Peter Schiff | Draconian Taxes Coming??

[aviomaster]

Fuck the goverment AMerican people should show them how much they care

about their BULLSHIT

I think it is coming

[MOPEDBRAD]

I like how Mr. Nobody throws in his opinion at the last second.

He's probably one of the guys that was laughing at Mr. Schiff when he was saying the real estate market was gonna crash.

[Pdrum2]

@MOPEDBRAD that's all they can do is laugh because they don't care.

[karlkarlkarl1234]

Constitutionally there shouldn't be any income tax in the US. The IRS is an illegal organisation.

[BlazinNSoul]

Ok, huge risk maybe but what is your arterntiive? Do nothing and watch as you life savings go up in smoke lol. When US economy crashes we just better hope we have enough gold reserves to pay off all the debt which we owe. Well there is always the option of putting the country up for auction I guess but that probably won't even cover the half of it.

[christo930]

How can someone be afraid of the American government without being afraid of the Chinese gov? Another worry about China would be if relationships between the US and China break down, would China steal all American investor's wealth in China?

[racenemo]

Till now the US is stealing with fake currency from the Chinese

[christo930]

I disagree. The Chinese know exactly what they are getting before hand and agree to the transaction. The Chinese government seizing foreign investors accounts is much different. It's breaking contract law. Nobody ever gave the Chinese any reason to believe that the American government would properly manage the dollar. The dollar has been abused for decades before China even rose to economic power.

[racenemo]

Hahaha so the Chinese goverment were aware of the fact that the US would FUCK up their own beloved currency.

The Dollar has been abused before but not to this extent

[christo930]

The Chinese are in a very enviable position. They have all these dollars that still have purchasing power, they have infrastructure, factories, and citizens with the skills to manage it all. The US is literally rusting apart, has little manufacturing ability, it's citizens are not only broke, but deeply in debt and all this is happening as we enter the era of energy head winds. We have a society that can not function without cheap energy and imports. Who won this chess game?

[racenemo]

Guess with the fall of the Dollar the whole world trading with the US will pay but most of all US citizens will pay for the FED's FUCK-UP

[christo930]

Yes, you are right, the FED takes a huge chunk of the responsibility for this mess.

[sysopkc]

This clip makes me mad, how is it that these people are allowed to come on NATIONAL television when they obviously have NO concept of basic economic trading fundimentals... Jesus this is economics for DUMMIES for christs sakes. And ask for Schiff he may be right but does he have any clue as to the politically rooted buisness laws in China? Well I do and I will just say this to the people watching this. You better watch out, your taking a HUGE risk. HUGH HUGH. Dont listen to idiots...

[sysopkc]

Hahahahah the tech names that go directly over there... NO NO you mean directly over HERE! This ship it HERE asshole, its consumed HERE not there... No one seemed to catch that quip yet.

[tribexa]

What??! Four to one?! Damn, Is Peter THAT good??

[LordVigeous666999]

yes, he is that good

[keokirhodes]

You can't compare our stimulus to China's stimulus. Like Peter said, they have savings and they also produce goods; we don't do either. We have deficits across the board, and unless we start producing, saving and going back to sound money.. we're heading towards a cliff like Zimbabwe and Argentina

[christo930]

We produce a lot, we just consume more. If 70% of our economy is consumption, 30% is production. We make the best IP (books, Holywood, Music, Software, Video Games...), construction equipment, military hardware...

I'm not saying the US is at the beginning of a big boom or something, but people get carried away with the "we don't produce anything" argument.

China, is run by thugs and that is a huge wildcard. I stay away from China despite the big potential there.

[panther9mm]

Why do we need to produce anything? We have the slaves in china and the other countries working for us, and a lot of profits go to the holders of mutual funds after the people in charge take their cut.

Yes, that is a good point that Peter never mentions. There has always been discounts in markets which have less political and social stability.  But avoid China at your own risk.

[christo930]

Because the dollar is loosing value, but more importantly, it is increasingly being seen as a poorly managed currency and may loose it's reserve currency status. If the US looses reserve currency status, you can rest assured America will collapse.

Right now when America wants oil, we print the money and buy it directly, without the reserve currency status, the money needs to be converted first so you can't just print it. There is opportunity in China, but there is social unrest & dictatorship

[udrlerbcbuj]

You mean lose, not loose.

[panther9mm]

i didn't know china was a dictatorship.

[christo930]

Try disagreeing with the Chinese government. It might not be a single guy, but they have a very heavy handed government. lets not forget that this is the same gov that staved millions of people and the same government that sicked tanks on teenagers!

[panther9mm]

They aren't heavy handed when it comes to taxes like the usa is, and if you think they are still on a communist system you are incorrect.

[sysopkc]

Damn right, everyone just seems to sweep that under the rug. They have import export regulations that PREVENT foreign companies from marketing and selling domestically MORE than they export in certain industries. NOT ONE of these jerk offs here in America EVER mentions that fact. China is NOT a safe market by ANY stretch of the imagination. These people will bloody well shoot you. I dont think Americans really "get it". China isnt "friendly" Everyone is being hoodwinked as to the real risks.

[SteveBKNY]

PANTHER.. i consider the as as being less politically stable then China.. the tides have changed,

[panther9mm]

The wealth gap in china is very bad. It will only get worse. Lots of families in china have a net worth equal to the average net worth of families in the usa. Average net worth in usa is over $300,000. They are not even considered wealthy in a country where people make 3-4 dollars a day.

[SteveBKNY]

If china let the Yuan appriecate.. that 3-4 dollars easily jumps to 20 within a year or two.

[panther9mm]

And it will make may people in china multi-millionaires, and they can buy the cheap real estate in the usa that will become even cheaper according to Schiff. So I guess each family can buy 5-6 apartments in manhattan all cash.

[SteveBKNY]

It'll lead a to a higher standard of living because of a higher purchasing power.. While Americans standard of living is diminishing daily.. No one said the Chinese are going to be Rich overnight but I dont see American officials traveling the world and making multi billion dollar/euro/real deals with foreign countries to lease their resources and ports..Buying China now is like buying the US in 1905

[SteveBKNY]

While Americans are quibling over single payer health plans and trillion dollar deficits, China is making bold moves for their future..

[SteveBKNY]

And how much longer do you think we'll remain competitive enough for our production to remain at 30%? Socialism is a real damper on economic growth....

[AngriestAmerican]

Right on! It is different if you OWE YOURSELF YOUR OWN MONEY, but when you borrow it and have to repay it and use the money to fill holes in the street rather than to make products you can sell to others,,you are in for a big rude awakening,,

[panther9mm]

I thought our situation is more like a bank lending money to known counterfeiters. I don't think it is that bad.

[panther9mm]

They have savings for now, but what happens when the usd goes down?

[noncompliant2]

Bulls and Bears...... Dulistic ideas in a system loop that is unstable and eventually will fail.

[DesTroYeRuS7]

Hope die last...