Peter Schiff being Interviewed by Judge Napolitano 25 Mar 2009

[ryeb00]

Peter Schiff is my new hero

[lovepeace360]

Haha what Peter Shiff is forgeting is that Obama can higher the taxes for the rich in america

[Bowser2398]

But do you forget what are the consequences of increasing taxes on anyone? They will do everything they can to keep their money. So that means more companies and rich leaving the united states- and then you'll come up short with tax revenue again. The companies that stay will either increase their prices or lower their wages to compensate for the tax increase. The only winner when you tax is the Government.

[delyshBB]

74% of the newly created American jobs are created by small business. American hiked taxes for those businesses. Only an utter moron would raise taxes in a recession... lol

[constrength]

The problem with socialism that Obama espouses is that eventually the government runs out of other peoples money, including the rich. So even if rich are taxed the government is spending way too much for that to matter. This would also start a tax revolt... Plus it is easier to just print money which is happening and going to make our dollar valueless...

[crispymidget]

and Peter schiff didn't forget anything you're just to stupid to understand

[Justbeatit999]

Peter Schiff On the Jerry Doyle Show

[binky4647]

that hand signal thing over his head at the start is strange..or is he just taking the piss..hhhhmmm

[joneselius]

I don't know, as I say it's quite weird isn't it.

Hmmmm.

[AndrewFlanders]

bunny ears

[chaztikov]

Did peter screw up at 3:30? He said

"Inflation always transfers wealth from debtors to creditors"

Didn't he mean "Inflation always transfers wealth from creditors to debtors"?

For example,

In 2009, I have $25,000 worth of soybeans and $35,000 worth of student loans (fix 5% interest yearly)

In 2010, 'hyperinflation hits', and I have 35000*1.005= $36750 worth of student loans.

The soybeans are now worth, say $50,000 in 2010 terms, so if I sell all my soybeans, I win out as a debtor right?

[Tests]

My command of English isnt that gd but let me try.

First there is no underlying asset to what he meant. If you kept your money is US$ the U.S would owe you $25000 because they guarantee it this is the perception that they will honour the currency. So lets leave out soya beans.

Regarding the student loans you will still pay same amount except the amount is worth less when real asset prices go up due to more currency circulation.

[Tests]

When he meant "Inflation always transfers wealth from debtors to creditors"

Either he made a mistake or he meant since the debtor nation created inflation their currency is worth way less it is easier to pay off their creditors with same amount which is worth way less it is now. In essence if you own US$ they are actually taking part of your money by lowering the value of your currency. Paying off somebody else with your money.

If I got this wrong please correct me thx!

[rosewood223]

what talking u?

[smitha3708]

no because the dollar has devalued. you said it yourself; 50000 dollars in 2010 terms...meaning 35000 in 09 equals 50000 in 2010. you have only preserved your purchasing power. if the price of your soybeans has increased that much due to inflation then its only natural that prices on everything else have gone up too.

[chaztikov]

But when I said

"In 2009, I have $25,000 worth of soybeans and $35,000 worth of student loans (fix 5% interest yearly)"

I meant fix the 5% yearly interest on those loans. As in, they are not of the 'adjusted rate' lot...I will have to pay their nominal, not real, value in 2010. By storing soybeans (which have appreciated vs. the dollar, since the dollar was devalued) instead of dollars, and then essentially paying the nominal value (all that I am required to pay) of my loans, I win with debt

[chaztikov]

That is, I win vs. the creditor (the one offering loans in nominal, fiat dollar terms at a fixed rate, not significantly adjusted for inflation) as long as I stored my wealth in something other than a fiat currency.

Basically I just wanted to make sure I understood it correctly that he sort of slipped up his speech.

[milliradian]

I believe he said it correctly and you are just happy to be a slave. I wonder if you do this knowingly or...

[chaztikov]

What?? I'm just saying he messed up his words haha. If you listen to his most recent Wall Street Unspun, he screws up at the beginning there as well, he says

"...a blind acorn finding a nut..."

Its clearly not what he meant to say. Its also clear, given his beliefs, that he didn't mean to say

"Inflation always transfers wealth from debtors to creditors"

In fact, also in his recent 'Wall..Unspun', he said

"Inflation erodes debt"

And if that isn't evidence, maybe you're the happy slave...

[milliradian]

You are probably right.

[chaztikov]

I support Peter Schiff...I mean I don't like to have heroes, because how can I be confident I know anyone so well as to make them a model? But Peter Schiff probably comes close...I agree with him over the other 90% of ""economists""..the damn pundits who deceive people into buying into the will of the manipulating elite.

But I wouldn't lend my support if I didn't understand what he was saying...and I feel that I do, and I feel that he just made a slight slip-up with his words in this video.

[chaztikov]

Don't blindly support ANYONE...if I were to say anything with certainty, especially in these times, it would be that.

Inflation does tend to serve the debtor over the creditor...and Schiff says this constantly: it would somewhat serve the government's interests (as a debtor nation) because it would repay its debts in devalued dollars.

I think Peter Schiff is worthy of support, but you don't seem to have the right idea in lending yours...I would suggest you understand why more clearly (just me)

[hermease]

Yes. He made an error.

[Bluedybluedyblue]

You cut off Lew Rockwell? You bastard!

[joneselius]

Whoaaa, why does the guy at the start do that over that interviewers head?

Iv'e seen other politicians do that hand signal too.

[chaztikov]

I'm interested to hear about that too.

It looks so innocent, until variations of it are made and a slew of people start doing it.

And then it seems even less innocent when people start attributing deeper meanings to "it", and then it becomes very difficult to discern whether or not it actually means anything.

Or if the variants mean the same thing.

So I'd like to hear more as well.

[Joeys48]

That was Shepard Smith doing the two finger thing over the head of Judge Napolitano. Shepard is the host of Fox Report. He is smart, funny, self assured and playful. I suspect he and the Judge are great friends and Sheppard was just playing around. Nothing more to read into it than a guy having some fun! As far as other politicians doing that.....I'd have to see it for myself!