I didn't exactly school them....he kind of just yelled out "you're wrong, I'm right!!". I guess you don't really have the time on programs like these to explain yourself.
NO and that's a damn shame. Some times there a 4-6 people in the studio and they have 5 mins total. No wonder it turns into a shouting match. I hate mainstream media. Internet rules ! :)
Peter Schiff is a modern day Founding Father. He cares about the former United States of America (that is where I tell people I am from since I left the USSA and now took my capital and productive capacity; including the 3 languages I speak out of the country). The US Dollar will be melted down by the Federal Reserve as ''Federal'' as Federal Express when they print to many ''Owe''bama bucks. The only thing to change this Keynesian economists mind is to kill him. There is no changing these guys.
@orgsdmide, actually during the 30s until about 1946 the tax rates were extremely high. Truman wanted to keep New Deal policies going but congress said no. Once these policies were eliminated, the tax rates went back down and the depression ended. We also were owed money from WWII from other countries.
If we had just kept low taxes and a small federal government without the "great society" not to mention Vietnam and other wars who knows where we would be today. Mankind has stagnated.
@deficithawker There are two flaws in ur response. 1) As I said, demand is unlimited, what needs to be addressed is Supply. This means large [& permanent] tax rate cuts + we should eliminate all taxes on Cap Gains & dividends. Tis would b beneficial in a number of ways: 1) Capital would flow 2 its best return w/out regard 2 tax ramifications because there wouldn't b any, which would result in FAR MORE efficient capital markets. In addition, massive amounts of capital would flow into the USA
You have to ask yourself, if the New Deal didn't work, why are people still behaving as though it did? Follow the money. Someone got very rich off those policies and that's why they're still in use today. They can say it's about saving jobs all they want, but the stats don't comply. It's about redistribution of wealth, from the middle class to the upper class.
Cavuto keeps having Norman on his show...why??? I figure he is just doing us all a solid by providing years more material fro videos like these. Thanks Neil....good lookin out!
Okay, don't make me come back there and slap that dick outta your mouth...Schiff is a scumbag broker from a criminal family...and that's a demonstated fact..
The voters in Connecticutt could have elected this guy in their Senate Primary but they didn't, this is why democracy is doomed because most people are morons!
@bonfirejovi The great flaw in Keynes' thinking was the idea that 'demand' needs to be "spurred." Anyone who has kids knows this is BS. Human 'want' is insatiable! What you have to spur is 'supply.' And the way to do that is through tax rate reductions. The fastest growing large economy in the world is China; you know what their tax rates are on: Savings interest, dividends, and capital gains? 0%! That's right: ZERO PERCENT!!! LIBERALS ARE SUCH MORONS!!!
It is NOT the great depression! Liquidity is not the problem, insolvency is. Banks HAVE the money to lend but are not lending it. This a completely different situation to Great Depression. The Fed is fighting the previous war.
i hate when people think that president hoover was a laizze a faire president... he wasnt....his main advisors were big business representatives... and i bet they paid Hoover well for his pro big business agenda
Amen. Zandi has no idea what he is talking about saying Hoover did nothing. I guess he forgot tax rates went up over 100 percent under Hoover and how he chocked off world trade with the Smoot-Hawley bill. Zandi is a guy who gets to testify before Congress about advice on how to handle the economy too. Just scary.
In fact it is patently obvious that when many businesses invest capital in areas that do not make profit other than by expanding credit fuelling indices on the stock market, when gluts in some sectors come at the expense of sustainable, demanded i.e. valuable growth in others, that the problem is misdirection of resource through credit expansion itself misdirected by central banking, from which we cannot escape because of legal tender laws, government fiat monopoly and bailouts of the bust systm
It's funny how the people who believe that the market needs government intervention (that people need intervention from a coercive set of legislators who are in the business of redistribution, not making profit via provision of service) are always the same people who get absolutely EVERYTHING wrong when it comes to studying the causes of economic crises (lol @ UNDERconsumption) and when it comes to how government responded and how that panned out.
1. I'm a history student at uni and people constantly tell me that Hoover was laissez-faire, to which I reply-as much as Bush was! Spread the truth people.
2.EVEN IF there weren't the moral hazard and riskiness inherent in FRB under Fed control of interest rates, credit expansion cannot increase wealth, it can only misdirect activity, hence the bigger the boom, the bigger the bust ie the more malinvestments need to liquidate. THE ONLY WAY FOR SOCIETY'S WEALTH TO INCREASE IS VIA MORE CAPITAL!
The problem is these idiotic 'left brain' economists don't understand that restricting liberty and imposing credit expansion IS the problem that makes the boom, thus attempting to restore liquidity through fraud simply cannot be the answer.
Free the interest rate!
(notice how humble and relatively polite Schiff is compared to his jumpy, immature rivals, in many vids. People often interrupt Schiff when he's about to say something important but his opponents rarely have ONE bright thing to say!)
Oh absolutely he can defend the constitution.. but at the same time he promoted the idea that the government was creating a death ray.. he has became an old man and yes he has gone slightly off his rocker. Like I said any one of those people except ventura. Preferably, Paul/Schiff
I don't like it when people say, " we need to put faith in the free market." It is not a matter of faith, that sounds like crazy theists, free market capitalism is a matter of science and reason. if anything, keynsian economics is a religion, based on emotion.
@enomarekim Exactly, it is not about faith, because faith is unreasoned belief because you just have a "hunch" - we do not have a hunch that free markets work, we have history
@enomarekim Yes, I agree. Keynesianism is kinda like the theism of economics..."leave it up to the government (god) to save the economy (humanity), not the free market (science and reason)..."
The government just loves to feel like they're doing something. That's why they love keynesianism. Fortunately it leads to bankruptcy, and that fact is finally rearing its ugly head. Keynesianism is DONE, it is obsolete, and most importantly needs to stop being taught in academia.
@enomarekim You use faith every time you open a can of tomatoes. How? Because you believe the label that says TOMATOES on it. What if it said tomatoes but had mushrooms in it, which is possible in fact. So every time you open a can of tomatoes, you have FAITH that what's written on the label (tomatoes) is what's in the can. You don't know for sure.
Too funny, The country has seen alot of these arguments with people like peter schiff. Example, Enron, Worldcom, S&L Bernie madoff ,and the list goes on .Their still in jail stating that their formula's are right
Tell me about it ,Ben bernake keeps telling everyone that he is this great historian of depressions, But if i had to jump to conclusions he is probably a enthusiast of one, The way he is giving out our currency like candy to other nations. Up in washington wacking off in taxpayers Italian marble bathrooms and can't wait for one to happen to get his payday .Caution ben is on the bilderberg group roster, And so far up their asse's if they stop short ,All you see is his arms and legs dangeling
Roosevelt actually campaigned on not interfering with the economy and running huge deficits like Hoover did. What he actually did was Hoover on steroids.
Wartime spending worsened our situation and caused a drastic reduction in the standard of living and the destruction of the capital and producer goods economy.
God Bless Peter Schiff he Bernake obviously is clueless. He has not s"studied" the great depression, he knows not the first thing about it. We had nto "cut off credit" even though we DIDN'T which of course led to the worsening of things.
historyboy12 -- Friedman , said starve the beast ,, Beast = goverment ...
Federal reserve inflated stock market bubble to the point of explosion , october 25 1929 stock market exploded , all of those who were involved in the stock market lost everything ,, 0 ... banks failed , credit was lost , it was terrible . No doubt about it.
Friedman said the FED should have acted more and injected more liquidity when the banking crisis emerged.
But no, there was major run on the banks, and in fact, many were closed; the fed should have stepped in, bought up bonds and securities and provided liquidity. The stock market 'pop' would have created a major recession if the fed had acted, but not the subsequent deflationary spiral.
I've read Rothbard's explanation of the depression and it pales to Friedmans and Fishing's (the best)
-- The reason why SWISS bank , is safest place to deposit Money, not dollars , Money backed by GOLD. (No Inflation) , Peter Shiff is right , But the problem here is , Federal Reserve Inflated housing bubble to the point of explosion, and it exploded ,
NOW you can not say hey all of you who we told to finance housing bubble will go Bankrupt , wright .
no doubt about it , BUT if Federal Reserve did not print money to bail out all major banks , and financial institutions , Imagine what would happen , ALL people who had more than 100.000 $ savings would be screwed , banks like Bank Of America would close , but other banks would take it's place , and people with their 100.000 $ would open new checking accounts, but this time they would first check the bank where they are depositing their money
Thats not what Schiff said, he said only 2% of depositors money was lost, he never mentioned the contraction of the money supply or even the losses incurred by the banks.
-- Peter Shiff follows , Austrian economics School from HAyek to Rothbard ,, Economy based on real expacteations , and sound money , Usually this does not work for big goverment , LOOK at 800 USA military bases around the world , HUGE military build up , 600.000.000.000 $ for a military spending . THERE is no way goverment can pay for all of this if they follow Austrian school.
Thats why you have to cut spending and reduce the size of government and it can be possible. This wouldn't be an overnight change, but If you cut spending in the big areas (defense,Healthcare,Military,etc.) you could save billions on how much you'd have to borrow from foreign countries. It'd be along road to walk, but its is doable. Austrian Economics is all about bursting bubbles and establishing sound currency.
Jim Rogers on the Great Depression: 'What happened [from 1929] was a liquidity crisis....Milton Friedman and Anna Schwatz studied it all'. It was caused by the great contraction in the money supply; it was reduced by a third, and 'scientifically' proven - something austrians aren't capable of doing.
How people still use the Austrian Business cycle is still beyond me when it has been scientifically proven to be incorrect. Now one here at the LSE takes Hayeks on this matter seriously.
historyboy12, I disagree that the Great Depression was caused by the contraction of the money supply, but rather was caused by the money supply expansion, thus creating a predictable bubble. The Austrian Business cycle has been shown to be true by Austrian economists repeatedly predicting economic downturns unlike the Keynesians who never see recessions coming and hopelessly believe that debt and spending will usher in prosperity.
You may disagree, I'm not gonna shout you down or engage in name calling like many people on youtube. But, Friedman's analysis of the depression has been scientifically been demonstarted. The Austrians always use their business cycle model which was initially radical, but terribly outdated, especially because it can't be scientifically proven - and shown to be wrong by Chicago economists. Credit expansion in the 1920s would have created a bad recession, but not a decade long depression.
Many 'Keynesians' including Krugman and few of my lecturers at the LSE predicted this bubble in the early 2000s- they are neo-keynesians, though i'm not. The Austrian argurment is like saying 'if you start smoking, you will die. I can't explain when or how it works but you will eventually be ill and be dead'.
But you're kinda mixing up Keynes' work and the practitioners/successors - the former's work is supposed to be used for a deflationary spiral which we literally in right now.
Krugman is not one of those who correctly predicted the crisis. In early 2000's he promoted the idea of creating a housing bubble to avoid the tech recession (ie, lowering the interest rate). During the housing bubble, he was too busy criticizing Bush and his war that he missed all the signs - even admitting that he hadn't foreseen many outcomes of the crisis. He often relied on others, eg S. Roach, to understand what the heck was going on (and now parading around with Roubini to claim the glory
I somehow don't think it's a great idea to take advice from someone whose fortune was nearly wiped out during the market crash of 1929 and then later claimed to have found, eureka, the answers to all economic ill's. Alas, no surprise here that such pseudo scientific models based on Keynesian theory would prove no real practical value in predicting/explaning next crises (eg, 70's stagflation or the current crisis) or causing growth in many underdeveloped countries.
To be fair, Keynes would have never embraced the kind of "advanced" mathematical modeling or reckless deficit spending purporting to be his idea. Keynes was never so delusional, as his disciples are, about the legitimacy of economics as a science. It nonetheless has enormous appeal to those, eg politicians and academics, craving for power and seeking "scientific justification" for all their misspending and crises they help create.
This is what happens when you rely on history books to solve current problems. First of all, no two periods are exactly the same, and second of all, the people who write the history books have as different perspectives as the "experts" above. For instance, I believe housing crashed because too many homes were permited to be built, and dangerous financing schemes created to sell them were ignored by Government. The media just promotes that housing has fallen because borrowers were irresponsible.
farmboycarl, It wasn't the Government ignoring housing that caused the problem but exactly the opposite. Artificially low interest rates and Government programs like fannie and freddie caused the housing bubble. If the Government had never gotten involved and distorted the markets to begin with, there never would have been so many houses built.
Loyal2Liberty, I couldn't agree more. Sorry if I didn't make my point more clearly. The government certainly distorted the natural balance of the marketplace, like it always does. My point was, rezoning agricultural land and issuing residential building permits is an enormous revenue producer. The low interest rates and "creative" financing was nessesary to keep that spigot running. Whether you believe they created the dangerous financing or just failed to protect us from WallStreet, we pay 4evr
Schiff speaks the truth. Herbert Hoover was not conservative/laissez faire oriented like historians and public school text books teach us. FDR was actually thinking of running with him in 1920. As commerce secretary under Harding he pushed for government policies in order to fix the recession of 1920. Harding ignored him and instead listened to treasury secretary Andrew Mellon and we were out of the 1920 depression by the summer of 1921. Hoover was a toned down FDR essentially.
Moody's Economy is a disgrace. The head economist over there actually ENDORSES Obama's idiotic stimulus. Not only that, but he provided a graph which estimates how much unemployment we'd have with and without the stimulus. He claims we'd have 2 or 3 percent less by 2011 or 12 w/ stimulus.
Even Obama's economists Romer and Bernstein claim we'd only have 9% unemployment at the highest without stimulus, so what's the big fucking deal? We've dealt with high unemployment before!
That one guy from Moody's Economy who was debating Peter really DOES need to open a history book. Does he even remember Herbert Hoover? Hoover did PLENTY of things to try to stop the Depression! And they didn't work. Just like the New Deal didn't work.
All the New Deal did was give some milliosn of people temporary relief and money into their pockets. But it did little to actually revive the economy as a whole. We could've gotten out of the depression 7 years earlier without New Deal.
The only way to possibly get the gov't close to actually reviving the economy would be to give EVERY middle class and lower-class citizen in this country 10s of thousands of dollars in new immediate income. And they could also give more loans for new business investment (although how would the gov't know what to invest in, right?) But that would cost too damn much.
Amazing! That idiot Mike Norman is laughing at Peter Schiff again. Didn't he learn last time that he's gonna look like a fool when Peter is right. I'm no economist but just from following Schiff and reading a book he recommends ( Capitalism the Unknown Ideal by Ayn Rand) I can even tell where these guys go wrong. And Norman makes a living doing this?
Deposit "insurance" and liquidity is what caused and prolonged the great depression....fact Hoover raised taxes(there is no law against that) Hoover froze wage rates(no law aginst that) protectionism(no law against that), more tax hikes and public "spending programs" no law against that, then FDR came isn and depsite the lies and petty attempts to cover his crimes up, Our standards of living went to absolute shit under FDR, the unemployemnt rate skyrocketed, and inflation killed.
the guy talking in the last segment is an idiot. Just b/c America boomed and the government had unbalanced books doesn't mean America is safe. It boomed artificially just like housing prices and soon America will need a bailout to cover our $53 trillion budget deficit.
These idiots should be THANKING Hoover every time they drive on a road. There ARE benefits that USURP dollar yield. But these narrowed analyst need IMMEDIATE gratification. They're like money junkies! LOOK AT 'EM! They're sick!
I dont believe theyll devalue the currency. It robs the rich and savers and rewards those in debt. the revrse is true in deflation. power politics alone points more to deflation not inflation. and the chicoms and saudis that hold all the paper. put their china friend from kissingeer assoc. in to fix all that, his name is tim geithner.
I like the way you typed that "theyll devalue" or "re-value" the dollar at will. whatever suits their needs at the time. price manipulation in the markets is rampant more so now than ever. I know people who revolve their investment strategies around the actions of the elite, because they know the elite have the money to manipulate markets. which might open an opportunity for gains if a person privy to what they're up to. riding un-noticed with the fat cats.
Jeremy actually knows his stuff. However he needs the every day Joe retard to keep his money in stocks whilst the smart money gets out. Everyone knows this is coming. However 401K goes in every day to buy stocks and people with investment mortgages also do the same. Also the bail out money is being spent. The ONLY people selling are those not forced to buy. Why else did Bush suggest all Social Security going into stocks only 5 months ago????
Get ready for hyperinflation and the dreaded gov't crackdown known as PRICE CONTROLS by WASHINGTON D.C. SOCIAL COMMISSARS and watch money and manufacturing flee from an already weak economy out of the U.S.
grow some balls and stop arguing for no reason. Especially when I am right. Here is a direct quote:
Hayek used this body of work as a starting point for his own interpretation of the business cycle, which defended what later became known as the "Austrian Theory of the Business Cycle".
Okay, let's try again; Google Knut Wicksell's "Interest and Prices," then Google Hayek's "Monetary Theory of the Trade cycle." This may be too difficult for you, but I have faith.
Hayek/Mises/Wicksell/De Soto/Rothbard all have their own versions of business cycle theory, what makes them "Austrian" is the fact that their theories focus around a divergence between the market rate of interest and the natural rate (Terms introduced by Wicksell).
Any pundent that goes up against Peter Schiff is an idiot. But it gives us great entertainment when we come back to watch a few months or years later and see that Schiff was right again and again.
Sure he is. Just go to his fund-Wisdom Tree, to see what he did at the end of 2007. One third of his fund was in financial. His clients should have thrown him into the ocean. He's alredy dead meat. Anybody listen to these professors,including Bernanke is a sucker.
The only person out there that is saying it like it is. All those who have benefited from this fake economy are now in serious denial. This is sweet music to me. I have to say.
It never ceases to amaze me how they don't listen to him. Yet he's has been right at every step of the way. I only pray that its no where near as bad as he says its going to be. :(
Destined to be another classic....I'll be sure to revisit this clip in 1 or 2 years. Awesome that Schiff brought up Rothbard's AGD on Fox! If the YT poster is around... when did he make that statement to Mike "Laughing and Begging for more Egg on my Face" Norman?
Nice...thanks. It's going to be Depression sized omelet instead of "just" this Financial Crisis one. I don't see how they can reflate their way out of this one.
Why does it seem like EVERYONE disagrees with us when our view is based on facts and research?
dubified89 1 week ago
The last clip was absolutely brutal. 'Nuff said.
TheManiacalSatanist6 3 weeks ago
lol look at that little dweeb have a nervous breakdown around 3:40 xD
notice how pete keeps his cool
Spjungen 1 month ago
lol @ 1:04... " no! YOU'RE wrong DAMN YOU" *stomp*
ThaigerDon 1 month ago
Oh my God. Peter Schiff is awsome!!
Ladykofnyc2 2 months ago
Youtube this:
Ron Paul Explains The Great Depression, Market Crisis and the Blame on Bush 20 years ago
Vote4RonPaulLiberty 4 months ago
Everyone in the video except Peter SHUT THE FUCK UP because Peter is right and your wrong. End of story.
WilliamHCarney 6 months ago
Peter Schiff is fricken smart. The dumb asses can't hang with him.
Jetlag28 7 months ago 7
@Jetlag28 Don't get mad at these guys, if you're right and they're wrong you'll take it to the bank.
cdoftx 1 month ago
I didn't exactly school them....he kind of just yelled out "you're wrong, I'm right!!". I guess you don't really have the time on programs like these to explain yourself.
Barrettatsumaki 7 months ago
@Barrettatsumaki
NO and that's a damn shame. Some times there a 4-6 people in the studio and they have 5 mins total. No wonder it turns into a shouting match. I hate mainstream media. Internet rules ! :)
BarrySlisk 7 months ago 2
@BarrySlisk Agreed :P
Barrettatsumaki 7 months ago
Peter Schiff is a modern day Founding Father. He cares about the former United States of America (that is where I tell people I am from since I left the USSA and now took my capital and productive capacity; including the 3 languages I speak out of the country). The US Dollar will be melted down by the Federal Reserve as ''Federal'' as Federal Express when they print to many ''Owe''bama bucks. The only thing to change this Keynesian economists mind is to kill him. There is no changing these guys.
msungs 8 months ago
Paul and Schiff would make a great duo.
adulby 8 months ago 5
Whenever someone says "it's impossible for it to get that bad", look for it to happen (and never listen to that idiot).
dgl1962 8 months ago
@deficithawker If you think that running a deficit is the only way to interfere with market forces you need to think again.
DukeofWellington91 9 months ago
5:13 Rothbard for the win!
PJCelis 9 months ago
Peter Schiff is amazing..... Paul/Schiff 2012
matteo132000 9 months ago 2
@orgsdmide, actually during the 30s until about 1946 the tax rates were extremely high. Truman wanted to keep New Deal policies going but congress said no. Once these policies were eliminated, the tax rates went back down and the depression ended. We also were owed money from WWII from other countries.
If we had just kept low taxes and a small federal government without the "great society" not to mention Vietnam and other wars who knows where we would be today. Mankind has stagnated.
jackolini 10 months ago
I love listening to his points! He says it clearly!
RicoBoudreau 10 months ago
i love watchin all these arrogant pricks laugh at him.
Spydiggity 11 months ago 3
@deficithawker as it did when Reagan & Harding instituted massive tax cuts.
Finally, if u had reading comprehension skills u would have grasped that I was pointing out China was becoming more like a Capitalist Country.
Next time I'll write it like a McGuffy Reader.
vince33x 11 months ago
@deficithawker There are two flaws in ur response. 1) As I said, demand is unlimited, what needs to be addressed is Supply. This means large [& permanent] tax rate cuts + we should eliminate all taxes on Cap Gains & dividends. Tis would b beneficial in a number of ways: 1) Capital would flow 2 its best return w/out regard 2 tax ramifications because there wouldn't b any, which would result in FAR MORE efficient capital markets. In addition, massive amounts of capital would flow into the USA
vince33x 11 months ago
Keynesians shut the fuck up!!!!!
Coteincdr 1 year ago 2
You have to ask yourself, if the New Deal didn't work, why are people still behaving as though it did? Follow the money. Someone got very rich off those policies and that's why they're still in use today. They can say it's about saving jobs all they want, but the stats don't comply. It's about redistribution of wealth, from the middle class to the upper class.
surfer53 1 year ago
Ben Bernanke is dumb as a tree
I have watched his interviews central bank of Serbia has better chairman.
aviomaster 1 year ago
i like peter
tonyali1106 1 year ago
For the people who say it is George Bush's fault is wrong.
BILL CLINTON caused it with the housing problem. Bush and McCain tried to stop it but the DEMOCRATS didn't let their bill go through.
My father knew there was going to be a recession since before 2000
daboodeef179 1 year ago
"Money itself isn't lost or made, it's simply transferred from one perception to another"-Gordon Gekko
ntn1987 1 year ago
Cavuto keeps having Norman on his show...why??? I figure he is just doing us all a solid by providing years more material fro videos like these. Thanks Neil....good lookin out!
BarryOcuda 1 year ago
This is just starting to be funny,,, they are still listening to people like Mike Norman,,, my gosh!
bjarnet3 1 year ago
LOL. The Norman / Schiff debates are classic.
xxashyy 1 year ago
Okay, don't make me come back there and slap that dick outta your mouth...Schiff is a scumbag broker from a criminal family...and that's a demonstated fact..
bellcord 1 year ago
@bellcord , these idiots don't get that. Stop slamming your head against the wall and move on.
ohio1998 1 year ago
@ohio1998 Probably sound advise Ohio..I've got some windmills I want to tilt later anyway..
bellcord 1 year ago
Most people assume FDR wanted to fix things. I don't.
doughtymqan 1 year ago
Wow Zandi what history class did he take?
xTAxGUNZ 1 year ago
Guy on the right is from Wharton? Sad. I shed a tear for you UPenn.
typebhero 1 year ago
The voters in Connecticutt could have elected this guy in their Senate Primary but they didn't, this is why democracy is doomed because most people are morons!
vince33x 1 year ago 5
@vince33x
Sad but true
xTAxGUNZ 1 year ago
@vince33x hey, what's wrong with a wrestling promotor in the senate? ;-)
gnuochtapir 1 year ago
@gnuochtapir Well, I guess Ms. McMahon will have to wrestle with the state's budget woes :<{
vince33x 1 year ago
Comment removed
rmccay88 1 year ago
Peter Schiff is the man! These moron's won't listen to him and he was right for years..
jackasstoday 1 year ago
Read Milton Friedman and Anna Schwartz's A Monetary History. Keynesianism is a joke as 70s pointed out.
bonfirejovi 1 year ago
@bonfirejovi The great flaw in Keynes' thinking was the idea that 'demand' needs to be "spurred." Anyone who has kids knows this is BS. Human 'want' is insatiable! What you have to spur is 'supply.' And the way to do that is through tax rate reductions. The fastest growing large economy in the world is China; you know what their tax rates are on: Savings interest, dividends, and capital gains? 0%! That's right: ZERO PERCENT!!! LIBERALS ARE SUCH MORONS!!!
vince33x 1 year ago 3
It is NOT the great depression! Liquidity is not the problem, insolvency is. Banks HAVE the money to lend but are not lending it. This a completely different situation to Great Depression. The Fed is fighting the previous war.
Also look up Hoovers New Deal of 1932.
bonfirejovi 1 year ago
Peter thinks USA goverment will go bankrupt ... That is essentialy true ..
But what will happen before that .... ------- WAR --------
Iraq Afganistan it will expand to ...
Iran NKorea you name it ,.,... USA is new fascist state.
Russia and China have Nukes so It will be difficult to bomb Beijing or Moscow
But fascists are like Pitt Bull terriers they will attack any animal in the wild.
Bear and Dragon will tear it apart.
aviomaster 1 year ago
i hate when people think that president hoover was a laizze a faire president... he wasnt....his main advisors were big business representatives... and i bet they paid Hoover well for his pro big business agenda
cobracarg 1 year ago
@cobracarg
Amen. Zandi has no idea what he is talking about saying Hoover did nothing. I guess he forgot tax rates went up over 100 percent under Hoover and how he chocked off world trade with the Smoot-Hawley bill. Zandi is a guy who gets to testify before Congress about advice on how to handle the economy too. Just scary.
rmccay88 1 year ago
i hate that fag norman
hes always laughing like a bitch
bobby4500 1 year ago
Americans Great Depression by Murray N. Rothbard. Read it.
19TEC85 1 year ago
What If Peter Shiff is right ...
Do you know what is that mean ...
aviomaster 1 year ago
We learn in school great depression was caused by Free market and goverment saved it ...
aviomaster 1 year ago
@aviomaster, Im just curious...do you really believe that? the real education starts after school.
6GUNSOUTH 1 year ago
In fact it is patently obvious that when many businesses invest capital in areas that do not make profit other than by expanding credit fuelling indices on the stock market, when gluts in some sectors come at the expense of sustainable, demanded i.e. valuable growth in others, that the problem is misdirection of resource through credit expansion itself misdirected by central banking, from which we cannot escape because of legal tender laws, government fiat monopoly and bailouts of the bust systm
Nintendomanwill 1 year ago
Lol, Roosevelt didn't spend much, sure.
It's funny how the people who believe that the market needs government intervention (that people need intervention from a coercive set of legislators who are in the business of redistribution, not making profit via provision of service) are always the same people who get absolutely EVERYTHING wrong when it comes to studying the causes of economic crises (lol @ UNDERconsumption) and when it comes to how government responded and how that panned out.
Nintendomanwill 1 year ago
"Obviously he wasted his time" LMAO!! Peter has the best lines out of any Austrian.
PresidentRich 2 years ago
1. I'm a history student at uni and people constantly tell me that Hoover was laissez-faire, to which I reply-as much as Bush was! Spread the truth people.
2.EVEN IF there weren't the moral hazard and riskiness inherent in FRB under Fed control of interest rates, credit expansion cannot increase wealth, it can only misdirect activity, hence the bigger the boom, the bigger the bust ie the more malinvestments need to liquidate. THE ONLY WAY FOR SOCIETY'S WEALTH TO INCREASE IS VIA MORE CAPITAL!
Nintendomanwill 2 years ago 2
Hoover was laissez-fair? LOL, yeah right. You see how their views in their ivory towers are distorted?
manoman0 2 years ago
The problem is these idiotic 'left brain' economists don't understand that restricting liberty and imposing credit expansion IS the problem that makes the boom, thus attempting to restore liquidity through fraud simply cannot be the answer.
Free the interest rate!
(notice how humble and relatively polite Schiff is compared to his jumpy, immature rivals, in many vids. People often interrupt Schiff when he's about to say something important but his opponents rarely have ONE bright thing to say!)
Nintendomanwill 2 years ago
Oh absolutely he can defend the constitution.. but at the same time he promoted the idea that the government was creating a death ray.. he has became an old man and yes he has gone slightly off his rocker. Like I said any one of those people except ventura. Preferably, Paul/Schiff
Chslosers 2 years ago
I would please just ask you take venture the conspiracy theorist off.
Chslosers 2 years ago
I don't like it when people say, " we need to put faith in the free market." It is not a matter of faith, that sounds like crazy theists, free market capitalism is a matter of science and reason. if anything, keynsian economics is a religion, based on emotion.
enomarekim 2 years ago 35
@enomarekim Exactly, it is not about faith, because faith is unreasoned belief because you just have a "hunch" - we do not have a hunch that free markets work, we have history
Tracywithafacey 3 months ago
@enomarekim Yes, I agree. Keynesianism is kinda like the theism of economics..."leave it up to the government (god) to save the economy (humanity), not the free market (science and reason)..."
The government just loves to feel like they're doing something. That's why they love keynesianism. Fortunately it leads to bankruptcy, and that fact is finally rearing its ugly head. Keynesianism is DONE, it is obsolete, and most importantly needs to stop being taught in academia.
Spjungen 1 month ago
@enomarekim You use faith every time you open a can of tomatoes. How? Because you believe the label that says TOMATOES on it. What if it said tomatoes but had mushrooms in it, which is possible in fact. So every time you open a can of tomatoes, you have FAITH that what's written on the label (tomatoes) is what's in the can. You don't know for sure.
But whatever.
TheManiacalSatanist6 3 weeks ago
2012, 2013 it comes to an end.
dellwon 2 years ago
No shit BUSH IN BLACK it bares repeating BUSH IN BLACK
independent684 2 years ago
If the country listened to peters pops decades ago the country wouldn't be in this fuckin mess
independent684 2 years ago
Paul/schiff 2012
independent684 2 years ago 75
Too funny, The country has seen alot of these arguments with people like peter schiff. Example, Enron, Worldcom, S&L Bernie madoff ,and the list goes on .Their still in jail stating that their formula's are right
independent684 2 years ago
Tell me about it ,Ben bernake keeps telling everyone that he is this great historian of depressions, But if i had to jump to conclusions he is probably a enthusiast of one, The way he is giving out our currency like candy to other nations. Up in washington wacking off in taxpayers Italian marble bathrooms and can't wait for one to happen to get his payday .Caution ben is on the bilderberg group roster, And so far up their asse's if they stop short ,All you see is his arms and legs dangeling
independent684 2 years ago
Roosevelt actually campaigned on not interfering with the economy and running huge deficits like Hoover did. What he actually did was Hoover on steroids.
soylentgreenb 2 years ago 2
fastfreddy916 - I would not say they save lives , they distroy lives , and create hate .
That is what many people say where USA military bases are present.
aviomaster 2 years ago
- 800 military bases round the world eat a lof of CASH ,,,
aviomaster 2 years ago
and save lives in the process.
fastfreddy916 2 years ago
Wartime spending worsened our situation and caused a drastic reduction in the standard of living and the destruction of the capital and producer goods economy.
deltapunk21 2 years ago
God Bless Peter Schiff he Bernake obviously is clueless. He has not s"studied" the great depression, he knows not the first thing about it. We had nto "cut off credit" even though we DIDN'T which of course led to the worsening of things.
deltapunk21 2 years ago
historyboy12 -- Friedman , said starve the beast ,, Beast = goverment ...
Federal reserve inflated stock market bubble to the point of explosion , october 25 1929 stock market exploded , all of those who were involved in the stock market lost everything ,, 0 ... banks failed , credit was lost , it was terrible . No doubt about it.
aviomaster 2 years ago
Friedman said the FED should have acted more and injected more liquidity when the banking crisis emerged.
But no, there was major run on the banks, and in fact, many were closed; the fed should have stepped in, bought up bonds and securities and provided liquidity. The stock market 'pop' would have created a major recession if the fed had acted, but not the subsequent deflationary spiral.
I've read Rothbard's explanation of the depression and it pales to Friedmans and Fishing's (the best)
historyboy12 2 years ago
The Fed has also raised interest rates between 1928-32, although they fluctuated between these two dates.
The Fed then still largely followed William McChesney's saying of : 'take the punch bowl away before the party got started'.
historyboy12 2 years ago
-- The reason why SWISS bank , is safest place to deposit Money, not dollars , Money backed by GOLD. (No Inflation) , Peter Shiff is right , But the problem here is , Federal Reserve Inflated housing bubble to the point of explosion, and it exploded ,
NOW you can not say hey all of you who we told to finance housing bubble will go Bankrupt , wright .
aviomaster 2 years ago
historyboy12 -- Peter is right ,
no doubt about it , BUT if Federal Reserve did not print money to bail out all major banks , and financial institutions , Imagine what would happen , ALL people who had more than 100.000 $ savings would be screwed , banks like Bank Of America would close , but other banks would take it's place , and people with their 100.000 $ would open new checking accounts, but this time they would first check the bank where they are depositing their money
aviomaster 2 years ago
Can you show me that the money supply/deposits was contracted by only 2% (Schiff), as opposed to 30%+ as demonstrated by Friedman?
historyboy12 2 years ago
@historyboy12
Thats not what Schiff said, he said only 2% of depositors money was lost, he never mentioned the contraction of the money supply or even the losses incurred by the banks.
jjrglobal 1 year ago
"You've got to re-read your history!"
SuperDreamboat 2 years ago
Wrong Peter, the statistics showed a third of the money in the whole system was lost between 1929-33.
historyboy12 2 years ago
-- Peter Shiff follows , Austrian economics School from HAyek to Rothbard ,, Economy based on real expacteations , and sound money , Usually this does not work for big goverment , LOOK at 800 USA military bases around the world , HUGE military build up , 600.000.000.000 $ for a military spending . THERE is no way goverment can pay for all of this if they follow Austrian school.
aviomaster 2 years ago
Thats why you have to cut spending and reduce the size of government and it can be possible. This wouldn't be an overnight change, but If you cut spending in the big areas (defense,Healthcare,Military,etc.) you could save billions on how much you'd have to borrow from foreign countries. It'd be along road to walk, but its is doable. Austrian Economics is all about bursting bubbles and establishing sound currency.
flclfanman 2 years ago
Jim Rogers on the Great Depression: 'What happened [from 1929] was a liquidity crisis....Milton Friedman and Anna Schwatz studied it all'. It was caused by the great contraction in the money supply; it was reduced by a third, and 'scientifically' proven - something austrians aren't capable of doing.
How people still use the Austrian Business cycle is still beyond me when it has been scientifically proven to be incorrect. Now one here at the LSE takes Hayeks on this matter seriously.
historyboy12 2 years ago
historyboy12, I disagree that the Great Depression was caused by the contraction of the money supply, but rather was caused by the money supply expansion, thus creating a predictable bubble. The Austrian Business cycle has been shown to be true by Austrian economists repeatedly predicting economic downturns unlike the Keynesians who never see recessions coming and hopelessly believe that debt and spending will usher in prosperity.
Loyal2Liberty 2 years ago
You may disagree, I'm not gonna shout you down or engage in name calling like many people on youtube. But, Friedman's analysis of the depression has been scientifically been demonstarted. The Austrians always use their business cycle model which was initially radical, but terribly outdated, especially because it can't be scientifically proven - and shown to be wrong by Chicago economists. Credit expansion in the 1920s would have created a bad recession, but not a decade long depression.
historyboy12 2 years ago
Many 'Keynesians' including Krugman and few of my lecturers at the LSE predicted this bubble in the early 2000s- they are neo-keynesians, though i'm not. The Austrian argurment is like saying 'if you start smoking, you will die. I can't explain when or how it works but you will eventually be ill and be dead'.
But you're kinda mixing up Keynes' work and the practitioners/successors - the former's work is supposed to be used for a deflationary spiral which we literally in right now.
historyboy12 2 years ago
Krugman is not one of those who correctly predicted the crisis. In early 2000's he promoted the idea of creating a housing bubble to avoid the tech recession (ie, lowering the interest rate). During the housing bubble, he was too busy criticizing Bush and his war that he missed all the signs - even admitting that he hadn't foreseen many outcomes of the crisis. He often relied on others, eg S. Roach, to understand what the heck was going on (and now parading around with Roubini to claim the glory
tooltalk 2 years ago
I somehow don't think it's a great idea to take advice from someone whose fortune was nearly wiped out during the market crash of 1929 and then later claimed to have found, eureka, the answers to all economic ill's. Alas, no surprise here that such pseudo scientific models based on Keynesian theory would prove no real practical value in predicting/explaning next crises (eg, 70's stagflation or the current crisis) or causing growth in many underdeveloped countries.
tooltalk 2 years ago
To be fair, Keynes would have never embraced the kind of "advanced" mathematical modeling or reckless deficit spending purporting to be his idea. Keynes was never so delusional, as his disciples are, about the legitimacy of economics as a science. It nonetheless has enormous appeal to those, eg politicians and academics, craving for power and seeking "scientific justification" for all their misspending and crises they help create.
tooltalk 2 years ago
This is what happens when you rely on history books to solve current problems. First of all, no two periods are exactly the same, and second of all, the people who write the history books have as different perspectives as the "experts" above. For instance, I believe housing crashed because too many homes were permited to be built, and dangerous financing schemes created to sell them were ignored by Government. The media just promotes that housing has fallen because borrowers were irresponsible.
farmboycarl 2 years ago
farmboycarl, It wasn't the Government ignoring housing that caused the problem but exactly the opposite. Artificially low interest rates and Government programs like fannie and freddie caused the housing bubble. If the Government had never gotten involved and distorted the markets to begin with, there never would have been so many houses built.
Loyal2Liberty 2 years ago
Loyal2Liberty, I couldn't agree more. Sorry if I didn't make my point more clearly. The government certainly distorted the natural balance of the marketplace, like it always does. My point was, rezoning agricultural land and issuing residential building permits is an enormous revenue producer. The low interest rates and "creative" financing was nessesary to keep that spigot running. Whether you believe they created the dangerous financing or just failed to protect us from WallStreet, we pay 4evr
farmboycarl 2 years ago
I think this guy is a new hero of mine
hanzo138 2 years ago
hearing Keynesians talk make me want to vomit
ForTehNguyen 2 years ago 3
Fool: "Bernanke spent his whole life studying the Great Depression."
Schiff: "Well obviously he wasted his time."
LMAO! Peter is my hero!
PresidentRich 2 years ago 39
Schiff speaks the truth. Herbert Hoover was not conservative/laissez faire oriented like historians and public school text books teach us. FDR was actually thinking of running with him in 1920. As commerce secretary under Harding he pushed for government policies in order to fix the recession of 1920. Harding ignored him and instead listened to treasury secretary Andrew Mellon and we were out of the 1920 depression by the summer of 1921. Hoover was a toned down FDR essentially.
Ukelelemasta 2 years ago
correct my friend finally someone else who actually knows history.
NWAsMostWanted 2 years ago
I appreciate the recognition. And you must know quite a bit too if you realize that what I say is right. Many thanks for preaching the truth.
Ukelelemasta 2 years ago
you know what we didnt have in the 1930s
1) paper money
2) this massive trade and budget deficits
3) All these BS govt regs
its gonna be worse than the GD
ForTehNguyen 2 years ago 2
Outstanding Peter perfection!!
jgpenate 2 years ago
5:14 they are laughing at schiff like the people in this video
watch?v=2I0QN-FYkpw
rsobies 2 years ago
mike norman is a fuck
timmymcdee7 2 years ago 3
Moody's Economy is a disgrace. The head economist over there actually ENDORSES Obama's idiotic stimulus. Not only that, but he provided a graph which estimates how much unemployment we'd have with and without the stimulus. He claims we'd have 2 or 3 percent less by 2011 or 12 w/ stimulus.
Even Obama's economists Romer and Bernstein claim we'd only have 9% unemployment at the highest without stimulus, so what's the big fucking deal? We've dealt with high unemployment before!
whoo689 3 years ago
That one guy from Moody's Economy who was debating Peter really DOES need to open a history book. Does he even remember Herbert Hoover? Hoover did PLENTY of things to try to stop the Depression! And they didn't work. Just like the New Deal didn't work.
All the New Deal did was give some milliosn of people temporary relief and money into their pockets. But it did little to actually revive the economy as a whole. We could've gotten out of the depression 7 years earlier without New Deal.
whoo689 3 years ago 2
The only way to possibly get the gov't close to actually reviving the economy would be to give EVERY middle class and lower-class citizen in this country 10s of thousands of dollars in new immediate income. And they could also give more loans for new business investment (although how would the gov't know what to invest in, right?) But that would cost too damn much.
whoo689 3 years ago
Amazing! That idiot Mike Norman is laughing at Peter Schiff again. Didn't he learn last time that he's gonna look like a fool when Peter is right. I'm no economist but just from following Schiff and reading a book he recommends ( Capitalism the Unknown Ideal by Ayn Rand) I can even tell where these guys go wrong. And Norman makes a living doing this?
djangothecat 3 years ago 2
amazing how ignorance thrives in this country isnt it? ignorance is power to those who are just the opposite. thank god peter provides perspective.
tmac9938 3 years ago
Deposit "insurance" and liquidity is what caused and prolonged the great depression....fact Hoover raised taxes(there is no law against that) Hoover froze wage rates(no law aginst that) protectionism(no law against that), more tax hikes and public "spending programs" no law against that, then FDR came isn and depsite the lies and petty attempts to cover his crimes up, Our standards of living went to absolute shit under FDR, the unemployemnt rate skyrocketed, and inflation killed.
deltapunk21 3 years ago
the guy talking in the last segment is an idiot. Just b/c America boomed and the government had unbalanced books doesn't mean America is safe. It boomed artificially just like housing prices and soon America will need a bailout to cover our $53 trillion budget deficit.
ALmonster723 3 years ago 4
These idiots should be THANKING Hoover every time they drive on a road. There ARE benefits that USURP dollar yield. But these narrowed analyst need IMMEDIATE gratification. They're like money junkies! LOOK AT 'EM! They're sick!
Let Schiff be the doctor!
uturniaphobic 3 years ago 3
I dont believe theyll devalue the currency. It robs the rich and savers and rewards those in debt. the revrse is true in deflation. power politics alone points more to deflation not inflation. and the chicoms and saudis that hold all the paper. put their china friend from kissingeer assoc. in to fix all that, his name is tim geithner.
Ecothearcy 3 years ago
I like the way you typed that "theyll devalue" or "re-value" the dollar at will. whatever suits their needs at the time. price manipulation in the markets is rampant more so now than ever. I know people who revolve their investment strategies around the actions of the elite, because they know the elite have the money to manipulate markets. which might open an opportunity for gains if a person privy to what they're up to. riding un-noticed with the fat cats.
uturniaphobic 3 years ago
Jeremy actually knows his stuff. However he needs the every day Joe retard to keep his money in stocks whilst the smart money gets out. Everyone knows this is coming. However 401K goes in every day to buy stocks and people with investment mortgages also do the same. Also the bail out money is being spent. The ONLY people selling are those not forced to buy. Why else did Bush suggest all Social Security going into stocks only 5 months ago????
PeterSodhi 3 years ago
schooled
DDT35001 3 years ago
Econohacks...?
These people are psychotic!!!
Schiff is calling it.
Let the market adjust.
Get ready for hyperinflation and the dreaded gov't crackdown known as PRICE CONTROLS by WASHINGTON D.C. SOCIAL COMMISSARS and watch money and manufacturing flee from an already weak economy out of the U.S.
jibbi4one 3 years ago 2
No, Peter Schiff is not a Jewish. We have another moron.
jaqquery 3 years ago
neither was F.A Hayek, who is arguably the best holder of austrian economic ideals
IGodRawksI 2 years ago
No, that would be Ludwig von Mises, and/or Bohm-Bawerk.
Unfortunately none of these hacks know anything about capital theory. They simply don't understand the role of interest rates.
Questfortruth86 2 years ago
It was Hayek who developed the Austrian Theory of the Business Cycle with Mises...
IGodRawksI 2 years ago
Actually it was Knutt Wicksell..
Questfortruth86 2 years ago
Actually, it wasn't. It was Hayek.
IGodRawksI 2 years ago
Google Knut Wicksell then come back, okay?
Questfortruth86 2 years ago
grow some balls and stop arguing for no reason. Especially when I am right. Here is a direct quote:
Hayek used this body of work as a starting point for his own interpretation of the business cycle, which defended what later became known as the "Austrian Theory of the Business Cycle".
Idiot.
IGodRawksI 2 years ago
Okay, let's try again; Google Knut Wicksell's "Interest and Prices," then Google Hayek's "Monetary Theory of the Trade cycle." This may be too difficult for you, but I have faith.
Questfortruth86 2 years ago
Hayek/Mises/Wicksell/De Soto/Rothbard all have their own versions of business cycle theory, what makes them "Austrian" is the fact that their theories focus around a divergence between the market rate of interest and the natural rate (Terms introduced by Wicksell).
Questfortruth86 2 years ago
The Austrian economists were jewish, so is Peter Schiff dipshit.
Eric21ND 3 years ago
Bernake studied his whole life studying the depression in detail. ummm why are we in a recession? DDD!
jRmullet 3 years ago
Peter Schiff - A voice of reason among morons.
kevindanielbrown 3 years ago 13
I like watching him say "your wrong", I dunno why?, is there some subliminal message in this video or something?
Robonza 3 years ago
Jeremy Siegel is an IDIOT!!!!!
maybecominsoon 3 years ago 2
Any pundent that goes up against Peter Schiff is an idiot. But it gives us great entertainment when we come back to watch a few months or years later and see that Schiff was right again and again.
larstup 3 years ago 2
Sure he is. Just go to his fund-Wisdom Tree, to see what he did at the end of 2007. One third of his fund was in financial. His clients should have thrown him into the ocean. He's alredy dead meat. Anybody listen to these professors,including Bernanke is a sucker.
glassvision 3 years ago
The only person out there that is saying it like it is. All those who have benefited from this fake economy are now in serious denial. This is sweet music to me. I have to say.
Wupta 3 years ago 2
What good is deposit insurance if my currency is worthless??
controlpopulation 3 years ago 4
The largest terrorist organization in the world is the US Federal Reserve Bank.
M3minusGrowth 3 years ago 23
@M3minusGrowth aint that the truth
zac030101 1 year ago
sweet new vid.. these Schiff vids are like crack to me.
Desnoxvu 3 years ago 3
i cant get off them either
nichoju80 3 years ago
It never ceases to amaze me how they don't listen to him. Yet he's has been right at every step of the way. I only pray that its no where near as bad as he says its going to be. :(
dtaijo174 3 years ago 8
Hes so lovable.
ClearFire1 3 years ago
lol, I love the idiot at the end who doesn't know who Rothbard is. The irony is he thinks he's making Schiff look stupid.
devourage 3 years ago
Ron Paul has been saying thia for years.
WashMitt 3 years ago 3
Who is the squirrel at 3:40? He was funny.
airborne373 3 years ago
steven leeb. ya, he's funny isn't he?
stolixx 3 years ago
Peter Schiff is making these actors reading scripts on the economy look like the clowns they are.
HAHA - I love how Schiff interjects reality and history into the communist fantasy land of these globalist.
airborne373 3 years ago
You're a Troll. You want to create the impression (amongst the illiterate or moronic at least) that Austrians are nuts.
drakulva 3 years ago
I don't know whether to laugh or cry
Guvmentzabeast 3 years ago 4
Get Mad !
sexlooksex 3 years ago 3
Get EVEN !!
FedMustDie 3 years ago 2
AMEN !!
HighPreistofAtheism 3 years ago
how long do we have to take this shit?
if these guys cant defend their mistakes they
laugh the sensible man out.this is getting way too creepy.oh man i hope we do something to make the 10 percent do the decision making than the 1
percent.
tyagcan 3 years ago 2
It's easy for Peter to make these guys look stupid, he's telling the truth, and they can't make up lies fast enough.
TheyRkillingUSA 3 years ago 4
Schiff is great
Time2StandNFight 3 years ago 3
I hope that people who don't come to youtube are waking up to this crap
MediaLies2Us 3 years ago 2
Great post
ElitesMustDie 3 years ago
Destined to be another classic....I'll be sure to revisit this clip in 1 or 2 years. Awesome that Schiff brought up Rothbard's AGD on Fox! If the YT poster is around... when did he make that statement to Mike "Laughing and Begging for more Egg on my Face" Norman?
Chieftain1776 3 years ago 2
12/19/07 on Fox Business
schiff2012 3 years ago
Nice...thanks. It's going to be Depression sized omelet instead of "just" this Financial Crisis one. I don't see how they can reflate their way out of this one.
Chieftain1776 3 years ago 2
thank god for peter schiff, mises institute, jim rogers and ron paul.
rubanban5 3 years ago 2
Amen
USAFight4URCountry 3 years ago