreek 2 years ago
Peter make these videos 10mins again please as 5mins is too short!!!!
ultanwoods 2 years ago
Hey Peter,
Had to laugh. When you put it that way (about the OMB deficit projections) it's quite humerous but said. They don't see it. I think they see it has a fair trade: USD for goods. Right on the mark. From the looks of it the foreigners are beginning to shun the dollar.
canuck350 2 years ago
hey pete, have you seen the videos mike norman has been posting lately? lol
he never gives up.
skliros 2 years ago
can china really decouple from the US at this point? Peter if US goes down China will follow...
3dbeing 2 years ago
Sure, but eventually America will have nothing left to give; China will have all the wealth. At that point, China will become a consumer nation and start to go down the same path as America.
WizardKing78 2 years ago
Very smart analogy. Thank you.
rjimera 2 years ago
"im going to smash into the wall"
classic
screw the 5 minute rule, what obama relative suggested that??
owenander 2 years ago
wtf is decoupling lol
OntologicalQuandary 2 years ago
it basically means china and the rest of the world will separate/decouple from America and stop being so interwined with the American economy, because Peter sees it as the American economy is holding the world economy back because all we do is consume products and we don't produce as many products and we are basically freeriding off the world.
norfair18 2 years ago
Peter, when Reagan wanted to get a message out, he bypassed the media and spoke straight to the citizens. He explained, taught and motivated. Americans are intelligent and teachable at the grassroots level. Thanks for being America's economics teacher. We need this stuff; do not quit. Each video blog, article and TV appearance is another blow to the wall of lies - it will come down.
bobgguitar 2 years ago 2
Thanx Peter. As always, it's nice to hear your opinion.
LibertyResolute 2 years ago 2
It's not so much an opinion as it is facts with plenty of evidence.
Thank you Pete.
Looks like we are close to 1 million bucks for the Senate run.
Great job everyone!
Burningphoenix888 2 years ago
I completely agree or I probably wouldn't be here.
LibertyResolute 2 years ago
keep on bringing the common sense, this country needs it
75Manson 2 years ago 4
That was cracking me up..
theoriginalanomaly 2 years ago
Hey Pete I heard that Financials are hiding their losses through accounting changes like mark to market accounting. Can you add some insight to this in your next blog?
Anyway keep up the blogs.....It's better than TV.
ciottini 2 years ago 5
Its like the blind leading the blind. We go from Bushs huge spending spree to Obamas, and Bernanke gets reappointed wtf?? He said there was nothing to worry about in 07, ya right!! People have the attention span of a fly! Wheres all the supposed smart people at in the colleges?? Shouldn't they be paying attention to this! Rome burns and everyone just watchs..
kev492001 2 years ago 6
Bernanke's still here = still bad at the end of the day
lenny380 2 years ago 2
Our economy is being propped up by our own government too make it look like doing much better. I give it 6 months before you see people lose their new (cash for clunker) cars because of lack of payment or better yet, most of them will get it stolen or wreck it just so that they can get the insurance company to pay off the balance.
ASoto15 2 years ago 3
Somebody's gotta go to Washington and put a stop to this. Good luck.
raythespian 2 years ago 2
Hahahahah I wonder what Bush's deficit projection was in August 2001 and how far off it was.
SevereTstormFan 2 years ago
Subject for next vlog:
1. Bernanke's reappointment.
2. Trading in Treasuries market. I read an article today about how the Treasury market is being traded like the stock market thanks to HUGE issues of gov't debt. Instead of buy and hold now they have active day traders. It would explain how the dollar is being manipulated. What's worse is the amount of speculation which always leads to booms and busts. The dollar collapse trigger will be the popping of the speculation bubble in Treasuries.
harveybirdmannequin 2 years ago
Great Video! We pay China alone. 1.2 Billon a month in INTEREST!. Something has got to change.
misscassiegirl 2 years ago 2
Yep, that's the point. China became the USA's banker. There is no greater form of slavery and no stronger chains of servitude.
harveybirdmannequin 2 years ago 3
Since March we've lost millions of jobs, but our stock market has soared. Can someone please tell me, WTF are they trading over there on Wall St? Which companies are doing so amazingly well here? Or are they trading futures, derivatives, and other speculative bullshit?
JoshuaSethComposer 2 years ago
Josh, when a company had decreasing revenue the biggest at first thing to cut is labor, so initially the company will make more, but doenst mean economy is better, it is speculative also because only few stock trade with high volume which usually mean investors arent looking at earnings ratios
krillin876 2 years ago
I'm also wondering if it is actually just the current asset bubble being blown up by the re-inflation efforts of the Fed. Just like the past Fed re-inflation led to the housing bubble, the current actions are leading to a stock-bubble that is about to burst.
Jaycephus01 2 years ago 2
boo, to the 5 mins limit
4rcane 2 years ago
5 stars
drewry 2 years ago
It's not just ignorance or stupidity, the real powers behind the government are malevolent- they actually want the US economy, and particularly the dollar, to implode. This will set the stage for a global currency and global financial regulations under the IMF, in a nutshell economic dictatorship of the whole world.
"Allow me to issue and control a nation's money and I care not who writes its laws." - M. A. Rothschild
rockhuddy 2 years ago 5
I wouldn't pretend to specifically know what goes on in these gov't "officials" minds, but I agree with you that stupidity is highly unlikely to be the force at work here. A somewhat greedy clique of well-meaning fools would still want the system they run to work. The level of decay Peter observes goes beyond what idiots frantically trying to really fix the economy would do. They hide behind stupidity and people eat it up, loving feeling "better" than Bernanke and his almost perfect SAT score.
Eincrou 2 years ago
What if its a quadtrillion defeicit over ten years? No matter what it is, Obama's got the nukes...right? God help us all.
ronheri 2 years ago
And Bush was Jesus? Millions dead. Lands destroyed. He walked away. Obama gave you Healthcare. War VS Healthcare? In OZ we have had Healthcare for decades, and it works fine. No one ever complains. You guys could have done this years ago instead of spending it on a pointless war and infighting.
JollyMunkie 2 years ago
Bush was possibly our worst President ever. That being said Obama is working hard to cement his name to that claim.
National Health Care, as it's being proposed, is a absolute disaster. We are already on the hook for up to 100 TRILLION due to mismanagement of our current entitlement programs, and anyone who thinks Gov will get NHC right is an absolute fool.
Amtrak, USPS, Medi*, SS, Katrina, any war, Mustang Ranch.... the examples are endless, all financial failures. Gov FAILS everytime.
MrSagio 2 years ago
The government already funds 60% of healthcare and controls 98% of the industry. Its already socialized.
falchard 2 years ago
...which is why cost are going up in a recession. It's already been broken by govt & more govt intervention on top of the past intervention isn't going to fix it.
We need to ask ourselves why the govt BLAMES increasing HC costs on the MONOPOLY of the large insurance corps which are supposed to be competing with each other, yet the govt says it needs to to step in & COMPETE with these corps, & YET these same corps have spent millions on an ad campaign FOR the govt plan!? HUH? They want it!?
Jaycephus01 2 years ago
This is not about "you guys" and "us". Lose the bs partizan lingo. The only difference between Dem and Rep is one spends more than the other, but in the end both pursue similiar policies, and both cater to the wishes of the same 'elite' group.
I wish people would just wake up and understand that behind the scenes both parties are butt buddies and only care about being re-elected and could care less that in the process they are ruining this once great country. I am sick of both parties.
0oHIZAKIo0 2 years ago 2
I'm with you man! I've been a partisan hack for the left and the right in my life but over the last couple of years I have seen a HUGE shift starting with Bush's stimulus and bailouts and CAPITALIZED by Obama and co. They are raping all of us and are desperate in inflating not only the final bubble, but this distortion the mainstream media would have you believe as reality.
Wake up people! It's a coming!
JMehrman 2 years ago
Obama doesn't "give us" healthcare. He is not a doctor, a medical researcher, or a nurse. He's a damn politician. If he has his way, he'll take wealth from some people to subsidize a national health insurance plan for other people. And you're talking to libertarians, which means most of us wanted neither war NOR socialized medicine.
nonantianarchist 2 years ago
Mr. Schiff goes to Washington.
WSOR4025 2 years ago 3
These videos are becoming more and more profound! The 5-min or 10-min is fine for me Peter but I think you are right, more people will watch if it's just 5-minutes instead. Keep up the great work and post often!!! How about a blog on the FDIC report this Tuesday?
webcompanion 2 years ago
Best Update Yet. Those were some great analogies.
dellamalo 2 years ago
5 stars as usual.
Thank you Mr. Schiff
cpgone 2 years ago
Peter you are sex.
norfair18 2 years ago 5
The thing is, Obama could care less about the deficit over the next 10 years. He is only interested in keeping the economy afloat for the next 4 so he can be reelected in 2012. Because our deficit is so high, my gut is telling me treasury and the fed have pretty much given up hope in repaying it and therefore are going all out zimbabwe style.
lkeklfglek 2 years ago
But is he really interested in keeping the economy afloat? Politicians are the ultimate bottomfeeders, and this administration in particular has benefitted from the misfortunes of the middle class. It's obvious from their initiatives and policies that they would like nothing better to see this crisis continue and expand.
acchichi1 2 years ago
Who knows
lkeklfglek 2 years ago
I think the gov't economic advisors as well as the federal reserve is well aware of everything schiff is saying. My investment teacher said we have the biggest deficit in the world of any country as well as any country as history. I don't know about the validity of the second part of her statement (zimbabwe had a higher deficit in terms of the numeric currencies value not adjusted for inflation when the imf asked for the money back; similar scenerio with germany prior to world war 2)
lkeklfglek 2 years ago
Thanks again Peter.
If these shorter videos mean more videos then please keep them coming as shorter videos.
I agree 100% about the budget morass. And I tell you, your analogies almost always make me laugh. Like the kid telling his parents his study plan is to fail all his classed for the next few years. Funny.
Trying to be a little cute with that 'someone has to go to Washington...' part. Lol. Little campaign ad there. But that's cool.
Have a good day Peter.
McRocket 2 years ago
I wish we could know how this is going to pan out. The US has 1 trump card and that is the dollar. Every commodity in the world is priced in dollars and so we don't have to convert our dollars into another currency, but I don't think it's a total get out of jail free card. I think it's more like a posting of bail. Everyone is acting the like the economy is improving and I just don't see it. Just because some paper wealth is being created in the stock market doesn't put meat on the table.
christo930 2 years ago
Bernacke being reappointed is a good thing. Think of it as short term pain for long term gain. Bernacke's epic incompetence and total refusal to recognize the truth increases the chances that there will be a popular groundswell to end the Fed and return to a real money economy.
acchichi1 2 years ago
These videos are awesome... but I don't think I can imagine how awesome they will be when Peter is a senator!
theantirobot 2 years ago
LOL!
"a kid comes home from school and he tells his parents: here's my study plan - I'm gonna flunk every class for the next ten years"
I just looked at my son and thought to myself what would I do if my son told me that
693322987 2 years ago 4
YEAH!!!!
Anythingwilldo41 2 years ago
So brilliant
Homer1583 2 years ago
China is experiencing a temporary recovery.
Blackjack555 2 years ago
Bernanke is here to stay...damn
HeatForce 2 years ago
He still has to get confirmed.
I want to see him get interrogated at his hearings.
MooseOfReason 2 years ago
Thanks Peter. Good vid.
rockytopfarm 2 years ago
Listening to this makes me sick.
Daniel1RG 2 years ago
Buckle-up, we're going to hit the wall at top-speed very soon!
shoeman3434 2 years ago
another one of peter's great analogies, cold and pneumonia
4rcane 2 years ago
Peter, you really need to paint yourself an American flag and place it behind you in these videos.... show some patriotism you sicko!!!
thebruno44 2 years ago
i did not know that his patriotism was in question.
Pellett29 2 years ago
It's actually an inside joke about the fool that's been trashing peter. He painted an American flag (badly, I might add) and rants and raves about how Peter is sick and needs help. He's quite comical.
thebruno44 2 years ago
It is a joke, darling. A joke.
JollyMunkie 2 years ago
thanks for the vid peter
geewhzz 2 years ago
another great video mr. schiff.....
hktrmrz 2 years ago
Yes, Bernacke will be reappointed, but one hopes that this will only hasten the end of the Fed.
acchichi1 2 years ago
doubt it
wtfbroskie 2 years ago
nice analogies!
jkronewe 2 years ago
Peter this would be very funny if it wasn't so true. Thanks for making me laugh anyway.
Perceiving 2 years ago
It is ridiculous. Our Government has lost control of everything but the sheep.
SamuraiCommando 2 years ago
Bernanke's being reappointed. F this
alanhowitzer 2 years ago
thanks
bowtie728 2 years ago
Schiff For Senate! Much love from MN.
bajoverga 2 years ago
Great Stuff! Peter's newest book is coming out soon. Pledge to buy your copy at the schiffbookbomb. Spread the word!
Tombo241 2 years ago 3
And Ron Paul's latest book too...
alanhowitzer 2 years ago
When are the chinese going to actually give up on the US? I almost feel sorry for them...
littledeaths2 2 years ago 2
The Chinese will give up on the US as soon as the Euro becomes the world trading standard.
BennyQuixote 2 years ago
No, you don't understand. If the Chinese government starting selling off bonds en masse, that would signal the market to their true value and they would be worthless before they could even sell off a fraction of them. If you think about it, the optimal strategy for the Chinese government is to sell off bonds slowly and secretly over time, while making it seem like they still have confidence in the US dollar using PR campaigns and by publicly buying a few bonds here and there.
drewmandan 2 years ago
Notice how they have started buying bonds/treasuries with shorter and shorter durations. This way, they don't even have to sell them, they just don't roll them over.
psychoag98 2 years ago
In the end the dollar will be worth nothing anyways so to sell the dollar while they are still worth something is all I can see them doing.
littledeaths2 2 years ago
Good one Peter - hard hitting, accurate and Determined. You're getting your polish on and it is coming through.
Indeed, someone with fiscal sanity must get to DC - and I see a seat in that house with 'Senator Schiff' on it...
Franken ain't wasting no time Peter - likewise we need a Counterweight in there to buttress the Constitution and provide the restraint on public finances and over-regulation so needed at this critical juncture.
Go get 'em -
CCMochi 2 years ago 4
Guess it looks like WE are the problem....hmmmmm
skybirdbird 2 years ago
china is too heavily invested in the US.
stellaconcepts 2 years ago
Not really. They've sold off over 1 trillion in USD to buy up assets all over the world in the last year or so. They're positioning themselves very well. The lost they may yet suffer is peanuts to the bargains they're getting right now.
shiftedstuff 2 years ago 2
too heavily invested so that they HAVE to finance our 9 trillion budget deficit this next decade?? They only own a trillion or two right now of treasuries, they are smart enough not to throw good money after bad.
norfair18 2 years ago
its not just their treasuries... which is > 2tn, but its also their industry relies on exporting shit to the states. the chinese ppl are too poor, they need to export to the US. what when the US stops buying.
we are already in a one-world global system... when one link (as big as america) fails, the entire structure falls down.
stellaconcepts 2 years ago
Imagine if an American and five asians are stranded on a desert island and everyone has different jobs to survive. One asian's job is to fish. another is to hunt, another is to built shelter, etc. Finally the American's job is to eat. According to the economic theory that you're espousing, the American must be the key to the whole island's economy because without the American, the asians wouldn't have jobs. In reality, the Asians would be a lot better off if they kicked the American out.
Bigz85020 2 years ago
mate your quoting a schiff analogy on a peter schiff video!
stellaconcepts 2 years ago
but what the US does is we borrow 3 billion dollars a day from foreigners (most from china), so that we can purchase their own products. We aren't even paying out of our own pockets for the crap they send us! When the yuan strengthens, and it will, then you will see that purchasing power transferring from the US to the chinese consumer
norfair18 2 years ago
long term i agree - but not without a shake up thats all im saying
stellaconcepts 2 years ago
Stella, they will get paid in dollars. The US still has some wealth. hoever that wealth is shrinking fast. I would put China ahead of USA now.
The stimulus was a joke. They could have used that money to build factories. Instead the decided to paint houses with chinas paint.
pirucreek 2 years ago 2
@ stellaconcepts,
China's middle class is larger than the ENTIRE US population. All that has to happen for this group to displace Americans as the prime Chinese consumer is for the value of the Chinese currency to rise.
When China cuts the string between their hot-air balloon, and American dead weight, they rise and we fall.
You better get ready for that.
China's actual reserves are a STATE SECRET, but I've only seen estimates of just $1 Trillion in US govt securities.
Jaycephus01 2 years ago
good video peter
audioX1 2 years ago 3