The scum sucking banks (that SHOULD have been left to bleed to death) were bailed out and what do they do? THEY JAM IT UP THE AMERICAN PEOPLE'S ASS WITH NO LUBE. Those filthy, greedy money sucking scumbags should have been allowed to DIE a slow and painful business death because they brought it upon themselves by worshipping the almighty dollar and placing profits ahead of country. THEY WOULDN'T EVEN BE HERE NOW WITHOUT THE AMERICAN TAXPAYER. No gratitude at all. FUCK YOU, MR. BANKSTER DICKHEAD.
All the car companies went bankrupt, the mortgage market collapsed and this is just the beginning with all the stimulus going on worldwide as inflation and interest rates rise tremendously. the 70s will look like a party and the 30s will look like a walk in the park. Peter, where do i apply to work for you? :)
Sometimes I honestly believe that no matter how many times you get it right, Peter, that they will never listen to you. They will also rationalize your excellent results and play them down in their own minds to save themselves from radically changing their world views to fall in line with reality.
I love it, Barry from Pacific Capital said he sees $70/barrel oil as temporary and coming back down 1:03:00. And previously that by 2030, half the buildings we will use will be built after the year 2000. Hahaha
heh..listen to the q&a at the end of the video. someone was actually trying to debate that our current economic situation wasnt going to happen... lawl
There is comparatively little "value added" industry in the US now compared with two or three decades ago. Without the companies that take raw materials and use them to produce finished products, and the trickle down to industrial suppliers that occurs because of those companies, we are left selling hamburgers and products made in China to each other. That doesn't leave you with much means to "grow" the economy.
@SchiffReport - My thanks to the likes of Peter Schiff, Tom Woods, Ron Paul (who initially interested me in the subject of Austrian Econ) and others for educating the people of this country . It is because of you guys putting yourselves out there in defense of liberty, sound money, and integrity that there is hope for the next generation of Americans.
I don't know why people like Rasmussen (? sounded like it to me) and Art Laffer are still allowed to practice professionally.In my opinion,they have blood on their hands.
LOL. This is funny stuff. Not only did he have it wrong on Gold, silver and commodies, but also oil. In the third quarter the Oil was about 60$ when this speech was, in 2th quarter 2007 it spiked at 150$
guy he is debating is idiot!!! I was in realestate and building when prices went up over reality I was negative on both! Even though it's against my benifit. Same with Peter that is what makes him better than anyone in Government. Truth hurts
@rudemood2011 Well golds barely moved compared to silver. This crisis aint anywhere near over and the dollar will start diving again, so provide things stay as they are, and theres no reversal of policy from the fed and government, gold will be climbing high for at least the next 2 years, most likely 5-10 years but its hard to tell. And then if countries start bringing in gold standards, gold dinars etc etc then that will push up the price even more!
Mike Stathis has the world's best track record regarding the financial crisis of 2008. His Book "America's Financial Apocalypse" published in 2006 (before Crash Proof) laid out the US's course very accurately in the ensuing years.
Look it up on Amazon and/or google Mike Stathis. He has 100K sitting in an account waiting to be claimed by anyone who can prove to him that he doesn't have the world's best track record regarding the collapse.
@bjarnet3 Peter knows of the challenge. Both he and Mr. Stathis were contributors on Seeking Alpha at one time. It comes down to the fact that Peter knows his track record can't match Stathis. He doesn't even publish his track record! Google "Mike Stathis Track Record" and compare it to what you can find of Peter's.
Mr. Schiff is always wanting to debate the Mainstream Bigs, but he won't dare debate Mr. Stathis on the issues.
The depression is caused by over-indebtedness and deflation -- that is the depression in the American domestic production household sectors. Ask yourselfif there is going to be a hyperinflation why is Rothschild selling his gold to you rubes? Why is the Rothschild allied Murdoch empire push gold shills like Beck, Schiff etc. The price of gold is super volatile and sensitive to rumor and expectation -- so you are told that hyper-inflation is coming (which could never come unless Rothschi
I love that idiot who asks a question at 59:15. He was trying to be funny and when he turns to the side you can see a smirk on his face basically saying that Peter Schiff didn't know what he was talking about
I"ll bet that idiot hasn't been laughing the last couple of years
After 1:02:50 that guy looks stupid now. He's saying real estate is safe and gold is too risky. Real estate collapsed two years later, and gold has tripled since. Nice call, mr. expert.
This video is shot on a blue background (green screen.) One could chroma key the blue out of the shot in 5 minutes in After Effects. Maybe replace it with an animated typography layer with some moving price charts.
If the original (uncompressed) video file were to be published, I bet something like this would pop up on youtube in no time at all.
This comment has received too many negative votesshow
ok good. schiff foresaw the crash in subprime/housing. Past performance isn't indicative of future results. What i want to know NOW is: when is the bubble in GOLD gonna pop? Thanks Petey.
@SchiffReport Well, that's the EXACT kind of thinking that got the subprime/below-prime borrowers to BELIEVE housing prices will keep going up. I turn to the news TV or internet-based, and I can conclude with much certainty that a ridiculous amount of people believe gold will just go up & up. Even nations/government are starting to BELIEVE into the hype that it's scary. There are almost ZERO gold bears or advising 'sell gold' out there....except maybe Dennis Gartman most recently.
@Sempertacsil Are you kidding? Every time gold goes up everyone screams "Don't buy! It's a bubble!" And when it goes down the cry is "The gold bubble's popping!" The consensus is that gold IS in a bubble. How much bubble talk was there when the Nasdaq or the housing markets were at their highs? Well, Peter said it, pretty much none. As for the gold ads, I've never seen one except on Fox news and right-wing radio programs. Ever see a gold ad on CBS or NBC or CNN?
@aspiringlich nah. You just prob'ly refuse to acknowledge the contrary: Whenever bullion corrects a bit, everyone screams BUY THE DIP! And when it reaches its previous high, a euphoric call of "Gold's heading to $5k !" ensues. The REAL consensus is: world's in a race to debase their currency(see SNB's current move)..therefore "gold has nowhere to go but UP, UP & UP!" Don't get me wrong, there's money to be made from 'gold derivatives' like barrick and such.
@SchiffReport I don't know, Peter, I think gold will be in a bubble when the gold:dow ratio is close to 1. Yes, it's not a bubble yet, but it will be someday.
@SchiffReport Gold although a good investment, will not always stay at its price, Look at the history of gold and even though it is a reliable investment there have been significant fluctuations to make a loss significant and down the road. Gold can't keep going up. Just like the housing market couldn't sustain what it became.
@SchiffReport Hey Peter I am really sad to hear your denial on something obvious state of affairs on gold. I have immense respect for you. The fact that genetleman's comment, to which you replied too, was censored because of too many negative votes, proves to me the denial by a lot of gold bugs, which I used to be among myself. It's funny how you can make such a prescient speech on a housing bubble but you can't see the obvious on gold.
No Peter gold always goes up just like housing prices
@SchiffReport really because if you look at history you always see the same thing banks overspeculated on land they crash and fail and gold bubbles and then things calm down we regulate the banking system then we deregulate to a sensible level we take it to far then it happens again
we also had high tariffs to protect our industries. until 1920
@Sempertacsil Gold is not a bubble. There is no indication of reckless buying in gold stocks or gold in general. There is however lot of fear seen in the gold stocks, and minerals in general. There is no gold bubble. Gold is skyrocketing in price because our dollar is falling. Gold prices are the same as they always have been. The paper exchange rate to gold has gone up because the dollar has lost value due to inflation. At any rate, Bubbles burst dates cannot be seen. All you know is its there.
@Somadidonteven The dollar's lost value because the dollar index is weighted against what..more than 50% euros & other currencies. Now that there's another credit(euro) crisis, banks will now sell their gold assets to raise cash--causing the dollar to rise(since the euro is currently much 'uglier' than USD). It's just hard to believe that gold will just keep on going up & up with no significant crash in the works.
@Sempertacsil I'll answer this cheap shot with commodities we'll decline as the market recovers. I wouldn't bet on that anytime soon gold will cap though.
@ramcastro what do you mean "gold will cap" ?? Are you referring to gold as capping its rise(ie- a TOP)?? Also, it's worth noting that commodities are positively correlated with the global economy....and is inversely correlated with the dollar.
@ramcastro wow. that's one heck of a hedge you got there. don't worry, your ass will break even if you straight buy some GLD puts for yourself...instead of quoting useless quotes that doesn't make financial sense. Have a great day.
@Sempertacsil Gold isn't in a bubble yet, but that is not nearly as important as your question. When will this gold bubble pop. To answer this we must look at the last gold bubble and when/why it popped. During the 60s we spent too much money and in the 70s we had massive inflation, gold soared as a result. Then Fed Chair Paul Volcker had to increase interest rates upward of 20% and even then, gold continued higher until the dollar was trusted again. Compare that to today, you have your answer.
Austerity and paying back our debts to banks will never work in the current banking system where money is created ad debt, because the more we pay back our loans, the less currency is left out in circulation, and the less money in circulation, the less economic activity and a downward spiral will crash the economy.
We are in a trap and the stage is set already starting with Greece and ending with the biggest crash in history when the dollar collapses together with the US.
@etniks69 USA 'collapsed' long ago and all we see today is smoke and mirrors; it has just been making war and selling bad debt to 'its enemies' in a carefully orchestrated hysteria campaign that allows those with massive assets to instantaneously manipulate the market and therefore their own share values. Small time schemes like this are called Pump and Dump Schemes, but when the ruling elite of a wealthy power does it it is called 'business'. Capitalism is doomed because of The Capitalists.
Fractional Reserve does not produce real currency, it merely creates IOU's masquerading as money. They come into existence out of nothing during a loan, and once it is paid back, they disappear the same way as IOU's. They don't stay in the bank's vaults to be relent again.
In order to inject more money into the economy to expand it and create jobs, WE ALL HAVE TO GET INTO DEBT AGAIN!!!
It is a vicious circle, just like a drug addict that in order to feel good has to get a new fix.
Schiif claims "the politicians create money" when in fact the very reason for the FED's existence is supposed to be its "independence" from the government. The FED is a PRIVATE BANK and most of the currency is created by retail PRIVATE BANKS giving loans to consumers.
Today's money is FAKE.
Schiff talks about "savings" when it is impossible to save (as a nation, not as an individual) using a currency that only exists as a loan from a bank.
Schiff is the one-eyed king on the land of the blind.....
Yes he's, right on many of his assertions but his assumptions are still wrong and while he has been accurate about somethings , especially at a time it wasn't popular to do it, he still is blind to a FUNDAMENTAL ISSUE.
Fractional Reserve Banking creates money via PRIVATE BANKS and only AS A LOAN. When he talks about "governments" creating the money HE'S WRONG. The FED is NOT government, it is a PRIVATE bank .
Just heard on the news that the federal government is going to rent out all the foreclosed homes it owns. So instead of fixing the foreclosure problem by liquidating those assets back into the private sector they're going to become national landlords over the people.
Yes, he says 1982 instead of 2002 somewhere in the middle. And in the end he says "relative" values instead of "nominal" values. Happens during speeches ^^.
That other man whatever the F*** his name is. Is pseudo-intellectual who is only capable regurgitate ''quotes'' from news papers. I wonder how Peter is capable to hold back from desire to punch all the stupid people in the face, that slander his personality just because he is telling the truth.
Peter talks about fundamentals... so does Jim Rogers, Doug Casey, and Marc Faber! What the hell is this other guy in video saying? BS lol... Old folks kiss more ass than anything else that I know of... never trust them because they have little time left on this earth!
so I see that Peter actually blames Bush and Greenspan for the US situation today. Can Obama rerally fix such a mess without rendering 100 million americans poor?
lol 103:30 talking about oil prices at 70$ and how they will go down and in the next two years they went up to 130$ and higher a barrel. . .Along with all the other things that guy was wrong about, I bet you HE's "Baking cookies" just like PeterSchiffs family member who was working at Meryl Lynch LOL
@Asahi100percent Actually, Oil is still very cheap. It's the fact that the dollar took such a beating that oil is so expensive. If you calculated the price of Oil in 2006 dollars, you'd find that it's still very cheap.
HAHAHA Americans got paid the highest wages in the world, since fucking when? Yanks don't get paid shit. At the bottom end yanks resemble slaves more so than well paid workers from what sure as hell isn't a world leading nation anymore. Things might of been different 100 years ago. Shit my hourly rate where I come from is 3 times higher than what I now get paid in the US. Pay rates in the US for average workers is nothing short of disgusting they are so low.
@taipan185 Peter recently had, on his show, a comparison of Ford auto workers pay compared to those in Henry's day where they were paid 1.25 ounces of gold per 5 days of work week (5$a day gold 20/oz) and no income taxes. About 2 times what they now take home. Some advance in society and purchasing power. The inflation of our money and wages masks the real loss of our purchasing power which should actually be rising due to technological advances.
@2100v I just want to say my first post wasn't a shot at American workers, I realize I wasn't very clear. I would though take a shot at almost all American companies because from what I have experienced since I have been here is companies that blatantly do what ever they can to keep workers hungry making it easier to control them. The American people deserve alot better than what they are currently getting from business and politicians alike. Sadly most Americans are blind to the bullshit.
It killed me to wait until this finished,to leave my comment,but I survived.Peter.You amaze me.I find your foresight and intuition almost scary.I just have to know.DID you go back the next year,and say,"I told you so"?;Kevin Atchison,AKA superpoof12002@yahoo.com.
@SchiffReport Hey Pete, everything you've said so far made a lot of sense but why do banks have to raise long term interest rates after a boom? Does QE money run out, forcing banks to offset high demands (my guess)?
"$70 / barrel oil is the solution" - which is a similar point to what Schiff was saying. Cheap oil is a similar issue to low interest rates - it allows people and companies to make bad decisions and defer the pain of correcting those mistakes
Peter...you, Gerald Celente and Ron Paul have changed my view on the world, and its system...in just a week or two, I went from beeing blind to what was going on, with little or almost no financial understanding, to sctually understand economics better than most "educated" people in the goverment seem to do...
Thank you for your efforts man, keep up the good work.
Other than Ron Paul, who else was making such insightful and prescient comments in November '06. We're all wise now, but Peter Schiff was saying it loud and clear back then.
At the 56 minute mark, the debate begins. This is terrible, and very embarrassing for the dude who challenges him. Is he drunk or what? Four percent growth? Oh my! Those days are gone forever
1:08:06 was the best piece of advice that Peter gave through this whole speech. I'll bet those people who were laughing in the crowd aren't laughing anymore.......
This is spot on, first class. Although I disagee with one thing Peter says. He says that if you don't get a good dividend yield from a stock, you are over paying. Not quite true Peter. Berkshire Hathaway has never ever paid a dividend, yet its consistently one of the best performers on the market, after some 30 years.
@MrSydneyKing Yep. So goes the "Bigger Fool" theory of investing: There is always a bigger fool who will pay more for your stock cert. than you paid. Only the biggest fool is anyone who believes that shit.
@mysupermaltese I only wish i had seen this in 2006, and not in 2010. An extra 4 years of saving in gold and silver would be more of a safety net for whats just around the corner.
Wow! What an amazing, thought provoking and insightful speech from Peter. The contrast in opinions was so revealing, and the economic history was outstanding. I can not recommend this higher.
For something absolutely hilarious, watch Barry's "Toxic Assets & Market Value" video has now has up on his website, barryasmus dotcom. Sounds like he took notes from Peter's speech and says exactly what Peter SAID (past tense) 5 years ago. Hindsight IS 20/20 for some people but not for some in congress though.
Barry is a very enthusiatic speaker,too. Too bad his fundamental understanding of economics is not up to Peter's. Peter is like an economic savant, learning and living it since childhood. Wonder if Barry learned anything from the opportunity he had to learn from Peter? Maybe he is still teachable as he now talks about freedoom and free markets on his website. Begining of decade dow/gold ratio about 40 now about 8. Peter thinks it may be about 1:1 at the bottom.
Peter is a great speaker. You just wind him up and turn him loose then he just talks coherently off the top of his head for as long as you want. Always has great analogies and spot on logic. Listening to his predictions closely now.
I love the castaways analogy.
Airmanf7 1 day ago
The scum sucking banks (that SHOULD have been left to bleed to death) were bailed out and what do they do? THEY JAM IT UP THE AMERICAN PEOPLE'S ASS WITH NO LUBE. Those filthy, greedy money sucking scumbags should have been allowed to DIE a slow and painful business death because they brought it upon themselves by worshipping the almighty dollar and placing profits ahead of country. THEY WOULDN'T EVEN BE HERE NOW WITHOUT THE AMERICAN TAXPAYER. No gratitude at all. FUCK YOU, MR. BANKSTER DICKHEAD.
Muzzy337 1 day ago
Haha how embarrassing for the bullish speaker - he has been proved totally and utterly wrong
commoditybull2011 4 days ago in playlist Favorite videos
all the gold hate in the comments increases my gold bullishness
TheBlitz1 1 week ago
All the car companies went bankrupt, the mortgage market collapsed and this is just the beginning with all the stimulus going on worldwide as inflation and interest rates rise tremendously. the 70s will look like a party and the 30s will look like a walk in the park. Peter, where do i apply to work for you? :)
vincentca2004 1 week ago
20 years now this video is going to be required viewing in econ 101
SAGETSAGET 1 week ago 3
@SAGETSAGET Or considered illegal contraband
dubified89 2 days ago
The other speaker was a tosser. Slam dunk for Schiff.
evilzzzable 2 weeks ago
Sometimes I honestly believe that no matter how many times you get it right, Peter, that they will never listen to you. They will also rationalize your excellent results and play them down in their own minds to save themselves from radically changing their world views to fall in line with reality.
Esoparagon 2 weeks ago
After listening to media for too long I watch this clip to remind myself that there is still some sanity out there.
Hanksand 2 weeks ago
And who was right between these 2 i wonder?...
Tracywithafacey 3 weeks ago
One of the best videos i have seen of you Peter. Very very smart man, putting forward your points in a very common sense way.
Tracywithafacey 3 weeks ago
What I thought of this session? Mike Norman needs to go back to the basics of economics so he can get his shameful act straight.
saadk3000 1 month ago
I wonder how many people in that room lost their livelihood.
clydrobe 1 month ago
Every single word of it.
frankcharles511 1 month ago
Gold was around $625/oz on the date of this speech.
ronyan1 1 month ago
This has been flagged as spam show
..to never be invited again.
SloterMFmeyer 2 months ago
I love it, Barry from Pacific Capital said he sees $70/barrel oil as temporary and coming back down 1:03:00. And previously that by 2030, half the buildings we will use will be built after the year 2000. Hahaha
LiveItLiveNow 2 months ago
The best advice from Peter is 1:08:03
rudemood2011 2 months ago
Schiff was right.
PALINSMITH 2 months ago 10
heh..listen to the q&a at the end of the video. someone was actually trying to debate that our current economic situation wasnt going to happen... lawl
ajs2984 2 months ago
There is comparatively little "value added" industry in the US now compared with two or three decades ago. Without the companies that take raw materials and use them to produce finished products, and the trickle down to industrial suppliers that occurs because of those companies, we are left selling hamburgers and products made in China to each other. That doesn't leave you with much means to "grow" the economy.
MX3516 2 months ago
@SchiffReport - My thanks to the likes of Peter Schiff, Tom Woods, Ron Paul (who initially interested me in the subject of Austrian Econ) and others for educating the people of this country . It is because of you guys putting yourselves out there in defense of liberty, sound money, and integrity that there is hope for the next generation of Americans.
the238revolution 2 months ago
32:55 - 33:20 Its almost as if the movie Inside Job used this word for word lol.
clintcastle 2 months ago
Peter Schiff is John Galt. Ive never even read Rand
happykillmore88 3 months ago
This has been flagged as spam show
1:02:10 Who is this idiot? EVERYTHING he predicts over the next minute or so is totally totally WRONG! How embarrassing for him at this point!
WDeet 3 months ago
Comment removed
WDeet 3 months ago
@WDeet there is no 1:20:10
TheMEK3 2 months ago
I don't know why people like Rasmussen (? sounded like it to me) and Art Laffer are still allowed to practice professionally.In my opinion,they have blood on their hands.
jonnyy40 3 months ago
@jonnyy40 Art Laffer supports 9/9/9 jus sayin
guineapigyt 3 months ago
Lasirmsnnen this was in 2006. Gold and silver have doubled and tripled. Get it right
marksuave25 3 months ago
peter i'm guessing they did not invite you back, it would have been nice to see a 2007 or 2008 edition
fuckoff187 3 months ago
True austrian economic logic.
TheFloridapatriot 3 months ago 2
I seriously thought the host was jimmy kimmel.
glitchnoise 3 months ago
i could listen to schiff talk all day...he's so good
MrGiggity890 3 months ago 2
LOL. This is funny stuff. Not only did he have it wrong on Gold, silver and commodies, but also oil. In the third quarter the Oil was about 60$ when this speech was, in 2th quarter 2007 it spiked at 150$
larsiemannen 3 months ago
guy he is debating is idiot!!! I was in realestate and building when prices went up over reality I was negative on both! Even though it's against my benifit. Same with Peter that is what makes him better than anyone in Government. Truth hurts
superhawkn 3 months ago
What's up with GOLD?? Is the bubble bursting or is this a good buying oppritunity? Will GOLD go back up or continue to fall?
rudemood2011 4 months ago
@rudemood2011 Well golds barely moved compared to silver. This crisis aint anywhere near over and the dollar will start diving again, so provide things stay as they are, and theres no reversal of policy from the fed and government, gold will be climbing high for at least the next 2 years, most likely 5-10 years but its hard to tell. And then if countries start bringing in gold standards, gold dinars etc etc then that will push up the price even more!
NicosMind 4 months ago
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K46620 4 months ago
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K46620 4 months ago
even being Norwegian this is interesting :P
imtonasty 4 months ago
Mike Stathis has the world's best track record regarding the financial crisis of 2008. His Book "America's Financial Apocalypse" published in 2006 (before Crash Proof) laid out the US's course very accurately in the ensuing years.
Look it up on Amazon and/or google Mike Stathis. He has 100K sitting in an account waiting to be claimed by anyone who can prove to him that he doesn't have the world's best track record regarding the collapse.
fuxoffyo 4 months ago
@fuxoffyo Peter should claim that 100K...
bjarnet3 2 months ago
@bjarnet3 Peter knows of the challenge. Both he and Mr. Stathis were contributors on Seeking Alpha at one time. It comes down to the fact that Peter knows his track record can't match Stathis. He doesn't even publish his track record! Google "Mike Stathis Track Record" and compare it to what you can find of Peter's.
Mr. Schiff is always wanting to debate the Mainstream Bigs, but he won't dare debate Mr. Stathis on the issues.
fuxoffyo 2 months ago
1:08:03 was the best piece of advice in this whole speech
rudemood2011 4 months ago
The depression is caused by over-indebtedness and deflation -- that is the depression in the American domestic production household sectors. Ask yourselfif there is going to be a hyperinflation why is Rothschild selling his gold to you rubes? Why is the Rothschild allied Murdoch empire push gold shills like Beck, Schiff etc. The price of gold is super volatile and sensitive to rumor and expectation -- so you are told that hyper-inflation is coming (which could never come unless Rothschi
oldickeastmanyakima 4 months ago
@oldickeastmanyakima lol, its all a conspiracy!!
Pluralum 4 months ago
1:06:25 when the guy says to "invite us back, year after year, to see how this thing plays out" like a gotcha Schiff moment, hilarious.
RonDukeSilverSwanson 4 months ago
I love that idiot who asks a question at 59:15. He was trying to be funny and when he turns to the side you can see a smirk on his face basically saying that Peter Schiff didn't know what he was talking about
I"ll bet that idiot hasn't been laughing the last couple of years
rudemood2011 4 months ago
The most Honest Gentelman on Earth.. Mr. Peter Schiff
rrb634 4 months ago
After 1:02:50 that guy looks stupid now. He's saying real estate is safe and gold is too risky. Real estate collapsed two years later, and gold has tripled since. Nice call, mr. expert.
DexterHaven49 4 months ago
This video is shot on a blue background (green screen.) One could chroma key the blue out of the shot in 5 minutes in After Effects. Maybe replace it with an animated typography layer with some moving price charts.
If the original (uncompressed) video file were to be published, I bet something like this would pop up on youtube in no time at all.
TrentEmberson 4 months ago
Mr. Schiff if I was a CT resident I'd have voted for you. And I'd vote for you in any upcoming election. Thank you for fighting for liberty.
gavinjengel 5 months ago
Mike Norman watched this video 68 times.
BarryOcuda 5 months ago 22
68 people are completely and hopelessly blind of the truth.
InYourMomsBox 5 months ago
Damn. Everything Mr Schiff said came 100% true. Can I borrow that crystal ball?
rudemood2011 5 months ago
historical speech
TheBlitz1 5 months ago
This comment has received too many negative votes show
ok good. schiff foresaw the crash in subprime/housing. Past performance isn't indicative of future results. What i want to know NOW is: when is the bubble in GOLD gonna pop? Thanks Petey.
Sempertacsil 5 months ago
@Sempertacsil Gold is not in a bubble, so there is nothing to pop.
SchiffReport 5 months ago 68
@SchiffReport dude the last few episodes of your show 8/25/11, 8/26, 8/29, 8/30 (today) really kicked ass
you were really hitting on all cylinders, when you call everyone out and get a little angry, it really increases the shows impact
i find myself yelling at the computer WOOHOO!!
TheBlitz1 5 months ago
@SchiffReport Well, that's the EXACT kind of thinking that got the subprime/below-prime borrowers to BELIEVE housing prices will keep going up. I turn to the news TV or internet-based, and I can conclude with much certainty that a ridiculous amount of people believe gold will just go up & up. Even nations/government are starting to BELIEVE into the hype that it's scary. There are almost ZERO gold bears or advising 'sell gold' out there....except maybe Dennis Gartman most recently.
Sempertacsil 5 months ago
@Sempertacsil Are you kidding? Every time gold goes up everyone screams "Don't buy! It's a bubble!" And when it goes down the cry is "The gold bubble's popping!" The consensus is that gold IS in a bubble. How much bubble talk was there when the Nasdaq or the housing markets were at their highs? Well, Peter said it, pretty much none. As for the gold ads, I've never seen one except on Fox news and right-wing radio programs. Ever see a gold ad on CBS or NBC or CNN?
aspiringlich 4 months ago
@aspiringlich nah. You just prob'ly refuse to acknowledge the contrary: Whenever bullion corrects a bit, everyone screams BUY THE DIP! And when it reaches its previous high, a euphoric call of "Gold's heading to $5k !" ensues. The REAL consensus is: world's in a race to debase their currency(see SNB's current move)..therefore "gold has nowhere to go but UP, UP & UP!" Don't get me wrong, there's money to be made from 'gold derivatives' like barrick and such.
Sempertacsil 4 months ago
@SchiffReport I don't know, Peter, I think gold will be in a bubble when the gold:dow ratio is close to 1. Yes, it's not a bubble yet, but it will be someday.
MyOwnYTAccount 4 months ago
@SchiffReport Gold although a good investment, will not always stay at its price, Look at the history of gold and even though it is a reliable investment there have been significant fluctuations to make a loss significant and down the road. Gold can't keep going up. Just like the housing market couldn't sustain what it became.
locsphere 3 months ago
@locsphere Gold can and will keep going up in relation to the dollar as more new dollars enter the economy.
tripzero0 2 months ago
@SchiffReport Hey Peter I am really sad to hear your denial on something obvious state of affairs on gold. I have immense respect for you. The fact that genetleman's comment, to which you replied too, was censored because of too many negative votes, proves to me the denial by a lot of gold bugs, which I used to be among myself. It's funny how you can make such a prescient speech on a housing bubble but you can't see the obvious on gold.
No Peter gold always goes up just like housing prices
amartin4423 3 weeks ago
@SchiffReport really because if you look at history you always see the same thing banks overspeculated on land they crash and fail and gold bubbles and then things calm down we regulate the banking system then we deregulate to a sensible level we take it to far then it happens again
we also had high tariffs to protect our industries. until 1920
sfafasfasfsa 3 weeks ago
@SchiffReport Once YOU buy gold, with the rest of the sheeple, then gold will pop.
AuAgsuck 2 weeks ago
@SchiffReport
Why is there nothing to pop?
ptevans01 3 days ago
@Sempertacsil Gold is not a bubble. There is no indication of reckless buying in gold stocks or gold in general. There is however lot of fear seen in the gold stocks, and minerals in general. There is no gold bubble. Gold is skyrocketing in price because our dollar is falling. Gold prices are the same as they always have been. The paper exchange rate to gold has gone up because the dollar has lost value due to inflation. At any rate, Bubbles burst dates cannot be seen. All you know is its there.
Somadidonteven 4 months ago
@Somadidonteven The dollar's lost value because the dollar index is weighted against what..more than 50% euros & other currencies. Now that there's another credit(euro) crisis, banks will now sell their gold assets to raise cash--causing the dollar to rise(since the euro is currently much 'uglier' than USD). It's just hard to believe that gold will just keep on going up & up with no significant crash in the works.
Sempertacsil 4 months ago
@Sempertacsil I'll answer this cheap shot with commodities we'll decline as the market recovers. I wouldn't bet on that anytime soon gold will cap though.
ramcastro 4 months ago
@ramcastro what do you mean "gold will cap" ?? Are you referring to gold as capping its rise(ie- a TOP)?? Also, it's worth noting that commodities are positively correlated with the global economy....and is inversely correlated with the dollar.
Sempertacsil 4 months ago
@Sempertacsil I don't even think it is worth arguing actually. You hedge your bets and I will hedge mine.
ramcastro 4 months ago
@ramcastro good to go. gold's down big again today(23-sep) Had me a nice quick ka-ching on GLD puts...hope you were hedged as you said.
Sempertacsil 4 months ago
@Sempertacsil "Even the sun shines on a dogs ass some days"
ramcastro 4 months ago
@ramcastro wow. that's one heck of a hedge you got there. don't worry, your ass will break even if you straight buy some GLD puts for yourself...instead of quoting useless quotes that doesn't make financial sense. Have a great day.
Sempertacsil 4 months ago
@Sempertacsil Gold isn't in a bubble yet, but that is not nearly as important as your question. When will this gold bubble pop. To answer this we must look at the last gold bubble and when/why it popped. During the 60s we spent too much money and in the 70s we had massive inflation, gold soared as a result. Then Fed Chair Paul Volcker had to increase interest rates upward of 20% and even then, gold continued higher until the dollar was trusted again. Compare that to today, you have your answer.
bamacre1 2 months ago in playlist bamacre1's favorites
Thank God I did not listen to guy in the red stiped tie.
Lengarces 5 months ago
@Lengarces its not a bubble, its only a bubble when everyone is doing whatever they can to acquire the asset
the gold market is tiny
TheBlitz1 5 months ago
Schiff you're still a handsome bro in my opinion
JJaouli1 5 months ago
Austerity and paying back our debts to banks will never work in the current banking system where money is created ad debt, because the more we pay back our loans, the less currency is left out in circulation, and the less money in circulation, the less economic activity and a downward spiral will crash the economy.
We are in a trap and the stage is set already starting with Greece and ending with the biggest crash in history when the dollar collapses together with the US.
etniks69 5 months ago
@etniks69 USA 'collapsed' long ago and all we see today is smoke and mirrors; it has just been making war and selling bad debt to 'its enemies' in a carefully orchestrated hysteria campaign that allows those with massive assets to instantaneously manipulate the market and therefore their own share values. Small time schemes like this are called Pump and Dump Schemes, but when the ruling elite of a wealthy power does it it is called 'business'. Capitalism is doomed because of The Capitalists.
SmileyGarrish 5 months ago
Fractional Reserve does not produce real currency, it merely creates IOU's masquerading as money. They come into existence out of nothing during a loan, and once it is paid back, they disappear the same way as IOU's. They don't stay in the bank's vaults to be relent again.
In order to inject more money into the economy to expand it and create jobs, WE ALL HAVE TO GET INTO DEBT AGAIN!!!
It is a vicious circle, just like a drug addict that in order to feel good has to get a new fix.
etniks69 5 months ago
Schiif claims "the politicians create money" when in fact the very reason for the FED's existence is supposed to be its "independence" from the government. The FED is a PRIVATE BANK and most of the currency is created by retail PRIVATE BANKS giving loans to consumers.
Today's money is FAKE.
Schiff talks about "savings" when it is impossible to save (as a nation, not as an individual) using a currency that only exists as a loan from a bank.
You want answers?
Search .. RENAISSANCE 2.O CSPER
etniks69 5 months ago
Schiff is the one-eyed king on the land of the blind.....
Yes he's, right on many of his assertions but his assumptions are still wrong and while he has been accurate about somethings , especially at a time it wasn't popular to do it, he still is blind to a FUNDAMENTAL ISSUE.
Fractional Reserve Banking creates money via PRIVATE BANKS and only AS A LOAN. When he talks about "governments" creating the money HE'S WRONG. The FED is NOT government, it is a PRIVATE bank .
...Ran out of space......
etniks69 5 months ago
There really isn't anything funnier than when the emcee says; "you've heard it from the bear, now lets bring back the bull".... Just classic!
jakeyw11 5 months ago
Peter Schiff you are the man...
TheWonzy2009 5 months ago
Mr. Schiff - you have just predicted future so acuretly that your name should be written in history
TheWonzy2009 5 months ago
why did foreign markets like china get burned so bad?
thomasbthomas 5 months ago
I wish heard this video in 2006, i might be millionaire at the age of 20.
lvpatel39 5 months ago
did that guy slit his wrist?
sendyoshit 5 months ago
What happened to the other guy?
EdsonAvilaTorres 5 months ago
any of his detractors should shut up and give peter their undivided attention.
InYourMomsBox 5 months ago
Genius stuff Mr. Schiff. Thank you for having the balls to speak what you believe.
jeffinphx 5 months ago
Just heard on the news that the federal government is going to rent out all the foreclosed homes it owns. So instead of fixing the foreclosure problem by liquidating those assets back into the private sector they're going to become national landlords over the people.
KenMacMillan 5 months ago
I think Peter Schiff messes up a couple of dates (years) in this presentation. Am I wrong?
ThorkilKowalski 5 months ago
@ThorkilKowalski
Yes, he says 1982 instead of 2002 somewhere in the middle. And in the end he says "relative" values instead of "nominal" values. Happens during speeches ^^.
SyyRaaaN 5 months ago
Legen - wait for it - dary
tntiger84 5 months ago
That other man whatever the F*** his name is. Is pseudo-intellectual who is only capable regurgitate ''quotes'' from news papers. I wonder how Peter is capable to hold back from desire to punch all the stupid people in the face, that slander his personality just because he is telling the truth.
BuRninsh 5 months ago
Peter talks about fundamentals... so does Jim Rogers, Doug Casey, and Marc Faber! What the hell is this other guy in video saying? BS lol... Old folks kiss more ass than anything else that I know of... never trust them because they have little time left on this earth!
salchih 5 months ago
Wow... 1:01:55 This guy is just brutal, talk about making it personal. I can hear it now... Om nom nom nom eating my own words nom nom.
r7n7 5 months ago
booom!
www6maxnl 5 months ago
Thank`s Peter, a fun from Chile!!
pisuky2 5 months ago
Schiff ! - what'd you do this time ! ,great speech , wasnt aware of this video.
NicThatOneKid 5 months ago
so I see that Peter actually blames Bush and Greenspan for the US situation today. Can Obama rerally fix such a mess without rendering 100 million americans poor?
andenils 5 months ago
I watch this video every few months just to remind myself how smart Mr Schiff is and how dumb everyone else is........
rudemood2011 5 months ago 4
lol 103:30 talking about oil prices at 70$ and how they will go down and in the next two years they went up to 130$ and higher a barrel. . .Along with all the other things that guy was wrong about, I bet you HE's "Baking cookies" just like PeterSchiffs family member who was working at Meryl Lynch LOL
Asahi100percent 5 months ago
@Asahi100percent Actually, Oil is still very cheap. It's the fact that the dollar took such a beating that oil is so expensive. If you calculated the price of Oil in 2006 dollars, you'd find that it's still very cheap.
l81z 5 months ago
59:14 This guy probably ended up slitting his wrists.
sonnybrown 5 months ago
@sonnybrown most definately or he is planning to drop an atomic weapon on euro pacific capital
GusBariga 5 months ago
Comment removed
sonnybrown 5 months ago
HAHAHA Americans got paid the highest wages in the world, since fucking when? Yanks don't get paid shit. At the bottom end yanks resemble slaves more so than well paid workers from what sure as hell isn't a world leading nation anymore. Things might of been different 100 years ago. Shit my hourly rate where I come from is 3 times higher than what I now get paid in the US. Pay rates in the US for average workers is nothing short of disgusting they are so low.
taipan185 5 months ago
@taipan185 Peter recently had, on his show, a comparison of Ford auto workers pay compared to those in Henry's day where they were paid 1.25 ounces of gold per 5 days of work week (5$a day gold 20/oz) and no income taxes. About 2 times what they now take home. Some advance in society and purchasing power. The inflation of our money and wages masks the real loss of our purchasing power which should actually be rising due to technological advances.
2100v 5 months ago
@2100v I just want to say my first post wasn't a shot at American workers, I realize I wasn't very clear. I would though take a shot at almost all American companies because from what I have experienced since I have been here is companies that blatantly do what ever they can to keep workers hungry making it easier to control them. The American people deserve alot better than what they are currently getting from business and politicians alike. Sadly most Americans are blind to the bullshit.
taipan185 5 months ago
Wow.... just, wow.
ChasingLions 5 months ago
20:19 so dead on!
bigz008 5 months ago
It killed me to wait until this finished,to leave my comment,but I survived.Peter.You amaze me.I find your foresight and intuition almost scary.I just have to know.DID you go back the next year,and say,"I told you so"?;Kevin Atchison,AKA superpoof12002@yahoo.com.
superpoof 5 months ago
pfffft stupid schiff shorting real estate in going long on gold!! What a buffoon every one knew that gold was in a bubble at $630 an ounce...
/sarcasm
what i'd pay to have buy at those prices again... oh wait, i'd pay about $630/ounce
fourdoorchevelle 5 months ago
@fourdoorchevelle gold is cheap right now -- you should have $10,000 in gold coins to get started.
ckreeder 5 months ago
This guy is a genius. It must be frustrating for him, he must feel like he`s preeching to the choir sometimes, hope he keeps it up for a long time.
dhebert111 5 months ago
@dhebert111 he does, subscribe to his channel, listen to his radio show and see what the future holds
GusBariga 5 months ago
He looks 20 years younger.
Karmiangod 5 months ago 2
@Karmiangod was dying my hair dark brown
SchiffReport 5 months ago 55
@SchiffReport Haha I gave that up too. Let it be.
Great speach . ;-)
binky4647 5 months ago
@SchiffReport At least you still have your hair. I'm 31 and all this govt shenanigans is making mine fall out with each passing day...
Machiavelli1513 5 months ago
@SchiffReport don't buy into it schiff. i think you look better all natural
theeonionbagel 5 months ago
@SchiffReport Hey Pete, everything you've said so far made a lot of sense but why do banks have to raise long term interest rates after a boom? Does QE money run out, forcing banks to offset high demands (my guess)?
jimmyt3411 3 months ago
@jimmyt3411 central banks can't keep rates too low forever because they also want to prevent too much inflation.
tripzero0 2 months ago
Ha, Peter makes the buffoon look like an ass. Again. Harvard, too. Haha!
TaxSlaveRoark 5 months ago
ohhh how that guy on the right at the end was sooooooo wrong
Juihi2 5 months ago
This is just unbelievably brilliant.
jdkale 5 months ago
Everyone who has debated Peter, even Art Laffer, Reagan's economic advisor, has ended up looking foolish in hindsight. Peter is a genius.
vaktomhu 5 months ago
1:11:10 - So where's the atomic bomb?
RealMcForesT 5 months ago
as the guy on the right at 2:06 stated, has he came back year after year and appologized for being wrong???
onenikkione 6 months ago
@onenikkione
Peter is right..bubbles pop, he doesn't give an exact date, but it is happening now...
Dow down over 700 points this week.
S&P downgraded U.S. to AA+ with a negative outlook (still too highly rated)
Housing is down.
Unemployment is up.
Taxable revenues are down.
Stimulus and spending are way too high and growing higher everyday.
As interest rates rise, we'll finally end up going broke, and since the market wasn't allowed to correct itself sooner, it will be very painful.
MadDogAM 5 months ago
So Greenspan created 2 bubbles (90's + 2008)... what a fuck-up!
PhantomAct 6 months ago
"$70 / barrel oil is the solution" - which is a similar point to what Schiff was saying. Cheap oil is a similar issue to low interest rates - it allows people and companies to make bad decisions and defer the pain of correcting those mistakes
bannor99 6 months ago
I note that early in the speech, you said "by 1980". So what happened after 1980? The biggest thing I can think of is Reaganomics
bannor99 6 months ago
@bannor99 I think he meant 2002. He later says that Bush didn't want the recession in his term.
hazeee123 5 months ago
and now the USA is fighting to raise its debt ceiling. Peter was so right
MsH1h1h1h1 6 months ago
Once I was blind, now I can see...
Peter...you, Gerald Celente and Ron Paul have changed my view on the world, and its system...in just a week or two, I went from beeing blind to what was going on, with little or almost no financial understanding, to sctually understand economics better than most "educated" people in the goverment seem to do...
Thank you for your efforts man, keep up the good work.
Respect to you.
M 33 Norway
lancogutten 6 months ago 7
A wise man's words are never heard . . .
As someone previously commented: common sense genius by Mr. Schiff
There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up [Proverbs 21:20].
It is better to hear the rebuke of the wise, than for a man to hear the song of fools. [Eccl . 7:5]
The Word of God continues to stand true. Lord help us since only humility will will be our aid in the times we are approaching right now.
MsBlessed77 6 months ago
Other than Ron Paul, who else was making such insightful and prescient comments in November '06. We're all wise now, but Peter Schiff was saying it loud and clear back then.
Timxx44 6 months ago
This speech will go down in history.
adulby 6 months ago 96
@adulby it really will...
uwmbigb 5 months ago
@adulby And Marilyn Chambers will go down in history...
DexterHaven49 5 months ago
@adulby he'll be quoted in history and economics books a couple hundred years from now
giggitygiggity890 5 months ago
@adulby It has gone down in history in my book.
sonnybrown 5 months ago
The "Bull," Dr. whatever his name is, got his ass kicked. Oh that was fun to watch.
SandHill711 6 months ago 9
The 3 Musketeers of Economics:
1. Mind: The human brain need time and energy to adapt to new situations. Plan.
2. Meat: Eat meat every second day, instead of every day.
3. Money: Your money is not safe in the bank. Put them somewhere safer, like your pocket.
"All for one, one for all!" Mind, Meat & Money
bvssvni 6 months ago
classic speech, love it!
jebarth3 6 months ago 2
Barry was not only ignorant about the US economy, but he treated Peter Schiff with such arrogance. So disgusting :(
TobiasAKL 6 months ago 5
At the 56 minute mark, the debate begins. This is terrible, and very embarrassing for the dude who challenges him. Is he drunk or what? Four percent growth? Oh my! Those days are gone forever
randydude88 6 months ago
1:08:06 was the best piece of advice that Peter gave through this whole speech. I'll bet those people who were laughing in the crowd aren't laughing anymore.......
rudemood2011 6 months ago
I'll bet Barry feels like a fool right now
rudemood2011 6 months ago
@rudemood2011 He doesn't feel anything, he is in a drunk stupor.
romanmir01 6 months ago
This is spot on, first class. Although I disagee with one thing Peter says. He says that if you don't get a good dividend yield from a stock, you are over paying. Not quite true Peter. Berkshire Hathaway has never ever paid a dividend, yet its consistently one of the best performers on the market, after some 30 years.
MrSydneyKing 6 months ago
@MrSydneyKing Yep. So goes the "Bigger Fool" theory of investing: There is always a bigger fool who will pay more for your stock cert. than you paid. Only the biggest fool is anyone who believes that shit.
randyleepublic1 6 months ago
bravo peter schiff for defending your views against these sellouts before it was popular. your intellectual courage has earned you this fame
ericfeinberg28 7 months ago
The key words "When the Chinese stop buying dollars it's over" and here it is.
46Mongoose 7 months ago
I hope barry ate his words! he was so wrong!
braaitongs 7 months ago
I think its highly appropriate that the Mortgage Bankers Conference was held in Las Vegas.
mattr8750 7 months ago
It's 2011 now, Peter is 100% right
mysupermaltese 7 months ago
@mysupermaltese I only wish i had seen this in 2006, and not in 2010. An extra 4 years of saving in gold and silver would be more of a safety net for whats just around the corner.
mokum777 7 months ago
@mokum777 Totally agree with you! I wish I had seen this earlier too! keep up your work on stacking gold and silver and God bless you & family!
mysupermaltese 7 months ago
Wow! What an amazing, thought provoking and insightful speech from Peter. The contrast in opinions was so revealing, and the economic history was outstanding. I can not recommend this higher.
jackisashit 7 months ago
59:15 - Wonder if the guy slit his wrists?
TheMitchBerry 7 months ago
For something absolutely hilarious, watch Barry's "Toxic Assets & Market Value" video has now has up on his website, barryasmus dotcom. Sounds like he took notes from Peter's speech and says exactly what Peter SAID (past tense) 5 years ago. Hindsight IS 20/20 for some people but not for some in congress though.
2100v 7 months ago
Barry is a very enthusiatic speaker,too. Too bad his fundamental understanding of economics is not up to Peter's. Peter is like an economic savant, learning and living it since childhood. Wonder if Barry learned anything from the opportunity he had to learn from Peter? Maybe he is still teachable as he now talks about freedoom and free markets on his website. Begining of decade dow/gold ratio about 40 now about 8. Peter thinks it may be about 1:1 at the bottom.
2100v 7 months ago
Peter is a great speaker. You just wind him up and turn him loose then he just talks coherently off the top of his head for as long as you want. Always has great analogies and spot on logic. Listening to his predictions closely now.
2100v 7 months ago
Funny how that guy got owned by hindsight.
mrdwade3 7 months ago
peter was 100% right that other guy on stage was 100% wrong and probably broke by now
TheCristo68 7 months ago
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TheCristo68 7 months ago
this guy knows so much about economics he didnt have to even write a speech
TheBlitz1 7 months ago