you do understand that the fed doesn't print money correct? That is the treasuries job. and the fed isnt printing money if your going to complain about anything complain about the large scale asset purchases of mortgage back securities or your feeling on Qe2. Right now a little inflation would help the general American people. It could stimulate some job growth as well as get some people out of debt. (do not however think im saying inflation is good, however a little isnt bad right now.)
@fantigrossi1 The Fed doesn't physically print money, but they do control the money supply. Most money exists electronically and isn't printed at all. When people talk about the Fed "printing" money, it is generally used as a euphemism for the Fed increasing the supply of money and credit. Many people don't know that private banks also create money out of thin air whenever they lend someone money. Also, inflation is never actually good. Deflation is needed to flush out the malinvestments.
@engine2truck6 I wasnt joking its pretty ovious that by now with silver over 23$ (17$ when i bought) the fed will keep on printing it isnt happened before, in Germany, Latin America ect.
@jezza1789 I got that book and it is awesome. I'm going to get another book about Weimar next week. Thanks for the suggestion, it is very good! ...and scary.
Do you understand what deflation could do to the economy? any sort of economic shock would put us into that exact scenario. The fed also wants to raise inflation so debt is cheaper. Not to mention the feds inflationary target rate (while never stated) is about 3% and they look for growth of about 5%. Creating a real increase in growth of 2%.So you should learn about fed policies. This guy seems to have read the cliff notes on economics while never actually looking at the indicators.
In the race to the currency bottom, who will ultimately be the winner? Will the winner be the first one to be hyperinflated? Peter's comments on Llew Rockwell on Sept 29 make it all very clear - the Keynesian governments no longer have a choice but to allow inflation to take over. IMHO the winners will be those who don't hold dollars.
I am kinda new to your site Mr. Schiff, so I was wondering how you feel about insurance companies, and what their true effect is on the price of health care? Personally I feel that all insurance is a SCAM, and that insurance does nothing but grossly inflate the price of health "care". None the less, you seem to know what you are talking about, and as such I'm curious to know how you feel about it.
@GaryVolts I love these statistical arguments. It proves American's value their healthcare more than these Socialized countries. Americas spend more money on EVERYTHING than citizens in other parts of the world, and they get to DECIDE where they spend it more than the more socialized (EVERY OTHER) nations. Maybe some of those Socialist countries should bring their health care spending up to the American standard, instead of depriving their people!
@engine2truck6 Right on. When you're rich you get spend more money on everything and consume more of everything. Unfortunately this is going to be changing.
@laptoprepairs sfiorare needs the education. the US Treasury does NOT have the authority to print us dollars. NO ONE has the authority to print US dollars. It is against the law. The US Constitution specifically says "only gold and silver" will be legal tender. There is not supposed to be paper money in the USA. And you do have a "Peter Schiff". His name is Daniel Hannan.
@trent3727 lol you dont think it can fall read history and you'll know it wont last for ever. Depending on the gov the individual investors may keep their money abroad. This isnt the same US economy that made US a leader in production now we have keynes totally different
but america invest lots of money in other countries as well like they are the biggest investor in australia and im sure they are big investors in other countries so i dont know if they can ever fall but what if they did would happen to there investments would america have to sell them to pay of there owne debt
Peter, I have to assume that you know that the fed says whatever they need to in order to fool people into letting them continue with their scam. The real reason the fed wants prices to go up is because it does not want a further fall in housing prices. If that happens then "extend and pretend" regarding the insolvency of all major US banks might not work. They might have to take massive write downs on their housing assets. Nothing else matters except to protect the structure of the scam.
It's obvious that Bernanke has gold and is personally profiting from it. Or else that he has his balls in a vice grip from people who are into gold. There's no other logical explanation. I'm not saying that buying gold is a bad idea, but I do think that they are creating a lot of false praise for it in order to artificially push up the price. There is no other way to explain such suicidal behavior.
while peter is talking on this video, he is also writing an investment article, making trades in his personal brokerage account, and planning his next business trip.
What I don't understand is how is there inflation like Peter says? Shouldn't there be deflation when there is such high unemployment and downturn. Where is this inflation coming from? Is it from all the money the Fed gave out?
@john5927572 inflation is an effect, the cause is oversupply of money from the Fed. Oversuppy of a good devalues that good. However, the only reason you don't see price rise/inflation is because the oversupplied money is not being distributed/lent out by banks. So the general economy doesn't "feel" the effects. However, if you want to check the real inflation rate check out "shadowstatsDOTcom" There is >4% inflation versus official gov't's 1%. Gov't is lying or best fudging the numbers.
@nuclide Inflation is partially the result of cutting taxes on people that make more than 250K year. This increases the deficit, as result the fed must buy tbonds to never interest rates below infinity. All that money could be going to paying down the deficit. Peter Schiff is for a gold tax as you must pay capital gains tax on your gold.
@pirucreek I really need to know where you got that definition, otherwise I'm going to guess you're making that stuff up. Go to misesDOTorg and search inflation. Educate yourself!
@john5927572 normally you are right rising unemployment leads to deflation. However, the true value of money is the money supply/goods. If the money supply goes up, inflation will go up. If unemployment goes up deflation will go up. The money supply is going up faster than the influences of unemployment.
@sfirare You should read "The economics of inflation" by Costantine Turroni a member of the German reparation commission during the weimar hyperinflation years. If your serious about investing in todays world. You seem to believe everything the gov tells you and your arguments are baseless to someone like me who studies history and looks at signs of need for inflation like the deficits which the keynesians regard as unimportant.
@sfiorare I dont understand your view do you support Bernanke? Btw Im looking at the bigger picture as if the fed were the goverment since anything it does affects it directly, also im talking not only about the Trillions owed to asian and other countries but the huge trade deficits that keep getting bigger as the US becomes useless at production its close to a trillion a year, Ive studied the German 1914 inflationary disaster and I see the same mistakes printing aint a knew idea.
@laptoprepairs Technically yes, but most "printing" is done on computers. I read 95% of USD currency is in electronic form, the rest being cotton bills and worthless plated zinc. But yes, the FED does print the money and it is a private corporation, like Federal Express. It is NOT a part of our government.
@cheezenug - The Federal Reserve is not controlled by private banks, but by a publicly appointed board of governors. Many confuse "owning" and "controlling". Private banks, while they may own shares in the individual Federal Reserve Banks, do not have any control over the Federal Reserve System, much like how a private individual may own shares of a large corporation, but has little say in the day to day operations.
@sfiorare I didn't say it was controlled by private banks. I don't know who controls it but I think since it's a private corporation it is controlled by it's owners. And who owns it? Again I'm not sure but isn't it the Rothchilds, Warburgs, Rockefellers, etc? To say it's controlled by our govt thru Bernanke as an appointee is a joke. For Obama to pick someone else would be a political disaster, so why would he? And even if he had, the chairman wouldn't be taking pointers from the president.
@cheezenug - it's obvious you don't have enough knowledge of banking, finance and economics principles to be aware of how things work; if the rothschilds were as powerful as you seem to believe, why did their bank (lehman) declare bankruptcy in 2008? so many banks got bailed out, why didn't the rothschilds instruct the federal reserve to bail out lehman? if you're interested in banking, study economic and finance, but don't repeat foolish internet misinformation and propaganda, here
@sfiorare So you are telling me that I'm wrong or just don't have enough knowledge? I agree I don't know much but could you please tell me who owns the banks then? I love reading and gaining information. Please give me source where I can read about WHO OWNS THE FEDERAL RESERVE BANKS. I honestly would appreciate it.
@cheezenug - each of the 12 federal reserve banks are owned by commercial banks in the district where they are located; read this: 'The Federal Reserve System: A History' by Donald R Wells (2004), part it it is on google books
Mr. Schiff should do a video on what exactly some of these rules and regulations are that encumber businesses. I know they exist, but not exactly what they do.
@sfiorare Calm down genius the US owes trillions to the world espeacially the Asian economies. Bernanke chairman of the fed has all the power to lend (printed) money through computers, and artificially control interest rates actual printing is irrelavent.
@jezza1789 - the vast majority of public debt is owned by the government (50%) and domestic entities (20%), around 30% is owned by foreign governments; any profit the federal reserve makes goes back to the treasury, they returned $45 billion in 2009
Federal Reserve earned $45 billion in 2009
By Neil Irwin Washington Post Staff Writer 1/12/2010
The Fed will return about $45 billion to the U.S. Treasury for 2009, according to calculations by The Washington Post based on public documents.
@laptoprepairs - you're an example of what happens when someone just reads propaganda rather than getting a real education; only the treasury department has the authority to print us dollars and press coins; the federal reserve has no printing press
another great video from Mr. Schiff. I've been trying to spread info about the economy to people I know. I gave my friend and his mom his book "how an economy grows and why it crashes" and they both loved it
@realmadridvideos LMAO your so funny the fed owes its debt to foreigners not the white house. It has to pay back with interest which it cant so itll inflate is way out, if it choses to not pay the asians and other will simply stop exporting to the US and itll collapse espiacially wal mart who sells 98% Chinese products.
Astounding! Judging by some comments the always wrong will remain wrong until our country is destroyed and 99.999% live in utter poverty. Poverty creates Dem voters.Simple!To attain absolute power there are some so evil (yes, EVIL as they KNOW what they do unlike 99% of their GOOD PEOPLE followers) these people are destroying our country until only ashes remain. Will these followers ever think rationally with facts/figures/history instead of mindless Marxism? Simple NO-WE R DOOMED! END IS NEAR!
fed reserve gets more and more arrogant the more power they have and don't care what they say. even if it means they are revealing their game plan. this is what happens when you have a sick ego. WA is full of sick egos on a power trip.
@laptoprepairs Probably because the uk has no good economist. Im kidding but it doesnt surprise me the US and UK economies are closely related and equally doomed. Do people in the UK actually believe printing is the answer just like most people here do?
@laptoprepairs Probably because the uk had no good economist. Im kidding but it doesnt surprise me the US and UK economies are closely related and equally doomed. Do people in the UK actually believe printing is the answer just like most people here do?
thats just a theory i have. In other words basically when it comes down to it, the Goverment is always much much more powerful than the Fed. It can shut the Fed down at any time it chooses. Rothschilds was wrong, control the Law and you control the country. Money is nothing its purely symbolic.
Feds are not as powerful as conspiracy theories claim them to be. The Feds are employed to do a job of printing money and thats it. This 57 trillion debt figure is nothing but a tocken jesture. Its not the same debt as an individual debt where we have to pay it back or we loose our house. You think the Fed is going to reposes the white house and put it up for sale ? In 100 years time the debt will be 1 billion trillion dollars, but economy and society will pretty much be unaffected by this.
If inflation is a tax, which it is. If income tax is a tax, which it is. Why does Dr. Paul advocate the inflation tax which he claims hurts the poor the most, against the income tax on those making more than $250 K a year.
The whole tea party platform is cutting income taxes and transferring that tax to inflation tax - the family breaker.
Is Dr. Paul, Peter Schiff, and all tea baggers a fraud?
This is the problem with Ron Paul. Read this article on the inflation tax written by Ron Paul. Look at line two and here is the quote by the doctor,
"The inflation tax, while largely ignored, hurts middle-class and low-income Americans the most. Simply put, printing money to pay for federal spending dilutes the value of the dollar, which causes higher prices for goods and services. Inflation may be an indirect tax, but it is very real – the individuals who suffe
What do you think of the Republican's Pledge to America? They said they're going to pledge to get the government out of the GSEs. WTF are they talking about? They should be pledging to phase them out!!!!! These guys aren't republicans.
Dear Peter, those guys are really, really smart. If Helicopter Ben is openly saying he is going to inflate there is a reason. Maybe they WANT everyone to go to gold. Maybe that is the trap that they want everyone into. Gold is yet the NEXT big bubble. Those bastards are way ahead of the rest of us and they are out to screw us yet again.
@pepeledog That's an interesting point; however, you don't even have to be moderately smart if you have enough power in the right places. They can and will screw us, no doubt.. I think gold could someday bubble, but I believe it has a healthy long way to go. If it is possible for them to screw us with gold, I think it could only be a fraction of an amount that they can screw us with paper. Gold actually "does" have value.
Peter, you mentioned on your radio show you are going to debate free market Austrian economists on your new radio show. You should debate Robert Prechter, THat would be VERY INTERESTING and i will definitely tune in.
Let's say the FED raises interest rates and sells government bonds. What does it do with the money that it collects from the government when they sell their bond inventory?? Do they destroy it, or shove it in a vault somewhere??
@john5927572 Buying bonds is like buying time you are paid back with money from the future and if the dollar inflates more than the bond you could get back less in buying power than you put in. Thats just how I see. I would like to see other opinions also.
You assholes that voted these idiots into office. THANKS! You may be getting great handouts now but be warned, this gravy train is about over. Then we will see how nice things are for you.
Who are the 8 retards that voted thumbs down on this video??? How could there be 8 people that disliked this report? Maybe it was Bernanke himself, and Timmy Geithner and the rest of the gang!
This has to be one of the top 3 if not the number 1 significant youtube accounts I'ev seen in terms of informing people about important happenings. Thank you Schiff for sharing your grace.
You're really shocked that Bernanke would say something like that? I thought you followed Ben and his moves and have been debunking his nonsense for years Peter. Ben saying that we don't have enough inflation goes along with everything he does and believes.
@sfiorare Well without printing the economy will automatically enter a deflation period which you dont want. Under the circumstances its either print or deflation this isnt the same economy of before the banks are still breathing because of printing.
Bernanke and his supporters for some reason dont care about debt, deficits or credit expansion on a huge level. Probally because they think they can solve it by printing money. Unemployement and the national debt are high if not at all time high production and trade are at all time lows how come the other two stimulus didnt work im I missing something.
@sfiorare you cant be serious. You actually belive that printing money is the solution lol you probally think printing is real wealth, or the economy is going to recover after failling twice before under two huge stimulusm.
I just read the DSGlop (the schiff hater guy) and now he is saying that the FED can simultaneously lower interest rates and fight inflation - its kinda like the guy in fox who said that interest rates can stay at 0% for ever. Because no the inflation caused by that decrement won't at all effect anything - ever.
What they are saying is basically the same as saying - you can print stuff out of thin air without any work.... NICE!
The elites just want us to owe money for our entire adult lives. From the moment we turn 18 and receive student loans until we die of old age with our second and third mortgages finally paid. Dept and taxes is the new slavery.
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@sfiorare What fear is being sold? Informing people about doom and gloom policies does help the country because it wakes them up before it's too late. Unfortunately only 40,000 are watching these when it needs to be 100 million+. Those 100 million+ are busy watching Party in the USA by Miley Cyrus though. They're not going to be partying much when their dollars they're foolishly holding go to zero.
@sfiorare yes. A lot of bad things are going to happen and it is important that people understand why. We will never solve our problems unless we understand them. Plus those individuals who take action now to protect their wealth will avoid poverty, which has to be a good thing.
@sfiorare Start buying supplies to store in your basement. Pay off debt, buy gold and silver. Store canned food and dry food. Water and canned liquids to drink. Make sure your guns work fine and buy and store ammo and gun oil. make sure you have a network set up with other patriots to communicate with them and for safe houses. Be ready for the Next government crisis and martial law. Don't be fooled by marxist president and Democrats.
here's what the fomc really said: Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.
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Great Pete! keep giving a bit of light, is unbelieble how the goverment can confuse us and manipulate, is like they are pissing on top of us and the news saying that is raining.
Pete, we EAGERLY await the debut of your daily radio show on terrestrial radio! That would be the PERFECT vehicle for you to get your voice out there in a high quality, intimate setting. You'll get the name recognition you so rightfully deserve, you'll enlighten and educate the masses (including the politicians) and answer their questions, AND most importantly it'll GUARANTEE yourself a Senate victory during the next cycle if you chose to run again.
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Whilst many of the ills and problems you face as a nation are down to the government as Peter so pertinently points out time and time again, it appears that many US consumers try to shirk responsibility for spending what they don't have and some 100%.
.The average US consumer is up to their eyeballs in debt as, simply because you can't stop buying predominantly Chinese made garbage you don't need as you are told it defines who you are and you fall for it all day long.
@sfiorare I dont really agree with you, and regardless i was inferring that it is disappointing that an idiot like christine o'donnell can win a senate primary but someone who is clearly eminently more qualified cant.
Great vlog Peter! Prices have already been rising much faster than the FED has admitted. The FOMC report by Bernanke merely gives the FED the ability to lie a little bit less about the real inflation rate. Shadowstats has been demonstrating this for years. The real inflation rate had begun to get so far outside the FED's abilty to lie that they needed to accommodate the truth. Political massage.
Mr. Schiff thank you so much for taking time out to record these vlogs. You are providing free jewels of wisdom and education and I am greatly appreciative. I am telling all my friends about the Schiff Report. Best Wishes.
Soon to be ex-President Barack Obama once told Democratic lawmakers they'd be proud to campaign on historic healthcare legislation. Six months later, the only Democrats running ads about it are the ones who voted "no.
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@1Makyo Well actually I am planning to sell and move into foreign currencies and stocks, possible out of the states. Who knows maybe gov confiscates silver when it goes way up and I struggle but atleast im doing something, dont you get it its not only ovious but Bernanke put it out in the open dollars are soon worthless for sure.
@1Makayo Well actually I am planning to sell and move into foreign currencies and stocks, possible out of the states. Who knows maybe gov confiscates silver when it goes way up and I struggle but atleast im doing something, dont you get it its not only ovious but Bernanke put it out in the open dollars are soon worthless for sure.
Again i agree with half of what you say. Yes the government needs to get out of our lives but the fed is just trying to keep the economy going dispite the government.
@IWashMyOwnBrain - everything i've posted shows that i think the fed is doing a pretty good job of managing our monetary policy and that schiff is just putting out biased political rhetoric
Silver is up again and me a silver holder are not happy, i was optimistic before i bought it as a precation but now im buying more its serious now thank you bush and obama you definately didnt look evil on your campaigns. Im not scared just saden I dont like watching kids suffer.
They want inflation so they wipe out the baby boomers nest eggs and to keep them working as long as possible, America is incapable of surviving the post baby boom transition and they are trying to mitigate it as much as possible.
This comment has received too many negative votesshow
@Hakubi1 - Zero inflation increases the risk of the economy slipping into deflation and worse a deflationary spiral. The decrease in prices causes wages to fall and less goods to be produced, which in turn causes prices to fall further causing further decreases in wages, goods production and employment. A low rate of inflation provides a safety barrier against this. Deflation is also very hard for a monetary authority to correct. Interest rates cannot be offered at a negative rate.
@sfiorare We do not need to correct falling prices. That is a good thing. Prices fell almost every year from the end of the civil war to the start of WWI. We had the industrial revolution. That was the strongest period of economic growth in our nation's history.
@SchiffReport - so this is what you want to go back to: Panic of 1797, Panic of 1819, Panic of 1825, Panic of 1837, Panic of 1847, Panic of 1857, Panic of 1866, Black Friday (1869), Panic of 1873, Panic of 1884, Panic of 1890, Panic of 1893, Panic of 1896, Panic of 1901, Panic of 1907, Panic of 1910-1911
@sfiorare If those "panics" were so terrifying, why did that coincide with a period which reflected the greatest increases to living standards? Sure, there were bank runs. Those occured to banks which took foolish risks, and were rightfully allowed to fail. That ensured other banks would have the necessary fear, making more conservative and sustainable investments, such as factories and infrastructure.
@jackson92186 - of course, there was no fdic before 1933, so many families lost all their savings and the farm; robber barons bought up most everything worth having; standards of living in 1900 were bleak; even in 1935 only 13% of farms had electricity; why would you want to go back to that? if you do want to go back to that, buy some remote land cheap and have at it; your comments don't make sense
@jackson92186 I'l take a one-year "Panic" over a massive twenty-year DEPRESSION any time. That is what all the government tinkering caused in 1930-1950, and what it is causing now.
@sfiorare I'm not making it up. I really would prefer a free market to the fascist system we have now. Doing things because you have a gun to your head is not as preferable to me as doing things without such. It is not made up: it is my ethical position on the issue. I am optimistic that an ever-growing number of Americans are rejecting the use of force on their neighbors to "mange" their sexual, artistic, religious, and economic activities. We need Freedom, not fascism/socialism/collectivism..
Those old panics purged an otherwise healthy economy of excesses. We don't purge imbalances anymore, we just go into debt and grow government to fill the void. Have fun when that bubble pops, more like an explosion. By the way, the railroad bubbles throughout the 1800s were largely fueled by government land grants and subsidies. The panic of 1847 was caused by the Bank of England and fractional reserve banking, they issued way more notes than they had in gold.
@BansheeXYZ - the point is that the 19th century was far more chaotic than the last 97 years; i'm set, no matter what happens i'm prepared; let the bubble explode; but of course; the fed is going to manage things so that it will be easy compared to the old panics of the 1800's
@sfiorare We have some kind of financial panics/severe recessions even after Federel Reserve once in every 5-15 years anyway, so your point is kinda moot. Besides, panic is a pretty catchy word.
20s: Recession of 1920-1921, Great Depression
30s: Great Depression, Depression of 1937
40s: Recession of 1945-1946(readjustment from war economy to a peace time economy, but even in WW2 shortages were widespread)
50s-60s: Calmer years, but Recessions in '53 and '58(unemployment 7.8%), and...
Oh yea I forgot about LTCM paving the way of bailout culture.
Moreover, FDIC is not needed in preventing to bank runs, if private insurance companies exist. In Hong Kong, the deposit of its banks are not guaranteed by the central bank of Hong Kong(HKMA), but bank runs rarely happen, even in the depths of Asian financial crisis and SARS. The private insurance comp.pick up the slack, and banks are low-leveraged(>30% down on borrowing on house) bc of their transparency.
@sfiorare In 1984 my dad purchased an IBM computer with 64K of ram and no hard drive for $3000 (10 ounces of gold). I just recently purchased a Dell with 6GB of Ram, 1 Terabyte Hard Drive, 2.8GHz Quadcore for $600 (0.5 ounces of gold). Do you really think that I am worse off now than then??? IBM is trading for 6 times what it was in 1984. They have 410,000 employees. Maybe they're worse off??? How about Microsoft, Google, Apple, etc...are they all worse off? Deflation has been great IMO.
@sfiorare You said "the decrease in prices would cause wages to fall and less goods to be produced". Prices have fallen and people employed by the computer industry have seen dramatic increases in wages, and way more computers are being produced. Your statement is false as shown by the computer industry.
One of your best! Very funny and true.
TWSceptic 2 months ago
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FatReleaseSystem 11 months ago
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truehealthyproducts 11 months ago
Who are the 9 retards who voted this down? Statist stooges disgust me.
CircleBastiat 1 year ago 4
YTG, I like ur comments they're funny as hell.
cedricalien 1 year ago
@engine2truck6 Really which one tell me so i can also buy it I read anything I get my hands on that can help me.
jezza1789 1 year ago
@jezza1789 The book is: "When Money Dies" by Adam Ferguson. (Not sure about the spelling).
engine2truck6 1 year ago
you do understand that the fed doesn't print money correct? That is the treasuries job. and the fed isnt printing money if your going to complain about anything complain about the large scale asset purchases of mortgage back securities or your feeling on Qe2. Right now a little inflation would help the general American people. It could stimulate some job growth as well as get some people out of debt. (do not however think im saying inflation is good, however a little isnt bad right now.)
fantigrossi1 1 year ago
@fantigrossi1 The Fed doesn't physically print money, but they do control the money supply. Most money exists electronically and isn't printed at all. When people talk about the Fed "printing" money, it is generally used as a euphemism for the Fed increasing the supply of money and credit. Many people don't know that private banks also create money out of thin air whenever they lend someone money. Also, inflation is never actually good. Deflation is needed to flush out the malinvestments.
BobbyW3363 1 year ago
@engine2truck6 I wasnt joking its pretty ovious that by now with silver over 23$ (17$ when i bought) the fed will keep on printing it isnt happened before, in Germany, Latin America ect.
jezza1789 1 year ago
@jezza1789 I got that book and it is awesome. I'm going to get another book about Weimar next week. Thanks for the suggestion, it is very good! ...and scary.
engine2truck6 1 year ago
Do you understand what deflation could do to the economy? any sort of economic shock would put us into that exact scenario. The fed also wants to raise inflation so debt is cheaper. Not to mention the feds inflationary target rate (while never stated) is about 3% and they look for growth of about 5%. Creating a real increase in growth of 2%.So you should learn about fed policies. This guy seems to have read the cliff notes on economics while never actually looking at the indicators.
fantigrossi1 1 year ago
september 21th xD
TedEdFred21 1 year ago
In the race to the currency bottom, who will ultimately be the winner? Will the winner be the first one to be hyperinflated? Peter's comments on Llew Rockwell on Sept 29 make it all very clear - the Keynesian governments no longer have a choice but to allow inflation to take over. IMHO the winners will be those who don't hold dollars.
marketnavigator 1 year ago
I am kinda new to your site Mr. Schiff, so I was wondering how you feel about insurance companies, and what their true effect is on the price of health care? Personally I feel that all insurance is a SCAM, and that insurance does nothing but grossly inflate the price of health "care". None the less, you seem to know what you are talking about, and as such I'm curious to know how you feel about it.
-Oz
Ozlanthos 1 year ago
@GaryVolts I love these statistical arguments. It proves American's value their healthcare more than these Socialized countries. Americas spend more money on EVERYTHING than citizens in other parts of the world, and they get to DECIDE where they spend it more than the more socialized (EVERY OTHER) nations. Maybe some of those Socialist countries should bring their health care spending up to the American standard, instead of depriving their people!
engine2truck6 1 year ago
@engine2truck6 Right on. When you're rich you get spend more money on everything and consume more of everything. Unfortunately this is going to be changing.
GaryVolts 1 year ago
GET'EM PETE!!!
freedom4kaz 1 year ago
@laptoprepairs sfiorare needs the education. the US Treasury does NOT have the authority to print us dollars. NO ONE has the authority to print US dollars. It is against the law. The US Constitution specifically says "only gold and silver" will be legal tender. There is not supposed to be paper money in the USA. And you do have a "Peter Schiff". His name is Daniel Hannan.
engine2truck6 1 year ago
@trent3727 lol you dont think it can fall read history and you'll know it wont last for ever. Depending on the gov the individual investors may keep their money abroad. This isnt the same US economy that made US a leader in production now we have keynes totally different
jezza1789 1 year ago
@KC101X - yea, economic saboteurs should be frozen out
sfiorare 1 year ago
but america invest lots of money in other countries as well like they are the biggest investor in australia and im sure they are big investors in other countries so i dont know if they can ever fall but what if they did would happen to there investments would america have to sell them to pay of there owne debt
trent3727 1 year ago
Hmmm... high unemployment... rising inflation... wonder what that leads to?
asianfrenzy666 1 year ago
Peter, I have to assume that you know that the fed says whatever they need to in order to fool people into letting them continue with their scam. The real reason the fed wants prices to go up is because it does not want a further fall in housing prices. If that happens then "extend and pretend" regarding the insolvency of all major US banks might not work. They might have to take massive write downs on their housing assets. Nothing else matters except to protect the structure of the scam.
chitons21 1 year ago
It's obvious that Bernanke has gold and is personally profiting from it. Or else that he has his balls in a vice grip from people who are into gold. There's no other logical explanation. I'm not saying that buying gold is a bad idea, but I do think that they are creating a lot of false praise for it in order to artificially push up the price. There is no other way to explain such suicidal behavior.
0932486509 1 year ago
while peter is talking on this video, he is also writing an investment article, making trades in his personal brokerage account, and planning his next business trip.
if only i could multi-task like that.
victorwasright 1 year ago
@victorwasright Maybe that's why we hear so many sounds coming from his computer!
satarnag 1 year ago
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Keynesian economics is on its last breath.
caddyshack12190 1 year ago
keep up the good work Peter
toxa84 1 year ago
What I don't understand is how is there inflation like Peter says? Shouldn't there be deflation when there is such high unemployment and downturn. Where is this inflation coming from? Is it from all the money the Fed gave out?
Great vid
john5927572 1 year ago
@john5927572 inflation is an effect, the cause is oversupply of money from the Fed. Oversuppy of a good devalues that good. However, the only reason you don't see price rise/inflation is because the oversupplied money is not being distributed/lent out by banks. So the general economy doesn't "feel" the effects. However, if you want to check the real inflation rate check out "shadowstatsDOTcom" There is >4% inflation versus official gov't's 1%. Gov't is lying or best fudging the numbers.
nuclide 1 year ago
@nuclide Inflation is partially the result of cutting taxes on people that make more than 250K year. This increases the deficit, as result the fed must buy tbonds to never interest rates below infinity. All that money could be going to paying down the deficit. Peter Schiff is for a gold tax as you must pay capital gains tax on your gold.
pirucreek 1 year ago
@pirucreek I really need to know where you got that definition, otherwise I'm going to guess you're making that stuff up. Go to misesDOTorg and search inflation. Educate yourself!
nuclide 1 year ago
@john5927572 normally you are right rising unemployment leads to deflation. However, the true value of money is the money supply/goods. If the money supply goes up, inflation will go up. If unemployment goes up deflation will go up. The money supply is going up faster than the influences of unemployment.
pirucreek 1 year ago
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What a waste of life- to spend all your time thinking about finances. I pity businessmen and economists.
tristramshandy3 1 year ago
@sfirare You should read "The economics of inflation" by Costantine Turroni a member of the German reparation commission during the weimar hyperinflation years. If your serious about investing in todays world. You seem to believe everything the gov tells you and your arguments are baseless to someone like me who studies history and looks at signs of need for inflation like the deficits which the keynesians regard as unimportant.
jezza1789 1 year ago
@jezza1789 - oh please, you're a joke
sfiorare 1 year ago
@jezza1789 I am taking your "joke" seriously. I'm hunting down that book. Sounds like learning from the past might be helpful.
engine2truck6 1 year ago
@sfiorare I dont understand your view do you support Bernanke? Btw Im looking at the bigger picture as if the fed were the goverment since anything it does affects it directly, also im talking not only about the Trillions owed to asian and other countries but the huge trade deficits that keep getting bigger as the US becomes useless at production its close to a trillion a year, Ive studied the German 1914 inflationary disaster and I see the same mistakes printing aint a knew idea.
jezza1789 1 year ago
@laptoprepairs Technically yes, but most "printing" is done on computers. I read 95% of USD currency is in electronic form, the rest being cotton bills and worthless plated zinc. But yes, the FED does print the money and it is a private corporation, like Federal Express. It is NOT a part of our government.
cheezenug 1 year ago
@cheezenug - The Federal Reserve is not controlled by private banks, but by a publicly appointed board of governors. Many confuse "owning" and "controlling". Private banks, while they may own shares in the individual Federal Reserve Banks, do not have any control over the Federal Reserve System, much like how a private individual may own shares of a large corporation, but has little say in the day to day operations.
sfiorare 1 year ago
@sfiorare I didn't say it was controlled by private banks. I don't know who controls it but I think since it's a private corporation it is controlled by it's owners. And who owns it? Again I'm not sure but isn't it the Rothchilds, Warburgs, Rockefellers, etc? To say it's controlled by our govt thru Bernanke as an appointee is a joke. For Obama to pick someone else would be a political disaster, so why would he? And even if he had, the chairman wouldn't be taking pointers from the president.
cheezenug 1 year ago
@cheezenug - it's obvious you don't have enough knowledge of banking, finance and economics principles to be aware of how things work; if the rothschilds were as powerful as you seem to believe, why did their bank (lehman) declare bankruptcy in 2008? so many banks got bailed out, why didn't the rothschilds instruct the federal reserve to bail out lehman? if you're interested in banking, study economic and finance, but don't repeat foolish internet misinformation and propaganda, here
sfiorare 1 year ago
@sfiorare So you are telling me that I'm wrong or just don't have enough knowledge? I agree I don't know much but could you please tell me who owns the banks then? I love reading and gaining information. Please give me source where I can read about WHO OWNS THE FEDERAL RESERVE BANKS. I honestly would appreciate it.
cheezenug 1 year ago
@cheezenug - each of the 12 federal reserve banks are owned by commercial banks in the district where they are located; read this: 'The Federal Reserve System: A History' by Donald R Wells (2004), part it it is on google books
sfiorare 1 year ago
This may well be the most brilliant Peter Schiff video blog I've seen. Outstanding!
sonofaglitch2 1 year ago
Mr. Schiff should do a video on what exactly some of these rules and regulations are that encumber businesses. I know they exist, but not exactly what they do.
xp19375 1 year ago
@laptoprepairs yes that right! they print it then loan it out with interest...
TheObserver2012 1 year ago
@sfiorare Calm down genius the US owes trillions to the world espeacially the Asian economies. Bernanke chairman of the fed has all the power to lend (printed) money through computers, and artificially control interest rates actual printing is irrelavent.
jezza1789 1 year ago
@jezza1789 - the vast majority of public debt is owned by the government (50%) and domestic entities (20%), around 30% is owned by foreign governments; any profit the federal reserve makes goes back to the treasury, they returned $45 billion in 2009
Federal Reserve earned $45 billion in 2009
By Neil Irwin Washington Post Staff Writer 1/12/2010
The Fed will return about $45 billion to the U.S. Treasury for 2009, according to calculations by The Washington Post based on public documents.
sfiorare 1 year ago
@laptoprepairs - nope, only the treasury department prints money; the federal reserve increases the money supply through expansionary monetary policy
@dmkwils - i live on 30 rural wooded acres, have several gardens, orchards, a deep water well, stocked pond, game and all i need
sfiorare 1 year ago
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check out whats going on in florida. real estate is a corpse!
youtube.com/watch?v=8vB-35Nt_bA
soapboxshaman 1 year ago
@laptoprepairs - you're an example of what happens when someone just reads propaganda rather than getting a real education; only the treasury department has the authority to print us dollars and press coins; the federal reserve has no printing press
sfiorare 1 year ago
another great video from Mr. Schiff. I've been trying to spread info about the economy to people I know. I gave my friend and his mom his book "how an economy grows and why it crashes" and they both loved it
a4finger 1 year ago
@realmadridvideos LMAO your so funny the fed owes its debt to foreigners not the white house. It has to pay back with interest which it cant so itll inflate is way out, if it choses to not pay the asians and other will simply stop exporting to the US and itll collapse espiacially wal mart who sells 98% Chinese products.
jezza1789 1 year ago
@jezza1789 - it appears that you think only foreigners buy t-bills
sfiorare 1 year ago
Astounding! Judging by some comments the always wrong will remain wrong until our country is destroyed and 99.999% live in utter poverty. Poverty creates Dem voters.Simple!To attain absolute power there are some so evil (yes, EVIL as they KNOW what they do unlike 99% of their GOOD PEOPLE followers) these people are destroying our country until only ashes remain. Will these followers ever think rationally with facts/figures/history instead of mindless Marxism? Simple NO-WE R DOOMED! END IS NEAR!
w0tm 1 year ago
fed reserve gets more and more arrogant the more power they have and don't care what they say. even if it means they are revealing their game plan. this is what happens when you have a sick ego. WA is full of sick egos on a power trip.
lindabebe835 1 year ago
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@laptoprepairs Probably because the uk has no good economist. Im kidding but it doesnt surprise me the US and UK economies are closely related and equally doomed. Do people in the UK actually believe printing is the answer just like most people here do?
jezza1789 1 year ago
@laptoprepairs Probably because the uk had no good economist. Im kidding but it doesnt surprise me the US and UK economies are closely related and equally doomed. Do people in the UK actually believe printing is the answer just like most people here do?
jezza1789 1 year ago
@jezza1789 I think JM Keynes was British. Tha is why US and GB have similar fiat currency and socialist economies.
engine2truck6 1 year ago
yes, the fed is getting bolder and more bolder as time goes on.
lindabebe835 1 year ago
well said on inflation, wheat, corn, and soybean have all bottomed and will triple in price within 3-6 years
TradeWorth 1 year ago
thats just a theory i have. In other words basically when it comes down to it, the Goverment is always much much more powerful than the Fed. It can shut the Fed down at any time it chooses. Rothschilds was wrong, control the Law and you control the country. Money is nothing its purely symbolic.
realmadridvideos 1 year ago
Feds are not as powerful as conspiracy theories claim them to be. The Feds are employed to do a job of printing money and thats it. This 57 trillion debt figure is nothing but a tocken jesture. Its not the same debt as an individual debt where we have to pay it back or we loose our house. You think the Fed is going to reposes the white house and put it up for sale ? In 100 years time the debt will be 1 billion trillion dollars, but economy and society will pretty much be unaffected by this.
realmadridvideos 1 year ago
Long live peter schiff!
ndtoknw 1 year ago
Thanks for the video it overall was great.
pirucreek 1 year ago
If inflation is a tax, which it is. If income tax is a tax, which it is. Why does Dr. Paul advocate the inflation tax which he claims hurts the poor the most, against the income tax on those making more than $250 K a year.
The whole tea party platform is cutting income taxes and transferring that tax to inflation tax - the family breaker.
Is Dr. Paul, Peter Schiff, and all tea baggers a fraud?
pirucreek 1 year ago
This is the problem with Ron Paul. Read this article on the inflation tax written by Ron Paul. Look at line two and here is the quote by the doctor,
"The inflation tax, while largely ignored, hurts middle-class and low-income Americans the most. Simply put, printing money to pay for federal spending dilutes the value of the dollar, which causes higher prices for goods and services. Inflation may be an indirect tax, but it is very real – the individuals who suffe
pirucreek 1 year ago
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Best Schiff Report ever... "They're giving advice... it's not hard... they don't even give good advice." lol
InCharacter 1 year ago
Comment removed
InCharacter 1 year ago
2 or 3 jobs???
back in the day,
someone pushing 2 jobs
was considered an OVER-ACHIEVER
wow... we've come a long way...
So, let me get this straight...
Thinking for a living is not considered work?
What do you do again, Mr. Schiff?
heckler73 1 year ago
Hi Peter,
What do you think of the Republican's Pledge to America? They said they're going to pledge to get the government out of the GSEs. WTF are they talking about? They should be pledging to phase them out!!!!! These guys aren't republicans.
GaryVolts 1 year ago
unbelievable...or not so much. hyperinflation as end game...deflationists correct so far have the overall road map wrong.
MattyS54 1 year ago
Dear Peter, those guys are really, really smart. If Helicopter Ben is openly saying he is going to inflate there is a reason. Maybe they WANT everyone to go to gold. Maybe that is the trap that they want everyone into. Gold is yet the NEXT big bubble. Those bastards are way ahead of the rest of us and they are out to screw us yet again.
pepeledog 1 year ago
@pepeledog lol good one....as if the conspiracy theorists need their brains scrambled anymore.
IWashMyOwnBrain 1 year ago
Comment removed
IWashMyOwnBrain 1 year ago
@pepeledog That's an interesting point; however, you don't even have to be moderately smart if you have enough power in the right places. They can and will screw us, no doubt.. I think gold could someday bubble, but I believe it has a healthy long way to go. If it is possible for them to screw us with gold, I think it could only be a fraction of an amount that they can screw us with paper. Gold actually "does" have value.
NoobTube2010 1 year ago
I can't believe you have not been listining to the Fed Peter they have been saying they will inflate the dollar for a long time now.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain But this is so blatent.
GaryVolts 1 year ago
Peter, you mentioned on your radio show you are going to debate free market Austrian economists on your new radio show. You should debate Robert Prechter, THat would be VERY INTERESTING and i will definitely tune in.
longtrader782 1 year ago
Let's say the FED raises interest rates and sells government bonds. What does it do with the money that it collects from the government when they sell their bond inventory?? Do they destroy it, or shove it in a vault somewhere??
antiwar100 1 year ago
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339svq 1 year ago
I can't watch this video past 2:57, any suggestions?
mahageny 1 year ago
So why does the Fed use the money it prints to buy US treasuries? Why bonds?
john5927572 1 year ago
@john5927572 Buying bonds is like buying time you are paid back with money from the future and if the dollar inflates more than the bond you could get back less in buying power than you put in. Thats just how I see. I would like to see other opinions also.
IWashMyOwnBrain 1 year ago
It's great to see somebody telling it like it is. Keep it up Peter.
BillW77 1 year ago 15
You assholes that voted these idiots into office. THANKS! You may be getting great handouts now but be warned, this gravy train is about over. Then we will see how nice things are for you.
girard1973 1 year ago
Who are the 8 retards that voted thumbs down on this video??? How could there be 8 people that disliked this report? Maybe it was Bernanke himself, and Timmy Geithner and the rest of the gang!
Boo to the 8 morons. You people suck.
maidenak 1 year ago
This has to be one of the top 3 if not the number 1 significant youtube accounts I'ev seen in terms of informing people about important happenings. Thank you Schiff for sharing your grace.
ATENakaATON 1 year ago
@SchiffReport
You're really shocked that Bernanke would say something like that? I thought you followed Ben and his moves and have been debunking his nonsense for years Peter. Ben saying that we don't have enough inflation goes along with everything he does and believes.
bttalbot 1 year ago
End The FED!!!!!!!
cruzrob72 1 year ago
hey Peter, just wanna drop a line, you are awesomeeeeeee!!!
sonv2003 1 year ago
Good vid, thanks.
marcef100m 1 year ago
Thanks Peter, you rock!
IaMCdN1 1 year ago
@sfiorare Well without printing the economy will automatically enter a deflation period which you dont want. Under the circumstances its either print or deflation this isnt the same economy of before the banks are still breathing because of printing.
jezza1789 1 year ago
@jezza1789 - there are other options
sfiorare 1 year ago
Bernanke and his supporters for some reason dont care about debt, deficits or credit expansion on a huge level. Probally because they think they can solve it by printing money. Unemployement and the national debt are high if not at all time high production and trade are at all time lows how come the other two stimulus didnt work im I missing something.
jezza1789 1 year ago
@sfiorare you cant be serious. You actually belive that printing money is the solution lol you probally think printing is real wealth, or the economy is going to recover after failling twice before under two huge stimulusm.
jezza1789 1 year ago
@jezza1789 = did i say printing money is the solution? the answer is no, i didn't
@ItsAllAboutGuitar - you're having a difficult time understanding, the statement is from an economist; i posted it to explain the policy
sfiorare 1 year ago
I just read the DSGlop (the schiff hater guy) and now he is saying that the FED can simultaneously lower interest rates and fight inflation - its kinda like the guy in fox who said that interest rates can stay at 0% for ever. Because no the inflation caused by that decrement won't at all effect anything - ever.
What they are saying is basically the same as saying - you can print stuff out of thin air without any work.... NICE!
Keyguya 1 year ago
The elites just want us to owe money for our entire adult lives. From the moment we turn 18 and receive student loans until we die of old age with our second and third mortgages finally paid. Dept and taxes is the new slavery.
13R1CK4 1 year ago
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JhonnyQuest2012 1 year ago 2
How deluded must one be, how politically sold out to failed economic philosophies & politicians, that one would give a thumbs down to this video?
1kings1918 1 year ago
So true, haha it's so hard to give advice on how to ruin the economy!! But they are doing such a good job!!!
The ignorance of the american people that bernanke is depending on is truly astounding
tacticalsheepdog 1 year ago
This comment has received too many negative votes show
@tacticalsheepdog - do you think preaching gloom and doom and selling on fear is helping the country?
sfiorare 1 year ago
@sfiorare What fear is being sold? Informing people about doom and gloom policies does help the country because it wakes them up before it's too late. Unfortunately only 40,000 are watching these when it needs to be 100 million+. Those 100 million+ are busy watching Party in the USA by Miley Cyrus though. They're not going to be partying much when their dollars they're foolishly holding go to zero.
ItsAllAboutGuitar 1 year ago
@sfiorare yes. A lot of bad things are going to happen and it is important that people understand why. We will never solve our problems unless we understand them. Plus those individuals who take action now to protect their wealth will avoid poverty, which has to be a good thing.
SchiffReport 1 year ago 30
@sfiorare Start buying supplies to store in your basement. Pay off debt, buy gold and silver. Store canned food and dry food. Water and canned liquids to drink. Make sure your guns work fine and buy and store ammo and gun oil. make sure you have a network set up with other patriots to communicate with them and for safe houses. Be ready for the Next government crisis and martial law. Don't be fooled by marxist president and Democrats.
dmkwils 1 year ago
@dmkwils - selling fear
sfiorare 1 year ago
@sfiorare Be ready!
dmkwils 1 year ago
President Peter Schiff. Superb!
bevoorbeeld 1 year ago
here's what the fomc really said: Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.
sfiorare 1 year ago
Great Vlog Peter!!!
Seraca1 1 year ago
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Hey guys,Your life depends on a few things. Water, shelter, and, FOOD. Do you understand how fragile your food supply is?... Get FREE food...... Go to (aplus.mysundanceglobal . com) , Watch the video and sign up. This food has a 15 Yr shelf life..None GM food..The food is grate too.
JhonnyQuest2012 1 year ago
The biggest news is that China has raised its tarrifs to 30%. That means gold being sold to China will be highly taxed - smaller market.
That also means that China is growing all by itself. Get in now or wait for America to go back up.
Turbo291 1 year ago
Great Pete! keep giving a bit of light, is unbelieble how the goverment can confuse us and manipulate, is like they are pissing on top of us and the news saying that is raining.
chavoxt 1 year ago
Pete, we EAGERLY await the debut of your daily radio show on terrestrial radio! That would be the PERFECT vehicle for you to get your voice out there in a high quality, intimate setting. You'll get the name recognition you so rightfully deserve, you'll enlighten and educate the masses (including the politicians) and answer their questions, AND most importantly it'll GUARANTEE yourself a Senate victory during the next cycle if you chose to run again.
FerriUniversity 1 year ago
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Hey guys,Your life depends on a few things. Water, shelter, and, FOOD. Do you understand how fragile your food supply is?... Get FREE food...... Go to (aplus.mysundanceglobal . com) , Watch the video and sign up. This food has a 15 Yr shelf life..None GM food..The food is grate too.
JhonnyQuest2012 1 year ago
Whilst many of the ills and problems you face as a nation are down to the government as Peter so pertinently points out time and time again, it appears that many US consumers try to shirk responsibility for spending what they don't have and some 100%.
.The average US consumer is up to their eyeballs in debt as, simply because you can't stop buying predominantly Chinese made garbage you don't need as you are told it defines who you are and you fall for it all day long.
eventuallythetruth 1 year ago
how can an idiot like christine o'donnel win her primary but peter schiff cant.
noogie123 1 year ago
@noogie123 - schiff says he's wall street unspun, but when it comes down to it, people know he's really just wall street
sfiorare 1 year ago
@sfiorare I dont really agree with you, and regardless i was inferring that it is disappointing that an idiot like christine o'donnell can win a senate primary but someone who is clearly eminently more qualified cant.
noogie123 1 year ago
@noogie123 She won because she is the only candidate in that race that uses the "C" word: for "Constitution".
engine2truck6 1 year ago
Great vlog Peter! Prices have already been rising much faster than the FED has admitted. The FOMC report by Bernanke merely gives the FED the ability to lie a little bit less about the real inflation rate. Shadowstats has been demonstrating this for years. The real inflation rate had begun to get so far outside the FED's abilty to lie that they needed to accommodate the truth. Political massage.
marketnavigator 1 year ago
@marketnavigator - didn't ron paul say we were going to have deflation, now?
sfiorare 1 year ago
@sfiorare no
engine2truck6 1 year ago
Thanks Peter. Great stuff.
alphabeets 1 year ago
Mr. Schiff thank you so much for taking time out to record these vlogs. You are providing free jewels of wisdom and education and I am greatly appreciative. I am telling all my friends about the Schiff Report. Best Wishes.
FerriUniversity 1 year ago 30
Soon to be ex-President Barack Obama once told Democratic lawmakers they'd be proud to campaign on historic healthcare legislation. Six months later, the only Democrats running ads about it are the ones who voted "no.
ObowMao666 1 year ago
Great common sense, as usual. Why should anyone go into debt?
focus21x 1 year ago
@focus21x - really, why should anyone even drive a car? we could go back to horse and buggy days and have house raising parties
sfiorare 1 year ago
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Hey guys,Your life depends on a few things. Water, shelter, and, FOOD. Do you understand how fragile your food supply is?... Get FREE food...... Go to aplus.mysundanceglobal . com , Watch the video and sign up. This food has a 15 Yr shelf life..None GM food..The food is grate too.
JhonnyQuest2012 1 year ago
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@1Makyo Well actually I am planning to sell and move into foreign currencies and stocks, possible out of the states. Who knows maybe gov confiscates silver when it goes way up and I struggle but atleast im doing something, dont you get it its not only ovious but Bernanke put it out in the open dollars are soon worthless for sure.
jezza1789 1 year ago
@1Makayo Well actually I am planning to sell and move into foreign currencies and stocks, possible out of the states. Who knows maybe gov confiscates silver when it goes way up and I struggle but atleast im doing something, dont you get it its not only ovious but Bernanke put it out in the open dollars are soon worthless for sure.
jezza1789 1 year ago
Obama has never had a real job before. His first real job is president. Think for a moment how ridiculous that is.
pretorious700 1 year ago 3
Again i agree with half of what you say. Yes the government needs to get out of our lives but the fed is just trying to keep the economy going dispite the government.
IWashMyOwnBrain 1 year ago
@IWashMyOwnBrain - everything i've posted shows that i think the fed is doing a pretty good job of managing our monetary policy and that schiff is just putting out biased political rhetoric
sfiorare 1 year ago
@IWashMyOwnBrain Sorry, the fed and the government are hand in glove. The fed wouldn't even exist without the US government.
pretorious700 1 year ago
Silver is up again and me a silver holder are not happy, i was optimistic before i bought it as a precation but now im buying more its serious now thank you bush and obama you definately didnt look evil on your campaigns. Im not scared just saden I dont like watching kids suffer.
jezza1789 1 year ago
@jezza1789 When currency is no longer accepted due to inflation, what do you do with your silver, or gold?
1Makyo 1 year ago
@1Makyo - the current inflation rate is 1.1%
sfiorare 1 year ago
They want inflation so they wipe out the baby boomers nest eggs and to keep them working as long as possible, America is incapable of surviving the post baby boom transition and they are trying to mitigate it as much as possible.
Hakubi1 1 year ago
This comment has received too many negative votes show
@Hakubi1 - Zero inflation increases the risk of the economy slipping into deflation and worse a deflationary spiral. The decrease in prices causes wages to fall and less goods to be produced, which in turn causes prices to fall further causing further decreases in wages, goods production and employment. A low rate of inflation provides a safety barrier against this. Deflation is also very hard for a monetary authority to correct. Interest rates cannot be offered at a negative rate.
sfiorare 1 year ago
@sfiorare We do not need to correct falling prices. That is a good thing. Prices fell almost every year from the end of the civil war to the start of WWI. We had the industrial revolution. That was the strongest period of economic growth in our nation's history.
SchiffReport 1 year ago 30
sfiorare 1 year ago
@sfiorare Yeah you can hear the panic in his voice.
IWashMyOwnBrain 1 year ago
@sfiorare If those "panics" were so terrifying, why did that coincide with a period which reflected the greatest increases to living standards? Sure, there were bank runs. Those occured to banks which took foolish risks, and were rightfully allowed to fail. That ensured other banks would have the necessary fear, making more conservative and sustainable investments, such as factories and infrastructure.
jackson92186 1 year ago
@jackson92186 - of course, there was no fdic before 1933, so many families lost all their savings and the farm; robber barons bought up most everything worth having; standards of living in 1900 were bleak; even in 1935 only 13% of farms had electricity; why would you want to go back to that? if you do want to go back to that, buy some remote land cheap and have at it; your comments don't make sense
sfiorare 1 year ago
@jackson92186 I'l take a one-year "Panic" over a massive twenty-year DEPRESSION any time. That is what all the government tinkering caused in 1930-1950, and what it is causing now.
engine2truck6 1 year ago
@engine2truck6 - is making things up out of thin air your principle or just lunacy?
sfiorare 1 year ago
@sfiorare I'm not making it up. I really would prefer a free market to the fascist system we have now. Doing things because you have a gun to your head is not as preferable to me as doing things without such. It is not made up: it is my ethical position on the issue. I am optimistic that an ever-growing number of Americans are rejecting the use of force on their neighbors to "mange" their sexual, artistic, religious, and economic activities. We need Freedom, not fascism/socialism/collectivism..
engine2truck6 1 year ago
@sfiorare And what revisionist history book were you reading at Harvard?
tickhound 1 year ago
@sfiorare
Those old panics purged an otherwise healthy economy of excesses. We don't purge imbalances anymore, we just go into debt and grow government to fill the void. Have fun when that bubble pops, more like an explosion. By the way, the railroad bubbles throughout the 1800s were largely fueled by government land grants and subsidies. The panic of 1847 was caused by the Bank of England and fractional reserve banking, they issued way more notes than they had in gold.
BansheeXYZ 1 year ago
@BansheeXYZ - the point is that the 19th century was far more chaotic than the last 97 years; i'm set, no matter what happens i'm prepared; let the bubble explode; but of course; the fed is going to manage things so that it will be easy compared to the old panics of the 1800's
sfiorare 1 year ago
@BansheeXYZ sfiorare confuses a return to principles with a return to old technology. One of the common symptoms of collectivist thinking.
engine2truck6 1 year ago
@sfiorare We have some kind of financial panics/severe recessions even after Federel Reserve once in every 5-15 years anyway, so your point is kinda moot. Besides, panic is a pretty catchy word.
20s: Recession of 1920-1921, Great Depression
30s: Great Depression, Depression of 1937
40s: Recession of 1945-1946(readjustment from war economy to a peace time economy, but even in WW2 shortages were widespread)
50s-60s: Calmer years, but Recessions in '53 and '58(unemployment 7.8%), and...
PAZ0619 1 year ago
....60s was calm, but the spending of Great Society, Moon, and Vietnam paved way to:
70s: stagflation of the 70s. Enough said.
80s: Recession of 1980-1982, Black Monday, S&L crisis
90s: 91-92 recession and deficits from bailouts for S&L; formation of dot com bubbles.
00s: Dot Bombs, Enron, Housing bubble and its collapse(2007-?)
PAZ0619 1 year ago
Oh yea I forgot about LTCM paving the way of bailout culture.
Moreover, FDIC is not needed in preventing to bank runs, if private insurance companies exist. In Hong Kong, the deposit of its banks are not guaranteed by the central bank of Hong Kong(HKMA), but bank runs rarely happen, even in the depths of Asian financial crisis and SARS. The private insurance comp.pick up the slack, and banks are low-leveraged(>30% down on borrowing on house) bc of their transparency.
PAZ0619 1 year ago
@SchiffReport But, weren't workers exploited during the industrial revolution!?
sigatus 1 year ago
@sigatus
No.
twk373 1 year ago
@sfiorare In 1984 my dad purchased an IBM computer with 64K of ram and no hard drive for $3000 (10 ounces of gold). I just recently purchased a Dell with 6GB of Ram, 1 Terabyte Hard Drive, 2.8GHz Quadcore for $600 (0.5 ounces of gold). Do you really think that I am worse off now than then??? IBM is trading for 6 times what it was in 1984. They have 410,000 employees. Maybe they're worse off??? How about Microsoft, Google, Apple, etc...are they all worse off? Deflation has been great IMO.
ItsAllAboutGuitar 1 year ago
@ItsAllAboutGuitar - no, i think you're much better off now, than then; but there wasn't any deflation between now and 1984
here are ron paul, marc faber; jim rogers et al, selling fear: v=eb1n1X0Oqdw
peter schiff: "the dollar is going to collapse and the price of living is going to go out of control"
@engine2truck6 - who's holding a gun to your head?
sfiorare 1 year ago
@sfiorare You said "the decrease in prices would cause wages to fall and less goods to be produced". Prices have fallen and people employed by the computer industry have seen dramatic increases in wages, and way more computers are being produced. Your statement is false as shown by the computer industry.
ItsAllAboutGuitar 1 year ago