Off-shore accounts, bank capital, exchange controls, ponzi schemes

[thenanook2]

Peter you always seems to rush at the end for the 10 min limitation, why dont pay for the extra minutes so you can finish your ideas? i mean, i bet you can afford it right? Keep the good work

[TWSceptic]

@thenanook2 You can't pay for it, you have to have a certain amount of views. Then you can become partner and have longer videos.

[BOGZASV8MA]

thats scaryyyy

[martinc1987]

the money is not "squandered".

it ends up in someones bank. money laundering the easy way, make it wash it(use it)

then other company's are bought(acquired) FOR FREE!!!!!!!!

OUR GOVERNMENT IS LIKE A 17 year old with and UNLIMITED credit card! time to get bit in the ass....

NOT! i wont take it I WILL DECLARE NEW GOVERNMENT MYSELF!!!!!!!!!!!!WE CAN UNITE! FK ALL THE MARKET WHO CARES BUY GOLD RICE LAND! NEW CARS ARE THE REASON WE CANT SAVE. How can our own blood be so I'll? LONG LIVE THE PEOPLE!!!

[davidpixie]

Peter is exactly correct in his caution. The same applies to the UK and the (once) Great British pound sterling.

Unless our respective governments take control of their budgets both currencies are doomed.

Exchange Control is a possible counter to currency flight.

[rajeshraman1980]

this is not schiff the market man.this is schiff the politician prpearing for his senate run

[greatrighthope]

Good

[omegacenturion687]

@rajeshraman1980 what are you upset he sounds sensible

[omegacenturion687]

@rajeshraman1980 hugh

[dbmdsv]

Perhaps Ben was praised by Obama for following the plan...

[MrJohnnyrace]

SOCIALISM HERE WE COME!! The reason foreign banks wont help Americans is that, Our govt. requested info on those private bank accounts.

[m0rdnilap]

lawyerjudgesdestroy is a troll

[IvyWarrior]

this whole thing sucks, im tired and ready for the other side whatever it is, if there is anything at all, couldnt be much worse than this shit

[hearsay2009]

have some pfizer!

[hearsay2009]

what does the word "pretictive" mean? Or the word "oyu"? These are not contained within the my dictionary.

[hearsay2009]

With pfizer, all will be well! It will feel like a party! Hail pfizer! I am going to go eat some pfizer bran (i.e., like raisin bran with pfizer instead of raisins) and have some pfizer coffee!  Yum! All is well!

[hearsay2009]

Hail pfizer!

[hearsay2009]

1. I am so far from being a "pfizer zombie" that I don;t even know what drug pfizer makes that you are referring to.

2. what are you talking about? how is someone supposed to follow this?

3. what county records

ann nevermind, maybe you ought to go see pfizer

[hearsay2009]

has anyone accused you of being crazy in the past 24 hours? If not, it's my turn.

[hearsay2009]

ummm...the only pill I take is melatonin...but do as you will...

[DillonX]

Iamthenow --

You say that gold may skyrocket but don't you think if gold went to say $1200 an oz that would bring out massive selling.

India used to be the world's largest consumer of gold as many ppl there have a gold fascination, but when gold went to $1000 they lost the fascination & so many then became sellers that India's imports of gold went to zero.

I don't know if you recall how the Hunt bros tried to corner the mkt on silver & people came out of the woodwork to sell.

[joescarafone]

The Chinese don't have any intention yet! If they move too fast, they'll collapse the dollar, and that could cost them money. They need to divest over time.

They won't pull the plug until the Risk/Reward suits them. IMO

[collegeboy477]

521 Is that some kind of form?

I wouldnt know cuz you havnt elaborated.

I know its tough to be specific and use information but it would be a big help.

Or you can continue to lord over people and act like you dont care.

[semigotbanned]

insane ....

[travartz7]

this is simply not true. the reason that a handful of banks in Sweden (nowhere close to all) are asking some of their Americans clients (some not all) to move their money elsewhere is because the banks see those accounts as potential problems with regards to America's laws against not claiming money in foreign bank accounts on their tax returns. this is tax evasion and nothing new.

[collegeboy477]

Im a slave in the kingdom of heaven, here to serve my brothers for the righteousness of god. If I had enough money Id go somewhere else, but I dont. So I guess Im going to have my posesions siezed and be beaten by robbers, even though Im innocent.

like I said before your not saying anything thats going to benefit anyone, so why dont you go hate monger somewhere else.

[DillonX]

China is now the world's leading gold producer.

They have their craftsmen sell whatever gold jewelry they can in country or as exports, then they buy the rest to keep the gold price up.

But suppose China decides to export their excess gold for something more useful - say rice or beans -- to keep their people happy...then wouldn't gold possibly go down to about $350?

[iamthenow]

Or China could drop the US dollar as a currency and then gold goes through the roof and skyrockets in price and then they make their money back from their investment in the US dollar regardless.

[LoveAndLiberty1776]

They did the same to Jews in Nazi Germany (Exit Tax) in the 1930s. Be Careful people.

[HeWhoPawns]

Lol Peter loves to bring up Madoff.

[lenny380]

I don't think the Banks learned a damn thing. And I think they want the Government to regulate them -I haven't heard ANY complaints from big business since BHO took office -WHAT"S UP with that??

[lenny380]

China has the Walmart factor-- on Walmart no China growth. So got to play nice with us - they rely on the dollar -like it or not they are in as deep as we are and they know it.

[RomeoMD25]

2009: The Year Man-Made Global Warming Hysteria Was Sunk by an Iceberg

This is truly the new Dark Ages. In the year

2009 we have the most mind-blowing technologies. The activities of everyday life are made easier than in our predecessors day because of virtually every imaginable convenience. Yet, many on this tiny spinning ball are just as uninformed, anti-intellectual, paranoid, and blinded by false ideologies and conventional wisdom as in the days of witch burnings.

[DillonX]

Abraham Lincoln considered the wealthy who dodged taxes to be traitors (like those setting up off-shore accts now).

[michaelpshipley1]

Lincoln caused the death of over 600k people. I wouldn't take any moral lessons from him if I were you.

[harshterrain]

We are making exponential progress via the following green shoots.

~ Rising unemployment

~ Rising taxes on the working

~ Rising US Governent debt

Will the Government seize our savings?

Will the Government have Goldman Sacks wipe out our 401Ks?

Do yourself a favor and send a message to the government. When you get to work tomorrow adjust your W4 so you don't pay any taxes until the end of the year.

[hiredgoons10]

u r an idiot

[killergames187]

"America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves."

Abraham Lincoln.

[collegeboy477]

nobody is going to gain anything from what you have to say so why dont you make like a tree and leave

[m0rdnilap]

stfu.

schiff is the man.

[EndOfTimesApocalypse]

Obama's the Antichrist announced in the Il Lottery.

Joe Hamilton of Freising town, near Munich, Germany, made death threats against me, for spreading this.

[adambelnap]

Really? An anti-semite? When do you think you are?

[shroomingnewman]

that's my boy, schiffy! lol

[adambelnap]

Great update. I'm going to go read up on the off-shore banking obstacles now.

[Spideynw]

Peter, I think if you imbed your videos to other places, and people watch them, that it does not count towards the view count. I could be wrong, just a thought.

[michaelpshipley1]

lawyerjudgesdestroy,

hate speech is a violation of YT TOS. you have been reported.

[spyletu]

thx to conspiracy nuts like lawyerjudgesdestroy a genuine attempt to make a change is being hurt

[DillonX]

A couple of years back our Houston paper ran an article on those people living in Houston who had made the most money in the prior year.

Of course, we had people in the oil industry.

As I recall, two of those on the list had personally made over $50 million for one year, but they had moved their companies offshore to avoid paying taxes.

Barack has promised to go after these scumbags who live in the USA but pay less tax than middle-income Americans.

I hope he'll be successful.

[ditkuss]

Why would a peasant like you cheer for more corruption, waste, and government theft at the highest levels? And at your expense? You act like you'll see some of that money if they steal more from people, but it just goes to the elites at the top and their friends while our standard of living, children's futures, liberty goes down the drain.

[NicoBanTyralash]

I dont understand the idea that people are criminals or "scumbags" if they try to keep the money they have earned, through a voluntary contract, away from govt theft. Taxation is theft. Trying to keep your own money is not. Taking advantage of tax loopholes to keep the govt from siphoning more money out of the productive economy is heroic act. Not one that should be punished.

[adambelnap]

Yeah it's within the rules what's the problem? Tax evasion is criminal. Tax avoidance (legally moving your money off shore, itemizing expenses, claiming dependents, etc.) is just smart. DillonX, don't you find the populist pandering a little patronizing?

[straightsixstyle]

*sigh* Ten minute limit... lame.

[hearsay2009]

great solid info that isn't woo woo conspiracy crap

[halfasheep]

thats right....conspiracy crap is best left to the daily confines of the nations court rooms.

[hearsay2009]

indeed halfsheep, indeed

[tra789]

Peter Schiff 2010

[trevor920]

everything is possible

[bnash2002]

this is awesome he is making vids!

[herbigp]

keep the videos coming Peter.

Thanks

[HarryNRubin]

Great video as always!

[michaelpshipley1]

here's a phrase peter could use:

"i dont see green shoots, i see orange jumpsuits."

[InCharacter]

Keep fighting the good fight Pete. Men like you are my inspiration.

[jzmdi493]

The video Peter watched today with Bernanke in it is called Hyperinflation Nation. You guys should check it out. Everybody is talking about it!

[hammerandgrace]

Freddie and Fannie, Ponzi scheme, did you hear that? Wake up America.

[McRocket]

I watch every video of yours to learn and/or confirm.

Thank you once again, Peter.

[truemusicphan]

It saddens me that you people believe this crap... see the big picture

[michaelpshipley1]

what exactly don't you agree with?

[truemusicphan]

I think its very easy to sit in your basement and criticize the the actions of our government. Understand for 1 second that managing the mob prevents you from divulging the truth about certain matters. imagine if Bernanke had mentioned the real estate bubble when he did in fact know about it... he has the precarious job of managing the perceptions of the mob. What do you think would happen if he had mentioned it.... have you ever heard the term bank run? or how about widespread panic?

[Slatteryan]

Saying there is a bubble in the housing market would not have led to bank runs or widespread panic. Maybe it would have made people more aware of the problems with the market and less people would have bought houses they couldn't afford.

Bottom line is, we don't want leaders to lie to us (for our good, right?) and we want a real free market, not a Fed-induced-low-interest-rate-­bubble-economy.

Prolonging the correction in the economy will only make it worse in the long-run.

[truemusicphan]

What perfect world do you live in? Find a place in the world where anyone but those in power have the true information. Is it a surprise to you that the public doesnt know everything.. there is a reason for it. People are STUPID and in many cases can only see whats best for themselves much less an economy the size of ours. Please dont for a second think you are more clever or intelligent about our economy than those that have access to the most information(i.e.those in power).Get Real.

[Buckeyes1647]

So you will automatically bow down to those in power? That sounds like the same argument that many people gave when the Iraq war started!! "Oh they must know something that we don't." That sure turned out to be true!! Also, people are not as dumb as you think and to think that the governing always know best is quite naive.

[truemusicphan]

No we know exactly why we went to Iraq (not what they told you in the media like I said)That was about sending a message. Nothing more(well oil also). Desire for power and money have ruled this world forever.Like it or not America is the strongest power in the world and it acts in the same manner as any world power before it. Look at history.I think you are making the grave mistake of believing what they tell you(read btwnthelines)And no people are not smarter than i think they are.Who's naive.

[Slatteryan]

I don't think I am more clever than Bernanke et al, but luckily I am not left alone in all this. There are great minds putting forward economic principles that even a simpleton like I can grasp.

I can't understand why you would defend the idea that those in power should lie to the people. By not saying that there was a bubble in the housing market, he led people into MALinvestment and by lowing interest rates he introduces moral hazard. It's not his fault alone, but...

[truemusicphan]

I never said that those in power SHOULD lieto the people. Im just saying that people shouldnt expect anything different. This is the way things have been done from the beginning of civilization. people cant handle the truth. Many ppl before those in power in the US have had to deal with the same problem, the mob. Its a sad truth about this cruel world.

[Balden2]

You do realize that by giving support to lies you automatically forfeit any intellectual respect or trust that I may have otherwise given you, right? Your argument is proposed as if it were intellectual, and yet is also anti-intellectual at the same time.

The object of an intellectual discussion is the promotion of truth. If what you say is true, then Bernanke is not an intellectual, but a manipulator.

[wepollock]

Our governments (State Local and Federal) think that they own us. As these insolvent governments move into bankruptcy they seek to expand the tax base in every way possible.

Just got a $100 speeding ticket with an $80 tax on top of it. Paid $40 for registration and $20 tax surcharge on top. Found my cell phone bill had School tax surcharge.

[kenandjasha]

Thanks Peter- You are a class act and your updates are impeccable.

[4rcane]

Hey Peter. Do you have any plans to speak at any Chinese economic forum. Need you over there to speed things up, to wake up the Chinese

[TheMmishra]

I understand the risks are high on the other side too, like you said hyperinflation, inefficient resource allocations etc.. But any solution is loaded. We have to bear huge pain now, or later.. What you like? Obama is trying to keep it away at least till next re-election...

[michaelpshipley1]

Maria Carcinoma

[TheMmishra]

Peter really paints a very scary picture of the economy and what's going on all around us. His videos can really make you run for cover, and probably leave US. In his videos I have seen, I am not sure if he has ever praised any government action or said that something in the economy is actually right. Is everyone an idiot out there? What are the alternatives - Let all institutions fail, get unemployment run amok, complete deleveraging. Aren't they equally painful, and who is going to bear it?

[esoteric111]

Yes The Mmishra, I'm sure you would much prefer the hyperinflation.

[Perceiving]

Wow Peter Great video! Calling it like it is. That 's what people need to hear.

[thebruno44]

I really hope Schiff runs for the Senate in Connecticut and sends Dodd back to the rock that he crawled from under. Keep it up Peter!!!

[bajoverga]

Peter, you're the man.  I just looked at your Form BD today, and it's funny that FINRA went after you like 5-7 times in the last 8 months since the entire collapse. How interesting. :)

[michaelpshipley1]

FINRA:

Financially

Ignorant

Ninnies

Raping (my)

Ass

[wvaughan]

Best acronym of the day!

[devilmirror1]

FINRA:

Fu*ked

IN

ouR

Ass

[michaelpshipley1]

hahaha! very clever! any more we can think of? ;-)

[BlueSkies360]

Another reason for you Peter to open a branch overseas. More and more people are financially leaving the States

[shoeman3434]

Thank you, Peter. Your dedication to the truth is greatly appreciated, and I assure you it does not go unnoticed!

[ZullGostnu2]

losing the argument and declaring victory, a true political move. Thank you for keeping informed. I am moving money into other currencies off shore.

[Pnkbong]

Obama sold his soul to the devil in order to get into the House White.

[pepeledog]

I always watch for your opinion. Excellent information. Thank you!

[THESHADOWATCHER]

Hey Peter you are welcome to move in Canada :-) Come and take a look a the province of Quebec for your next summer vacation.

[jsnvoe434]

The video Peter is referring to is called Hyperinflation Nation, it was just released last night. It's one of the best documentaries ever made and shows how wrong Bernanke was and how right Peter was. Check it out!

[mjhonsun]

link?

[nogl0001]

just put "Hyperinflation Nation" into youtube search

[michaelpshipley1]

what video? he didnt refer to any video.

[peanutscoins]

thanks peter

[RAMKING61]

Read 'How Goldman Sachs Runs Washington' in this month's Rolling Stone magazine. The Climate/Cap & Trade scam bill is just the latest commodity controled scheme that Goldman Sachs has created.

[BIackOp]

The ultimate reason why I am Anti-State (Anarchocapitalist) is because the State is a Coercive Monopoly, the Constitution can't stop the corruption based on the rational self interest within a monopoly. It failed the moment it was created, because among many things.. Taxation. There never was a good period in the United States, it went down hill since the start. The system is backed by the force of death if you decide to opt out. It encourages power and corruption with no say to stop the funds.

[BIackOp]

Also it creates a detachment among the people, so the effect to "punish" those who broke the law.. should be charged but who charges them? His friends? That is how bad it is today.. Just look at George Bush, freaking Democrat Majority Congress wavered his impeachment, aside the fact pardons exist...

And whats next voting in another guy who lets face the facts.. How many chances does one have that is a noble person like Ron Paul? Very rare... Especially now that you need to have money to get in.

[helpendthefed]

Thx for the update Peter. I've got $500 USD burnin a hole in my pocket for your 2010 senate race. Git R Dun! : )

[michaelpshipley1]

probably should buy some gold coins with that so when you donate it will be worth $2000. ;-)

[christo930]

The telegraph has an article today about the Chinese banking system being on the verge of collapse and that money being given out by their government is being squandered and speculated with. A Chinese crash could wipe out EPC clients. Be careful. I'm moving my money out of China or at least a good percentage of what is there now.

[rawer77]

this video should definitely go viral!

im sharing it with everyone!

[rawer77]

hell yea peter, what about somebody who got it right!!!!!

[sonofaglitch2]

Thanks as always for your excellent commentary, Peter.

The more you speak, the more obvious it is to everyone that America needs intelligent, rational individuals like yourself in public office. Then maybe we can start turning this ship of State away from the ocean of tyranny towards those of liberty.

It certainly won't be easy, but I want to see Dodd dethroned as much as any other guy!

[swdmn]

Sink that destroyer and let freedom ring. I do however wish you good luck in getting more dissenters in office.

[rawer77]

cal em out peter!!!!

[joeymackaroni]

go NZD woo hoo!!!

[return135]

good update! thanks Peter

[pedroquintero]

thanks peter

[joeymackaroni]

Great Thanks....

I want to move to NZ

[theantirobot]

first