It kind of explains why lots of Reps and Senators are getting booted and new/different public servants are taking their place. (ie Peter Schiff kicking the good 'ole boys out of office).
The unspoken purpose of this Fin Reg is to increase aggregate demand for credit in both the private and public sectors, and further monoploize the supply of that credit. It will achieve this. Central Bank: 1 - You: 0.
Financial reform takes away private property rights. Real estate sellers will be restricted from offering seller financing at a time when residential and commercial mortgage liquidity is unavailable.
Non-revolving credit DEFLATION has happened and continues to happen. Revolving credit DEFLATION has happened.
However, CASH INFLATION continues to happen.
What does this mean?
Prices are falling for things that people finance -- furniture, white goods. Prices are rising for things that people pay cash and near cash (ATM, checks) -- food, energy.
If I was to say there was going to be an earthquake in California and then years from now it happens, does that mean I can predict earthquakes? This is the way Schiff and those like him predict the economy, gold etc. In actual fact Schiff is wrong about history, economics and political reality. Have you noticed that he does not talk anymore about gold going to $5000? But if it does go to$5000 in 30 years he will claim he predicted it.
Also, what good will the dollar be if it cant buy American food? All those dead fish and shrimp in the gulf are calories that will need to be replaced by something else. So American food export capacity will fall. All the money in BP's back account is not going to give America more food.
Peter...the dollar index not only took a beating, but the market had a mini crash as well. This is not normally what happens. What are your thoughts? I'm guessing something big is going to happen soon.
Yea.. thanks to the government.... for royally fucking america in the a**! It doesnt stop at bankruptcy and house foreclosures... it'll stop at martial law if people dont wake up to whats really going on in this fucked up country. I mean FUCK, Australia is more of a free country than America is.. and sadly, they arnt the only country who is more free than America is, right at this point.
Isn't a weaker dollar better in global economic terms for the U.S. right now (i.e., trade stimulus)???... in fact, as the U.S. now pushes China to float the Renminbi (assuming the rmb rises) isn't that going to equate to a lowering of the USD relative to the rmb?
Most expert (non statist) economists agree that what would fix the economy of this country is excactly what peter schiff proposes. Everyone should stop spending around and must stockpile gold.
It's the patriotic duty of every american to STOP wasting his money around, and start converting as much of his income he can to gold.
@11thsockpuppet You are advising what is the main causes of the slow economic recovery. Stockpiling gold would only further debase the USD. People should keep buying and spending, which is the only way to stimulate the economic. Banks needs to keep lending! Government needs to lower interest rates! And issue more guarantee so Banks can have the confidence to lend again. All these Blue Chip companies that has nothing to do with Wall Street are asking for help because the Banks r refusing to lend
@jwang604 What are you talking about? If you watch more Peter Schiff's videos you'll understand that gold is the way to go. Peter Schiff is an austrian economist; he knows what he's talking about.
Go bullish on gold people and tell the people you know to do the same! Peter Schiff knows better that the statists there in washington!
@11thsockpuppet I'm simply saying buying Gold is going to debase the USD even further. Gold prices has been dropping due to an increase in investor confidence in the US's economic recovery. If everybody goes bullish on gold, it will cause another Bubble. That's not what we want. Gold is a medium to preserve wealth and not to aimlessly put everything in Gold because it does little to stimulate the economy.
@jwang604 It's obvious that you don't get what Peter Schiff, as an austrian economist, suggests. Bubbles are created by government intervention and the paper money that the fed types like crazy.
On the contrary, gold has real tangible value; it's not an imaginary thing like paper money. That's why peter schiff's solution for us to get out of the crisis is that everybody converts as much income and property into gold, so that our economy can have a solid base.
@11thsockpuppet Gold is tangible but there are many instances in history where the rich has to beg the farmers for food. Gold itself does not have much value, what can you really do with a piece of metal? Of course it has industrial uses, which should be the basis of value for these metals. The price of Gold today is driven by demand due to adversity of the US economy, and it is way above what it is really worth. Peter schiff predicted gold to be 10,000/oz? a precursor to a bubble.
@jwang604 So, are you suggesting that Peter Schiff might be just using his media access and recognizability only to pump and dump gold and sad day for his followers?
I dunno. Does anyone now? has Peter Schiff made a full disclosure of his investmens? Does he himself actualy profit from the positions and sentiments he advocates for?
Is this pump and dump scheme possible? I don't know if he intends to do such thing, but it seems to me that he could do that...
@jwang604 The subprime crisis is a prime example why Free markets don't work. The derivatives market was not regulated by the government. On top of that, the government deregulated the market regulations allowing these banks to grow enormously and also allowing them to leverage up to 40 to 1. Alan Greenspan, an economist of NYU, also the chairmen of the Fed was a true believe in Free markets but he apologized and said he was wrong. Free markets do not work.
@jwang604 WRONG. Government bailouts don't work. If this were a free market there would be no banks taking risks on subprime loans. The big boys knew they would get bailed out. We don't live in a free market.
@buzzybeemarketing When did i say government bailouts work? The banks took risks on subprime loans because there was an insatiable appetite for these ABS, Banks also secured these pool of Mortgages (credit default swaps) so they can sell them to investors, other bankers and hedge funds. This is what is known as the derivatives market and it is not regulated by the government making it a Free market. Alan Greenspan apologized and said FREE MARKETS don't work.
@buzzybeemarketing I mean, if he's running for senate and he has actually shorted the US economy with his investments and if actualy making profit from the downfall of us economy, then the whole 'peter schiff for senate' is a sad joke
I suppose this guy wants him to take up positions to the opposite side so as to lose money. I think I will invest with Schiff rather than the knucklehead.
@11thsockpuppet he is short us economy or better said long europe economy because the usa is going down.. if he was in office and did something rright then they could be long the us economy again.. I dont see the problem that he is short us, everybody should get out of the usa dollar to save your wealth!!
@BadWithNames123 So if he wins, we must support the us economy, but until this happens and if he fails in his senate aspirations, we should undermine US economy? That platform kinda sucks...
And what about the gold pump and dump prospect? Is this a possibility?
Is this guy seriously running for senate? All this starts to sound like a really bad joke...
@jwang604 Actually, the free market worked just fine. The derivatives market ran amok due to artificially low interest rates (thanks in no small part to your own Mr. Greenspan) allowing everyone to take on loans that they couldn't afford. Then, the value cycle peaked and an unhealthy, inflated market contracted. All the government managed to do was take on the overvalued contracts themselves thus further burdening the taxpayers and protecting their Wall ST buddies from a necessary correction.
@Sculldog443 Actually Alan Greenspan is the one who advocated Free Markets. There were commissions who raised concerns about the derivatives market being non-transparent and unregulated, but those concerns were disregarded. And so the Banks and Mortgage brokers got greedy, they were also blinded by the notion that home prices will continue to rise, so even if a person Defaults,they wont lose any money. If it was up to the banks, the ARMS would be even worse. ie no interest for the first 6 months
@jwang604 You can't advocate free markets while setting an artificial interest rate at the same time. Anyone who thinks otherwise needs to ask for a refund for whatever economics education they paid for (if any). As for the banks, they would have gotten exactly what they deserved for inflating the market once the value cycle peaked and loans defaulted. But instead of getting schooled, they got a bailout and a free pass under "finance reform" that only regs the smaller banks thanks to Dodd
@Sculldog443 Well it's obvious as Chairmen of the Fed, Greenspan can't just completely let them loose. But if you follow the timeline to the collapse, there was very little government regulations. Imagine if Banks were free to set their own interest rates, just imagine... Alan Greenspan, an economist, apologized and said Free Markets doesn't work because companies care only about short term Massive gains than the sustainability of the economy.
@jwang604 What do you mean by "little" government regulations? Little compared to what? The financial industry is one of the heaviest regulated industries in the United States.
As to your interest rate comments, the commercial banks do set their own interest rates. The FED sets an interest rate on money they "lend." (i.e. the "discount window") The interest rates that the private banks set are certainly related to the the discount rate. Last time I checked, the discount rate was 0%. :)
@psmooth777 There was no government regulation on the derivatives market period because greenspan believed in the invisible hand. Free markets do not work simply because of GREED. Companies do not care about long term sustainability when there are huge profits to be made even if it means destroying the economy. This is exactly what happened, the banks were making so much profits from these CODs they let anyoen get a mortage so they can continue to pool these CODs and sell them off to the world
Mr. Schiff you are a true genius. I fully support all of your political and economic endeavors. Please keep posting videos like this so I can be more informed and educated. I wish you the best.
@Romulus2009 What i find mildly funny is that you simply blame the President for everything, first it was Bush now its Obama, who is not the promised Messias. What you don't get is that it has nothing to do with Presidents but with the very Way of Lifestyle the American Public enjoyed since the 80's: Everybody in America lived beyond their means financed by the World who needed Dollar to buy Oil. And now its over, but not because of Bush not instead of Obama but because you bluff was called.
Peter, big supporter here, but credit/debts are collapsing due to all of the debt default. Therefore, M3 is rapidly declining. This is deflationary! Will inflation come after the deflationary period? Probably, but you're at least 2 years early in your inflation prediction, IMO. Look at treasury yields, that will signal the turn!
it's unfortunate that the government is giving the criminals who caused our financial crisis a "pass" on the law and consequences.
Both the democrats and republicans are corrupt, each in their own way. Each are beholding to their own special interests. There are a very few individuals who are honest, such as Mr. Schiff.
@Quranite Sorry to answer for Peter again. He can correct me if I am wrong.
The best foreign aid is for intelligent investors to start profitable businesses in those countries. The best thing the Gov can do is to make sure that there is sufficient respect for the rule of law in those countries to make sure that such investments are safe. That is done by treaties, just and reciprocal free trade agreements, etc. One government simply giving another government money is 'not' a good idea.
Ouch, Petey. Now I know I just mentioned last night that Gold, and by default Silver charts looked like shit. I also said your retail client should be worried about their PM's when they could not rally in a huge dollar-down market. Now I know Gold lost 1.5% and Silver 3% today..so let me help your readers.
If Gold breaks down below the support of the lows of today by too much, she's gonna continue to roll. For now, don't touch that stuff until it regains the 50ma. Stop riding stuff down people
@mcdonaldscalling21 The time to buy is when it's down. Ideally of course you don't want to buy when the price will be even cheaper tomorrow, rather waiting until then. But knowing when that bottom will happen is anyone's guess. The proper price for gold by rights aught to be higher and if price inflation happens in a serious way, it will skyrocket. My advice for what it is worth is buy gold and silver, and hold, don't 'play' the stock market.
The problem with you buy and holders is you give way too much back when there is no need to do so.
PM's have now been dead money for two month if you just held. Now what is smarter, seeing the somewhat obvious chart and winning on both sides of the trade, or just riding shit down like most of you did in 08. What a waste.
You don't need to catch absolute tops or bottoms. You need to start paying attention to charts and taking the meat on both sides of the trade for better returns.
@PanP Go back and look. I regularly make my currency and PM calls here on Petey's channel as I know he just buys and hold everything and will just let people get hammered like what happened to his dollar call for the past 6 months in a row up until a month ago. There's no need to take that type of ass kicking. If people realized how much of the downside you could easily side-step they'd never buy and hold anything again. But then again I didn't need to ride anything down 50% in 08 to know that.
i think stephan moleneux made quite a good annalogy: borrowing is like a drug habbit. On the low we seek another "hit" to stop the low, but make it worse when the low comes again, and soon enough we are gunna run outa drugs.
@tesla921 Because I told you two weeks ago it was going down. :-)
Now I am telling you to watch for further breakdown if it falls too much below today's support (1185 area) and to not go long until it can healthily regain the daily 50ma.
If we do break down, hold your powder and wait for some consolidation. It ain't going anywhere faster than you'll be able to catch it. Chillax man. It's just a trade and there are better ones out there.
Peter, I have got a question for you. If the economy does crash and we have runaway inflation and when all this becomes clear, is there a way out? What is the economic solution for the situation. I guess this would be the same solution for Zimbabwe and Eastern Europe. Germany pulled itself out of their depression. So how can we fix this thing when it finally goes haywire?
@Quranite Competing free market currencies. Essentially repeal the 'legal tender' law that says that only US issued paper currency may be considered valid currency. Ron Paul has often mentioned this and I believe has introduced bills to exactly that end (to no avail of course). That and truly 'massive' cutbacks in the size of government. Then get out of the way and let the free market do it's job. If we also repeal minimum wage and union monopolies, we'll hit full employment inside a year.
@Panpiper Okay, I can see that. You think Peter wouild agree with you on this? Does that mean that all currencies can be used in the US as long as people feel that it is worth something?
@Quranite I would be surprised if he would disagree on principle. He might have a different plan as to what to do 'first'. To be sure, simply having the existing Fed raise the prime rate to what it 'should' be in a free market (~8%) whilst simultaneously ending bailouts and stimulus would go a long way. But that would still leave the US tax payer holding the back for this 'huge' debt and looking at insane levels of taxation to cover it.
@Panpiper Competing currencies would allow the US paper dollar to continue to inflate, largely inflating away the debt, while allowing the US taxpayer to move into non inflationary currencies and thereby still able to function. This of course completely sucks for all those investors world wide who have loaned money to the US as the paper they will be paid back in will be essentially worthless. But they aren't getting paid back in any case.
@marniespeaks It's not capitalism that is proved wrong by all this, it is fascism. It is government centralized control of money and interest and collusion with moneyed interests that is the culprit and what should be taking the fall. It is the deliberate, willful subsidy of the super rich through the policy of inflation that is the primary cause of the rich being richer while the poor are poorer, and any number of the other economic and social ills of our society. Blame where blame is due.
err, around 100 years ago..? remember that the wealth gap was at an all time high just before the great depression and the term "robber barons" was most popular at that time?
yeah I remember, but then we had that boom in the 50's and early 60s and later disco & the technology boom - the world has changed.... ;)
anyway did you watch the Napolitano/Nader interview -
/watch?v=UXWdPjvvZn8
what he says about Washington & Lincoln gives a interesting perspective
with all the education we have at hand things are stating to change in a big ways those who have the knowledge have the power, but those who lie may have the people.
its a wolves den right now, wolves are everywhere, friend. certainly we had a post war boom but that didn't change the structure of the government and its ties to big business and complexes. in fact, it just exacerbated the situation - but only in the past decade have they started to focus on daylight robbing internally instead of externally.
guess when wolves are fat and lazy, they just eat those lying around them.
@marniespeaks Financialarsonist has it right. I was about to type 1913 and then saw his comment. In truth it has been an evolutionary thing and technically it is a 'weak' fascism. And of course in true homage to George Orwell, words that used to mean one thing have been co-opted to mean in many cases virtually their opposite so as to hide the truth from the masses. Fascism is 'called' democracy and state central planning is 'called' capitalism.
@marniespeaks Secession isn't going to work either, even if you could get enough like minds together, which you couldn't. What we need is a few voices in Washington when the shit hits the fan, who understand that the solution to all this is freedom, not more state control. If we have that, we have hope that something can be salvaged. If we do not have that, then what will come will rival that of the old Soviet Union. And war, perpetual war, to turn the blame outwards.
Too late,you’re living it nowand there’s no stopping it.
Even if Peter wins he will kowtow to the GOP establishment. He already sold out once
The banks are about to devour our pensions, the only thing liquid left, for toxic waste. Expect $20Trillion more in bank debt (statement 159). Not including all the Ponzi schemes yet undiscovered.
Banks own more residential property than there are citizens. 40% of the population is working in low wage service jobs & we aren’t even looking at the costs of these wars. All you have left is default & secession.
If you own more than one piece of property sell it now & stock up.
I was thinking, how can we get out from under the Bankers control? Without getting away from Legal tender laws, I don't see how we'll ever get out of debt. Im thinking real monetary reform (I like Ron Paul's competing currencies) is the only way we don't keep repeating the same mistakes. The IMF SDRs are just the next level of the Ponzi scheme. So what is your plan to fix things in reality. P.S. Peter, hook me up with that chickie on Fast Money. Haha.
Yeah, how come the people are powerless while the government dishes out our taxes to save the bankers who then take our houses when we can't pay back our mortgage?
@Luiyi385 The basic reason is that most people's votes can be literally bought for the price of a few 15 second commercials. People do not typically think beyond what they have been fed by talking heads in 15 second sound bites. So more than anything, it is money that determines elections, and so those who are in a position to funnel money into elections, effectively call all the shots. In return, the Gov colludes with those interests to make sure they have the money to funnel.
Peter, you should do a video on how the global bond market works.
My favorite videos of yours are the purely theoretical ones, like "Real Estate 101" or your critique of the minimum wage law. These also show people who don't know about you just how much you have thought out your opinions.
Dollar up and I think the dollar will go up again. The Federal Reserve criminal banking cartel has too much power in the short term. Long term, the dollar is toast once the bond market collapses.
Few things Peter fails to mention while endlessly tooting his own horn.
Germany banned naked short selling - no more counterfeit stocks - people feel safer investing.
Add that Germans are big savers, few Germans have credit cards.
The dollar falls because Wall Street Banks took all our money - they are hording it and trying to dump their toxic waste in exchange for our pensions.
They are giving us all a hand full of shit for bars of gold.
GS's fine was like 4% of what they paid in bonuses. Well worth the corruption. The government has failed with #finreg, but who told it wouldn't be a disaster?
inflation is low (if you can call 10% low) now because we export it. when we can no longer do that, when they dont lend to us any more, when they dont sell to us any more, thats when serious price inflation (in dollars) will begin., but prices will deflate priced in gold.
I live in New Zealand. If I could vote for you I would. Hey maybe there might be room for you in the new world order. Love your comments. Im teaching my 12 year old whats happening around the world and he knows more about what you are saying than what Obama is being told to say.
Peter, Im confused about silver. Is there potential for much more upside? and i keep hearing gold will rise to $5k. Do you still see this as a possibility? thank you!
It's an interesting book, I appreciate your hard work over the years warning about this mess we're in. It's truly government, not the people and capitalism, that's responible. Now, I know you mentioned about the dollar rally with in the 2009 update. But of course, it's getting interesting right now too see that the dollar is entering a bear.
@bkdmd The Federal Reserve does not count food or energy when checking for inflation. The price of food could double and they would insist there was no inflation. I expect they do consider the price of cell phones however.
Page 84 of Costantino Bresciani-Turroni's "The Economics of Inflation", printed in 1931 and based on the German hyperinflation of 1914-1923, says ""the effect of the rise in house prices, provoked by German monetary inflation"
So nearly 100yrs at least(im guessing its been known much longer)they knew that printing money leads to artificial booms. What id like to know is how come theyve forgotten that lesson?
Sad thing is everything thats happened has been easy to predict. Id like to thank Peter for introducing me to Austrian economics. The only sensible economics ive seen
@NicosMind They have 'conveniently' forgotten the lesson. Inflation serves the interest of government, allowing it to spend without having to tax in a way that people might reject. The inflation gets blamed on greedy capitalists, not their benevolent government. Inflation also serves the interest of wealthy speculators who can use the cheap money to leverage their gambles. This is a subsidy to the rich by everyone else. Of course they continue to bribe the government to maintain the fraud.
@Panpiper Im currently reading two books. One is called The Critics of Keynesian Economics and its edited by Henry Hazlitt and has some great quotes in it. And second ive already mentioned.
I believe that Keynes was a charlatan thru and thru. He stole 95% of his material and rewrote it in an over complicated fashion.
Real economics hasnt been forgotten by but rather removed and erased, and any mention off it is open to ridicule from the "intellectuals" who are funded by the elite!
@btigtime2 I pulled out in 2005, but I think people are nuts to put their retirements in the stock market or bonds. They do not understand that our Government has their eye on those savings and their retirements. They came out and said it plainly. Why would you continue to plan on retirement with those funds... I would not even pay social security because its as good as gone. Buy Gold and Silver for your retirement.
I think the market sees deflation coming rather than inflation, which i think is possible in the short run. i expect deflation (public deleveraging) followed by massive inflation, i see this as a buying oppurtunity for gold.
@ddstar For those with very little money to invest, buying 'junk' silver, meaning silver coins valued solely for their silver content, 'not' the 'collectible' value, is a great way to save. A silver dime could cost as little as a dollar, so it's quite doable. And if we are ever in a hyperinflation, those silver coins will be excellent to barter with on the black market. ('Black' market because of course the 'free' market will by then be illegal.)
@ddstar You will find the best deals likely at coin shows where there are lots of merchants competing to unload stock. Ask them for their price on junk silver, and they likely will quote a price as a ratio of it's 'face value', like 12 times face, so a silver dime would cost $1.20. Otherwise standard coin shops typically will have a quantity of such coinage which they are all too happy to sell. Do NOT be talked into buying coins for their 'collector' value.
Actually more expensive to grow it yourself. I grew corn this year for the first time, you can get 3 ears of corn for 99cents. They used to be 10/$10, that's a 300%+ increase in the price over the last few years!! But with all the time & effort that goes into maintaining the corn (I water it, fertilize it, etc) it's not actually cheaper. The cost of the miracle grow alone makes it more expensive. BUT...this is the freshest corn I ever ate, sits for a long time at the store
@john5246 if you can...go get some compost from a local farmer/rancher most will have a big pile of premo compost that they will let you have for free. It usually just builds up so they have to get rid of it anyways somehow, so most are happy to give some away. Even if they charge you it wont be much. You wont need to use any fertilization with good composted soil. It does seem to taste better when you grow it yourself.
08/03/2110-80.912
pretorious700 1 year ago
The NZ dollar didn't make a 52 week high - it was higher in April and Jan this year and hit a peak in Oct 2009
Bogwire 1 year ago
Peter Schiff is right, god i hope he wins for senate
a4finger 1 year ago
It kind of explains why lots of Reps and Senators are getting booted and new/different public servants are taking their place. (ie Peter Schiff kicking the good 'ole boys out of office).
psion128 1 year ago
I need another drink Pete!! Make it a double!!
freedom4kaz 1 year ago
i love you.
missstef10 1 year ago
This disaster has been ongoing since FED was created. Its all about the corporations while ordinary people get smashed.
Wake up people. We dont live in a democracy...its a corporate dictatorship. Obama isnt calling the shots.
Gassebol 1 year ago
whats going on with gold pete?
gooseCha 1 year ago
This has been flagged as spam show
Schiff's about to hit the fan!!!
vokterhund 1 year ago
The unspoken purpose of this Fin Reg is to increase aggregate demand for credit in both the private and public sectors, and further monoploize the supply of that credit. It will achieve this. Central Bank: 1 - You: 0.
WGS669 1 year ago
Financial reform takes away private property rights. Real estate sellers will be restricted from offering seller financing at a time when residential and commercial mortgage liquidity is unavailable.
xtarka 1 year ago
Non-revolving credit DEFLATION has happened and continues to happen. Revolving credit DEFLATION has happened.
However, CASH INFLATION continues to happen.
What does this mean?
Prices are falling for things that people finance -- furniture, white goods. Prices are rising for things that people pay cash and near cash (ATM, checks) -- food, energy.
I explain it all on redpilltrip at blogspot.
TruthAxe 1 year ago
Isn't Europe talking from both sides of its mouth though? I mean, they just passed their own trillion-dollar bailout.
TheRealMikeSmith 1 year ago 3
Don't worry, we will fix this hole in the boat.........when we are on the bottom of the lake.
thetimman00 1 year ago
ok i fond youdom ass
Sagitarius54 1 year ago
wherevthe fuck!!!!!!!
Sagitarius54 1 year ago
the dummist fuk alive
Sagitarius54 1 year ago
If this government stimulus was enough to fuel inflation it would also significantly reduce unemployment. Well, it hasn't done this.
superjtrdr 1 year ago
Enough with the inflation already......we are still deflating...print more money now....
IWashMyOwnBrain 1 year ago
Yeah financial reforms always end up screwing the little guy....
IWashMyOwnBrain 1 year ago
It's the Euro doing a headfake now......
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain
Was once on 1,57...
RockTheOcean4me 1 year ago
If I was to say there was going to be an earthquake in California and then years from now it happens, does that mean I can predict earthquakes? This is the way Schiff and those like him predict the economy, gold etc. In actual fact Schiff is wrong about history, economics and political reality. Have you noticed that he does not talk anymore about gold going to $5000? But if it does go to$5000 in 30 years he will claim he predicted it.
lizardgizard2002 1 year ago
@shux404
and they're gonna get it.
Ne0mega 1 year ago
Also, what good will the dollar be if it cant buy American food? All those dead fish and shrimp in the gulf are calories that will need to be replaced by something else. So American food export capacity will fall. All the money in BP's back account is not going to give America more food.
Ne0mega 1 year ago
i have a hang over today.
Ne0mega 1 year ago
Peter...the dollar index not only took a beating, but the market had a mini crash as well. This is not normally what happens. What are your thoughts? I'm guessing something big is going to happen soon.
EndTheFedRes 1 year ago
One smart man! He makes perfect sense to me.
robert7232 1 year ago 2
Thanks for uncompetitive, short term,unsustainable lousy corporate policy for destroying America.
humaner 1 year ago
Yea.. thanks to the government.... for royally fucking america in the a**! It doesnt stop at bankruptcy and house foreclosures... it'll stop at martial law if people dont wake up to whats really going on in this fucked up country. I mean FUCK, Australia is more of a free country than America is.. and sadly, they arnt the only country who is more free than America is, right at this point.
20nickole 1 year ago 3
Isn't a weaker dollar better in global economic terms for the U.S. right now (i.e., trade stimulus)???... in fact, as the U.S. now pushes China to float the Renminbi (assuming the rmb rises) isn't that going to equate to a lowering of the USD relative to the rmb?
Kunga52 1 year ago
Most expert (non statist) economists agree that what would fix the economy of this country is excactly what peter schiff proposes. Everyone should stop spending around and must stockpile gold.
It's the patriotic duty of every american to STOP wasting his money around, and start converting as much of his income he can to gold.
Spread this truth around you people!
11thsockpuppet 1 year ago
@11thsockpuppet You are advising what is the main causes of the slow economic recovery. Stockpiling gold would only further debase the USD. People should keep buying and spending, which is the only way to stimulate the economic. Banks needs to keep lending! Government needs to lower interest rates! And issue more guarantee so Banks can have the confidence to lend again. All these Blue Chip companies that has nothing to do with Wall Street are asking for help because the Banks r refusing to lend
jwang604 1 year ago
@jwang604 What are you talking about? If you watch more Peter Schiff's videos you'll understand that gold is the way to go. Peter Schiff is an austrian economist; he knows what he's talking about.
Go bullish on gold people and tell the people you know to do the same! Peter Schiff knows better that the statists there in washington!
11thsockpuppet 1 year ago
@11thsockpuppet I'm simply saying buying Gold is going to debase the USD even further. Gold prices has been dropping due to an increase in investor confidence in the US's economic recovery. If everybody goes bullish on gold, it will cause another Bubble. That's not what we want. Gold is a medium to preserve wealth and not to aimlessly put everything in Gold because it does little to stimulate the economy.
jwang604 1 year ago
@jwang604 It's obvious that you don't get what Peter Schiff, as an austrian economist, suggests. Bubbles are created by government intervention and the paper money that the fed types like crazy.
On the contrary, gold has real tangible value; it's not an imaginary thing like paper money. That's why peter schiff's solution for us to get out of the crisis is that everybody converts as much income and property into gold, so that our economy can have a solid base.
This is a very serious position.
11thsockpuppet 1 year ago
@11thsockpuppet Gold is tangible but there are many instances in history where the rich has to beg the farmers for food. Gold itself does not have much value, what can you really do with a piece of metal? Of course it has industrial uses, which should be the basis of value for these metals. The price of Gold today is driven by demand due to adversity of the US economy, and it is way above what it is really worth. Peter schiff predicted gold to be 10,000/oz? a precursor to a bubble.
jwang604 1 year ago
@jwang604 So, are you suggesting that Peter Schiff might be just using his media access and recognizability only to pump and dump gold and sad day for his followers?
I dunno. Does anyone now? has Peter Schiff made a full disclosure of his investmens? Does he himself actualy profit from the positions and sentiments he advocates for?
Is this pump and dump scheme possible? I don't know if he intends to do such thing, but it seems to me that he could do that...
11thsockpuppet 1 year ago
@jwang604 The subprime crisis is a prime example why Free markets don't work. The derivatives market was not regulated by the government. On top of that, the government deregulated the market regulations allowing these banks to grow enormously and also allowing them to leverage up to 40 to 1. Alan Greenspan, an economist of NYU, also the chairmen of the Fed was a true believe in Free markets but he apologized and said he was wrong. Free markets do not work.
jwang604 1 year ago
@jwang604 WRONG. Government bailouts don't work. If this were a free market there would be no banks taking risks on subprime loans. The big boys knew they would get bailed out. We don't live in a free market.
buzzybeemarketing 1 year ago
@buzzybeemarketing When did i say government bailouts work? The banks took risks on subprime loans because there was an insatiable appetite for these ABS, Banks also secured these pool of Mortgages (credit default swaps) so they can sell them to investors, other bankers and hedge funds. This is what is known as the derivatives market and it is not regulated by the government making it a Free market. Alan Greenspan apologized and said FREE MARKETS don't work.
jwang604 1 year ago
@buzzybeemarketing I mean, if he's running for senate and he has actually shorted the US economy with his investments and if actualy making profit from the downfall of us economy, then the whole 'peter schiff for senate' is a sad joke
11thsockpuppet 1 year ago
I suppose this guy wants him to take up positions to the opposite side so as to lose money. I think I will invest with Schiff rather than the knucklehead.
GomersRevenge 1 year ago
@11thsockpuppet he is short us economy or better said long europe economy because the usa is going down.. if he was in office and did something rright then they could be long the us economy again.. I dont see the problem that he is short us, everybody should get out of the usa dollar to save your wealth!!
BadWithNames123 1 year ago
@BadWithNames123 So if he wins, we must support the us economy, but until this happens and if he fails in his senate aspirations, we should undermine US economy? That platform kinda sucks...
And what about the gold pump and dump prospect? Is this a possibility?
Is this guy seriously running for senate? All this starts to sound like a really bad joke...
11thsockpuppet 1 year ago
@jwang604 Actually, the free market worked just fine. The derivatives market ran amok due to artificially low interest rates (thanks in no small part to your own Mr. Greenspan) allowing everyone to take on loans that they couldn't afford. Then, the value cycle peaked and an unhealthy, inflated market contracted. All the government managed to do was take on the overvalued contracts themselves thus further burdening the taxpayers and protecting their Wall ST buddies from a necessary correction.
Sculldog443 1 year ago
@Sculldog443 Actually Alan Greenspan is the one who advocated Free Markets. There were commissions who raised concerns about the derivatives market being non-transparent and unregulated, but those concerns were disregarded. And so the Banks and Mortgage brokers got greedy, they were also blinded by the notion that home prices will continue to rise, so even if a person Defaults,they wont lose any money. If it was up to the banks, the ARMS would be even worse. ie no interest for the first 6 months
jwang604 1 year ago
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Sculldog443 1 year ago
@jwang604 You can't advocate free markets while setting an artificial interest rate at the same time. Anyone who thinks otherwise needs to ask for a refund for whatever economics education they paid for (if any). As for the banks, they would have gotten exactly what they deserved for inflating the market once the value cycle peaked and loans defaulted. But instead of getting schooled, they got a bailout and a free pass under "finance reform" that only regs the smaller banks thanks to Dodd
Sculldog443 1 year ago
@Sculldog443 Well it's obvious as Chairmen of the Fed, Greenspan can't just completely let them loose. But if you follow the timeline to the collapse, there was very little government regulations. Imagine if Banks were free to set their own interest rates, just imagine... Alan Greenspan, an economist, apologized and said Free Markets doesn't work because companies care only about short term Massive gains than the sustainability of the economy.
jwang604 1 year ago
@jwang604 What do you mean by "little" government regulations? Little compared to what? The financial industry is one of the heaviest regulated industries in the United States.
As to your interest rate comments, the commercial banks do set their own interest rates. The FED sets an interest rate on money they "lend." (i.e. the "discount window") The interest rates that the private banks set are certainly related to the the discount rate. Last time I checked, the discount rate was 0%. :)
psmooth777 1 year ago
@psmooth777 There was no government regulation on the derivatives market period because greenspan believed in the invisible hand. Free markets do not work simply because of GREED. Companies do not care about long term sustainability when there are huge profits to be made even if it means destroying the economy. This is exactly what happened, the banks were making so much profits from these CODs they let anyoen get a mortage so they can continue to pool these CODs and sell them off to the world
jwang604 1 year ago
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stillsmashin 1 year ago
This has been flagged as spam show
@jwang604 classic Keynesian thought.
The economy doesn't grow because people spend money.
People spend money because the economy grows.
stillsmashin 1 year ago
Mr. Schiff you are a true genius. I fully support all of your political and economic endeavors. Please keep posting videos like this so I can be more informed and educated. I wish you the best.
csawan 1 year ago 2
Europe wanted budget cuts? Get it into your head, Peter, the thing is FIXED
dinkolino2 1 year ago
Investors know the dollar is printed at will by the Fed and our leadership has no clue. We keep trying to spend our way out of this.
bertly71 1 year ago
Nice Tie.
iforgotization 1 year ago
bye bye dollar hello revolution...
akparker1 1 year ago
Recession = When your neighbor loses his job
Depression = When you lose your job
Recovery = When Obama loses his job
Romulus2009 1 year ago 82
@Romulus2009 That my friend is Johnny Carson funny...lmao
gollyanamegame 1 year ago
@Romulus2009
hahaha that is a funny way to put it.
Anyway the eurocountries try to recover their economies
The US prints more USD weakaning it out.
Still waiting for the CHANGE to come
Hope for the US it is not CHANGE like in small COINS
racenemo 1 year ago 2
@Romulus2009 Good one...lol
IWashMyOwnBrain 1 year ago
@Romulus2009 What i find mildly funny is that you simply blame the President for everything, first it was Bush now its Obama, who is not the promised Messias. What you don't get is that it has nothing to do with Presidents but with the very Way of Lifestyle the American Public enjoyed since the 80's: Everybody in America lived beyond their means financed by the World who needed Dollar to buy Oil. And now its over, but not because of Bush not instead of Obama but because you bluff was called.
johndagger 1 year ago
@Romulus2009 ....wow, that was beautiful.
justgetsome 1 year ago
Peter, big supporter here, but credit/debts are collapsing due to all of the debt default. Therefore, M3 is rapidly declining. This is deflationary! Will inflation come after the deflationary period? Probably, but you're at least 2 years early in your inflation prediction, IMO. Look at treasury yields, that will signal the turn!
hoganfan924 1 year ago
@hoganfan924 Great. Gives me more time to accumulate gold and silver. ;-)
Panpiper 1 year ago
USA should drink till it dies, that would be entertaining to watch. Ron Paul 2008... you had your chance America. Now you're fucked
baihbalm 1 year ago 30
@baihbalm jerk
silversunny 1 year ago
@silversunny Nah, just reminiscing
baihbalm 1 year ago
The scumbug Mish is once again attacking Peter Schiff. Is this once again great contrarian indicator like the last time. Hmmm!
SolitonPL 1 year ago
it's unfortunate that the government is giving the criminals who caused our financial crisis a "pass" on the law and consequences.
Both the democrats and republicans are corrupt, each in their own way. Each are beholding to their own special interests. There are a very few individuals who are honest, such as Mr. Schiff.
trime1851 1 year ago
Peter, I know you are basically an economist, but what is your stance on Foreign policy and especially Foreign monetary aid.
Quranite 1 year ago
@Quranite Sorry to answer for Peter again. He can correct me if I am wrong.
The best foreign aid is for intelligent investors to start profitable businesses in those countries. The best thing the Gov can do is to make sure that there is sufficient respect for the rule of law in those countries to make sure that such investments are safe. That is done by treaties, just and reciprocal free trade agreements, etc. One government simply giving another government money is 'not' a good idea.
Panpiper 1 year ago
Ouch, Petey. Now I know I just mentioned last night that Gold, and by default Silver charts looked like shit. I also said your retail client should be worried about their PM's when they could not rally in a huge dollar-down market. Now I know Gold lost 1.5% and Silver 3% today..so let me help your readers.
If Gold breaks down below the support of the lows of today by too much, she's gonna continue to roll. For now, don't touch that stuff until it regains the 50ma. Stop riding stuff down people
mcdonaldscalling21 1 year ago
@mcdonaldscalling21 The time to buy is when it's down. Ideally of course you don't want to buy when the price will be even cheaper tomorrow, rather waiting until then. But knowing when that bottom will happen is anyone's guess. The proper price for gold by rights aught to be higher and if price inflation happens in a serious way, it will skyrocket. My advice for what it is worth is buy gold and silver, and hold, don't 'play' the stock market.
Panpiper 1 year ago
@Panpiper
The problem with you buy and holders is you give way too much back when there is no need to do so.
PM's have now been dead money for two month if you just held. Now what is smarter, seeing the somewhat obvious chart and winning on both sides of the trade, or just riding shit down like most of you did in 08. What a waste.
You don't need to catch absolute tops or bottoms. You need to start paying attention to charts and taking the meat on both sides of the trade for better returns.
mcdonaldscalling21 1 year ago
@PanP Go back and look. I regularly make my currency and PM calls here on Petey's channel as I know he just buys and hold everything and will just let people get hammered like what happened to his dollar call for the past 6 months in a row up until a month ago. There's no need to take that type of ass kicking. If people realized how much of the downside you could easily side-step they'd never buy and hold anything again. But then again I didn't need to ride anything down 50% in 08 to know that.
mcdonaldscalling21 1 year ago
i think stephan moleneux made quite a good annalogy: borrowing is like a drug habbit. On the low we seek another "hit" to stop the low, but make it worse when the low comes again, and soon enough we are gunna run outa drugs.
LordMigit 1 year ago
Why hasn't gold gone up in the last few days?
tesla921 1 year ago
@tesla921 Because I told you two weeks ago it was going down. :-)
Now I am telling you to watch for further breakdown if it falls too much below today's support (1185 area) and to not go long until it can healthily regain the daily 50ma.
If we do break down, hold your powder and wait for some consolidation. It ain't going anywhere faster than you'll be able to catch it. Chillax man. It's just a trade and there are better ones out there.
mcdonaldscalling21 1 year ago
Peter, I have got a question for you. If the economy does crash and we have runaway inflation and when all this becomes clear, is there a way out? What is the economic solution for the situation. I guess this would be the same solution for Zimbabwe and Eastern Europe. Germany pulled itself out of their depression. So how can we fix this thing when it finally goes haywire?
Quranite 1 year ago
@Quranite Competing free market currencies. Essentially repeal the 'legal tender' law that says that only US issued paper currency may be considered valid currency. Ron Paul has often mentioned this and I believe has introduced bills to exactly that end (to no avail of course). That and truly 'massive' cutbacks in the size of government. Then get out of the way and let the free market do it's job. If we also repeal minimum wage and union monopolies, we'll hit full employment inside a year.
Panpiper 1 year ago
@Panpiper Okay, I can see that. You think Peter wouild agree with you on this? Does that mean that all currencies can be used in the US as long as people feel that it is worth something?
Quranite 1 year ago
@Quranite I would be surprised if he would disagree on principle. He might have a different plan as to what to do 'first'. To be sure, simply having the existing Fed raise the prime rate to what it 'should' be in a free market (~8%) whilst simultaneously ending bailouts and stimulus would go a long way. But that would still leave the US tax payer holding the back for this 'huge' debt and looking at insane levels of taxation to cover it.
Panpiper 1 year ago
@Panpiper Competing currencies would allow the US paper dollar to continue to inflate, largely inflating away the debt, while allowing the US taxpayer to move into non inflationary currencies and thereby still able to function. This of course completely sucks for all those investors world wide who have loaned money to the US as the paper they will be paid back in will be essentially worthless. But they aren't getting paid back in any case.
Panpiper 1 year ago
Why would anyone watch CNBC at this point?! They are such fools and shills! Besides, FoxBiz Network has more attractive women : )
Melville10 1 year ago
@JDLUTZ2007. Damn right he was! : ) Jefferson (and John Adams) were also right about the dangers of political parties being brought into existence.
Melville10 1 year ago
Is it possible that the dollar had a rally because a lot of people were converting assets to dollars?
seggallion8 1 year ago
Good work Peter. Good analogy on the coming inflation train wreck.
SamuraiCommando 1 year ago
@SamuraiCommando. Guess that stimulus plan of money printing and borrowing isn't working. : )
Melville10 1 year ago
nice job Pete, very well explained.
Thank You
Griff10silver 1 year ago
Banksters "borrow" money from the Federal Reserve at 0% interest.
You and I borrow money at 8-30% interest.
Economic apartheid in action.
mackbk718 1 year ago
@mackbk718 That's the Federal Reserve in action and considered to be 'good economics' by mainstream economists.
Panpiper 1 year ago
@JDLUTZ2007 So was Jesus.
general010 1 year ago
they should be dropping i agree with all that, all prices should be dropping and allowing the markets to adjust.
XxgoetfacexX 1 year ago
the reason the dollar dropped is because China has just rated the US down, way down.
Yet the banks are listing profits when they have 20Trillion in hidden debt on their books.
What's worse is these banks own more houses in the US then the American People
Capitalism is over folks and forget your savings and pensions too,
marniespeaks 1 year ago
@marniespeaks It's not capitalism that is proved wrong by all this, it is fascism. It is government centralized control of money and interest and collusion with moneyed interests that is the culprit and what should be taking the fall. It is the deliberate, willful subsidy of the super rich through the policy of inflation that is the primary cause of the rich being richer while the poor are poorer, and any number of the other economic and social ills of our society. Blame where blame is due.
Panpiper 1 year ago
@Panpiper
so you're saying this is a fascist government?
when did this start?
marniespeaks 1 year ago
@marniespeaks
err, around 100 years ago..? remember that the wealth gap was at an all time high just before the great depression and the term "robber barons" was most popular at that time?
financialarsonist 1 year ago
@financialarsonist
yeah I remember, but then we had that boom in the 50's and early 60s and later disco & the technology boom - the world has changed.... ;)
anyway did you watch the Napolitano/Nader interview -
/watch?v=UXWdPjvvZn8
what he says about Washington & Lincoln gives a interesting perspective
with all the education we have at hand things are stating to change in a big ways those who have the knowledge have the power, but those who lie may have the people.
beware of wolves...
marniespeaks 1 year ago
@marniespeaks
its a wolves den right now, wolves are everywhere, friend. certainly we had a post war boom but that didn't change the structure of the government and its ties to big business and complexes. in fact, it just exacerbated the situation - but only in the past decade have they started to focus on daylight robbing internally instead of externally.
guess when wolves are fat and lazy, they just eat those lying around them.
financialarsonist 1 year ago
@financialarsonist
"daylight robbing " the arrogance, eh?
but they couldn't do it if the American People were awake and watching, maybe even cared...
nice nick btw
you might like this channel financialterrorists
marniespeaks 1 year ago
@marniespeaks Financialarsonist has it right. I was about to type 1913 and then saw his comment. In truth it has been an evolutionary thing and technically it is a 'weak' fascism. And of course in true homage to George Orwell, words that used to mean one thing have been co-opted to mean in many cases virtually their opposite so as to hide the truth from the masses. Fascism is 'called' democracy and state central planning is 'called' capitalism.
Panpiper 1 year ago
@Panpiper agree - however - you want to argue semantics, fun, but not the reality on the ground
I'll tell you how to solve most of the problems we face
Find a state with as many like minds as you can muster, then legally secede
One guy from CT - even if he gets that far, isn't going to change a thing.
What you don't have that these guys in DC & on Wall St have is time to drag your feet
GL
marniespeaks 1 year ago
@marniespeaks Secession isn't going to work either, even if you could get enough like minds together, which you couldn't. What we need is a few voices in Washington when the shit hits the fan, who understand that the solution to all this is freedom, not more state control. If we have that, we have hope that something can be salvaged. If we do not have that, then what will come will rival that of the old Soviet Union. And war, perpetual war, to turn the blame outwards.
The stakes are that high.
Panpiper 1 year ago
@Panpiper
Too late,you’re living it nowand there’s no stopping it.
Even if Peter wins he will kowtow to the GOP establishment. He already sold out once
The banks are about to devour our pensions, the only thing liquid left, for toxic waste. Expect $20Trillion more in bank debt (statement 159). Not including all the Ponzi schemes yet undiscovered.
marniespeaks 1 year ago
Banks own more residential property than there are citizens. 40% of the population is working in low wage service jobs & we aren’t even looking at the costs of these wars. All you have left is default & secession.
If you own more than one piece of property sell it now & stock up.
marniespeaks 1 year ago
6:45
YESS!! Another drug/alcohol analogy. It's been a while since I've heard that from Peter Schiff.
2528997 1 year ago
Paul/Schiff 2012!
nakor667 1 year ago
I was thinking, how can we get out from under the Bankers control? Without getting away from Legal tender laws, I don't see how we'll ever get out of debt. Im thinking real monetary reform (I like Ron Paul's competing currencies) is the only way we don't keep repeating the same mistakes. The IMF SDRs are just the next level of the Ponzi scheme. So what is your plan to fix things in reality. P.S. Peter, hook me up with that chickie on Fast Money. Haha.
quietlike 1 year ago
@quietlike
what's your plan?
marniespeaks 1 year ago
november can't come soon enough!
PatricksTime 1 year ago
SUCCESS Internationals can call!! support Peter Schiff
watch?v=YXuKXdaV9R4
spread this please
leone20012 1 year ago
Yeah, how come the people are powerless while the government dishes out our taxes to save the bankers who then take our houses when we can't pay back our mortgage?
Luiyi385 1 year ago
@Luiyi385 The basic reason is that most people's votes can be literally bought for the price of a few 15 second commercials. People do not typically think beyond what they have been fed by talking heads in 15 second sound bites. So more than anything, it is money that determines elections, and so those who are in a position to funnel money into elections, effectively call all the shots. In return, the Gov colludes with those interests to make sure they have the money to funnel.
Panpiper 1 year ago
@Panpiper Well explained.
Luiyi385 1 year ago
@Luiyi385
look in the mirror and ask that question
marniespeaks 1 year ago
@marniespeaks Good point.
Luiyi385 1 year ago
Schiff for President!!
toshibavoodoo 1 year ago
Peter, you should do a video on how the global bond market works.
My favorite videos of yours are the purely theoretical ones, like "Real Estate 101" or your critique of the minimum wage law. These also show people who don't know about you just how much you have thought out your opinions.
SFUFetus 1 year ago
Dollar up and I think the dollar will go up again. The Federal Reserve criminal banking cartel has too much power in the short term. Long term, the dollar is toast once the bond market collapses.
helpendthefed 1 year ago
Nice. Another Schiff analogy at 5:35!
Thrice13 1 year ago
I can't be that tough to see, if you can. lol
How does that qualify you for the Senate?
950horsepower 1 year ago
LOL. Great analogy with the train, Peter.
mikef8080 1 year ago
Great video, by far one of your best videos. If I lived in USA I would vote for you. Keep up the great work.
SynergyOfTwo 1 year ago
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SynergyOfTwo 1 year ago
Few things Peter fails to mention while endlessly tooting his own horn.
Germany banned naked short selling - no more counterfeit stocks - people feel safer investing.
Add that Germans are big savers, few Germans have credit cards.
The dollar falls because Wall Street Banks took all our money - they are hording it and trying to dump their toxic waste in exchange for our pensions.
They are giving us all a hand full of shit for bars of gold.
US banks =fraud and theft
marniespeaks 1 year ago
7/16/2010 New Quinnipiac poll:
Blumenthal v.s Linda McMahon (spent/will spend $21 millions) 54% - 37%
Blumenthal v.s. Simmons 55% - 35%
Blumenthal v.s. Peter 58% - 31%
Republican will lose CT seat if they choose Linda McMahon because she can not win!!
If Linda McMahon can not debate with Peter Schiff now, how can she debate Dick Blumenthal in November?
gogobraves 1 year ago
Hey Peter, Do you think this new wall street reform bill will have any impact in your future predictions of the Gold to Dow being a 1 to 1 ratio?
BigOnGold 1 year ago
GS's fine was like 4% of what they paid in bonuses. Well worth the corruption. The government has failed with #finreg, but who told it wouldn't be a disaster?
nogl0001 1 year ago
Hey Peter, I live in Sweden. How can I help you get elected?
LawrenciumTradera 1 year ago
inflation is low (if you can call 10% low) now because we export it. when we can no longer do that, when they dont lend to us any more, when they dont sell to us any more, thats when serious price inflation (in dollars) will begin., but prices will deflate priced in gold.
michaelpshipley1 1 year ago
Nice shirt.
TheBrotherMouzone 1 year ago
Steve Liesman is a complete CNBC hack! He doesn't believe what he is saying. He's a paid pumper and a hack.
beabro 1 year ago
I live in New Zealand. If I could vote for you I would. Hey maybe there might be room for you in the new world order. Love your comments. Im teaching my 12 year old whats happening around the world and he knows more about what you are saying than what Obama is being told to say.
BackedBySilver 1 year ago
Peter, Im confused about silver. Is there potential for much more upside? and i keep hearing gold will rise to $5k. Do you still see this as a possibility? thank you!
BuLLsAndBeaRs1 1 year ago
@BuLLsAndBeaRs1 I think he eludes to the point that there is infinite downside potential for the dollar, rather than upside potential for metals.
Elasaltaculos 1 year ago
Thanks Peter!
I'm almost finished reading Crash Proof 2.0.
It's an interesting book, I appreciate your hard work over the years warning about this mess we're in. It's truly government, not the people and capitalism, that's responible. Now, I know you mentioned about the dollar rally with in the 2009 update. But of course, it's getting interesting right now too see that the dollar is entering a bear.
Hopefully we'll see you Win in August 10th.
God Bless.
ExhibitMan 1 year ago
The supplies that I buy for work are skyrocketing in price.
Anyone who says there isn't inflation doesn't buy groceries, as eurohim said, and has blinders on.
bkdmd 1 year ago
@bkdmd The Federal Reserve does not count food or energy when checking for inflation. The price of food could double and they would insist there was no inflation. I expect they do consider the price of cell phones however.
Panpiper 1 year ago
Page 84 of Costantino Bresciani-Turroni's "The Economics of Inflation", printed in 1931 and based on the German hyperinflation of 1914-1923, says ""the effect of the rise in house prices, provoked by German monetary inflation"
So nearly 100yrs at least(im guessing its been known much longer)they knew that printing money leads to artificial booms. What id like to know is how come theyve forgotten that lesson?
NicosMind 1 year ago
Sad thing is everything thats happened has been easy to predict. Id like to thank Peter for introducing me to Austrian economics. The only sensible economics ive seen
NicosMind 1 year ago
@NicosMind They have 'conveniently' forgotten the lesson. Inflation serves the interest of government, allowing it to spend without having to tax in a way that people might reject. The inflation gets blamed on greedy capitalists, not their benevolent government. Inflation also serves the interest of wealthy speculators who can use the cheap money to leverage their gambles. This is a subsidy to the rich by everyone else. Of course they continue to bribe the government to maintain the fraud.
Panpiper 1 year ago
@Panpiper Im currently reading two books. One is called The Critics of Keynesian Economics and its edited by Henry Hazlitt and has some great quotes in it. And second ive already mentioned.
I believe that Keynes was a charlatan thru and thru. He stole 95% of his material and rewrote it in an over complicated fashion.
Real economics hasnt been forgotten by but rather removed and erased, and any mention off it is open to ridicule from the "intellectuals" who are funded by the elite!
NicosMind 1 year ago
No price inflation? Gone to the grocery store lately? Rice has doubled. Ramen has tripled...
eurohim 1 year ago
Great stuff
connorculleton 1 year ago
I have no idea why our dollar is staying up. I have no idea why people are not all ready to kill bankers and Governmentist.
btigtime2 1 year ago
@btigtime2 I pulled out in 2005, but I think people are nuts to put their retirements in the stock market or bonds. They do not understand that our Government has their eye on those savings and their retirements. They came out and said it plainly. Why would you continue to plan on retirement with those funds... I would not even pay social security because its as good as gone. Buy Gold and Silver for your retirement.
btigtime2 1 year ago
Steve "Lies"man is a sociopath. I truly believe he needs mental help.
JP5466 1 year ago
americans should start holding canadian dollars
gilluminati 1 year ago
Schiff is talking sanity but most US leaders are too far out to see it coming.
Euro already had its setback and the USD will follow
question is only the time WHEN it will happen.
racenemo 1 year ago
We need you Peter!
DeathOfTheDollar dot com
DeathOfTheDollar2010 1 year ago
I think you meant "bull" market rally in the dollar.
yuppyguitar1 1 year ago
Peter, you're awesome. I love how clarified the relationship between the dollar and bonds.
rayme4raw 1 year ago
What is the reason gold is stalling when dollar is going down?
lambhadina 1 year ago
@lambhadina
I think the market sees deflation coming rather than inflation, which i think is possible in the short run. i expect deflation (public deleveraging) followed by massive inflation, i see this as a buying oppurtunity for gold.
DaveC86 1 year ago
Well then what do people invest in? Without buying physical gold?
ddstar 1 year ago
@ddstar Buy physical silver
Daniel44125 1 year ago
@ddstar For those with very little money to invest, buying 'junk' silver, meaning silver coins valued solely for their silver content, 'not' the 'collectible' value, is a great way to save. A silver dime could cost as little as a dollar, so it's quite doable. And if we are ever in a hyperinflation, those silver coins will be excellent to barter with on the black market. ('Black' market because of course the 'free' market will by then be illegal.)
Panpiper 1 year ago
@Panpiper and whats a good place to buy the non-collectable silver coins
ddstar 1 year ago
@ddstar You will find the best deals likely at coin shows where there are lots of merchants competing to unload stock. Ask them for their price on junk silver, and they likely will quote a price as a ratio of it's 'face value', like 12 times face, so a silver dime would cost $1.20. Otherwise standard coin shops typically will have a quantity of such coinage which they are all too happy to sell. Do NOT be talked into buying coins for their 'collector' value.
Panpiper 1 year ago
@EmpoweredOfficial
Actually more expensive to grow it yourself. I grew corn this year for the first time, you can get 3 ears of corn for 99cents. They used to be 10/$10, that's a 300%+ increase in the price over the last few years!! But with all the time & effort that goes into maintaining the corn (I water it, fertilize it, etc) it's not actually cheaper. The cost of the miracle grow alone makes it more expensive. BUT...this is the freshest corn I ever ate, sits for a long time at the store
john5246 1 year ago
@john5246 if you can...go get some compost from a local farmer/rancher most will have a big pile of premo compost that they will let you have for free. It usually just builds up so they have to get rid of it anyways somehow, so most are happy to give some away. Even if they charge you it wont be much. You wont need to use any fertilization with good composted soil. It does seem to taste better when you grow it yourself.
nicademus1974 1 year ago
Mind September!
Bad things tend to happen in September (9/11, 2008 collapse). Or, may be, in fall in general.
VBioreactorBydlo 1 year ago
the million dollar question is what will runaway inflation do to housing prices? buy now or be priced out forever? or dont worry about it?
drudometkin 1 year ago
@drudometkin House prices won't get up as fast as commodities that people need. Gold and silver will sky rocket, so will oil and food.
LetFreedomRlng 1 year ago