4/2/2009 Peter Schiff On CBS News: China: The New Economic Super Power

[louiethegreater]

The China problem is as simple as placing a tariff on Chinese made products. That will not happen, because the distruction of the the U.S. Economy is the plan, and globalization is the reason.

[1XMarksSpot]

Obama = incompetent.

Hope and Change?

How about "Despair" and "Status Quo"?

Fuck Obama.

[andyhwang2009]

Right. China will be Democratic country in 10 years because of Chinese middle class. Politicians , investors , media in USA said 19th century for UK, 20th century for USA and 21st century for China .China will be World #1 superpower in 2030 like USA. American people believe China will be #1 Superpower. Japan rose between 1895  to 1943. China is rising and will occupy Japan and revenge Japan because Japan raped, killed in Nanking in1937.

[1XMarksSpot]

@andyhwang2009 "China will be Democratic country in 10 years because of Chinese middle class"

Don't count on it. Maybe in another 3-4 decades...

[wtfbroskie]

well at least there is one financially responsible country :P

[savemyplaylist]

@ecn1503

hahaha! Is that right internet tough guy?

Blind allegiance to a man made entity, like the state, is about as stupid as religion. Go shove that patriotic religious dogma up your ass and fuck yourself. Besides, I already have the media shoving that garbage down my throat as it already stands.

The irony is that if you actually buy this whole "patriotism" bullshit, YOU are the bitch, not me.

[stealthpakfa]

china has the US by the balls.

anyone that is in debt to someone else is their bitch.

US is in so much debt to china, the chinese are slowly gaining control over the US.

[longtrader782]

30 Million unemployed out of 900 million workers. thats 3.3% unemployment, pretty damn good if you ask me.

[by78]

Apparently, 3.3% unemployment is not good enough for the Chinese government. I am inclined to think that there might be something wrong with our democracy: whatever happened to the government of the people, by the people, and for the people?

[savemyplaylist]

@longtrader782

hahahah, I was just about to write that. You see how they blew past that really quick, but didn't say the actual percentage. I guess the idea was to say a large number and make it look bad, typical US propaganda.

[zakaslam1]

al qeada rules usa dudes ! they bankrupt you in hit and run tactics when u retaliate you kill civilians and civilians fight back and when u win , alqeda comes back does it again and u retaliate agian each time it cost money , al qeada is winning your losing , dunmasss , you got no more cash its all i o us , bush was helping al qeada without relizing it , u been out smarted

[zakaslam1]

ha ha al-qeuda orchestrated this war on teror to bank-rupt usa , the longer us troops stay in afghan and iraq the more likely usa will go bankrupt , george w bush was the man to do it and it worked ! alqeda has beaten the usa ,brains before

bruan , why do you dumb amerian think they do hit and run tactics 3 trillion dollar war !

[OnlyTheTruthSorry]

United States and the rest of the world MUST stop feeding China's economic ambitions before z too late for everyone !!!!! everyone needs to start pitching in in order to boost our economy and stop buying chinese made products !!!! or we will end up being owned by china !!!!!

[calling4jim1]

China's military never went to some else's country, why is America so scared. I sincerely want to understand what you think is going to happen? Coming from a Japanese/Chinese background this is actually a relief against the all too common American rhetoric of Chinks, or crying out small dicks all the time. BTW wasn't the world once preaty much owned by the Brits, then the US. Could it just be your own, to a bigger extent, insecurity and to some degree, guilty reflection?

[savemyplaylist]

@calling4jim1

OnlyTheTruthSorry is a fucking xenophobe. Forget them. And you are right, China never brought the military anywhere, but ironically the US is the biggest bully of all.

This crises was brought on by American consumption and stupidity, plane and simple.

[1XMarksSpot]

@OnlyTheTruthSorry Actually, most of the world is doing better than expected by trading with China. It's only the US that is suffering because it exported its manufacturing to China. Stop fear-mongering.

[mystic0276]

fuck that man 0:49 fucking old slut sitting there talking shit all he want is money well fuck off none for u tumbs up :D

[stealthpakfa]

peter schiff says the truth.

he knows his stuff

[frankystein12]

Just to clarity, HSBC started in China first, not Britain.

[Elbottoo]

The balance of shifting and has been shifting for years.

Nice to see that some folks are starting to wake up. LOL.

[sonofmanchu]

I know we Chinese have weakness just like everyone else in the world.

But,

I am convinced that Chinese is the most superior nation in the planet.

[mystic0276]

yup agreed

[1XMarksSpot]

@sonofmanchu Don't be arrogant. China is RISING to greatness. It hasn't ACHIEVED greatness yet. Arrogance leads to downfalls of great countries ie. USA!

[worini20]

The world is changing.

[VisionQuest2012]

All we are going to be left with is a pile of plastic stuff from China. It's like going to the carnival and spending 150 dollars only to come home with a pencil eraser and some left over cotton candy.

[AgentOrange04]

hmm over the past few years, china has become progressively more and more capitalistic, while america is becoming more socialistic... anyone see a pattern here?

[fludblud]

its a bit different than what you describe.

in america, the laws are clearly stated but are difficult to change which means that over time, loopholes and faults can be exploited with little consequence.

in china, economic regulation is vague and in many cases, non existant. BUT the government has the right to immediately crush anything that they dislike. this keeps companies and investors on their toes because but one mistake and the CCP will drop on you like a sack of bricks.

[Justbeatit999]

FOR EVERYONE who FOLLOWS JIM ROGERS, PETER SCHIFF, MARC FABER and RON PAUL... I just always go to financialtruth0.blogspot . com because they post all the latest videos there! Thanks for uploading this vid anyway!!!

[ohio1998]

The only gold I have is gold on my teeth. When I get my Obama check, I'm going to get me some platinum grills instead!

[ananiasacts]

Doesn't this suggest that China needs America to recover even more than America does?

[mononoke102]

no, check the account balance for china, its excess in 200 billion + with its friend Saudi and Russia... Simply if china defaults on US T-Bills US is done. Simply if china lifts its peg, it will be able to get consumers from inside the country to buy things they're producing sort of like what Japan was....

[ananiasacts]

"china defaults on US T-Bills US is done" I assume you mean that if China stops bidding in treasury auctions... But I disagree because the average income is only US$3000/yr meaning that the Chinese can't even afford their own products. I doubt the market for US assets will dry up soon since the US has an economy nearly four times the size of China's. There is simply no where else for the money to go.

[1XMarksSpot]

@ananiasacts Nah. China can shift to domestic consumption or export to other countries or both. China has many options. America on the other hand, has very little savings, an increasing national debt, literally no manufacturing to make its own good for export and domestic consumption, and relies on China to lend it money in order to survive. Who needs more of who?

[ananiasacts]

@1XMarksSpot, Obviously at this point China needs America more than America needs China. In fact, you might say that by keeping it's currency so deeply undervalued China is waging a sort of economic war on America. But tell me, what you would you to fix things? Stop free trade? Why are folks like you so full of complaints but so short on solutions?

[1XMarksSpot]

@ananiasacts By pointing out the major problems, I also pointed out the solutions.

US Problem #1: Little Savings

US Problem #1 Solution: Save alot more, so there's capital for investments

US Problem #2: An increasing national debt

US Problem #2 Solution: Curb spending to reduce the national debt

US Problem #3: Literally no manufacturing

US Problem #3 Solution: Bring back and stimulate manufacturing

It's difficult, but doable.

[ananiasacts]

@1XMarksSpot, That's no list of solutions. How do you cause people to save more money? How do you curb government spending? Which programs are you proposing to cut? Social security? Defense? Welfare? Your living in a dream world if you think you can make those things happen. If you think you can manufacture something for less here no one is stopping you. I doubt you can. Or are you suggesting protectionism like trade barriers? I at least offer REAL solutions to our problems in my blog.

[1XMarksSpot]

@ananiasacts Thanks for providing some of the solutions there :)

[TheFunkadelicFan]

@1XMarksSpot Problem #1: Too many people are dieing of cancer.

Solution: Find a cure for cancer.

Why don't doctors get it?

[1XMarksSpot]

@TheFunkadelicFan There are cures for cancer, but Big Pharma keeps the cures suppressed because any cancer cures would threaten their profits. Big Pharma would go bankrupt.

[TheFunkadelicFan]

@1XMarksSpot You're missing the point. I was trying to point out that you had no solutions. You're solutions were merely statements of the problems.

[louiethegreater]

@TheFunkadelicFan The solution is soooo simple, just add a 50% tariff on Chinese imports. That is a no brainer.

[hagbard72]

The Chinese "communists" have sold "capitalist" USofA the rope.

[hkrainman]

America is not a super power, they are the poorest people in the world.

[ananiasacts]

I figured we were done when shit-fer-brains won a second term. Having survived 8 years of non-leadership by ignorant criminals I reckon America may well be indestructible. I'm damn sure no other nation could have lasted with such counterproductive buffoons at the helm. What amazes me most is that Christianity survived George Bush. I guess it just goes to show that Christians are honestly as fucking stupid as they appear.

[MortalAndKnowingIt]

man i'm gonna ad you as my utube frend cause you're fucking awesome and what's even better you're not brainwashed ,,,,

[ananiasacts]

I notice that most of these guys are extremely wealthy, and got that way in an economy they're claiming is dysfunctional and has been for decades. Maybe they're just short the market and doing their bit to keep pessimism going. But I don't really know. It is odd that they never seem to have any opinion other than "it won't work or worse."

[mercen144]

Fuck Globalism!

[ananiasacts]

Good plan. Lets divide the earth into sections and pretend each one is a separate planet.

[mercen144]

Trade With Friendly Nations, Ally With NONE.

[ananiasacts]

Suppose we have the fed buy up a few KM^2 of Stockton, Ca (an area with lots of empty homes) and gave that land to China encouraging them to build a showcase sovereign city there. Like a giant embassy. Would you be for or against something like this?

[mercen144]

I would be opposed to any foriegn communist state owning land granted to them by the socialist banking elite.

[ananiasacts]

I don't see why. Stockton and California would benefit enormously. Billions of US dollars owned by China would be spent here building a showcase university town and creating a whole new sector for Stockton's economy. More of their citizens will be exposed to a free society. China will be less likely to nuke the bay area. And all of us will benefit when the instructions that come with Chinese products finally become intelligible.

[AK474rYOU]

i have an idea, why dont you move to china before you are hanged for treason.

anyone that proposes to give ANY territory to another country or give away our states sovereignty will be held accountable after the 2nd american revolution.

please report to your nearest fema camp because you are just spreading disinformation to americans.

go away now.

[ananiasacts]

I'd like America to remain on the leading edge of political technology and the world's most admired nation.  We got that way by embracing the rest of world rather than cowering into a corner. Peppering this nation with foreign cities is the wisest move we can make for a lot of reasons. Not least of which is that it makes us more immune from WMDs, better at marketing to the entire world, and will leverage the strength of having so many immigrants. We are the only nation that can do this.

[calibernguyen]

awesome insight bro. i never looked at it that way before.

[ananiasacts]

Thanks. It seems like a 'no brainer' to me. I think it's the best way to take down a government we don't like. Invite their dissenters here and help them build a city-nation that will be the envy of the citizens that didn't get to leave. It will then be harder for the source nation to resist the changes made in the city-nation that their citizens want. They also have a ready source for trustworthy leadership should the source nation fail. Let's lure people to democracy rather than foist it.

[calling4jim1]

Its interesting but I think you have missed something vital. There are still alot of Chinese people who would love to come to America, however you are suggesting for the Chinese elite to come. American is still the beacon of hope, for the hopeless, but the lure of Utopian America for even the upper middle class is just unrealistic in contemporary China because they simply have it too good, they can live a life of luxury and power. Who needs 'freedom' when you have power over happiness?

[ananiasacts]

It takes more than the elite people to make a city. It is true that if we started something like this it would appeal most to those with wealth, but the Chinese government would no doubt wish to make good use of the resource and might not let their people stay here indefinitely. I'm guessing they'd want to build a showcase city to demonstrate the wealth of their culture and that means artists, performers, philosophers, and educators might have an easier time getting here than industrialists.

[ananiasacts]

Ultimately we are going to have to face the reality of limited resources--and I don't mean what we can mine--but what the earth can absorb pollution wise. I think it is only a matter of time before we realize that the means to end poverty permanently is at hand--simply force those using more than one share of our environment to purchase the unused right from those who must have then used less. Collectively we produce many times what it costs to feed, clothe, cure, and house everyone on earth.

[fludblud]

it isnt as much of a wierd idea as it seems, YOU bought alaska off the russians ffs, try looking at yourself before you spout nationalistic bullshit.

[stealthpakfa]

lol at that guy that said in 40 years the us will be a super power along with china, im afraid that guy hasnt studied the history of the money masters known as the international bankers and their ultimate goal of a new world order for a 1 world government they have been striving towards since the 1700's! he might need to google the word's ''money trust by george armstrong'' and ''world order by eustice mullins'' and ''secrets of the federal reserve by eustice mullins''!

[Tasadaru]

What's funny about JP Morgan is that they have 90 Trillion dollars in derivatives. But they probably have shares in the Federal Reserve. So yeah.

[1XMarksSpot]

@Tasadaru Correction: JP Morgan does have ownership of the Federal Reserve.

[tyronebiggums3]

Top 5 banks now:

"Only 1 is American." -- JP Morgan Chase

JP Morgan #5

BWAHAHAHA

They're insolvent along with the criminal banks.

[specialks1953]

Our leaders are selling our souls. Our leaders are fools.

[MrRiceowlex]

@specialks1953 Our leaders are criminals...The difference is they know exactly what they're doing.

[specialks1953]

@MrRiceowlex Yes you are correct, They do know what they are doing. They are fools for doing it. I hate our leadership for what they are doing to America and Americans. November 2nd is not far away and I pray this can be turned around some. Even those running on the good side are not so good themselves. They are crooks as well for the most part or they would not be in the race. It is the lesser of evils that we have to choose from. Good people do not usually make it very far in politics!!!!