Peter Schiff for Senator, they decided No, they being... it really should be Schiff for President. How he's able to contain himself and not hit the roof when these idiot so called economists tell him "hey man, you don't know what you're talking about" I'd want to kick their heads in for being so stupid.
Gold is stagnant right now and silver has run to a new ceiling. Support here is very good and the only thing holding it down is the lack of truth about the economy. Why is everyone talking about tax breaks?
HOW ABOUT SPENDING CUTS!
If they fight like this over tax cuts imagine when the spending cuts come...in 2 or 3 years when its all over...lol.
Australian Government has announced reforms that include giving banks access to Australia's vast superannuation cash pool.
I just read 61 public comments on a mainstream news site - not a single one seemed to notice it. They ALL just babbled on about trivial changes to exit fees.
THEY DON'T REALIZE THEY WILL NEVER SEE A CENT OF THEIR RETIREMENT MONEY- IT WILL BE VAPORIZED BY MAGICAL ACCOUNTING- IF NOT OUTRIGHT LOST- THIS IS A BAILOUT BEFORE THEY EVEN GO BANKRUPT!
@BeyondNeptune Whatever an individual's intentions are, you're being prejudice against an entire group of people, which implies a lack of critical thinking on your part. Therefore, any reasonably intelligent person cannot take you seriously.
@BeyondNeptune I was going to reply with a thoughtful comment, but then I read your last sentence and it became painfully obvious that you're nothing but a blabbering idiot.
What is a reasonable profit? I believe it depends on what you plan on doing with the profit. Sadam Hussein had an excessive amount of reasonable profit.
A true Capitalist would repay his or her parents for expenses which the parents incurred during the up bringing of the child. Oh yeah, plus a reasonable profit. How is 20-1? The SBA has free office space but you need a 20-1 profit margin.
Food, clothing, shelter, medical, cooking, cleaning, I will get you an itemized list.
@ManufacturedLack "A true Capitalist would repay his or her parents for expenses which the parents incurred during his or her up bringing"
If capitalism was about repaying love with money most people would have refused it long time ago. One of the reasons capitalism has flaws is because many people believe capitalism is about who can act most like an animal, when in reality capitalism should be about promoting creativity, hard work, and good standard of living .
@tpstrat14 People understand that they aren't trading "ink and paper" for goods, services, and the product of their labor. A paper currency is just a claim check on goods and services. Paper currency just represents the product of your labor. It isn't a rational system because paper money has no limits. The government as monopoly issuer of the currency can create as much "money" as they like out of thin air. This is the problem.
@ibelucky1 Yes, he was quivering. He flat out lied when he said that the Fed wasn't printing money. While they aren't literally printing money, they are increasing the credit money supply by increasing the reserves that banks hold. These reserves will be used to make additional loans. This has the effect of increasing the money supply. Bernanke is just engaged in sophistry.
Mr. Schiff, If our economy is on a downward spiral, politicians arent doing anything to fix it and we can't seem to get the people who can (like yourself) elected, what would you suggest someone like myself (26, College grad w/degree in Econ.) do? Should I start planning an exit strategy out of the US? If so, where? I just want to be able to make a decent living and not have to worry so much about wether or not i will survive. Thanks!
@Blakew28 Get educated on some other skills. If leaving the U.S. make sure you're in an area that can sustain itself when the world economy falls apart. It's okay to stay as long as you are in a non populated area. Make sure water and food supply is abundant.
One other thing, there are no solutions for price system economics. Even if we elect schiff, he can't do shit. We've hit peak oil in 2008 and are on the plateau and bumping up and down until we reach the end of it. Then we crash.
The Wizard of Oz was an allegory of the money system and politics of the time. The original slippers in the book were silver, not ruby [ yellow brick road (gold) and silver slippers(silver)] The Scare Crow represented Western Farmers. Maybe they don't have brains after all. Apparently they won't be happy until we are all serfs.
The good paying jobs have all gone to Asia and they are not coming back. The Fed can keep pumping in as much money as they like, it won't work. Companies are not going to create jobs in N. America, they go to where the wages are lowest.
I agree that a majority of middle class jobs across the board have all gone for good, but there still is demand for extremely high tech machining and development and with an aging population, health care specialists will be in high demand. We are still the #1 innovator, so we have the need at the top, but as soon as products get ripped in China, you have to move on to the next. Everything from medicine innovation to aerospace requires a local development infrastructure.
People best wishes for next year, but I strongly believe that 2011 will be the key, the economic collapse begins in 2011, stay away from fiat money don't expect Ron Paul to win presidency, they (money changers) will not allow more freedom on ideas and will do everything to censure anti-FED propaganda, 2011 is your last chance.
I never hear Peter Schiff mention about the guarantees that the US government is giving the financial sector. It's guaranteeing al there assest and transactions from late 2008 and those guarantees (a far as i know) are still valid. This would mean that if any of the majors financial institutions where to collapse the US government would pay for all the losses. The bailouts and guarantees are blurring the lines between private, coorperate and government debt.
I concur if unemployment benefits are so great, why stop with just the unemployed? Maybe the government could give us all money something similar to a "National Existence Wage." Just give us free money for doing nothing and let us spend it on sugar and junk food?
@bkdmd I don't think you understand what unemployment insurance is. People that are employed pay into an INSURANCE program and can only collect that INSURANCE if they were actually laid off by their employer. You cannot collect unemployment INSURANCE if you quit. People also need to show they are actively seeking a job to continue claiming the INSURANCE claim that they paid into. Compare unemployment insurance expenditures to the ongoing wars and the bank bailout. You people are useful idiots.
We have to stop giving rewards to people who don't work. 26 weeks is fine, but 99?
We have to stop rewarding failures in business, rewarding debt, rewarding single mothers having kids, and rewarding people who don't work.
If that makes me an idiot, fine with me. But remember one thing, if I stop working it takes more than 35 people in the bottom 50% income earners to pick up my revenue gap.
I don't need you. You need me. Stop calling me names.
@bkdmd Your comment is the epitome of corporate, wall street elitist bull. Unless your business or work provides for the wealthy, you need the people who are in the middle class or lower. They are the people which the rich depend upon. The rapage of them is what makes you profitable. I'm sure your ego helps block your concious at night. So, you are an idiot. Period.
If someone can't get a new job in 26 weeks, they are one who is the idiot. Not me.
If Nancy Pelosi was right and government spending and unemployment was a job producer, don't you think unemployment (U3) would be going lower by now and real unemployment would be lower than 17% by now? Come on they have had two years to produce jobs with their welfare, food stamps, and unemployment benefits and they have no results....looks like I am not so much of an idiot in that regard.
@bkdmd There are jobs out there, but many peole just don't want to settle. There's a little ego involved as well. Americans need to reconcile that their wages have to dropp to reflect our dimnished productive capacity.
@joepeeler34 "Americans need to reconcile that their wages have to dropp to reflect our dimnished productive capacity." So you are saying the US is deflating. How does that fit in with a hyperinflation with dimnished productive capacity?
@bkdmd Listen, these people did not decide to stop working. I guess you didn't read my response. They are required to look for work to receive unemployment insurance. They cannot receive unemployment insurance unless they were laid off. I would be more concerned with the trillions $ spent on failed corporations in the recent bailouts.That is rewarding faillure.That sounds more like fascism than capitalism to me. "We hang the petty thieves and appoint the great ones to public office."
No I read your reply. I read it again and my response is the same. We have to stop rewarding people not working. We have to stop bailing out the failing corporations.
They are required to look for work. You are correct about that, but are they required to take a job even if that job will pay them less?
@bkdmd Yes they are required to take a job if they are offered a job. I think you should be a lot more concerned with the real wasteful government spending such as the bank bailouts, military contracts, wars, unregulated wellfare programs (not insurance), etc. This is such a weak issue and not the problem. People need to focus on the corruption in government and the no bid contracts given because of nepotistic ties. "We hang the petty thieves and appoint the great ones to public office." -Aesop
You take care of yourself. I will worry about what I damn well want to worry about.
The benefit mentality and the entitlement mentality from both people and corporations have destroyed America.
The dollar has lost 95% of it's value since the Fed was created in 1913.
For me it is all about people looking to the government for assistance both individuals and corporations along with the Fiat currency allowing the ruling elites to steal our earnings/savings purchasing power.
@bkdmd The military industrial complex destroyed America. You take care of yourself too, and when those fascists (not capitalists) come around your neck of the woods taking over businesses and family farms (Monsanto, Tyson, etc) maybe you will open your eyes. Be a good little serf now and blame the little guys for what your corporate elitist masters have done.
@bkdmd I like some of what you are saying. This is supposed to be the last bastion of liberty. That is unfortunately no longer the truth; all we have is a memory of what this country is supposed to be. China takes all the manufacturing projects from "American" corporations because they do not have the red tape to start up a factory and start producing a product. We have been brainwashed. We have plenty of resources and this is all BS> Fascism
@bkdmd When the creditors are the same people that control a corporation then investing in (Monsanto and Tyson) is a useless endeavour. There are two types of "owners" in a corporate structure the creditors (bond holders) and the stock holders (quasi owners). The bond holders get paid first buddy. It is a game that is used against the peasants. I hope you don't hold Monsanto or Tyson Stock. Because you will eventually get screwed.
@bkdmd C'mon, if you want to argue about fiat/fractional reserve currency, you also have to include everything else like a gold or silver standard too. Inflation is not the issue here, it is the price system. In order to have a stable and prosperous economy, you need growth. It's as simple as that. There is no if and's or buts about it. Namely because of technology, we need exponential growth of oil, which is impossible. That is the real issue at hand. Not some poor peoples mentality.
Do we need growth? I think we have had artificial growth based on cheap money and debt for some time now. Don't you think it is time we get back to a real economy without government intervention and stimulation?
@bkdmd I don't think we need growth, we need a new system that follows the basic rules of thermodynamics. What is a "real economy"? Are you talking about a gold standard? Cause it relied on growth too, remember the California gold rush? All price system rely on growth( wasting resources) for profit. There will be no economy once we reach peak oil production.
@newb2yutube If big oil didn't have a stranglehold on the governments of the world maybe the small entrepreneur could make our dependency on oil obsolete, and that entrepreneur could become rich in the process. Good incentive right? But because the government is allowed to use force things don't change. Roads don't change. Schools don't change. We are stuck in time. If we were all free we could adapt. The problem isn't money but violence. Does this make sense?
@gradiu3rox No, not entirely. Anyway, the problem is the price system. It is what puts limits on prosperity because of scarcity. Not violence. Do you see a continental hydrology system today? No, making water and transportation available to all wouldn't be profitable. What about a new energy grid or a maglev transportation system? We have technology and resources, if used with common sense, can make this happen. Instead we have shoddy goods and planned obsolescence. Cars, light bulbs etc.
@newb2yutube You speak in riddles. Water and transportation would be available to all if there was a market for it, and the market was free. My question is, is it morally right to use force to get what you want? If I want to trade with money, are you going to hold a gun to my head and tell me that's not the way we do business anymore? Yes or no.
@bkdmd "dollar has lost over 80% of it's value." but that 80% of dollar loss has been offset by more dollars in everyones pockets right? Let me rephrase my question, how has FIAT reduced our quality of life or life style since Nixon? Thx O and do you have a chart dipicting that 80 or 95% loss? Thx
I use the BLS version. They all come out about the same when using different ones. Put in the dates you want to use and you can see for yourself.
You put in how much you had in what year and it calculates or much you would need now to have the same buying power.
For instance...and don't take my word for it look up home prices from the 70's now. In the early 70's the average family's home was 2X's one year salary. Today it in some parts 10X
@bkdmd Wow! Yes you are correct. It was eye opening. Then I thought that my parents bought a can of coke for .30 cents in the 70s and today they pay $1.00. Even though the nominal amount has definitely increased the value is constant. So I am back to being confused as to the hyper inflation story and dollar collapse. If I earn $100,000 monthly income and a coke cost me $100 how is that bad? Thx again.
Hey Schiff, I know you're on the inflation side of the debate (if there still is one), but I don't know if you've touched on the subject of inflation as a decline in the quality of products. It makes perfect business sense, doesn't it? Lower the quality before hiking the nominal price. Maybe you could talk about it in an upcoming video because I'm starting to see it at the grocery store and at restaurants. good example is jack in the box shelving their natural cut fries AND raising the price
@Bo0ja maybe not the best example, but one that im sure many have noticed. another good one is prego italian sauces. the amount of sauce has gone down over 8.2% in the last three months without a reduction in price.
So I am in this college intro economics class and the teacher is definetly a Keynsian. Its kind of funny but sad at the same time. He does not know shit about anything, sometimes I argue with him after class, but he is a pretty stuborn person stuck in his ways. He dosen't want to admit that 40 years of his life he has wasted studying nothing but science fiction bullshit keynsian economics. The sad part is alot of the kids in the class believes what he says. I just shake my head.
This is what I hate about life and especially in college. Many teachers have no real experiences in life and they have only had theory. Just because you have a degree in theory doesn't mean you can apply it.
Yogi Berra said it best, "In theory there is no difference between practice and theory." That statement can be made against BHO too.
@stealthswimmer Keynsian economics is so flawed the CPI is a joke the GDP is based off borrowed money and over consumption (non sustainable), they take pride in the fact that the federal reserve basically plays god with the economy. When there is a recession they say lower interest rates and increase the money supply instead of letting us take our medicine. They are hung up with this thing called potential GDP. They think inflation is increasing prices not an increasing money supply
How in the world can anyone look at the GDP and take it seriously? It is beyond me how anyone can take it seriously. It takes all government spending and counts it as positive when the federal government has borrowed about 40% of what it has spent the past two years.
Nothing has improved and in fact it is worse off when you consider the massive deficits.
@bkdmd Thats the point exactly, we are living beyond our means and using borrowed money on borrowed time. The GDP calculation includes net exports however the one export they don't include in this calculation is debt which so happens to be our biggest export. GDP is a joke and potential GDP is even a bigger joke. When will people get it.
@bkdmd Yes, governement can purshase an F-16 and count it towards gross domestic product, but did anyone's standard of living improve? No, we are all poorer (save for the manufacturer of the jet) because money was transferred from the citizen to pay for something that may be necessary in some cases but still represents an expense. The material and labor resources that were required for the manufacture of the jet could have been used to produce products that improve our standard of living.
@stealthswimmer They have the great depression all wrong in the books, they love all these fancy little equations that they think do a great job modeling the economy, they see nothing wrong with the fractional reserve system, they don't make the connection between GDP and production only between GDP=consumption (from borrowed money). They think the unemployment benefits are a good thing to get us out of a recession. More importantly they miss the shit that is going to hit the fan in 2-3 years.
I remember my history professor asked once "what is deflation?" and I say "it's when they value of money increases" and he says "no, it's when the economy crashes." I wanted to argue, but I need to kiss ass for an A (not that I wasn't getting it on my own). I hope one day my good grades and knowledge will make me very rich and then I can help spread Austrian economics. Because the golden rule says "whoever has to the gold, makes the rules"
@longlivetherepublic1 Watched a video somewhere on youtube with Murray Rothbard where he made the interesting point that there are no jobs in govt for Austrian economists because they dont claim to be able to predict the future unlike Keynesians who get all the jobs. Presumably the same logic applies in universities.
The question for me is not "What can we do?" any more because it has turned to a painful "Approximately when?" and "How much harder it will become?". Am I paranoid or too fatalistic to see that we are so much deep into it that I see no way out? I currently rule out China and India as saviours due to the current world entanglement and connectivity that we have. Am I crazy or is the world being dragged down to its knees by its own greediness?
Hi Peter, I have been watching your blog regularily
I am from India and would like to share with you that most of the changes in U.S.A affect our continent . The housing bubble created after doom of IT bubble in 2002 not only spread in U.S. but to other emerging countries like India, 2006-2008 saw housing prices rising 2 and half time countrywise. Even after worldwise recssion ,our housing prices are increasing rapidly due to US companies investment in india and can predict bubble burst future
Peter. I just saw the 60 min interview with Ben Bernanke. He seem to differ with your fact and makes a claim that manufacturing jobs are not falling but in fact are growing. This is no longer a question of inept ism. This is now a question of blatant and willful lying. Are you calling Ben a lier? Please respond I'm curious
@mosikkkk I foud it. This is taken from the bureau of labor statistics: Employment in manufacturing was little changed over the month (-13,000). Following job growth earlier in 2010, employment has been relatively flat, on net, since May. Employment in most other major industries changed little in November. bls.gov/news.release/empsit.nr0.htm
@cmonpeeps Well in my opinion then the thin is that what Ben is doing is highly illegal. He was not presenting an opinion but knowingly misstating a fact in order to confuse the public. There are several federal and I'm sure state (where televised) law against what he did. If he is in any way deceiving the public for the purpose of making money then that would be a whole new set of state and federal laws on embezzlement and fraud. its against the law to use your position to defraud the public
@petiemac24 No in my opinion there is a difference between Being dumb and knowingly misleading the public for the purpose of making money. He was televised all over the us. If he knowingly used his position to defraud the public then if not the federal government, any state can sue him for embezzlement, larceny, and fraud. I assure you that if you did it they would lock you up.
When the world cuts us off because our dollar is completely worthless, be prepared for mass chaos. Our government is preparing by aggressively recruiting new members into our National Guard. There are going to be very hungry and thirsty people ready to do whatever it takes to satisfy their needs. Move away from big cities. Buy lots of canned foods and bottled water. Everything is going to be at a premium.
Oh quit sounding the alarms of panic, spook. Who do you think you are? Go see a psychiatrist!!! America owes China nothing. They've been robbing intellectual property, fabricating fake goods for decades and selling us what amounts to landfill. They can't even perform a space walk and even have to fake that...
@jelinto Wait. You think China has been robbing intellectual property?? You don't realize that "American Companies" have been going to China to manufacture products at cheaper prices through less regulation and lower wages? You are an idiot and have bought into the propaganda. American Companies have no loyalty to America. They are crooks that have been colluding with career politicians. This Schitt clown is complaining about unemployment and not talking about the real problem Overseas wars
@jelinto I agree the designs were developed by Americans, but you must understand it is not stealing if "American" corporations take those designs to China and start manufacturing in China because of the cheaper labor and less red tape to start up production. It is faster, cheaper, and more profitable to produce in China today. They have less red tape and less bureaucracy. If you want to blame someone, blame "American" corporations and politicians for selling us out.
Okay. And again, I agree. But my point is simple. It's time to take back control & stop letting them bully, confuse, dummy down and frighten.
I don't have all the answers, but economics have always been a sham. They made it up out of thin air. Gold, silver & diamonds are artificially priced. They do have practical uses in this world, but when shit hits the fan, they are useless. You can't eat a brick of gold.
Absolutely jelinto, People don't realize the real "physical wealth" is shit you use and is derived from usable energy. The price system is an antique system. We cannot continue to grow forever. A new system needs to be established if we want to continue to survive as a functional and stable society. I urge you and anybody who understand out predicament to look into TNAT and energy accounting. M. King Hubbert(The man behind Peak Oil) supported and helped develop the ideas.
@newb2yutube Oh wow! Thanks for some new info. I appreciate it. It's always good to get a better understanding of how we got to this predicament we're in.
@jelinto I just watched an absolutely great movie that helps explain exactly what Technocrats have been saying since 1919. It is called "Collapse". Thank you for your reasoned response. It is very hard to get people to understand important issues like this and at the same time look into a real viable alternative.
@jelinto I disagree with you on gold and silver, they have endured all hyperinflationary societies of the past as a store of wealth. One thing I will say is our society is wasting our resources and wealth which are being horded by the elite. One of the opportunity costs of the recent wars in the Middle East and the Bank Bail out would be a high speed national maglev system and a new modern infrastructure that would eventually pay for itself through ticket revenue. What an obvious waste!
@jiveturkeyusa And how and why are we wasting resources? It's cause the price system demands growth of energy resources. That is why we went to the middle east. To start and secure energy dominance throughout the area. In order to have economic growth, you need usable forms of energy. Creating a national maglev system would've been great. We could also create a continental hydrology system so resources can be transported by water ways. But it never would solve our antique system(money).
@jiveturkeyusa Or shall I say quench the need for growth in order to get economic prosperity. People of economics really need to start to become real scientist and learn from energy economics. Our system doesn't follow the laws of thermodynamics, It doesn't suffice well as a means of distribution, cause resources are squandered for "profit"(an abstract idea which has no bearing in reality). It you understand these issues, I urge you to look into TNAT and energy accounting.
@newb2yutube I agree with you on one our antiquated use of energy. I disagree in part about why we went to war in the Middle East, I don't think it was even for a partially altruistic purpose (the need for cheap energy in the USA). Going to war in the Middle East was a very profitable power move for a select few and that move is the gift that keeps on giving for those select few (Halliburton is one example) Eisenhower was telling the truth in his farewell address to the nation.
@jiveturkeyusa I never said it was for an altruistic purpose. The government was going to give "fair share" to corporations like Halliburton. Also, there are religious elements or axes to grind that COULD have been attributed to the decision. However, it basically boils down to PNAC and energy dominance, that IS the power move you're describing. Whether its for selfish purposes or help for the economy it is pretty much the same thing. Whoever controls the most energy has most power.
@newb2yutube I am saying the decision had nothing to do with the American Economy and everything to do with a select few's personal power and wealth. Many of the corporations and individuals that profited and continue to profit are multinational corporations and consider themselves sovereign with no loyalty to the United States. The Military Industrial Complex.
@jiveturkeyusa In order to profit, they need the price system to function. It won't function without increases in energy resources(oil). They profit from this and this is where they get their power, and from this economic prosperity for everyone. So, I agree with you, I'm just supplying a different aspect. Wars also need to be paid in energy too, which makes them profit more.
And I disagree with you. To covet gold or silver is just another way of expressing one's love of money, and we all know what that is the root of. I don't want to become that which I despise.
If the system breaks down, greed and isolationism don't work. Think about it. Sooner or later you will need help from someone. Maybe a doctor, a dentist or just someone with skills or knowledge that you don't have.
@jelinto You are very right. I thought Turkeys original comment was against gold and silver as a pricing system. The price system isn't capable of operating our social system because of it's "love of money" and the destruction of resources and energy for it. It demands exponential growth. When the system collapses, community will save you, but as a new system of governance, another price system(gold or silver) will not help us.
Needing help from someone is one thing. Entering into a relationship based on choice and an agreed exchange is one thing, but forcing one person to get up, work, produce, give fruits of labor to the government, and let the government spread the fruits of that labor among the general population is something completely different. I shouldn't be forced to live for the sake of another man who might have a completely different set of values and attitude toward life than I do.
Let's face it; there are people with some really BS jobs in this world. Look at Wallstreet. Often they make a lot of money doing these BS jobs, yet someone doing a more vital job gets little pay and NO respect. How do you address this issue?
You speak of "fruits of labor", and I realize it's figurative, but did you know that less than 5% of people in North American society are involved in the production of food? Can you see that our agricultural practices are a disgrace?
@jelinto The financial services sector would not be 14% of the American economy without the Fed's cheap money policies for the last 20 years. Artificially low interest rates are a direct subsidy to the financial sector. That's part of the reason why the guests on the financial news networks are big fans of our monetary system.
@jelinto If you don't like my message, don't respond. Your way of dealing with reality is sedation. You're just a little girl in a 39 yr old male's body. It's no wonder you need a psychiatrist and sedation. I hope my perception of a doomed economy is wrong: but if it isn't, judging from your presentation, you are going to be one of the loudest crying for your mommy/psychiatrist. Your desire to have a vagina is clouding your perception of reality. Now, that's what is spooky to me.
The Government is working to bring down the USA to bring in the one world order.Repent for the Kingdom of Heaven is at Hand.One Way Out Jesus Christ..
However, technology and energy resources are causing a problem here cause it destroys jobs and therefore purchasing power. Also, exponential growth in energy consumption isn't realistic so that is another issue. Don't forget the transfer of wealth too. The price system is doomed, and you guys are arguing over irrelevant issues like the FED.
removal of minimum wage: if we no longer had one, it is our responsibility to calculate in food and energy the real cost of living, determine monthly and annual wages for this amount, and all of us share the values around online and refuse to call it a "minimum wage" or cost of living - we should call it the SLAVE WAGE, make the name VERY COMMONPLACE so employers will be SHAMED to pay only this much (or less) and workers will know NOT to work for anyone offering only the SLAVE WAGE
well if peter is a retard, then we're all single cell organisms. the guys a genius! what he meant by supply is simple, he wasnt wrong u just have to think a little bit, supply versus demand, if there is a lot of supply.. then the prices go down. you can afford that. heck even the chinese goods arent that cheap anymore
US do not want to end up like Brittain. Asian countries hav slowly but surely taken over many businesses from the West. Now with China it can only get worse. Asian success is based on their people and cheap currency. US tried to do something about it but so far no desired results. So I figure the next thing is to devalue their way by debasing the USD. Others will follow suit so that their goods and services will not be priced out of competition.
In US percentage of basic neccessity expenses to net income for the ordinary person in the street is lower as compared to most other countries.
Thus they will win this currency war.
With cheap USD and capable people USA product will sell better. Eventually unemployment will drop and their corporations will not end up the way the of Brittish companies.
I do agree with Peter Schiff and many other economist. Al commodities will continue to go up. I am investing heavily in gold.
I learned a lot listening to Peter Schiff, but I have come to think that because of his passionate ranting, he is operating from an out dated notion about the economy. It was stated before Congress man years ago, that there is now a new order to things. That new order refers to a global economy. Therefore the international banking cartels can make money anywhare around the world. They don't require a strong American economy.
@Romello4u That's right! They don't and it's not about "america". However, in defense of Peter, he does know this and has actually said that in one of his previous recordings; that "China (and other countries) do not need us. In fact, most of his rants are based on that premise.
If the growth/unemployment is true. Welfare must be a real stimulus for this country!As you said in your books, until we hit rock bottom, and get rid of this toxic economy, things will NOT get better.The pain is coming whether or not the politicians want it or not!
R.I.P. The American Republic... It has been murdered & usurped by the american empire. Death to the american empire!!! Resurrect the Republic!!! Ron Paul in 2012!
@SchiffReport I have to ask, with China able to produce goods at a unit-price where a day's labor there will not feed an American for a day, will Americans in "ideal" conditions of minimal taxes and minimal regulations actually get not enough income to cover the cost of living?
Or will somehow everything re-balance so food and energy prices will rebalance (housing needs to, can't be propped up forever) so a Chinese worker's wage feeds an American family?
Can someone please explain to me how we can start to get our manufacturing base back here on U.S. soil, or is that even possible? The only way out of this is to create high-paying, blue collar jobs for the average Joe right here in America where we can use our abundant resources (coal, timber, minerals, brainpower, etc.) to get our country working again and stop sending good manufacturing jobs overseas. Or are we too far gone now for this to even happen?
@superhornet69 considering the imports of resources of all sorts America needs from Canada I wouldn't quite be calling the American reserves "abundant". Coal: yes. Brainpower? Not anymore. Timber? Ummm
END the fed REPEAL THE ILLEGAL 16TH AMENDMENT OF 1913.
ART.1 SECTION 8 US CONSTITUTION GOVERNS OUR MONEY SUPPLY NOT SOME FOREIGN (ENGLISH) CENTRAL BANK
END THE fed NOW AND YOU WONT HAVE TO GO THROUGH TIS NONSENSE EVERY SEVENTY YEARS .they crashed our economy back in 1933, almost the excact same way, stock market bubbled then crashed by design (happy 100th b-day rothschilds federal reserve bank USA(24 months early but whos counting))
I'm a service tech. The economy is a machine. What I have learned is that must first know how the machine is supposed to work (correctly) before you can repair it. The economic machine has transformed and most of the politician want to keep the current works a moving. I say "let's go back to an older, better built machine". Built by the people.....For the people!
Oh Peter, don't you see? It's game over, buddy. Just admit that the pain to enact your ideas (i.e, right the sinking ship of state) is just too big now for America to take. Maybe ten years ago, your message could have been enacted but now it's just too late. It would be better if you would tell us now what we can do to prepare for ''D Day'' (i.e, Default Day).....the day when Washington officially defaults on its debt in front of the cameras, and calls the IMF in to rescue it.
@dunvegan44 every american must wake up and realize the money in their pockets isnt even US dollars. they are illegal "federal reserve notes" (since 1913 unratified hence illegal federal reserve act) backed by nothing owned by the rothschilds of england(bankers, est worth 500 TRILLION, Owners of the private central federal reserve bank of the USA) Art. 1 section 8 of the US constitution,penned by the founders,clearly states "only the US Treasury shall coin money" READ YOUR US CONSTITUTION NOW
Unemployment may have ticked upward but that's only for the time being. Wait until these 2 million "99'ers" lose their unemployment benefits; then the unemployment numbers will decrease and everything will be good again and the recovery can continue! FULL STEAM AHEAD! (someone may wanna tell the "leaders" that the nose of the plane is pointed straight towards the ground and not the sky)
@edwardwills, you don't need more food storage. You need food sustainabality and a free place to grow it. Check out Biospharms YT channel and web site. We'll get you hooked up! And maybe right next to Peters house in Belize.
11 people don't understand economics.
TWSceptic 2 months ago
Great information Peter!
New website for petroleum sites and information.
petroleum sites .com
joeroxfold 4 months ago
peter, you sound very nasal, you should see an ENT to make sure your airway passage is OK, it changed my life
mikeboosh 1 year ago
You have a great channel and videos, take a look of mine too!
TouchingPerformances 1 year ago
Great info Peter! I have free scalping indicator if anybody looking for..
freeSCALPINGindicato 1 year ago
then wheres the 180° plan that you talked about?
isaiah190 1 year ago
Peter Schiff for Senator, they decided No, they being... it really should be Schiff for President. How he's able to contain himself and not hit the roof when these idiot so called economists tell him "hey man, you don't know what you're talking about" I'd want to kick their heads in for being so stupid.
sevenstarstyle 1 year ago
Jesus every time he talks its so real and makes so much sense I always say to myself wtf am I doing here.
AlexanderHarcourt 1 year ago
Search For the new series
"BUSH OBAMA DESTROYED US ARMY"
Part 4 uploaded
eliasmouawad 1 year ago
The statement that Supply woud create demand is really a non starter.
anana88 1 year ago
Ron Paul Peter Schiff 2012!!! I'd love to see a ticket like that. The libertarian party's beginnings
Digali 1 year ago 2
Gold is stagnant right now and silver has run to a new ceiling. Support here is very good and the only thing holding it down is the lack of truth about the economy. Why is everyone talking about tax breaks?
HOW ABOUT SPENDING CUTS!
If they fight like this over tax cuts imagine when the spending cuts come...in 2 or 3 years when its all over...lol.
Bobbertsandy 1 year ago
silver silver SILVER SILLVERRRR
moddkilla 1 year ago 2
How does inflation "create jobs"???
pretorious700 1 year ago
Australian Government has announced reforms that include giving banks access to Australia's vast superannuation cash pool.
I just read 61 public comments on a mainstream news site - not a single one seemed to notice it. They ALL just babbled on about trivial changes to exit fees.
THEY DON'T REALIZE THEY WILL NEVER SEE A CENT OF THEIR RETIREMENT MONEY- IT WILL BE VAPORIZED BY MAGICAL ACCOUNTING- IF NOT OUTRIGHT LOST- THIS IS A BAILOUT BEFORE THEY EVEN GO BANKRUPT!
AM I IN THE TWILIGHT ZONE?
BiggerThinking1 1 year ago
How exactly is inflation suppose to create jobs. I never understood that.
Pariah1974 1 year ago
You should have bought gold in 2001 not now! Don't even touch it.
KypHeM 1 year ago
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BeyondNeptune 1 year ago
@BeyondNeptune Whatever an individual's intentions are, you're being prejudice against an entire group of people, which implies a lack of critical thinking on your part. Therefore, any reasonably intelligent person cannot take you seriously.
ovar9k 1 year ago
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BeyondNeptune 1 year ago
@BeyondNeptune I was going to reply with a thoughtful comment, but then I read your last sentence and it became painfully obvious that you're nothing but a blabbering idiot.
ovar9k 1 year ago
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BeyondNeptune 1 year ago
Thanks for your videos.
You are right about your economic forecast.
Thank god I didnt really listen to you! I would have missed out on sooo much gain in the market!
I am so glad your not my advisor regarding the stock market,I made alot money in the market since I ve been "listening" to you
shaylo2006 1 year ago
Peter it has been over a week since your last update. Where the hell are you??
rolexx 1 year ago
Paul and Schiff 2012
Xylogeist 1 year ago
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BeyondNeptune 1 year ago
What is a reasonable profit? I believe it depends on what you plan on doing with the profit. Sadam Hussein had an excessive amount of reasonable profit.
A true Capitalist would repay his or her parents for expenses which the parents incurred during the up bringing of the child. Oh yeah, plus a reasonable profit. How is 20-1? The SBA has free office space but you need a 20-1 profit margin.
Food, clothing, shelter, medical, cooking, cleaning, I will get you an itemized list.
ManufacturedLack 1 year ago
This has been flagged as spam show
@ManufacturedLack "A true Capitalist would repay his or her parents for expenses which the parents incurred during his or her up bringing"
If capitalism was about repaying love with money most people would have refused it long time ago. One of the reasons capitalism has flaws is because many people believe capitalism is about who can act most like an animal, when in reality capitalism should be about promoting creativity, hard work, and good standard of living .
affiliate30 1 year ago
They're going to wake up one day and realize that it's a bad trade: goods for ink and paper. Then karma will hit the indebted American
tpstrat14 1 year ago
@tpstrat14 People understand that they aren't trading "ink and paper" for goods, services, and the product of their labor. A paper currency is just a claim check on goods and services. Paper currency just represents the product of your labor. It isn't a rational system because paper money has no limits. The government as monopoly issuer of the currency can create as much "money" as they like out of thin air. This is the problem.
joepeeler34 1 year ago
Jesus is Lord!!
JesusPaid4You 1 year ago
@JesusPaid4You Can he make Superman real?
JimbobOMG 1 year ago
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BeyondNeptune 1 year ago
Their is an most recient interview with bernanke and he is actually scared !
ibelucky1 1 year ago
@ibelucky1 Yes, he was quivering. He flat out lied when he said that the Fed wasn't printing money. While they aren't literally printing money, they are increasing the credit money supply by increasing the reserves that banks hold. These reserves will be used to make additional loans. This has the effect of increasing the money supply. Bernanke is just engaged in sophistry.
joepeeler34 1 year ago
Happy Hanukkah!
jimberkt 1 year ago
Another great video from the man who has taught me SO much about economics. I need to buy his other book "Crash Proof" and read that
a4finger 1 year ago
does anyone none how to opt out of Social Security?
SmellyJunkie 1 year ago
@SmellyJunkie tell them you are dead.
Allisa4757 1 year ago
Mr. Schiff, If our economy is on a downward spiral, politicians arent doing anything to fix it and we can't seem to get the people who can (like yourself) elected, what would you suggest someone like myself (26, College grad w/degree in Econ.) do? Should I start planning an exit strategy out of the US? If so, where? I just want to be able to make a decent living and not have to worry so much about wether or not i will survive. Thanks!
Blakew28 1 year ago
@Blakew28 Get educated on some other skills. If leaving the U.S. make sure you're in an area that can sustain itself when the world economy falls apart. It's okay to stay as long as you are in a non populated area. Make sure water and food supply is abundant.
One other thing, there are no solutions for price system economics. Even if we elect schiff, he can't do shit. We've hit peak oil in 2008 and are on the plateau and bumping up and down until we reach the end of it. Then we crash.
newb2yutube 1 year ago
God, Guns, and Gold. The original 3G network!
RON PAUL 2012 !!!
iannetta11 1 year ago
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jiveturkeyusa 1 year ago
You deserve all the shit that is coming, not your elite - you stupidos
miksajlo 1 year ago
Julian Assange mister Schiff! Have the guts to at least mention him!
Fricking egoistic amerikans.
I'm out of this channel.
miksajlo 1 year ago
The Wizard of Oz was an allegory of the money system and politics of the time. The original slippers in the book were silver, not ruby [ yellow brick road (gold) and silver slippers(silver)] The Scare Crow represented Western Farmers. Maybe they don't have brains after all. Apparently they won't be happy until we are all serfs.
jiveturkeyusa 1 year ago
The good paying jobs have all gone to Asia and they are not coming back. The Fed can keep pumping in as much money as they like, it won't work. Companies are not going to create jobs in N. America, they go to where the wages are lowest.
707hoser 1 year ago
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Luvanicebum 1 year ago
I agree that a majority of middle class jobs across the board have all gone for good, but there still is demand for extremely high tech machining and development and with an aging population, health care specialists will be in high demand. We are still the #1 innovator, so we have the need at the top, but as soon as products get ripped in China, you have to move on to the next. Everything from medicine innovation to aerospace requires a local development infrastructure.
BUT I AGREE!
Luvanicebum 1 year ago
People best wishes for next year, but I strongly believe that 2011 will be the key, the economic collapse begins in 2011, stay away from fiat money don't expect Ron Paul to win presidency, they (money changers) will not allow more freedom on ideas and will do everything to censure anti-FED propaganda, 2011 is your last chance.
electronicado86 1 year ago
I never hear Peter Schiff mention about the guarantees that the US government is giving the financial sector. It's guaranteeing al there assest and transactions from late 2008 and those guarantees (a far as i know) are still valid. This would mean that if any of the majors financial institutions where to collapse the US government would pay for all the losses. The bailouts and guarantees are blurring the lines between private, coorperate and government debt.
jasan2121 1 year ago 2
I want Peter Schiff, Ben Bernanke and a camera in the same room!
ridnarea86 1 year ago
I concur if unemployment benefits are so great, why stop with just the unemployed? Maybe the government could give us all money something similar to a "National Existence Wage." Just give us free money for doing nothing and let us spend it on sugar and junk food?
bkdmd 1 year ago
@bkdmd I don't think you understand what unemployment insurance is. People that are employed pay into an INSURANCE program and can only collect that INSURANCE if they were actually laid off by their employer. You cannot collect unemployment INSURANCE if you quit. People also need to show they are actively seeking a job to continue claiming the INSURANCE claim that they paid into. Compare unemployment insurance expenditures to the ongoing wars and the bank bailout. You people are useful idiots.
jiveturkeyusa 1 year ago
@jiveturkeyusa
We have to stop giving rewards to people who don't work. 26 weeks is fine, but 99?
We have to stop rewarding failures in business, rewarding debt, rewarding single mothers having kids, and rewarding people who don't work.
If that makes me an idiot, fine with me. But remember one thing, if I stop working it takes more than 35 people in the bottom 50% income earners to pick up my revenue gap.
I don't need you. You need me. Stop calling me names.
bkdmd 1 year ago
@bkdmd Your comment is the epitome of corporate, wall street elitist bull. Unless your business or work provides for the wealthy, you need the people who are in the middle class or lower. They are the people which the rich depend upon. The rapage of them is what makes you profitable. I'm sure your ego helps block your concious at night. So, you are an idiot. Period.
newb2yutube 1 year ago
@newb2yutube
If someone can't get a new job in 26 weeks, they are one who is the idiot. Not me.
If Nancy Pelosi was right and government spending and unemployment was a job producer, don't you think unemployment (U3) would be going lower by now and real unemployment would be lower than 17% by now? Come on they have had two years to produce jobs with their welfare, food stamps, and unemployment benefits and they have no results....looks like I am not so much of an idiot in that regard.
bkdmd 1 year ago
@bkdmd There are jobs out there, but many peole just don't want to settle. There's a little ego involved as well. Americans need to reconcile that their wages have to dropp to reflect our dimnished productive capacity.
joepeeler34 1 year ago
@joepeeler34 "Americans need to reconcile that their wages have to dropp to reflect our dimnished productive capacity." So you are saying the US is deflating. How does that fit in with a hyperinflation with dimnished productive capacity?
XESTISS 1 year ago
@bkdmd Listen, these people did not decide to stop working. I guess you didn't read my response. They are required to look for work to receive unemployment insurance. They cannot receive unemployment insurance unless they were laid off. I would be more concerned with the trillions $ spent on failed corporations in the recent bailouts.That is rewarding faillure.That sounds more like fascism than capitalism to me. "We hang the petty thieves and appoint the great ones to public office."
-Aesop
jiveturkeyusa 1 year ago
@jiveturkeyusa
No I read your reply. I read it again and my response is the same. We have to stop rewarding people not working. We have to stop bailing out the failing corporations.
They are required to look for work. You are correct about that, but are they required to take a job even if that job will pay them less?
bkdmd 1 year ago
@bkdmd Yes they are required to take a job if they are offered a job. I think you should be a lot more concerned with the real wasteful government spending such as the bank bailouts, military contracts, wars, unregulated wellfare programs (not insurance), etc. This is such a weak issue and not the problem. People need to focus on the corruption in government and the no bid contracts given because of nepotistic ties. "We hang the petty thieves and appoint the great ones to public office." -Aesop
jiveturkeyusa 1 year ago
@jiveturkeyusa
You take care of yourself. I will worry about what I damn well want to worry about.
The benefit mentality and the entitlement mentality from both people and corporations have destroyed America.
The dollar has lost 95% of it's value since the Fed was created in 1913.
For me it is all about people looking to the government for assistance both individuals and corporations along with the Fiat currency allowing the ruling elites to steal our earnings/savings purchasing power.
bkdmd 1 year ago
@bkdmd The military industrial complex destroyed America. You take care of yourself too, and when those fascists (not capitalists) come around your neck of the woods taking over businesses and family farms (Monsanto, Tyson, etc) maybe you will open your eyes. Be a good little serf now and blame the little guys for what your corporate elitist masters have done.
jiveturkeyusa 1 year ago
@jiveturkeyusa
How do you know I am not heavily invested in Tyson and Monsanto?
Please don't assume too much about me. As heavily armed as we are around here no one is taking anything from us without our consent.
I won't live on a government or corporate plantation.
We have enough weapons around here to take care of ourselves....don't worry about me.
bkdmd 1 year ago
Just look up the Katrina gun confiscation on youtube.
jiveturkeyusa 1 year ago
@bkdmd I'm guessing you wouldn't mind going back to feudalism when we go into an economic collapse?
newb2yutube 1 year ago
@newb2yutube
I had rather be freeom and poor than living on a government or corporate plantation.
I had rather die attempting to be free than living in country where the average person can't succeed and corporations are not allowed to fail.
Where I am we have coal, oil, large coal burning power plants, refineries, and abundant food supplies.
We will get buy. We know how to work.
bkdmd 1 year ago
@bkdmd I like some of what you are saying. This is supposed to be the last bastion of liberty. That is unfortunately no longer the truth; all we have is a memory of what this country is supposed to be. China takes all the manufacturing projects from "American" corporations because they do not have the red tape to start up a factory and start producing a product. We have been brainwashed. We have plenty of resources and this is all BS> Fascism
jiveturkeyusa 1 year ago
@bkdmd When the creditors are the same people that control a corporation then investing in (Monsanto and Tyson) is a useless endeavour. There are two types of "owners" in a corporate structure the creditors (bond holders) and the stock holders (quasi owners). The bond holders get paid first buddy. It is a game that is used against the peasants. I hope you don't hold Monsanto or Tyson Stock. Because you will eventually get screwed.
jiveturkeyusa 1 year ago
@bkdmd C'mon, if you want to argue about fiat/fractional reserve currency, you also have to include everything else like a gold or silver standard too. Inflation is not the issue here, it is the price system. In order to have a stable and prosperous economy, you need growth. It's as simple as that. There is no if and's or buts about it. Namely because of technology, we need exponential growth of oil, which is impossible. That is the real issue at hand. Not some poor peoples mentality.
newb2yutube 1 year ago
@newb2yutube
Do we need growth? I think we have had artificial growth based on cheap money and debt for some time now. Don't you think it is time we get back to a real economy without government intervention and stimulation?
bkdmd 1 year ago
@bkdmd I don't think we need growth, we need a new system that follows the basic rules of thermodynamics. What is a "real economy"? Are you talking about a gold standard? Cause it relied on growth too, remember the California gold rush? All price system rely on growth( wasting resources) for profit. There will be no economy once we reach peak oil production.
newb2yutube 1 year ago
@newb2yutube If big oil didn't have a stranglehold on the governments of the world maybe the small entrepreneur could make our dependency on oil obsolete, and that entrepreneur could become rich in the process. Good incentive right? But because the government is allowed to use force things don't change. Roads don't change. Schools don't change. We are stuck in time. If we were all free we could adapt. The problem isn't money but violence. Does this make sense?
gradiu3rox 1 year ago
@gradiu3rox No, not entirely. Anyway, the problem is the price system. It is what puts limits on prosperity because of scarcity. Not violence. Do you see a continental hydrology system today? No, making water and transportation available to all wouldn't be profitable. What about a new energy grid or a maglev transportation system? We have technology and resources, if used with common sense, can make this happen. Instead we have shoddy goods and planned obsolescence. Cars, light bulbs etc.
newb2yutube 1 year ago
@newb2yutube You speak in riddles. Water and transportation would be available to all if there was a market for it, and the market was free. My question is, is it morally right to use force to get what you want? If I want to trade with money, are you going to hold a gun to my head and tell me that's not the way we do business anymore? Yes or no.
gradiu3rox 1 year ago
@bkdmd "The dollar has lost 95% of it's value since the Fed was created in 1913." According to that stat we should be like a third world country. No?
XESTISS 1 year ago
@XESTISS
Since Nixon took us off the modified gold standard the value of the dollar has lost over 80% of it's value.
bkdmd 1 year ago
@bkdmd "dollar has lost over 80% of it's value." but that 80% of dollar loss has been offset by more dollars in everyones pockets right? Let me rephrase my question, how has FIAT reduced our quality of life or life style since Nixon? Thx O and do you have a chart dipicting that 80 or 95% loss? Thx
XESTISS 1 year ago
@XESTISS
Google the phrase, "CPI calculator."
I use the BLS version. They all come out about the same when using different ones. Put in the dates you want to use and you can see for yourself.
You put in how much you had in what year and it calculates or much you would need now to have the same buying power.
For instance...and don't take my word for it look up home prices from the 70's now. In the early 70's the average family's home was 2X's one year salary. Today it in some parts 10X
bkdmd 1 year ago
@bkdmd Wow! Yes you are correct. It was eye opening. Then I thought that my parents bought a can of coke for .30 cents in the 70s and today they pay $1.00. Even though the nominal amount has definitely increased the value is constant. So I am back to being confused as to the hyper inflation story and dollar collapse. If I earn $100,000 monthly income and a coke cost me $100 how is that bad? Thx again.
XESTISS 1 year ago
Hey Schiff, I know you're on the inflation side of the debate (if there still is one), but I don't know if you've touched on the subject of inflation as a decline in the quality of products. It makes perfect business sense, doesn't it? Lower the quality before hiking the nominal price. Maybe you could talk about it in an upcoming video because I'm starting to see it at the grocery store and at restaurants. good example is jack in the box shelving their natural cut fries AND raising the price
Bo0ja 1 year ago
@Bo0ja maybe not the best example, but one that im sure many have noticed. another good one is prego italian sauces. the amount of sauce has gone down over 8.2% in the last three months without a reduction in price.
Bo0ja 1 year ago
End the Fed. Watch my music video on getting rid of these pencil neck thieves. Dontcha Know on my channel or as a video response.
Deeman2323 1 year ago
So I am in this college intro economics class and the teacher is definetly a Keynsian. Its kind of funny but sad at the same time. He does not know shit about anything, sometimes I argue with him after class, but he is a pretty stuborn person stuck in his ways. He dosen't want to admit that 40 years of his life he has wasted studying nothing but science fiction bullshit keynsian economics. The sad part is alot of the kids in the class believes what he says. I just shake my head.
longlivetherepublic1 1 year ago 17
@longlivetherepublic1
This is what I hate about life and especially in college. Many teachers have no real experiences in life and they have only had theory. Just because you have a degree in theory doesn't mean you can apply it.
Yogi Berra said it best, "In theory there is no difference between practice and theory." That statement can be made against BHO too.
bkdmd 1 year ago
@longlivetherepublic1
some Keynesian stuff ain't so bad and is accurate, in my opinion, i just think that most of it isn't (like the multiplier and the paradox of thrift)
stealthswimmer 1 year ago
@stealthswimmer Keynsian economics is so flawed the CPI is a joke the GDP is based off borrowed money and over consumption (non sustainable), they take pride in the fact that the federal reserve basically plays god with the economy. When there is a recession they say lower interest rates and increase the money supply instead of letting us take our medicine. They are hung up with this thing called potential GDP. They think inflation is increasing prices not an increasing money supply
longlivetherepublic1 1 year ago
@longlivetherepublic1
How in the world can anyone look at the GDP and take it seriously? It is beyond me how anyone can take it seriously. It takes all government spending and counts it as positive when the federal government has borrowed about 40% of what it has spent the past two years.
Nothing has improved and in fact it is worse off when you consider the massive deficits.
bkdmd 1 year ago
@bkdmd Thats the point exactly, we are living beyond our means and using borrowed money on borrowed time. The GDP calculation includes net exports however the one export they don't include in this calculation is debt which so happens to be our biggest export. GDP is a joke and potential GDP is even a bigger joke. When will people get it.
longlivetherepublic1 1 year ago
@longlivetherepublic1 Inflation is our bigggest export, but I guess you are right because those paper dollars are just I.O.U.'s.
joepeeler34 1 year ago
@bkdmd Yes, governement can purshase an F-16 and count it towards gross domestic product, but did anyone's standard of living improve? No, we are all poorer (save for the manufacturer of the jet) because money was transferred from the citizen to pay for something that may be necessary in some cases but still represents an expense. The material and labor resources that were required for the manufacture of the jet could have been used to produce products that improve our standard of living.
joepeeler34 1 year ago
@stealthswimmer They have the great depression all wrong in the books, they love all these fancy little equations that they think do a great job modeling the economy, they see nothing wrong with the fractional reserve system, they don't make the connection between GDP and production only between GDP=consumption (from borrowed money). They think the unemployment benefits are a good thing to get us out of a recession. More importantly they miss the shit that is going to hit the fan in 2-3 years.
longlivetherepublic1 1 year ago
@longlivetherepublic1
what garbage college is this?
I remember my history professor asked once "what is deflation?" and I say "it's when they value of money increases" and he says "no, it's when the economy crashes." I wanted to argue, but I need to kiss ass for an A (not that I wasn't getting it on my own). I hope one day my good grades and knowledge will make me very rich and then I can help spread Austrian economics. Because the golden rule says "whoever has to the gold, makes the rules"
a4finger 1 year ago
@longlivetherepublic1 Watched a video somewhere on youtube with Murray Rothbard where he made the interesting point that there are no jobs in govt for Austrian economists because they dont claim to be able to predict the future unlike Keynesians who get all the jobs. Presumably the same logic applies in universities.
jimberkt 1 year ago
I agree with Peter lets double the unemployment.
JTPNYC95 1 year ago
Even the dumbest of the people can see how selfish your motivations are Peter.
Come up with an alternative to just dropping millions people and maybe u will sound smart.
JTPNYC95 1 year ago
The question for me is not "What can we do?" any more because it has turned to a painful "Approximately when?" and "How much harder it will become?". Am I paranoid or too fatalistic to see that we are so much deep into it that I see no way out? I currently rule out China and India as saviours due to the current world entanglement and connectivity that we have. Am I crazy or is the world being dragged down to its knees by its own greediness?
OSCARINACOSTA72 1 year ago
Happy Chanukah, Peter!
achalmers 1 year ago
Obama has changed his slogan from "YES WE CAN" to "THOUGHT WE COULD"
petiemac24 1 year ago 12
@petiemac24 more like "JUST KIDDING"
hmt227 1 year ago
Hi Peter, I have been watching your blog regularily
I am from India and would like to share with you that most of the changes in U.S.A affect our continent . The housing bubble created after doom of IT bubble in 2002 not only spread in U.S. but to other emerging countries like India, 2006-2008 saw housing prices rising 2 and half time countrywise. Even after worldwise recssion ,our housing prices are increasing rapidly due to US companies investment in india and can predict bubble burst future
selfvelocity 1 year ago
Peter. I just saw the 60 min interview with Ben Bernanke. He seem to differ with your fact and makes a claim that manufacturing jobs are not falling but in fact are growing. This is no longer a question of inept ism. This is now a question of blatant and willful lying. Are you calling Ben a lier? Please respond I'm curious
mosikkkk 1 year ago
@mosikkkk I would like to know as well. Great point.
cmonpeeps 1 year ago
@mosikkkk I foud it. This is taken from the bureau of labor statistics: Employment in manufacturing was little changed over the month (-13,000). Following job growth earlier in 2010, employment has been relatively flat, on net, since May. Employment in most other major industries changed little in November. bls.gov/news.release/empsit.nr0.htm
cmonpeeps 1 year ago
@mosikkkk So King Ben is lying to his peasants...what a shocker.
cmonpeeps 1 year ago
@cmonpeeps Well in my opinion then the thin is that what Ben is doing is highly illegal. He was not presenting an opinion but knowingly misstating a fact in order to confuse the public. There are several federal and I'm sure state (where televised) law against what he did. If he is in any way deceiving the public for the purpose of making money then that would be a whole new set of state and federal laws on embezzlement and fraud. its against the law to use your position to defraud the public
mosikkkk 1 year ago
@cmonpeeps sorry for the spelling I was conserving on letter space to fit everything in one post
mosikkkk 1 year ago
@mosikkkk ....Ben has not been right about anything...That's should be all you need to know!
petiemac24 1 year ago
@petiemac24 No in my opinion there is a difference between Being dumb and knowingly misleading the public for the purpose of making money. He was televised all over the us. If he knowingly used his position to defraud the public then if not the federal government, any state can sue him for embezzlement, larceny, and fraud. I assure you that if you did it they would lock you up.
mosikkkk 1 year ago
@mosikkkk that is why we need to get rid of the FED!
Deeman2323 1 year ago
When the world cuts us off because our dollar is completely worthless, be prepared for mass chaos. Our government is preparing by aggressively recruiting new members into our National Guard. There are going to be very hungry and thirsty people ready to do whatever it takes to satisfy their needs. Move away from big cities. Buy lots of canned foods and bottled water. Everything is going to be at a premium.
lafleurplumeria 1 year ago
@lafleurplumeria
Oh quit sounding the alarms of panic, spook. Who do you think you are? Go see a psychiatrist!!! America owes China nothing. They've been robbing intellectual property, fabricating fake goods for decades and selling us what amounts to landfill. They can't even perform a space walk and even have to fake that...
watch?v=lBL98p0wZ7g
watch?v=NVbBFwdmldA
Calm the hell down!!! You crazy spook!
jelinto 1 year ago
@jelinto Wait. You think China has been robbing intellectual property?? You don't realize that "American Companies" have been going to China to manufacture products at cheaper prices through less regulation and lower wages? You are an idiot and have bought into the propaganda. American Companies have no loyalty to America. They are crooks that have been colluding with career politicians. This Schitt clown is complaining about unemployment and not talking about the real problem Overseas wars
jiveturkeyusa 1 year ago
@jiveturkeyusa
Why is it I can agree with what you say, but you can't see any truth in what I said?
Why has everyone become so instinctively confrontational and disagreeable?
Counterproductive IMO.
jelinto 1 year ago
@jelinto I agree the designs were developed by Americans, but you must understand it is not stealing if "American" corporations take those designs to China and start manufacturing in China because of the cheaper labor and less red tape to start up production. It is faster, cheaper, and more profitable to produce in China today. They have less red tape and less bureaucracy. If you want to blame someone, blame "American" corporations and politicians for selling us out.
jiveturkeyusa 1 year ago
@jiveturkeyusa
Okay. And again, I agree. But my point is simple. It's time to take back control & stop letting them bully, confuse, dummy down and frighten.
I don't have all the answers, but economics have always been a sham. They made it up out of thin air. Gold, silver & diamonds are artificially priced. They do have practical uses in this world, but when shit hits the fan, they are useless. You can't eat a brick of gold.
jelinto 1 year ago
Absolutely jelinto, People don't realize the real "physical wealth" is shit you use and is derived from usable energy. The price system is an antique system. We cannot continue to grow forever. A new system needs to be established if we want to continue to survive as a functional and stable society. I urge you and anybody who understand out predicament to look into TNAT and energy accounting. M. King Hubbert(The man behind Peak Oil) supported and helped develop the ideas.
newb2yutube 1 year ago
@newb2yutube Oh wow! Thanks for some new info. I appreciate it. It's always good to get a better understanding of how we got to this predicament we're in.
jelinto 1 year ago
@jelinto I just watched an absolutely great movie that helps explain exactly what Technocrats have been saying since 1919. It is called "Collapse". Thank you for your reasoned response. It is very hard to get people to understand important issues like this and at the same time look into a real viable alternative.
newb2yutube 1 year ago
This has been flagged as spam show
@newb2yutube Thanks again. Gonna watch it now on Google vids.
jelinto 1 year ago
@jelinto I disagree with you on gold and silver, they have endured all hyperinflationary societies of the past as a store of wealth. One thing I will say is our society is wasting our resources and wealth which are being horded by the elite. One of the opportunity costs of the recent wars in the Middle East and the Bank Bail out would be a high speed national maglev system and a new modern infrastructure that would eventually pay for itself through ticket revenue. What an obvious waste!
jiveturkeyusa 1 year ago
@jiveturkeyusa And how and why are we wasting resources? It's cause the price system demands growth of energy resources. That is why we went to the middle east. To start and secure energy dominance throughout the area. In order to have economic growth, you need usable forms of energy. Creating a national maglev system would've been great. We could also create a continental hydrology system so resources can be transported by water ways. But it never would solve our antique system(money).
newb2yutube 1 year ago
@jiveturkeyusa Or shall I say quench the need for growth in order to get economic prosperity. People of economics really need to start to become real scientist and learn from energy economics. Our system doesn't follow the laws of thermodynamics, It doesn't suffice well as a means of distribution, cause resources are squandered for "profit"(an abstract idea which has no bearing in reality). It you understand these issues, I urge you to look into TNAT and energy accounting.
newb2yutube 1 year ago
@newb2yutube I agree with you on one our antiquated use of energy. I disagree in part about why we went to war in the Middle East, I don't think it was even for a partially altruistic purpose (the need for cheap energy in the USA). Going to war in the Middle East was a very profitable power move for a select few and that move is the gift that keeps on giving for those select few (Halliburton is one example) Eisenhower was telling the truth in his farewell address to the nation.
jiveturkeyusa 1 year ago
@jiveturkeyusa I never said it was for an altruistic purpose. The government was going to give "fair share" to corporations like Halliburton. Also, there are religious elements or axes to grind that COULD have been attributed to the decision. However, it basically boils down to PNAC and energy dominance, that IS the power move you're describing. Whether its for selfish purposes or help for the economy it is pretty much the same thing. Whoever controls the most energy has most power.
newb2yutube 1 year ago
@newb2yutube I am saying the decision had nothing to do with the American Economy and everything to do with a select few's personal power and wealth. Many of the corporations and individuals that profited and continue to profit are multinational corporations and consider themselves sovereign with no loyalty to the United States. The Military Industrial Complex.
jiveturkeyusa 1 year ago
@jiveturkeyusa In order to profit, they need the price system to function. It won't function without increases in energy resources(oil). They profit from this and this is where they get their power, and from this economic prosperity for everyone. So, I agree with you, I'm just supplying a different aspect. Wars also need to be paid in energy too, which makes them profit more.
newb2yutube 1 year ago
@jiveturkeyusa
And I disagree with you. To covet gold or silver is just another way of expressing one's love of money, and we all know what that is the root of. I don't want to become that which I despise.
If the system breaks down, greed and isolationism don't work. Think about it. Sooner or later you will need help from someone. Maybe a doctor, a dentist or just someone with skills or knowledge that you don't have.
jelinto 1 year ago
@jelinto You are very right. I thought Turkeys original comment was against gold and silver as a pricing system. The price system isn't capable of operating our social system because of it's "love of money" and the destruction of resources and energy for it. It demands exponential growth. When the system collapses, community will save you, but as a new system of governance, another price system(gold or silver) will not help us.
newb2yutube 1 year ago
@jelinto
Needing help from someone is one thing. Entering into a relationship based on choice and an agreed exchange is one thing, but forcing one person to get up, work, produce, give fruits of labor to the government, and let the government spread the fruits of that labor among the general population is something completely different. I shouldn't be forced to live for the sake of another man who might have a completely different set of values and attitude toward life than I do.
bkdmd 1 year ago
@bkdmd
Let's face it; there are people with some really BS jobs in this world. Look at Wallstreet. Often they make a lot of money doing these BS jobs, yet someone doing a more vital job gets little pay and NO respect. How do you address this issue?
You speak of "fruits of labor", and I realize it's figurative, but did you know that less than 5% of people in North American society are involved in the production of food? Can you see that our agricultural practices are a disgrace?
jelinto 1 year ago
@jelinto
Yes many on Wall Street and many others are involved in artificial jobs that are abstract. We probably have too many of them.
I live in an agricultural community and we are proud of what we do. We don't need Wall Street. They can't get by without us.
bkdmd 1 year ago
@bkdmd We've found some common ground.
jelinto 1 year ago
@jelinto The financial services sector would not be 14% of the American economy without the Fed's cheap money policies for the last 20 years. Artificially low interest rates are a direct subsidy to the financial sector. That's part of the reason why the guests on the financial news networks are big fans of our monetary system.
joepeeler34 1 year ago
@jelinto If you don't like my message, don't respond. Your way of dealing with reality is sedation. You're just a little girl in a 39 yr old male's body. It's no wonder you need a psychiatrist and sedation. I hope my perception of a doomed economy is wrong: but if it isn't, judging from your presentation, you are going to be one of the loudest crying for your mommy/psychiatrist. Your desire to have a vagina is clouding your perception of reality. Now, that's what is spooky to me.
lafleurplumeria 1 year ago
@lafleurplumeria "If you don't like my message, don't respond."
Likewise, you lying piece of shit, phony.
jelinto 1 year ago
The Government is working to bring down the USA to bring in the one world order.Repent for the Kingdom of Heaven is at Hand.One Way Out Jesus Christ..
bdwren 1 year ago
Peter Schiff Is flippin AWESOME
longlivetherepublic1 1 year ago
However, technology and energy resources are causing a problem here cause it destroys jobs and therefore purchasing power. Also, exponential growth in energy consumption isn't realistic so that is another issue. Don't forget the transfer of wealth too. The price system is doomed, and you guys are arguing over irrelevant issues like the FED.
newb2yutube 1 year ago
removal of minimum wage: if we no longer had one, it is our responsibility to calculate in food and energy the real cost of living, determine monthly and annual wages for this amount, and all of us share the values around online and refuse to call it a "minimum wage" or cost of living - we should call it the SLAVE WAGE, make the name VERY COMMONPLACE so employers will be SHAMED to pay only this much (or less) and workers will know NOT to work for anyone offering only the SLAVE WAGE
ytgv3fc7 1 year ago
Thanks so much for sharing Peter. I look forward to investing with you soon. Peace.
consumption23 1 year ago
Hey Peter, Youtube allows videos up to 15 minutes in length.
johto 1 year ago
well if peter is a retard, then we're all single cell organisms. the guys a genius! what he meant by supply is simple, he wasnt wrong u just have to think a little bit, supply versus demand, if there is a lot of supply.. then the prices go down. you can afford that. heck even the chinese goods arent that cheap anymore
archetype891 1 year ago
Hitler Is Informed That Peter Schiff Was Right
BarryOcuda 1 year ago
so much garbage from this food hole.
borisbmx 1 year ago
US do not want to end up like Brittain. Asian countries hav slowly but surely taken over many businesses from the West. Now with China it can only get worse. Asian success is based on their people and cheap currency. US tried to do something about it but so far no desired results. So I figure the next thing is to devalue their way by debasing the USD. Others will follow suit so that their goods and services will not be priced out of competition.
kckkl1958 1 year ago
In US percentage of basic neccessity expenses to net income for the ordinary person in the street is lower as compared to most other countries.
Thus they will win this currency war.
With cheap USD and capable people USA product will sell better. Eventually unemployment will drop and their corporations will not end up the way the of Brittish companies.
I do agree with Peter Schiff and many other economist. Al commodities will continue to go up. I am investing heavily in gold.
kckkl1958 1 year ago
I don't agree with Jim Rogers when he said that Bernanke does not understand basic economy.
kckkl1958 1 year ago
I learned a lot listening to Peter Schiff, but I have come to think that because of his passionate ranting, he is operating from an out dated notion about the economy. It was stated before Congress man years ago, that there is now a new order to things. That new order refers to a global economy. Therefore the international banking cartels can make money anywhare around the world. They don't require a strong American economy.
Romello4u 1 year ago
@Romello4u That's right! They don't and it's not about "america". However, in defense of Peter, he does know this and has actually said that in one of his previous recordings; that "China (and other countries) do not need us. In fact, most of his rants are based on that premise.
cmonpeeps 1 year ago
thanks for the weekly dose of rational perspective
weav8060 1 year ago
If the growth/unemployment is true. Welfare must be a real stimulus for this country!As you said in your books, until we hit rock bottom, and get rid of this toxic economy, things will NOT get better.The pain is coming whether or not the politicians want it or not!
450984 1 year ago
R.I.P. The American Republic... It has been murdered & usurped by the american empire. Death to the american empire!!! Resurrect the Republic!!! Ron Paul in 2012!
timeoftroubles 1 year ago
@SchiffReport I have to ask, with China able to produce goods at a unit-price where a day's labor there will not feed an American for a day, will Americans in "ideal" conditions of minimal taxes and minimal regulations actually get not enough income to cover the cost of living?
Or will somehow everything re-balance so food and energy prices will rebalance (housing needs to, can't be propped up forever) so a Chinese worker's wage feeds an American family?
ytgv3fc7 1 year ago
Can someone please explain to me how we can start to get our manufacturing base back here on U.S. soil, or is that even possible? The only way out of this is to create high-paying, blue collar jobs for the average Joe right here in America where we can use our abundant resources (coal, timber, minerals, brainpower, etc.) to get our country working again and stop sending good manufacturing jobs overseas. Or are we too far gone now for this to even happen?
superhornet69 1 year ago
@superhornet69 considering the imports of resources of all sorts America needs from Canada I wouldn't quite be calling the American reserves "abundant". Coal: yes. Brainpower? Not anymore. Timber? Ummm
ytgv3fc7 1 year ago
Haha, [3:29] "..inflation would create the jobs...". Schiff must be reffering to watch?v=PTUY16CkS-k
=)
paganpg 1 year ago
END the fed REPEAL THE ILLEGAL 16TH AMENDMENT OF 1913.
ART.1 SECTION 8 US CONSTITUTION GOVERNS OUR MONEY SUPPLY NOT SOME FOREIGN (ENGLISH) CENTRAL BANK
END THE fed NOW AND YOU WONT HAVE TO GO THROUGH TIS NONSENSE EVERY SEVENTY YEARS .they crashed our economy back in 1933, almost the excact same way, stock market bubbled then crashed by design (happy 100th b-day rothschilds federal reserve bank USA(24 months early but whos counting))
WAKE UP AMERICA. END THE fed
MrHarry46 1 year ago 5
I'm a service tech. The economy is a machine. What I have learned is that must first know how the machine is supposed to work (correctly) before you can repair it. The economic machine has transformed and most of the politician want to keep the current works a moving. I say "let's go back to an older, better built machine". Built by the people.....For the people!
shleppcar 1 year ago 2
Oh Peter, don't you see? It's game over, buddy. Just admit that the pain to enact your ideas (i.e, right the sinking ship of state) is just too big now for America to take. Maybe ten years ago, your message could have been enacted but now it's just too late. It would be better if you would tell us now what we can do to prepare for ''D Day'' (i.e, Default Day).....the day when Washington officially defaults on its debt in front of the cameras, and calls the IMF in to rescue it.
dunvegan44 1 year ago
@dunvegan44 every american must wake up and realize the money in their pockets isnt even US dollars. they are illegal "federal reserve notes" (since 1913 unratified hence illegal federal reserve act) backed by nothing owned by the rothschilds of england(bankers, est worth 500 TRILLION, Owners of the private central federal reserve bank of the USA) Art. 1 section 8 of the US constitution,penned by the founders,clearly states "only the US Treasury shall coin money" READ YOUR US CONSTITUTION NOW
MrHarry46 1 year ago
Unemployment may have ticked upward but that's only for the time being. Wait until these 2 million "99'ers" lose their unemployment benefits; then the unemployment numbers will decrease and everything will be good again and the recovery can continue! FULL STEAM AHEAD! (someone may wanna tell the "leaders" that the nose of the plane is pointed straight towards the ground and not the sky)
cmonpeeps 1 year ago
@edwardwills, you don't need more food storage. You need food sustainabality and a free place to grow it. Check out Biospharms YT channel and web site. We'll get you hooked up! And maybe right next to Peters house in Belize.
biospharms 1 year ago