Peter Schiff Economic Crisis Compilation (Part 1 of 7)

[themagus187]

Glenn Beck sucks at explaining economics...

[crockedandloaded]

The mainstream news is trying to keep the public from panicking. Just like those bastards at Enron telling their employees that their pensions were safe and the stocks will rebound.

What did Nicholson say in "A FEW GOOD MEN"? "YOU CAN"T HANDLE THE TRUTH"!!! Damn right, Jack! Damn right!!

[joescarafone]

Lafflers pathetic.  I read stockmans book regarding their napkin deal in 81. I'm surprised Laffler's being so bull headed. Makes you wonder if he's on the take? Of all people you'd think he'd be screaming bloody murder.

[Surhotchaperchlorome]

@joescarafone It's spelled, "Laffer"

And yes, he's full of it.

[daniel1v4]

Thanks for sharing this vid.

[harveybirdmannequin]

WHY WOULD ANYONE LISTEN TO BEN STEIN FOR INVESTMENT ADVICE?

He's a comedian. Jeez. Maybe just because he's Jewish people listen to him?

[Seano71]

I think the US dollar will hold out on life support a few years longer than Schiff thinks, but other than that he's correct

[utdeaster]

Absolutely Excellent - Non-Partisan - Peter's predictions are all miles above

anyone elses I've seen anywhere !

Listen to Peter & please keep this

7 part video series up - I share it with 100's - Dave Easter: The Home Biz HelpLine

[unityrover]

Well, he's good at gloom and doom, but his profit margins are laughable. The man has lost millions of dollars of client's money in foreign markets,, He can read the economy, but can't read the fed. The fed has put their foot down and countered nearly all of his predictions. I love RP, but PS is a not a good choice for an economic adviser. He has underestimated the fed's ability to manipulate at several points.

[StevenM818]

You're basing those loses on what happened in 2008. The market was horrible in '08. How much did Warren Buffet's clients lose in '08? So far in 2009 foreign stocks are performing very well. In the past 25 years, foreign stocks outperformed US stocks for 15 of those years. Schiff covered some of this on May 6, fwd to 3:35

watch?v=_cFZWRTF9yM

And you're contradicting yourself. You say that Schiff CAN read the economy. But then you say he isn't a good choice for being an economic adviser. Huh?

[qpl4w3]

Although I don't agree with Plutonwolf's optimism he is entirely right about wage increases. Inflation has far, far, far surpassed wage increases for decades. I never thought of credit as a substitute for wage increases but it is a logical correlation.

[Plutonwolf]

Americans aren't stupid. Todays savings rate is at 5.5% and is predicted to hit double digits by the end of the summer. This will take China out of the picture as a creditor. Then we can tell them to go to hell. They have no room to whine, they manipulated their currencies rate of exchange for decades in order to make their exports more attractive. Now they will have to pay the piper ......if we have the guts to make them. We should.

[CredoVeritas]

The same "not stupid" Americans also have debt up to their armpits and no job. Factor that into your scenario. That "savings" is already spent.

Japan had a 10% savings rate and their economy wallowed in stagflation for a decade.

We in America, on the other hand, have overpriced production, over spent, over borrowed, and under-saved to the point we can't even afford our own products, rent, mortgage..or even our own bloated government.

[Plutonwolf]

The debt is now waste deep and falling rapidly. As to why we can't afford to do anything without the involvement of debt is simple, easier credit terms have replaced actual real wage increases for Americans in general for decades. Get the saps so in hock that they can never afford to retire, this also helps to depress real wages along with the flood of women into the work force, finally, stir in a huge dollop of illegals and H1Bs and et Voila! A wage slave souffle.

[CredoVeritas]

I appreciate your bittersweet optimism, but your notion that easy credit terms have replaced actual real wage increases is misguided. Overall, wages have increased significantly over the last three decades but inflation has also. The only offset has been competition, cheap overseas labor, and production and market efficiencies. Its no coincidence that WalMart is massive today.

Most credit debt is a drain on income not supplemental. Sure, it's convenient, but it's not free nor is it wealth.

[Plutonwolf]

I'm not Bittersweet nor am I optimistic. But I am pragmatic. I am pragmatic enough to see that people will wake up to the fact that we cannot continue to think that we are playing on a level playing field as far as world manufacturing goes. To expect American first world workers to try to compete against third world wages is beyond foolish and destructive to national wealth and security. The loss of strategic industries to nations that barely refrain from spitting on us will stop.

[CredoVeritas]

A pragmatist would understand that people will wake up as the icewater of economic doom laps at their doorsteps.

Third world is as third world does, but a job is a job is a job- "First world" or otherwise.

Protectionism (your solution?) is a manipulation, a fictional creation against the natural cycles and corrections. It's the stuff this meltdown was made of and a very disturbing invitation to fascism. Does the pragmatist recognize the dangers of fascism?

[Plutonwolf]

Fascism is here as we speak and has been here since 1981. It hit full flower in the W administration, but all of the presidents since 1981 have abetted it.

Multinational corporations now have unlimited access to our politicians and they get what they want every time they ask. These corporations hold no allegiances to any state much less ours. To think differently is to deny obvious reality.

[CredoVeritas]

Wolf, well put. I agree.

[Plutonwolf]

Like I said, I am a pragmatist and as such, I really don't trust any politician as far as I can throw them (bounces and skids don't count) I watch how they all promise this but give you that. W was going to bring back respectability to the office....then he goes on to do hoochy coochy dances and give female world leaders "Chester the Molester" neck rubs....on camera.

Clinton was supposed to reform healthcare....great work sexy pants.

[elbuggo]

Reboot?