Peter Schiff: Capitalism the Solution for OWS Protesters (Part 1)

[IHKumicho1]

If Peter Schiff can't make ends meet with his meaasely $350k/year and has to complain on Bloomberg about it, maybe HE should quit.

[smooth1001000]

Trickle down economies does not work due to GREEDY POWER HUNGRY humans. Communism work for a while as well but due to greedy power hungry ppl it stagnated over time. Does this sound familiar? It is simple ideologies work on paper it only begain to stagnate when you enter in the human factor. POWER AND GREED OF THE HUMAN WILL BE THE DESTRUCTION OF ALL IDEOLOGIES. Simply stating we destroy all that we touch, its like we are viruses or parisites that has infected the earth.

[Freedomnotforced]

@smooth The problems happen when governments get involved. Trickle down is the worst way to describe free markets. It is productivity from all levels that creates wealth for everyone. Governments use force and threats of violence to make people work but the free market everyone can produce and make a better life for themselves. Self interest is what gives us all the luxuries we love. How did you get your computer? you voluntarily handed over your money because you felt better off by having it

[Freedomnotforced]

@smooth every trade in the free market makes both parties better off or else no one would do the trade. It is when government starts handing out bailout money, subsidies, passing laws to block competition that the harm is done. The free market works perfectly and everyone can do well. But the government passing bad laws stops people from providing jobs and they destroy the currency by having a monopoly on it and printing like crazy. This wipes out the middle class and destroys their savings

[Freedomnotforced]

Communism works for a while until you discourage the producers so much that they stop being innovative.Then everyone gets gradually poorer until the whole system collapses.The greatest time for people at all levels was from the civil war to about 1850 when the markets were 90% free and everyone had a chance. Now the laws make it easy for big companies to keep their power and block out new competition.It costs about $10k in regulations to hire someone in America rather than it going to the worker

[Calvary48]

Yeah...some people burned to death in the Triangle Shirtwaist Fire...but that's ok...the standard of living improved!

[xspettacolare]

@simmagnus there's no proof of FEMA camps used as death camps. come on dude.. where do U get your info from FEMA camps are being staffed & ready? staffed by whom? U are listening to alex jones too much..

[xxxricky]

Who the hell still blows the horn of CAPITALISM!! Capitalism all grown up is what we have today... full blown parasitic fascism. Just because you can talk a lot and sound smart in front of the camera don't make you a genius... Peter Schiff is a fucking retard!!

[Freedomnotforced]

@xxxricky Capitalism died a long time ago. It is stinking horrible filthy scummy corporatism we now have. You are right that it is fascism. But that is not capitalism. Capitalism would have let the banks, GM, wall street, Goldman and all the other crappy companies fail. It was the government that created the housing bubble with cheap money and Freddie and Fannie buying up all the toxic mortgages which encouraged more bad loans. Private profits public losses is not capitalism.

[Castorios]

PEAK OIL and globalism is ultimately why everything is turning into shit in the 'advanced' countries...

Brace yourselves... it's gonna get much worst I guarantee you this ;o)

[Freedomnotforced]

@Castorios Oil has never been cheaper than it is now so that makes no sense. If we had real money (gold, silver) then oil is much cheaper than it was in 1920. It is just the money is almost worthless so it looks like it is more expensive. Also there is lots of Oil in America but Obama won't let it be drilled. Global trade makes everyone richer. America would wipe the floor with every other country if it wasn't for government regulations destroying the economy and pushing out businesses.

[xspettacolare]

them dirt bags protestors need to be rounded up into a fema camp..

[simmagnus]

@xspettacolare Be careful of what you wish for, you may just get it. The FEMA camps are getting staffed so they should open soon. Be a good American and don't get out of line if you don't want to get kidnapped, tortured and possibly murdered under the new U.S. military rule (s.1867).

[0neInTheWorld]

i think he´s right when he talks about the monopolies.the market is a symbiotic system. a monopoly is nothing without there customers.to create a monopoly you have to be the best for decades and you have to hold this standard for the next. otherwise,why is everybody afraid above monopolies?take a look in the market. you have so many outsources because,no firm,no business leader can handle that much business,that much responsibility.

a monopoly in first place gets to big for them who create them.

[MrPhotodoc]

13 people are from the South and they KNOW Schiff is full of Shit.

[ANTIDALLARD]

This man is either a complete numbskul. Or a lying bastard.

[AliceInWonderlandSyn]

@ANTIDALLARD I think Prophet is a better word!

[viperswhip]

Russia didn't turn out socialist, it turned out fascist. This idiot never read the communist manifesto. Sweden is real communism. Is it so bad? I don't see the same type of protests there.

[VRFist]

@viperswhip Sweden a communism? Are you crazy? Please, read something about communism, at least wikipedia, better from its visionaries.

[viperswhip]

@VRFist Taxes, even for the wealthy are very high, the state mandates huge vacation times, long maternity and paternity leaves (and pays their salary), and Sweden by and large has the highest worker satisfaction in, certainly, the Western world at least. It's closer that anywhere else. I have read the Manifesto like 12 times, what the hell does a publicly edited Wikipedia page have to say about anything? The whole Western world has been misinformed on the subject due to cold war paranoia.

[KEiTHxxx69]

@viperswhip You are dick :-) I think you are from USA (or something like USA), because tell that in Sweden is communism is very stupid. Almost every country in Europe is more socialistic than Sweden... Believe me i am from socialistic part of europe :-(

[cervantessssssssssss]

Schiff wants to do away w min wage and regulations.. that's a race to the bottom and mass poverty/famine

[AliceInWonderlandSyn]

@cervantessssssssssss Do you think America would be better off if we never had the housing bubble or the financial collapse in the first place?

[cervantessssssssssss]

@AliceInWonderlandSyn They were one in the same, banks drove housing prices up w easy loans bulked and sold those mortgages in cdos.. it was win/win for the banks til the house of cards fell. It's unregulated capitalism at it's best. Again, it was unregulated capitalism that exchanged a healthy economy for slave labor and now there is a world depression that hasn't been seen since 1930's.. the remedy was then as it is now.. strict regulations and the redistrubution of wealth.

[AliceInWonderlandSyn]

@cervantessssssssssss Ok first... if what FDR did was the remedy, then why did the depression last until 1946? Rhetorical question...

Secondly, it was the government guaranteeing all of the loans that were being made with essentially free money from the FED that removed the risk from investing in housing. When the government removes the risk to the lender, it encourages speculation which causes the bubble. Same thing with college tuition and the federal student loan program!

[AliceInWonderlandSyn]

@cervantessssssssssss Risk and reward is what regulates the markets! What happened was Barney Frank, Chris Dodd, and Newt Gingrich selling this idea to congress that everyone should be able to go out and buy a new house and the gov't was going to help them do it!

Why don't you watch the video "Ron Paul Housing Bubble"...  Ron Paul and Peter Schiff both predicted everything that happened years in advance and no one listened to them! Gov't intervention in the market causes chaos!

[cervantessssssssssss]

@AliceInWonderlandSyn Granted a bubble did form, but I believe it was mostly due to the de-industrialization and outsourcing of decent paying jobs.. we basically have a low wage service economy.. one which very few could afford a house. This is Wall St doing w corporate ceos. Warren Buffet says the Dow has a historical avg of hovering around 5000, it's more than double that. Those profits cannot be sustainable? That will be the next bubble to pop..capitalism is destroying itself w/o any help

[AliceInWonderlandSyn]

@cervantessssssssssss If you can't understand that government interference in the economy is what caused the bubble, and that gov't interference in the economy is what drove businesses over seas then we don't have much more to talk about. When the FED prints money or creates new credit from nothing, prices go up and people can't afford to buy things. Printing money, and gov't intervention is not capitalism. We have had soft forms of socialism a fascism and that's what destroyed the economy!

[cervantessssssssssss]

@AliceInWonderlandSyn Clearly we'll never agree, Free markets will only bring about further feudalism.. The regulations are to keep business in check.. The prob is trying to 'compete' w 3rd world countries that do not have necessary regulations, China is on the verge of a bloody revolution due to low wages and pollution mostly caused by American corporations and industry. De-regulation will allow capitalists to further exploit workers and destroy the environment.

[Freedomnotforced]

@cervantes completely the opposite is true. America cannot compete because of all the regulations on businesses. It costs about $10k in regulations to hire an american worker. This would otherwise go to hiring another person. You cannot exploit people in a free market because people have to volunteer to work. Companies compete for the best workers and that forces up wages and working conditions. Low wages and bad conditions repel good workers and then the company would fail.

[cervantessssssssssss]

@Freedomnotforced idk, you cherry pick some good examples, your basically saying the lack of worker protection in developing countries sends manufacturing running over to exploit. You don't factor in mechanization and sheer populus which adds to the expendibility of workers, forcing wages perpetually lower. btw I lived in England, it's a sesspit of unemployment and poverty today.

[Freedomnotforced]

@cervantes Economies grow by structural unemployment. It is essential to put people out of work and sustain the same level of production without them. Then the unemployed retool and jump into the new industries. Farming is a good example. It used to take 90% of the population 12hours a day just to feed themselves. Now about 10% feed everyone. The farmers who lost their work went to factories to make cars, clothes, machinery, become teachers, inventing things, writers, fitness instructors, etc

[Freedomnotforced]

@cervantes I spend most of my time in UK and Ireland so I understand. It is becoming poor because of the government and the welfare state. A town I stayed in about 35% of the people were living good lives on benefits with no desire to get work. It is a way of life over there to feed off the government and make money on the side illegally. Taxes and regulations keep getting higher and pushing companies out of the UK. You spend about 20% of the work week dealing with the government regulations.

[Freedomnotforced]

@cervantes We need quick innovation and low business costs to get businesses started. Most of the people on welfare would be great entrepreneurs, they can easily buy and sell products to make money. But dealing with the government is much too complicated for people with low education. All the forms are hard for even the well educated. many companies take up to 3 years to open in the US. It used to be immediate. You make something and sell it. It is the Government destroying america and the UK

[Freedomnotforced]

@cervantes I don't understand the exploit term in a free market. You have work that needs done, you decide how much you want to pay and then advertise it. Then people voluntarily come to offer to take the job. If you don't offer people a better option than they have already then they won't apply for the job. If you hurt them they have citizens rights and can take you to court. If they hate the job or feel the pay is too low they are always free to leave.

[cervantessssssssssss]

@Freedomnotforced I'm basically agreeing w much you have to say, but I'll make 2 pts. There is no new industry on the horizon like the automobile did prior. That being said, unemployed are already in an exploitable state, take away safety nets and society would collapse tomorrow. In a 'free' market, how possibly could an american worker requiring $20+ ph or UK worker requiring L10+ ph just to survive COA. compete against say.. populous china's 1.3 b. ppl who compete viciously for $2 per day?

[cervantessssssssssss]

@cervantessssssssssss COL.. not COA

[Freedomnotforced]

@cervantes Governments pollute much more than anyone. The Chinese government is destroying their environment by dumping all types of poisons into the rivers. They are not accountable to anyone. Private property laws would stop this in a free market. All communist countries are the dirtiest and most polluted. The free market creates wealth and then because people are not starving they focus on the environment. Britain in 1800 was disgusting in cities, look at it now. Wealth creates progress.

[AliceInWonderlandSyn]

@cervantessssssssssss Capitalism did not destroy itself. Government regulations, taxes, subsidies, and printing money destroyed capitalism. We need to restore sound money, and restore capitalism and free markets. More socialism and fascism is not the answer to the problems created by socialism and fascism! If we continue down this path we are doomed!

[AliceInWonderlandSyn]

@cervantessssssssssss Oh... People couldn't afford to buy houses because, they can't save any money, because the value of their money gets destroyed by the gov't and the FED through inflation!

[cervantessssssssssss]

@AliceInWonderlandSyn And that's why Schiff is coming up w every excuse in the book to save the status quo (which will result in further depression / feudalism) What he's really worried about is the solution.. wealth redistribution. In a healthy economy w social mobility taxing the wealthy is uncalled for.. but capitalism hasn't had a level playing field in over 30 yrs and wealth is accumulated by fewer and fewer people. The u.s. is devaluing the dollar to hyperinflate the cheating yuan.

[AliceInWonderlandSyn]

@cervantessssssssssss By the way, Peter agrees with you that we haven't had capitalism in decades. When you have a central bank that controls the money supply, print money or create credit at will, a government that gives out favors and picks winners and losers, you don't have capitalism or a level playing field and that's how a few people get super rich! Peter hates this doomed to fail system and he knew it would fail! We need to restore capitalism, otherwise get ready for bread lines!

[lizardgizard2002]

@ImRichYouMad = poor excuse for a human being, go back to your gay bodybuilding videos.

[lizardgizard2002]

@ImRichYouMad Regardez vos vidéos bodybuilder gay et prenez votre stéroïdes.

[lizardgizard2002]

@ImRichYouMad Vous ne vivrez pas à 65 avec la saleté dans votre bouche et mon pied sur la tête.

[lizardgizard2002]

@ImRichYouMad I don't understand you . Try saying it again without dirt in you mouth and my boot on your head.

[lizardgizard2002]

@ImRichYouMad It is so sad seeing you squirming and ranting begging for my attention. I feel sorry for you ,all alone with your puter and gay bodybuilder videos. I would not see you face to face, why? because my boot would be on your head and your face eating dirt. That is just the way it is. I will agree with you that I am wasting my time with you, but then rarely do I get to beat a somewhat adult crybaby. Be caredul, I may take your gay bodybuilder videos away from you, lol. Then what?

[lizardgizard2002]

@ImRichYouMad Now calm down. I know it is hard for you to have been beaten by me so bad that you are reduced to a snivling idiot. Just take a few more roids, watch a few of your gay bodybuilding videos and hopefully you won't be so miserable in the morning. If not, hey you can jump off a roof. You will be leaving the world a better place without you in it. Let me know before hand and I will send your parents a "congratulations" card.

[lizardgizard2002]

@ImRichYouMad Do you hear noises and voices in your head often? Besides the grim reaper, what other figures does your mind conjure up for you? You do know these are symptoms of mental illness, don't you. Try giving up the roids and get some professional help.

[lizardgizard2002]

@ImRichYouMad Rest in pieces is fine with me. Just as long as you do not rest in peace.

[lizardgizard2002]

@ImRichYouMad Don't R.I.P. S.F.B.

[TheNewMusicNetwork]

lauren lyster READS A PROMPTER and is a lowly "news" reporter.

case closed

[lizardgizard2002]

@ImRichYouMad You are dead, just too dumb to fall over.

[lizardgizard2002]

@ImRichYouMad You again? Just like I don't believe you are successful, I don't believe you have sex with other than your right hand. I doubt that an ignorant person like yourself will experience it but I am married and have intimate relations with the best woman in the world. Too bad you could not replace your hand, lol. Oh well, there is always your gay bodybuiler videos.

[lizardgizard2002]

@ImRichYouMad Truth hurts doesn't it? Now either watch your gay bodybuilder videos or see them in person at your gym.

[lizardgizard2002]

@ImRichYouMad News for you, real men do not hang around gyms, change rooms and communal showers. Real men do not preen in front of mirrors or watch gay bodybuilder videos.

[lizardgizard2002]

@ImRichYouMad Don't make excuses, you cant speak or right English, are a bully, you are ashamed of your body and watch gay bodybuilder videos. That is who you are. Accept it. Before you make comments that I will die, you should consider what AIDS is doing to you puney body. BTW is changing diapers part of sexual fantasies with you gay bodybuilders?

[mojorhythm]

When a person is confronted with evidence that refutes their worldview, they can do one of three things:

1. Change their worldview

2. Try to explain the evidence away

...and the worst one of all...

3. Outright deny the evidence exists

When told that there is no hyperinflation, despite Bernanke's rapacious printing, Schittwhistle chooses (3). That is why I think he is an ideologically perverted hack.

[lizardgizard2002]

@ImRichYouMad Lol your English deteriorate there, but I could unstand that you admitted you came out of the closet and that you watch gay bodybuilder videos. Now try being truthful about the fact that you a bully and a bum an that you have no wealth or intelligence.

[lizardgizard2002]

@ImRichYouMad I see you are now a bully, the worst kind,verbally abusing elders. I think you will agree that such a person is simply "scum" and there is no possibility that such a mental midget can be successful. Stop pretending that you are. Be a man or go back to your gay bodybuilder videos.

[lizardgizard2002]

@ImRichYouMad You are still trying to make people believe that you are other than a bum? It isn't working, noone believes you.

[pragmatismnotidealis]

@ImRichYouMad Richard Branson started his first business when he was 16, and he is one of the richest and most successful businessmen in England. Nice analogy dick head.

[IRJaime]

@ImRichYouMad

I've gone through both, I'm not looking for success. You've clearly never had either.

'Hard work is for the downtrodden', is my return quote. When was the last rich guy you saw work hard? I honestly can't think of one example except for maybe Plato...

[IRJaime]

@ImRichYouMad

I'm not poor, and I' am very much educated...

I'm soon to graduate University obtaining a BA degree.

Also, before accusing other people of being uneducated, learn the difference between 'than' and 'then', thanks.

Additionally, 'make any more babies' isn't an ideal sentence either, what you mean is 'have any more children'.

Maybe look at how you were raised, first.

But yes, many underclass have children who then perpetuate capitalism and make the working class look bad.

Read Marx.

[lizardgizard2002]

@ImRichYouMad Get back to watching your gay bodybuilder videos and leave economic discussion to the adults.

[IRJaime]

@lizardgizard2002

This made me laugh. A lot.

[Lodatzor]

So, Schiff dodges a question by Lauren about free market monopolies by stating that the government creates more of them, then he says that governments create ALL of them, and then he argues that free market monopolies come from sound business practices!

He can't even make up his damn mind within the space of one sentence!!!

Fuck this fraud.

[Iammram]

@Lodatzor

He didn't dodge it, he said how certain corporations get privileges to do what they do.

As for your previous comment on Krugman, really?

Find me an example where the Austrians were wrong and/or rejected their position/view based on a future data that came forth.

[Lodatzor]

@Iammram

"He didn't dodge it,"

Sure he dodged it. She asked him about a tangible example regarding JP Morgan whereby a private entity used its influence to engender monopoly. Schiff did not even address the JP Morgan example. he mere;y switched gears, swept that under the rug, and went right back to hammering government, claiming that 'only government' creates monopoly.

A statement he then refuted within the very same sentence.

And yes, really, re: Krugman. Do a search for it.

[Lodatzor]

"Find me an example where the Austrians were wrong"

I'm loathe to start the He Said She Said game, but, pretty much everything I have ever read or heard from an advocate of the Austrian school. What have they ever gotten /right/, is more to the point.

"and/or rejected their position/view based on a future data that came forth."

Well, that's just it. They never do, do they? They merely find excuses to claim that there invisible, intangible premise is present.

Like I said, it's quasi-religious

[Lodatzor]

Now, I'm not saying that everyone who is swayed by the Austrian approach is stupid, or even ignorant. I am saying they are being conned, instead.

The glorious 'elegance' of which Tom Woods speaks is rooted in the fact that Austrian principles are unfalsifiable. That is, one cannot /prove/ that they are not at work. But, then, the burden of proof is not upon the doubter but upon the claimant.

Time after time evidence refutes their claims, yet they cling to them. I don't respect that.

[Lodatzor]

Because it preys upon a intangible premise or ideal that cannot be verified or falsified, it endures as an ideology among those who are swayed to its principles by desire. Many people might WANT Mises to be correct, and because he cannot be disproved, that is claimed as a strength of the 'elegance' of his theories.

But, it's not. Not in the slightest, dude. It's merely a safety net of plausible deniability that serves religion in precisely the same manner, and is utterly unscientific.

[Iammram]

@Lodatzor

JP Morgan influencing lol, companies influence many things, even consumers, it's up to that person(s) to decide what to do, as long as there isn't fraud involved.

"I loathe to start a he said she said game but pretty much everything I read from an Austrian advocate...etc"

lol ok

The school explains, puts forth theories and then watches them play out, pick an event or system and it is explained through them.

I don't get what you don't get?

[Lodatzor]

@Iammram

"JP Morgan influencing lol, companies influence many things, even consumers"

Precisely. And when consumers are chained into dependency upon this entity, that entity exerts absolute authority upon the consumer. And let's not forget that the consumer is ALSO the worker.

The consumer has not choice, because participation within the system requires acceptance of the entity's impositions, and non-participation equals death by starvation.

Compliance based upon starvation is coercion.

[Lodatzor]

This is the simple, terrifying truth about the tyranny of property, within a capitalist system. If property rights are elevated above natural rights, then those natural rights evaporate in the face of 'lawful' exercise of authority over property.

What's the only agency which can overrule this? Government. That's why it is our tool. That's why it exists at all.

"I don't get what you don't get?"

Oh, I GET it. I just think it's unverifiable drivel based upon intangible desires.

[Iammram]

@Lodatzor

"When consumers are chained into dependency upon this entity, that entity exerts absolute authority upon the consumer"

You're whole reply goes into describing the government & the entitlement system, you realize that right?

[Lodatzor]

@Iammram

I would disagree, only to the extent that some entitlements operate as a public insurance policy. For example, I consider unemployment benefits to be an insurance for the worker in the event of catastrophic circumstances.

However, there are myriad ways in which this can be implemented, requiring the worker to tangibly and actively seek employment, to avoid a dependency complex.

I do not pretend that's an easy issue to solve, but the concept is sound, to me.

[Lodatzor]

"..studying stuff that has no real relevance to the job market..."

That's all it comes down to for assholes like Schiff, isn't it? The job 'market'. Never mind that people should want to study and dedicate their lives to something they have an actual passion for, or want to pursue. No no no, it all has to be relevant to the 'market'.

In short: he wants people to train to do what HE wants them to do. He wants a workforce that benefits HIM, not them.

I want to meet this cocksucker so badly...

[ytgv3fc7]

the one big fault I can find with Peter's argument about the fire is that some DO want to lock their workers in and consider them "better off dead if they don't get the work done" and so should be convicted of MURDER in the case of the fire. That I know of, there was no such conviction.

[lizardgizard2002]

@ImRichYouMad If you do say so yourself as you type on your mamma's puter in her basement. You do not fool anyone. Your words show that you have no real intelligence, therefore you did not save and you did not acquire a business. Of course you can be whatever your tiny mind dreams up on Youtube. Mabe though you are simply a mental case.

[lizardgizard2002]

@ImRichYouMad By your comment I see you are fine human being. BTW thats a joke.

[lizardgizard2002]

Schiff and his ilk were/are/will always be wrong about history, economics and political reality. These people are right wing teahadists whose minds are trapped in the 1700's. I think we should send them all to Somalia and let them destroy their own country instead of America and the rest of the world. The leaders of this antiquate terror group are for large corporations and the rich, simple as that and not for capitalism and not for their fellow man.

[AntixSchiTTxreport]

everytime I see her, yummy

[JBright9939]

Schiff is in no way from the Keynesian school......he is a Friedman guy. Keynes does not work......that thought turned a depression into a great depression. Schiff is right on every point but most can't see it because they had John Maynard Keynes rammed down their throat in school. "I freed a thousand slaves I could have freed a thousand more if only they knew they were slaves" - Harriet Tubman

[truevoice08]

@JBright9939 Schiff is NOT a Friedmanite. He follows Austrian school economics, the only school of economics that predicted the recession.

[lizardgizard2002]

@truevoice08 BS!

[Lodatzor]

@truevoice08

Bullshit. Krugman predicted it with far greater accuracy and pinpointed some of the statistics we are now seeing borne out.

Austrian economics predicts and concludes nothing. It merely asserts an invisible premise and then dismisses data which refutes it. It's like believing the account of Genesis even in the light of everything modern science tells us about the origins of the universe, simply because one WANTS it to be true.

Sorry. Austrians are idiots.

[truevoice08]

@Lodatzor Krugman is a government whore, not to mention a coward. He refused a debate that would give $100k to a food bank. All evidence points to Krugman being hopelessly ignorant in economics (w/c is why he's one of the leading mainstream 'economists'). Nobody predicted and correctly diagnosed the economic problems we have now aside from the Austrian school economists.

[Lodatzor]

@truevoice08

You are horrendously inaccurate, but, I somehow suspect that you do not care about facts and evidence. After all, you're an Austrian. :)

[truevoice08]

@Lodatzor Yeah, I'm sure Keynesians like you eschew common sense and hope to make your point using econometric data and statistics. After all, it's a lot easier to intimidate the government school indoctrinated masses with calculus than with logic.

Oh wait, I forgot. YOU are one of the gullible sheep that buy into this Keynesian crap without even knowing the econometrics of it! What a tool you are!!!

[Lodatzor]

@truevoice08

Who needs such things when I can simply point out the clear errors in your logic? Simply because I disdain Austrians for possessing no logic other than the circular variety, relying on faith rather than evidence, automatically makes me a Keynesian?

Really? That's the best you've got? The old Bush: 'with us or against us' dichotomy? How revealing. :)

Please don't attempt to challenge me on logical grounds or common sense, when your own doctrines offer you no practice at it. ;)

[Di0genesus]

Schiff is just one of the many faces of the financier/investor class who stand to become richer as the American empire crumbles. HE doesn't represent inventors and true entrepreneurs who actually produce within the economy. He's from the parasite class who suck from the creative who artifice, engineer and manufacture the real stuff that markets are made of.

[freshkoolaid]

schiff doesn't get it at all. it's capitalism that made the government the way it is now. the government is just an extension of capitalism. with all the power that corporations have... if the government really got in the way of capitalism, corporations wouldn't be pouring billions of dollars controlling the government.

[sirellyn]

@freshkoolaid lol. First mistake. Corporations and what corporations want does not equal capitalism. The fact they even talk about it sometimes is laughable. Especially when business gets big, it does things very much in it's own interest. They'll say something like "the ability to bid on this resource is capitalist" and neglect to mention they are legally the only ones allowed to.

Capitalism encourages business, but business doesn't necessarily encourage capitalism.

Important difference.

[CLeach13]

@freshkoolaid If we had actual capitalism coporations would be unable to recieve bailouts from the gov but because we have crony capitalism corpatism or facism. the gov does nothing besides reditribute wealth ie take from one individual to give to another, so long as gov is involved in the markets then powerful corpoations will always lobby to the gov. the only way to have a thriving economy is to embrace a free market principal otherwise the usa is done and alot of people will be leaving.

[ltmikepowell]

The real enemy of both capitalism and socialism (or communism if not) is the emergence of corporatism. And corporatism may be the beginning of a great merger that shall led to one thing, fascism.

[ltmikepowell]

Government spending does caused inflation, plain and simple.

Just take war as an example, kings and queens in the past has forced to drained their treasury to fund the conflict and this caused inflation to the public. And when things not improving, they'll raise taxes to a level that might incite tax revolt.

Most regime from past and present became the ruins of the history because of economy problem. Just take Zimbabwe's Robert Mugabe and German's Weimar Republic as examples.

[evmazu]

Great guest, I hope to see more Schiff on your show in the future

[MrGreeneggsnham]

Peter would be way cooler if he was market anarchist.

[myromeodude123]

RT viewers are way too smart for Schiff's BS. He needs to go back to the MSM where he belongs. Oh BTW, how's deregulation working out for America?

[ltmikepowell]

@myromeodude123 Deregulate the general public, is that simple. And his meaning of deregulation is keep the government's manipulation out of the economy's basic. Let the peoples choose their path, for better or for worse. And let the failed to be fail so that the system can regenerate themselves from the bottom, although it might cause recession which not everyone like the painful medicine.

[Sphacelate]

The subsidies, laws and regulations were purchased by lobbyist on the free market. Because in a real free market, EVERYTHING is for sale even the government. This is laughable @ best. If he talked to me about Capitalism, he would box himself into a corner in minutes. Also the occupy movement isn't about socialism, its about finding a NEW solution learn from the problems of the past and embrace the current technology.

[joepeeler34]

@Sphacelate I disagree. In a free market the govt. is not allowed to initiate force.

For example, subsidies, patents, limited liability, subsidies, public-private partnerships, the FED, planned interest rates, mandates, socialist programs, production taxes, et al. would not exist.

You are confusing the govt. with society.

Many OWS people are unwittingly asking to take us further down the road we are already on. Govt. has expanded like a cancer generations. We need to reverse that.

[Sphacelate]

@joepeeler34 Don't be confused, I didn't advocate for government growth or regulation. We need to move away from monetary economics, it systematically produces recessions, poverty, crime (through economic inequality) and war via resource hoarding. Free market capitalism doesn't take into account that our planet does not have infinite resources, there is no homeostasis for wealth. It grows until it exhausts all the available resources it can and moves on to new avenues and resources.

[sirellyn]

@Sphacelate Free market capitalism is about the only system that actually manages those limited resources well. And hoarding saves people lives. Hoarding literally is savings with a terrible name. Heck squirrels have figured this out. I'm surprised when other people don't.

[Sphacelate]

@joepeeler34 We should use our technology to determine supply and demand, not peoples opinions. That's how we got in this mess. Using societal structures that are 200 hundred years old and irrelevant to the current state of technology and scientific understanding.

[joepeeler34]

@Sphacelate It sounds like you have viewed the Zeigeist videos. There are numerous economic illiteracies prevalent in those videos. It's a kind of neo-Marxism with a technology patina. Where are the feedback mechanisms in this system?

If a market capitalist combines labor and capital (inputs) in such a way to produce a product (output) that meets consumer preferences, then the consumer, by definition, values the output more than the starting inputs. That's socially beneficial activity.

[CLeach13]

@Sphacelate thats keynesian economics and it doesent work, its what we have been using in this country since the 30s. Austrian economic thought is the only means of studying an economy without encouraging malinvestment.

[joepeeler34]

@Sphacelate I think we should define our terms.

A free market is a matrix of individuals engages in mutually beneficial trade with each giving volitional consent. It's an emergent order. It's a result of human action but not of deliberate design.

I think some confuse corporatism with free markets.

Corporatism is when govt./business collude. Subsidies, limited liability, collectivized risk, mandates, reg.s' to create barriers to entry, etc. are corporatism

[Sphacelate]

@joepeeler34 A free market is a matrix of wealth holders who trade with each other or individuals they can drain additional wealth from through the extortion of resources they have managed to find, steal or purchase. The propensities for corruption are incentivized with wealth/currency because it acts as an absolute resource for access to all others. Humanity has evolved past scarcity, preferential advantage through wealth or class.

[joepeeler34]

@Sphacelate No. Anyone can acquire wealth. Some people are acquire more wealth because they are more ambitious, more competent, create more value, invent, invest in capital that makes labor productive. No force is initiated in a free market.

I think you confuse corporatism with a free market. A free market doesn't has a free market in money and interest rates. It has no central bank ( a cartel), subsidies, limited liability, mandates, regulations to protect and create barriers to entry, etc.

[joepeeler34]

@Sphacelate I think some think a free market capitalism is in place because there are profits and firms are nominally in private hands.

If a person derives there profits from a profit/loss test by consumer preference with no govt. favors/protections, it is socially beneficial behaviour. Consumers are in charge.

Corporatism takes the power away from consumers. It concentrates power in a govt./business cabal. Profits gained in that system aren't socially beneficial.

[joepeeler34]

@Sphacelate Politicians are bought off in every system. The absolute worst corruption is when the state controls the means of production. The more govt. intervention the more problems.

If the govt. creates a come-by-me system, don't be surprised when people do that.

In the early progressive era, the leaders of that movement sought to tie the needs of the state (which they pretended was the people) to business. They had good intentions, but look at the results.

[AntixSchiTTxreport]

@Sphacelate ya thats how it is now, a free market wouldnt allow government to get involved

[Sphacelate]

@AntixSchiTTxreport We started with a free market, this is where we are now. The free market got regulated because it didn't work. This crisis didn't just appear out of no where, its been re-occuring every 20-30 years of our 200 years of american history. And long before that in other countries. Get informed, stop watching TV and partisan pundits from purchased news channels or economists with a biased attitude towards wealth as goal for fulfillment in life.

[ytgv3fc7]

@Sphacelate no, the 30-year cycle you see did not exist before the Federal Reserve.

[AntixSchiTTxreport]

@Sphacelate no ur right the crisis didnt appear out of no where it appeared because government and the federal reserve got involved deregulating the bankin sector and allowing high leveraging to take place with risky mortgages, leading to the finanical crisis. And again I will say a free market doesnt have government involved and if government didnt get involved this wouldnt of happened!!!

[GREYWETHR]

This guy has his head so far up his arse, he's breathing bile. What a liar. He knows damn well he's not presenting solutions for anyone but the wealthy. He wants everyone to be mindless robots, working for nothing but a few squirts of oil. It was the DEregulation that allowed big business to do whatever the hell they wanted, capitalizing on greed. Sick.

[joepeeler34]

@GREYWETHR I don't see that at all.

His point is that wealth creation starts with savings. It is out of that savings that credit is derived for capital investment (tools, machines, facotories). Those make labor more productivity and supply is increased. It is those two things that give us increases in purchasing power. THEN, and only then can we consume.

Govt. mandates or good intentions can't create wealth.

[joepeeler34]

@GREYWETHR Peter is all for market regulation by fear of loss. If one takes a look at the Federal Register over the last 100-years it has grown like a cancer. Bush increased the regulatory state at the fastest pace since another Republican in Nixon.

A market can't regulate if the fear of loss is gone. Govt. took it away, especially in banking. FDIC is part of that because banks don't have to compete on the quality of their books because people think they are covered. Means wild risk taking.

[joepeeler34]

@GREYWETHR We could bring back market regulation by fear of loss (the most powerful human regulator) if we brought back full liability for corporations/shareholders. Shareholders would demand more sound practices if their butts were on the line to a greater degree.

The FED takes away fear of loss with lender of last resort role. Artificially low rates bail out finance all the time. That takes away fear of loss.

[joepeeler34]

@GREYWETHR Take Glass-Steagall as one example. Schiff has said that it was a mistake to repeal that regulation so long as FDIC is in place. FDIC and Glass-Steagall were put in place at the same time in 1933 for a reason. GS was to offset some of the moral hazard of FDIC.

You'll have to try to regulate by bureaucrat once the govt. takes away the market's fear of loss. But the bureaucratic regulation will not make the system sound. We must bring back regulation by fear of loss.

[rumamok]

My mind was just blown... did he just equate the increase in the standard of living in the late 19th century to the laissez-faire business world? I'm pretty sure it had to do with the creation of unions for the first time

[joepeeler34]

@rumamok Wages were rising before there was much unionization. Unions can only haggle at the margins. They can't make a job that only creates $30,000 a year in wealth into a $60,000 a year job with an agreement. A worker must create more wealth than he is payed else he wouldn't be hired.

Wealth creation starts with savings to finance capital investment (tools, machines, etc.) That increases supply/productivity. That creates purchasing power. Then we can spend. There's no other way.

[IRJaime]

To get the rich to work harder you pay them more

To get the poor to work harder you pay them less

The argument where people should quit if their conditions are not met (ie the worker is paid below minimum wage) is a terrible one. If you're poor and uneducated and have to take one of these jobs, why would you quit?

You may have a family to feed, or you may want to give your kids a strong work ethic.

The poor are poor because they have NO OTHER MEANS OF SURVIVAL.

Read a book on Marx or Hegel.

[joepeeler34]

@IRJaime And how did those ideas work in practice? Marx's epitaph should read: Workers of the world....I'm sorry.

Remove money from the equation as a thought experiment. If we had to barter, how could I get wealthy? I would have to produce a lot in order to trade. I can only do that if my work is productive. That means capital investment/productivity gains/increases in supply.

I can only create jobs (another name for an extended trade) if I have capital to make their work productive.

[IRJaime]

@joepeeler34

They have never been practiced, much to people's confusion.

If you ask a well-educated politics teacher/lecturer who has extensively studied either Russia or the U.S.

Why would you need to be wealthy? No-one needs huge amounts of wealth.

You are asking how to fulfil capitalist entrepreneurship in socialism or communism, which is a logical absurdity, since socialism and communism, amongst other things, do not allow capitalism to process.

It is the absence of bourgeoisie, too.

[joepeeler34]

@IRJaime Of course no one needs a lot of wealth anymore than you need internet access, a computer, a cell phone, etc.

Corporatist is not a free market. It's a partnership between state and firms. We have a great deal of corporatism (a type of central planning) and socialism interjected in the U.S. economy. Those are the source of the problem. We need to bring back market's fear of loss, especially in finance. We don't have a free market in money, banking, or interest rates.

[IRJaime]

@joepeeler34

I'd agree, but everyone is eventually won over by materialism, myself included.

I'm not from the US, so you have to appreciate that what I know about the U.S. is from books and other forms of media, rather than from a lifetime of first hand experience.

I'll agree we don't have a free market, there are many benefits to a free market, but contrary to public opinion, you can have free markets without capitalism.

Drugs are held back from the market, when they shouldn't be.

[joepeeler34]

@IRJaime If you want to understand how the wealth transfer/extraction game works check out "Money, Banking, and the Federal Reserve" on YouTube. Then look up "Mike Maloney $20,000 gold" as well. These are the best videos I have found to explain how the monetary system (fiat paper currency, planned interest rates, the Federal Reserve) and corporatist measures have resulted in a massive transfer of wealth by stealth. The theft occurs through inflation/monetary debasemnt.

[Misshershey94]

The difference between the 19th Cenutry and the 20th Century? The increase of standard living? I don't know about you but I'm pretty sure that was because of the Industrial Revolution rather than no working regulations. And, did you forget about when 3 families would live in a one-room shanty?

And, I'm guessing he's favoring capitalism over the federal reserve and the new deal? Douchebag, you're way too out of touch.

[cunninghomer]

Wow, the ONLY guy that understands Capitalism! What a shit eater. He wants us to learn to be a cog in a machine or die hungry, fucking oligarchical fascist.

[GalaktikNinjA]

My theory is that real Capitalism is what can save America.