What people on the Left have cleverly done is lump Conservatives and Libertarians in the same pile, which isn't factually actually. It's liberals and conservatives that are working for the same master, which is Keynesianism. Regulating the economy is like forcing the alcoholic you bought free liquor for for years to go to rehab, and sneaking them bottles of scotch while they're trying to get sober. Conservatives mistakenly believe the economy is based on spending, not saving. That's the problem.
Gold is moving higher because it didn't move for the 20 years (1983-2003),
Its only making up for lost ground and the speculative element is making it move even higher. A dollar invested would have merley retained its value but a dollar invested in business would have increased $1 into $8.
Christopher Thompson, the World Gold Council’s new chairman decided that the key was dividing bars of gold into securities tradable on the New York Stock Exchange. Gold was then trading at about $328 an ounce in London.
“I was convinced that there was a market for the man on the street who would buy a lot of gold if he could find an easy way,” . The financial investors speculation resulted in gold’s longest bull run in at least 90 years, reaching a record $1,431.25 an ounce on Dec. 7
Siegel, the Wharton finance professor, says his research shows gold has underperformed stocks, bonds, bills and even real estate over the long run. It has total real returns of just 0.6 percent per year since 1802, compared with 6.6 percent for stocks, 3.6 percent for bonds and 2.8 percent for bills. One of the only things gold has beaten is the dollar, said Siegel. Its worth is often determined by fears of inflation or financial collapse, he said
Siegel, the Wharton finance professor, says his research shows gold has underperformed stocks, bonds, bills and even real estate over the long run. It has total real returns of just 0.6 percent per year since 1802, compared with 6.6 percent for stocks, 3.6 percent for bonds and 2.8 percent for bills. One of the only things gold has beaten is the dollar, said Siegel. Its worth is often determined by fears of inflation or financial collapse, he said.
We should liquidate Fannie & Freddie via regional auctions to people or families that make under $200K. It would bring revenues into the tax base via property taxes and it would stimulate the housing and construction industries, as well as supporting markets. Then the government shouldn't own as much land as it does anyway.
I am glad people are catching on that GDP doesn't include deficit spending. When the federal government is borrowing 40% of what it is spending, the GDP isn't expanding.
Keynesians think it is sustainable to print money in order to consume while not producing anything other than the new dollars.
Keynesians are complete and total failures. It is time we get back to real market forces without government and federal reserve intervention.
For any measure to have real meaning, you need to exclude government spending. And realize, if 70% of GDP is service sector, where do all the consumable good come from? And where the money to pay for them?
If a country runs an eternal trade deficit, then most likely it comes from its main trading partners. In this case China and Japan. Every trade deficit must in a way be borrowed elsewhere or shrunk trough inflation (in the later case the US citizens pay for it too as a tax)
@TheWBAH You mean as opposed to the middle class we have seen disappearing before our very eyes under Keynesian/Krugmanian policies of the last few decades?
@zboy2854 Keynes is turning around in his grave for what his students did. You are absolutely right, the (US) middle class is as good as gone. Free market economics do have "middle classes", why wouldn't there be any? There are mediocore people, who would love to work for a mediocore salary doing mediocore things. The would form the middle class. It's basicly natures way of running thing, but in an economical way. That's way free market economics can't be beaten, just like nature.
@TheWBAH Yeah, you probably don't realize this but you don't understand what Keynesian economics is then, if you think that the middle class is an invention of it.
@zboy2854 regardless of what you guys think about who/what is responsible for the middle class (government or capitalism) the fact is that it isn't sustainable. Unless you think you can hold certain conditions in perpetuity. The reality is that the world changes--other countries and economies come on the scene and compete. Contrary to your beliefs, big government has been trying to maintain this notion of an unsustainable middle class. Needless to say it will not succeed.
@TheWBAH And you base this hypothesis on what historical precedent, exactly? What we are going through now is not at all dissimilar to what the U.S. went through during the First Great Depression. It was hard, many people were ruined financially, but we eventually got through it once all the bad debts, distortions and imbalances had been purged from the economy. This time will not be different.
First define what you actually mean by the middle class.
The real middle class was created during the 19 century in the USA. It was a class of people who became small time entrepreneurs and professionals.
So anybody opening their own new business, any professional/contractor/consultant, that's middle class.
The 'blue-collar' worker class in USA was never middle class. After the WWII the USA had no external competition on production, so working class had high wages
@romanmir01 The fact of the matter is that Peter Schiff wants you guys to believe that the conditions existent in the past(conditions that led to great wealth) can be reproduced at this time.
@TheWBAH Can you explain what is it that you mean by the 'middle class'?
Also here is the answer to your question: the conditions that USA had in the 19 century, those conditions are replicated (not fully, but to a large extent) today. Only they are replicated in China, so too bad for the USA, that lost those conditions.
China is seeing its middle class and quality of life growing, US sees those things shrinking.
@TheWBAH Also Peter Schiff is for the Free Market, comparable to that, which the USA had in the 19 century, and that was the time when the middle class was created AND the time when prices in USA were constantly falling and quality of life for everybody was increasing
Overall wealth was increasing in 19 century and in the 20 it was increasing to a point, but closer to the end of the 20th century the wealth started disappearing as the gov't became too powerful and expensive and killed capitalism
Lets Take a look at Peter's 2010 Predictions Shall We. 1) Unemployment will end the year higher---WRONG!! 2) Economy will be in worse shape WRONG-GDP Still growing 3) Interest Rates will end the year higher---WRONG 3.82 10 year in Jan, now 3.41%, same scenario in other interest rates 4) Foreign Stocks will outperform--WRONG China underperformed. 5) and Peter's Worst Prediction--Dollar will end the year lower, possibly in currency crisis...DXY index Rose!!--HAHA.. /watch?v=JTu8eK8nYFg
@Kimmyob well with the trillions of dollars theyve poured into the bond, treasury, mortgage, stock market, and soon state and municipal bonds and we are just about the same as we were last year shows you were in trouble. you know those dollars are going through the fractional banking system as we talk and there gonna hit you and all of us like a brick soon INFLATION!
You are outright lying on all accounts. There need to be 150.000 job created every month (net) just to break even in the number of people without work! Are you telling me that on average ever month has seen more then net 150.000 new jobs? In what alternate universe?
GDP growing = government spending increase and dollar devaluation. In other words more dept and more inflation.
Interest rates wend up from 2.6x to 3.3x from October till begin December. Where do you think that ends?
Far as gold is concerned, I've been in the business since 1979. If you think the dollar is going to stabilize, then sell your gold. If you think there will be a continuance of the spending, borrowing and printing, you better hedge what dollars you have by purchasing some gold. Best bet? Graded Saints and Liberties along with a smaller percentage of bullion "stuff".
If you have any graded chinese coins ,it's a good time to sell as they are the hottest numismatics on the planet right now.
krugman is a scumbag commuist and it's because of policies that krugman subscribes this country is going the same way as england.
If we don't get a Ron Paul, Peter Schiff in the white house we are doomed. What is it about prosperity and living well that Americans don't want? If there was a Paul/Sciff/Napolitano team in power we would experience UNPRECEDENTED prosperity and freedom. Isn't that what people would like to have?
What Peter is saying about Krugman is wrong. Peter said that Krugman thinks austrain economics is a proven failure because of Bush. Krugman thinks austrian school is a proven failure because it was main stream economics till the second world war, were recessions were far longer, deeper and happend more often.
Peter often talks about 1920 recession as the biggest austrian success, well then, why is he moaning about this one, when it's the same length.
actually, Hoover was the most interventionist president during peacetime. FDR simply expanded his policies. As well, WWII didn't get us out of recession, it lowered unemployment by drafting people to get killed. You can watch a vid on the matter by Robert Higgs on youtube. i think it's titled "myth of war prosperity"
@stealthswimmer I was going to say "what the hell are you talking about", but you could say before and after 1929 if you like, still means austrian school is a failed theory.
There was no Keynes economic policy, like cutting interest rates to zero like would be done today, or guranteeing savings, which would of prevented the bank runs during the great depression. There was also no massive stimulas during Hoover like would be done today or targeting a rate of inflationSo after WW2 would be right
Peter Schiff lies about savings, production and US debt to foreigners.
Peter says US produces nothing, well US is the largest producing nation US $1.72trillion vs Chinas $1.6trillion of goods.
Peter says US has no savings, when US current savings rate is 6%, US average $52,993: Average amount in savings and certificates of deposit, $99,149: Average retirement account etc.
US debt to foreigners is low 94%, Germany 155% of GDP,Luxembourg 3854% GDP, Switzerland 271% of GDP, Hong Kong 311% GDP
It is pretty pointless to have a discussion based on GDP when the value in which it is expressed is falling. Even spending borrowed money will increase GDP, while it is clear your net worth goes down in that case.
For the same reason, saving something that is loosing value does not give you a growing buffer for when things go south. Inflation will kill you, all the while statistics you adore keep looking good.
If GDP is not a good indicator what would you prefer? All nations measure by GDP, so it's a fair way of comparing nations.
Price inflation has been low throught this recession and savings in real terms have been going up. No inflation does not distort production output because it is compared to other nations in dollars and external debt is low compared to strong nation no mater how you try and cut it.
Krugman's ludicrous zombie reference is good news. Yes, really! It shows that he's watching Tom Woods - one of the finest speakers anywhere, and brilliant - because he *stole* the zombie analogy from Tom Woods. Search youtube for phrase
interview with a zombie
Yes, clearly that dunce should return his Nobel Prize. Krugman is an absolute imbecile.
@TylerNull Do you truly feel that Mandela does not deserve a Nobel prize? I am a Canadian currently in South Africa. Sure there are problems here, but there are challenges everywhere. In my opinion, Mandela is the most important and influential person of the last 100 years. He is a man who stood up against discrimination, went to jail for over 20 years and instead of wanting revenge against the people who persecuted him, he forgave them and brought democracy to South Africa.
well if the outlook is so rosy the fed wouldn't be handing out QE2. QE2 wasn't approved because it was icing on top, but rather a necessary bailout to prevent the double dip recession.
Krugman, Mandela, Gore, Obama -- looking at Nobel's list of laureates reveals that prize has become some kind of an international Dunce Cap. Their algorithm is simple; whichever nominee most effectively damages Western civilization wins.
@TylerNull Nelson Mandela, beloved civil rights activist, statesman, and Morgan Freeman character, harmed Western civilisation by campaigning to end apartheid? Surely you meant to type Arafat or something?
Find a way to kill a free nation, and you too will be "beloved" by newspaper editors and such.
Mandela was so "beloved" by those who hated the tiny republic of S. Africa, to which native Africans flocked because it offered better ... everything, by every, measure for native Africans than any other nation in sub-saharan Africa.
Nelson Mandela was a communist sponsored (SACP) war lord. He tortured countless Africans to death by "necklacing" -- those who opposed his communist politics.
Communist backed tribal warlords aren't about "views on economic policy". Rather, they're about hunting down & torturing their opponents to death, & then pillaging whatever they can from their target civilization.
Mandela found himself in the bizarre situation of being one whilst concurrently adored by the entire Western media machine who portrayed him as a kind of freedom fighter, much as they did for so many murderous thugs prior, from Ortega to Tookie. He played his hand smartly.
That question is answered by the historical record of the murderous rampage that describes Mandela's governance after he was crowned king of "Peace".
Murder & rape increased in S. Africa, not by 50% or 100%, but by something like 1,000%. His wife was found to be a sadist whose hobby, when not "necklacing" her husbands opponents, was kidnapping & castrating young men. Under his communist "reform", a rash of gov't confiscations & violence against farmers swept the region.
You dont think nelson mandela deserve his peace prize???
Sure obama didn't, Gore arguably not. As for krugman, whilst i'm not at all a fan, won his nobel prize for "new trade Theory", not anything to do with monetary policy or any other in which he usually spews his idiotic views.
But i dont think you can put nelson mandela in the same category, unless by "damages western civilization" you are including apartheid south africa
I agree with Peter, in the future it will be better to have gold than USA dollars. Since around 1450 six countries have held the world's reserve currency; Portugal, Spain, Dutch, France, British Empire, and USA. Their reign has lasted around 100 years, so the USA dollar is in it's final stages due to irrational Fed and governmemt policies. Gold might eventually have a bubble but a collapse back down to $2500 doesn't sound too bad to me, especially if you bought it at $500.
In fairness to Krugman, his point is that tax cuts cannot be cited as the PREDOMINANT force behind economic growth, which is what many establishment republicans would have you believe. So in a way, Peter and Paul agree, but only in the sense that other variables are needed to explain why an economy performs well or fails to do so.
gold bubble, good luck with that spin, too bad the rest of the world isn't watching CNN. The US is not the only market in the world...nore is it the only depreciating currency. I'm sure major investment banks would love to get that idea in the average American's mind... so they could A) cover their shorts...and B) turn all those shorts, into long positions!
@Vivamydick gold and silver production cannot be increased drastically. They are limited resources just like oil. We are basically mining tons of dirt now just to get a few ounces of gold or silver or pounds of copper.
@XESTISS you are a truly remarkable idiot. You can convert gold to fiat currency very easily in any country. Fiat currency is paper, that's all! You're arguments about not being able to give gold to a cashier prove you just have your head up your butt!
@phatcheck I can't think of a single cashier that would turn away gold. Anywhere in the entire planet. It's just a matter of matching the amount of gold to the thing being bought.
@ytgv3fc7 you would be surprised... ppl are pretty dumb nowadays and they dont know the true value of gold. even my economics teacher in college doesnt know sqawk about gold.
@bweazel once again proving that gold at 800 was not a serious problem and that cash is trash, Gold went from 35 to 350 with 800 in the middle, this time gold will go from 250 to 2500 with 8000 in the middle. SMALLEST values. With paper gold in the works attempting to be redeemed for metals in hand that will drive the price up another 10x to 50x. EASILY. cash is trash - gold is real money
whatever happened to the debate between Murphy and Krugman? I remember he openly challenged Krugman to a debate with the proceeds going to the homeless in New York...
Gold price has nothing to do with inflation fears but has a lot to do with taking excess capital mostly from poorest by Banksters and Peter is dancing under their flute
Production of gold and silver can always be increased dramatically to meet the demand
But Gods of this world ,I mean scum of this world will not increase production till they place the rest of you in poor house ,Look they sell gold coins in ATM machines now :)
@VivaMydick production of gold and silver can never be drastically increased and I mean NEVER. It's damn hard to find any and once you do it's 2g to 4g gold per TONNE of ore. TONNE. That's a shit-load of digging.
3 ATM machines in the entire planet sell gold. 4? Maybe 4. Ever. period.
That's no bubble.
Gold price ALWAYS has to do with currency crisis like hyperinflation. ALWAYS.
It is all about global socialism. It is spreading like a cancer throughout the world. The administrations since Reagan have been tasked with getting the U.S. into a position to either join the club or be destroyed. This administration and this congress will go down as the ones that killed the American experiment.
@pepeledog none of this is about global socialism, no one is trying for global socialism. It's FASCISM and CAPITALISM gone global. Socialism is precisely the OPPOSITE of what you see - inflation is optional but not required and not beneficial; flows of assets would go to actual people and not corporations, the precise opposite of how you see things now. Socialism helps the poor not the rich. Global socialism is a nonsense LSD-induced term you made up because you're drinking draino
@pepeledog the only way a global socialism could be true is if the entire planet's worth of elite rich were bankrupted over-night and all their assets, especially tangible NON-CASH assets, were distributed to people around the planet so they'd be less poor and more able to survive. That, and ONLY THAT EVENT, defines socialism. Period.
I am still livid about the bailouts. To be truly free you have to be willing to accept the pain that comes with being free. Economic freedom is the most basic of all freedoms.
You can be free to succeed if you are not free to fail.
Compare US defense budget to the rest of the world, it's the BIGGEST in the world! >$700billion, no wonder the country is broke. 1000s of military bases all over the freaking world, creating USELESS wars.....there's no biggest terrorist than the US government.
Damn, I miss Wallstreet Unspun. It was free and it was FANTASTIC. At least there is this channel on YouTube, so thank you Peter and please keep it up.
#6 US Government, Legislative and Judicial Body for the USA. Salary and Bonus: $3,500,000,000.00 up 35%percent. Starting in 1781 with a succession from England, the country has two middle east wars, over 700 military bases in 130 sovereign nations. Originally designed as a strictly limited government with a market economy. Since 1901, a series of progressive illegal land acquisitions, corruption, entitlements and taxes have rendered the USA insolvent and on the verge of currency collapse.
5. Rupert Murdoch, Chairman and CEO, News Corp. Bonus: $4,368,800, down 19.6 percent. Starting in 1953 with a single, family-owned newspaper in his native Australia, Murdoch has built a media empire that now includes the tabloid New York Post, DIRECTV, Fox Entertainment Group and TV Guide. He's been chairman of News Corp since 1991. Sales for 2010 are $32.78 billion, up 7.74 percent; net income is $2.54 billion, up from a loss of $3.31 billion the year before.
4. Mark G. Parker, President and CEO, Nike. Bonus: $4,441,875, up 393.5 percent. Parker, who first went to work at Nike in 1979, became CEO in 2006. He has expanded the company's portfolio of brands to include Cole Haan, Converse and Hurley International. During his time as CEO, Nike has become a supporter of such foundations as "Girl Effect" and "Yellow Band." The company's 2010 sales are $19.01 billion, up 0.85 percent; net income is $1.91 billion, up 28.25 percent
3. John T. Chambers, Chairman and CEO, Cisco Systems. Bonus: $4,600,000, up 126.5 percent. Since becoming CEO in 1995, Chambers has pushed Cisco's annual revenue from $2.0 billion to over $40 billion. An expert in workplace learning, he served as a member of President George W. Bush's Education Committee in 2000. Cisco's sales for 2010 are $40.04 billion, up 10.86 percent; net income is $7.77 billion, up 26.62 percent
2. Lawrence J. Ellison, Chief Executive Officer, Oracle. Bonus: $6,453,254, up 79.9 percent. Ellison has been CEO of Oracle since he founded the company in 1977. He has been a pioneer in providing business applications on the Internet and, before founding Oracle, he helped build the first IBM-compatible mainframe. Intensely competitive, . Oracle's sales for 2010 are $26.82 billion, up 15.34 percent; net income is $6.14 billion, up 9.69 percent
1. William R. Johnson, Chairman and President, H.J. Heinz. Bonus: $8,589,063, up 17.6 percent. Johnson has been at Heinz since 1982. Past positions include vice president of marketing for Ketchup., particularly in Asia. China gave him the highest honor it gives foreign business leaders -- the Marco Polo Award -- for his contributions to the development of China's food industry. Heinz's sales for 2010 are $10.49 billion, up 3.42 percent; net income is $882.34 million,
Donnie Smith, president and CEO of Tyson Foods Inc., received compensation valued at nearly $8.7 million in his first year at the helm of the meat producer.
Smith was awarded a salary of $855,577 and a performance-based cash bonus of nearly $3.8 million for the 2010 fiscal year, according to documents recently filed with the Securities and Exchange Commission. He also received stock awards and options valued at nearly $4 million and other perks valued at $166,116
Donnie Smith, president and CEO of Tyson Foods Inc., received compensation valued at nearly $8.7 million in his first year at the helm of the meat producer.
Mr. Schiff, you have a great Merry Christmas as well. I am so disgusted by this Happy Holiday nonsense. My office gave me our Greetings cards last week to send out to our clients. All said HH, I wrote in MC. Hope it doesnt offend anyone?!!? Sheesh. Coming from you, A Jewish American, I was surprised.
Exuberance begets exuberance. It catches on, until there really is something to celebreate, just like employers laid people off beyond a level that was rational.
Clinton had the tech boom and increased productivity from expanded computer use and a reduction in federal spending as a percent of the GDP (18.2%) as well and the benefit of less "crowding out" of private sector economic activity.
All one has to do is remember the lovely 70's for a glimpse of what we have in store for us. Boom, inflation, bust. repeat as often as necessary to demoralize the population. Repeat after me, boom, inflation, bust.
@GuerrillaFighter12 Ummm...I'm not sure where you got your information, but corporations are very much a part of a free market, and have been for hundreds of years. To believe otherwise is to be sadly mistaken.
I think Peter is right aout a lot of things, but he's wrong about his stance on not taxing the rich. What evidence there is shows that the rich take that extra money and save it, they don't reinvest it. In response to one indicator, Peter's response is 'its a coincidence'. Really, that's the best he could do? Taxation rates must have some impact on the economy, one way or the other, so to call the performance of the economy a coincidence is ridiculous. Show some evidence to support your position
@dbrandow ....When people save money in the bank, the banks invest their money for them. If you stuff the cash under a bed then yes your money cannot be put to work.
@petiemac24 That's a fair point, but rich people aren't putting money in banks, for the most part they are putting it in vehicles like stocks and real estate, which has a pretty small effect on increasing productivity. When you increase the tax rate, they avoid taking profits and instead plow the money back into their businesses, investing in more equipment, training, expansion and so forth to avoid those high personal tax rates, which has a far greater stimulative effect.
@dbrandow ....Not a small effect when you buy stocks or real estate. Stocks make cappital available to companies that want to expand and hire. Real Estate might seem selfish but employs inspectors, contractors, brokers, lawyers and others. You can't just look at the short term effects of things. If you increase taxes to much people stop hiring or even working, make them even higher and you get riots.
@petiemac24 After the IPO, no, investing in stocks doesn't really provide significant amounts of capital to companies. Real estate investment does have some effect, but again, its pretty small.
Increasing the personal tax on the rich doesn't cause them to decrease hiring, its to the contrary, as I noted earlier.
@petiemac24 If in your view taxation is that simple, I'm afraid I simply can't share that view. As the past couple of centuries have demonstrated, the effects of different taxation policies on different aspects of the economy have wide-ranging, subtle, complex and often unexpected effects. To attempt to simplify it to the basic level you have is to mischaracterize it badly, at least from the observations I've made.
@petiemac24 In response to your question about what theory of economics I agree with, I'm afraid I don't have a simple answer. On some things I agree with Schiff, on others I agree with Klugman. On some issues I'm a Keynesian, on others the polar opposite. The glib answer is that I believe in what has proven itself to work. Tax the rich, regulate business carefully to curb excesses and then, after that and for the most part, get out of the way of business and let it do its thing.
@dbrandow regulating business to curb excesses is stupid. Regulating industries to curb fraud and poisons/dangers is sensible. Personal and business excesses are not your business to regulate.
@dbrandow you are mistaken: companies can issue new stock after the IPO and also buy back stock. So investing does really have a big change you are ignoring.
Increasing personal tax on the rich means telling them you want them to go somewhere else. So long as elsewhere is less appealing they will stay. So you find the balance. Also, taxes should pay for services everyone, including the rich, can use. Budgets for nonsense have to go and go for good.
@ytgv3fc7 I by no means indicated that money spent on stocks results in no investment at all, but its very distinctly limited in comparison to other alternatives.
@petiemac24 no, when you save money in a bank, banks throw so much of it away down dark holes you can't control you may never see it back. Then they may get bailouts or may fail and close.
Putting money to work is not a high priority and it's wrong-headed for others to insist on forcing others to put their money to work. If I say my money is to be saved for when I'm old and never put to work until then you have no right to change that. And it's criminal to try.
@ytgv3fc7 ....What can I say about your confusing and uneducated comment that hasn't already been said about Obama..."No experience in the private sector."
@petiemac24 I don't have a flawed theory, I have actual facts behind me. Period. That's wisdom AND knowledge AND practical experience. Again: putting money to work is WRONG-HEADED because savings must ALWAYS come first, be it for personal finance or corporations. Cash-flow READY to be used is SAVINGS. Forcing people out of their savings is CRIMINAL and your FLAWED theory that your stealing is OK means you are a criminal and I am not. It's that simple.
@petiemac24 I have only contradicted you, never myself. I have zero flawed theories because no theory is used at all - only facts. Your nonsense gibberish continues to be nonsense.
Obvious Fail is still Obviously Failing but at least you're entertaining while doing it.
Forcing people out of their savings IS what you support because it MUST happen and ALWAYS happens:
@petiemac24 agreement with some small portion of Austrian economics and NONE of Keynesian economics. Primarily what works, mathematically, is a decentralized socialism. Every deviation from that leads to incremental disaster. "free markets" bring more disasters and make them all bigger. Think of the body's homeostasis, or of cells for all life forms that have cells.
Imagine capitalism there.
It would be suicide.
Capitalism defies nature's self-regulation for survival.
@ytgv3fc7 .....Your comparison to nature is absurd and pointless. Nature survives in social and independent species. Animals live in socialist type herds and others are independent and provide for themselves. Your lack of knowledge is amazing and disturbing.
@ytgv3fc7 capitalism is self regulation. regulation based on greed. greed is good and can lead to prosperity but it can also be bad and lead to diaster. true capitalism lets the individual decide what road he wants to choose. if bush and obama followed the capitalist road, all those banks and corporations would have be let to fail and the world right now would be better off. new business will spring up from the old and US eco would have been back on its feet but government always has to interfer
There's absolutely nothing to back up your assertion whatsoever. The greed of capitalists has never lead to prosperity. Only when people stood up against wage exploitation was there any middle class.
Bush and Obama do follow the capitalist road because they do the bidding of the capitalist. The relationship they have with capitalists is symbiotic. In this respect both Austrians and Keynesians are delusional.
@GusBariga greed is evil, never good. It is not self-regulating: it is a parasitic flesh-eating disease. Self-regulation has not ever happened in any kind of capitalism nor can it. It's like saying gravity regulates black holes so they don't collapse. That's all they do.
Capitalism leads the individual to an Oligarch Master who chooses all roads and destroys the rest.
Capitalism is murder at its finest. Greed must be stomped on with prison and executions or humanity kills itself 100%.
@petiemac24 "When people save money in the bank, the banks invest their money for them. If you stuff the cash under a bed then yes your money cannot be put to work."
Absolutely untrue: #1 banks do not invest deposit savings. None. Zero. Zilch. They manufacture DEBT with interest from NOTHING. Deposits are not even 0.0001% of this. It is not even required to be there. Zero. Anything in an actual chequing account must be kept at the ready at all times
@petiemac24 so you have contradicted YOURself. You have misunderstood how savings actually work and where they are actually used. Banks DO NOT INVEST YOUR SAVINGS. Every person invests their OWN savings, or spends it on survival, after the savings time has expired for which the savings was needed. e.g. I could hold gold 40 years and then spend it on survival. I could unload some in 5 years to use for investment. It's my choice. I can never trust YOU to choose.
How the fuck did that Krugman idiot get a Nobel Price? Talk about Nobel Price inflation...
TWSceptic 2 months ago
Hey, great channel and videos, keep them coming... maybe you can visit mine too?
anxietyawaynow 1 year ago
@anxietyawaynow Here you go! Check you PM! independent Chart! Your no where near up "Huge" In fact you are Down "Huge"
XESTISS 2 months ago
Amazing channel, keep making these videos!
TouchingPerformances 1 year ago
Merry Christmas? And I thinking he was 100% Jewish.
Ps: After Human Action, Crash Proof is the economics book that I most appreciate, a giant, for sure.
nerat 1 year ago
The problems of the world are hidden and will be solved by war.
For awhile, food will be worth more than gold. Money ? Pfft.... Can you burn it ? Okay, It will be used for cooking.
But after... gold, lovely, lustrous, malleable gold, will be money. Buy gold. :)
Jzasxx5 1 year ago
Comment removed
Jzasxx5 1 year ago
What people on the Left have cleverly done is lump Conservatives and Libertarians in the same pile, which isn't factually actually. It's liberals and conservatives that are working for the same master, which is Keynesianism. Regulating the economy is like forcing the alcoholic you bought free liquor for for years to go to rehab, and sneaking them bottles of scotch while they're trying to get sober. Conservatives mistakenly believe the economy is based on spending, not saving. That's the problem.
surfer53 1 year ago
For all the people calling for public hangings, please shut the fuck up. You're inciting violence... use your brain please.
draemalic 1 year ago
great report, thanks
FreeFOREXautoROBOT 1 year ago
peter give yourself a favor by not listening to krugman, you're just wasting your time!
atanboy 1 year ago
Strange , but time machine says gold might be $2000 and might even be up to $4000 in 2011
VivaMydick 1 year ago
I have Invested with EUROPAC and my stocks are doing good, thanks Mr.schiff...
xanaduisfaraway 1 year ago
Gold is moving higher because it didn't move for the 20 years (1983-2003),
Its only making up for lost ground and the speculative element is making it move even higher. A dollar invested would have merley retained its value but a dollar invested in business would have increased $1 into $8.
yasirjamal285 1 year ago
Christopher Thompson, the World Gold Council’s new chairman decided that the key was dividing bars of gold into securities tradable on the New York Stock Exchange. Gold was then trading at about $328 an ounce in London.
“I was convinced that there was a market for the man on the street who would buy a lot of gold if he could find an easy way,” . The financial investors speculation resulted in gold’s longest bull run in at least 90 years, reaching a record $1,431.25 an ounce on Dec. 7
yasirjamal285 1 year ago
Siegel, the Wharton finance professor, says his research shows gold has underperformed stocks, bonds, bills and even real estate over the long run. It has total real returns of just 0.6 percent per year since 1802, compared with 6.6 percent for stocks, 3.6 percent for bonds and 2.8 percent for bills. One of the only things gold has beaten is the dollar, said Siegel. Its worth is often determined by fears of inflation or financial collapse, he said
Peter therefore always talks about collapse.
yasirjamal285 1 year ago
Siegel, the Wharton finance professor, says his research shows gold has underperformed stocks, bonds, bills and even real estate over the long run. It has total real returns of just 0.6 percent per year since 1802, compared with 6.6 percent for stocks, 3.6 percent for bonds and 2.8 percent for bills. One of the only things gold has beaten is the dollar, said Siegel. Its worth is often determined by fears of inflation or financial collapse, he said.
yasirjamal285 1 year ago
We should liquidate Fannie & Freddie via regional auctions to people or families that make under $200K. It would bring revenues into the tax base via property taxes and it would stimulate the housing and construction industries, as well as supporting markets. Then the government shouldn't own as much land as it does anyway.
Krugman is a clueless rube.
blummedia 1 year ago
have you see Tom Woods' interview with a zombie?
arcanekrusader 1 year ago
I am glad people are catching on that GDP doesn't include deficit spending. When the federal government is borrowing 40% of what it is spending, the GDP isn't expanding.
Keynesians think it is sustainable to print money in order to consume while not producing anything other than the new dollars.
Keynesians are complete and total failures. It is time we get back to real market forces without government and federal reserve intervention.
bkdmd 1 year ago
Krugman - he is the zombie, he is the one that's walking dead
- Classic!
ronaldvanbell 1 year ago
@ronaldvanbell
For any measure to have real meaning, you need to exclude government spending. And realize, if 70% of GDP is service sector, where do all the consumable good come from? And where the money to pay for them?
If a country runs an eternal trade deficit, then most likely it comes from its main trading partners. In this case China and Japan. Every trade deficit must in a way be borrowed elsewhere or shrunk trough inflation (in the later case the US citizens pay for it too as a tax)
TheEVEInspiration 1 year ago
@TheEVEInspiration
/watch?v=Cki4jHCK3_I
In this video GDP is discussed at 33:30, it will better word it then I can.
TheEVEInspiration 1 year ago
@TheEVEInspiration
Peter speaks about it all the time. what relation does your response has with my comment? I was saying how funny Peter is.
ronaldvanbell 1 year ago
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Paul Krugman=economics for dummies.
zboy2854 1 year ago
Comment removed
zboy2854 1 year ago
@zboy2854 Peter Schiff = Stable economics -- but no middle class to speak of
TheWBAH 1 year ago
@TheWBAH You mean as opposed to the middle class we have seen disappearing before our very eyes under Keynesian/Krugmanian policies of the last few decades?
zboy2854 1 year ago
@zboy2854 Keynes is turning around in his grave for what his students did. You are absolutely right, the (US) middle class is as good as gone. Free market economics do have "middle classes", why wouldn't there be any? There are mediocore people, who would love to work for a mediocore salary doing mediocore things. The would form the middle class. It's basicly natures way of running thing, but in an economical way. That's way free market economics can't be beaten, just like nature.
ralph3nuis 1 year ago
@zboy2854 Yeah you probably don't realize but the middle class is an Keynesian "invention" but, sorry to say, it only lasts temporarily.
TheWBAH 1 year ago
@TheWBAH Yeah, you probably don't realize this but you don't understand what Keynesian economics is then, if you think that the middle class is an invention of it.
zboy2854 1 year ago
@zboy2854 regardless of what you guys think about who/what is responsible for the middle class (government or capitalism) the fact is that it isn't sustainable. Unless you think you can hold certain conditions in perpetuity. The reality is that the world changes--other countries and economies come on the scene and compete. Contrary to your beliefs, big government has been trying to maintain this notion of an unsustainable middle class. Needless to say it will not succeed.
TheWBAH 1 year ago
@TheWBAH And you base this hypothesis on what historical precedent, exactly? What we are going through now is not at all dissimilar to what the U.S. went through during the First Great Depression. It was hard, many people were ruined financially, but we eventually got through it once all the bad debts, distortions and imbalances had been purged from the economy. This time will not be different.
zboy2854 1 year ago
@TheWBAH Totally disagree.
First define what you actually mean by the middle class.
The real middle class was created during the 19 century in the USA. It was a class of people who became small time entrepreneurs and professionals.
So anybody opening their own new business, any professional/contractor/consultant, that's middle class.
The 'blue-collar' worker class in USA was never middle class. After the WWII the USA had no external competition on production, so working class had high wages
romanmir01 1 year ago
@romanmir01 The fact of the matter is that Peter Schiff wants you guys to believe that the conditions existent in the past(conditions that led to great wealth) can be reproduced at this time.
TheWBAH 1 year ago
@TheWBAH Can you explain what is it that you mean by the 'middle class'?
Also here is the answer to your question: the conditions that USA had in the 19 century, those conditions are replicated (not fully, but to a large extent) today. Only they are replicated in China, so too bad for the USA, that lost those conditions.
China is seeing its middle class and quality of life growing, US sees those things shrinking.
romanmir01 1 year ago
@TheWBAH Also Peter Schiff is for the Free Market, comparable to that, which the USA had in the 19 century, and that was the time when the middle class was created AND the time when prices in USA were constantly falling and quality of life for everybody was increasing
Overall wealth was increasing in 19 century and in the 20 it was increasing to a point, but closer to the end of the 20th century the wealth started disappearing as the gov't became too powerful and expensive and killed capitalism
romanmir01 1 year ago
can anyone tell me why the silver and gold spot charts are flat? check kitco and silverseek's live charts to see what im talking about
anon136 1 year ago
@anon136 market is closed retard :)
shussein82 1 year ago
@shussein82 ya i figured it out soon after dick :)
anon136 1 year ago
what fucking world are you , must be government cull????
redline1189 1 year ago
Lets Take a look at Peter's 2010 Predictions Shall We. 1) Unemployment will end the year higher---WRONG!! 2) Economy will be in worse shape WRONG-GDP Still growing 3) Interest Rates will end the year higher---WRONG 3.82 10 year in Jan, now 3.41%, same scenario in other interest rates 4) Foreign Stocks will outperform--WRONG China underperformed. 5) and Peter's Worst Prediction--Dollar will end the year lower, possibly in currency crisis...DXY index Rose!!--HAHA.. /watch?v=JTu8eK8nYFg
Kimmyob 1 year ago
@Kimmyob wow that must be some good crack /jealous
anon136 1 year ago
@Kimmyob well with the trillions of dollars theyve poured into the bond, treasury, mortgage, stock market, and soon state and municipal bonds and we are just about the same as we were last year shows you were in trouble. you know those dollars are going through the fractional banking system as we talk and there gonna hit you and all of us like a brick soon INFLATION!
shussein82 1 year ago
@Kimmyob
You are outright lying on all accounts. There need to be 150.000 job created every month (net) just to break even in the number of people without work! Are you telling me that on average ever month has seen more then net 150.000 new jobs? In what alternate universe?
GDP growing = government spending increase and dollar devaluation. In other words more dept and more inflation.
Interest rates wend up from 2.6x to 3.3x from October till begin December. Where do you think that ends?
TheEVEInspiration 1 year ago
Far as gold is concerned, I've been in the business since 1979. If you think the dollar is going to stabilize, then sell your gold. If you think there will be a continuance of the spending, borrowing and printing, you better hedge what dollars you have by purchasing some gold. Best bet? Graded Saints and Liberties along with a smaller percentage of bullion "stuff".
If you have any graded chinese coins ,it's a good time to sell as they are the hottest numismatics on the planet right now.
mrearlygold 1 year ago
krugman is a scumbag commuist and it's because of policies that krugman subscribes this country is going the same way as england.
If we don't get a Ron Paul, Peter Schiff in the white house we are doomed. What is it about prosperity and living well that Americans don't want? If there was a Paul/Sciff/Napolitano team in power we would experience UNPRECEDENTED prosperity and freedom. Isn't that what people would like to have?
mrearlygold 1 year ago
What Peter is saying about Krugman is wrong. Peter said that Krugman thinks austrain economics is a proven failure because of Bush. Krugman thinks austrian school is a proven failure because it was main stream economics till the second world war, were recessions were far longer, deeper and happend more often.
Peter often talks about 1920 recession as the biggest austrian success, well then, why is he moaning about this one, when it's the same length.
2000drpain86 1 year ago
@2000drpain86
actually, Hoover was the most interventionist president during peacetime. FDR simply expanded his policies. As well, WWII didn't get us out of recession, it lowered unemployment by drafting people to get killed. You can watch a vid on the matter by Robert Higgs on youtube. i think it's titled "myth of war prosperity"
stealthswimmer 1 year ago
@stealthswimmer I was going to say "what the hell are you talking about", but you could say before and after 1929 if you like, still means austrian school is a failed theory.
There was no Keynes economic policy, like cutting interest rates to zero like would be done today, or guranteeing savings, which would of prevented the bank runs during the great depression. There was also no massive stimulas during Hoover like would be done today or targeting a rate of inflationSo after WW2 would be right
2000drpain86 1 year ago
I hate Krugman with a passion.
mcourtmiller 1 year ago
Peter Schiff lies about savings, production and US debt to foreigners.
Peter says US produces nothing, well US is the largest producing nation US $1.72trillion vs Chinas $1.6trillion of goods.
Peter says US has no savings, when US current savings rate is 6%, US average $52,993: Average amount in savings and certificates of deposit, $99,149: Average retirement account etc.
US debt to foreigners is low 94%, Germany 155% of GDP,Luxembourg 3854% GDP, Switzerland 271% of GDP, Hong Kong 311% GDP
2000drpain86 1 year ago
@2000drpain86 boy the economy sounds like it is in good shape, are you also abamas little brown brother???
redline1189 1 year ago
@redline1189 Lol, good luck being a ignorant redneck racist.
2000drpain86 1 year ago
@2000drpain86
It is pretty pointless to have a discussion based on GDP when the value in which it is expressed is falling. Even spending borrowed money will increase GDP, while it is clear your net worth goes down in that case.
For the same reason, saving something that is loosing value does not give you a growing buffer for when things go south. Inflation will kill you, all the while statistics you adore keep looking good.
TheEVEInspiration 1 year ago
@TheEVEInspiration I'm not sure which reply you are responding too?
If GDP is not a good indicator what would you prefer? All nations measure by GDP, so it's a fair way of comparing nations.
Price inflation has been low throught this recession and savings in real terms have been going up. No inflation does not distort production output because it is compared to other nations in dollars and external debt is low compared to strong nation no mater how you try and cut it.
2000drpain86 1 year ago
@2000drpain86
Really tell me more? What is the debt of Austrailia, NZ, China, UK, etc??
Cyrus992 1 year ago
Krugman's ludicrous zombie reference is good news. Yes, really! It shows that he's watching Tom Woods - one of the finest speakers anywhere, and brilliant - because he *stole* the zombie analogy from Tom Woods. Search youtube for phrase
interview with a zombie
Yes, clearly that dunce should return his Nobel Prize. Krugman is an absolute imbecile.
decapitatespammers 1 year ago
@onecoolgreek fuck hannukah
BeyondNeptune 1 year ago
Criminals which are running USA should be hanged publicly.
This will be the best deffense of USA.
aviomaster 1 year ago 22
@TylerNull Do you truly feel that Mandela does not deserve a Nobel prize? I am a Canadian currently in South Africa. Sure there are problems here, but there are challenges everywhere. In my opinion, Mandela is the most important and influential person of the last 100 years. He is a man who stood up against discrimination, went to jail for over 20 years and instead of wanting revenge against the people who persecuted him, he forgave them and brought democracy to South Africa.
PauleBecker 1 year ago
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@PauleBecker you are a lost cause.
BeyondNeptune 1 year ago
well if the outlook is so rosy the fed wouldn't be handing out QE2. QE2 wasn't approved because it was icing on top, but rather a necessary bailout to prevent the double dip recession.
wli2718 1 year ago
nowheres near that point
nowheres!
TheBlitz1 1 year ago
have a happy new year, peter. Thanks for your patriotism!
sharinganclan213 1 year ago
Excellent point about good economy under Clinton and NASDAQ bubble at 4:40
slobodaiprosperitet 1 year ago
Krugman, Mandela, Gore, Obama -- looking at Nobel's list of laureates reveals that prize has become some kind of an international Dunce Cap. Their algorithm is simple; whichever nominee most effectively damages Western civilization wins.
TylerNull 1 year ago 27
@TylerNull Nelson Mandela, beloved civil rights activist, statesman, and Morgan Freeman character, harmed Western civilisation by campaigning to end apartheid? Surely you meant to type Arafat or something?
cengime 1 year ago
@cengime
Find a way to kill a free nation, and you too will be "beloved" by newspaper editors and such.
Mandela was so "beloved" by those who hated the tiny republic of S. Africa, to which native Africans flocked because it offered better ... everything, by every, measure for native Africans than any other nation in sub-saharan Africa.
Nelson Mandela was a communist sponsored (SACP) war lord. He tortured countless Africans to death by "necklacing" -- those who opposed his communist politics.
TylerNull 1 year ago
@TylerNull You forgot Wilson's peace prize for laying the groundwork for WW2. That's probably the worst nomination for the peace prize ever.
delyshBB 1 year ago
@TylerNull how did Mandela make that list?!
TechnoDanDotCom 1 year ago
@TylerNull - Well said Tyler.
RicPhlare 1 year ago
@TylerNull What are Mandela's views on economic policy?
gben82 1 year ago
@gben82
Communist backed tribal warlords aren't about "views on economic policy". Rather, they're about hunting down & torturing their opponents to death, & then pillaging whatever they can from their target civilization.
Mandela found himself in the bizarre situation of being one whilst concurrently adored by the entire Western media machine who portrayed him as a kind of freedom fighter, much as they did for so many murderous thugs prior, from Ortega to Tookie. He played his hand smartly.
TylerNull 1 year ago
@TylerNull Mandela doesn't deserve a Noble Peace Prize, are you serious???
OEllie25 1 year ago
@OEllie25
That question is answered by the historical record of the murderous rampage that describes Mandela's governance after he was crowned king of "Peace".
Murder & rape increased in S. Africa, not by 50% or 100%, but by something like 1,000%. His wife was found to be a sadist whose hobby, when not "necklacing" her husbands opponents, was kidnapping & castrating young men. Under his communist "reform", a rash of gov't confiscations & violence against farmers swept the region.
Peace?
TylerNull 1 year ago
@TylerNull And don't forget those guys from Long Term Capital Management.
KnightFrank 1 year ago
@TylerNull
You dont think nelson mandela deserve his peace prize???
Sure obama didn't, Gore arguably not. As for krugman, whilst i'm not at all a fan, won his nobel prize for "new trade Theory", not anything to do with monetary policy or any other in which he usually spews his idiotic views.
But i dont think you can put nelson mandela in the same category, unless by "damages western civilization" you are including apartheid south africa
noogie123 1 year ago
I agree with Peter, in the future it will be better to have gold than USA dollars. Since around 1450 six countries have held the world's reserve currency; Portugal, Spain, Dutch, France, British Empire, and USA. Their reign has lasted around 100 years, so the USA dollar is in it's final stages due to irrational Fed and governmemt policies. Gold might eventually have a bubble but a collapse back down to $2500 doesn't sound too bad to me, especially if you bought it at $500.
naggold 1 year ago
God Peter, you are so informative.
OmegaRage 1 year ago
I wish it was easier to invest in gold. For the moment I don't have a clue about how this is done. I guess you don't buy physical gold?
FatherTuck 1 year ago
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CRASH jp morgan buy silver
xxHANNONxx 1 year ago
Schiff world depend on a fact that the US dollar will continue on. I think most of us would agree that its coming to an end.
askmeif 1 year ago
I'd like to see the size of the scissors required to cut up the federal government's credit card.
InterestingBoredom 1 year ago
In fairness to Krugman, his point is that tax cuts cannot be cited as the PREDOMINANT force behind economic growth, which is what many establishment republicans would have you believe. So in a way, Peter and Paul agree, but only in the sense that other variables are needed to explain why an economy performs well or fails to do so.
McGriff99 1 year ago
gold bubble, good luck with that spin, too bad the rest of the world isn't watching CNN. The US is not the only market in the world...nore is it the only depreciating currency. I'm sure major investment banks would love to get that idea in the average American's mind... so they could A) cover their shorts...and B) turn all those shorts, into long positions!
MoreFaithNo 1 year ago
Krugman
"Krug"
Rug. you dont say "roog." the roog is on the floor lol.
or bug. "boog?" LOL Krugan knows as much about economics as he does how to pronounce his own name.
audiohi 1 year ago
its kroogman! xD krooooogman
marcuswinfield 1 year ago
@Vivamydick gold and silver production cannot be increased drastically. They are limited resources just like oil. We are basically mining tons of dirt now just to get a few ounces of gold or silver or pounds of copper.
phatcheck 1 year ago
@XESTISS you are a truly remarkable idiot. You can convert gold to fiat currency very easily in any country. Fiat currency is paper, that's all! You're arguments about not being able to give gold to a cashier prove you just have your head up your butt!
phatcheck 1 year ago
@phatcheck I can't think of a single cashier that would turn away gold. Anywhere in the entire planet. It's just a matter of matching the amount of gold to the thing being bought.
ytgv3fc7 1 year ago
@ytgv3fc7 you would be surprised... ppl are pretty dumb nowadays and they dont know the true value of gold. even my economics teacher in college doesnt know sqawk about gold.
GusBariga 1 year ago
@bweazel once again proving that gold at 800 was not a serious problem and that cash is trash, Gold went from 35 to 350 with 800 in the middle, this time gold will go from 250 to 2500 with 8000 in the middle. SMALLEST values. With paper gold in the works attempting to be redeemed for metals in hand that will drive the price up another 10x to 50x. EASILY. cash is trash - gold is real money
ytgv3fc7 1 year ago
@phatcheck All You bear Sh1ters have been completely wrong for 2 plus years and I am the Idiot. LOL Only one with a head of your Ars is you!
XESTISS 1 year ago
whatever happened to the debate between Murphy and Krugman? I remember he openly challenged Krugman to a debate with the proceeds going to the homeless in New York...
n66178 1 year ago
Ireland and Greece are zombies, soon the USA will join the club.
Best thing to do is to relocate to ASIA.
jadnsofia 1 year ago
Comment removed
spineadjuster13 1 year ago
Gold price has nothing to do with inflation fears but has a lot to do with taking excess capital mostly from poorest by Banksters and Peter is dancing under their flute
Production of gold and silver can always be increased dramatically to meet the demand
But Gods of this world ,I mean scum of this world will not increase production till they place the rest of you in poor house ,Look they sell gold coins in ATM machines now :)
VivaMydick 1 year ago
@VivaMydick Unbacked statements. My 12 years old cousin can do better. Show us the facts.
n66178 1 year ago
@VivaMydick
If your theory was true gold prices wouldn't be rising they would be staying relatively constant.
bball44j 1 year ago
@VivaMydick production of gold and silver can never be drastically increased and I mean NEVER. It's damn hard to find any and once you do it's 2g to 4g gold per TONNE of ore. TONNE. That's a shit-load of digging.
3 ATM machines in the entire planet sell gold. 4? Maybe 4. Ever. period.
That's no bubble.
Gold price ALWAYS has to do with currency crisis like hyperinflation. ALWAYS.
ytgv3fc7 1 year ago
It is all about global socialism. It is spreading like a cancer throughout the world. The administrations since Reagan have been tasked with getting the U.S. into a position to either join the club or be destroyed. This administration and this congress will go down as the ones that killed the American experiment.
pepeledog 1 year ago
@pepeledog none of this is about global socialism, no one is trying for global socialism. It's FASCISM and CAPITALISM gone global. Socialism is precisely the OPPOSITE of what you see - inflation is optional but not required and not beneficial; flows of assets would go to actual people and not corporations, the precise opposite of how you see things now. Socialism helps the poor not the rich. Global socialism is a nonsense LSD-induced term you made up because you're drinking draino
ytgv3fc7 1 year ago
@pepeledog the only way a global socialism could be true is if the entire planet's worth of elite rich were bankrupted over-night and all their assets, especially tangible NON-CASH assets, were distributed to people around the planet so they'd be less poor and more able to survive. That, and ONLY THAT EVENT, defines socialism. Period.
Get of the LSD.
glug glug glug
ytgv3fc7 1 year ago
Krugman's marxist fantasies have run thin.
WhereDidItAllGo7 1 year ago
I agree with you @4:49
KURDYPEIN 1 year ago
I am still livid about the bailouts. To be truly free you have to be willing to accept the pain that comes with being free. Economic freedom is the most basic of all freedoms.
You can be free to succeed if you are not free to fail.
bkdmd 1 year ago 5
Compare US defense budget to the rest of the world, it's the BIGGEST in the world! >$700billion, no wonder the country is broke. 1000s of military bases all over the freaking world, creating USELESS wars.....there's no biggest terrorist than the US government.
mechanicalengineer3 1 year ago
Damn, I miss Wallstreet Unspun. It was free and it was FANTASTIC. At least there is this channel on YouTube, so thank you Peter and please keep it up.
kryflam 1 year ago
@kryflam Peter has his own radio show now at Schiffradio(dot)com every night for 2 hours.
residentzombie 1 year ago
@residentzombie you can also download the mp3 for the show after 8pm central time.
SchiffRadiodotcom 1 year ago
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@SchiffRadiodotcom
"you can also download the mp3 for the show after 8pm central"
It works! Thank you.
kryflam 1 year ago
@kryflam actually, u can listen to his radio show on his website for FREE every day. they keep each episode up for 24 hours.
ftwbk 1 year ago
Thank you very much sir. Forever in your debt.
fliskris 1 year ago
#6 US Government, Legislative and Judicial Body for the USA. Salary and Bonus: $3,500,000,000.00 up 35%percent. Starting in 1781 with a succession from England, the country has two middle east wars, over 700 military bases in 130 sovereign nations. Originally designed as a strictly limited government with a market economy. Since 1901, a series of progressive illegal land acquisitions, corruption, entitlements and taxes have rendered the USA insolvent and on the verge of currency collapse.
6024691380 1 year ago
Everyone has debt exepth the to big to fail , even in a but economy they still do well ,
ibelucky1 1 year ago
5. Rupert Murdoch, Chairman and CEO, News Corp. Bonus: $4,368,800, down 19.6 percent. Starting in 1953 with a single, family-owned newspaper in his native Australia, Murdoch has built a media empire that now includes the tabloid New York Post, DIRECTV, Fox Entertainment Group and TV Guide. He's been chairman of News Corp since 1991. Sales for 2010 are $32.78 billion, up 7.74 percent; net income is $2.54 billion, up from a loss of $3.31 billion the year before.
ibelucky1 1 year ago
4. Mark G. Parker, President and CEO, Nike. Bonus: $4,441,875, up 393.5 percent. Parker, who first went to work at Nike in 1979, became CEO in 2006. He has expanded the company's portfolio of brands to include Cole Haan, Converse and Hurley International. During his time as CEO, Nike has become a supporter of such foundations as "Girl Effect" and "Yellow Band." The company's 2010 sales are $19.01 billion, up 0.85 percent; net income is $1.91 billion, up 28.25 percent
ibelucky1 1 year ago
3. John T. Chambers, Chairman and CEO, Cisco Systems. Bonus: $4,600,000, up 126.5 percent. Since becoming CEO in 1995, Chambers has pushed Cisco's annual revenue from $2.0 billion to over $40 billion. An expert in workplace learning, he served as a member of President George W. Bush's Education Committee in 2000. Cisco's sales for 2010 are $40.04 billion, up 10.86 percent; net income is $7.77 billion, up 26.62 percent
ibelucky1 1 year ago
2. Lawrence J. Ellison, Chief Executive Officer, Oracle. Bonus: $6,453,254, up 79.9 percent. Ellison has been CEO of Oracle since he founded the company in 1977. He has been a pioneer in providing business applications on the Internet and, before founding Oracle, he helped build the first IBM-compatible mainframe. Intensely competitive, . Oracle's sales for 2010 are $26.82 billion, up 15.34 percent; net income is $6.14 billion, up 9.69 percent
ibelucky1 1 year ago
1. William R. Johnson, Chairman and President, H.J. Heinz. Bonus: $8,589,063, up 17.6 percent. Johnson has been at Heinz since 1982. Past positions include vice president of marketing for Ketchup., particularly in Asia. China gave him the highest honor it gives foreign business leaders -- the Marco Polo Award -- for his contributions to the development of China's food industry. Heinz's sales for 2010 are $10.49 billion, up 3.42 percent; net income is $882.34 million,
ibelucky1 1 year ago
Happy Hanukkah,Merry Christmas,Happy Holidays Peter Schiff.
Peter Schiff designing financial policy has more rationale than any business pundit spouting junk on TV or radio today.
jibbi4one 1 year ago
Wonder how many illegal imagrants work for the TYSON CHICKEN Plant !
ibelucky1 1 year ago
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Good holiday season for CEO Bonuses !
Donnie Smith, president and CEO of Tyson Foods Inc., received compensation valued at nearly $8.7 million in his first year at the helm of the meat producer.
ibelucky1 1 year ago
Smith was awarded a salary of $855,577 and a performance-based cash bonus of nearly $3.8 million for the 2010 fiscal year, according to documents recently filed with the Securities and Exchange Commission. He also received stock awards and options valued at nearly $4 million and other perks valued at $166,116
ibelucky1 1 year ago
Good holiday season for CEO Bonuses !
Donnie Smith, president and CEO of Tyson Foods Inc., received compensation valued at nearly $8.7 million in his first year at the helm of the meat producer.
ibelucky1 1 year ago
awwwwwwwwwwwwwwww
Merry Christmas, Pete!
Thanks, you made my day, really.
biozamadotcom 1 year ago
Merry Christmas my friend...thanks for the reality checks...
kimmyk401 1 year ago
i swear your looking younger mr schiff, lol , what face cream you using dude ?
cosmicguerilla1 1 year ago
@cosmicguerilla1 I think it's his hair colour.
Rocky1138 1 year ago
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Peter Schiff, this was a great analysis!
JamesBlakeWilliams 1 year ago
Peter Schiff, this was a great analysis!
JamesBlakeWilliams 1 year ago
Mr. Schiff, you have a great Merry Christmas as well. I am so disgusted by this Happy Holiday nonsense. My office gave me our Greetings cards last week to send out to our clients. All said HH, I wrote in MC. Hope it doesnt offend anyone?!!? Sheesh. Coming from you, A Jewish American, I was surprised.
Regards,
Thanks for the kicker on EXK!
kindlewaters 1 year ago 2
WOW...There is still 8 sheep grazing?
petiemac24 1 year ago
END THE FED,,,,RON PAUL FOR PRESIDENT 2012
petiemac24 1 year ago
Exuberance begets exuberance. It catches on, until there really is something to celebreate, just like employers laid people off beyond a level that was rational.
baigandine 1 year ago
Clinton had the tech boom and increased productivity from expanded computer use and a reduction in federal spending as a percent of the GDP (18.2%) as well and the benefit of less "crowding out" of private sector economic activity.
Truthpolice9698 1 year ago
All one has to do is remember the lovely 70's for a glimpse of what we have in store for us. Boom, inflation, bust. repeat as often as necessary to demoralize the population. Repeat after me, boom, inflation, bust.
Truthpolice9698 1 year ago
@GuerrillaFighter12 Ummm...I'm not sure where you got your information, but corporations are very much a part of a free market, and have been for hundreds of years. To believe otherwise is to be sadly mistaken.
dbrandow 1 year ago
I think Peter is right aout a lot of things, but he's wrong about his stance on not taxing the rich. What evidence there is shows that the rich take that extra money and save it, they don't reinvest it. In response to one indicator, Peter's response is 'its a coincidence'. Really, that's the best he could do? Taxation rates must have some impact on the economy, one way or the other, so to call the performance of the economy a coincidence is ridiculous. Show some evidence to support your position
dbrandow 1 year ago
@dbrandow ....When people save money in the bank, the banks invest their money for them. If you stuff the cash under a bed then yes your money cannot be put to work.
petiemac24 1 year ago
@petiemac24 That's a fair point, but rich people aren't putting money in banks, for the most part they are putting it in vehicles like stocks and real estate, which has a pretty small effect on increasing productivity. When you increase the tax rate, they avoid taking profits and instead plow the money back into their businesses, investing in more equipment, training, expansion and so forth to avoid those high personal tax rates, which has a far greater stimulative effect.
dbrandow 1 year ago
@dbrandow ....Not a small effect when you buy stocks or real estate. Stocks make cappital available to companies that want to expand and hire. Real Estate might seem selfish but employs inspectors, contractors, brokers, lawyers and others. You can't just look at the short term effects of things. If you increase taxes to much people stop hiring or even working, make them even higher and you get riots.
petiemac24 1 year ago
@petiemac24 After the IPO, no, investing in stocks doesn't really provide significant amounts of capital to companies. Real estate investment does have some effect, but again, its pretty small.
Increasing the personal tax on the rich doesn't cause them to decrease hiring, its to the contrary, as I noted earlier.
dbrandow 1 year ago
@dbrandow ....Neither is small and I am curious to know what theory of economics do you agree with?
Tax something and you get less of it, subsidize something and you get more of it. It's that simple!!!
petiemac24 1 year ago
@petiemac24 If in your view taxation is that simple, I'm afraid I simply can't share that view. As the past couple of centuries have demonstrated, the effects of different taxation policies on different aspects of the economy have wide-ranging, subtle, complex and often unexpected effects. To attempt to simplify it to the basic level you have is to mischaracterize it badly, at least from the observations I've made.
dbrandow 1 year ago
@petiemac24 In response to your question about what theory of economics I agree with, I'm afraid I don't have a simple answer. On some things I agree with Schiff, on others I agree with Klugman. On some issues I'm a Keynesian, on others the polar opposite. The glib answer is that I believe in what has proven itself to work. Tax the rich, regulate business carefully to curb excesses and then, after that and for the most part, get out of the way of business and let it do its thing.
dbrandow 1 year ago
@dbrandow regulating business to curb excesses is stupid. Regulating industries to curb fraud and poisons/dangers is sensible. Personal and business excesses are not your business to regulate.
ytgv3fc7 1 year ago
@dbrandow you are mistaken: companies can issue new stock after the IPO and also buy back stock. So investing does really have a big change you are ignoring.
Increasing personal tax on the rich means telling them you want them to go somewhere else. So long as elsewhere is less appealing they will stay. So you find the balance. Also, taxes should pay for services everyone, including the rich, can use. Budgets for nonsense have to go and go for good.
ytgv3fc7 1 year ago
@ytgv3fc7 I by no means indicated that money spent on stocks results in no investment at all, but its very distinctly limited in comparison to other alternatives.
dbrandow 1 year ago
@petiemac24 no, when you save money in a bank, banks throw so much of it away down dark holes you can't control you may never see it back. Then they may get bailouts or may fail and close.
Putting money to work is not a high priority and it's wrong-headed for others to insist on forcing others to put their money to work. If I say my money is to be saved for when I'm old and never put to work until then you have no right to change that. And it's criminal to try.
ytgv3fc7 1 year ago
@ytgv3fc7 ....What can I say about your confusing and uneducated comment that hasn't already been said about Obama..."No experience in the private sector."
petiemac24 1 year ago
@petiemac24 I have great wisdom beyond yours BECAUSE I have experience only in the private sector and call it like it is.
ytgv3fc7 1 year ago
@ytgv3fc7 ...You have knowledge in a flawed theory....That's not wisdom but it is FALLACY.
petiemac24 1 year ago
@petiemac24 I don't have a flawed theory, I have actual facts behind me. Period. That's wisdom AND knowledge AND practical experience. Again: putting money to work is WRONG-HEADED because savings must ALWAYS come first, be it for personal finance or corporations. Cash-flow READY to be used is SAVINGS. Forcing people out of their savings is CRIMINAL and your FLAWED theory that your stealing is OK means you are a criminal and I am not. It's that simple.
ytgv3fc7 1 year ago
@ytgv3fc7 ....No you have a flawed theory.....PERIOD....You just contradicted yourself. I never said savings was bad or needed to be thwarted.
petiemac24 1 year ago
@petiemac24 I have only contradicted you, never myself. I have zero flawed theories because no theory is used at all - only facts. Your nonsense gibberish continues to be nonsense.
Obvious Fail is still Obviously Failing but at least you're entertaining while doing it.
Forcing people out of their savings IS what you support because it MUST happen and ALWAYS happens:
ytgv3fc7 1 year ago
@ytgv3fc7 .....Are you a in agreement with Austrian or Keynesian economics?
petiemac24 1 year ago
@petiemac24 agreement with some small portion of Austrian economics and NONE of Keynesian economics. Primarily what works, mathematically, is a decentralized socialism. Every deviation from that leads to incremental disaster. "free markets" bring more disasters and make them all bigger. Think of the body's homeostasis, or of cells for all life forms that have cells.
Imagine capitalism there.
It would be suicide.
Capitalism defies nature's self-regulation for survival.
ytgv3fc7 1 year ago
@ytgv3fc7 .....Your comparison to nature is absurd and pointless. Nature survives in social and independent species. Animals live in socialist type herds and others are independent and provide for themselves. Your lack of knowledge is amazing and disturbing.
petiemac24 1 year ago
@ytgv3fc7 capitalism is self regulation. regulation based on greed. greed is good and can lead to prosperity but it can also be bad and lead to diaster. true capitalism lets the individual decide what road he wants to choose. if bush and obama followed the capitalist road, all those banks and corporations would have be let to fail and the world right now would be better off. new business will spring up from the old and US eco would have been back on its feet but government always has to interfer
GusBariga 1 year ago
@GusBariga
"greed is good and can lead to prosperity "
There's absolutely nothing to back up your assertion whatsoever. The greed of capitalists has never lead to prosperity. Only when people stood up against wage exploitation was there any middle class.
Bush and Obama do follow the capitalist road because they do the bidding of the capitalist. The relationship they have with capitalists is symbiotic. In this respect both Austrians and Keynesians are delusional.
kingmafi6699 1 year ago
@GusBariga greed is evil, never good. It is not self-regulating: it is a parasitic flesh-eating disease. Self-regulation has not ever happened in any kind of capitalism nor can it. It's like saying gravity regulates black holes so they don't collapse. That's all they do.
Capitalism leads the individual to an Oligarch Master who chooses all roads and destroys the rest.
Capitalism is murder at its finest. Greed must be stomped on with prison and executions or humanity kills itself 100%.
ytgv3fc7 1 year ago
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@petiemac24 "When people save money in the bank, the banks invest their money for them. If you stuff the cash under a bed then yes your money cannot be put to work."
Absolutely untrue: #1 banks do not invest deposit savings. None. Zero. Zilch. They manufacture DEBT with interest from NOTHING. Deposits are not even 0.0001% of this. It is not even required to be there. Zero. Anything in an actual chequing account must be kept at the ready at all times
ytgv3fc7 1 year ago
@petiemac24 so you have contradicted YOURself. You have misunderstood how savings actually work and where they are actually used. Banks DO NOT INVEST YOUR SAVINGS. Every person invests their OWN savings, or spends it on survival, after the savings time has expired for which the savings was needed. e.g. I could hold gold 40 years and then spend it on survival. I could unload some in 5 years to use for investment. It's my choice. I can never trust YOU to choose.
ytgv3fc7 1 year ago