Obama no smarter than Khrushchev or Mao, says top U.S. economist

[TheLandof420]

Schiff was spot on.

[Timmchrispops]

Mao may not have been a good man, but the cultural revolution was economically a huge success. 30 years, and nobody fucks with China. To imply he was not intelligent is ridiculous. Krushchev made mistakes, but he distanced himself from Stalin, which is commendable. Obama should be complemented, he's a great leader himself. Top economist my ass.

[Timmchrispops]

Mao may not have been a good man, but the cultural revolution was economically a huge success. 30 years, and nobody fucks with China.

[rocky4432901]

Rocky Reports........... This reporter is right! unfortunately for America!

[threepercenter03]

O fans; it's 2011, where's the 'change'? where's the 'hope'? Guess it's time to give up... you didn't get ur fair share of the wealth and all you have to look forward to is more debt and socialist laws. But, at least u can say ur "not racist"... that'll buy u a new home and car... NOT!!

[SuperTB4]

I geuss looking back from today Peter Schiff is simply wrong. of course everyone loves a nay-sayer, but Peter Schiff here is just simply wrong. so for all you Schiff lovers, realize that he is a bull-shitter!!

[threepercenter03]

@SuperTB4 sucking Barry's lil' weenie isn't gonna get u a bigger slice of pie!! So put down ur fork and pay attention; equal share of pay for everyone is a fairytale!!! This is the land of opportunity; if u want riches, u have to earn it, not have Govt. steal it and distribute it!!!

[nonameposter]

Omg..US media is so stupid!! How can you compare a stimulus package or wellfare state with a communist dictatorship? This is such an insult against Europe. No, Norway is not a communist party dictatorship.

Under Mitterand, Brandt, Palme, Kreisky we had more than 10% growth every year. The role model must be to get back to the golden ages of capitalism: 1950 -1975. No unemployment, a strong wellfare state, massive economic growth. And yes, obama is a free market conservative..

[ekeyra]

@nonameposter Fuck europe and fuck your eurotrash bullshit.

[thablackmarkit]

Most who voted for obama have said by now, "Oops guess I shouldn't have done that". Obongo, dumber than a second coat of paint.

[VictimOfBoredom]

thablackmarkit, dumber than a third coat of paint.

[rrdrums110]

Khruschev was the smartest of all. Because he predicted that "we will overtake your country w/out firing a single shot". Is that sounding feeling looking smelling and tasting like the truth now?

[entropyfu]

Peter Schiff is not a "Top US economist". He is a right wing ideologue who promotes untested and discredited economic theories (Austrian economics).

[ab1tchslap]

He's pretty good at predicting recessions though. Doesn't that count for anything?

[NoseNuggets]

This is the single most amazing comment i have seen all day. There is no Austrian or Keynsian economics. there is only economics and unsustainable lies and drivel. keynsian being the latter.

[Weeth]

yea, i forget who, but this person said something to the effect of, "keynesianism is to austrian economics as astrology is to astronomy". it really is more mysticism and wishful thinking than anything else. i personally think keynesianism is a lot like alchemy: trying to find a shortcut to gold... and we wonder why its so popular.

[NoseNuggets]

hahahahaha, believe it or not i have said that a few times. i hadn't heard it from some place else but the astrology to astronomy comparison i certainly took from Christopher Hitchens, who uses that and alchemy to chemistry and religion to science in general in many of his religion debates. i'd like to know who said your quote if you can find it.

[dradeel]

I've seen different quotes like "Macroeconomics is to economics the way astrology is astronomy" a lotta times. Sometimes astronomy is switched with science, sometimes it says microeconomics and not just economics, or it says Keynesian economics is to Austrian economics etc... There's probably dozens of sayings like these in different fields, going back prolly several decades, which makes it extra hard to find the originator :/

[myrelative]

because keynesian theories are the tested ones, right?

they have been tested thoroughly and failed every time.

[mistermayy]

@entropyfu HURR DURR

[thablackmarkit]

Most of these "Top US economists" were wrong when schiff was warning us of the housing bubble back on 2006.

[michealroboto]

this guys a fucking idiot

[gringott12]

I think that it is time for all normal family people to purchase enough food and fuel for one year. Then quit working and participating. Draw food stamps and welfare. We should be able to collapse it in 6 months.

[KraljevicPavle]

Funny story: In my economics class, (I live in the People's Republic of Australia) my teacher effectively said that it would be beneficial to have full government planning in an economy because the government would would be able to allocate resources fully to its own content.

Me: But then you just have government investment, not profits and entrepreneurs!

Teacher: So? What's wrong with that?

I swear, Austrailia....

[wtfbroskie]

sad :(

[kaiser0soze]

I take that back. Ron Paul should've been elected as the President of the United States and you should've been elected as his V.P.

[kaiser0soze]

Peter, either you or Ron Paul should've been picked as Obama's treasury secretary.

[sarjil]

going there is not going to do shit its either your right or your wrong and your wrong i think its a universal truth and everyone knows that the average soviet had less wealth than the average american.

by the way i don't watch fox mainstream politics and mainstream media is bullshit but a very nice insult though.

[cyalaterthan]

Your an Idiot and I'm drunk and can tell your and Idiot have fun losing your wealth

[bnash2002]

your an idiot. does this guy sound like anyone anyone running the government in the past 100 years? "whining pussies had their chance?" who the founding fathers?

[CCCPKPSS]

no smarter??? Khrushchev made the soviet economy shot up. by Khrushchev's rule Russians moved from kamunalaks to their own apartaments. people could get a TV and almost every family had a TV. if you look at CCCP during Khrushchev's rule. it was just like USA before the crisis

[Jaycephus01]

"their own apartments"

wow.. they were RICH!

"almost every family had a TV"

TV's are cheaper when they only show one channel. Here in the US, I think were up to a TV for every family-member, if not every room in the house.

"if you look at CCCP during Khrushchev's rule. it was just like USA before the crisis"

which crisis? You mean the depression of 1871? The depression of 1919-20? Yeah, that's about right.

Krushchev was a thug, and a stupid thug at that.

[CCCPKPSS]

wow your a retard. first thats why everyone likes him in Russia and in all ex soviet countries. 2 TV's back then in USSR were a big fucking deal. if you had a car during stalins rule. well you must have sucked someones dick to get it. during Khrushchevs rule. people could get cars homes datchas TV (BTW they had more then one channel retard).

so yeah its people like you who come up with un-educated BS from reading book. go there for ur self faggot

[sarjil]

Very smart comrade, I'm sure those tv's were of top notch quality, the very reason why Vor was havng a great time doing giant business under the table. And also i'm sure the average soviet was drowning in wealth relative to an american. And also krushchev was great at gathering the vast resource of USSR(which makes them look rich in absolute terms) and dividng them up inefficiently and into non productive sectors( armies, tv's) and then you wonder why USSR broke apart. that Tv was fleeting.

[CCCPKPSS]

lol the reason USSR collapsed was not because of that. i was actually there when it happend so dont tell ME what happend.

first due to garbachevs policy changes USSR began to loose money and USA began to gain money. then the countries began to want to split up because their state economies were suffering. as they started to collapse a coupe happend in Kremlin and due to that the USSR was not able to make changes and preserve it self. now dont watch Fox news and come up with conclusions

[lyklastsamurai]

cccpkpss: What a bunch of codswallop, you weren't there...you can't even spell Gorbachov's name correctly, yeah, yeah, a typo eh? From the "amazing" intellect spewing from your comments and the stunning lexicon you use I'd guess you've never traveled outside your hole...where ever that may be...

[CCCPKPSS]

judjing by ur name ur a faggot

[pretorious700]

Actually by strict definition, Schiif is not a "top US economist", he's the owner of a brokerage firm who happens to have a better grasp of economics than the supply side morons currently running the show.

[rianpop]

how come i never saw this guy on tv in october?

[whitethunder2]

why do you think. he didnt just pop out of no where. Peter schiff and ron paul have been making these predictions since bush took office. it takes the people to listen

[whitethunder2]

and or you werent paying attention.

[PFandGF]

We all know SOMETHING is coming

If youre wondering how to PREPARE FOR it and GAIN FROM it check out:

3w. prepareforandgainfrom (you know the rest)

[Arginine88]

Go Peter!

[DrunkenPublicness]

I travelled to the Iowa Caucus and volunteered for RP, donated what I could, joined a meet-up group, attended numerous rallies, and convinced many family and friends to throw their support behind RP. That's what the fuck I've done.

I have done the research, asshole. Making the leap from unnatural citizen to terrorist cell is irresponsible. While the people questioning Obama's citizenship may be reliable, there's obviously a lack of ample proof. If it existed, the ne-cons would be pouncing.

[RuflessRecords]

This guy's right. The US went from a tiny colony to the richest country in the world by 1890 because of the free market. Since we have been stupidly accepting the notion that the govt "can fix" the economy or the govt is smarter than the guys at Google or other businesses at creating jobs we have been slowing down as a nation and other places have been catching up. The govt needs to only prevent fraud and prosecute financial criminals, and butt out otherwise. Govt "fixing" economy = a disease

[DrunkenPublicness]

Stop associating yourself with RP supporters. Your comments are exactly the type which cause people to refer to us as "lunatics".

You have no facts to substantiate your claims about Obama, only what you choose to believe via the internet.

[DrunkenPublicness]

I'm not sure, but I'll give you a thumbs up for asking.

I realize that RP supporters represent all walks of life, many with which I disagree 100%.

However, I think what our government stands for now is much more damaging to America than RP's platform.

[DrunkenPublicness]

I worked for over a year pushing RP's message. When the poll numbers came out during the primaries it deflated me, so I wasn't exactly satisfied with his lack of popularity. Had RP been competitive in the polls and threatened to be a formidable opponent for Obama, I'm sure you're right. The MSM would have dedicated countless hours to the newsletters.

So, the most important question is, do you think America would elect someone with the same message as RP?

[Benaiahh]

I heard that Obama want's a "civilian army" of young people to spy on other Americans. Kind of like a young, giant KGB.

[eye7view]

It sounds like peter is just jealous. when did obama say he as smarter than everyone else? Peter just wants all the money given to big companies.

[fearaneruial]

what??

all that he saing from few years is do not give mony for big companies, let big companies fall

[Benaiahh]

Exactly. I don't think eye7view knows who Schiff is. Or Ron Paul.

[Benaiahh]

Dude, Schiff was against the Wall Street bailouts that Obama, McCain and Bush shoved down American's throats.  He doesn't want money to be given to anyone.

[Justbeatit999]

I always go to financialtruth.blogspot . com because they follow all the latest videos of PETER SCHIFF, JIM ROGERS, MARC FABER and RON PAUL there. Safes me alot of time searching on youtube! Thanks for uploading anyway!

[aswerty911]

right.......and everything will be ok if i just read his book......

[Benaiahh]

Watch the video "Peter Schiff Was Right." He predicted all this stuff years ago.

[aswerty911]

blah blah blah...........if i'm on tv every other day, i can spout off like he does, and of everything i saw, i'm sure i can find that one clip that makes me sound like a genius.......schiff is a tool.

[chairde]

This man simply doesn't know what he is talking about. His do nothing plan is what Hoover followed and turned a recession into a depression. FDR then had to turn things around. This man also said that the dollar would collapse but it didn't and that oil would be over two hundred dollars per barrel. Wrong on both counts.

[DrunkenPublicness]

You are incorrect. The depression was spawned by the government/Fed and it was prolonged because the government tried to fix what they so clearly broke.

[Benaiahh]

More foreign wars, more national debt, more spending deficits, more bailouts for the bankers........ more change we can believe in?

[cdominus]

Whether we go into hyperinflation or not depends on what happens to the reserve currency status of the dollar. If the rest of the world slows their lending the shortfall must be made up by devaluing the dollar which should curb more lending from Asia which will cause more devaluing, less lending, more devaluing and so on and so forth.... then again maybe the Asians like losing money which is what they are doing the longer they depend on our consumption.

[Benaiahh]

Like he said in the full interview, will the Asians keep flushing their money down the toilet? Cuz that's what they're doing buy buying America's bonds.

[Benaiahh]

What if these other countries start consuming their own products like Schiff predicts? I don't know if they will, but if they do, it seems like America is toast.

[Benaiahh]

I dunno. I think it's time for America to pay the piper. Gotta pay for the sins of the past. What form it comes in, I have no idea.

[cdominus]

If the Chinese are smart they'll start sending those reserves back to America to pay for their stimulus. The world can make up for American consumption, they want a strong currency but it doesn't have to be the dollar.

[Benaiahh]

You mean getting rid of their Dollar reserves and spending that money at home (mainland China)?

[cdominus]

Instead of sending us products like they do now, they could start buying the neccessary commodities for stimulus in their country. China is a huge country with a lot of people, the purchasing power is on their side. It's time they used it.

[PeterSchiffVideos]

It was brought to my attention that the full interview wasn't on YouTube. I have no posted it.

[Benaiahh]

Well, back to your originial comment. I hope that your analysis is right-- that it won't be the end of the world. And, that America won't suffer too much.

[Bowser2398]

Why would the rest of the world be worse off than us? I don't see anything about the US economy that shows its better off- especially since the economic freedom in the US continues to dwindle as we pursue socialist policies.

[cdominus]

If the world stops lending to us we will monetize the debt. The dollar has rallied over the last few months only because it was safe compared to stocks and other bonds. The massive spending proposed by Obama and the massive liquidity pumped into the market already is making the dollar a scary place to be in the future. Treasury Bonds are the new bubble. Get your money out before it pops.

[cdominus]

If the world stops lending to us the Fed will have to buy our debt because no one else will. When that happens they will have to print the money and raise taxes to prop up zombie companies because god forbid we let businesses fail. Deflation is not a bad thing for everyone. In a free market, if you're someone who has been laid off and have a dream of starting a business recessions are the time to pick up assets cheap.

[Benaiahh]

I see them trying to print their way out of this, too.

[Bowser2398]

Years of high inflation would eventually result in a deflationary collapse because that's how the market corrects itself- that doesn't mean the years of high inflation are to be ignored. Why isn't there a means to transmit the new money created to everyday people? Stimulus checks being seen as positive- "new government jobs" that Obama wants to create- along with all kinds of other spending programs- it will reach the hands of everyday people. I don't see what's impossible about that.

[Bowser2398]

Where do you get the $1 trillion number? I was sure that the Fed promised to inject roughly 8.4 trillion recently.

[Benaiahh]

But that assumes that the Fed doesn't print money to feed to all the corporations, right?  Because if they do, then there will be inflation.

[Bowser2398]

Inflation is the increase in the supply of money- not of prices rising. Rising prices is the consequences of increasing the money supply. Look at zimbabawe- the inability of zimbabaweans to afford goods hasn't resulted in lower prices because the currency itself has collapsed. That is what hyperinflation is- its nonsense to spout that it isn't mathematically sustainable.

[Bowser2398]

Again- you're defining rising prices as inflation- when inflation is the increase in the supply of money. Politicians DO pursue policies that yield high inflation(that's exactly what zimbabawe, weimar germany, and US politicians in the 70's did!.) The supply of money has been expanding and eventually this will lead to rising prices- it does not happen right away. All the new spending being pushed through is INFLATIONARY- since outside of borrowing they must create new money to pay for it.

[Bowser2398]

But you continue to imagine that Fed and congress are unwilling to rev up the printing press to help corporations continue to operate without dealing with losses. They've made that very clear time and time again.

[PeterSchiffVideos]

It was brought to my attention that the full interview wasn't on YouTube. I have no posted it.

[Bowser2398]

Well why are we the consumption addicts? Are we consumption addicts just because we're materialistic- or because we've had such easy access to credit in the past decade?(I say the latter) China's stimulus plan can at least be financed since they aren't bankrupt like the US- they have massive amounts of reserves so printing up Yuan isn't necessary.

[Bowser2398]

Well I would agree that our system wouldn't be doomed if our government sat back and relaxed- but that absolutely does not look like the case. If Obama is going to pursue policies that Obama supporters want- they don't even know what inflation really is- and will continue massive amounts of spending and I'm sure use the excuse that "It could've been much worse if we didn't."

[Bowser2398]

There is no precise textbook definition of hyperinflation- although some have tried to define it as a devaulation of over 100% in 3 years. Most defintions of hyperinflation refer to a complete collapse in the purchasing power of the currency- not to a set period of 3 years. Wages are always linked to inflation- just because people aren't being paid high wages does not mean that the dollars they're being paid in won't lose value.

[Bowser2398]

Wages are the price of employment- so if prices are rising- wages will as well.

[Bowser2398]

Yes wages are linked to inflation. Labor service is a good with a price attatched to it- just like any other good. Just as the price of goods are rising due to inflation- the price of purchasing labor also rises(since no one will work for wages of $10per hour if a week's worth of groceries is $10,000). I'm not arguing that an inflationary period WOULDN'T turn into a deflationary bust- that's how the market corrects itself- but that takes time and in the meantime people's asvings are wiped.

[cdominus]

The world banks are inflating faster that we are FOR NOW. How long do you think they will do this? This is our disagreement. I think they will decouple at some point you are assuming they will continue to throw good money after bad. We won't have deflation catastrophe because Bernanke and others in government don't want to be accused of doing nothing. The only thing that backs the dollar is its reserve currency status and its scarcity. Bernanke will guarantee scarcity won't be a problem.

[cdominus]

We are still in the deflationary bust only because the banks aren't lending willy-nilly like they were before. A t-bill sell-off would be deflationary if there were no buyers but there will be one buyer and that is the Fed. They can only monetize the debt which is inflationary. The Obama Admin will find a way to get velocity going.

[OgeronimonominoregO]

"inflation...is less probable than deflation"

The whole system is inflation. Deflation is temporary. Do you mean deflation for 6 months or 1 year? If so, then your argument is moot, isn't it? What's the point? They WILL re-inflate regardless.

"hyperinflation isn't possible"

It's possible in Zim! $100 trillion bank notes!

Why do you say wages won't rise? They rise all the time (eventually) to keep pace with inflation. What "mechanism" is needed that we don't already have???

[Benaiahh]

70% of the U.S.'s economy is consumption.  Goolge "Baltic Dry Index." I'm sure that America's GDP will fall way, way more than 10%.

[SolitonPL]

Obama is a Illuminati puppet!

[DrunkenPublicness]

If you and your wife got divorced, would she still be your sister?

Redneck!

[dweber66]

no problem for them, they are rich

[stockmarketimplode]

Everything Obama is doing will only make things worse

[Benaiahh]

agreed. change = everything + more.

[Benaiahh]

I agree. he's doing everything Bush did and more.

[Jonisdaman]

he hasn't even took office yet u fucking idiot.

[jaysenbela]

what does your comment have to do with the facts being discussed and the facts of what Obama has said he is going to do? You have made it clear who the idiot is.