This is probably the best seminar on how money and credit impact the business cycle. I have to listen to this often for a good dose of sanity.. Especially after having to listen to the Keynesian morons in my economics lectures.
Of the 3 videos in this series, is this the only one where I constantly had to pause it and replay sections over to fully grasp what Peter was saying.
There's smart, and then there's Peter Schiff smart
so much for this deficit hysteria! this is sick 18:51 "if the people are broke the government is broke? the government gets money from the people?" can any family in america creates its own dollars at will? don't be fooled. forget mainstream economics, learn history and learn what's it all about.
How did the people of Connecticut not elect this guy? His ability to stand in front of a microphone with ZERO notes or outlines, and speak about such complex topics so fluidly leaves me in awe.
@benallen12 It's the fault of American education. Sadly, most Americans just don't get it, and no matter how many times you go over it, they won't be able to get it. They haven't been taught to think for themselves.
who the hell made up money?????!!! like the actual person... money puts people in class and thats being judge and your trying to play the act of god in which you are not so take greed out of the world and we would all be fine..
Besides, it's not money that puts people in class it's .. wait ...wait some more ... the government. Under money (real - like gold) all people are equal. Yes it's true. The government sais that I am a farmer (for. example and for real) and with this come laws and obligations. Money sais nothing about me :D
How the f*ck are you going to get rid of greed? Noone wants money for money but for what it buys! Are you going to obliterate all things too? Son - this is sick!
if u are tired of mainstream media, if u want real news that isnt controlled by the sneaky corporate media elites and international current events the mainstream media ignores then please visit CHANNELEDKNOWLEDGE:ORG.. that is where i go for my news.. u wouldn't believe the stories western media ignores..
When the money system fails to represent reality validly then it is possible for this country to put milk in the roadside ditch again, just because there isn't a way for the system to function. If there is God given potentials available to be applied into an economy and the money system says that about everyone is unable to use it to execute it; then the only solutioin is for a record system of IOUs to take over the job of managing our resources (materials and skills). Perhaps it's be better.
There is enough gold to make a mile cube of it according to National Geographics many years ago, from what I've read then. If you divided it between 10 billion people it comes out to 14 cubic feet per person. There's no way there is a viable use for that much of it. We should use commodities like what are sold on futures markets as a assured 'reference'. It would not stop speculation, just prevent matters from going to extemes.
@gdmellott There aren't 14 billion feet in a mile. If there is one cubic mile of gold, 7 billion people, with 5300 feet in a mile, the real answer is one 7millionth feet of gold per person, which is close to nothing.
@MrCobbery I'm not sure if his numbers are correct (is there really that much gold?), but regardless your math sounds flawed. 1 cubic mile contains a lot more gold than what I think you're measuring, which would be a 1 mile long thin strip of gold.
The housing bubble was only one of the last symptoms of our trade balance mess caused by our Standardless Free Trade policies. We are effectively "importing" the low wage and manufacturing conditions when we buy the products made that way. To compete a fee on such products (even returned to the communities so used) will reguide the investors to treat "us" fairly.
I think the minimum wage is necessary. If corporations could charge anything, I assure you walmart would charge probably around $3 an hour, if that. Thats $5500 a year! Half of that is required just to eat for a year. You might say, "People will just quit if they are not paid enough." that is not true. Almost surviving is better than not surviving. They might as well remove the minimum age to work. Before you know it, were going to start looking like china, and child sexual abuse will skyrocket
My dad told me this in 1985. Property can not increase in value more than 5% a year. It is a good rule of thumb. I told people for 20 years that this would happen. Housing crisis... was a PONZI scam not a bubble. A bubble pops. A Ponzi scheme unravels as the house scam did and still is doing!
The properties were never worth people were selling them for... Ponzi scam...
Just the Truth Tv
if you like just the truth... vote this comment up!
@rudemood2011 Peter could have thanked her for the introduction. He needs to work on being a little nicer if we are ever going to get him into the US Senate.
The last ten minutes of this video should be played for every single person in America..... wait, in the WORLD. America needs that wake-up call, and the only person able to give it to them is Ron Paul. Freedom and Liberty, 2012!
It's important to note that fiat money does not have to fail. It fails when there is a private bank in control of it, and they have no loyalty to the nation (dual citizens of US/Israel) or interest in maintaining the integrity of the currency.
The dollar has stayed around .8 compared to other currencies cause they have printed alot too, thus keeping it somewhat even. you have to look at the currencies compared to commodities and food. None of that has gone up since they printed has it? lol Why aren't your cloths made here anymore? Walmart, Target, kohls, Sears, Cosco, i bet those stores are just full of american made goods. What percentage of your car is made in the USA? Why did Nixon take us of the gold standard? Answer that!
lets see,NKE importer,MCD importer,DIS importer,V importer and outsoursed, APPLE importer,GM importer,JPM? C? what do they make? F importer, FDX?service provider dont make anything, HP importer and outsourced AIG bailout? Heck you got GM,F,JPM,C,GS. all bailouts from Either the government or the FED. Lots of service companies here, or companies who import their products or parts.
and as for manufacturing that doesnt matter if your not exporting more than your importing. who's the largest importer and exporter? Why do most familys have to have two incomes after we dropped the tie to gold in 1971? if you can print your way out of this mess then why is Zimbabwe's economy a disaster. how did it work for the Wiemar republic, Argentina, Brazil, Mexico? how many more MF Globals are there out there? If greace could Print its own money would life be great there?
bartering doesnt work on large scale economies. thats econ 101. china owns 1.2 trillion, Bonds are at lows cause its controlled by a cartel, and the cartel buys whatever wont sell on the market to keep it low. Real inflation is around 8-11% not good. Stock market is being held up by the money getting printed. The Federal reserve is a private company they dont have to tell you what they do with the money from the interest they make on the bonds. Real unemployment is 20%.
money printed at what rate since 1996? look at the money supply since then, M3 got so large the government wont even tell you what it is at now. and just cause we where on the gold standard in 1929 doesnt mean we weren't printing money, you forget that there was more than one type of money circulating in the USA then. Fed reserve notes and Treasury gold notes. Learn your history. Read When Money Dies and also Fiat Paper Money--History & Evolution of our Currency
Gold down 75% since 1980's? adjusted for inflation gold would have to hit $1849 to hit the average price for 1980 and $2337 to hit the peak in 1980. if your buying it at 75% less than that tell me where so i can get some. And Gold isn't at $5000 cause people are blind and see the dollar as safe and are holding 90% of it outside the USA. When they wake up and it comes back is when the real trouble begins. Plus if you watch the price of gold and silver on tv thats the paper price not physical.
China and Japan announced that they are going to abandon the Dollar for trade between the two nations. This is a huge cut in the support of the dollar as these two gigantic nations move to shield themselves from the mess in Europe and the coming collapse of the world’s reserve currency. China has made similar pacts in the past like ones with Russia where international trade would be settled with Yuan and Ruble instead of dollars.
This is true of him. Economics only work, when one worker does things which another one wants and vice versa. Really it's that easy. But now allocation is distorted completely. Wages in finance and income on financial capital is enslaving and on the other hand very attractive. These mechanism is backed by govt laws.
And China has sold off some of its holdings, they own $40 billion less in bonds than a year ago. They are busy buying up oil, Gold, Silver and other Metals. They see whats coming. For those of you who do understand what is going on, Europe just bought us some time so use it to prepare. when things reset its going to be a rough 8 months to 2 or 3 years. and We'll get threw it. Hopefully we wont be slaves to the fed after that cause enough people will be woken up.
The Dollar now is not even worth a nickel of the dollar that was printed in 1913. As for people who keep claiming its going to happen next year or the next, that's just crazy to predict, cause this could be just a painful slow death of the dollar or it could happen overnight like in Germany post WW1 or Argentina, Brazil in the 1980's and 1990's. Either way you should be prepared.
USA assets.. $78 trillion... national debt...$15.15 trillion... unfunded liabilities(social security,medicare,prescriptions) $117 trillion. USA assets $248,000 per citizen, total USA liabilities $1,172,000 per citizen. Doesn't look like a problem does it? I don't think things are going to come to an end, but we are due for a reset. History proves that, roman empire, china dynasties, France, Germany, Argentina, Brazil, Mexico, All had fiat money that eventually went to zero or was replaced.
and at $768 trillion derivatives are a problem, But what is your solution? have the fed give out another $16 trillion that you said they are not willing too? They are right now making it easy to get even more dollars for euro countries, it was in the news this last week. If you want to see the real GDP adjusted for inflation go to shadow stats dot com and look up the GDP chart on there. -2% right now
And 800billion?? are you kidding, the fed paid out $16 TRILLION to bail out banks and businesses at the same time the government put a that 800 billion. look up the audit on the fed. how is that not printing? As for why our bonds are so low, who owns the most bonds?? THE FED!! even more than China or Japan or India. There is also the false perception that the dollar is safer than the euro or other money so people are running to it around the world. The Dollar is just not as bad as other $.
when you say we have GDP growth is that adjusted for inflation? With inflation anywhere from 8% to 11% right now are you saying that the GDP Growth is beyond that? You mean GDP growth has grown compared to the dollar, which is decreasing in value due to the increase in money supply. The dollars buying power has decreased by at least 30% from 2000.
@perogi21 Someone needs to give you a brain! Where is the dollar collapse? Bond Explosion, Dow 1000, Gold 5000, Buy Silver 45,40,35,30,35. why is China not selling the Dollar? the FED was so Wrong? He Print printed 29 Trillion Yet interest Rates are at Historical lows! Where is the Hyper inflation? Peter Schiff has is 100% WRONG! On Everything! This is a FACT! Yet you are building bunkers! You are a retard!
I know these retards said the same about Greek debt in 2009 when it was trading higher than German bonds. These retards told us Greek spending was unsustainable. Then they said the same thing about Italian debt a few months ago when their debt was trading on par with US Treasuries! Now these same retards are saying that US debt is unsustainable.We were right about Greek and Italian debt and I'm sure we're right about US Debt. Interest rates will never go up on US! Never!
@johneveready "These Retards" didn't understand that Greece has lost the Monopoly in Printing Draxmas! They Can't print and look at the results!
Tell me Didn't your Cult leader tell you the US should not Print? The Results are right in from of your FACE! ARE YOU BLIND? US Prints US Bonds at Historical Lows! EZ Does Not print their ECONOMIES Collapse! Tell me now JUST HOW CLUELESS Ron Paul and Schiffy are! This is Black and White! US has a Monopoly in $ and Will never DEFAULT!
@Minethis1 Yes, the world will always have faith in the dollar because we can print more of it like our once vaunted Continentals and Greenbacks. You're right, our Govt. would ALWAYS pay its creditors with those too! I don't know why those retards back then always ended up going back to gold. I guess our federal govt. leaders are much wiser today than back then. Of course the ECB is not a lender of last resort because well...they say so!
@johneveready What in the World are you talking about? You are like a Kid that daddy said don't go to the Street and get the Ball. You don't understand you will get run over by a car you only see that daddy said NO & He is mean! Unreal! Why Stop at Gold? Let's go back to Bartering! If Gold STD is so good why did we Collapse in 1929? Lost 60% of GDP in 3 years? Tell me since 1996 what growth rate has the US Printed? EZ? China? How Much US Debt Does China Own? What are US Assets?
@johneveready Part 2 What are US Liabilities? What Kind of Recession were we in? US Printed 29 trillion in 08 why is Gold not at $5000, Why Is Gold Down 75% since 1980's? Why is the Dollar Index at .80? Why Are our Bonds at Historical lows? Where is Inflation? Where is Hyper Inflation? Why Has the Stock Market not Collapsed? What does the FED do with all the Interest rate profits it collects? Why is Unemployment not higher? Why is the US the Largest producer in the World? Answer itall
@johneveready Yeah right johny, Peter Schiff has no idea what he is talking about right? He's only the greatest economists of our time, but since you don't beleive in him he must be wrong now. Why don't you just keep using the talking points from your corporatist masters that keep us all enslaved. Your pure gold johny, pure gold.
Keynes acknowledged that his theory was wrong shortly before he died. Marx said of himself 'i am not marxist'. Yet academic and governmental fools keep worshiping those failed, erroneous theories.
man, this guy has super human abilities to explain things and he is brutally truthful. i wish we could somehow clone this guy. the world would be a much better place.
America can hide it's problems for a long time because we have a printing press. This is why Greece has a problem they don't have a printing press, neither does Italy.
@romanmir01 Your one year return on Gold is 2010 to 2011 is a whopping net gain $100 per ounce .06%! Inflation adjusted is 3% Net! BUT YOU NAILED IT!!!! hahahahahahahaha MEATHEAD!
YOU ARE CLUELESS! ARE THOSE FACTS LOUD ENOUGH FOR YOU????
"NOT WORTH A FEDERAL" 37:50 For over a year I've been waiting for a major commentator to use this phrase. Peter has won the Sweepstake. How long before it enters the vernacular. I would love if Peter would list the various red flags that precede a currency collapse, eg wage & price controls, drop in the Dow Jones accompanied by a drop in the Dollar & Treasuries instead of a rally.... Does anyone have any ideas as to a list of red flags for a currency collapse?
@ardfry Unsustainable deficits, how's that? Sorry didn't mean to be snotty but I think that it is staring us in the face. Sure they will be able to keep up the pretense for a while, but it's not worth taking chances, especially if you are using your savings rather than playing with leverage.
@powergirl901 he had/has a role in Ron Paul's campaign in 2008.. Pretty sure he is working in the free market at the moment. Very bright guy. I wish I could have taken advantage of his knowledge years ago.
I notice you say that if I produce 1000 chairs with no money, the worth is zero... A few questions:
What are the units of this "zero worth"?
Why is the time, the resources, and the manufacturing required to produce these chairs worth nothing, regardless of whether there is money? Since I have no idea what your definition of money is, there's no way to answer or refute this question myself.
Like others have said: watch the video and learn something.
@CrazyPianoMan1 Murray Rothbard's Man, Economy, and State with Power and Market would help a lot of these goons! But I'm thinkin' most of these people are unable to use inductive reasoning :/
US Assets are 78 Trillion US Debt is 15 trillion. How the F$%^ can he compare Greece to the US? Greece is Negative Asset to liabilities! What a bunch of crap you people are listening to! Capacity utilization is at 62% when it hits 85% will there be a deficit? NOPE! Interest rates are at 1% and we printed 29 trillion! Where is all the inflation? Where is all the hyper inflation? Where is the Dollar Collapse? Where is the Bond Explosion? Where is the Gold $5000 by 2011? He is Full of horse shit!
God I still cant believe people still believe this...
and btw, our unfunded liabilities are now at $117 trillion fucktard.
You fool inflation takes years to show relative to when it was put in to the system. Use your fucking head. You cant expand the money supply and not have inflation.
@Minethis1 NO, my friend. YOU are full of horse shit. US assets are 78 trillion? That is bull. Assets = debt +owner’s equity, and my friend there is no WAY we have more equity than debt in this country. Go back to basic accounting. Regarding inflation, take a look at inflation rates over a thirty year period. Inflation has always increased. We are well on our way to hyperinflation.
Yeah. All he did he said it may go to 5000. But unlike most people, many of his forecasts came true. This year he did forecast QE3, and another slowdown in the US economy. Everyone thought it will going to recover, and now it seems like it is again on the brink on recession. And the increased money supply is not poured into the system. If the Chines stop taking printed dollars to pay of what we owe them and to borrow more the US is toast.
Unreal Just how wrong this man is! Produce all you want if you don't have enough money to define it's production value it is worthless. 0 gold for 1 chair is worthless! 1 gold for 1 chair has value. He is Clueless! Save all you want if no one is buying why borrow and invest? Who ever believes that Gold was not continuously unearthed during periods we used it as a currency is a complete freakin idiot! PS doesn't know shit about money! Which is why his calls are always WRONG! 100% of the time!
@Minethis1 What are you talking about "his calls are wrong 100% of the time"?. Do you're homework before you say dumb things. Hope thats a shitty attempt at sarcasm. PS made his fortune on accurately predicting what the economy would do in times of boom and bust. People like you won't wake up till the whole country is in the toilet. Sad thing is, nearly the whole country is made up with people like you.
@joschmo85 Fortune? What Fortune? He is a peasant! I wipe my ass with his "Fortune" on a daily basis. PS has been 100% Wrong on Everything! Where is Hyper inflation, Bond collapse, dollar collapse, Dow 1000, Gold 2000 by 2010, Oh wait 2011 Oh wait now it's 2012, Buy Silver at $45,40,35,30,25 EZ is doing it right? Really?
He said short Bonds 62% lower, Stay away from US stocks buy Euro and BRIC Getting CRUSHED! Buy Commodities CRB down 35% YTD CRUSHED! You are simply a clueless idiot!
@Minethis1 Next time don't pay attention to the voices. If you do what they say, you might kill yourself. I can recommenced a therapist that can help. Just PM me.
"Yoou doesn't know shit about currencies" And we're supposed to take YOUR advice over Peter's? Please. Close your mouth, watch the video, and learn something. You are completely incorrect.
@iLitka Of course not! Do the Math! Produce 1000 chairs with no money what is their value? ZERO! Is that not math?
Save all your money. Tell me who will borrow and invest it if no one is buying? NO One! Is that not math?
If I don;t come into your store and spend and you don't come in my store and spend how are we going to have an income to pay our fix costs, hire workers, pay down debt, and have a discretionary income to spend and finally save? Tell me that! Do the Math!
@Minethis1 He is not saying save WITHOUT spending. Obviously everyone must spend money for various goods and services. He is saying that we should INVEST our savings rather than purchase things we cannot afford.
@jacksonX77 Since when did people know how to invest? They invested in housing how did that workout for them? They invest in tech stocks how did that workout for them? Chinese save 20% of income how is that working out for them? 1.3 Billion people or 4 times the US population have 1/3 our GDP and 1/5 our annual income! Strong currency? EZ has a strong Currency how is that working out fort hem? Libya has Zero debt how is there economy doing? The man is an economic Retard! Naive!
@Minethis1 Schiff is not assuming that every single person knows how to invest well. He is trying to EDUCATE people on wiser investment strategies. I got news for you, Schiff PREDICTED the collapse of the housing market! Blame the government for Fannie Mae and Freddie Mac, if those programs never existed people never would have invested in them! Schiff also predicted the dot-com bubble burst! Who is the naive one now? Doyou honestly think the people living in Libya are better off than Americans?
@jacksonX77 Hes is rying to EDUCATE PEOPLE!!!h hahahaahhaahhahahahaahhahhhahahahaahhahahahahhahahahahahahaha!!!!! HE HAS BEEN 100% WRONG!!!!!! He needs to be "EDUCATED! Where is all the inflation? Where is all the hyper inflation? Where is the Dollar Collapse? Where is the Bond Explosion? Where is the Gold $5000 by 2011? He is Full of horse shit! You are a MORON!!!
@Minethis1 I think at this point you are just trying to make people angry with you....do you get off to that or something? This discussion is over. One thing I have learned over the years is that you can't fix stupid.
@jacksonX77 Make people angry? No I communicating in Animal language that you and your cult leader are dead wrong! No matter how much you try to deny it the facts speak for them selves! Thats what is making you angry! Not me. Good Luck with your dollar Collapse!
@Minethis1 You really sound like a moron. But if you truly believe Schiff needs to be educated, I'd like to see you disprove everything point by point. No caps, no useless rhetoric. I want a facts. The fact is Schiffs predictions > than your idiotic drivel.
@Raelsatu Gladly! I will PM you. To Start go back and randomly & read any of my posts for the last up 2 years in his (Schiff report).
Lets get started. Lets create an economy. you produce dry food & I produce water. Our currency is a shell. I Give you 1 shell for 1 pound of food you than Give me 1 Shell for 1 Gal of water. If you were saving 1/2 ur water and decide to stop purchasing water for a month how will I Get the shell to buy food? I starve to death and you die from thirst.
Prices can fall, and even if the whole currency collapses there is barter, there is gold etc. Prices, and money supply are adjusted constantly by the market. If there will be not enough money to buy goods, prices will adjust. If government intervention would be required we would not get out of any recession before 1929 (in the US). Also, China, one of the fastest growing economy has a savings rate of 30%.
2.Prices are set on a Global pricing scale welcome to the 21st century!
3.Bartering Gold as a currency would NEVER EVER happen. This is not the movie "Escape from New York"
4.With out Government intervention You would get collapses not recessions! Companies have 2.2 trillion in the banks why are they not creating jobs and instead ask for tax breaks? Is it not enough?How much more they need?
@serialkiller1990 5. Who cares what China's Growth rate is? They have a population 4 times bigger (1.3 Bil) With an economy 1/3 of ours with an average income 1/5 ours! With out us giving them jobs they collapse tomorrow and riots would dwarf Arab Spring!
6. Zimbabwe hyper inflated did prices fall? How About when Argentina Russia or Germany collapsed did Prices fall? NOPE! Only Wages! Like I said Prices are set Globally! Peter Schiff doesn't have a clue about what he is saying. ZERO!!
@Minethis1 "With out us giving them jobs" - this is such incredible nonsense, it's beyond redemption. You don't 'give them jobs'.
Jobs come to China as a result of much less government involvement in business activity, which brings in capital and capital is the investment that is needed to start manufacturing. China doesn't need USA to consume anything, it can consume everything it creates and more all by itself, the only thing missing - sound money, not production, they have that.
@romanmir01 One there is no such thing as "sound money"! 2 If China can consume all that it produces why don't they? 3.Much less Gov involvement? Hahahahha And the Bullshit continues. If we didn't Pay Chinese .15 cents an hour we would not give a single job no matter how easy you think it is to start a business. if it brings in capital why do they Print at 23% of their total money supply each year? hahahahah Another clueless sheep watch?v=rooPPLtK9pg Bravo 100% wrong like your leader
@Minethis1 Of-course there is such thing as 'sound money' - it's market money as opposed to government fiat, that is printed at a whim of a politician rather than created as a reflection of productive capacity.
China can't consume what it produces because of the unsoundness of the monetary policy, not economy, but gov't monetary policy that destroys Chinese purchasing power by inflating the currency and buying up US dollars rather than allowing Chinese to buy their products.
@romanmir01 There is no Such thing as sound money! Money is NOT WEALTH! NEVER HAS BEEN NEVER WILL BE WAS NEVER DESIGNED TO BE! Do you understand English? Money must always expand to keep up with population production efficiency output GROWTH! NO SUCH THING AS SOUND MONEY! Even your precious gold is down 75% since the 80s inflation adjusted! Period end of story!
@romanmir01 You are not even smart enough to understand SARCASM! Maybe you would have picked up on it if I wrote .01 cents a n hour! Thx for making my point Why China worthless and they are 73rd poorest county on the PLANET!! EPA Screw that let the people breath in coal toxin! Yea US should be like them! Thx for making my point for me! No SS PERFECT! Works great for them doesn't it? 1.3 billion people with an economy 1/3 of ours! and an income 1/5 of ours! You are a RETARD!
@Minethis1 You are proven factually wrong, so don't talk to me about sarcasm.
China has all of the investment capital coming to it specifically because it has no regulatory baggage that the USA has acquired since 1913 and especially since 1965.
China is a much more economically free and sound country than USA, a person has to be a fool to hire in US.
@romanmir01 China is full of Smug and toxins people earn $5000 a year avg home is the equivalent of $1,300,000 here in the states. (Thats not a bubble at all!) They are the 73rd poorest country on the Planet! Their economy is 1/3 the US. Their Population is 4 times that of the US. Good thing they are saving! Right? ROMEO OSCAR FOXTROT LIMA! Too bad for them they are our Bitches! let them make our Casio watches with calculator mind you! You are a MEGA IDIOT! Just like Schiffy!
@Minethis1 So when you are so factually wrong on everything, including Chinese salaries, including the difference in regulations simply expressed as absence of all sorts of departments and all sorts of programs in China (starting with SS and ending with FDIC), I know who is a mindless sheep here, wrong like your government.
@romanmir01 I am Factual but not wrong! You are a SHEEP! BAAAAAAAAAHHAAAA! Tell me where is your dollar collapse? in 2002, 03,04,05,06,07,08,09,10,11, Wait will it be 2012? Where is Dow 1000? Where is Hyper inflation, Where is the Bond explosion? Where is the world will decouple from the US? Where is EZ is doing it right? Where is Gold $5000? Where is Invest overseas? BRIC GETTING CRUSHED! Where is buy Silver at 45,40,35,30,25? BAAAAHHAAAAA!!! You have been wrong 100% of the time!!!!
@Minethis1 You are also a loudmouth idiot, who doesn't at all see the actual inflation, which is 11-15% a year after year.
Gold started around 350USD/ounce in 2000 and today it's around 1600 - that the best indicator of how much actual purchasing power (value) the nominal dollar has lost over the decade and you talk about DOW 1000?
@Minethis1 Fact: you don't understand what gold is. ROI?! Gold is money, you dumb ass, you don't get return on money. It's a store of value, not an investment and you are a dumb ass.
@romanmir01 Idiotic Math! Oil is not the entire economy! We buy 10 times more today than we could in the 70's! This is not up for debate! AT ALL!
I will tell you this again GOLD INFLATION ADJUSTED IS DOWN 75% since the 80's! Even after this 10 year move! CHARTS DO NOT LIE! Maybe in 45 to 50 years those that bought in the 80's can make their money back! MAYBE! If they are still alive!
@Minethis1 The idiot in the room is you. You can only buy 10 times more today because you don't produce ANY of it, but you do destroy the currency, while the rest of the world produces the stuff you buy with the fake currency.
This is not up to debate that USA is consuming stuff it doesn't create given the simple fact of 53 Billion USD/month trade deficit. AT ALL.
As to people making money on gold - GOLD IS MONEY, you dumb shit. It's a store of value. Your comment is worth a Federal
@Minethis1 US is an assembler of pre-made imported parts, and USA does produce lots and lots of military equipment, that much is true. Aircraft and aircraft carriers, submarines and missiles are definitely not to be shunned at, but USA lost its status as the largest producer of cheap, high quality consumer goods long ago, don't kid yourself, assembly boy.
@Minethis1 Holy shit man ! China is the largest producer of goods now..not the U.S.I will say this again....everyone disagrees with everything you say on here.That SHOULD tell you something.This is my last post to you.I refuse to waste my time anymore on someone who just does`nt get it.
@Minethis1 Only in your delusional mind is a country with 53Billion USD/MONTH trade deficit, that has only 300 million people out of 7Billion population (so 4%), that imports most of the components and mostly does assembly (unless it's a bomb) is a largest producer on the planet.
Then again, your mind - it's absent, not there, so in there all things are possible.
Did I mention USA imports 90% of its seafood? Yeah.
US Manufacturing output is the Largest on the Planet!
US Economy is the Largest on the Planet!
US has the Richest middle and lower class on the Planet! They are the 1%! Trade deficit is normal in an economic slow down! To think other wise is Idiotic! When the 58 trillion comes due what will our GDP be than? 30 45 60 Trillion? You are both Simply CLUELESS!
@Minethis1 USA has 8.6% official rate of unemployment. The unofficial rate (those who are not looking) is over 18%. With those, who are underemployed it's 25%.
The 78Trillion of assets - whatever that is, but if it includes any sort of mortgage back securities and mortgages, then it's all an illusion. Nominal (paper) cost of assets is irrelevant, the only relevant assets are those, that produce revenue and make some profit.
US manufacturing is ASSEMBLY OF PARTS made elsewhere.
@romanmir01 Keep Grasping all you want. We buy and own more today than we ever could any time in history! I don't care if the dollar devalued by 1000000000%. Today I can eat Chinese, Mexican, Moroccan, Indian, Greek, French, Italian anytime I wish! Kings couldn't do this. We fly to the Caribbean for a long weekend! BMW, Rolex, Tiffany are common today! I don't care what unemployment is today I care what unemployment will be 3 years from now! When you will be telling me buy Stocks!
This is probably the best seminar on how money and credit impact the business cycle. I have to listen to this often for a good dose of sanity.. Especially after having to listen to the Keynesian morons in my economics lectures.
Drummond1783 6 days ago
Going back to the "Gold Standard" cannot technically prevent us from breaking it again and again, going back is not gonna work.
The real solution is the technology of Bitcoin, you can't really break the math!
Thumbs up if you know what I'm talking about.
vasya128 1 week ago
yeah schiff $500 million dollar yachts are "tools" and "investments".....roflmao
Salsien 1 week ago
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Of the 3 videos in this series, is this the only one where I constantly had to pause it and replay sections over to fully grasp what Peter was saying.
There's smart, and then there's Peter Schiff smart
kufungster 2 weeks ago
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kufungster 2 weeks ago
Ron Paul 2012!
jvp367 3 weeks ago
so much for this deficit hysteria! this is sick 18:51 "if the people are broke the government is broke? the government gets money from the people?" can any family in america creates its own dollars at will? don't be fooled. forget mainstream economics, learn history and learn what's it all about.
fistfullproduction 3 weeks ago
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Barack Obama for President
Yes We Can
BarackObamaFor2012 1 month ago
How did the people of Connecticut not elect this guy? His ability to stand in front of a microphone with ZERO notes or outlines, and speak about such complex topics so fluidly leaves me in awe.
benallen12 1 month ago 9
@benallen12 Sadly the electorate much rather have someone telling them what they want to hear rather than what they need to hear.
TheScyy 1 month ago 3
@benallen12 It's the fault of American education. Sadly, most Americans just don't get it, and no matter how many times you go over it, they won't be able to get it. They haven't been taught to think for themselves.
RonTakeOne 1 month ago
@RonTakeOne agreed!
edbean420 1 month ago
@benallen12 He has his own radio show so he has a lot of experience talking and says the same things every day. Still very impressive.
GracieJujitsu1 1 week ago
who the hell made up money?????!!! like the actual person... money puts people in class and thats being judge and your trying to play the act of god in which you are not so take greed out of the world and we would all be fine..
MsLoveLoveLove1231 1 month ago
@MsLoveLoveLove1231
Did you even listen?
pipem4n 1 month ago
@MsLoveLoveLove1231 Go back to your tent
edbean420 1 month ago
@MsLoveLoveLove1231
Watch part 1
Not only will you answer your own question but you will realize why your statement after your question is unrational
PoliticalFolkLore 1 month ago
Besides, it's not money that puts people in class it's .. wait ...wait some more ... the government. Under money (real - like gold) all people are equal. Yes it's true. The government sais that I am a farmer (for. example and for real) and with this come laws and obligations. Money sais nothing about me :D
How the f*ck are you going to get rid of greed? Noone wants money for money but for what it buys! Are you going to obliterate all things too? Son - this is sick!
pipem4n 3 weeks ago
monoply money would be fun to use for one whole day and it is what its worth
MsLoveLoveLove1231 1 month ago
how about we the people of america only use money to go to different countires and the stuff here in the states we just share with kindness?
MsLoveLoveLove1231 1 month ago
THANK YOU RON! This series was amazing, I can't get this level of insight from college classes.
scikoolaid 1 month ago 6
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if u are tired of mainstream media, if u want real news that isnt controlled by the sneaky corporate media elites and international current events the mainstream media ignores then please visit CHANNELEDKNOWLEDGE:ORG.. that is where i go for my news.. u wouldn't believe the stories western media ignores..
soxchic23 1 month ago
More people should watch this. It would teach them a lot.
god0fgod 1 month ago
When the money system fails to represent reality validly then it is possible for this country to put milk in the roadside ditch again, just because there isn't a way for the system to function. If there is God given potentials available to be applied into an economy and the money system says that about everyone is unable to use it to execute it; then the only solutioin is for a record system of IOUs to take over the job of managing our resources (materials and skills). Perhaps it's be better.
gdmellott 1 month ago in playlist More videos from CongressmanRonPaul
There is enough gold to make a mile cube of it according to National Geographics many years ago, from what I've read then. If you divided it between 10 billion people it comes out to 14 cubic feet per person. There's no way there is a viable use for that much of it. We should use commodities like what are sold on futures markets as a assured 'reference'. It would not stop speculation, just prevent matters from going to extemes.
gdmellott 1 month ago in playlist More videos from CongressmanRonPaul
@gdmellott There aren't 14 billion feet in a mile. If there is one cubic mile of gold, 7 billion people, with 5300 feet in a mile, the real answer is one 7millionth feet of gold per person, which is close to nothing.
MrCobbery 1 month ago
@MrCobbery I'm not sure if his numbers are correct (is there really that much gold?), but regardless your math sounds flawed. 1 cubic mile contains a lot more gold than what I think you're measuring, which would be a 1 mile long thin strip of gold.
rhettrongun 1 month ago
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@rhettrongun "is there really that much gold"
Ok, think very closely to what I'm saying, we could have 1 ounce of gold and that ounce would then become the value of the money.
THINK. The value is the value assigned.
*sighs*
Some people will always be too friggin' stupid. THINK.
WE say what gold is worth. Gold today is simply a commodity.
This is where we are at. And what all of us Ron Paul supporters are up against...stupidity.
dawnarchist 1 month ago
The housing bubble was only one of the last symptoms of our trade balance mess caused by our Standardless Free Trade policies. We are effectively "importing" the low wage and manufacturing conditions when we buy the products made that way. To compete a fee on such products (even returned to the communities so used) will reguide the investors to treat "us" fairly.
gdmellott 1 month ago in playlist More videos from CongressmanRonPaul
There is no "invisible hand" when it comes to corporations.
Shaby18 1 month ago
I think the minimum wage is necessary. If corporations could charge anything, I assure you walmart would charge probably around $3 an hour, if that. Thats $5500 a year! Half of that is required just to eat for a year. You might say, "People will just quit if they are not paid enough." that is not true. Almost surviving is better than not surviving. They might as well remove the minimum age to work. Before you know it, were going to start looking like china, and child sexual abuse will skyrocket
Shaby18 1 month ago
damn, peter looks like he's been in the sun quite a bit....lucky dog
MrGiggity890 1 month ago
glad that peter schiff could make it to this conference to lay the smack down on the establishment!
RON PAUL 2012
MrGiggity890 1 month ago
hot and intelligent. ;D Ron ;D
AtheistPharaoh 1 month ago
Where are the girls like this.
revmysleds 1 month ago
Good explanation. Productivity - printing money
MrEdwinauer 1 month ago
Awesome lecture! Peter Schiff is the man!
a4finger 1 month ago 4
My dad told me this in 1985. Property can not increase in value more than 5% a year. It is a good rule of thumb. I told people for 20 years that this would happen. Housing crisis... was a PONZI scam not a bubble. A bubble pops. A Ponzi scheme unravels as the house scam did and still is doing!
The properties were never worth people were selling them for... Ponzi scam...
Just the Truth Tv
if you like just the truth... vote this comment up!
JUSTTHETRUTHTV 1 month ago 2
Man, I wish there were more teachers like this in our homes, schools, and in Washington.
matthewjivers 1 month ago 13
sorry the elephant in the room is DEBT IS MONEY! MORE DEBT = MORE WEALTH NO DEBT = NO NEW MONEY = SAD BANKERS LESS WEALTH
jaguppal187 1 month ago
I find the lady introducing Peter very very easy on the eyes
rudemood2011 1 month ago in playlist Favorite videos 63
@rudemood2011 ,,,,,I concur
Kblues80 1 month ago
@rudemood2011 Very well put
fauxmocracy 1 month ago
@rudemood2011
And on the ears o_0
flareagaman 1 month ago
@rudemood2011 hahaha....she sounds hot too
MrGiggity890 1 month ago
@rudemood2011 She looks like a true porn star.
TWSceptic 3 weeks ago
@rudemood2011 Peter could have thanked her for the introduction. He needs to work on being a little nicer if we are ever going to get him into the US Senate.
tacitus7 2 weeks ago
@tacitus7 Wow, of all the issues in the world right now, thats what your worried about
kufungster 2 weeks ago
@rudemood2011 Peter probably took her out to dinner but then she found that he couldnt stop talking, so the date didnt go so well :)
lilbromarky1 2 weeks ago
@rudemood2011 she's also very very easy on the ears
arao1337 5 days ago
@rudemood2011 yea, she's got a lot going for her.
JSBselvas 1 day ago
The last ten minutes of this video should be played for every single person in America..... wait, in the WORLD. America needs that wake-up call, and the only person able to give it to them is Ron Paul. Freedom and Liberty, 2012!
dudemanfellabra 1 month ago
great video
gweb214 1 month ago 29
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It's important to note that fiat money does not have to fail. It fails when there is a private bank in control of it, and they have no loyalty to the nation (dual citizens of US/Israel) or interest in maintaining the integrity of the currency.
tallswede80 1 month ago
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Anybody know which analysts said that Schiff and Paul were crazy? I'd like to know so I can laugh in their face if I ever see them on the street.
tallswede80 1 month ago
The dollar has stayed around .8 compared to other currencies cause they have printed alot too, thus keeping it somewhat even. you have to look at the currencies compared to commodities and food. None of that has gone up since they printed has it? lol Why aren't your cloths made here anymore? Walmart, Target, kohls, Sears, Cosco, i bet those stores are just full of american made goods. What percentage of your car is made in the USA? Why did Nixon take us of the gold standard? Answer that!
MrTheegunslinger 1 month ago
lets see,NKE importer,MCD importer,DIS importer,V importer and outsoursed, APPLE importer,GM importer,JPM? C? what do they make? F importer, FDX?service provider dont make anything, HP importer and outsourced AIG bailout? Heck you got GM,F,JPM,C,GS. all bailouts from Either the government or the FED. Lots of service companies here, or companies who import their products or parts.
MrTheegunslinger 1 month ago
and as for manufacturing that doesnt matter if your not exporting more than your importing. who's the largest importer and exporter? Why do most familys have to have two incomes after we dropped the tie to gold in 1971? if you can print your way out of this mess then why is Zimbabwe's economy a disaster. how did it work for the Wiemar republic, Argentina, Brazil, Mexico? how many more MF Globals are there out there? If greace could Print its own money would life be great there?
MrTheegunslinger 1 month ago
bartering doesnt work on large scale economies. thats econ 101. china owns 1.2 trillion, Bonds are at lows cause its controlled by a cartel, and the cartel buys whatever wont sell on the market to keep it low. Real inflation is around 8-11% not good. Stock market is being held up by the money getting printed. The Federal reserve is a private company they dont have to tell you what they do with the money from the interest they make on the bonds. Real unemployment is 20%.
MrTheegunslinger 1 month ago
money printed at what rate since 1996? look at the money supply since then, M3 got so large the government wont even tell you what it is at now. and just cause we where on the gold standard in 1929 doesnt mean we weren't printing money, you forget that there was more than one type of money circulating in the USA then. Fed reserve notes and Treasury gold notes. Learn your history. Read When Money Dies and also Fiat Paper Money--History & Evolution of our Currency
MrTheegunslinger 1 month ago
Gold down 75% since 1980's? adjusted for inflation gold would have to hit $1849 to hit the average price for 1980 and $2337 to hit the peak in 1980. if your buying it at 75% less than that tell me where so i can get some. And Gold isn't at $5000 cause people are blind and see the dollar as safe and are holding 90% of it outside the USA. When they wake up and it comes back is when the real trouble begins. Plus if you watch the price of gold and silver on tv thats the paper price not physical.
MrTheegunslinger 1 month ago
China and Japan announced that they are going to abandon the Dollar for trade between the two nations. This is a huge cut in the support of the dollar as these two gigantic nations move to shield themselves from the mess in Europe and the coming collapse of the world’s reserve currency. China has made similar pacts in the past like ones with Russia where international trade would be settled with Yuan and Ruble instead of dollars.
MrTheegunslinger 1 month ago
This is true of him. Economics only work, when one worker does things which another one wants and vice versa. Really it's that easy. But now allocation is distorted completely. Wages in finance and income on financial capital is enslaving and on the other hand very attractive. These mechanism is backed by govt laws.
ThaFacka 2 months ago
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NewVahan2011 2 months ago
And China has sold off some of its holdings, they own $40 billion less in bonds than a year ago. They are busy buying up oil, Gold, Silver and other Metals. They see whats coming. For those of you who do understand what is going on, Europe just bought us some time so use it to prepare. when things reset its going to be a rough 8 months to 2 or 3 years. and We'll get threw it. Hopefully we wont be slaves to the fed after that cause enough people will be woken up.
MrTheegunslinger 2 months ago
The Dollar now is not even worth a nickel of the dollar that was printed in 1913. As for people who keep claiming its going to happen next year or the next, that's just crazy to predict, cause this could be just a painful slow death of the dollar or it could happen overnight like in Germany post WW1 or Argentina, Brazil in the 1980's and 1990's. Either way you should be prepared.
MrTheegunslinger 2 months ago
USA assets.. $78 trillion... national debt...$15.15 trillion... unfunded liabilities(social security,medicare,prescriptions) $117 trillion. USA assets $248,000 per citizen, total USA liabilities $1,172,000 per citizen. Doesn't look like a problem does it? I don't think things are going to come to an end, but we are due for a reset. History proves that, roman empire, china dynasties, France, Germany, Argentina, Brazil, Mexico, All had fiat money that eventually went to zero or was replaced.
MrTheegunslinger 2 months ago
I really enjoyed this video Peter.
The shills seem to be in force and are in an unusual state of panic.
An insightful and educational video. Not a dull moment, either. Bravo!
LP101A 2 months ago
and at $768 trillion derivatives are a problem, But what is your solution? have the fed give out another $16 trillion that you said they are not willing too? They are right now making it easy to get even more dollars for euro countries, it was in the news this last week. If you want to see the real GDP adjusted for inflation go to shadow stats dot com and look up the GDP chart on there. -2% right now
MrTheegunslinger 2 months ago
And 800billion?? are you kidding, the fed paid out $16 TRILLION to bail out banks and businesses at the same time the government put a that 800 billion. look up the audit on the fed. how is that not printing? As for why our bonds are so low, who owns the most bonds?? THE FED!! even more than China or Japan or India. There is also the false perception that the dollar is safer than the euro or other money so people are running to it around the world. The Dollar is just not as bad as other $.
MrTheegunslinger 2 months ago
when you say we have GDP growth is that adjusted for inflation? With inflation anywhere from 8% to 11% right now are you saying that the GDP Growth is beyond that? You mean GDP growth has grown compared to the dollar, which is decreasing in value due to the increase in money supply. The dollars buying power has decreased by at least 30% from 2000.
MrTheegunslinger 2 months ago
Someone needs to give Minethis1 a hug...
perogi21 2 months ago
@perogi21 I have shown him a good doctor who can help him...
LP101A 2 months ago
@perogi21 Someone needs to give you a brain! Where is the dollar collapse? Bond Explosion, Dow 1000, Gold 5000, Buy Silver 45,40,35,30,35. why is China not selling the Dollar? the FED was so Wrong? He Print printed 29 Trillion Yet interest Rates are at Historical lows! Where is the Hyper inflation? Peter Schiff has is 100% WRONG! On Everything! This is a FACT! Yet you are building bunkers! You are a retard!
Minethis1 2 months ago
I know these retards said the same about Greek debt in 2009 when it was trading higher than German bonds. These retards told us Greek spending was unsustainable. Then they said the same thing about Italian debt a few months ago when their debt was trading on par with US Treasuries! Now these same retards are saying that US debt is unsustainable.We were right about Greek and Italian debt and I'm sure we're right about US Debt. Interest rates will never go up on US! Never!
johneveready 2 months ago
@johneveready "These Retards" didn't understand that Greece has lost the Monopoly in Printing Draxmas! They Can't print and look at the results!
Tell me Didn't your Cult leader tell you the US should not Print? The Results are right in from of your FACE! ARE YOU BLIND? US Prints US Bonds at Historical Lows! EZ Does Not print their ECONOMIES Collapse! Tell me now JUST HOW CLUELESS Ron Paul and Schiffy are! This is Black and White! US has a Monopoly in $ and Will never DEFAULT!
Minethis1 2 months ago
@Minethis1 Yes, the world will always have faith in the dollar because we can print more of it like our once vaunted Continentals and Greenbacks. You're right, our Govt. would ALWAYS pay its creditors with those too! I don't know why those retards back then always ended up going back to gold. I guess our federal govt. leaders are much wiser today than back then. Of course the ECB is not a lender of last resort because well...they say so!
johneveready 2 months ago
@johneveready What in the World are you talking about? You are like a Kid that daddy said don't go to the Street and get the Ball. You don't understand you will get run over by a car you only see that daddy said NO & He is mean! Unreal! Why Stop at Gold? Let's go back to Bartering! If Gold STD is so good why did we Collapse in 1929? Lost 60% of GDP in 3 years? Tell me since 1996 what growth rate has the US Printed? EZ? China? How Much US Debt Does China Own? What are US Assets?
Minethis1 2 months ago
@johneveready Part 2 What are US Liabilities? What Kind of Recession were we in? US Printed 29 trillion in 08 why is Gold not at $5000, Why Is Gold Down 75% since 1980's? Why is the Dollar Index at .80? Why Are our Bonds at Historical lows? Where is Inflation? Where is Hyper Inflation? Why Has the Stock Market not Collapsed? What does the FED do with all the Interest rate profits it collects? Why is Unemployment not higher? Why is the US the Largest producer in the World? Answer itall
Minethis1 2 months ago
@johneveready Yeah right johny, Peter Schiff has no idea what he is talking about right? He's only the greatest economists of our time, but since you don't beleive in him he must be wrong now. Why don't you just keep using the talking points from your corporatist masters that keep us all enslaved. Your pure gold johny, pure gold.
farkman1 1 month ago 3
Keynes acknowledged that his theory was wrong shortly before he died. Marx said of himself 'i am not marxist'. Yet academic and governmental fools keep worshiping those failed, erroneous theories.
coturnix19 2 months ago
What Peter is forgetting is that the FED is NOT going to raise interest rates. They are going to keep tham at ZERO for as far as the eye can see
rudemood2011 2 months ago in playlist Favorite videos
@rudemood2011 that's only possible as long as the ponzi works... and -Peter's right-
this money will eventually be worth zero. That means interest rates have to go up. All it takes is one event.
LP101A 2 months ago
I find that lady very easy on the eyes
rudemood2011 2 months ago in playlist Favorite videos
Peter is articulate, nice and honest. Wish him good.
Ron Paul 2012!!
MartinKenner 2 months ago
man, this guy has super human abilities to explain things and he is brutally truthful. i wish we could somehow clone this guy. the world would be a much better place.
rothschilds666 2 months ago
Peter starts at 4:00!!!!!!!!!!!
rudemood2011 2 months ago in playlist Favorite videos
Excellect from Peter as usual
sljs1010 2 months ago
America can hide it's problems for a long time because we have a printing press. This is why Greece has a problem they don't have a printing press, neither does Italy.
pismo10 2 months ago
All is so clear.
BlindWatchman 2 months ago in playlist Favorite videos
I can't watch this video while Minethis1 is successfully trolling so hard.
SuperMongoloids 2 months ago
wow. I mean if you don't get it after a talk like that, how are you going to get it?
HourOfOurTime 2 months ago
55:43 - Great sound blow's out... Goes to mediocre sound...
IBloodSweatTears 2 months ago
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@romanmir01 Your one year return on Gold is 2010 to 2011 is a whopping net gain $100 per ounce .06%! Inflation adjusted is 3% Net! BUT YOU NAILED IT!!!! hahahahahahahaha MEATHEAD!
YOU ARE CLUELESS! ARE THOSE FACTS LOUD ENOUGH FOR YOU????
THERE IS NO SOUND MONEY!
Minethis1 2 months ago
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Minethis1 2 months ago
Someone sends this video to Paul Krugman!
AFRIKTODAY 2 months ago
"NOT WORTH A FEDERAL" 37:50 For over a year I've been waiting for a major commentator to use this phrase. Peter has won the Sweepstake. How long before it enters the vernacular. I would love if Peter would list the various red flags that precede a currency collapse, eg wage & price controls, drop in the Dow Jones accompanied by a drop in the Dollar & Treasuries instead of a rally.... Does anyone have any ideas as to a list of red flags for a currency collapse?
ardfry 2 months ago 12
@ardfry higher interest rates on the treasury bill auctions.
dustinmullen1 2 months ago
@ardfry Unsustainable deficits, how's that? Sorry didn't mean to be snotty but I think that it is staring us in the face. Sure they will be able to keep up the pretense for a while, but it's not worth taking chances, especially if you are using your savings rather than playing with leverage.
oslasten 2 months ago
peter schiff makes me feel so much smarter... but not before he makes me feel like an idiot XP
ou15reyes 2 months ago 5
When will a President come along who will pick Peter as his first choice for economic advisor?
powergirl901 2 months ago
@powergirl901 he had/has a role in Ron Paul's campaign in 2008.. Pretty sure he is working in the free market at the moment. Very bright guy. I wish I could have taken advantage of his knowledge years ago.
ou15reyes 2 months ago
@powergirl901 He has. Ron Paul had Schiff as economic adviser for his 2008 campaign. We just need to elect him.
oslasten 2 months ago
3:10, her admiration for Schiff is clearly shown.. she definitely has some kind of crush on him.
ou15reyes 2 months ago
Lydia is very bangable!
melkam647 2 months ago 3
Bernanke is inflating youtube accounts to dislike this vid but what he doesn't realize is the relative value of a like/dislike will go down
SoulCrush3r 2 months ago
this is really having a fucking idea (next US treasury secretary by the way, in the president paul administration)
brangi 2 months ago
the 2 dislikes are Ben and Barry (Soetoro)
silverbullx 2 months ago
I effin L O V E this guy!! he is always right~
silverbullx 2 months ago
@Minethis1
I notice you say that if I produce 1000 chairs with no money, the worth is zero... A few questions:
What are the units of this "zero worth"?
Why is the time, the resources, and the manufacturing required to produce these chairs worth nothing, regardless of whether there is money? Since I have no idea what your definition of money is, there's no way to answer or refute this question myself.
Like others have said: watch the video and learn something.
CrazyPianoMan1 2 months ago
@CrazyPianoMan1 Murray Rothbard's Man, Economy, and State with Power and Market would help a lot of these goons! But I'm thinkin' most of these people are unable to use inductive reasoning :/
MISES.org
INFOWARS.com
05121784 2 months ago 2
Ron Paul 2012 for the Love of God, for Country, and for Peace of the world!
yaahme 2 months ago
US Assets are 78 Trillion US Debt is 15 trillion. How the F$%^ can he compare Greece to the US? Greece is Negative Asset to liabilities! What a bunch of crap you people are listening to! Capacity utilization is at 62% when it hits 85% will there be a deficit? NOPE! Interest rates are at 1% and we printed 29 trillion! Where is all the inflation? Where is all the hyper inflation? Where is the Dollar Collapse? Where is the Bond Explosion? Where is the Gold $5000 by 2011? He is Full of horse shit!
Minethis1 2 months ago
@Minethis1
God I still cant believe people still believe this...
and btw, our unfunded liabilities are now at $117 trillion fucktard.
You fool inflation takes years to show relative to when it was put in to the system. Use your fucking head. You cant expand the money supply and not have inflation.
treysparker 2 months ago
@Minethis1 NO, my friend. YOU are full of horse shit. US assets are 78 trillion? That is bull. Assets = debt +owner’s equity, and my friend there is no WAY we have more equity than debt in this country. Go back to basic accounting. Regarding inflation, take a look at inflation rates over a thirty year period. Inflation has always increased. We are well on our way to hyperinflation.
jacksonX77 2 months ago
@Minethis1
Yeah. All he did he said it may go to 5000. But unlike most people, many of his forecasts came true. This year he did forecast QE3, and another slowdown in the US economy. Everyone thought it will going to recover, and now it seems like it is again on the brink on recession. And the increased money supply is not poured into the system. If the Chines stop taking printed dollars to pay of what we owe them and to borrow more the US is toast.
serialkiller1990 2 months ago
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Unreal Just how wrong this man is! Produce all you want if you don't have enough money to define it's production value it is worthless. 0 gold for 1 chair is worthless! 1 gold for 1 chair has value. He is Clueless! Save all you want if no one is buying why borrow and invest? Who ever believes that Gold was not continuously unearthed during periods we used it as a currency is a complete freakin idiot! PS doesn't know shit about money! Which is why his calls are always WRONG! 100% of the time!
Minethis1 2 months ago
@Minethis1 What are you talking about "his calls are wrong 100% of the time"?. Do you're homework before you say dumb things. Hope thats a shitty attempt at sarcasm. PS made his fortune on accurately predicting what the economy would do in times of boom and bust. People like you won't wake up till the whole country is in the toilet. Sad thing is, nearly the whole country is made up with people like you.
joschmo85 2 months ago
@joschmo85 Fortune? What Fortune? He is a peasant! I wipe my ass with his "Fortune" on a daily basis. PS has been 100% Wrong on Everything! Where is Hyper inflation, Bond collapse, dollar collapse, Dow 1000, Gold 2000 by 2010, Oh wait 2011 Oh wait now it's 2012, Buy Silver at $45,40,35,30,25 EZ is doing it right? Really?
He said short Bonds 62% lower, Stay away from US stocks buy Euro and BRIC Getting CRUSHED! Buy Commodities CRB down 35% YTD CRUSHED! You are simply a clueless idiot!
Minethis1 2 months ago
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@Minethis1 Next time don't pay attention to the voices. If you do what they say, you might kill yourself. I can recommenced a therapist that can help. Just PM me.
LP101A 2 months ago
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Minethis1 2 months ago
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Minethis1 2 months ago
@Minethis1
"Yoou doesn't know shit about currencies" And we're supposed to take YOUR advice over Peter's? Please. Close your mouth, watch the video, and learn something. You are completely incorrect.
iLitka 2 months ago
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@iLitka Of course not! Do the Math! Produce 1000 chairs with no money what is their value? ZERO! Is that not math?
Save all your money. Tell me who will borrow and invest it if no one is buying? NO One! Is that not math?
If I don;t come into your store and spend and you don't come in my store and spend how are we going to have an income to pay our fix costs, hire workers, pay down debt, and have a discretionary income to spend and finally save? Tell me that! Do the Math!
Minethis1 2 months ago
@Minethis1 He is not saying save WITHOUT spending. Obviously everyone must spend money for various goods and services. He is saying that we should INVEST our savings rather than purchase things we cannot afford.
jacksonX77 2 months ago
@jacksonX77 Since when did people know how to invest? They invested in housing how did that workout for them? They invest in tech stocks how did that workout for them? Chinese save 20% of income how is that working out for them? 1.3 Billion people or 4 times the US population have 1/3 our GDP and 1/5 our annual income! Strong currency? EZ has a strong Currency how is that working out fort hem? Libya has Zero debt how is there economy doing? The man is an economic Retard! Naive!
Minethis1 2 months ago
@Minethis1 Schiff is not assuming that every single person knows how to invest well. He is trying to EDUCATE people on wiser investment strategies. I got news for you, Schiff PREDICTED the collapse of the housing market! Blame the government for Fannie Mae and Freddie Mac, if those programs never existed people never would have invested in them! Schiff also predicted the dot-com bubble burst! Who is the naive one now? Doyou honestly think the people living in Libya are better off than Americans?
jacksonX77 2 months ago
@jacksonX77 Hes is rying to EDUCATE PEOPLE!!!h hahahaahhaahhahahahaahhahhhahahahaahhahahahahhahahahahahahaha!!!!! HE HAS BEEN 100% WRONG!!!!!! He needs to be "EDUCATED! Where is all the inflation? Where is all the hyper inflation? Where is the Dollar Collapse? Where is the Bond Explosion? Where is the Gold $5000 by 2011? He is Full of horse shit! You are a MORON!!!
Minethis1 2 months ago
@Minethis1 I think at this point you are just trying to make people angry with you....do you get off to that or something? This discussion is over. One thing I have learned over the years is that you can't fix stupid.
jacksonX77 2 months ago
@jacksonX77 Make people angry? No I communicating in Animal language that you and your cult leader are dead wrong! No matter how much you try to deny it the facts speak for them selves! Thats what is making you angry! Not me. Good Luck with your dollar Collapse!
Minethis1 2 months ago
@Minethis1 You really sound like a moron. But if you truly believe Schiff needs to be educated, I'd like to see you disprove everything point by point. No caps, no useless rhetoric. I want a facts. The fact is Schiffs predictions > than your idiotic drivel.
Raelsatu 2 months ago
@Raelsatu Gladly! I will PM you. To Start go back and randomly & read any of my posts for the last up 2 years in his (Schiff report).
Lets get started. Lets create an economy. you produce dry food & I produce water. Our currency is a shell. I Give you 1 shell for 1 pound of food you than Give me 1 Shell for 1 Gal of water. If you were saving 1/2 ur water and decide to stop purchasing water for a month how will I Get the shell to buy food? I starve to death and you die from thirst.
Minethis1 2 months ago
@Raelsatu Hard to PM you when you have everything hidden. You PM me and let's get started!
Minethis1 2 months ago
@Minethis1
Prices can fall, and even if the whole currency collapses there is barter, there is gold etc. Prices, and money supply are adjusted constantly by the market. If there will be not enough money to buy goods, prices will adjust. If government intervention would be required we would not get out of any recession before 1929 (in the US). Also, China, one of the fastest growing economy has a savings rate of 30%.
serialkiller1990 2 months ago
@serialkiller1990 Man where do I start with your logic!
1.China savings rate is 20%.
2.Prices are set on a Global pricing scale welcome to the 21st century!
3.Bartering Gold as a currency would NEVER EVER happen. This is not the movie "Escape from New York"
4.With out Government intervention You would get collapses not recessions! Companies have 2.2 trillion in the banks why are they not creating jobs and instead ask for tax breaks? Is it not enough?How much more they need?
Minethis1 2 months ago
@serialkiller1990 5. Who cares what China's Growth rate is? They have a population 4 times bigger (1.3 Bil) With an economy 1/3 of ours with an average income 1/5 ours! With out us giving them jobs they collapse tomorrow and riots would dwarf Arab Spring!
6. Zimbabwe hyper inflated did prices fall? How About when Argentina Russia or Germany collapsed did Prices fall? NOPE! Only Wages! Like I said Prices are set Globally! Peter Schiff doesn't have a clue about what he is saying. ZERO!!
Minethis1 2 months ago
@Minethis1 "With out us giving them jobs" - this is such incredible nonsense, it's beyond redemption. You don't 'give them jobs'.
Jobs come to China as a result of much less government involvement in business activity, which brings in capital and capital is the investment that is needed to start manufacturing. China doesn't need USA to consume anything, it can consume everything it creates and more all by itself, the only thing missing - sound money, not production, they have that.
romanmir01 2 months ago
@romanmir01 One there is no such thing as "sound money"! 2 If China can consume all that it produces why don't they? 3.Much less Gov involvement? Hahahahha And the Bullshit continues. If we didn't Pay Chinese .15 cents an hour we would not give a single job no matter how easy you think it is to start a business. if it brings in capital why do they Print at 23% of their total money supply each year? hahahahah Another clueless sheep watch?v=rooPPLtK9pg Bravo 100% wrong like your leader
Minethis1 2 months ago
@Minethis1 Of-course there is such thing as 'sound money' - it's market money as opposed to government fiat, that is printed at a whim of a politician rather than created as a reflection of productive capacity.
China can't consume what it produces because of the unsoundness of the monetary policy, not economy, but gov't monetary policy that destroys Chinese purchasing power by inflating the currency and buying up US dollars rather than allowing Chinese to buy their products.
romanmir01 2 months ago
@romanmir01 There is no Such thing as sound money! Money is NOT WEALTH! NEVER HAS BEEN NEVER WILL BE WAS NEVER DESIGNED TO BE! Do you understand English? Money must always expand to keep up with population production efficiency output GROWTH! NO SUCH THING AS SOUND MONEY! Even your precious gold is down 75% since the 80s inflation adjusted! Period end of story!
Minethis1 2 months ago
@Minethis1 Of-course in China there is much less gov't intervention.
Let's see: No SS, no Medicare, no EPA, no FDA, no FHA, no HUD, no Freddie/Fannie, no FCC, no FINRA, etc.etc.
Chinese pay is not .15 cents an hour, you are grossly misinformed.
Average salaries in China: TINY URL: d2c5pym
examples:
Architect $35,901 228,333 CNY 181,736 CNY
Manufacturing $32,547 207,000 CNY 176,529 CNY
Engineering Manager $32,128 204,333 CNY 167,500 CNY
romanmir01 2 months ago
@romanmir01 You are not even smart enough to understand SARCASM! Maybe you would have picked up on it if I wrote .01 cents a n hour! Thx for making my point Why China worthless and they are 73rd poorest county on the PLANET!! EPA Screw that let the people breath in coal toxin! Yea US should be like them! Thx for making my point for me! No SS PERFECT! Works great for them doesn't it? 1.3 billion people with an economy 1/3 of ours! and an income 1/5 of ours! You are a RETARD!
Minethis1 2 months ago
@Minethis1 You are proven factually wrong, so don't talk to me about sarcasm.
China has all of the investment capital coming to it specifically because it has no regulatory baggage that the USA has acquired since 1913 and especially since 1965.
China is a much more economically free and sound country than USA, a person has to be a fool to hire in US.
romanmir01 2 months ago
@romanmir01 China is full of Smug and toxins people earn $5000 a year avg home is the equivalent of $1,300,000 here in the states. (Thats not a bubble at all!) They are the 73rd poorest country on the Planet! Their economy is 1/3 the US. Their Population is 4 times that of the US. Good thing they are saving! Right? ROMEO OSCAR FOXTROT LIMA! Too bad for them they are our Bitches! let them make our Casio watches with calculator mind you! You are a MEGA IDIOT! Just like Schiffy!
Minethis1 2 months ago
@Minethis1 So when you are so factually wrong on everything, including Chinese salaries, including the difference in regulations simply expressed as absence of all sorts of departments and all sorts of programs in China (starting with SS and ending with FDIC), I know who is a mindless sheep here, wrong like your government.
romanmir01 2 months ago
@romanmir01 I am Factual but not wrong! You are a SHEEP! BAAAAAAAAAHHAAAA! Tell me where is your dollar collapse? in 2002, 03,04,05,06,07,08,09,10,11, Wait will it be 2012? Where is Dow 1000? Where is Hyper inflation, Where is the Bond explosion? Where is the world will decouple from the US? Where is EZ is doing it right? Where is Gold $5000? Where is Invest overseas? BRIC GETTING CRUSHED! Where is buy Silver at 45,40,35,30,25? BAAAAHHAAAAA!!! You have been wrong 100% of the time!!!!
Minethis1 2 months ago
@Minethis1 You are also a loudmouth idiot, who doesn't at all see the actual inflation, which is 11-15% a year after year.
Gold started around 350USD/ounce in 2000 and today it's around 1600 - that the best indicator of how much actual purchasing power (value) the nominal dollar has lost over the decade and you talk about DOW 1000?
DOW is LOWEST EVER IN GOLD, you dumb ass.
romanmir01 2 months ago
@romanmir01 Enjoy your 2 % ROI. I will let the facts speak for themselves!
Minethis1 2 months ago
@Minethis1 Fact: you don't understand what gold is. ROI?! Gold is money, you dumb ass, you don't get return on money. It's a store of value, not an investment and you are a dumb ass.
romanmir01 2 months ago
@romanmir01 No its not. Gold inflation adjusted is down 75% since the 80's! Thats not a store of value!
2. Gold is not legal tender therefor it is not money!
Minethis1 2 months ago
@Minethis1
1970: 1 barrel of oil was $3.60
1 ounce of gold was $35
1 barrel of oil was: 0.1 ounces
2011: 1 barrel of oil is $100
1 ounce of gold is $1600
1 barrel of oil is: 0.06 ounces.
In gold a barrel of oil is almost HALF the prices in 2011 compared to 1971.
In dollars a barrel of oil is 27.7 times, or 2770% inflation.
Yeah, keep your greenbacks, not only they aren't worth a Contintental, they aren't worth a Federal.
romanmir01 2 months ago
@romanmir01 Gold is down 75% since the 80's No matter what you write you will not change simple math!
Minethis1 2 months ago
@Minethis1 Simple math I have presented:
in gold the oil is half the price since 1970.
in dollars the oil is 27.7 times more expensive.
Gold is about 46 times as valuable in dollars today, as it was in 1970.
Talk to me about simple math, you dumb ass.
romanmir01 2 months ago
@romanmir01 Idiotic Math! Oil is not the entire economy! We buy 10 times more today than we could in the 70's! This is not up for debate! AT ALL!
I will tell you this again GOLD INFLATION ADJUSTED IS DOWN 75% since the 80's! Even after this 10 year move! CHARTS DO NOT LIE! Maybe in 45 to 50 years those that bought in the 80's can make their money back! MAYBE! If they are still alive!
Minethis1 2 months ago
@Minethis1 The idiot in the room is you. You can only buy 10 times more today because you don't produce ANY of it, but you do destroy the currency, while the rest of the world produces the stuff you buy with the fake currency.
This is not up to debate that USA is consuming stuff it doesn't create given the simple fact of 53 Billion USD/month trade deficit. AT ALL.
As to people making money on gold - GOLD IS MONEY, you dumb shit. It's a store of value. Your comment is worth a Federal
romanmir01 2 months ago
@romanmir01 The US is the LARGEST PRODUCER ON THE PLANET! But we don't produce right? Idiot! You are so easy to dick slap around with facts!
Did you buy food with your Fake currency? Than it is not fake is it? Moron!
Consumption created 78 trillion of US Assets and the largest economy on the planet! But according to you we should stop consuming! Retard!
Gold Inflation adjusted is down 75% since the 80's! Therefore not a good store of value! Gold is not Legal tender! Fact!
Minethis1 2 months ago
@Minethis1 US is an assembler of pre-made imported parts, and USA does produce lots and lots of military equipment, that much is true. Aircraft and aircraft carriers, submarines and missiles are definitely not to be shunned at, but USA lost its status as the largest producer of cheap, high quality consumer goods long ago, don't kid yourself, assembly boy.
romanmir01 2 months ago
@romanmir01 The US is the Largest Producer on the PLANET! This is not up for debate and discussion! It is a FACT!
Minethis1 2 months ago
@Minethis1 Holy shit man ! China is the largest producer of goods now..not the U.S.I will say this again....everyone disagrees with everything you say on here.That SHOULD tell you something.This is my last post to you.I refuse to waste my time anymore on someone who just does`nt get it.
QuantumCanadian 2 months ago
@Minethis1 Only in your delusional mind is a country with 53Billion USD/MONTH trade deficit, that has only 300 million people out of 7Billion population (so 4%), that imports most of the components and mostly does assembly (unless it's a bomb) is a largest producer on the planet.
Then again, your mind - it's absent, not there, so in there all things are possible.
Did I mention USA imports 90% of its seafood? Yeah.
romanmir01 2 months ago
@romanmir01 @QuantumCanadian Read real carefully!
US Assets are 78 Trillions!
US Manufacturing output is the Largest on the Planet!
US Economy is the Largest on the Planet!
US has the Richest middle and lower class on the Planet! They are the 1%! Trade deficit is normal in an economic slow down! To think other wise is Idiotic! When the 58 trillion comes due what will our GDP be than? 30 45 60 Trillion? You are both Simply CLUELESS!
Minethis1 2 months ago
@Minethis1 USA has 8.6% official rate of unemployment. The unofficial rate (those who are not looking) is over 18%. With those, who are underemployed it's 25%.
The 78Trillion of assets - whatever that is, but if it includes any sort of mortgage back securities and mortgages, then it's all an illusion. Nominal (paper) cost of assets is irrelevant, the only relevant assets are those, that produce revenue and make some profit.
US manufacturing is ASSEMBLY OF PARTS made elsewhere.
romanmir01 2 months ago
@romanmir01 Keep Grasping all you want. We buy and own more today than we ever could any time in history! I don't care if the dollar devalued by 1000000000%. Today I can eat Chinese, Mexican, Moroccan, Indian, Greek, French, Italian anytime I wish! Kings couldn't do this. We fly to the Caribbean for a long weekend! BMW, Rolex, Tiffany are common today! I don't care what unemployment is today I care what unemployment will be 3 years from now! When you will be telling me buy Stocks!
Minethis1 2 months ago
@Minethis1 Listen, I know it's hard...When I was groped last time I went to the Caribbean, I kissed the TSA Man and