PETER SCHIFF - 6 YEARS AGO -- "...and they will panic" - PT2

[sha370z]

people have loans that why they look so good .DEBT

[midnightrun7]

Take a look at a 20 year chart of Gold and I say no more other than Schiff is a very wise man.

[RepublicConstitution]

Absolute genius and at the time the know-nothings (the ones who still know-nothing right now) said Schiff was wrong, lol. The know-nothings hate America, love the Federal Reserve, love debt, love war, and hate freedom. Dr. Tom Woods, Dr. Ron Paul, and Judge Andrew Napolitano are on the right track.

[TimothyBragan]

awesometastic.

[nasafakedit]

Peter Schiff said sell the Dow Jones at 7000

It is now 10600

Hwe lost a lot of money for investors

[mamazur]

there is inflation. Compare that to currency exchange with hong kong dollars, australian dollar, yen or renbini

[infotechsailor]

@nasafakedit a dow measured in USD traded based on an index with a net positive yet completely contrary to fundamentals means nothing... schiff is a long term trader based on the fundamentals. dont be so shortsighted, or come off so stupid. besides, only an HFT robot can survive in todays market.

[nasafakedit]

@infotechsailor

since the crash the DOW has gone up from 7000 to 11000

thats fucking bad advice

[AFRIKTODAY]

@nasafakedit How low has the dollar fallen? How high has gold gone? Silver? Oil? And some other commodities! What about the foreign markets? Come on!

[fieldman07]

@nasafakedit

So you're saying that if you happened buy into the DOW at its lowest point (if it was that easy to predict the lowest point everyone would be millionares) you would have made about a 40% profit. Peter Schiff advised to sell the DOW and buy into gold and silver. Gold made about a 90% increase from its lowest point in 2008 and silver made about 300%.

Gold and silver were Schiff's primary investments. In other words, schiff kicked the DOW's ass.

[Zoughi]

@nasafakedit You're the one who is wrong because you're pricing in dollars. The price of DJ is going down in terms of gold.

[nasafakedit]

@Zoughi many investors who sold the DOW at 7500 have lost a fortune

thanks to schiff

but he was right about gold so far

[rudbrowne]

This guy is amazing

[FreiheitKampfer]

lol damn.. video looked terrible back then! ;)

[deltapunk21]

They inflated in the 60's to finance all of the stuff we are still financiing, not neccasarily Vietnam, but the "Welfare" state and its continuing "expansion and beaureucratic malfeasance.

[SaviourMachine01]

So unemployment is sitting or hovering very close to10% and we are in a hyperinflated economy. Holy cow, I can't believe how much stuff costs now. Yeah, gas might be down a bit but everything else has skyrocketed. Peter Schiff A++++++++++++

[splintercell99]

so the bailout has now reached 12 T R I L L I O N

[deltapunk21]

You mean the buyout and nationalization of bankrupted by the previous 90's 11 trilliong inflation?

[amazon3001]

"It's a giant ponzi scheme."

Sound familiar Mr. Maddof?

[atruepath]

Frickin hilarious...."and thats when we will sell out to the..next group of suckers." Schiff is the man

[4rcane]

yea, thumbs up when i heard that :)

[Kryptik316]

Rofl... I lold at that.

[at1212b]

He didn't identify it at the time, but he was right about the bubble due to excess money available...housing!!

[bhavikpatel576]

Investing in companies that dont pay out dividends is not gambling. Berkshire Hathaway does not pay out dividends because it knows that it can reinvest those dividends and produce a higher ROI then a bond. You just have to find a good company and know that the management is working for the shareholders, and is trying to increase shareholder value. I like Peter Schiff, but don't believe everything he says.

[bravo4848484]

Yeah thats why Warren Buffet has lost billions in Berkshire. Boy Patel do you have anyore financial advice?

[DisciplineTheSimian]

If you think it's bad now, wait until the central bank sequesters their money back from Europe next summer. Unlike the Federal Reserve, they get their money back quickly. You will feel the BOOM/BACKLASH from here and boy is it going to hurt!

[spainman2020]

Move to out to the forest or mountains, hell maybe out the country but to which one I dunno!

May be a global orgy of people getting simultaneousy screwed.

[spainman2020]

Damn I need to learn this money stuff better.

[littleredbirdy]

We will be "saved" by Socialism.

This will be FAR worse than the "New Deal".

Invest in foreign markets.

[redryan5048]

Just a small part of the big plan

Prepare for the shitcloud..............

[funsguy]

Rates are going to 10+ %, have you seen how they are going to 6% mortgages already soon to be 7%

[paulDIAT]

This man is spot on. The dollar hasn't gone down yet though, because of the inflation, but it's time will come very soon. I wish people would listen to me though - they keep laughing when I say this, fucking idiots.

[mikepalomino]

In fairness, he is accurate about SOME things. But his prediction that interest rates would be 12 percent and unemployment at 10 percent are off. All things considered, unemployment is still much lower than he's suggested. Correct me if I'm wrong, but interest rates have remained relatively low, haven't they?

I mean, that's the things about predictions. Lots of economists and analysts have predicted meltdowns. It's just a matter of which prediction will be more accurate.

[paulDIAT]

Although I cannot remember the exact state - I think it was Michigan - I know they have an unemployment rate of 10% (almost on the dot). And the interest rate have been going up! The foreclosures we've been seeing lately are one of the main effects of that, if not THE main effect.

True, predicting the economy is like playing the future lottery in the stock market, however, this analyst did win. Regardless, we're in trouble, no matter how you look at it.

[getsumfire]

the only reason he is off, is because the real estate bubble took place of the tech stock bubble, so the whole thing is delayed by about 5-7 years. but get ready.... here it comes

[straightupbrah]

that's so true instead of having the recession we had Alan Greenspan rear its ugly head and created a much bigger bubble in the housing and financial market.

[winterboy29]

Rates are beig artificially kept low.

The real unemployment rate is over 10%.

I have been in employment recruitingfor 15 years and the unemployment numbers that are released always low.

[RedDelPaPa]

You're jumping the gun. Peter is right, it just hasn't happened, yet. Interest rates are going to double digits in the future. Right now, the Fed is trying to keep the bubble inflated. This will change.

[mikepalomino]

At what point do you suppose that the interest rates will go up?

I don't foresee that happening in the next year or two, or more. They might tighten them up to head-off inflation, but I dunno about "double-digits" -- otherwise they risk undoing the benefits of the bailout, that is providing liquidity on credit. I could be wrong, I admit that I am no expert -- I'm just putting that out there. :)

[RedDelPaPa]

I agree that it will be a few years down the road. In the meantime, we're going to see hyper inflation. Then, once hyper inflation gets massively out of control, interest rates will go double digits in an attempt to bring it under control. Perhaps as high as 20% like what happened in the 80's. The bailout is not at all for you and I. It's for the small handful of insiders that need more time to position themselves better, swallow up competition, and leave us holding the empty bag.

[zeugmatis]

It has already happened - not the fed so much (yet) but peoples ARM's are resetting to higher interest rates. They can't afford the increase in their mortgage payments, so they foreclose.

Banks come crying to uncle sam for bailout money but that 700 billion will be coming out of our paychecks for years to come.

[josda1000]

he isn't off. my interest rates for my student loans were 5%, 6%, and i just graduated a year ago. my sister's are 11.7%, which is exactly what he said. so no, sorry.

[mikepalomino]

I was referring to the Fed's interest rates, which - if I recall - that is the interest rate he is talking about, not interest rates in general.

[zeugmatis]

You're correct there (just saw this post) but interest rates are interest rates. It's less money left over for consumers to spend on TV's, vacations etc.

[Sniper2008009]

I'm sorry but you're just a bit dumb. He's not talking about Fed interest rates, he's talking about the MARKET interest rates which would spike up if the bubble burst. Remember that the FED is artificially setting up interest rates to influence the quantity in the money supply.

If the market were left to itself, then the interest rates would spike up IF there was too much money in the money supply while demand for goods and services remained low. In fact this is basic macroeconomics 101

[mikepalomino]

Spare me Schiff Scheep - he's been wrong about a million things before and you and his cult-followers just pick and choose which of his plethora of predictions he's right about.

This guy is a scam artist. He wants people to invest in those sectors of the market he favors (i.e. gold) so he makes predictions that conveniently benefit that sector. Wow! What a genius!

[Sniper2008009]

Spare us? Cult-followers? Aren't YOU the one acting all high and mighty thinking that Peter Schiff is wrong here in youtube? Sorry, but again if you even used your head you wouldn't be this ignorant.

[Sniper2008009]

It's a known fact that BEFORE the establishment of a central bank, the interest rates has a high correlation rate between the amount of money circulated and the demand for goods and services in the economy..This is very basic macroeconomics. In fact its so basic that the term IS-LM curve instantly rings a bell..DUH!

Research more about macroeconomics then come back here once you've spiked up your IQ points by a point or two. Spare us all the bullshit..your ignorance is quite apparent..

[hungvan]

The unemployment number will keep on rising at 8.50 % right now, and the interest rate will be rising once the bubble over.

[teymani]

unbelivable, this guy was soooo right , where was i?

[panam77]

in the mainstream media whirlwind i guess lol ha me too... still not too late to put it all into gold and silver though