Peter Schiff The crisis is ahead of us CNBC Sept 1st 2009

[dazzagazza6969]

The USA which is one of the biggest economic and military empires the world has ever seen is quickly coming to an end. Americans have been enjoying the priviledge as the one world reserve currency which helps give them a high standard of living.

My fear as a non-American is what will the US do militarily to protect its economic empire? Its already invaded Iraq to protect the Petrodollar.

[Luvanicebum]

@dazzagazza6969

Anything is possible when you're talking about clawing away

power from fat, lazy trust fund babies.

I don't think there's a limit to the tyranny a government can inflict.

Hopefully we get the changes in this country we need before the war hawks feel they need to invade another country.

[rodmanbull]

Oh they know he's telling the truth.They just can't come and say hey your right cause they work for the elitist.

[jneil2007]

Ron Paul and Peter Schiff along with Celente and Alex Jones have been mocked for years. How about now? All the stuff these guys predicts comes true. We are seriously screwed yall. We are going through some hard times soon.

[jnkhd]

The Keynesian and Austrian economic systems work in tandem; while figureheads like Bush and Obama take the blame for creating debt, it takes Austrians to convince the sheeple to become permanent debt slaves- all under the illusionary guise of "getting our country back." I have no doubt that Schiff and Paul will be key players within the controlled political opposition movement that's currently gaining momentum.

[Luvanicebum]

@jnkhd

The Austrian school does not and never has endorsed "debt".

Their philosophy is, you shouldn't be buying anything on credit in the first place. Savings is the backbone of capital investment. Savings reduces the overall costs of things.

If we had heeded the words of Misus and Hayak before the Federal Reserve system was cooked up, we wouldn't be having this debate.

But, like every generation has it's Schiffs, it also has it's Madoffs.

The choice is ultimately ours who we follow.

[jnkhd]

@Luvanicebum I never said the Austrian school endorses debt. That's exactly my point. What I said, is that the two schools work in tandem. What good is it for the bankers to burden us with endless debt, which we never actually pay back? Keynesian is used to accumulate debt (debt is largely irrelevent...yawn); Austrian is then used to come in afterwards and focus on paying back (the now unpayable) debt which has accumulated (because debt is horrible!) It's like economic good cop/bad cop.

[Luvanicebum]

@jnkhd I agree that the "yo-yo" effect get's us nowhere.

But, that's not the fault of the system. That's the fault of the fickle,

ADD public that always over corrects and sways with the media misinformation waves. The problem is that 100% of the public has NEVER experienced a fully functioning free market system, so there is no knowledge of it. I think from now forward, it's going to take a self directed, generational learning process in addition to developing the will to cut government.

[alcheng100]

the real subtle message is first the asian race is a single sex people i,e. only female. second, it is most natural for a appealing asian, being only female to associate with white men. asian men that do not exit and if a few of them do. they are so replusive as to be unpresentable, especially along side good looking female of their own race. this offend white men very much. how many people know they are actually watching remote and wilful genoside.

[ycformosa]

@alcheng100

Wow, what you said was really something! how did get that idea? asain race is a single sex people;only female

[TungstenPi]

In a time of deception, the Truth is Revolutionary.

[benzo771]

For the last 20 years we have been shipping jobs overseas at an astronomical pace and the politicians have aloud it to happen. Now we sit here and wonder why the shit has hit the fan. The Empire is Crumbling and the politicians have sold America out! It's time for a revolution.

[stealthpakfa]

this generation of americans are waaaaaay too dumb to have a revolution.

[benzo771]

Quite right. I guess we have american idol, xbox and flavor of love to thank for that....Just Sad.

[Luvanicebum]

It's too late for that.

The revolution should have been 40 years ago.

All the money is gone, all the resources tapped and the

smartest generation is retired.

WE'RE ALL DONE!

The USA is heading for Haiti style poverty in the next 40 years.

[thruid3]

The US population will NOT tolerate draconian taxes. The only option for the government to pay off the huge debt is to either inflate it away by printing money, OR going to war and confiscating wealth from another country. History shows that when great empires are on the verge of economic collapse, they go to war. Watch over the next few years as this crisis unfolds, our leaders will drag us into war. Maybe a foot hold in the Middle East was just the prelude to a wider conflict to come.

[JohnLeeMD]

Agreed. The sheeple in this country are so quick to throw their support "behind the troops", that they don't even stop to think about why we are even in a conflict?

Taxes wouldn't make sense, because the sheeple can't afford it (and there isn't a mass "support the taxes" mantra that's bored into us).

They certainly are doing the other thing (printing it away), except I suspect that people are/will get wise to it when they see their prices going up.

[nextlifeguitarist]

i think you are right.......everyday claiming for 20% uranium treatment by Iran(way far from to build nuke) is not a good sign and also...2008 was the Hubbert peak year, too much things are going wrong...

[orobertg]

"That the greatest economic crisis is ahead of us.... That is frightening but not necessarily something that I believe"

Nice spin at the end there.

[TaTaTaTaTodayJr]

Draconian taxes? Did he just say that? Holy shit!!!

[mnymakerz]

If we could eliminate welfare and deport illegal immigrants, our economy would boom. Get rid of the leeches!

[aviomaster]

-- PEople living in USA are taxed to death . They are working and spending more than they earn ,, APSURD ...

which means they are in negative NON STOP ...

They work to borrow ,, I do not get it .. 20-30.000 dollars on credit cards , house 200.000 $ , car 10.000 $ ... Debt DEbt Debt Debt Debt ... AMERICANS do not have any savings ,,, THAT IS  SO true Peter ,.,, You are real guy seeing real things ...

[jbm0745]

Contribute at Schiff for Senate. com Do it! Let's get this man elected!

[madridisinSpain]

So fun to see people that continue to disagree with Peter Schiff. Then he will look like a fool in a couple of years. And the story contiues over and over until...

[keokirhodes]

It seems more and more people are not refuting against Peter Schiff~ everyone else looks like they're always getting schooled by Peter~~ keke (^_^)

[Guitarlicks4free]

this was a good one, i like how peter has moved from one of the small boxes with talking heads to the big box that everyone is gunning for.

[TheMth3ory]

i don't know much about the stock market, but american people were so wrried about saving money and outsourcing that they pretty much handed japan and china our economy, and it's costing us jobs, money and our way of life. Good job you greedy bastards

[dave777blaster]

They invite peter on and have a 4 man panel set up to sway the opinion away from his point of view.

not only is the worst of the financial crisis ahead of us but it is also paramount for you to get out of dodge before it arrives.

The banks are all bankrupt they have 500+ trillion in derivatives hanging over their heads like the sword of democles.

all because the Banksters wanted to cheat the American people out of trillions of dollars and they got away with it.

[MrDorkusMaximus]

word

[GuardEden]

thanks for the upload and the uplift

[GuardEden]

Truth, small % of people, but big fiat lovers, won't support him. First, he'll not take fiat$ bribes. Second, he's not corrupt, they need pretenders on strings. Important info for corp online peons, corp agenda pushers who lie for fiat $ & attack truth. Know this! You're on a list for the Flying Pig to visit, the elitist you abet see u now as liability not asset, u r worth more dead, it costs them less & your demise feeds Swine Flew lie, your end abets more then your work

[alwaysending]

what are they going to do when Peter is proven RIGHT again about the state of the US Economy? I'll tell you....they're going to line up to get their new "Amero" dollars

[Squarephex]

Gold and silver are both scarce and historically been used for storing wealth. Silver is more abundant by far but is also comparatively undervalued right now. More people looking to get out of the dollar and store their wealth will be looking to buy silver because they are willing and able to buy some. Gold at 1000$ an ounce is becoming too pricey. The next option, silver will see a huge boost in demand soon and I believe you will see a bigger gain by % in silver. More bang for your buck.

[edmack4me]

Actually above ground, silver is RARER than gold.

[drmodestoesq]

Also, if there is an underground economy or underground currency, I would think silver would be a more practical course. If you are buying 50 dollars worth of groceries it would be much more realistic to pay with 3 or 4 one ounce silver coins than a tiny sliver of gold.

[karenbcz22]

yeah, yeah, Y_A_W_N.

I missed the BULL run since March listening to this "crash is coming" nonsense.

What about the BULL MARKET since March '09 to now?

[leonboy332]

It's a CORRECTION because of the money being printed, not a bull market yet. The next time we are not going to be as lucky as this time because of a possible hyper-inflation.

Also you should be responsible for your OWN decisions. Peter didn't point a gun at you and say "Don't you dare to buy!".

[golfprobro4eagles]

China is NOT going to honor derivative hedge contracts for silver. China is keeping there silver and giving it to there citizens for protection from the coming hyper inflation crises. China is going to break the silver market and the dollar. One Billion plus Chinese people dumping dollars and buying silver and gold all of Asia and the world following china . We are doomed God help us. search utube for who let the china silver bulls out

[ktchong]

Why should China honor SCAMS?

[Dean0000007]

Because they're invested in the scam.

[oishiiloops]

schiff youre tha man.

[gwohlproductions]

If Peter raises 1.5 million dollars, he'll ANNOUNCE HIS CANDIDACY FOR SENATE! Help him get into the senate seat, to kick Chris Dodd out of the senate chambers! Will you fight? PLEDGE for the September 9th MONEY BOMB at WILLYOUFIGHT(DOT)COM!

[sydbernice]

Rather than wack Peter with their usual abnoxious abuse, these CNBC goons seemed rather more restrained than normal.

[nakabr]

omg....ppls never learn...

"not necessary something that i believe" ??????

oh my.... see you in hell, pal..

[joecarter2727]

those people on the desk arent making sense

[joneselius]

See, I only have the internet once every week. And seriously. Regardless of knowledge and insight, CNBC parrots things SO MUCH you actually start to BELIEVE them! It's seriously annoying.

And you're right, they talk NO sense, none. Iv'e tried to make sense of their thinking and I can't, I simply can't. Especially the supermodel women, they always annoy me, how dare news try to inflict us with corporate 'eye candy'. It's so condescending.

[JerryGing]

If even a small percentage of investors started to sell their long positions in the U.S. at the same time, we would have a megacrash. This is, I believe, the reason for so much cheerleading. If Peter is incorrect on anything, my guess it will be in timing. Marc Faber thinks we may have 3-5 years where the economy is relatively stabilized before the final crisis begins. Schiff has been saying 12-18 months. Only time will tell.

[healthhavencom]

Let me get this straight:

These short-sighted and recently blind-sided traders "don't necessarily believe" that there are BIG problems ahead for the US economy?

Dear CNBC: Why should anyone care what these people think? What is the point of giving them air time?

Great job again by Peter Schiff. You'll notice that these shows are finally letting the guy who was actually right, speak.

[Weleski]

They "didn't necessarily believe" Schiff in the years prior to the global economic meltdown (you know, the one Schiff correctly predicted), either.

These folks are simply stock market cheerleaders. They throw a self-congratulatory circle-jerk party each time the market rises and look around in disbelief when it drops because "no one could have seen it coming." They are corporate shills and definitely are NOT a good source of financial/economic advice or insight.

[latewire]

Well said

[armenac92]

every one understand every thing they just dont want to comite it. cuz the us gov. dose not want any new revolution they want to show the people that avery thing is allright wich isn't.

[gemseeker005]

These guys are immature and try to contradict Peter who has been correct for last several year. These guys are not understanding..... Legatus, Swine Flu, Transfer of Power from US to Israel, Dollar Crash, Bank Holidays, War in India, Pakistan, Balochitan mess, Who controls banks...asia is also risky especially people are bullish in India...they do not understand that Asia is War prone... singapore is safe but best is Physical Gold but the only thing will be consficated after it hits 1250

[Bankingcartel]

That guy said he doesn't necessarily believe that the crisis is ahead of us, as he noted the anniversary of last years crash.

I bet he didn't believe Peter either as he called that collapse.

[SIERRAHPBT]

THE IDIOT who spoke last... how old are you? 25? you have lived through a bunch of these recessions/depressions? what a fool.. your brainwashed ya moron. Peter speaks truth.

[andremzk]

Well said Peter. I myself actually think you are right. I would love to believe the "bad days are behind" news, yet that wouldn't necessarily be the truth. I think this stimulus and gigantic debt will just get us into more trouble. Just as the decisions made years before got us into this trouble, wait till these stimulus steroids start backfiring. I wish best for this country, but it seems like it's blindly speeding down the road to collapse.

[chena3]

hey peter ..

catch

throws a badger at peter ..

here ..he likes to eat

parsnips and 100 dollar bills...

take care ...it's getting really weird ...

take care peoples ...

[gemriderz]

..."is not something I necessarily believe:, so says the idiot at the end, who is "selling optimism:, as Gerald & Peter so eloquently put it....

One ONLY needs to look at any country that ever PRINTED MONEY to 'get itself out of debt'...

'nuff said.

And as Peter and Gerald continue to say;

"Who you gonna' believe? The people who never saw this coming, and have guessed wrong at every turn, but now suddenly tell [you]; "we're fine", "the recession is ending", etc"???

Scary times ahead...

[erikslapp]

Thank you Peter for being relentless in your efforts to educate the public as well as supposed economic advisors which still don't get it for some odd reason. Don't grow weary in your efforts. You are a mouthpiece in which we all wish we had the opportunity to be.

[hosszuvagta]

I'm still wondering why CNBC inviting Peter Schiff. /?/ Will those guys ecer recognize that this guy just won't buy into the "green shoots".!? He's not mainstream. He's an inteligent person who believes in sound money based financial system.

[DavidAKZ]

they would claim they canvas a range of opinions

[readywerx]

I laugh my ass off every time Mr. Schiff is on this show. It's as though the entire panel has duct tape under the desk, deserately trying to figure out how to muzzle him. I really think that's why he does it remote. The truth sucks and sponsors for this program do not want people thinking they are in the midst of a very real economic black hole.

[surferaw949]

Agreed. But you gotta give CNBC, Fox and the others props for having them on their shows. It's clear that we all agree that Peter is right. Look at all the YouTube comments! But I think the network is looking after their bottom line. Advertising revenue is sought by keeping people "in the game" with shows like Fast Money... but you have to admit they recognize the popularity of Schiff, else they'd never have him on the show.

[readywerx]

Catch-22 economic journalism. Lie to keep the show on long enough for someone ,( not on the show), to tell the truth. Outstanding! If you tell them the truth everything collapses, if you lie, you can keep the ball in the air, but completely smear the legitimacy of their chosen profession. Magic.