I wander if Jeremy veals the same now? He fails to realize that clinton and greenspan really started the hole mess with the housing. Hows this "every one should own a house" thing working for you?
Adam Smith always said government should not get involved (although monopolies should be avoided). I don't even understand how Keynesian economics became popular, it is so clearly flawed.
Watch Peter debate Jeremy in his "Global Leadership Forum 2010" video. Very funny analogies as usual. Correct predictions as usual. Thick heads that don't understand Peter's clear as day logic as usual. One accurate prediction after the next year after year and people still want to argue with you? Daring aren't they but will look like fools in a year.
@nannyberries Some people do change their tune. Watch Peter's Mortgage Banker's Speech and see what the expert (Barry Ausmus?) says at the end then go to that guys website and see that 4 years later he sounds like a Peter Schiff clone.
Peter reminds me of Jack Nicholson in "One Flew Over the Cookoo's Nest". the only sane person (other than the Chief of course) in the whole damn place!!!
I love how the Keynesian get owned, would be nice if this happened more often on CNN. CNN is a complete fail today, they really like to push in the direction of more Government. Fox also pushes for greater Gov as well. Difference, CNN want more private individual subsidized & Fox mainly wants Corporations subsidized. I don't believe anyone should be subsidized. All taxes that are enforced by force should be abolished. The only sensible tax is one that is voluntary.
@Shrunkenhead61 so you're criticizing a well respected college professor in his field without going through university yourself. Are you an economic genius? Just asking.
@shehzad27 Yes I will criticize A professor of A college. If a college professor told me that drinking lambs blood was a great way to stay in shape... I'll probably criticize that.
Just because he is a professor? That's called appeal to authority. Also, you have assumed I haven't gone to college.
Finally, I took the side of Peter Schiff, someone with a degree and actual work experience in the real world economy... you are criticizing me for taking an opinion outside of academia?
@shehzad27 You have to consider the variety of reasons why someone becomes a well-respected college professor - you are assuming it is because of the integrity and validity of their academic work. As someone who works at a major university, I can tell you there are many reasons faculty get accolades, appointments and funding. Who is more likely to be "well-respected", someone who works to justify the status quo in government, society and academia, or someone who challenges the powers-that-be?
If government jobs were so great, why not just use taxpayer money to create up jobs everywhere? If they were productive, the private sector would have created them since the word productive is interpreted by the employers and consumers who demand the labor of the employee. jobs are just a demand for labor. How can the president create demand? Thats like using our treasury to pay 100 million people to dig ditches on the side of the road. Those are "jobs". Efficiency is the key
lolz, this is from a whilst back and bam is stilll spending. Unemployment is up. lolz.! Damn, thats another who owes schiff an apology. We needs to start counting.
why the fuck is the president creating jobs, hes an ass. How does it help anyone when 1 person sets the pace, does that sound a bit dumb to anyone else? if peter schiff is totally off then why is unemployment through the roof. most know too many are left out of the statistics saying unemployment is at 9% at or around. honestly that is wayyyyyyyyy off. anyone who has another theory, go to the economically depressed areas and hang out for a bit. Then pls reply. Otherwise DO NOT SPEAK!
It's ironic that a guy with the name of "joomlasites" who evidently develops websites off of the knowledge of those "socialist" open source developers is so "free market".
Siegel was right. Fannie and Freddie got brought down not because they were government sponsored, but because their CEOs acted in the "free market" for their investors and bought way too much mortgage-backed securities. Don't believe the bs. Look at their 10-Q to see where their problem lies: Mortgage-Backed Securities.
More than a year later and Peter Schiff is still wrong, no hyperinflation ...Jeremy siegel predicts high unemployment and lower capacity utilization both true... Austrian economists are like engineers that can't do calculus - completely useless
@absynthae79 Yea, Peter is wrong about everything. Let's listen to Ben Bernanke, now that's a man who's been correct about everything the last 5 years!!...
@gnuochtapir Its mind boggling that Economics is taught at universities. economics is the art of stealing from ordinary people, theft should not be taught in universities.
@gnuochtapir I think all of them should be taught because there's an ideology guiding every school of economics, Austrian school is no more scientific then the Keynesian, there are both semi religious. Economics can never be free from ideology because its about running the world, which people always want to manipulate according to their world-view. I personally don't follow either but learn from both and am more aligned with Ecological and Behavioural Economics.
@MrTrueMedia Well, you gave a good reason there why austrian economics shohuld be taught over keynsean because austrian is distinctly NOT about ruling the world it's very much about the opposite. its a passive system where you accept the fauls inherent in the free market and accept that perfect knowledge doesnt exist and that any interference by a centralised power will have unforseen consequences. All it advocates is relative stability not utopia.
Schiff is full of shit. "Massive inflation". Really?
Come back to this video in a year and you'll hear crickets from the Austrian "true believers". It's not economics, it's superstition. Mr. Schiff often equates asset price increases with 'real' inflation, which is nonsense. He wants to redefine terms until he's right. Austrian economics and wingnut Libertarian radicalism have become intertwined, and Mr. Schiff loves slinging that bullshit that wingnuts love. He's just a stopped clock.
@TheMichaelBolton Peter predicted inflation in the near future, not precisely in one year. It's hard to be dead on because there are so many intricate parts of the economy. However, Schiff is as close to the mark as anyone has been with his predictions. Say what you want, but the truth speeks for itself. 90% of government is pure worthless B.S. that hinders peoples lives
@TheMichaelBolton Aside from being wrong with how he defines inflation and the tendency to hurl around nastiness do you actually have anything to say of substance?
It is now August 2010. Fed just stated it needs to raise interest rates to prevent inflation. Which economist predicted this? Shame no one listened back in 2006 when Austrian economists warned of a coming recension. Just type Peter Schiff Was Right in your search box at the top of the page here ; )
Public education indoctrinates its students to put a blind faith on Keynesian economics. Austrian economics is almost vanished from public institutions. My former economics professor believes it is obsolete! What an asshole!
Because it is. It's an openly anti-scientific method, anti-analysis dinosaur. Say what you will about Keynesian Economics...it's far from perfect, but the Austrian School is a laughable pile of fossilized shit.
The fact that advocates fo Austrain economics haven't provided us with enough empirical evidence to sustain their claims doesn't mean that they are anti-scientific nor anti-analysis. And yes; it is a dinosaur discipline as you claim only because Keynesian economics has become generally accepted. Yet, it doesn't mean it is perfect or rational (Deficits, bubbles, National Debt $50 trill). Austrian eco can't be thoroughly tested because the right conditions don't exist (Too much Gov!!).
just because you can provide numbers and graph something doesn't make it right. If a person witness a murder without any method of empirical proof does that mean it didn't happen. Also because i can't catch someone stealing doesn't mean they aren't stealing. Just because something is newer doesn't mean it is better. Economics is a retrospective subject. We have actually far more data on Supply oriented Market economics than Demand orientated like Keynesian because its older.
hahahaha that guy on the right is an idiot. the houses that shouldnt have been built is a direct result of ludvig von mises house builder scenario. the fed driving interests rates down distorts the market and leads to the houses being built, as businesses are under the impression that people are saving and not spending.
poor peter, those idiots dont understand what he is saying. you can tell he is disappointed by the look on his face at the end.
the guy on the right of the screen is an idiot. how does he define inflation? inflation is the expanding of the money supply so by definition spending more and getting credit from the federal reserve as opposed to getting money from taxpayers is inflation.
i mean peter just will not give the other guy any time to speak, or make his point. and i am pretty sure that the housing market bubble was not made by the gov't considering that the housing market is privately owned
To be fair to Keynes, I think he advocated government spending in a recession with the assumption that things were ok generally. I don't think he advocated running a bubble economy, and then printing money to get around it.
@canisfamilliaris no you are right, but he advocated spending to make the bubble last which just makes the bust worse. keyne's infinite boom was an unrealistic dream.
@Injustice360 Peter Schiff was spot on with his predictions... all the jobs Obama has created have been government jobs and the private economy has now shrunk to its smallest level ever compared to an ever expanding government workforce. We are on a path to war... and it won't be a war of words.
These Keynsians just cant do anything right but they know that polticians like their ideas about govt spending. Keynsian econ was invented in order to attract politicians who knew that pure socialism would not sell to voters. It's purely a concoction that is about making politicians happy and those that have privileged access to political (ie taxed and printed) funds in order to bankroll political campaigns and execute govt securities trades. Its the biggest swindle since communism itself.
The only way it'll ever change and reverse course is if Americans start to vote in people like Ron Paul and Peter Schiff, men who actually know wtf they're talking about. But, we see each election that barely any voters understand that. It's only right before a disaster that the average, dumb human sees the light.
@selfrealizedexile :In principe I agree with much of what you write,but a little goverment sometimes is better than no goverment at all....but I asked you....how do Wall Street greed work for you?.....my guess is that the only REAL Wall Street greed you had in your life was when the Wall Street guy`s spekulated half of your dad`s pension away?
My dad's been dead since I was five for the record, hehe. Secondly, I'm probably not a full-fledged anarchist. I think it's probably for the best we have a minimal gov't that protects people's civil liberties via military and police protection, enforcement of contract law, taxes on externalities, and courts to adjudicate matters. But, remember, this minimal gov't is 1/100th the size of our current gov't.
Finally, the point you keep pushing about wall street greed is pretty pathetic.
I don´t think that I am pathetic writing about Wall Street greed again and again.....if people like me and you who believe in the free market don`t stop Wall Street greed...then the socialist will recover and have a comeback.....and don`t forget...the Wall Street people don`t mind you working for a dollar a day...
No one but the wall street men themselves favor subsidization and bail outs for them. I've said enough times already Corporatism =/= Free Market Capitalism. You're either willfully ignoring that or cannot comprehend that.
own public option plan, hammering the nail in the coffin for that sector of the economy that was originally fine waaayyy back in history when it was 100% private. After this, gov't will move on to another industry that the public doesn't understand and wants regulated to gain votes for the next election. It's amazing how short-sighted all these fat, sassy Americans are. But, they'll reap what they sow when it all comes crashing down. We've been squandering the mantle of richest nation in the
mobilize support to enact laws on price control. This will send many insurance companies below their profit margin, thereby putting them out of business and preventing any new insurance companies from wanting to start a business in that industry because they can't profit. Healthcare will be more scarce, there'll be fewer companies providing care therefore prices will go up. More and more people will become uninsured because they simply can't afford the new prices. Then gov't will create its
Gov't takes over marketshare of various industries, crowding out competition, favoring big companies, and then complains about the price of relevant goods and services. They take over more and more of the healthcare industry, for example, and then complain about the price of healthcare. What do you think is gonna be the new price of premiums after the Pre-Existing Condition Protection Act is passed into law? It'll go up, then the gov't will complain about prices again. They'll attempt to
I went on a tangent and let my inner anarchist out of the closet, but hopefully I made you think about what democracy really is and whether it's the true end game gov't. Humans went through many gov't evolutions throughout History. Monarchy at one point was deemed the "best alternative."
I think I've already explained that point twice to you. Greed when its forced to compete with itself has long been proven monumentally effective at helping all those who participate in the system via lower prices thereby lower cost of living and higher quality thereby higher standard of living. That's like econ 101. Now the Free Market has always been an idea that never really has been practiced wholly. That's a fact. But, History has showned those nations who come ever closer to that
aymptote do the best. Even the poorest of that country would be relatively well off compared with nations who participate in a more regulatory version of capitalism. This has easily been proven time and again. Now, what the United States has been doing for the past century is spiraling down into more and more gov't programs that seek to solve problems previous gov't programs created (problems the gov't blames on the free market). We have rampant corporatism. Corporatism spawns from gov't.
revenue that came from my taxes. Globalization will likely take us to a one gov't end where voting with your feet to escape the largest form of that gov't impossible. How then do we force our votes to matter? Riots? Assassinations?
All votes obviously are not equal and this is the defining feature here. Your vote always counting at at least some value is mutually exclusive to all equal votes whose individual value is miniscule. This is the true underlying reality. Democracy will always be inconsistent with individual freedom by definition. Individuals must be subdued by the majority.
But at least when the gov't is local, my vote can always count when I vote with my feet and that gov't no longer has that extra bit of
majority of his votes will get most their policies enacted but not all of them. He'll probably end up being a mixed average of all his supporters. In this sense, this is the best a voter can hope for when he participates in a democratic election and it only occurs if his candidate wins. His vote is equal to him not having voted if he loses. This phenomenon necessarily can't happen in a free market. Everyone that has money (value) to trade and trade freely has a constant worth to their vote.
And this is where Democracy is trumped by the Free Market. In the Free Market, everyone's "vote" has some value regardless of the outcome. If I vote against Barack Obama in 2012 and Obama wins 57% to 40% (3% for third parties such as Libertarian party), my vote doesn't have any value or influence on how Obama will govern. I lose if I voted Republican and I absolutely lose if I voted Libertarian. Hell, can you even say all of those who voted Obama necessarily win, too? At best, the
Selfrealize:To what country did you choose to move to now when you plan to vote with your feet......Australia,New Zealand,Ireland ,Hong Kong or Singapore?...I would choose Australia or Zealand if I was you...stay away from Hong Kong....unless you trust the China Goverment.......
And this is the beauty of localized gov'ts -- when they fail, you can vote with your feet and move to another town. Now, power is so consolidated you have to move to a whole other nation to vote with your feet.
And yes, regulations are needed to keep big gov't small and corporatism capitalism. But, this kind of regulation doesn't come from gov't. It comes from the voters! Prosperity comes to those who deserve it. If we want to squander our economic growth and future to inane policies derived from Socialism, then we will reap what we sow and I'll have no problems becoming an expatriot to any of those aforementioned countries at anytime in my life here.
And Wall Street greed works for *all* of us when it isn't subsidized and in bed with big gov't. There is a long history of real economic growth, prosperity, increase in standard of living, and decrease in cost of living correlated with more economic freedom (that means a virtually unregulated market).
And, unfortunately, because our gov't is so centralized at the federal level, people feel they can't make a big dent in the system. If we had more localized gov't, people could speak with their representatives (maybe even at their homes if the politician felt it safe) and would have a much bigger swing with their vote. The problem with this country is it's suffered for so long small losses in this war against gov't, making it snowball into a coming collapse. It won't happen soon, but it's coming
selfrealized:America got the most decentralized goverment in the free world.....American´s just don`t understand how centralized most other countrie´s are......I love the decentralized freedom and democracy Americans have.......but I don`t like banker greed.....in Europe or America......and I think that the Wall Street people are the the most greedy....
That Greed isn't a bad thing when it's not subsidized and bailed out. And we absolutely have a centralized gov't. If the only way you can relatively show it as being decentralized is by comparing it to the socialistic gov'ts in Europe, I think my point is already proven. America isn't the freest place to live on Earth anymore. We're just by far the richest because of our long history of being the freest.
selfrealized:Where are people more free than in America?.......what countries are more decentralized than America?......do Wall Street greed work for you?
Hong Kong, Singapore (new residence of legendary investor and Austrian economist Jim Rogers), Australia, Ireland, New Zealand, then us according to Heritage Foundation's ranked Index of Economic Freedom based off various categories of freedom such as Business, Trade, Fiscal, Monetary, Investment, Financial, Labor, Gov't size, Property rights, and Freedom from Corruption. It's an interesting read; go to their website or google it. Just because we're rich doesn't mean our policies are perfect.
...less goverment is god,but less goverment lets the greed on Wall Street get out of control........so even if we don`t want it we must have a lot more goverment on Wall Street.....
@wanabee100 If Govt. Let the Wall street fail due to market pressures the invisible hand of the free market will reduse the impact of greed!!!! Also there is a difference btwn greed and self interest, its clear that so many people like you dont have a clue of finance and economics and what the differences are!!!!
...there are no invisible hand under the pour in South America.....and for 500 years they have been run by free market greed....I love capitalism....but if we don`t stop wall street greed then the socialist will rebound....look at Germany,Japan and even The USA.....the capitalism after WW2 worked very close together with the Goverments......take as an example the computer revolution(that makes it posible for you and me to argue lond distance) is a spin off from NASA and the American military....
They didn't know what they truly had until it got into the hands of the private market, fool. They haphazardly stumbled into that one. There's millions more solid innovations from individuals and private interest than gov't throughout history.
selffrealizedexile:I think that it`s important to find out whats works.....not caling someone I never meet fool.....and the greed on Wall Street don`t work for me - capitalism regulated by goverment do.....China as a super power probably won`t work for me or you in the long run....
China as a super power as long as there is international free trade is a boon for everyone. And just what regulations will you impose on Capitalism? I probably have 3 concrete examples for each regulation you'd name that sent the user counter into financial turmoil.
That means a small gov't. Big gov't incentivizes businesses to get big and get in bed with gov't. And "regulations" are the tool big businesses use to create high barriers of entry for their industry and thus move towards a monopoly, driving prices up. Look up the ICC. What we need is a politically active, educated voting base that keeps gov't small (enforcement of contract law, military protection, externalities/defending our civil liberties and that's it, it'd be 1/100th the current size).
Peter Schiff is absolutely right on this one. When the fed keeps printing money to fund government programs, foreign adventures, and "stimulus" packages the dollar gets so cheap that inflation will eventually kick in. What we are currently doing is a repeat of the 60's and 70's, and to an extent the 30's and 40's. It won't work and it will come back to bite the Keynsians in the ass. That professor is just another hack for the Democratic party.
Graduates of Wharton Business School must feel like they've been so ripped off. It amazes me that people still don't listen to Schiff even though he's right time and time again.
I love how the reporter just says, "I'm with you Peter with buzz word buzz word buzz word." She didn't even listen to his speech. It wasn't about lowering the cost of tuition, it was about those prices being forced down due to a sever contraction of wealth because it will no longer be another 4 years of high school government subsidy. I bet she got government tuition assistance. Go Peter and go Austrian Economics.
The goverment is not for "The People," b/c why would they try to keep prices up. Deflation should be embraced for those who were prudent and careful with their financial decision making.
Peter Schiff for senate 2010! Jeremy Siegel is deffinately a democrat bot. If you look at the community reinvestment act and what its purpose was, it's clear that the gov't was a big factor that led to the recession.
I studied economics in college and they only teach us Keynesian Economics.
College has become a complete joke. The government controls what is taught in college. Parents have no control over what is taught to children.
We need to remove government control from school and college. The government takes money from us via tax and then provides us with rubbish education. If we keep our money we can spend it and decide what education we want.
If I could handle the math, I would love to pursue a degree in economics, because I'm an economics junky. I too have heard that they only teach keynsian economics. I consider keynsian economics socialism lite because of the nature of it. Pols love it because it gives them an excuse to spend money, and in our case, money we dont have. Thanks, but I'd rather the private sector take care of the economy, rather than central planning.
"Keynesian systems are good for recession periods"
lol
Keynesian system creates the problem via cheap money this then causes a bust in the economy. When you print money this is inflation. You reduce the value of paper money. How can you say that Keynesian is good? We need stable long term growth. The boom and bust cycle is a result of government control of curency.
We need to have money that is fixed to gold or silver so it can not be manipulated.
You obviously have no clue what Keynesian Economics is. Keynesian Economics has nothing to do with printing money you fool, go get an education before you talk. How can you have long term growth when Capitalism always falls after the peak, profits always declines. No the businesses cycle is a result of the Nature of Capitalism, once the economy reaches full employment, prices rise, and if there is not an increase in supply there is an inflation.
Plus this video is retarded, more consumption brings the GDP higher, creating more jobs, bringing the economy back to full employment. Also he AE (aggregate expenditures) = AQ (aggregate output) Less consumption = less AE, lower GDP, less jobs, higher unemployment. Less you consume, the less business other people get. Classical Economics = fail.
@hyylo I study economics, and I think both Keynesian and Austrian schools are wrong because they both miss the point that you cannot have infinite "growth" on a finite planet. unfortunately in America its always black vs white, good vs evil, dem vs repub or Keynes vs Austrian, hence few seem to look outside the box for a third option or fourth, fifth sixth etc. until economics starts using science as the basis of enquiry, I have no respect for it.
If you study economics you will know that the first rule is to have real money.
Paper money has no real value. Gold and Silver has been used for thousands of years because it can not be printed.
Austrian school of economics points out the obvious which is you need real money to have a stable economy. You do not need infinite growth if you have a stable economy.
@hyylo There is no such thing as "real money" vs " fake money" if you view money as an information system then you will understand the problem of inflation, debt etc. One of the main stipulations of money is that it needs to be widely accepted, which gold and silver are due to their unique intrinsic properties. They however have nothing to due with a stable economy. The Instability comes from the Idea of "interest". Search for "steady State Economy" for an explanation.
@hyylo There has never been a nation in history with prolonged economic growth coupled zero percent inflation rate regardless of whether they were on a gold standard or "fiat" money. inflation is a result of fractional reserve banking, which itself is a result of interest charged on debt. Money is borrowed into existence and if you charge interest then where does the interest come from to pay off the debt, answer: more debt + interest.
@hyylo Mises and the Austrian school is only highly regarded in the USA because of an Idealogical complex Americans have, Austrians do not believe in induction therefore they are unscientific. they also don't distinguish between the "free-market" as an ideal state which does not actually exist in reality. In short they prefer to believe in fantasy then reality. Keynesian-ism was merely a response to this therefore it was bound to be inadequate.
@hyylo That said they have contributed some important knowledge such as hayek's price signal and calculation problem., shumpeter's creative destruction, the theory of interest and marginalism, and time preference. other than that its pretty much a dead end road. behavioural economics, thermoeconomics, ecological economics, all study various aspects of economics that blow away Austrian school. Now we need to integrate all the thought into a new whole biophysical economics.
Ron Paul is correct when he said that econimis has been purposely made difficult by the government and the teachers union so the public do not find the truth.
You seem like a person that likes to complicate things.
Lets keep things simple.
I will continue to purchase gold and silver for the next few months. The price of gold and silver will explode as inflation increases.
you can read your books but i will trust Ron Paul, Peter Schiff & Austrian economics :)
Keynesianism puts too much emphasis on the consumer side of things and not enough on production. Paying people more money to spend won't do a damn thing if there are less businesses to spend that money on. The people will just spend money on businesses that have survived or are already thriving, rather than helping stimulate business investment so people start new firms that will grow and hire more people and actually get us out of this mess. Obama's team of "economic advisers" is insane.
I never embraced Keynesian economics. I knew it was bullshit the moment I first heard it. I mean, come on! There's so much disproven crap and other stuff that's just incredibly counterintuitive. The government's going to spend money that it first has to TAKE OUT of the economy through taxes to somehow 'stimulate' growth? I don't think so! All it will do is crowd out real economic growth. Government employment doesn't create products that can be bought and sold and lead to recovery.
The paradox of thrift is such nonsense! There is no paradox. Saving always contributes to more growth long-term. It's good for all of us, not just individuals. Spending money when you're practically fucked and just lost your job is such a ridiculous prescription for "recovery." If you spend money when you're at your worst, how is that gonna help? That'll just put you in the poorhouse. Then you'll have to use welfare and other gov't benefits and drag down the economy further.
If individuals and banks save money, in the long term they will be able to use those savings to either spend a lot more than they used to and give a huge boost to the economy at the right time, and lenders will be able to give huge amounts of investor money for new startups or expansions of current businesses. This is what's needed, not a failed stimulus. The multiplier effect for gov't spending is vastly overrated. Sure, better bridges may help the economy a little, but it's no quick fix.
The lady is with Peter on bringing down college tuition but she does not stop for a second to examine why college tuition is skyrocketing. Meanwhile, as college tuition remains inflated kids are being brainwashed by idiots such as the professor in this video. All it takes to get a PhD in the social sciences at a university is to kiss a lot of ass and embrace the socialist propaganda. Dissertations are accepted upon the subjective opinion of armchair fools who cant make it in the real world
Siegel is a "little off" on his unemployment numbers. In January talking of light at the end of the tunnel. Unemployment around 7%.
Turns out he's wrong by over 2%. It's different if you're only off by say half a percentage point, but if you can't see 6 months down the road, which included a big jump in unemployment, your credibility has tanked.
The biggest problem with the United States right now is nobody wants consequences for their actions. Actions without consequences pretty much violates even the most basic laws of science.
The gov did not help create it, it legislated it and financed through the state run nationalized socialized communist fed reserve. It solely created the shit. Banks make money off of mortages over a long period of time the investment pays it self back keping track with inflation and a really small amount fo intrest-adustable rates go up and down based upon inflation by the fed etc. When these loans are not paid back there becomes a reckoning and the theives didn;t pay them back.
None of the objectives in Obama's plan have even come close to being achieved. On the contrary, everything Peter predicts in this vid has come to pass. Why won't people address the hyperinfation scenario? It CAN happen here, the USA is subject to the laws of physics just like anywhere else.
Obviously, any diploma from the Wharton School is good for wiping one's ass, and that's about all. This fucking clown Jeremy proves it. Fuck off Jeremy, you fuckhead.
This guy has simply never heard of capital theory; and is completely unfamiliar with the role of interest rates. I feel bad for all the Harvard yuppies who think they're getting something for their buck. Little do they know all of their professors are hacks.
What this Wharton idiot doesn't understand is the actions taken now will only be felt a few years from now.. NOT NOW.
Just look at history... 60's overspending = bad 70's. Even all this subprime and low interest rates took years for it to set in and have its impact. But when it happens, it happens strong and quick.
omfg! this peter schiff guy. he's so amazing. i just hope with all my might that he's the real deal. and not another government agent that anticipates our reactions and preys on them. i'll accept him as a good doer for now but i keep my fingerst crossed
This guy is teaching students at Wharton? Wow. I love how everything Schiff says, comes true. But we should probably keep ignoring him. Free market economics is a science, not a political theory! Thanks Peter, maybe after the dollar collapses, we can have you rewrite sound economic principles.
i love how Schiff views the market on a much bigger scale than almost everyone else.
and that's what we need.
if we vote for him for president 2012, it's gonna be hard time coming for us, even harder than right now, but no pain no gain. We must sacrifice now before we have to sacrifice much more in the future.
I rather suffer less right now than suffer tremendously later on.
Only bad advise Schiff gave was to buy foreign currencies which is against alot of what he taught. Foreign currencies are still fiat currencies backed by a worthless foreign government just like ours. Precious metals and commodities yes yes yes. But no foreign currencies they will ALL be worthless soon.
He never said buy foreign currencies. Even people would call his show and said "hey why not invest in the euro?" and he said not to because it is a fiat currency. He invests abroad because when the dollar dips they will make bigger amounts of money.
…nice to see 3 criminals hacking over the fate of enslaved mankind.
There is no CREDIT, because irredeemable debt currency produces nothing but fraud and slavery.
With a Federal Reserve System it is IMPOSSIBLE to save.
Anyone that ATTEMPTS to save is DESTROYED with prejudice.
centurion180ad 1 month ago
I wander if Jeremy veals the same now? He fails to realize that clinton and greenspan really started the hole mess with the housing. Hows this "every one should own a house" thing working for you?
nannyberries 3 months ago
Adam Smith always said government should not get involved (although monopolies should be avoided). I don't even understand how Keynesian economics became popular, it is so clearly flawed.
Aesoe 4 months ago 2
@Aesoe One word.
Socialism
It is the school of economics that is used the most to push Socialism by government loving statists..
d0gM3at 1 month ago
Watch Peter debate Jeremy in his "Global Leadership Forum 2010" video. Very funny analogies as usual. Correct predictions as usual. Thick heads that don't understand Peter's clear as day logic as usual. One accurate prediction after the next year after year and people still want to argue with you? Daring aren't they but will look like fools in a year.
2100v 4 months ago
@2100v I think they also look that way now. I wonder if they would change their minds from two years ago?
nannyberries 3 months ago
@nannyberries Some people do change their tune. Watch Peter's Mortgage Banker's Speech and see what the expert (Barry Ausmus?) says at the end then go to that guys website and see that 4 years later he sounds like a Peter Schiff clone.
2100v 3 months ago
Learning? I think Jeremy needs to learn. Good god this is pathetic.
NosoCOMINSOON 4 months ago
so where is this Jeremy guy now???
snooppeterd 5 months ago
Peter reminds me of Jack Nicholson in "One Flew Over the Cookoo's Nest". the only sane person (other than the Chief of course) in the whole damn place!!!
i hope it won't come to shock therapy :))
Rawego 5 months ago 2
this asshole (Jeremy Siegel) is calling for another QE3 !!!! and then what??? 4 5 6 7 8 9 10???
Coteincdr 5 months ago
I wonder if these guys look back and say. Shit. Peter was right, again. Why didn't I find youtube earlier?
Paetaor 6 months ago
peter schiff rapes
TheBlitz1 7 months ago
@dmeiske Seigel is a retard; Peter schiff didnt prove anything
shotsky94 8 months ago
Peter Schiff at his best, it makes Seigel look like a retard.
dmeiske1 8 months ago
I love how the Keynesian get owned, would be nice if this happened more often on CNN. CNN is a complete fail today, they really like to push in the direction of more Government. Fox also pushes for greater Gov as well. Difference, CNN want more private individual subsidized & Fox mainly wants Corporations subsidized. I don't believe anyone should be subsidized. All taxes that are enforced by force should be abolished. The only sensible tax is one that is voluntary.
dt3891 9 months ago
"I don't see inflation anywhere, Peter..."
This is funnier than family guy.
ArgentThug 9 months ago
I wont go to that college for my education.
As expensive as college is today, look at what that professor was saying. Imagine less prestigious colleges... scary
Shrunkenhead61 9 months ago
@Shrunkenhead61 so you're criticizing a well respected college professor in his field without going through university yourself. Are you an economic genius? Just asking.
shehzad27 9 months ago
@shehzad27 Yes I will criticize A professor of A college. If a college professor told me that drinking lambs blood was a great way to stay in shape... I'll probably criticize that.
Just because he is a professor? That's called appeal to authority. Also, you have assumed I haven't gone to college.
Finally, I took the side of Peter Schiff, someone with a degree and actual work experience in the real world economy... you are criticizing me for taking an opinion outside of academia?
Shrunkenhead61 9 months ago
@shehzad27 cuz most of them are fucking idiots, an example, Paul Krugman.
ArgentThug 9 months ago
@shehzad27 You have to consider the variety of reasons why someone becomes a well-respected college professor - you are assuming it is because of the integrity and validity of their academic work. As someone who works at a major university, I can tell you there are many reasons faculty get accolades, appointments and funding. Who is more likely to be "well-respected", someone who works to justify the status quo in government, society and academia, or someone who challenges the powers-that-be?
gergenheimer 8 months ago
@shehzad27 He didn't go to college so that gives him an edge up on that college professor. The economics in college is just keynesian nonsense.
nacholibre48 8 months ago
It's been two years later and one of these men is completely right on the money. The other just sounds like a useless talking head with no validity
jismjacket 11 months ago
If government jobs were so great, why not just use taxpayer money to create up jobs everywhere? If they were productive, the private sector would have created them since the word productive is interpreted by the employers and consumers who demand the labor of the employee. jobs are just a demand for labor. How can the president create demand? Thats like using our treasury to pay 100 million people to dig ditches on the side of the road. Those are "jobs". Efficiency is the key
AroundSun 11 months ago
"I don't see inflation anywhere"
"Open your eyes"
haha
SitDownShutUpp 11 months ago 16
Jeremy Siegel is a putz. He almost sounds like he believes the crap he is spewing. If he really does believe it, he is a bigger putz than I thought.
specialks1953 11 months ago 2
lolz, this is from a whilst back and bam is stilll spending. Unemployment is up. lolz.! Damn, thats another who owes schiff an apology. We needs to start counting.
MrGeestacks 1 year ago
why the fuck is the president creating jobs, hes an ass. How does it help anyone when 1 person sets the pace, does that sound a bit dumb to anyone else? if peter schiff is totally off then why is unemployment through the roof. most know too many are left out of the statistics saying unemployment is at 9% at or around. honestly that is wayyyyyyyyy off. anyone who has another theory, go to the economically depressed areas and hang out for a bit. Then pls reply. Otherwise DO NOT SPEAK!
MrGeestacks 1 year ago
I wonder if this guy looked back at his comment was 7% unemployment we were headed for. Once again Schiff predicted correctly. What else is new.
SuperGuitarman69 1 year ago
You spend excess savings,,, so everybody can stay on a solid foundation... If you spend then save,, you are on thin ice.
It might get a little bit worse when everybody save,,, but it is a real recovery... And when everybody get back their buffer, the recovery is over...
bjarnet3 1 year ago
Long live Peter Schiff!!!!
Bluto2973 1 year ago
It's ironic that a guy with the name of "joomlasites" who evidently develops websites off of the knowledge of those "socialist" open source developers is so "free market".
Siegel was right. Fannie and Freddie got brought down not because they were government sponsored, but because their CEOs acted in the "free market" for their investors and bought way too much mortgage-backed securities. Don't believe the bs. Look at their 10-Q to see where their problem lies: Mortgage-Backed Securities.
edschaeffer 1 year ago
"open your eyes" XD Go Peter!
adammcguk 1 year ago
Seigle looks and sounds mentally retarded.
jimberkt 1 year ago 3
why can't people understand economics like Peter does......
they mess it all up and blame it on the free-market because they tricked the free-market....
MirageScience 1 year ago
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considering27 1 year ago
More than a year later and Peter Schiff is still wrong, no hyperinflation ...Jeremy siegel predicts high unemployment and lower capacity utilization both true... Austrian economists are like engineers that can't do calculus - completely useless
absynthae79 1 year ago
@absynthae79
peter schiff is wrong?
Look at the price of Gold. lol
look at the price of silver.
look at your living standards.
hyylo 1 year ago
@absynthae79
we will have hyperinlfation if we keep doing what we are doing. They have just reinflated the bubble nothing more. Peter was right on.
xMaXiMuSx 1 year ago
@absynthae79 Yea, Peter is wrong about everything. Let's listen to Ben Bernanke, now that's a man who's been correct about everything the last 5 years!!...
gnuochtapir 1 year ago
Keynesian economics has done so much damage the last 100 years. It's mindboggling that it is the prevailing theory taught at universities.
gnuochtapir 1 year ago
@gnuochtapir Its mind boggling that Economics is taught at universities. economics is the art of stealing from ordinary people, theft should not be taught in universities.
MrTrueMedia 1 year ago
@MrTrueMedia Austrian economics is the only economics that should be taught.
gnuochtapir 1 year ago 28
@gnuochtapir I think all of them should be taught because there's an ideology guiding every school of economics, Austrian school is no more scientific then the Keynesian, there are both semi religious. Economics can never be free from ideology because its about running the world, which people always want to manipulate according to their world-view. I personally don't follow either but learn from both and am more aligned with Ecological and Behavioural Economics.
MrTrueMedia 1 year ago
@MrTrueMedia Well, you gave a good reason there why austrian economics shohuld be taught over keynsean because austrian is distinctly NOT about ruling the world it's very much about the opposite. its a passive system where you accept the fauls inherent in the free market and accept that perfect knowledge doesnt exist and that any interference by a centralised power will have unforseen consequences. All it advocates is relative stability not utopia.
jimberkt 1 year ago
@gnuochtapir
Henry Clay And Alexander Hamilton would eat Mises and Hayek alive.
Salvysahagun 5 months ago
Schiff is full of shit. "Massive inflation". Really?
Come back to this video in a year and you'll hear crickets from the Austrian "true believers". It's not economics, it's superstition. Mr. Schiff often equates asset price increases with 'real' inflation, which is nonsense. He wants to redefine terms until he's right. Austrian economics and wingnut Libertarian radicalism have become intertwined, and Mr. Schiff loves slinging that bullshit that wingnuts love. He's just a stopped clock.
TheMichaelBolton 1 year ago
@TheMichaelBolton Peter predicted inflation in the near future, not precisely in one year. It's hard to be dead on because there are so many intricate parts of the economy. However, Schiff is as close to the mark as anyone has been with his predictions. Say what you want, but the truth speeks for itself. 90% of government is pure worthless B.S. that hinders peoples lives
tonyg0123 1 year ago
@TheMichaelBolton Aside from being wrong with how he defines inflation and the tendency to hurl around nastiness do you actually have anything to say of substance?
equsnarnd 1 year ago
@TheMichaelBolton Go look at Schiffs predictions in 2002. Looks like he was right and you are wrong
FourOnSix713 1 year ago
Guess where New Maglev trains rule ...
See Peter Shiff is right
Production + savings = power
aviomaster 1 year ago
It is now August 2010. Fed just stated it needs to raise interest rates to prevent inflation. Which economist predicted this? Shame no one listened back in 2006 when Austrian economists warned of a coming recension. Just type Peter Schiff Was Right in your search box at the top of the page here ; )
xTAxGUNZ 1 year ago
Jeremy Sielegel is scum bag
aviomaster 1 year ago
Public education indoctrinates its students to put a blind faith on Keynesian economics. Austrian economics is almost vanished from public institutions. My former economics professor believes it is obsolete! What an asshole!
loverforever1 1 year ago
@loverforever1
Because it is. It's an openly anti-scientific method, anti-analysis dinosaur. Say what you will about Keynesian Economics...it's far from perfect, but the Austrian School is a laughable pile of fossilized shit.
Eldeecue 1 year ago
@Eldeecue
The fact that advocates fo Austrain economics haven't provided us with enough empirical evidence to sustain their claims doesn't mean that they are anti-scientific nor anti-analysis. And yes; it is a dinosaur discipline as you claim only because Keynesian economics has become generally accepted. Yet, it doesn't mean it is perfect or rational (Deficits, bubbles, National Debt $50 trill). Austrian eco can't be thoroughly tested because the right conditions don't exist (Too much Gov!!).
loverforever1 1 year ago
@loverforever1
good post and Rebuttal
Ryukikon 1 year ago
@Eldeecue
just because you can provide numbers and graph something doesn't make it right. If a person witness a murder without any method of empirical proof does that mean it didn't happen. Also because i can't catch someone stealing doesn't mean they aren't stealing. Just because something is newer doesn't mean it is better. Economics is a retrospective subject. We have actually far more data on Supply oriented Market economics than Demand orientated like Keynesian because its older.
Ryukikon 1 year ago
2:00 Jeremy Siegel: "I don't see inflation anywhere, Peter". Peter Schiff: "Open your eyes" CLASSIC LOL
ecnerwal999 1 year ago
Peter Shiff is right 100% ////
USA would not start WARS if economy was in great shape.
aviomaster 1 year ago
You don't get an economics education from a state school.
DaveDoggOwns 1 year ago
@DaveDoggOwns
that line is wisdom
tblach04 1 year ago
hahahaha that guy on the right is an idiot. the houses that shouldnt have been built is a direct result of ludvig von mises house builder scenario. the fed driving interests rates down distorts the market and leads to the houses being built, as businesses are under the impression that people are saving and not spending.
poor peter, those idiots dont understand what he is saying. you can tell he is disappointed by the look on his face at the end.
bonfirejovi 1 year ago
the guy on the right of the screen is an idiot. how does he define inflation? inflation is the expanding of the money supply so by definition spending more and getting credit from the federal reserve as opposed to getting money from taxpayers is inflation.
bonfirejovi 1 year ago
i mean peter just will not give the other guy any time to speak, or make his point. and i am pretty sure that the housing market bubble was not made by the gov't considering that the housing market is privately owned
spencerlee23 1 year ago
@spencerlee23 You have to listen to Peter Schiff a lot more. The housing bubble was absolutely caused by government. go on mises.org great website
ecnerwal999 1 year ago
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@spencerlee23 You have to listen to Peter Schiff a lot more. The housing bubble was absolutely caused by government. go on mises.org great website
ecnerwal999 1 year ago
this comment below is from a pig that obviously works for the illu.. power-elite, provocateuring as usual.
agreed. Peter is 100%.
nghtrsnl 1 year ago
this siegel is a jew that works for the illuminati, telling propaganda as usual. Peter is 100% right
cetnik03 1 year ago
Provocateur? I don't have an eye for these sort of things.
What about Schiff? lol
Yeah. Peter is 100%.
nghtrsnl 1 year ago
Peter is also a jew. jooooooooo. jooooooooooooooooooo
Sivels 1 year ago
To be fair to Keynes, I think he advocated government spending in a recession with the assumption that things were ok generally. I don't think he advocated running a bubble economy, and then printing money to get around it.
canisfamilliaris 1 year ago
@canisfamilliaris no you are right, but he advocated spending to make the bubble last which just makes the bust worse. keyne's infinite boom was an unrealistic dream.
bonfirejovi 1 year ago
This comment has received too many negative votes show
Once again, Peter "The Fraud" Schiff is wrong.
Injustice360 1 year ago
@Injustice360 your an idiot.
yz250thatownsyou 1 year ago
Thanks.
Injustice360 1 year ago
@injustice360, you're kidding right?
ack012 1 year ago
This has been flagged as spam show
@injustice360, you're kidding right?
ack012 1 year ago
@Injustice360 Peter Schiff was spot on with his predictions... all the jobs Obama has created have been government jobs and the private economy has now shrunk to its smallest level ever compared to an ever expanding government workforce. We are on a path to war... and it won't be a war of words.
PatriotsRepublic 1 year ago
These Keynsians just cant do anything right but they know that polticians like their ideas about govt spending. Keynsian econ was invented in order to attract politicians who knew that pure socialism would not sell to voters. It's purely a concoction that is about making politicians happy and those that have privileged access to political (ie taxed and printed) funds in order to bankroll political campaigns and execute govt securities trades. Its the biggest swindle since communism itself.
midnight9wanderer 2 years ago
The only way it'll ever change and reverse course is if Americans start to vote in people like Ron Paul and Peter Schiff, men who actually know wtf they're talking about. But, we see each election that barely any voters understand that. It's only right before a disaster that the average, dumb human sees the light.
selfrealizedexile 2 years ago
@selfrealizedexile :In principe I agree with much of what you write,but a little goverment sometimes is better than no goverment at all....but I asked you....how do Wall Street greed work for you?.....my guess is that the only REAL Wall Street greed you had in your life was when the Wall Street guy`s spekulated half of your dad`s pension away?
wanabee100 2 years ago
My dad's been dead since I was five for the record, hehe. Secondly, I'm probably not a full-fledged anarchist. I think it's probably for the best we have a minimal gov't that protects people's civil liberties via military and police protection, enforcement of contract law, taxes on externalities, and courts to adjudicate matters. But, remember, this minimal gov't is 1/100th the size of our current gov't.
Finally, the point you keep pushing about wall street greed is pretty pathetic.
selfrealizedexile 2 years ago
I don´t think that I am pathetic writing about Wall Street greed again and again.....if people like me and you who believe in the free market don`t stop Wall Street greed...then the socialist will recover and have a comeback.....and don`t forget...the Wall Street people don`t mind you working for a dollar a day...
wanabee100 2 years ago
No one but the wall street men themselves favor subsidization and bail outs for them. I've said enough times already Corporatism =/= Free Market Capitalism. You're either willfully ignoring that or cannot comprehend that.
selfrealizedexile 2 years ago
world as soon as we were crowned as such.
selfrealizedexile 2 years ago
own public option plan, hammering the nail in the coffin for that sector of the economy that was originally fine waaayyy back in history when it was 100% private. After this, gov't will move on to another industry that the public doesn't understand and wants regulated to gain votes for the next election. It's amazing how short-sighted all these fat, sassy Americans are. But, they'll reap what they sow when it all comes crashing down. We've been squandering the mantle of richest nation in the
selfrealizedexile 2 years ago
mobilize support to enact laws on price control. This will send many insurance companies below their profit margin, thereby putting them out of business and preventing any new insurance companies from wanting to start a business in that industry because they can't profit. Healthcare will be more scarce, there'll be fewer companies providing care therefore prices will go up. More and more people will become uninsured because they simply can't afford the new prices. Then gov't will create its
selfrealizedexile 2 years ago
Gov't takes over marketshare of various industries, crowding out competition, favoring big companies, and then complains about the price of relevant goods and services. They take over more and more of the healthcare industry, for example, and then complain about the price of healthcare. What do you think is gonna be the new price of premiums after the Pre-Existing Condition Protection Act is passed into law? It'll go up, then the gov't will complain about prices again. They'll attempt to
selfrealizedexile 2 years ago
I went on a tangent and let my inner anarchist out of the closet, but hopefully I made you think about what democracy really is and whether it's the true end game gov't. Humans went through many gov't evolutions throughout History. Monarchy at one point was deemed the "best alternative."
selfrealizedexile 2 years ago
....and how do Wall Street greed work for you?.....do you work on Wall Street?.....or are you in university and dream about a Wall Street job?
wanabee100 2 years ago
I think I've already explained that point twice to you. Greed when its forced to compete with itself has long been proven monumentally effective at helping all those who participate in the system via lower prices thereby lower cost of living and higher quality thereby higher standard of living. That's like econ 101. Now the Free Market has always been an idea that never really has been practiced wholly. That's a fact. But, History has showned those nations who come ever closer to that
selfrealizedexile 2 years ago
aymptote do the best. Even the poorest of that country would be relatively well off compared with nations who participate in a more regulatory version of capitalism. This has easily been proven time and again. Now, what the United States has been doing for the past century is spiraling down into more and more gov't programs that seek to solve problems previous gov't programs created (problems the gov't blames on the free market). We have rampant corporatism. Corporatism spawns from gov't.
selfrealizedexile 2 years ago
revenue that came from my taxes. Globalization will likely take us to a one gov't end where voting with your feet to escape the largest form of that gov't impossible. How then do we force our votes to matter? Riots? Assassinations?
selfrealizedexile 2 years ago
All votes obviously are not equal and this is the defining feature here. Your vote always counting at at least some value is mutually exclusive to all equal votes whose individual value is miniscule. This is the true underlying reality. Democracy will always be inconsistent with individual freedom by definition. Individuals must be subdued by the majority.
But at least when the gov't is local, my vote can always count when I vote with my feet and that gov't no longer has that extra bit of
selfrealizedexile 2 years ago
majority of his votes will get most their policies enacted but not all of them. He'll probably end up being a mixed average of all his supporters. In this sense, this is the best a voter can hope for when he participates in a democratic election and it only occurs if his candidate wins. His vote is equal to him not having voted if he loses. This phenomenon necessarily can't happen in a free market. Everyone that has money (value) to trade and trade freely has a constant worth to their vote.
selfrealizedexile 2 years ago
And this is where Democracy is trumped by the Free Market. In the Free Market, everyone's "vote" has some value regardless of the outcome. If I vote against Barack Obama in 2012 and Obama wins 57% to 40% (3% for third parties such as Libertarian party), my vote doesn't have any value or influence on how Obama will govern. I lose if I voted Republican and I absolutely lose if I voted Libertarian. Hell, can you even say all of those who voted Obama necessarily win, too? At best, the
selfrealizedexile 2 years ago
Selfrealize:To what country did you choose to move to now when you plan to vote with your feet......Australia,New Zealand,Ireland ,Hong Kong or Singapore?...I would choose Australia or Zealand if I was you...stay away from Hong Kong....unless you trust the China Goverment.......
wanabee100 2 years ago
Probably New Zealand, maybe Australia; I already know a few people there and they're a hell of a lot less lazy than Americans are.
selfrealizedexile 2 years ago
And this is the beauty of localized gov'ts -- when they fail, you can vote with your feet and move to another town. Now, power is so consolidated you have to move to a whole other nation to vote with your feet.
selfrealizedexile 2 years ago
And yes, regulations are needed to keep big gov't small and corporatism capitalism. But, this kind of regulation doesn't come from gov't. It comes from the voters! Prosperity comes to those who deserve it. If we want to squander our economic growth and future to inane policies derived from Socialism, then we will reap what we sow and I'll have no problems becoming an expatriot to any of those aforementioned countries at anytime in my life here.
selfrealizedexile 2 years ago
And Wall Street greed works for *all* of us when it isn't subsidized and in bed with big gov't. There is a long history of real economic growth, prosperity, increase in standard of living, and decrease in cost of living correlated with more economic freedom (that means a virtually unregulated market).
selfrealizedexile 2 years ago
And, unfortunately, because our gov't is so centralized at the federal level, people feel they can't make a big dent in the system. If we had more localized gov't, people could speak with their representatives (maybe even at their homes if the politician felt it safe) and would have a much bigger swing with their vote. The problem with this country is it's suffered for so long small losses in this war against gov't, making it snowball into a coming collapse. It won't happen soon, but it's coming
selfrealizedexile 2 years ago
selfrealized:America got the most decentralized goverment in the free world.....American´s just don`t understand how centralized most other countrie´s are......I love the decentralized freedom and democracy Americans have.......but I don`t like banker greed.....in Europe or America......and I think that the Wall Street people are the the most greedy....
wanabee100 2 years ago
That Greed isn't a bad thing when it's not subsidized and bailed out. And we absolutely have a centralized gov't. If the only way you can relatively show it as being decentralized is by comparing it to the socialistic gov'ts in Europe, I think my point is already proven. America isn't the freest place to live on Earth anymore. We're just by far the richest because of our long history of being the freest.
selfrealizedexile 2 years ago
selfrealized:Where are people more free than in America?.......what countries are more decentralized than America?......do Wall Street greed work for you?
wanabee100 2 years ago
Hong Kong, Singapore (new residence of legendary investor and Austrian economist Jim Rogers), Australia, Ireland, New Zealand, then us according to Heritage Foundation's ranked Index of Economic Freedom based off various categories of freedom such as Business, Trade, Fiscal, Monetary, Investment, Financial, Labor, Gov't size, Property rights, and Freedom from Corruption. It's an interesting read; go to their website or google it. Just because we're rich doesn't mean our policies are perfect.
selfrealizedexile 2 years ago
And for the record, that red head is bangin'! Always hot when a woman can pull off the red head look. Tan blondes get boring after a while.
SuaveSavant 2 years ago
Peter Schiff is right.
YouGotTheWord 2 years ago
...less goverment is god,but less goverment lets the greed on Wall Street get out of control........so even if we don`t want it we must have a lot more goverment on Wall Street.....
wanabee100 2 years ago
@wanabee100 If Govt. Let the Wall street fail due to market pressures the invisible hand of the free market will reduse the impact of greed!!!! Also there is a difference btwn greed and self interest, its clear that so many people like you dont have a clue of finance and economics and what the differences are!!!!
chuqyv12 2 years ago
...there are no invisible hand under the pour in South America.....and for 500 years they have been run by free market greed....I love capitalism....but if we don`t stop wall street greed then the socialist will rebound....look at Germany,Japan and even The USA.....the capitalism after WW2 worked very close together with the Goverments......take as an example the computer revolution(that makes it posible for you and me to argue lond distance) is a spin off from NASA and the American military....
wanabee100 2 years ago
They didn't know what they truly had until it got into the hands of the private market, fool. They haphazardly stumbled into that one. There's millions more solid innovations from individuals and private interest than gov't throughout history.
selfrealizedexile 2 years ago
selffrealizedexile:I think that it`s important to find out whats works.....not caling someone I never meet fool.....and the greed on Wall Street don`t work for me - capitalism regulated by goverment do.....China as a super power probably won`t work for me or you in the long run....
wanabee100 2 years ago
China as a super power as long as there is international free trade is a boon for everyone. And just what regulations will you impose on Capitalism? I probably have 3 concrete examples for each regulation you'd name that sent the user counter into financial turmoil.
SuaveSavant 2 years ago
country*
SuaveSavant 2 years ago
suavesavant:the regulation that would stop Wall Street greed and at same time don`t stop honest hard working capitalist from making money!
wanabee100 2 years ago
That means a small gov't. Big gov't incentivizes businesses to get big and get in bed with gov't. And "regulations" are the tool big businesses use to create high barriers of entry for their industry and thus move towards a monopoly, driving prices up. Look up the ICC. What we need is a politically active, educated voting base that keeps gov't small (enforcement of contract law, military protection, externalities/defending our civil liberties and that's it, it'd be 1/100th the current size).
selfrealizedexile 2 years ago
Keynesian Economics are really good for recession.
supermurder67 2 years ago
Peter Schiff is absolutely right on this one. When the fed keeps printing money to fund government programs, foreign adventures, and "stimulus" packages the dollar gets so cheap that inflation will eventually kick in. What we are currently doing is a repeat of the 60's and 70's, and to an extent the 30's and 40's. It won't work and it will come back to bite the Keynsians in the ass. That professor is just another hack for the Democratic party.
AWE319 2 years ago
Graduates of Wharton Business School must feel like they've been so ripped off. It amazes me that people still don't listen to Schiff even though he's right time and time again.
ItsAllAboutGuitar 2 years ago
The idea of a unsubsidized capitalism...we don't even have to bother talking about that!!
I has existed. I has existed in a good part of the third world, which is why the third world looks the way it does.
It has never existed in any developed society for a very simple reason, the wealthy and powerful won't allow it.
They will use the levers of power to make sure state power subsidizes them.
That is the way that every developed society became so.
tonybonez 2 years ago
I love how the reporter just says, "I'm with you Peter with buzz word buzz word buzz word." She didn't even listen to his speech. It wasn't about lowering the cost of tuition, it was about those prices being forced down due to a sever contraction of wealth because it will no longer be another 4 years of high school government subsidy. I bet she got government tuition assistance. Go Peter and go Austrian Economics.
Romulasshl 2 years ago
The goverment is not for "The People," b/c why would they try to keep prices up. Deflation should be embraced for those who were prudent and careful with their financial decision making.
high5flyer 2 years ago
Peter Schiff for senate 2010! Jeremy Siegel is deffinately a democrat bot. If you look at the community reinvestment act and what its purpose was, it's clear that the gov't was a big factor that led to the recession.
t80tank20 2 years ago
I studied economics in college and they only teach us Keynesian Economics.
College has become a complete joke. The government controls what is taught in college. Parents have no control over what is taught to children.
We need to remove government control from school and college. The government takes money from us via tax and then provides us with rubbish education. If we keep our money we can spend it and decide what education we want.
hyylo 2 years ago 11
If I could handle the math, I would love to pursue a degree in economics, because I'm an economics junky. I too have heard that they only teach keynsian economics. I consider keynsian economics socialism lite because of the nature of it. Pols love it because it gives them an excuse to spend money, and in our case, money we dont have. Thanks, but I'd rather the private sector take care of the economy, rather than central planning.
t80tank20 2 years ago
hi
you dont need to go to school or college to learn maths or economics. search google for Robinson Curriculum
you can teach your kids or yourself maths from home.
hyylo 2 years ago
My College teaches Macro-Economics, and use a little bit of both. We compared Classical to Keynesian systems are good for recession periods.
supermurder67 2 years ago
"Keynesian systems are good for recession periods"
lol
Keynesian system creates the problem via cheap money this then causes a bust in the economy. When you print money this is inflation. You reduce the value of paper money. How can you say that Keynesian is good? We need stable long term growth. The boom and bust cycle is a result of government control of curency.
We need to have money that is fixed to gold or silver so it can not be manipulated.
hyylo 2 years ago
You obviously have no clue what Keynesian Economics is. Keynesian Economics has nothing to do with printing money you fool, go get an education before you talk. How can you have long term growth when Capitalism always falls after the peak, profits always declines. No the businesses cycle is a result of the Nature of Capitalism, once the economy reaches full employment, prices rise, and if there is not an increase in supply there is an inflation.
supermurder67 2 years ago
Plus this video is retarded, more consumption brings the GDP higher, creating more jobs, bringing the economy back to full employment. Also he AE (aggregate expenditures) = AQ (aggregate output) Less consumption = less AE, lower GDP, less jobs, higher unemployment. Less you consume, the less business other people get. Classical Economics = fail.
supermurder67 2 years ago
@hyylo I study economics, and I think both Keynesian and Austrian schools are wrong because they both miss the point that you cannot have infinite "growth" on a finite planet. unfortunately in America its always black vs white, good vs evil, dem vs repub or Keynes vs Austrian, hence few seem to look outside the box for a third option or fourth, fifth sixth etc. until economics starts using science as the basis of enquiry, I have no respect for it.
MrTrueMedia 1 year ago
@MrTrueMedia
If you study economics you will know that the first rule is to have real money.
Paper money has no real value. Gold and Silver has been used for thousands of years because it can not be printed.
Austrian school of economics points out the obvious which is you need real money to have a stable economy. You do not need infinite growth if you have a stable economy.
The minimum wage is also a bad government policy.
Wages should be decided by the free economy.
hyylo 1 year ago
@hyylo There is no such thing as "real money" vs " fake money" if you view money as an information system then you will understand the problem of inflation, debt etc. One of the main stipulations of money is that it needs to be widely accepted, which gold and silver are due to their unique intrinsic properties. They however have nothing to due with a stable economy. The Instability comes from the Idea of "interest". Search for "steady State Economy" for an explanation.
MrTrueMedia 1 year ago
@MrTrueMedia
Please search youtube for the Mises Institute.
It is the number 1 econmics college in the world.
There are free lectures on economics.
there is nothing wrong with interest. if i have money and you want a loan i have the right to charge you interest becuase you migth loss the money.
the problem is inflation becuase inflation is the printing of money.
hyylo 1 year ago
@hyylo There has never been a nation in history with prolonged economic growth coupled zero percent inflation rate regardless of whether they were on a gold standard or "fiat" money. inflation is a result of fractional reserve banking, which itself is a result of interest charged on debt. Money is borrowed into existence and if you charge interest then where does the interest come from to pay off the debt, answer: more debt + interest.
MrTrueMedia 1 year ago
@hyylo Mises and the Austrian school is only highly regarded in the USA because of an Idealogical complex Americans have, Austrians do not believe in induction therefore they are unscientific. they also don't distinguish between the "free-market" as an ideal state which does not actually exist in reality. In short they prefer to believe in fantasy then reality. Keynesian-ism was merely a response to this therefore it was bound to be inadequate.
MrTrueMedia 1 year ago
@hyylo That said they have contributed some important knowledge such as hayek's price signal and calculation problem., shumpeter's creative destruction, the theory of interest and marginalism, and time preference. other than that its pretty much a dead end road. behavioural economics, thermoeconomics, ecological economics, all study various aspects of economics that blow away Austrian school. Now we need to integrate all the thought into a new whole biophysical economics.
MrTrueMedia 1 year ago
@MrTrueMedia
Ron Paul is correct when he said that econimis has been purposely made difficult by the government and the teachers union so the public do not find the truth.
You seem like a person that likes to complicate things.
Lets keep things simple.
I will continue to purchase gold and silver for the next few months. The price of gold and silver will explode as inflation increases.
you can read your books but i will trust Ron Paul, Peter Schiff & Austrian economics :)
hyylo 1 year ago
Keynesianism puts too much emphasis on the consumer side of things and not enough on production. Paying people more money to spend won't do a damn thing if there are less businesses to spend that money on. The people will just spend money on businesses that have survived or are already thriving, rather than helping stimulate business investment so people start new firms that will grow and hire more people and actually get us out of this mess. Obama's team of "economic advisers" is insane.
whoo689 2 years ago 2
I never embraced Keynesian economics. I knew it was bullshit the moment I first heard it. I mean, come on! There's so much disproven crap and other stuff that's just incredibly counterintuitive. The government's going to spend money that it first has to TAKE OUT of the economy through taxes to somehow 'stimulate' growth? I don't think so! All it will do is crowd out real economic growth. Government employment doesn't create products that can be bought and sold and lead to recovery.
whoo689 2 years ago
The paradox of thrift is such nonsense! There is no paradox. Saving always contributes to more growth long-term. It's good for all of us, not just individuals. Spending money when you're practically fucked and just lost your job is such a ridiculous prescription for "recovery." If you spend money when you're at your worst, how is that gonna help? That'll just put you in the poorhouse. Then you'll have to use welfare and other gov't benefits and drag down the economy further.
whoo689 2 years ago
If individuals and banks save money, in the long term they will be able to use those savings to either spend a lot more than they used to and give a huge boost to the economy at the right time, and lenders will be able to give huge amounts of investor money for new startups or expansions of current businesses. This is what's needed, not a failed stimulus. The multiplier effect for gov't spending is vastly overrated. Sure, better bridges may help the economy a little, but it's no quick fix.
whoo689 2 years ago
Jeremy Siegel is dumb ass ...
I see dark future ,,, Detroit already is bankrupt ...
aviomaster 2 years ago
The lady is with Peter on bringing down college tuition but she does not stop for a second to examine why college tuition is skyrocketing. Meanwhile, as college tuition remains inflated kids are being brainwashed by idiots such as the professor in this video. All it takes to get a PhD in the social sciences at a university is to kiss a lot of ass and embrace the socialist propaganda. Dissertations are accepted upon the subjective opinion of armchair fools who cant make it in the real world
BikiniBabe1985 2 years ago
Is Seigel from Mars?
owenander 2 years ago
Siegel is a "little off" on his unemployment numbers. In January talking of light at the end of the tunnel. Unemployment around 7%.
Turns out he's wrong by over 2%. It's different if you're only off by say half a percentage point, but if you can't see 6 months down the road, which included a big jump in unemployment, your credibility has tanked.
splenderfan 2 years ago
The biggest problem with the United States right now is nobody wants consequences for their actions. Actions without consequences pretty much violates even the most basic laws of science.
BrngBckOldCOB 2 years ago 5
The gov did not help create it, it legislated it and financed through the state run nationalized socialized communist fed reserve. It solely created the shit. Banks make money off of mortages over a long period of time the investment pays it self back keping track with inflation and a really small amount fo intrest-adustable rates go up and down based upon inflation by the fed etc. When these loans are not paid back there becomes a reckoning and the theives didn;t pay them back.
deltapunk21 2 years ago
What do your do when a Wharton School graduate is standing on your door step? Paying him for the pizza.
Finnbar01 2 years ago 4
None of the objectives in Obama's plan have even come close to being achieved. On the contrary, everything Peter predicts in this vid has come to pass. Why won't people address the hyperinfation scenario? It CAN happen here, the USA is subject to the laws of physics just like anywhere else.
pretorious700 2 years ago 2
"good jobs in America".... So, where are they? Oh yeah, China.
Let the market work, Depression of 1920-21, google it.
MrSagio 2 years ago
This is the guy that is teaching college economics?
Any ammount tof tuition would be too much to pay for his drivel.
3blognight 2 years ago
If the Wharton school is pushing this bullshit then we have no hope...
Garcia0384 2 years ago 9
Obviously, any diploma from the Wharton School is good for wiping one's ass, and that's about all. This fucking clown Jeremy proves it. Fuck off Jeremy, you fuckhead.
roddiero 2 years ago 3
As the lady says... "Tell us how you really feel."
KeanOOO 2 years ago
@roddiero LMFAO thats a good one. ne1 know where i could study austrian economics in canada?
BOORIJINAL 1 year ago
This guy has simply never heard of capital theory; and is completely unfamiliar with the role of interest rates. I feel bad for all the Harvard yuppies who think they're getting something for their buck. Little do they know all of their professors are hacks.
Questfortruth86 2 years ago
Peter sounds like my UChicago econ prof.
bjan87 2 years ago
No he doesn't, the Chicagoites are morons. Peter disagrees with Friedman and Monetarism.
Questfortruth86 2 years ago
Are we all doomed jobwise? Because of new President?
username1p 2 years ago
yes.
acidtrashy 2 years ago
What this Wharton idiot doesn't understand is the actions taken now will only be felt a few years from now.. NOT NOW.
Just look at history... 60's overspending = bad 70's. Even all this subprime and low interest rates took years for it to set in and have its impact. But when it happens, it happens strong and quick.
at1212b 2 years ago 2
omfg! this peter schiff guy. he's so amazing. i just hope with all my might that he's the real deal. and not another government agent that anticipates our reactions and preys on them. i'll accept him as a good doer for now but i keep my fingerst crossed
qweqqweqbt 2 years ago
Dude look him up the guy is right on everything. He predicted the whole mess years ago.
DevJoch 2 years ago 4
Peter Schiff rules.
rescuemay 2 years ago
This guy is teaching students at Wharton? Wow. I love how everything Schiff says, comes true. But we should probably keep ignoring him. Free market economics is a science, not a political theory! Thanks Peter, maybe after the dollar collapses, we can have you rewrite sound economic principles.
erato99 2 years ago 6
i love how Schiff views the market on a much bigger scale than almost everyone else.
and that's what we need.
if we vote for him for president 2012, it's gonna be hard time coming for us, even harder than right now, but no pain no gain. We must sacrifice now before we have to sacrifice much more in the future.
I rather suffer less right now than suffer tremendously later on.
doesn't the government hear Schiff's words?!
elle18889 2 years ago 6
Only bad advise Schiff gave was to buy foreign currencies which is against alot of what he taught. Foreign currencies are still fiat currencies backed by a worthless foreign government just like ours. Precious metals and commodities yes yes yes. But no foreign currencies they will ALL be worthless soon.
residentzombie 2 years ago
He never said buy foreign currencies. Even people would call his show and said "hey why not invest in the euro?" and he said not to because it is a fiat currency. He invests abroad because when the dollar dips they will make bigger amounts of money.
SilencerRPMs 2 years ago 3