I'm from Germany and even with the election it's not necessary swinging to lesser government (and I don't think that this would be the right way anyway).
We'll see the path in the future but the CDU (conservative party) won't kill social security in that degree that the fdp (liberterian party) would want to
Excellent video. Worth watching more than once to get all the information. Mr. Schiff says, "We have only scratched the surface...". That sounds ominous. Sooner or later, people will find out how corrupt the banks are. The taxpayer has been bailing out failing banks for a long time. In the 70's, Continental Bank of Illinois was bailed out--because they were reckless, to make a long story short. Continental--at the time--was the 7th largest bank in the country. Thanks for the video, Mr. Schiff.
I find it sad that these extremely informative and educational videos get way less views than some 15 year old girl singing Disney songs(which why the heck does "Lights" come up as a related video??? I'm not taking anything away from her either, she's talented. People could watch both though).
The CDU here in germnay is a very heavy "regulate everything" party. They too wanted to bailout the banks and did so. Angela Merkel and Steinbrück were behind the german cash for clunkers programm.
But if you talk about FTP then it´s true. but they are only 15% which is very much for a liberal german party but not enough to change course.
Voted for Pirates Party (piratenpartei) in Germany. I will try to adpot your views and Hayek Theories into our grassroot movement. Good work. Keep it on
Do you mean forgiven like; I'm a politician and I send thousands of peoples children(GODS children) around the world to kill other children in the name of god then I go to church and pray for my forgiveness in jesus's name. Is that what you mean? or do you mean I'm a missionary and I go to a 3rd world village that has been peacefully living with each other and I teach them that their "shaman" is an instrument of the "devil" and that they need to burn him and anyone else that may be a "witch?
WRONG. The very existence of the FDIC in the first place is the cause of the moral hazard. FDR's regulations (including FDIC) are the problem. Deregulation and the end of taxpayer bailouts is the solution.
FDIC has been a cause of moral hazard that rewards risk and punishes prudence since its very inception. FDIC has always been wrong; should never have been created; and should be abolished.
by purchasing ill-conceived mortgages and insuring against the losses from excessive risk (with money extorted from successful and prudent Americans), regulators push banks to take on more risk to chase higher returns.
by insuring deposits, FDIC insulates banks from the risk of making improvident loans. It is because of the socialist insurance scheme of the FDIC that banks are emboldened to provide mortgages to unqualified borrowers. FDIC and Fannie and Freddie have created this mess. They should all be liquidated and abolished, not bailed out to impose more distortions on the market.
FDIC, Fannie Mae, and Freddie Mac have always been evil schemes that steal from the honest and coddle the irresponsible and corrupt. It does not matter how long these evil schemes have existed; they need to be abolished!!
it is the intrusion of Fannie and Freddie that caused the housing prices to exceed income (and inevitably crash). it is the moral hazard of the FDIC standing ready to bail out banks that caused the reckless disregard for risk. Government intrusion is the problem. The economy cannot have a sound foundation without limiting the power of intrusive government intervention in the economy.
Housing costs exceeded income because of excessive credit created by the Fed and purchased by Fannie and Freddie and insured against loss by FDIC. Government caused the housing crisis. It's time for government to get out of the financial markets.
Easy credit credit comes from the Fed printing excess currency and loosening reserve requirements, NOT from the free market. Because FDIC insures deposits, it encourages banks to be reckless with their deposits, including lending to unqualified borrowers.
How much slower do I need to explain this before you understand? You do not have a clue how much government insurance distorts the market. Learn something before you embarrass yourself.
things were not fine. FDR made the recession worse by his socialist interventions. It is because of FDIC and Fannie and Freddie and higher taxes and govt spending and regulation and other intrusions that the depression lasted a decade. Then these same intrusions aggravated the recessions in 1958-1960, 1968-1980, 1987, 1991-92, 2001-02, 2007--?? Government has ALWAYS been a problem aggravating the economy. And it is long overdue that government be eliminated from the economy.
You are a fucking bafoon, herbs814 is pointing out to u the fundamentals of capitalism where gov. does not intrude on the free markets, the to big to fails should not be getting bailed out at the expense of the american people, this is called socialism and it fails, quit insulting people and study up
Freedom in a police state: How do you do that? The largest growth industry is private prisons where we already have 25% of world's prisoners. How do you get economic justice when there is a system of institutionalized injustice. End the Fed, the private bank incorporated in Deleware that our so-called representatives serve. We are slaves to the corporation and government is the overseer.
DITTO Tigelinus!!...I'm w/you on that...less gov't in NO way means more freedom on ANY level. I think it's all an illusion to the German people, all of Europe AND Asia. The ILLUSION of less gov't involvement will entice the citizenry to have a false sense of 'safety'.
ALL a trick!!!
By contrast in the US we're under a different ILLUSION of being "saved" which will also entice the citizenry into having a false sense of 'safety'. Different face, style, angle & methodology. Still ALL a trick!!!
Could someone be ignorant enough to ignore millennia's of history and Americas brief history to not actually realize that centralized, large,excessive government has always failed as are we- as we glide down the same socialist slope.
Sorry to say that Mr Schiff, but your analysis of the german elections is bad, really bad. By no means will the new german coalition go a "less government more free market" way. That's a very superficial and american way of putting things, despite liberal party being part of the new gov.
In fact, politics in Germany are very likely to stay the same. Plus, there's no conception of less government = more freedom. Again, that's a very american thing and things in old Europe are quite different.
marnie >> Peter isn't trying to scare you. He's speaking the truth about our economy and the truth is scary. On the other hand, the FED is treating us like we have terminal cancer, and is allowing us to live our last few years without pain. NO FEAR girlfriend! :)
Peter, you are dead wrong. The Democratic Party is MORE LIBERAL than the Liberal Democratic party. It is made up of socialists and LDP members that opposed Koizumi's reforms, especially privatizing Japan Post.
The reality is that they probably will bring about as much change as your guy Obama.
I'm from Germany and there's no point in being so optimistic about the election.
Christian Democrats got 35% of the votes, they are going to team with the liberals (~15%).
Last election period the Christian Democrats imposed a lot of civil rights cutting legislation upon us. They where the major force behind increasing surveillance and the ongoing involvment of german troups in Afghanistan.
Also the three lefty parties(Greenparty, Leftparty, Social Democrats) got 46% of the votes.
the CDU got only 33% but yes its very important to note, that the major force behind increasing surveilance and the decline of liberty rights are the Christian Democrats.
I have no doubt they will make concessions, its a coalition after all. The point is that if the FDP isnt completely clueless this will be a more liberal government than what it was with the SPD.
this isn't going to go over well here, but I watched the lecture you gave Peter and towards the end it sounded like you were scolding the people there and you also scared a few people by telling them their kids would move overseas.
1. Most of those people can't go with their kids.
2. You broke a lot of mother's hearts.
3. That scared a lot of people.
4. Many still feel loyalty to this country.
albeit your intentions are good, but then in public speaking there is the art of persuasion.
Its very unusual to see these comments attacking Peter Schiff. He has been one of the few people to tell us the truth all this time. He has been one of the few people to go after the Federal Reserve. He has been one of the few people who argue for less government interference and to let the free market function.
There is no one else I would rather have get elected to the Senate. He knows exactly what needs to be done.
but they're not giving up free health care and free education
those countries conservatives parties are like the democrats here.
Conservatives in the Oz and EU are happy to help their countrymen - what they are doing is reigning in the banks and going after corruption which is what happen to any party that's been in power to long.
Mr Schiff are you a Zionist? What is your opinion on Israel? What do you mean when you say that war is a luxury? Does it mean that you are anti-war only when America doesn't have money?
give me a break. you are just trying to get a job. once you get in the Senate it will be business as usual. while in Senate you will become a millionaire just like all the rest.
To those below, the only way the dollar can revalue (gain purchasing power) is through contraction of the money supply. However, this is necessarily tied in with recession or depression. Debt default has to occur either conventionnally or through inflation. There is no way around it, except changing the monetary system altogether.
It could also gain value if we let the wealth of society catch up to the money created. Even if the money creation continues, the dollar could gain value if the creation of real wealth happens at a faster pace :^D
this video has some interesting insights into the latest actions by the FDIC. I think it's very strange that they can demand pre-payment from banks and the major news channel hail this as a brave action from the new chairwoman.
Peter, you are forgetting that Germany is in effect, along with most countries in Europe, a socialist country and has been since the second world war. In essence that means that even the most capitalistic politicians have been raised in, and breastfed socialist values and would never consider giving up things like global healthcare. So even if Germany reduces government and government intervention in business by 50%, it will still be 100 times larger then the levels in the US are now.
Peter Schiff said he will only serve one term. Besides, Mr. Schiff is a wealthy man, and I am sure he can't be bribed like the other bums who are our so called representatives. He seems like a man of principle. If he is killed, he will become a martyr. This will inspire more good and honest people to run for office.
Japanese new government is left from the previous one and new German government is going to be middle ground with some liberal labels here and there...
I'm not saying that the financial crisis is being handled perfectly but Schiffs idea that you can deflate away the debt is suicidal.
The US is broke.
It can't pay its debts.
The current plan is as corrupt as you can get but if the US does not devalue the dollar and spark inflation you will not have a lost decade you will have a implosion of the US economy.
I'm not a sociologist but I'd hate to think what society would be created after years of economic contraction.
The bailouts have stalled the inevitable pain which is what most people don't realize. I know author Michael J. Panzner, Marc Faber, and others have fiercely argued this.
zogg18: Let me see, the last time we had inflation, unemployment was very high, the stock market was in the pit, and people were paying double for everything.
How does getting the US government to stop spending more and more money, not help the economy?
Yes, we won't get the things on our "wish" list, but if the government stoped writing checks it doesn't have money for, I think that would be good.
What would happen if the US government decided to balance the budget.
How would they do this.
You have two options raise taxes and dig further into recession. Or cut spending.
Both would contract the economy further.
I'm not making myself clear. What is happening is a massive devaluation of the overinflated dollar. This will destroy the wealth held in dollars by Gulf and Asian states. The US will pay back its debt in 5 o 10 hard years and will return strong.
I can tell you that the Asian and Gulf is dumping dollars. The best policy is to cut taxes on all; not just the wealthy, and not just the poor, which pay negative taxes anyhow.
Cut government spending and watch the deficit disappear as the producers in our society are set free from government shackles. I mean really cut, by 50 or 75 percent of the Federal Government.
The individual people who produce are the real economic power in this country.
I am talking about freeing the individual, and less tyranny. Government produces nothing and sucks the lifeblood out of producers. Keep heading down the road you are on.
It has many functions but the two I prize most are a store of wealth and a means of exchange.
If the the value goes up by 10% (i.e. inflation goes up by 10%) then the people who hold capital (the rich) lose 10% and the people who work (you and me) or trade (small business's) make 10%.
If your arguing with me I'm guessing you have no major capitol.
So why do you want Schiff. to lower your relative wealth.
Money is a medium of exchange for your human capital. Debt is a claim on that human capital. The rich are hedged and the people who work are crushed by inflation. Inflation is the increase in money and credit, which cause the value of existing money to go down - not up. How can you come here and post so actively without any grasp of the topic at hand? Why not ask questions?
Zogg - you can see ignorance? Wow. If the U.S. cut govt spending, there would be a sharp decline in economic activity, but we would allow the economy to rebalance and produce sustainable growth. Bravo can "know tyranny" even if he has never had a boot on his throat. You may never actually experience tyranny - but you sit on your hands letting "corrupt" and "immoral" politicians set the stage for your children to experience tyranny. Please step aside while we do the dirty work. Good luck.
Zogg - do you know what it will mean if that dollar "revalues". Liberal or Conservative (and I fukking hate those labels) we can agree that a steep drop in the value of the dollar with destroy our economy. It is not a positive and there are things we can do to support the dollar - namely cut spending and raise rates.
Imagine you owe $11 trillion dollars. Imagine you cut the budget by $1.5 trillion dollars. Imagine you pay that debt back. Imagine you save $10,000 a year. Imagine your savings as well as your neighbors savings are used to build a plant instead of buy govt bonds. Imagine jobs. Imagine dollar stability.
Now imagine your scenario - imagine everything that comes over on a cargo ship costing 60% more. Imagine trying to forecast your business plan without price stability. Imagine that
srry, but thats simply wrong, the mainreason for the CDU/CSU + FDP win is the fact that many of those who have voted for the Sozial democrats in the past felt betrayed by the party because they reduced the German welfarestate and went towards neoliberalism. And the party who could have gained most from this loses is not really trusted.
Left opinions are by no means gone from Germany, many people just think that it does not have a trustworthy political home.
So are you saying leftist voters who are mad at the Social Dems voted for the FDP or are you saying the just didnt' vote? How low was the turnout for this election?
they didnt turn up. Demographs say that 2 Mio. SPD voters didnt turn up. It was the lowest election attendence rate ever with about 72%, which is 5% lower than the previous negativerecord from last election.
Norway didn't move towards more freedom in this year's election. We continued with the social democratic Red-Green government (even though the yellow and blue blocks got a majority of the votes). But either way it wouldn't be that much of a difference. We don't have a really blue/right/free market-loving block in Norway. They all wanna spend a lotta money. The only thing they disagree on is what.
"Luckily" people are quite moderate and careful in Norway, so they don't waste too much of it.
Unfortunately Australia is following America's example of more government interference in both the market place and peoples personal lives. Good luck with you run Mr Schiff, Australia is also depending your success.
Just because the next federal government in Germany is going to be made up of the Christian Democrats (or rather postmodern democratically elected aristocrats) and the Free Democrats, doesn't mean that Germany will experience more freedom and capitalism from now on.
Angela Merkel went for a very aggressive free-market campaign in 2005. As a consequence, she nearly lost the elections and was forced to turn left. She's learnt from that and will rather bring the FDP to the left. Sadly.
Peter, I agree with most of your financial analysis, but I can't stand by while you bash the FDIC.
First, how could consumers ever have regained any confidence in banking after the '29 collapse w/o the FDIC? We'd all still have our money under the mattress.
Second, I know your firm purchased subprime mortgage CDSs. Were none of those from AIG? If not, well done. But if any were, I don't think you have too much credibility saying the gov shouldn't back deposits when it backed your CDSs.
Banks become under capitalized and bank runs occur as a result of tthe banks practicing unsound policies such as fractional reserve banking. The Fed and the FDIC were put in place to keep the scheme going while in the process they destroy the value of the dollar.
Fractional reserves is a fraud and should have been made illegal. I suggest converting your savings denominated in dollars into gold and silver and rent a private vault for $250/yr.
You fail to distinguish between reality and what could be. Schiff here is saying what should and could be. He still needs to play in the world he is given, but that doesn't make him want to change it any less.
If you like deceiving yourself and call it reality, and if you only can think in the boundaries someone else has set for you... then whatever tickles your fancy... knock yourself out.
It must take a complete lack of self-awareness to accuse another person of "deceiving yourself" without offering any facts or numbers to prove so. It's as if, in the accuser's mind, ignorant people on the wrong side of history haven't been making unsubstantiated accusations like that for centuries.
But anyway, you're wasting my time. My original question was about historic, objective reality: what would've happened after 1929 w/o the FDIC, did Mr. Schiff buy CDSs from AIG?
I know that, I was implying it was created to restore "confidence in banking after the '29 collapse" (as my previous comment said), which it obviously did.
Unfortunately in Europe national elections count for little. Most policy is dictated by the EU, and not by the European Parliament but by various unelected councils and commissions. Needless to say the policies enacted at the EU level are not moving towards either conservatism or freedom.
This is horrible. I honestly think this will be the end of the US banking and monetary system.
The FDIC secret bailouts, which consist of over 200 billion in insured risky loans (bailouts) to giant banks, are going to accelerate things massively and Geithner knows this very well.. You can see it in his psychotic grin. Honestly people, why do you think Goldman paid back TARP so fast? The FDIC gave the same without legislation. END THE FDIC ASAP.
The FDIC was created to get individual people to trust banks after all the banking failures. But who in the world keeps anywhere near 100k let alone 250k or more in a bank? Any more than 10-20k is far too much money to put in a bank account and anyone who has that much money saved knows it. What they are really protecting is large companies who have to keep large amounts of money to fund things like payroll and procurement. Score another point for the large corporations who rape us!
The idea that the DPJ is a move towards freedom or less government is incorrect. You had a protest vote against the ruling party. The DPJ has promised cleaner government, more efficient government (less wasteful spending), less expansion of government debt, a non-weak yen, but non-strong yen policy, and lots of handouts and goodies for the electorate.
I think, in the 09' elections of the EU, all but Sweden and Bulgaria voted toward less government and more independence...
Wasn't Merkel the one who reintroduced the EU constitution as the Lisbon Treaty? Doesn't sound like a Center-Right move for a "Center-Right" Politician. I think Ireland is gonna vote that out on the 2nd.
last winter on wallstreet unspun, there were few people who called the show and asked if the US would blackmail or bribe other countries into buying $dollars, mr schiff said that he doubts that, but i think those callers were right....i think this is exactly what US goverment is doing...since there's no reason why the dollar is still alive and seeing how there's days that it still rallies....
Hey Peter! If you get elected and you succeed in turning around government. My gold stash will go down in value. If I'm secure in all aspects of life, completely self-sufficient and no longer care about humanity. Your election would be a bad investment!. right?
Didn't you hear? The Fed has gold-swap arrangements with foreign banks.
/watch?v=PjnWH-bcPqM
This means that the Fed has likely been keeping the price of gold artificially low to keep the dollar artificially high. As Schiff has pointed out several times, gold being a stable asset, it should be worth what the Dow is worth, currently $9742.20. At $980ish, gold is looking quite cheap, with or without Schiff as Senator.
the point of holding gold is to fight off inflation or collapse of a fiat financial system...gold has very little use, so you should maybe stop thinking about it as a commodity & more like insurance
tell the 6 million people, and counting, who have lost their jobs and the millions of people who saw their 401ks tank and the millions of people who lost and are still losing their homes that peter is a doom monger. if anyone is guilty of something its the criminals like bush, paulson, bernanke, greenspans, franks, dodd, who said everything is fine. those guys should be shot.
Who really cares about his policies on crap that does not really matter, nor should the government have it's hand in. Economic policies are what this country needs fixed, along with general underlying policies that has taken the power away from the people and given it to the corporations.
Let me see if I have it straight. A Political candidate running for Senate who is against the FDIC, the Bailouts, Social Security, welfare, the stimulus programs???? good luck with that!!
Don't be mad at Peter because your mind is too inept to comprehend the things that he is talking about.
According to your profile you are one of those retards that, despite everything he has done to destroy this country thus far, you still stick with his policies and speeches.
Actually, I don't support any political candidate because I'm smart enough to know that politricks is nothing but a game & your crazy if you think a Senator can change the rules of the global game being played. Politricks is about elect ability and has nothing to do with if you're right or not..McMahon who is NOT a politician is throwing 25mil of her own money in this race because she knows if you say the "right" things and smear your opponents effectively, you win. Get a Clue!
peter go get more airtime on cnbc msnbc cnn rt etc we need more media coverage on you... obama's going on a media spree instead of working in the white house to promote his obamacare plan
He also needs to tell us if he is going to vote on non-economic issues and if so what are his viewpoints? I know a lot of people including myself who are on the sidelines because we don't know where he stands on most issues other than economics.
Peter is from the Austrian school of economics. I believe he is a regular on the Von Mises Institute (lots of audio available free there).
I would say to know how Peter will vote, read up on Murray Rothbard, Ron Paul, Ludwig Von Mises, and the big names in Austrian economics. The Austrian school doesnt separate economics from daily life. Thus the title of Mises's book Human action.
You bring up a good point though, I would like to hear it straight from his mouth instead of implied.
Schiff advised Ron Paul during his bid for president last year, and currently endorses Rand Paul. All three men believe in a smaller and less-intrusive federal government. I would venture to guess that on non-economic issues, his views are in line with Ron and Rand Paul.
How about figuring things out and not worshipping anything? Not saying beliving in God is a bad idea, but and ounce of action is worth a pound of wishing.
hey Humanist555 .. Jump off a cliff .. I'm sure you'll quickly figure out that there is something greater than us, even if you just call it "energy". It cannot be created or destroyed, always was, always has been, moving into form, through the form, and out of form. Ashes to ashes. Dust to dust.
How you choose to recognize "it", whether you call it "energy", or "god", that's your choice. You won't jump off a cliff because you respect it. But you will when you have no more hope (wishing).
What a testimony to God's infinite love. I mean, how can I argue w/such a rational argument...oh wait, it's just an argument for the singularity and then calling the universe god...that's called Pantheism, dolt. I've never said there isn't anything greater than humans. Your arguing w/a ghost not me.
Maybe I should just do what you did, put words in your mouth and argue against a position that's not yours and then pat myself on the back.
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vawereaitana 1 year ago
"their possum is at risk, no matter how large it is!" whohhahahahaa
87solarsky 1 year ago
Peter why don't you just move to one of those countries that has less government.
louiethegreater 2 years ago
I'm from Germany and even with the election it's not necessary swinging to lesser government (and I don't think that this would be the right way anyway).
We'll see the path in the future but the CDU (conservative party) won't kill social security in that degree that the fdp (liberterian party) would want to
r8qt7 2 years ago
Excellent video. Worth watching more than once to get all the information. Mr. Schiff says, "We have only scratched the surface...". That sounds ominous. Sooner or later, people will find out how corrupt the banks are. The taxpayer has been bailing out failing banks for a long time. In the 70's, Continental Bank of Illinois was bailed out--because they were reckless, to make a long story short. Continental--at the time--was the 7th largest bank in the country. Thanks for the video, Mr. Schiff.
Paolo7219 2 years ago
I find it sad that these extremely informative and educational videos get way less views than some 15 year old girl singing Disney songs(which why the heck does "Lights" come up as a related video??? I'm not taking anything away from her either, she's talented. People could watch both though).
Idiocracy at it's finest.
ItsAllAboutGuitar 2 years ago
Sadly it´s not true.
The CDU here in germnay is a very heavy "regulate everything" party. They too wanted to bailout the banks and did so. Angela Merkel and Steinbrück were behind the german cash for clunkers programm.
But if you talk about FTP then it´s true. but they are only 15% which is very much for a liberal german party but not enough to change course.
pcuimac 2 years ago
Voted for Pirates Party (piratenpartei) in Germany. I will try to adpot your views and Hayek Theories into our grassroot movement. Good work. Keep it on
lakshmere 2 years ago
Do you mean forgiven like; I'm a politician and I send thousands of peoples children(GODS children) around the world to kill other children in the name of god then I go to church and pray for my forgiveness in jesus's name. Is that what you mean? or do you mean I'm a missionary and I go to a 3rd world village that has been peacefully living with each other and I teach them that their "shaman" is an instrument of the "devil" and that they need to burn him and anyone else that may be a "witch?
RUfistinme 2 years ago
Featured again! Way to go Peter.
addbball 2 years ago
Great explanation on moral hazard for banks due to FDIC policy! Thank you Peter Schiff.
Schiff for Senate!
chgoyette 2 years ago 3
Moral Hazard with FDIC insured banks would not exist without deregulation.
The FDIC has been around since the 1930's.
jizzmonger 2 years ago
WRONG. The very existence of the FDIC in the first place is the cause of the moral hazard. FDR's regulations (including FDIC) are the problem. Deregulation and the end of taxpayer bailouts is the solution.
herbs814 2 years ago
LOL
I am sure those are your own thoughts and you're not just parroting them back from some nonsense you have read.
LOL
jizzmonger 2 years ago
The FDIC and other government regulators are the problem; not the solution.
herbs814 2 years ago
LOL
FDIC has been around since 1933, idiots like you are the problem.
jizzmonger 2 years ago
FDIC has been a cause of moral hazard that rewards risk and punishes prudence since its very inception. FDIC has always been wrong; should never have been created; and should be abolished.
herbs814 2 years ago
What kind of Moral Hazard do they create and how has that affected the bank's behavior?
I.E. point to some examples that back up your point.
jizzmonger 2 years ago
by purchasing ill-conceived mortgages and insuring against the losses from excessive risk (with money extorted from successful and prudent Americans), regulators push banks to take on more risk to chase higher returns.
herbs814 2 years ago
FDIC insures deposits, it has nothing to do with Mortgages.
Imagine that. Just like I said, you are parroting back buzzwords and talking points you have heard and have ZERO clue what you are talking about.
jizzmonger 2 years ago
by insuring deposits, FDIC insulates banks from the risk of making improvident loans. It is because of the socialist insurance scheme of the FDIC that banks are emboldened to provide mortgages to unqualified borrowers. FDIC and Fannie and Freddie have created this mess. They should all be liquidated and abolished, not bailed out to impose more distortions on the market.
herbs814 2 years ago
No because FDIC insured banks have to follow certain rules, most noteworthy making sure their borrowers are credit worthy.
This system has been around since before you were born.
You rants are failed and your comments mean nothing because they are not rooted in fact.
jizzmonger 2 years ago
FDIC, Fannie Mae, and Freddie Mac have always been evil schemes that steal from the honest and coddle the irresponsible and corrupt. It does not matter how long these evil schemes have existed; they need to be abolished!!
herbs814 2 years ago
You keep saying the same thing over and over but post no rationale for saying it.
Your claim is irrelevant without thoughts and ideas to back it up.
At this point I beleive you are merely parrot who has no idea what he is talking about.
jizzmonger 2 years ago
it is the intrusion of Fannie and Freddie that caused the housing prices to exceed income (and inevitably crash). it is the moral hazard of the FDIC standing ready to bail out banks that caused the reckless disregard for risk. Government intrusion is the problem. The economy cannot have a sound foundation without limiting the power of intrusive government intervention in the economy.
herbs814 2 years ago
Fannie and Freddie have around in one for another since well, the 30's. WHy did a crash happen much sooner if it's their fault?
Houses exceed income level because of all the stupid shit people put in them nowadays, not because Fannie and Freddie help keep interest rates down.
jizzmonger 2 years ago
Housing costs exceeded income because of excessive credit created by the Fed and purchased by Fannie and Freddie and insured against loss by FDIC. Government caused the housing crisis. It's time for government to get out of the financial markets.
herbs814 2 years ago
Easy credit is provided by Wall Street firms buying more mortgages and bringing in capital from around the world to fund those mortgages.
FDIC insures deposits, it does not insure mortgages.
Why do you keep posting when you don't even have a clue what the FDIC does?
jizzmonger 2 years ago
Easy credit credit comes from the Fed printing excess currency and loosening reserve requirements, NOT from the free market. Because FDIC insures deposits, it encourages banks to be reckless with their deposits, including lending to unqualified borrowers.
How much slower do I need to explain this before you understand? You do not have a clue how much government insurance distorts the market. Learn something before you embarrass yourself.
herbs814 2 years ago 3
There isn't enough here to prove you have no clue in 500 characters so I will simply ask you this question.
Why were things fine for 60 + years after the depression until the 80's when Reagan deregulated which led to the Savings and Loan scandal?
If what you are saying is true, why didn't the system fail loooonnnnnnnggggg ago?
jizzmonger 2 years ago
things were not fine. FDR made the recession worse by his socialist interventions. It is because of FDIC and Fannie and Freddie and higher taxes and govt spending and regulation and other intrusions that the depression lasted a decade. Then these same intrusions aggravated the recessions in 1958-1960, 1968-1980, 1987, 1991-92, 2001-02, 2007--?? Government has ALWAYS been a problem aggravating the economy. And it is long overdue that government be eliminated from the economy.
herbs814 2 years ago
Now, please tell us how the FDIC is responsible for this crash or cease responding.
You are boring me to tears with your intellectually hollow rants.
jizzmonger 2 years ago
You are a fucking bafoon, herbs814 is pointing out to u the fundamentals of capitalism where gov. does not intrude on the free markets, the to big to fails should not be getting bailed out at the expense of the american people, this is called socialism and it fails, quit insulting people and study up
decepticonsofnwo 2 years ago
What happens to all the money and assets the insurance company has insured if you let it fail?
The ideal thing to do is to keep them well regulated so they don't get that way in the first place, don't ya think?
jizzmonger 2 years ago
Freedom in a police state: How do you do that? The largest growth industry is private prisons where we already have 25% of world's prisoners. How do you get economic justice when there is a system of institutionalized injustice. End the Fed, the private bank incorporated in Deleware that our so-called representatives serve. We are slaves to the corporation and government is the overseer.
uncontrolledmedia 2 years ago
He talks about Germany (and the rest of the world) moving towards less governemnt.
This is correct, but he doesn't say that Germany (and the rest of the world) has WAY more governemnt than the US has.
The optimum lies somewhere between those 2 extremes.
Molo9000 2 years ago
The analysis of Germany is such bullcrap I can't believe it.
1useyourbrain1 2 years ago
I volunteered already Peter...time to start callin' us to action!!! I'm waiting.
jawneblaize 2 years ago
DITTO Tigelinus!!...I'm w/you on that...less gov't in NO way means more freedom on ANY level. I think it's all an illusion to the German people, all of Europe AND Asia. The ILLUSION of less gov't involvement will entice the citizenry to have a false sense of 'safety'.
ALL a trick!!!
By contrast in the US we're under a different ILLUSION of being "saved" which will also entice the citizenry into having a false sense of 'safety'. Different face, style, angle & methodology. Still ALL a trick!!!
Aprize0 2 years ago
Could someone be ignorant enough to ignore millennia's of history and Americas brief history to not actually realize that centralized, large,excessive government has always failed as are we- as we glide down the same socialist slope.
polljc 2 years ago
Sorry to say that Mr Schiff, but your analysis of the german elections is bad, really bad. By no means will the new german coalition go a "less government more free market" way. That's a very superficial and american way of putting things, despite liberal party being part of the new gov.
In fact, politics in Germany are very likely to stay the same. Plus, there's no conception of less government = more freedom. Again, that's a very american thing and things in old Europe are quite different.
Tigelinus 2 years ago 3
Peter Schiff for the Nobel Prize!
AFRIKTODAY 2 years ago
marnie >> Peter isn't trying to scare you. He's speaking the truth about our economy and the truth is scary. On the other hand, the FED is treating us like we have terminal cancer, and is allowing us to live our last few years without pain. NO FEAR girlfriend! :)
aspenmogul 2 years ago
Nah Pete, you're wrong. Japan is expanding government. The debt to GDP ratio is higher than the States.
chroNick546 2 years ago
Japan???
Peter, you are dead wrong. The Democratic Party is MORE LIBERAL than the Liberal Democratic party. It is made up of socialists and LDP members that opposed Koizumi's reforms, especially privatizing Japan Post.
The reality is that they probably will bring about as much change as your guy Obama.
666sigma 2 years ago
I'm from Germany and there's no point in being so optimistic about the election.
Christian Democrats got 35% of the votes, they are going to team with the liberals (~15%).
Last election period the Christian Democrats imposed a lot of civil rights cutting legislation upon us. They where the major force behind increasing surveillance and the ongoing involvment of german troups in Afghanistan.
Also the three lefty parties(Greenparty, Leftparty, Social Democrats) got 46% of the votes.
mario1337 2 years ago
the CDU got only 33% but yes its very important to note, that the major force behind increasing surveilance and the decline of liberty rights are the Christian Democrats.
SergejEisenstein1 2 years ago
The FDP wont tolerate increasing surveillance like the SPD has, THATS the difference.
drschnaggels 2 years ago
They will make concessions, you will see.
What they sad in their campaign was merely lip service.
Read the leaked paper which was published some days ago by the SZ containing surveillance plans of the ministry for internal affairs.
mario1337 2 years ago
I have no doubt they will make concessions, its a coalition after all. The point is that if the FDP isnt completely clueless this will be a more liberal government than what it was with the SPD.
drschnaggels 2 years ago
this isn't going to go over well here, but I watched the lecture you gave Peter and towards the end it sounded like you were scolding the people there and you also scared a few people by telling them their kids would move overseas.
1. Most of those people can't go with their kids.
2. You broke a lot of mother's hearts.
3. That scared a lot of people.
4. Many still feel loyalty to this country.
albeit your intentions are good, but then in public speaking there is the art of persuasion.
marniespeaks 2 years ago
Its very unusual to see these comments attacking Peter Schiff. He has been one of the few people to tell us the truth all this time. He has been one of the few people to go after the Federal Reserve. He has been one of the few people who argue for less government interference and to let the free market function.
There is no one else I would rather have get elected to the Senate. He knows exactly what needs to be done.
cashmny78 2 years ago
but they're not giving up free health care and free education
those countries conservatives parties are like the democrats here.
Conservatives in the Oz and EU are happy to help their countrymen - what they are doing is reigning in the banks and going after corruption which is what happen to any party that's been in power to long.
read history.
so let's at least be honest.
marniespeaks 2 years ago
He is no Zionist at all. He is not even in party politics, reluctantly joining the Republicans, for lack of any better path to the Senate.
focus21x 2 years ago
Mr Schiff are you a Zionist?
tommy6238 2 years ago
Mr Schiff are you a Zionist? What is your opinion on Israel? What do you mean when you say that war is a luxury? Does it mean that you are anti-war only when America doesn't have money?
tommy6238 2 years ago
Schiff could be the greatest "refounder" of our nation if we only give him a chance. Vote for him, contribute.
focus21x 2 years ago
give me a break. you are just trying to get a job. once you get in the Senate it will be business as usual. while in Senate you will become a millionaire just like all the rest.
PhuckHue2 2 years ago
To those below, the only way the dollar can revalue (gain purchasing power) is through contraction of the money supply. However, this is necessarily tied in with recession or depression. Debt default has to occur either conventionnally or through inflation. There is no way around it, except changing the monetary system altogether.
draggeddownthehole 2 years ago
It could also gain value if we let the wealth of society catch up to the money created. Even if the money creation continues, the dollar could gain value if the creation of real wealth happens at a faster pace :^D
mmsayre 2 years ago
Yeah you're right, but good luck with that in the U.S. ;) lol
draggeddownthehole 2 years ago
so the moral here is PLEASE INVEST OVER SEAS BEFORE ITS 2 LATE..!!!!!
unknown1129 2 years ago
this video has some interesting insights into the latest actions by the FDIC. I think it's very strange that they can demand pre-payment from banks and the major news channel hail this as a brave action from the new chairwoman.
Ericson578 2 years ago
Peter, you are forgetting that Germany is in effect, along with most countries in Europe, a socialist country and has been since the second world war. In essence that means that even the most capitalistic politicians have been raised in, and breastfed socialist values and would never consider giving up things like global healthcare. So even if Germany reduces government and government intervention in business by 50%, it will still be 100 times larger then the levels in the US are now.
csabasand 2 years ago
Peter Schiff is a honest man, and I hope he becomes a senator. We need more men like him in office.
He101A 2 years ago 8
Indeed, but will he stay that way when he goes to Washington?
TheBravo345 2 years ago
Peter Schiff said he will only serve one term. Besides, Mr. Schiff is a wealthy man, and I am sure he can't be bribed like the other bums who are our so called representatives. He seems like a man of principle. If he is killed, he will become a martyr. This will inspire more good and honest people to run for office.
He101A 2 years ago
Peter,
Japanese new government is left from the previous one and new German government is going to be middle ground with some liberal labels here and there...
indebtedtotheking 2 years ago
Schiff is the one guy who tells the government to do things that would HURT his investments.
If the government stopped printing money and increased interest rates, the price of gold would stop going up.
Every other guy is telling the government to do things to help their investments.
owenander 2 years ago
Gold wouldn't stop going up long term.
The problem is too advanced for actions now to stop it.
kosai19 2 years ago
I think were way past moral hazard at this point.
Melville10 2 years ago
I'm not saying that the financial crisis is being handled perfectly but Schiffs idea that you can deflate away the debt is suicidal.
The US is broke.
It can't pay its debts.
The current plan is as corrupt as you can get but if the US does not devalue the dollar and spark inflation you will not have a lost decade you will have a implosion of the US economy.
I'm not a sociologist but I'd hate to think what society would be created after years of economic contraction.
zogg18 2 years ago
The bailouts have stalled the inevitable pain which is what most people don't realize. I know author Michael J. Panzner, Marc Faber, and others have fiercely argued this.
Melville10 2 years ago
zogg18: It seems we are going to have an economic contraction either way.
Schiff seems to believe his way will cause less havoc in the economy. A kind of rip the band aid off quickly approach.
One thing is for sure, why would we trust the same guys who got us into this mess, to get us out???? It is time for some new thinking in DC.
katiatomsk 2 years ago
The US is broke.
It physically can't pay back it's debts.
Schiff thinks that contracting the economy and holding the currency at its current relative value is the only way out of this depression. He's wrong.
If the value of the currency collapses and inflation rises to 5% the relative value of the US debts will be 60% in todays currency.
If the rate is 10% then the relative value will fall to 40%.
This is the current US policy. I agree.
zogg18 2 years ago
zogg18: Let me see, the last time we had inflation, unemployment was very high, the stock market was in the pit, and people were paying double for everything.
How does getting the US government to stop spending more and more money, not help the economy?
Yes, we won't get the things on our "wish" list, but if the government stoped writing checks it doesn't have money for, I think that would be good.
katiatomsk 2 years ago
What would happen if the US government decided to balance the budget.
How would they do this.
You have two options raise taxes and dig further into recession. Or cut spending.
Both would contract the economy further.
I'm not making myself clear. What is happening is a massive devaluation of the overinflated dollar. This will destroy the wealth held in dollars by Gulf and Asian states. The US will pay back its debt in 5 o 10 hard years and will return strong.
zogg18 2 years ago
I can tell you that the Asian and Gulf is dumping dollars. The best policy is to cut taxes on all; not just the wealthy, and not just the poor, which pay negative taxes anyhow.
Cut government spending and watch the deficit disappear as the producers in our society are set free from government shackles. I mean really cut, by 50 or 75 percent of the Federal Government.
The individual people who produce are the real economic power in this country.
TheBravo345 2 years ago
BRAVO,
I don't like jokes or stupidity
I'm talking about the revaluation (I mean devaluing) of the dollar and you talk about a 50 to 75 % cut (revaluing).
Are you willing to die for your dogma.
In all probability you would.
In certain probability you would wreck the US economy and cause fluctuations that would shatter the world economy. And then Billions would die.
Type what you know not what you feel.
The age of Truthiness is dead.
zogg18 2 years ago
I am talking about freeing the individual, and less tyranny. Government produces nothing and sucks the lifeblood out of producers. Keep heading down the road you are on.
TheBravo345 2 years ago
Well I'm here to talk facts.
If you don't believe them fine.
But you'll be prey to people like Schiff.
Call this recovery corrupt I'll agree.
Call it immoral I'll agree.
Tell me I have to swallow it whole and I'll tell you to go f##k yourself.
But.
You don't know tyranny. I don't either.
The difference between me and you is I see my ignorance.
You disgrace the truly beaten people in your society and mine and others by calling it tyranny.
zogg18 2 years ago
P.S.
Do you know what money is.
It has many functions but the two I prize most are a store of wealth and a means of exchange.
If the the value goes up by 10% (i.e. inflation goes up by 10%) then the people who hold capital (the rich) lose 10% and the people who work (you and me) or trade (small business's) make 10%.
If your arguing with me I'm guessing you have no major capitol.
So why do you want Schiff. to lower your relative wealth.
zogg18 2 years ago
Money is a medium of exchange for your human capital. Debt is a claim on that human capital. The rich are hedged and the people who work are crushed by inflation. Inflation is the increase in money and credit, which cause the value of existing money to go down - not up. How can you come here and post so actively without any grasp of the topic at hand? Why not ask questions?
badonkadonk34 2 years ago
That statement isn't at all economically sound.
ZuzoFriend 2 years ago
Zogg - you can see ignorance? Wow. If the U.S. cut govt spending, there would be a sharp decline in economic activity, but we would allow the economy to rebalance and produce sustainable growth. Bravo can "know tyranny" even if he has never had a boot on his throat. You may never actually experience tyranny - but you sit on your hands letting "corrupt" and "immoral" politicians set the stage for your children to experience tyranny. Please step aside while we do the dirty work. Good luck.
badonkadonk34 2 years ago
BAD..............
THE US CAN NOT PAY IT'S DEBTS
That's a fact.
The dollar has to revalue.
Liberal or Conservative can you agree to that.
zogg18 2 years ago
Zogg - do you know what it will mean if that dollar "revalues". Liberal or Conservative (and I fukking hate those labels) we can agree that a steep drop in the value of the dollar with destroy our economy. It is not a positive and there are things we can do to support the dollar - namely cut spending and raise rates.
badonkadonk34 2 years ago
Revalue means the opposite of devalue.
You don't get it.
Imagine you earned $10,000 a year.
Imagine you owed $10,000,000.
That is the crisis you face. If you increase inflation to 5% per annum then the relative value of your debts will be roughly 60%.
If you increase inflation to 10% per annum the value will be 40%.
If inflation rises the dollar will devalue. Because the dollar is being made to devalue inflation will rise.
zogg18 2 years ago
Imagine you owe $11 trillion dollars. Imagine you cut the budget by $1.5 trillion dollars. Imagine you pay that debt back. Imagine you save $10,000 a year. Imagine your savings as well as your neighbors savings are used to build a plant instead of buy govt bonds. Imagine jobs. Imagine dollar stability.
Now imagine your scenario - imagine everything that comes over on a cargo ship costing 60% more. Imagine trying to forecast your business plan without price stability. Imagine that
badonkadonk34 2 years ago
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badonkadonk34 2 years ago
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benandreas369 2 years ago
Why don't they charge higher rates of deposit insurance to banks with riskier banks.
zogg18 2 years ago
srry, but thats simply wrong, the mainreason for the CDU/CSU + FDP win is the fact that many of those who have voted for the Sozial democrats in the past felt betrayed by the party because they reduced the German welfarestate and went towards neoliberalism. And the party who could have gained most from this loses is not really trusted.
Left opinions are by no means gone from Germany, many people just think that it does not have a trustworthy political home.
SergejEisenstein1 2 years ago 2
So are you saying leftist voters who are mad at the Social Dems voted for the FDP or are you saying the just didnt' vote? How low was the turnout for this election?
Nexus974 2 years ago
they didnt turn up. Demographs say that 2 Mio. SPD voters didnt turn up. It was the lowest election attendence rate ever with about 72%, which is 5% lower than the previous negativerecord from last election.
SergejEisenstein1 2 years ago
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zogg18 2 years ago
seems like you answered to the wrong one^^
SergejEisenstein1 2 years ago
Sorry mate I meant my other comment I'll sort it out.
zogg18 2 years ago
There is a great article, just one of dozens, on econtalk(org) about 'Free Banking' that gives details on what Peter is talking about.
(Not fee-less banking btw)
Paetaor 2 years ago
Norway didn't move towards more freedom in this year's election. We continued with the social democratic Red-Green government (even though the yellow and blue blocks got a majority of the votes). But either way it wouldn't be that much of a difference. We don't have a really blue/right/free market-loving block in Norway. They all wanna spend a lotta money. The only thing they disagree on is what.
"Luckily" people are quite moderate and careful in Norway, so they don't waste too much of it.
dradeel 2 years ago
Unfortunately Australia is following America's example of more government interference in both the market place and peoples personal lives. Good luck with you run Mr Schiff, Australia is also depending your success.
deltaxml 2 years ago 2
Well said Peter. FDIC was put in place to keep the fraudulant fractional reserve system going by socializing the losses.
JessicaBelle81 2 years ago 5
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lilbitparanoid 2 years ago
Gentlemen,
Just because the next federal government in Germany is going to be made up of the Christian Democrats (or rather postmodern democratically elected aristocrats) and the Free Democrats, doesn't mean that Germany will experience more freedom and capitalism from now on.
Angela Merkel went for a very aggressive free-market campaign in 2005. As a consequence, she nearly lost the elections and was forced to turn left. She's learnt from that and will rather bring the FDP to the left. Sadly.
gerineng 2 years ago
Peter, I agree with most of your financial analysis, but I can't stand by while you bash the FDIC.
First, how could consumers ever have regained any confidence in banking after the '29 collapse w/o the FDIC? We'd all still have our money under the mattress.
Second, I know your firm purchased subprime mortgage CDSs. Were none of those from AIG? If not, well done. But if any were, I don't think you have too much credibility saying the gov shouldn't back deposits when it backed your CDSs.
Newsish 2 years ago
Banks become under capitalized and bank runs occur as a result of tthe banks practicing unsound policies such as fractional reserve banking. The Fed and the FDIC were put in place to keep the scheme going while in the process they destroy the value of the dollar.
Fractional reserves is a fraud and should have been made illegal. I suggest converting your savings denominated in dollars into gold and silver and rent a private vault for $250/yr.
JessicaBelle81 2 years ago 2
You fail to distinguish between reality and what could be. Schiff here is saying what should and could be. He still needs to play in the world he is given, but that doesn't make him want to change it any less.
grumpone 2 years ago
I think what you meant to say us that I *am* distinguishing between reality and fantasy. And that's the point.
Newsish 2 years ago
If you like deceiving yourself and call it reality, and if you only can think in the boundaries someone else has set for you... then whatever tickles your fancy... knock yourself out.
grumpone 2 years ago
It must take a complete lack of self-awareness to accuse another person of "deceiving yourself" without offering any facts or numbers to prove so. It's as if, in the accuser's mind, ignorant people on the wrong side of history haven't been making unsubstantiated accusations like that for centuries.
But anyway, you're wasting my time. My original question was about historic, objective reality: what would've happened after 1929 w/o the FDIC, did Mr. Schiff buy CDSs from AIG?
Newsish 2 years ago
@Newsish
"accuse another person of "deceiving yourself" without offering any numbers"...
Numbers you want me to quote you numbers on how you deceive yourself????
What are you, an escaped mental institution patient?
You are wasting your own time, if you don't want to reply to my comment there is an easy way of doing that - don't reply :)
grumpone 2 years ago
Dear any one else,
Can you answer my questions?
Newsish 2 years ago
There was no FDIC in 1929, that was implemented during the FDR administration.
asierra1492 2 years ago
I know that, I was implying it was created to restore "confidence in banking after the '29 collapse" (as my previous comment said), which it obviously did.
Newsish 2 years ago
So what is your question?
asierra1492 2 years ago
Round-about-federal-bailout...nice!
flahr1 2 years ago
Unfortunately in Europe national elections count for little. Most policy is dictated by the EU, and not by the European Parliament but by various unelected councils and commissions. Needless to say the policies enacted at the EU level are not moving towards either conservatism or freedom.
rockhuddy 2 years ago 3
This is horrible. I honestly think this will be the end of the US banking and monetary system.
The FDIC secret bailouts, which consist of over 200 billion in insured risky loans (bailouts) to giant banks, are going to accelerate things massively and Geithner knows this very well.. You can see it in his psychotic grin. Honestly people, why do you think Goldman paid back TARP so fast? The FDIC gave the same without legislation. END THE FDIC ASAP.
Schiff, please win a senate seat in CT.
TheMetalPerson 2 years ago 4
The FDIC was created to get individual people to trust banks after all the banking failures. But who in the world keeps anywhere near 100k let alone 250k or more in a bank? Any more than 10-20k is far too much money to put in a bank account and anyone who has that much money saved knows it. What they are really protecting is large companies who have to keep large amounts of money to fund things like payroll and procurement. Score another point for the large corporations who rape us!
christo930 2 years ago 3
Great video Peter
Perceiving 2 years ago 2
check my profile for new video of schiff giving his first political speech in connecticut!
Peter Schiff speaking at FCTO meeting 2009
michaelpshipley1 2 years ago
I thought in Japan the more left-leaning Party won?
asphyxiafeeling 2 years ago
The idea that the DPJ is a move towards freedom or less government is incorrect. You had a protest vote against the ruling party. The DPJ has promised cleaner government, more efficient government (less wasteful spending), less expansion of government debt, a non-weak yen, but non-strong yen policy, and lots of handouts and goodies for the electorate.
liberaljapan 2 years ago
FDIC = fish deposit insurance corporation
chutterdude14 2 years ago 2
LOL, i love the reference
metalfuelandfire 2 years ago
Keep the videos coming!!
BerkeleyBayArea510 2 years ago
I think, in the 09' elections of the EU, all but Sweden and Bulgaria voted toward less government and more independence...
Wasn't Merkel the one who reintroduced the EU constitution as the Lisbon Treaty? Doesn't sound like a Center-Right move for a "Center-Right" Politician. I think Ireland is gonna vote that out on the 2nd.
Bishop153 2 years ago 2
suggested slogans.
when inflation goes to sleep, he will check his closet for me.
the only spending i will do is time with obamas wife.
my first act as senator? audit FINRA. twice.
if you give me sexy i will give you sexy back, with change.
super jew to the rescue!
not just another neo con tyring to con neo.
send an austrian to the senate who will terminate the fed and won't be back.
michaelpshipley1 2 years ago
too funny
soundmoneyfan 2 years ago
im so disciplined i can eat just one lay's potato chip.
when i talk, people listen, except mike norman.
i will be so stingy i'll make jack benny look like an obama stimulus package.
michaelpshipley1 2 years ago 2
Peter Schiff running for Senate is gonna be BIG, for "American history!"
BeatsRoyale 2 years ago 3
Oh goody. Inflation :(
linux23dragon2008 2 years ago
Schiff for prez 2012
XulChris 2 years ago
last winter on wallstreet unspun, there were few people who called the show and asked if the US would blackmail or bribe other countries into buying $dollars, mr schiff said that he doubts that, but i think those callers were right....i think this is exactly what US goverment is doing...since there's no reason why the dollar is still alive and seeing how there's days that it still rallies....
dudebud007 2 years ago
Hey Peter! If you get elected and you succeed in turning around government. My gold stash will go down in value. If I'm secure in all aspects of life, completely self-sufficient and no longer care about humanity. Your election would be a bad investment!. right?
homertalk 2 years ago
@homertalk
Didn't you hear? The Fed has gold-swap arrangements with foreign banks.
/watch?v=PjnWH-bcPqM
This means that the Fed has likely been keeping the price of gold artificially low to keep the dollar artificially high. As Schiff has pointed out several times, gold being a stable asset, it should be worth what the Dow is worth, currently $9742.20. At $980ish, gold is looking quite cheap, with or without Schiff as Senator.
Robert697 2 years ago
the point of holding gold is to fight off inflation or collapse of a fiat financial system...gold has very little use, so you should maybe stop thinking about it as a commodity & more like insurance
Zuranthus 2 years ago
peter drink h2o
pairunoyd 2 years ago
get regular check ups with your doctor
moldyorangepeel 2 years ago
Obama is a Monster!
homertalk 2 years ago
This has been flagged as spam show
Change you can bleed in...
:(
cmstyz 2 years ago
Well, the US and Portugal.
nonantianarchist 2 years ago
Need to get rid of Chris Dodd & Joe Lieberman! Both are pieces of trash and corrupt as they come!!!
End the Fed!!!
thomastholin 2 years ago 4
This comment has received too many negative votes show
doom monger
turtleblues66 2 years ago
tell the 6 million people, and counting, who have lost their jobs and the millions of people who saw their 401ks tank and the millions of people who lost and are still losing their homes that peter is a doom monger. if anyone is guilty of something its the criminals like bush, paulson, bernanke, greenspans, franks, dodd, who said everything is fine. those guys should be shot.
michaelpshipley1 2 years ago 6
Who really cares about his policies on crap that does not really matter, nor should the government have it's hand in. Economic policies are what this country needs fixed, along with general underlying policies that has taken the power away from the people and given it to the corporations.
jameslmorehead 2 years ago
Elections at Portugal at same day.
Why not comment those also ? pretty cool as was the return of Soviet Regime.
65% left win with more 20% votes on extreme left Trotsky like.
Their programm is state owned banks, oil, transport and comms.
Ahhhh :)
rlaginha1 2 years ago
Finally, someone in CT who understands something! Too bad I moved out in '83. It was bad then, it is worse now.
Schiff for Senate!
drkangravewing 2 years ago 2
Let me see if I have it straight. A Political candidate running for Senate who is against the FDIC, the Bailouts, Social Security, welfare, the stimulus programs???? good luck with that!!
BlacksAreBeautiful 2 years ago
You're probably one of those idiots who believes that all of those things are great for the economy and help make the country a better place huh?
FDIC is as ridiculous as the FED.
Bailouts are created to prop up failures for companies and cause companies not to worry about their mistakes.
Welfare is for losers who sit around all day waiting for free money to come their way at the taxpayers' expense.
Stimulus packages are economic destroyers.
Burningphoenix888 2 years ago
Don't be mad at Peter because your mind is too inept to comprehend the things that he is talking about.
According to your profile you are one of those retards that, despite everything he has done to destroy this country thus far, you still stick with his policies and speeches.
My friend, you have been Obamanized!
Burningphoenix888 2 years ago 5
Actually, I don't support any political candidate because I'm smart enough to know that politricks is nothing but a game & your crazy if you think a Senator can change the rules of the global game being played. Politricks is about elect ability and has nothing to do with if you're right or not..McMahon who is NOT a politician is throwing 25mil of her own money in this race because she knows if you say the "right" things and smear your opponents effectively, you win. Get a Clue!
BlacksAreBeautiful 2 years ago
McMahon will spend all that money to beat Simmons while Peter creeps in from behind for the win!
them00nmaster 2 years ago
I like that for a bumper sticker:
"Peter Schiff FTW"
Burningphoenix888 2 years ago
When is the FDIC going to require these "hundreds of billions" of new bailout money? months? years? 2014?
YankeeGlacier 2 years ago
I look forward to listening to you on CSPAN! (when you get elected)
BlueSkies360 2 years ago 2
they're not saying to bail out all deposits over 250k, the reason to raise it was to avoid a run and thereby have to pay the 100k/each.
What is your take on Japan?? That was a very populist, Obama-esq result. However the LDP incumbants were very wasteful and big gov.
YankeeGlacier 2 years ago
schiff for senate!!!!! schiff is the MAN!!!
matello18 2 years ago 5
peter go get more airtime on cnbc msnbc cnn rt etc we need more media coverage on you... obama's going on a media spree instead of working in the white house to promote his obamacare plan
jamiefhr 2 years ago
Peter, you should come up with a slogan that mocks Obama. Something like:
"Change - that doesn't come off of a printing press!"
Something like that...
Or "Change you can afford." I dunno...
D4Shawn 2 years ago 5
How about..
"Peter Schiff is right"
(play off of his most famous videos)
That would make for a great bumper sticker
doc7474 2 years ago 3
Yeah... that'd be good!
D4Shawn 2 years ago 2
He also needs to tell us if he is going to vote on non-economic issues and if so what are his viewpoints? I know a lot of people including myself who are on the sidelines because we don't know where he stands on most issues other than economics.
skyding8962 2 years ago 2
Libertarians are social liberals.
drewmandan 2 years ago
Peter is from the Austrian school of economics. I believe he is a regular on the Von Mises Institute (lots of audio available free there).
I would say to know how Peter will vote, read up on Murray Rothbard, Ron Paul, Ludwig Von Mises, and the big names in Austrian economics. The Austrian school doesnt separate economics from daily life. Thus the title of Mises's book Human action.
You bring up a good point though, I would like to hear it straight from his mouth instead of implied.
hankhktulu 2 years ago 2
@skyding8962
Schiff advised Ron Paul during his bid for president last year, and currently endorses Rand Paul. All three men believe in a smaller and less-intrusive federal government. I would venture to guess that on non-economic issues, his views are in line with Ron and Rand Paul.
Robert697 2 years ago 2
Yeah but he endorsed a liberal democrat congressman somewhere else. So I don't know where he stands.
skyding8962 2 years ago
schiffforsenate (dot) com
Answers there.
them00nmaster 2 years ago
How about "Change from worshiping the government back to worshiping God "
theanswersofnwo3 2 years ago
How about figuring things out and not worshipping anything? Not saying beliving in God is a bad idea, but and ounce of action is worth a pound of wishing.
Humanist555 2 years ago
I agree. Jesus said "occupy till I come".
Translation--"Dont sit on your butt and wait for me to come back. Get out there and live your life and make a difference."
That being said, he IS coming back though. Go out and make the world a better place until he does :)
disciple90633 2 years ago 2
I'll leave the God thing to believers but I agree with you otherwise.
Humanist555 2 years ago
hey Humanist555 .. Jump off a cliff .. I'm sure you'll quickly figure out that there is something greater than us, even if you just call it "energy". It cannot be created or destroyed, always was, always has been, moving into form, through the form, and out of form. Ashes to ashes. Dust to dust.
How you choose to recognize "it", whether you call it "energy", or "god", that's your choice. You won't jump off a cliff because you respect it. But you will when you have no more hope (wishing).
Robert697 2 years ago
What a testimony to God's infinite love. I mean, how can I argue w/such a rational argument...oh wait, it's just an argument for the singularity and then calling the universe god...that's called Pantheism, dolt. I've never said there isn't anything greater than humans. Your arguing w/a ghost not me.
Maybe I should just do what you did, put words in your mouth and argue against a position that's not yours and then pat myself on the back.
Hope is not dependent on an afterlife.