Debt safety ratings are based solely on the ability of the debtor to repay the debt in the same monetary denomination as it was originated. This means that the U.S. treasury securities always have 100% safety, because the Federal Reserve Bank can print as much digital currency at the speed of light to redeem the bonds/notes. Rating agencies don't consider "purchasing power" in rating debt safety. You will always get repaid, but the value of the future dollars may be greatly debased.
Peter daily points out the long list of absurdities that led to this, my question for him is does he honestly believe that is all a series of coincidences, or would he concede the possibility that this was done by design and intentionally by a select few...
Because their Fannie Mayhem involves 80% of their real estate market and 80% of all their home owners, and its version of the Ponzi scheme is the source of 80% of all local government revenues. (Rough numbers, obviously, but the point is valid.)
Basically, the Chinese home owner receives cash loans for the assessed value (incrementally increasing per month) and that is used to pay off the gov't crooks AND to write new loans, thereby driving prices higher.
the communist are going to end up running america into the ground or taking us over completely. THE COUNTRY IS BEING BROUGHT DOWN BY DISIGN AND ONLY THE BLIND OR THE PEOPLE WHO ARE DEPENDANT ON GOVERMENT MONEY WONT SEE OR ADMIT IT.
I don't know why IWashMyOwnBrain doesn't spend more time using his brain instead of washing it, but China has been planning to diversify out of US treasury holdings for quite some time. In December last year, China sold $34 billion worth of US debt.
"We have made a huge amount of loans to the United States. Of course, we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Mr Wen Jiabao (Premier of China).
I used to be a big Schiff supporter, but his typical republican war-hawk mentality when it comes to Iran and his support or Israel has turned me off to him. Ok, so he's Jewish, is that reason enough to support Israel? So many people show blind support simply because of their religion or skin color. I find it funny that Schiff seems to have NO problem with the administrations stance/propaganda with regards to Iran, but totally disregards all things economic coming from the same mouth.
@407buddy Yes, recession is really bad for the people but the US needs it to cleanse the system. Otherwise, people would take it on the street and the situation would be much worse.
This isn't part of your campaign huh? You didn't ever come across 9:34 of time to record one of these huh? Sounds to me like you were busy and you just decided not to take the time.
@DigitalAquarius Yes I do, and I also realise the Mainstream Media is full of good news. Go figure! Someone's crappin' me, maybe they all are. My gut feeling tells me something ain't good at all, I've been punished harshly in the past for ignoring my gut feeling, still one never really knows....
Just a thought to Perer Schiff. If you just cut to the chase rather than ramble on for 10 minutes everytime you put a video out there, I would watch everyone of them. However, when you drone on for no apparent reason, it just gets to be a waste to time. Try to condense these narratives down to no more than 5 minutes with at least twice as much info.
Peter man, as a Canadian, I wish you all the best in your race. If there were a similar corporate hijacking of my government, and a similarly amazing local candidate to support, I wouldn't bother with the phone, I'd be going door to door. Best of luck to you.
@MClaudiusMarcellus You're right (I could sense the sarcasm!), we Canadians are taxed far too much. You can mitigate it to a certain extent by being a business owner, not merely an employee.
But basically, I have ZERO incentive to raise my income level beyond what it is. I don't want to feed the beast anymore.
Do you think it will dip as dollar index goes down? I expect it to for a while, but I'd appreciate any tips. I'm torn- it will either soar up if ETFs come out as being over-leveraged, or it will dip as banks and people liquidate silver assets.
@A1373S9865 ...in 2 years you might not see a big jump but in the next 5 years or more they will be sky high. The FED is trying to hold them low but that will not last long.
@A1373S9865 Yes. ZERO. They cannot raise rates. If they try and raise rates, the housing market will continue to crash. The FED is boxed-in. However, they will continue holding their stupid meetings and jabbering about raising rates, but only because it gives people something to talk about, and them a very nice free meal and drink.
The Richest country in the world can't pay back their debt, that's fucking embarassing. Jesus Christ y don't u guys just stop borrowing if u can't pay it back and stop spending like the spoil brats u damn Americans r. Y is it the USA is borrowing from China when the USA is so much richer then China? It's like a rich guy asking a begger to borrow money, it's pathetic, greedy and stupid.
Or because owning US debt, with US land set aside as collateral, is the BEST way for China to reign us in.
China wants to be powerful. Why would they want power? Because being weak makes them look bad and lets the US bully them. And they have every right not to be bullied.
When we sold Taiwan 6 billion USD of weapons a few months ago, China's US diplomat said that they might cash in their US bonds.
THAT WOULD DESTROY US! INSTANT INFLATION/DEFAULT! No questions asked!
Sure, sure. Countries who borrow money and never pay it back are always a sound investment. I'm sure the same principle applies for personal banking. If Citibank lent me thousands and I simply defaulted on the loan, but I'm sure they'd think I was awesome.
The deeper the USA goes into debt to the Chinese, the more political leverage China has over them. But that's probably got nothing to do with it.
@monsieurmitosis haha, I agree. I imagine it's more likely that China bought our bonds bc it mistook them to be a good investment, but it does give A LOT of political leverage.
And now China is releasing it's US debt securities... oh the fun.
Say, have you heard of a YTer called 'dsglop'? He's got a real bug up his ass about Peter Schiff and is constantly criticising his blogs in a really dopey fashion.
I haven't done enough research on economic matters to really take him on, but it's quite obvious to me that he's a mega troll. If you have 10 minutes to kill, take a look at one of his uploads and say sumthin' derogatory. It would really make my day :-D
If Obama's welfare for tha banks allows them to give out these 30 year mortages for 4.5% fixed rate, isn't that going to bankrupt the corporate banking in a few years? Obama is bending to Wall Street, and Wall Street is telling him to do what will in the end f#ck them up?
@ravaneli55 If i could borrow money at less than 1% from the fed I would lend it out for 4.5% all day long.......and make a fortune. you don't need to worry about the banks...
Bnks borrow short term from the FED, but the 30 year motgage is... 30 year fixed rate. That mostly depends or the yield of the 10 and 30 year bonds, which are retardedly low now.
I still think the banks are getting themselves f1cked up with these mortgages. Peter, comment next time with a few words please!
@IWashMyOwnBrain Of course not, people don't want the truth. China is poised to beat our asses economical. Just eat your cheeseburger and wave your mini flag.
People vote for the puppet that best panders, and everyone wonders why our economy is failing. Country wide is on your side, remember? It's a race to see who panders the most, and that is why our economy is failing.
Democracy fails when people vote against their own interests.
@rufusangus22 The economy has little to do with who's in office ...this is a worldwide economic downturn...to be followed by a upturn...then another downturn....ect.
@IWashMyOwnBrain There's plenty of "US can never do anything wrong" cheerleaders around? Presumably people are getting tired of being told propaganda that doesn't match the severity of our situation?
Peter, I truly appreciate you taking the time to talk to us and make sense of everything going on in world. I've been watching your videos on youtube for over 2 years now and it really has changed the way I look at the world economy.
If your not buying gold and silver and you still have dollar traded assets (that the government knows about) your not paying attention and Barry Soetoro will punish you (and redistribute it).
Limbaugh said last week there are talks for taxing wealth. What is it with this government? 47% of homes pay no income taxes and now the government is thinking about taxing savers more. We need to tax things that are bad. Everyone can agree debt and consumption are bad. I think our government needs to tax both. We have a lot of both to tax especially with consumption when it is 70% of our economy.
@bkdmd You'll find this interesting. David Stockman, former budget director for President Reagan, told the crowd at the "Aspen Ideas Festival" last week, to tax the rich big time! He quoted "Republicans will wave their bloody shirt in protest. But we have to pay more taxes in this country or we're going to go broke"!
@AspenNomad No the government doesn't need to steal more money from business owners and wealth individuals in this country. The government needs to STOP SPENDING MONEY and cut useless government programs like Dept. of Education, Dept. of Energy, Dept. of Homeland Security, FDA, etc. Less taxes will allow the government more taxes to be collected, but you cannot cut taxes unless you cut spending as well. You think Obama wants to cut spending? lol
@residentzombie David Stockman also told the crowd to "find a cabin in the mountains, stock it with canned beans and bottled water and prepare for even tougher times. The financial crisis will worsen instead of improve, said Stockman, who labeled himself “right-wing libertarian.”
The number one reason people are against the government is because of the crooked and corrupt policies of creating winners and losers with taxes.
This is why I support a VAT and debt Tax. MOre money could be raised by taxing debt and consumption. We have a lot more of that here and that way the poor can pay their fair share. 47% of US households pay no income taxes...which is ridiculous.
@AspenNomad Amazing the ignorance of David Stockman, sad. Thank you for pointing out his incredible ignorance about fundamental and elementary economics that David continues to vomit up even today.
And why would I find that interesting? It isn't a left vs right arguement. It is us (the people) vs them (the government and the crooked politicians). Regan helped get us here. Dims helped get us here and Reps helped get us here to the brink of insolvency.
I am not paying more taxes. PERIOD! I will take my assets overseas and stop working 100% in the USA if they punish positive behavior any more.
finally back to reporting news and opinions.... enough of the campaign crap. i think peter can do more as a political color commentator than a senator...
@AustraliaDebt Bob Chapman saw it coming many years ago, he wrote about its inevitable future to begin with, he said all along that one-rate-fits-all won´t work without a central government.
I hope Schiff whips Lina McScams butt all across the board, send her back to faking it for WWE! The american tax payers have enough actors in control.
@amokkisback Wrong: The dollar is just a representation of goods or services it's just a tool for people to trade with....The buyer and seller agree on what their products are worth with each transaction.
How much of a negative impact will China have to eat if they don't get paid back? Is it really not that big of a deal to them to have a world where the dollar = 0 value?
lol, nah, all the productive capital goods are still there, just currencies and savings won't be there. The global market would go through 2-3 decades of violent adjustment and find another currency. It's if all the production was wiped out, that many would die (but, even then, I don't think all would die, just like 95%). The dollar collapse won't end the world; people who say that are taking it too far.
I'm curious you didn't comment on the toxic worthless crap purchased by the tax payers thanks to Geithner and Bernanke. The whole charade is beyond being a scam, including the rating agencies, and now the corruption has permeated into the US government.
Just got done reading "How an Economy Grow and Why it Crashes". Awesome book peter..Informative, smart, witty, funny, a little corny at times but most of all it was unique.
Schiff will win if we reach more people and they become aware of him. My phone banking calls have made a difference. I've talked to many people who have never heard of Schiff or didn't know what he stands for and when I told them, they got excited!!! There are a lot of angry republicans, many don't like Linda and don't know Peter is even in the race!!!
@hyperGlobalist did he predict the economy would go UP or down and did in fact the economy go up or DOWN when everyone else (multi-trillionaire corporate types) (left "wing" "right" wing) was covering,deluding the american people, partying and having great fun(at tax payers expense)??
@FCmagic01 the sheeps are too stupid, they cant see whats going on and they cant decide for themselves, we need honorable people like Ron Paul and Peter Schiff to get the world back on the right track
A Ron Paul "dictatorship"...i dont feel he would be a dictator...would be essentially the greatest President America has ever seen; possibly. Right there with Van Buren, Tyler, Cleveland or Harding.
Ron Paul is on point on all aspects of Liberty...every one of them.
Peter Schiff, unfortunately, would have no chance in the mainstream...then again, i think he'd rather be under Ron Paul as an economic advisor than be the head of the Executive Branch.
@helltrackrider Peter has an excellent grasp of economics and can explain it clear and simple. He would make an awesome economic advisor. Ron hasn't really changed in 30 years of being in politics, he wouldn't change just because he becomes president.
@xxxNiceLifexxx Well you got the second part right....even if Schiff or Paul were elected dictators the system is far to down the drain to ever repair.
Personally I say "No one" for president(dictator, or just "tater").
You haven't been on there in quite some time and it was a long time coming too.
Keep on keepin' on and please keep wiping the smirks off of those know it all punks on CNBC's Fast Money..... Karen is intelligent but as for the rest of them, well they speak for themselves lol
BTW: We've had now about 17 double dip recessions now lol Ohhhh! And Neil Kashkari - the engineer of the collapse has left the country!
Just pull the plug.......Its all make believe electronic money anyhow. Nothing is REAL anymore. File a National Bankruptcy and fuck 'em all. Then change our Laws to protect us from the creditors. Bring all our military home from the 100+ countries we have bases in, seal our borders tight, and build our own little world. Oh... and make "corporations" illegal entities in the U.S. .... an NO MORE ARTIFICIAL Financial Instruments.... NONE. Let's start from scratch.... Fuck the Chinese..........
@grizzzlyjoe: Finally, someone else who "gets it" too. The solution to virtually every problem is to "get real" and "reject fictions" (don't treat them as real). I'll even add another level. Every organization and corporation is a fiction, most definitely including governments. In fact, even law has always called all these "fictitious entities". While that's a contradiction in terms, it makes the point. End the fed, federal reserve notes, fractional reserves, and all so-called authority.
@grizzzlyjoe Corporations are fine. The problem you have is government involvement with corporations (cronie capitalism). It should be made illegal for government to favor one corporation over another since this leads to unfair competition in the market and allows corporartions to become monopolies and dualopolies since the government is giving only them tax breaks, stimulus money, increased regulations (destroying their smaller competitors), and bribes to pass favorable laws for themselves.
@cavalucho ....Thank you for your angry comments. You are doing the country alot of good. If you kill the crackers you can't get welfare anymore...lol
i believe China will have a major economic meltdown 1 day, and it will only be the start of the new world leader, joining along with Bush Sr. and his NWO gang. Peter is going too far on this, but then again, who knows maybe he's right. the world is what you want it to be depending on how you want to look at it.
I've always considered that these rating agencies are biased and none of them take in account real economy principles. But while the markets listens to them, behaviour changes accordingly. Not to say that fundamentaly, sooner or later the truth is going to surface. Unfortunately to a lot of the "first" world countries.
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Peter's been saying that long-term interest rates would rise despite Fed policy for 2.5 years now, but I didn't believe it until Alan Greenspan said it in his op-ed because he's a real economist and Peter is a conspiracy theorist.
Peter said interest rates would rise WHEN we were ready to begin our recovery. That we wouldn't be able to recover until fed rates more closely matched the market rate of money.
I have no idea how Indymac just did a loan mod while in foreclosure for a 35 yr fixed @ 2.6%. They made me 'resubmit' 4 seperate times & LTV was 95% Of course I'm not complaining and it took some work, but 5 years from now when interest rates are 10+ how does anyone ever in the financial industry justify these type of loan mods? Is it becuase they'll have a glut of positive equity real estate from other resources ie reverse mortgages for retired folk trying to survive on a weak $
government pressured IMF not to release the report on Us economical situation earlier this year. US must devalue its debt, and not be pressured into austerity program, as such programs have failed before in South America, Eastern Europe, and Asia.
The fact that recovery has been so weak when interest rates are at historic lows is very troublesome. You're right. Either way, rates are going to eventually rise, and if this stagnation continues, it's going to be one hell of a ride.
Anyone could have told you US gov't debt is worse than junk; it's toxic. Only the Chinese have the balls or just aren't corrupted enough to say it. The USA has no plans of paying back any of its debt. Their plan is to destroy the world if they can have it their way. Yes, they are psychotic enough to do it. If it looks like people are going to wake up to the fact that the USA is a paper tiger or "wears no clothes", time to launch the nukes. Maybe the USA doesn't even have the nukes either.
@harveybirdmannequin LOL, well considering that Americans have become the "walk-away" nation, and yes, America will most likely default on the 900 billion it owes China. But a default would create a world depression, thus forcing America to isolate and manufacture within again (hey, all problems solved). We walk-away from mortgages and credit card debt like it's a coyote ugly one-nighter... with no remore... no recourse. : )
You were missed, welcome back! We heard you on Alex Jone's radio program this afternoon; nice interview. We're going over to give some bucks for your campaign. Congrats on your future seat in the Senate ;)
@Trigunflame I agree but I've heard all three. Jones is so far out there, compared to the other two, there is no comparison. Jones's believes, among many other things, that the G brought down the WTC, and presumably struck the Pentagon. I'm surprised to glean from this commentary that Peter went on Alex Jones's show - is that true?
why do we care about who is telling the truth? why do we even care about the truth? we don't need do-gooders in government, we need strong decisive leaders who will take measures to strengthen the nation. this dosen't mean being a goody-goody like ron paul, it means going out and starting wars (and winning), subverting other nations, grabbing resources etc.
internally, it means getting rid of unproductive peasants not protecting them with welfare.
@hyperGlobalist You are saying we don't have enough sociopaths in government? Maybe you should run for public office, you don't appear to have any value on a human level--a good eunuch who will do as he's told for a more secure existence.
Do you even come from money or are you just an outsider with delusions of mediocrity like a Dimon or Blankfein? Probably some dispensable lawyer, banker, lobbyist etc. And after a lifetime of service the elites may see fit to elevate you to chief eunuch!
why are you using the handle "marcus claudius marcellus" if you don't believe in conquest and war?
no, i am a "professional" not an "eunuch" ok. and senors blankfein and dimon are the two most powerful captains in banking -- you may dislike them, but sorry, pulling 50m+ a year is not mediocre nor dispensable.
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tiblon1 1 year ago
Debt safety ratings are based solely on the ability of the debtor to repay the debt in the same monetary denomination as it was originated. This means that the U.S. treasury securities always have 100% safety, because the Federal Reserve Bank can print as much digital currency at the speed of light to redeem the bonds/notes. Rating agencies don't consider "purchasing power" in rating debt safety. You will always get repaid, but the value of the future dollars may be greatly debased.
xtarka 1 year ago
man i hope he wins the senate race
a4finger 1 year ago
@a4finger I Agree!
rkhoja 1 year ago
China downgrading its rating on the USA didn't shock me. China can smell America's financial b.s.
Melville10 1 year ago 3
Peter daily points out the long list of absurdities that led to this, my question for him is does he honestly believe that is all a series of coincidences, or would he concede the possibility that this was done by design and intentionally by a select few...
uwmbigb 1 year ago 4
"Why would China default?"
Because their Fannie Mayhem involves 80% of their real estate market and 80% of all their home owners, and its version of the Ponzi scheme is the source of 80% of all local government revenues. (Rough numbers, obviously, but the point is valid.)
Basically, the Chinese home owner receives cash loans for the assessed value (incrementally increasing per month) and that is used to pay off the gov't crooks AND to write new loans, thereby driving prices higher.
TylerNull 1 year ago
Just saw this on totalinvestor com, very informative, thanks Peter.
hhefner2000 1 year ago
yeah it's a depression. probably not as bad as the great depression, but maybe as bad as the old long depression.
mercenarydrunk 1 year ago
@mercenarydrunk
The "Long Depression" is a myth.
Xasew 1 year ago
the communist are going to end up running america into the ground or taking us over completely. THE COUNTRY IS BEING BROUGHT DOWN BY DISIGN AND ONLY THE BLIND OR THE PEOPLE WHO ARE DEPENDANT ON GOVERMENT MONEY WONT SEE OR ADMIT IT.
dorodini 1 year ago
I don't know why IWashMyOwnBrain doesn't spend more time using his brain instead of washing it, but China has been planning to diversify out of US treasury holdings for quite some time. In December last year, China sold $34 billion worth of US debt.
"We have made a huge amount of loans to the United States. Of course, we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Mr Wen Jiabao (Premier of China).
monsieurmitosis 1 year ago
we over extended ourselves even more with the stimulus how can that not fail?
i don't even understand the reasoning.
MirageScience 1 year ago
I used to be a big Schiff supporter, but his typical republican war-hawk mentality when it comes to Iran and his support or Israel has turned me off to him. Ok, so he's Jewish, is that reason enough to support Israel? So many people show blind support simply because of their religion or skin color. I find it funny that Schiff seems to have NO problem with the administrations stance/propaganda with regards to Iran, but totally disregards all things economic coming from the same mouth.
onetondrumbum 1 year ago
@onetondrumbum he is a businessman dumbass
MirageScience 1 year ago
Our debt is 13 trillion...EXCLUDING Fannie and Freddie. If included our real debt is 19+ TRILLION.
13 trillion is just more manipulated government garbage numbers.
EndTheFedRes 1 year ago
@407buddy Yes, recession is really bad for the people but the US needs it to cleanse the system. Otherwise, people would take it on the street and the situation would be much worse.
devilmirror1 1 year ago
We'd all be a better situation without the banks and governments.
Shaunt1 1 year ago
This isn't part of your campaign huh? You didn't ever come across 9:34 of time to record one of these huh? Sounds to me like you were busy and you just decided not to take the time.
veritasfiles 1 year ago
Excuse me but do you guys notice how in a lot of these videos, EVERY. SINGLE. VIDEO. is bad news? Always bad news? And it's always Obamas fault?
Just keep that in mind. Please.
DigitalAquarius 1 year ago
@DigitalAquarius Yes I do, and I also realise the Mainstream Media is full of good news. Go figure! Someone's crappin' me, maybe they all are. My gut feeling tells me something ain't good at all, I've been punished harshly in the past for ignoring my gut feeling, still one never really knows....
njc67 1 year ago
@DigitalAquarius It's bad news ever since we had the Fed actually.
devilmirror1 1 year ago
Just a thought to Perer Schiff. If you just cut to the chase rather than ramble on for 10 minutes everytime you put a video out there, I would watch everyone of them. However, when you drone on for no apparent reason, it just gets to be a waste to time. Try to condense these narratives down to no more than 5 minutes with at least twice as much info.
czubspenx 1 year ago
Has anyone seen this gentlmen since last night?
All kidding aside, he is right on, and our future is in doubt...
TheUsman2000 1 year ago
Maybe Schiff should go live in China since he loves their rating agency.
TrojanMike60 1 year ago
Comment removed
AmericanValues321 1 year ago
Peter man, as a Canadian, I wish you all the best in your race. If there were a similar corporate hijacking of my government, and a similarly amazing local candidate to support, I wouldn't bother with the phone, I'd be going door to door. Best of luck to you.
hedonist27 1 year ago
@hedonist27 Yeah, we're lucky to have such an efficiently run government and don't pay exorbitant taxes or anything.
MClaudiusMarcellus 1 year ago
@MClaudiusMarcellus You're right (I could sense the sarcasm!), we Canadians are taxed far too much. You can mitigate it to a certain extent by being a business owner, not merely an employee.
But basically, I have ZERO incentive to raise my income level beyond what it is. I don't want to feed the beast anymore.
hedonist27 1 year ago
If America falls its taking canada down with it...but yea Peter is the man.
AmericanValues321 1 year ago
I don't trust S&P or Moody's NOR do I trust China's credit agency.
baigandine 1 year ago
buy silver
swas2704 1 year ago
@swas2704 shipped today :D
Do you think it will dip as dollar index goes down? I expect it to for a while, but I'd appreciate any tips. I'm torn- it will either soar up if ETFs come out as being over-leveraged, or it will dip as banks and people liquidate silver assets.
MrGronka 1 year ago
great video. clear explanation. logically sound. best video from Schiff in a while.
newseamus 1 year ago
Can anyone give me an idea of how high interest rates are predicted to be over the next two years?
A1373S9865 1 year ago
@A1373S9865 ...in 2 years you might not see a big jump but in the next 5 years or more they will be sky high. The FED is trying to hold them low but that will not last long.
petiemac24 1 year ago
@A1373S9865 Yes. ZERO. They cannot raise rates. If they try and raise rates, the housing market will continue to crash. The FED is boxed-in. However, they will continue holding their stupid meetings and jabbering about raising rates, but only because it gives people something to talk about, and them a very nice free meal and drink.
AspenNomad 1 year ago
The Richest country in the world can't pay back their debt, that's fucking embarassing. Jesus Christ y don't u guys just stop borrowing if u can't pay it back and stop spending like the spoil brats u damn Americans r. Y is it the USA is borrowing from China when the USA is so much richer then China? It's like a rich guy asking a begger to borrow money, it's pathetic, greedy and stupid.
superphi 1 year ago
@superphi ....You are right that many of us americans are greedy but not all of us.
petiemac24 1 year ago
@superphi The question is why is China lending the U S money? Because it's the best investment in the world.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain
Or because owning US debt, with US land set aside as collateral, is the BEST way for China to reign us in.
China wants to be powerful. Why would they want power? Because being weak makes them look bad and lets the US bully them. And they have every right not to be bullied.
When we sold Taiwan 6 billion USD of weapons a few months ago, China's US diplomat said that they might cash in their US bonds.
THAT WOULD DESTROY US! INSTANT INFLATION/DEFAULT! No questions asked!
MrGronka 1 year ago
@MrGronka "China to reign us in" you have this all backwards......What China will do is buy more bonds.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain Word on the street is China recently announced they got out of 7% of their US bond holdings and plan on releasing more.
Although I imagine it's more likely that China bought our bonds bc it mistook them to be a good investment, but it does give A LOT of leverage.
MrGronka 1 year ago
@IWashMyOwnBrain
Sure, sure. Countries who borrow money and never pay it back are always a sound investment. I'm sure the same principle applies for personal banking. If Citibank lent me thousands and I simply defaulted on the loan, but I'm sure they'd think I was awesome.
The deeper the USA goes into debt to the Chinese, the more political leverage China has over them. But that's probably got nothing to do with it.
monsieurmitosis 1 year ago
@monsieurmitosis haha, I agree. I imagine it's more likely that China bought our bonds bc it mistook them to be a good investment, but it does give A LOT of political leverage.
And now China is releasing it's US debt securities... oh the fun.
MrGronka 1 year ago
@MrGronka
Say, have you heard of a YTer called 'dsglop'? He's got a real bug up his ass about Peter Schiff and is constantly criticising his blogs in a really dopey fashion.
I haven't done enough research on economic matters to really take him on, but it's quite obvious to me that he's a mega troll. If you have 10 minutes to kill, take a look at one of his uploads and say sumthin' derogatory. It would really make my day :-D
monsieurmitosis 1 year ago
Peter,
Can you address this question sometimes?
If Obama's welfare for tha banks allows them to give out these 30 year mortages for 4.5% fixed rate, isn't that going to bankrupt the corporate banking in a few years? Obama is bending to Wall Street, and Wall Street is telling him to do what will in the end f#ck them up?
Very interested in your commentary.
ravaneli55 1 year ago
@ravaneli55 If i could borrow money at less than 1% from the fed I would lend it out for 4.5% all day long.......and make a fortune. you don't need to worry about the banks...
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain
Bnks borrow short term from the FED, but the 30 year motgage is... 30 year fixed rate. That mostly depends or the yield of the 10 and 30 year bonds, which are retardedly low now.
I still think the banks are getting themselves f1cked up with these mortgages. Peter, comment next time with a few words please!
ravaneli55 1 year ago
Hussein is a disgrace, i feel sorry for everybody who didn´t vote for him
Sturmpionier03 1 year ago
Praising China again...and you think people will vote for that......
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain Of course not, people don't want the truth. China is poised to beat our asses economical. Just eat your cheeseburger and wave your mini flag.
People vote for the puppet that best panders, and everyone wonders why our economy is failing. Country wide is on your side, remember? It's a race to see who panders the most, and that is why our economy is failing.
Democracy fails when people vote against their own interests.
rufusangus22 1 year ago
@rufusangus22 The economy has little to do with who's in office ...this is a worldwide economic downturn...to be followed by a upturn...then another downturn....ect.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain There's plenty of "US can never do anything wrong" cheerleaders around? Presumably people are getting tired of being told propaganda that doesn't match the severity of our situation?
MaurDL 1 year ago
@MaurDL The "severity of our situation" is overrated.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain ...he is just speakign the truth. Don't you wish Bush or Obama did that?
petiemac24 1 year ago
@petiemac24 Who's truth?
IWashMyOwnBrain 1 year ago
I always feel smarter after having listened to Peter!
imposibleeposible 1 year ago
Peter, I truly appreciate you taking the time to talk to us and make sense of everything going on in world. I've been watching your videos on youtube for over 2 years now and it really has changed the way I look at the world economy.
jrbthri 1 year ago
Can you imagine if there were a "margin call" on our debt? We would be toast!
CerebralSimian 1 year ago
@Donbadajoz No I dont think thats it lol but that might at least draw some attention
drshock18 1 year ago
Thanks for the update Peter. Great stuff as always.
Intervene 1 year ago 2
If your not buying gold and silver and you still have dollar traded assets (that the government knows about) your not paying attention and Barry Soetoro will punish you (and redistribute it).
MrGAB4444 1 year ago
Limbaugh said last week there are talks for taxing wealth. What is it with this government? 47% of homes pay no income taxes and now the government is thinking about taxing savers more. We need to tax things that are bad. Everyone can agree debt and consumption are bad. I think our government needs to tax both. We have a lot of both to tax especially with consumption when it is 70% of our economy.
bkdmd 1 year ago
@bkdmd You'll find this interesting. David Stockman, former budget director for President Reagan, told the crowd at the "Aspen Ideas Festival" last week, to tax the rich big time! He quoted "Republicans will wave their bloody shirt in protest. But we have to pay more taxes in this country or we're going to go broke"!
AspenNomad 1 year ago
@AspenNomad No the government doesn't need to steal more money from business owners and wealth individuals in this country. The government needs to STOP SPENDING MONEY and cut useless government programs like Dept. of Education, Dept. of Energy, Dept. of Homeland Security, FDA, etc. Less taxes will allow the government more taxes to be collected, but you cannot cut taxes unless you cut spending as well. You think Obama wants to cut spending? lol
residentzombie 1 year ago
@residentzombie David Stockman also told the crowd to "find a cabin in the mountains, stock it with canned beans and bottled water and prepare for even tougher times. The financial crisis will worsen instead of improve, said Stockman, who labeled himself “right-wing libertarian.”
AspenNomad 1 year ago
@AspenNomad
The number one reason people are against the government is because of the crooked and corrupt policies of creating winners and losers with taxes.
This is why I support a VAT and debt Tax. MOre money could be raised by taxing debt and consumption. We have a lot more of that here and that way the poor can pay their fair share. 47% of US households pay no income taxes...which is ridiculous.
bkdmd 1 year ago
@AspenNomad Amazing the ignorance of David Stockman, sad. Thank you for pointing out his incredible ignorance about fundamental and elementary economics that David continues to vomit up even today.
putittogether 1 year ago
@AspenNomad
And why would I find that interesting? It isn't a left vs right arguement. It is us (the people) vs them (the government and the crooked politicians). Regan helped get us here. Dims helped get us here and Reps helped get us here to the brink of insolvency.
I am not paying more taxes. PERIOD! I will take my assets overseas and stop working 100% in the USA if they punish positive behavior any more.
It will be just like Atlas Shrugged. Game on!
bkdmd 1 year ago
Thanks, Peter:) You explain economic issues in a way that most people can understand.
rayme4raw 1 year ago
Everyone just wants to pick his head but when it come time to help him make a difference. We just wine. Shame on us.
mosikkkk 1 year ago
finally back to reporting news and opinions.... enough of the campaign crap. i think peter can do more as a political color commentator than a senator...
rtardbox 1 year ago
@rtardbox please tell me you are not serious.
begood88 1 year ago
@AustraliaDebt Bob Chapman saw it coming many years ago, he wrote about its inevitable future to begin with, he said all along that one-rate-fits-all won´t work without a central government.
Casar1973 1 year ago
Peter I enjoy your analysis, thank you for updating us and you make alot of sense. Benanke and Geitner = NO CONFIDENCE !
harrybath 1 year ago
schiff didn´t see the EU thing coming
Casar1973 1 year ago
Nice to see you with a tie.
TheBrotherMouzone 1 year ago
I hope Schiff whips Lina McScams butt all across the board, send her back to faking it for WWE! The american tax payers have enough actors in control.
mookixox 1 year ago
Thanks Peter!!!
gwapolaub 1 year ago
d0llar
pastelky 1 year ago
So China rates American debt lower...and thats a surprise.....big deal..lol
IWashMyOwnBrain 1 year ago
love u peter
PEDLIFE 1 year ago
It's simple: The Dollar is a debt based currency, therefore the more dollar that are printed, the more debt the US has
amokkisback 1 year ago
@amokkisback Wrong: The dollar is just a representation of goods or services it's just a tool for people to trade with....The buyer and seller agree on what their products are worth with each transaction.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain
With subjective value, it's impossible to agree. Trade exists because of mutual benefits, not wasted motion.
selfrealizedexile 1 year ago
@Donbadajoz since when is less than 1% huge?
Shadyhunter04 1 year ago
@Donbadajoz there will be some economic news later this week that will drive gold higher and the rest of the market lower...
drshock18 1 year ago
How much of a negative impact will China have to eat if they don't get paid back? Is it really not that big of a deal to them to have a world where the dollar = 0 value?
selfrealizedexile 1 year ago
@selfrealizedexile In a world where the dollar =0 we are all dead.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain
lol, nah, all the productive capital goods are still there, just currencies and savings won't be there. The global market would go through 2-3 decades of violent adjustment and find another currency. It's if all the production was wiped out, that many would die (but, even then, I don't think all would die, just like 95%). The dollar collapse won't end the world; people who say that are taking it too far.
selfrealizedexile 1 year ago
huge selloff?? It dropped $10, that's almost a rounding error.
CNCAddict 1 year ago
peter schiff is brilliant
MrHarry46 1 year ago 14
I'm curious you didn't comment on the toxic worthless crap purchased by the tax payers thanks to Geithner and Bernanke. The whole charade is beyond being a scam, including the rating agencies, and now the corruption has permeated into the US government.
seanboy80 1 year ago
The SDR is growing and we need to wake up.
glenwoodfin 1 year ago
GL Peter we love U!
oraclenvec 1 year ago
we love the videos peter but no need to apologize. we know what your working on currently
CJLopez21 1 year ago 2
I'M BROKE BITCHHHH" !!
metalplace567 1 year ago
Comment removed
judutchinski 1 year ago
Just got done reading "How an Economy Grow and Why it Crashes". Awesome book peter..Informative, smart, witty, funny, a little corny at times but most of all it was unique.
AmericanValues321 1 year ago 3
Have you heard Webster Tarpley bashing you Peter?
odin422 1 year ago
@odin422...
webster tarpley is an idiot. he understands geo-politics, not economics.
tirmen8er 1 year ago
@tirmen8er well said.
odin422 1 year ago
Schiff will win if we reach more people and they become aware of him. My phone banking calls have made a difference. I've talked to many people who have never heard of Schiff or didn't know what he stands for and when I told them, they got excited!!! There are a lot of angry republicans, many don't like Linda and don't know Peter is even in the race!!!
LetFreedomRlng 1 year ago 3
@LetFreedomRlng
stop deluding yourself (and other idiots who might happen to listen to you).
hyperGlobalist 1 year ago
@hyperGlobalist did he predict the economy would go UP or down and did in fact the economy go up or DOWN when everyone else (multi-trillionaire corporate types) (left "wing" "right" wing) was covering,deluding the american people, partying and having great fun(at tax payers expense)??
MrHarry46 1 year ago
@hyperGlobalist the only "fruitloop" here is YOU
MrHarry46 1 year ago
Ron Paul and Peter Schiff DICTATORSHIP 2012! Nothing else can save us!
xxxNiceLifexxx 1 year ago
@xxxNiceLifexxx why would you want a dictatorship?
FCmagic01 1 year ago
@FCmagic01 the sheeps are too stupid, they cant see whats going on and they cant decide for themselves, we need honorable people like Ron Paul and Peter Schiff to get the world back on the right track
xxxNiceLifexxx 1 year ago
This has been flagged as spam show
@xxxNiceLifexxx
idiots like you are the problem.
hyperGlobalist 1 year ago
@xxxNiceLifexxx Yeah we need new sheepherders....Fail.
IWashMyOwnBrain 1 year ago
@FCmagic01 Would a Ron Paul or Peter Schiff dictatorship 2012 be better or worse that the Fascist State today with O acting as the bankster puppet?
rayme4raw 1 year ago
@rayme4raw
A Ron Paul "dictatorship"...i dont feel he would be a dictator...would be essentially the greatest President America has ever seen; possibly. Right there with Van Buren, Tyler, Cleveland or Harding.
Ron Paul is on point on all aspects of Liberty...every one of them.
Peter Schiff, unfortunately, would have no chance in the mainstream...then again, i think he'd rather be under Ron Paul as an economic advisor than be the head of the Executive Branch.
Ron Paul 2012.
helltrackrider 1 year ago 6
@helltrackrider Peter has an excellent grasp of economics and can explain it clear and simple. He would make an awesome economic advisor. Ron hasn't really changed in 30 years of being in politics, he wouldn't change just because he becomes president.
rayme4raw 1 year ago
@rayme4raw
Ron Paul wouldnt change as President...my point exactly. His grasp of economics is right in line with Peter Schiffs.
Ron Paul 2012...every bill vetoed.
helltrackrider 1 year ago
@helltrackrider sooo true. i'd love to see peter and ron paul together.
sniped101 1 year ago
@xxxNiceLifexxx
You're an idiot.
zetsway5000 1 year ago
@xxxNiceLifexxx Well you got the second part right....even if Schiff or Paul were elected dictators the system is far to down the drain to ever repair.
Personally I say "No one" for president(dictator, or just "tater").
SuperJoeAnonymous 1 year ago
Peter should win a seat in the US Senate since the truth is on his side. Unfortunately few people are interested in the truth.
BeachRooster 1 year ago 5
It was good to hear you on Alex's show today.
You haven't been on there in quite some time and it was a long time coming too.
Keep on keepin' on and please keep wiping the smirks off of those know it all punks on CNBC's Fast Money..... Karen is intelligent but as for the rest of them, well they speak for themselves lol
BTW: We've had now about 17 double dip recessions now lol Ohhhh! And Neil Kashkari - the engineer of the collapse has left the country!
havoctrend 1 year ago 2
Just pull the plug.......Its all make believe electronic money anyhow. Nothing is REAL anymore. File a National Bankruptcy and fuck 'em all. Then change our Laws to protect us from the creditors. Bring all our military home from the 100+ countries we have bases in, seal our borders tight, and build our own little world. Oh... and make "corporations" illegal entities in the U.S. .... an NO MORE ARTIFICIAL Financial Instruments.... NONE. Let's start from scratch.... Fuck the Chinese..........
grizzzlyjoe 1 year ago 10
@grizzzlyjoe: Finally, someone else who "gets it" too. The solution to virtually every problem is to "get real" and "reject fictions" (don't treat them as real). I'll even add another level. Every organization and corporation is a fiction, most definitely including governments. In fact, even law has always called all these "fictitious entities". While that's a contradiction in terms, it makes the point. End the fed, federal reserve notes, fractional reserves, and all so-called authority.
honestann 1 year ago
@grizzzlyjoe ..and have a depression that makes the 30s look like a kindergarten. Totally insane
pismo10 1 year ago 9
@pismo10 yes you are... you dont beleive what hes saying? your eyes must be glued shut and your ears full of wax.
elementswi2007 10 months ago
@elementswi2007 Read more closely moron....
pismo10 10 months ago
@grizzzlyjoe Corporations are fine. The problem you have is government involvement with corporations (cronie capitalism). It should be made illegal for government to favor one corporation over another since this leads to unfair competition in the market and allows corporartions to become monopolies and dualopolies since the government is giving only them tax breaks, stimulus money, increased regulations (destroying their smaller competitors), and bribes to pass favorable laws for themselves.
residentzombie 1 year ago
@grizzzlyjoe 7 thumbs up for a dumb comments wtf, u pple r stupid
superphi 1 year ago
@grizzzlyjoe Usually the opposite happens when there is economic collapse. Politicians start wars.
Truthpolice9698 1 year ago
@grizzzlyjoe The thing is, the chinese already stuck their little weenies all the way into your rosy american asses... so it´s hard to fuck em now...
haveabeer123 1 year ago
Kill all the crackers.
cavalucho 1 year ago
@cavalucho ....Thank you for your angry comments. You are doing the country alot of good. If you kill the crackers you can't get welfare anymore...lol
petiemac24 1 year ago
I missed these updates! Thanks Peter!
doctorjn 1 year ago
Vegas ... let it ride. lol . Right on , again . comin home to roost believe it.
boob1019 1 year ago
Obama set the collapse in motion.
homertalk 1 year ago
@homertalk
Actually, Nixon set the collapse in motion.
drewmandan 1 year ago
Crucify the Money Changers......
grizzzlyjoe 1 year ago
The monkeys in charge should not have control over our money.
chaz000006 1 year ago
stop begging for funds all the time and keep giving your informative videos. that's what made you.
GeorgeGeo1980 1 year ago 2
@GeorgeGeo1980 Good point George, I've been a fan but this begging is now getting out of control!
descgoh 1 year ago
i believe China will have a major economic meltdown 1 day, and it will only be the start of the new world leader, joining along with Bush Sr. and his NWO gang. Peter is going too far on this, but then again, who knows maybe he's right. the world is what you want it to be depending on how you want to look at it.
LeeRyan2930 1 year ago
Peter, when does europac canada open. The email address on the website bounces back
Szeven85 1 year ago
Totally agree.
I've always considered that these rating agencies are biased and none of them take in account real economy principles. But while the markets listens to them, behaviour changes accordingly. Not to say that fundamentaly, sooner or later the truth is going to surface. Unfortunately to a lot of the "first" world countries.
StalkerPT1 1 year ago
This comment has received too many negative votes show
Peter's been saying that long-term interest rates would rise despite Fed policy for 2.5 years now, but I didn't believe it until Alan Greenspan said it in his op-ed because he's a real economist and Peter is a conspiracy theorist.
n0us3rn4m3s4v41l4bl3 1 year ago
Peter said interest rates would rise WHEN we were ready to begin our recovery. That we wouldn't be able to recover until fed rates more closely matched the market rate of money.
Read up on Austrian Business Cycle Theory.
ijust1 1 year ago
Comment removed
macdaddylorenzo 1 year ago
I have no idea how Indymac just did a loan mod while in foreclosure for a 35 yr fixed @ 2.6%. They made me 'resubmit' 4 seperate times & LTV was 95% Of course I'm not complaining and it took some work, but 5 years from now when interest rates are 10+ how does anyone ever in the financial industry justify these type of loan mods? Is it becuase they'll have a glut of positive equity real estate from other resources ie reverse mortgages for retired folk trying to survive on a weak $
annahasier 1 year ago
government pressured IMF not to release the report on Us economical situation earlier this year. US must devalue its debt, and not be pressured into austerity program, as such programs have failed before in South America, Eastern Europe, and Asia.
borderpatrol05 1 year ago
Thanks for the update Peter
/Swede
FritzPittz 1 year ago 26
This has been flagged as spam show
Peter Schiff IS wrong... pesimissm porn up for the end
/globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html
pansemuckl 1 year ago
The fact that recovery has been so weak when interest rates are at historic lows is very troublesome. You're right. Either way, rates are going to eventually rise, and if this stagnation continues, it's going to be one hell of a ride.
GuardofLiberty 1 year ago 2
of course interest rates are going to rise. they have to. question is, how high?
FattKidd 1 year ago
good luck
681observer 1 year ago
Anyone could have told you US gov't debt is worse than junk; it's toxic. Only the Chinese have the balls or just aren't corrupted enough to say it. The USA has no plans of paying back any of its debt. Their plan is to destroy the world if they can have it their way. Yes, they are psychotic enough to do it. If it looks like people are going to wake up to the fact that the USA is a paper tiger or "wears no clothes", time to launch the nukes. Maybe the USA doesn't even have the nukes either.
harveybirdmannequin 1 year ago 3
@harveybirdmannequin LOL, well considering that Americans have become the "walk-away" nation, and yes, America will most likely default on the 900 billion it owes China. But a default would create a world depression, thus forcing America to isolate and manufacture within again (hey, all problems solved). We walk-away from mortgages and credit card debt like it's a coyote ugly one-nighter... with no remore... no recourse. : )
AspenNomad 1 year ago
@AspenNomad
The Fed will just print money to pay the debt when it comes due, causing inflation.
xp19375 1 year ago
@AspenNomad America default...are you kidding? All we need to do is raise our import taxes to put China on their knees........
IWashMyOwnBrain 1 year ago
@harveybirdmannequin China not corrupt...LOL LOL LOL
IWashMyOwnBrain 1 year ago
Everyone saying pointless comments like first, second, third, etc are losers.
zetsway5000 1 year ago 3
You were missed, welcome back! We heard you on Alex Jone's radio program this afternoon; nice interview. We're going over to give some bucks for your campaign. Congrats on your future seat in the Senate ;)
C
cherilynmonroe 1 year ago 4
@cherilynmonroe Whats Peter doing on Alex Jones show?
checkcall123 1 year ago
@checkcall123 Yes, exactly. Alex is about the last person on earth next to Rush & Beck that Peter needs to be associated with.
Trigunflame 1 year ago
@Trigunflame I agree but I've heard all three. Jones is so far out there, compared to the other two, there is no comparison. Jones's believes, among many other things, that the G brought down the WTC, and presumably struck the Pentagon. I'm surprised to glean from this commentary that Peter went on Alex Jones's show - is that true?
teller121 1 year ago
@teller121 peter schiff is a fruitloop just like gerald celente and alex jones -- the only difference is that hes in a suit and tie.
hyperGlobalist 1 year ago
@hyperGlobalist can you point by point (over the last 7 years) refute peter schiff and his clear, precise economic logic
MrHarry46 1 year ago
@hyperGlobalist or is it all about labeling and name calling for you...(like most "right" wing bush loving nutcases)
MrHarry46 1 year ago
@hyperGlobalist ...So who do you think tells the truth? Obama or anyone else in Congress other tham Ron Paul? WAKE UP SHEEP!!!
petiemac24 1 year ago
@petiemac24
why do we care about who is telling the truth? why do we even care about the truth? we don't need do-gooders in government, we need strong decisive leaders who will take measures to strengthen the nation. this dosen't mean being a goody-goody like ron paul, it means going out and starting wars (and winning), subverting other nations, grabbing resources etc.
internally, it means getting rid of unproductive peasants not protecting them with welfare.
hyperGlobalist 1 year ago
@hyperGlobalist Are you an idiot?
How the fuck do you pay for these wars you think will be a good thing?
cooll6 1 year ago
@hyperGlobalist This is a troll channel right?
93msinclair 1 year ago
@hyperGlobalist Hahaha, fairly decent trolling. I'll give you 6/10.
PluripotentBrain 1 year ago
@hyperGlobalist You are saying we don't have enough sociopaths in government? Maybe you should run for public office, you don't appear to have any value on a human level--a good eunuch who will do as he's told for a more secure existence.
Do you even come from money or are you just an outsider with delusions of mediocrity like a Dimon or Blankfein? Probably some dispensable lawyer, banker, lobbyist etc. And after a lifetime of service the elites may see fit to elevate you to chief eunuch!
MClaudiusMarcellus 1 year ago
@MClaudiusMarcellus
why are you using the handle "marcus claudius marcellus" if you don't believe in conquest and war?
no, i am a "professional" not an "eunuch" ok. and senors blankfein and dimon are the two most powerful captains in banking -- you may dislike them, but sorry, pulling 50m+ a year is not mediocre nor dispensable.
hyperGlobalist 1 year ago