Dollar rally, European elections and the Supreme Court to decide creditor's rights

[trakkaton]

Peter could do the vocals in a Death Metal Band.

[KaiserRooster]

Thanks for scaring the shit outta me. Glad I was nearly half deaf anyways.

[Kadzait1]

Dude.. I click on your video and I get xshot back against the walls because of how loud your microphone was...

dude you need a new one, its like trying to get an order at burger king and the customer shouts what they want into the intercom... static...

However, your very interesting. Good points.

[Giwen]

You really need a new microphone, I could even buy one for you.

[Jfkennedy62]

WASHINGTON (AP) — The Obama administration says it is committed to overhauling the country's financial rule book by giving the Federal Reserve increased powers to guard against the types of risks that could bring down the entire system.

[schwank167]

Run for President, forget Senate.

[jobedied]

Bankers and corporations own America that is why they are bailed out and businesses are abused. I pray for Obama but have doubts and hope things do not get as bad as peter thinks may happen.

[commonsense2008]

Obama simply follows their orders.

[ctfam]

Awful audio. I stuck with it but I can't send this around..

[twich35]

Dude, your making this really hard for me to want to listen to you with that terrible mic. I hope you get a new one soon dude.

[jsnvoe434]

Peter better run, he will win if he does! The National Inflation Association is now supporting him at: Inflation . us

[GalacticAlignment]

watch?v=xx3fe3fFlp4

[hyylo]

lol

[greywolf83]

Someone get this man a better microphone.

[plucault]

...our civil rights are already half gone and now our property rights are starting to go too. Republicans take our right to security of our person and democracts take our security of our proptery and we're left with...well i'm not sure

[LoveAndLiberty1776]

Peter is THE MAN

go gold!

[DillonX]

Schiff has predicted Gold will be over $2000 by the end of 2009, and could even be over $5000.

Will that prediction be as wrong as other predictions by him have been?

[ajnako12]

good question, I agree with Schiff that the US economy is no where near sound. But he also predicted the DOW below 4K after 2002 (or so I read, who knows on the internet). Really the corner stone of his strategies are his belief that the dollar collapse. There's a very good argument that it will. But when?

[stratcatavarious]

YIKES

Bas audio - what happened

$20 or less for a wired lapel microphone

[jzmdi493]

We must listen to Peter and prepare for hyperinflation. Signup for the free National Inflation Association newsletter at: Inflation . us

[heywhatever4]

Peter --

Please spend $10 on a lapel microphone!

[ToneJermain]

yes please......dam i'll do the whole setup for you...jeezel peezel

[RAMKING61]

You said "87 or 88"....you MEANT to say 78 for the dollar(DXY) lows last week.

[germana00]

The "free market" concept is difficult to understand and only a few people grasp it, and John Steward isn't one of them. Anyone who recognizes human nature will embrace a "free market" philosophy instead of big government. John Steward, out of ignorance, will attempt to vilify Peter for being against government regulations...

Peter has heard it all before.

[christo930]

I am a free market guy myself, but some gov is needed. For example, the environment. Even if we allow the free market and lawsuits to protect property rights (in ref to environmental damage), we would still need the gov to set standards to what is dangerous and what isn't. I can just hear a corp lawyer saying

"How do we know that xppm of ychemical killed the fish?"

Gov is needed, just not the BS we have now. Total free market just wouldn't work.

[germana00]

Did you gather from my post that I'm an anarchist?! My reference to "government regulations" has to do with the type of government interference that lead to the housing crisis. The type of governmental policies and guarantees that encouraged banks to give out loans to people who couldn't make the payments.

[christo930]

I am totally with you on that. Sorry if I mistook you.

[modelmark]

how can you be sure? How is it that person A being allowed to point a gun to person B, get us to sensible levels of pollution? If you give a monopoly in the right to provide service X, the monopolist will always increase price and diminish supply. Govt=violence=war and war is the biggest damage for your environment.

[KodoTheShoe]

No, we don't need Govt to do that at all. We could just as well have a non-profit organization made up of very intelligent and well established people who are "minds" in their fields to give objective opinions and empirical evidence to support regulations. When those regs are not met, THEN we get the gov't involved to enforce those "CIVILIAN" regulations.

[christo930]

I disagree with that. We need laws because we need someone with a final say, like it or not.

[KodoTheShoe]

read the last line in my statement. Law comes in when regulations are broken. If everyone follows them, then there won't need to be a "final say" unless the reg is broken and the people are notified of a class action.

[christo930]

Well if it's the Obama administration, they will just throw it out to save jobs:)

In any event, I don't think we could really live well without some government. I am certainly no liberal and want limited government, but limited doesn't mean none.

[KodoTheShoe]

I agree that we need some level of limited gov't. Our constitution established the boundaries for that already. Too bad Obama and friends don't think they have to play by the rules.

[christo930]

Nobody has played by the rules for decades. I definitely agree that the Obama administration has been worse than any other (at least 6 months into it),but we really need libertarian minded people in the gov, not the standard republicans or Democrats. I agree with Peter that we should try to take over the GOP. Push the evangelicals out of the leadership and drop the social issues they are so hung up on. We loose support because of the abortion and god shit.

[KodoTheShoe]

I couldn't agree more. I've been less than impressed with the GOP. They are nothing more than Democrat-Lite. My father and I have both moved to Libertarian because of the lefty shift shuffle the GOP has been doing recently.

[christo930]

Now that the republicans are out of power, they are screaming at all the spending and having tea parties but they seem to forget what the gop did when they were in power. There are people like myself who care a lot about the social issues and since the gop spends like drunken sailors the small gov people get dived up between the gop and libertarian party and then we lose. Drop the social issues like god and abortion and the War on drugs and we can combine powers and shrink this gov.

[hypocritetv]

use the daily show opportunity to straighten out some lies... capitalism does not mean monopolies on monetary systems and control of interest rates.

[BBCcashville]

Can wait to watch you on the daily show tomorrow.... Schiff is no Cramer...lol lool @ Mark Haines finally joining the club..

[midniteKnite]

WHO IS THIS IDIOT???

[tilon2000]

Please upgrade to digital. lol!

[Ntone606]

LOL the audio is so bad i'm not ever gonna bother with this one.

[spiggitybap]

horrible sound wtf

[harpreetdua]

pete. acoustics are poor.

[Tsailand]

peter, you should do like Rush and buy a GOLD microphone, maybe that would help.

[ncurran1987]

God I can't listen to that the acoustics are soo bad. Sorry peter otherwise I love everything else you do.

[nibelungensohn]

Who cares if Mark Haines agrees with Peter or not. He is still a fucking nutjob.

[DNATS]

I will boycott John and Steven if tomorrow show gonna fuck up. I watched Steven show today, he's in Iraq. And what it all about to me is propaganda about the US army. I though Steven was smarter than this, but apparently he is only a comedian at heart. It just shows you the hypocrisy John and Steven are committing while accusing the politicians they have been after for years. It's all entertainment on TV, no real truth.

[bollibollix]

Excellent content as Always.

/ BAD/TO CLOSE MICROPHONE

[newseamus]

best vlog yet!

Is anyone else worried that The Daily Show is gonna produce a segment that makes Schiff look like a paranoid kook?

To the Obama/Stewart/Colbertards do love their social contracts.

[rikestard]

Jon Stewart is an asshole!!!

[hypocritetv]

why do you say that? i think he give great [epic] interviews.

[rikestard]

Stewart sold his soul and is a major shill.

[rikestard]

well i just saw Schiff on jon stewart's show and I must admit I was impressed with Jon in this interview. He actually believed Schiff and it went well. I have a feeling he will be getting alot of shit from his producers about it. maybe I was wrong about him but prolly not lol. peace

[ceasey0xoogurl]

i love peter schiff

[timprender]

Daily Show! Take him down Peter. Please please please give a better showing than Mr. Kramer, that was just painful to watch. It's kind of creepy to think about a crisis worse than the current. This supreme court decision is huge.

[pultiderr]

I thought Peter mentioned on a recent podcast that he got some new equipment, including a Mac.

Whomever set this equipment up for Peter - if this is being done on an Apple with the built in equipment, click the Apple in the top left corner of any screen, then choose "System Preferences", and click on the "Sound" icon. Click the word "Input" near the top of the window. You will see some controls. Move the slider for microphone input level to the left so it's around 70%. This should sound better.

[InCharacter]

Yeah, for Pete's sake, modify those acoustics!

[fox20012]

Do you think its fair to say that the corruption going on in the US is spectacular?

Sorry don't flame me but the sound is a be screechy, hurt my headache lolz

[SheyOneTen]

There's no need to shout!

[Epic878787]

The dummy on CNBC was using anecdotal evidence to support his position instead of using fundamentals, which he probably doesn't understand.

[oryxx]

great logical analysis Peter

[Kirsner72]

Could someone post a transcript of this? I can't understand what Mr. Schiff is saying due to the sound quality.

[bugsbugmenot]

god damnit, peter. learn how to use the internets.

[pro404]

lol

[mrcell61]

Yeah, sound problems again. Turn the gain down a little bit.

[nibelungensohn]

Peter, your sound is clipping again. Turn the recording level down a notch or two.

[christo930]

I don't think the rest of the world will allow the us dollar to sink into a hyper-inflation. Foreign central banks won't allow it because the rest of the world is too attached to the dollar. The difference between us and 1920's Germany is that we have the "world reserve currency" and it would destroy the world economy for many years if the dollar freaked out.

[AScannerClearly]

That's why so many nations want to develop a new global currency, or at least select a new reserve currency for the world. They see the ship is sinking, and they're trying to get off.

[christo930]

It's probably going to take decades for a complete decoupling of the US dollar from the rest of the world. The world would be foolish to allow another defacto world reserve currency.

I also think the world is heading right back in to a recession. Peter thinks the rest of the world is fine, but he is missing the real underlying trigger of this recession, peak oil. As the worlds economy is picking up again, oil prices are surging back up. Economies NEED stable energy prices with such slim margins

[myrelative]

look at natural gas prices and then say again that this rise in oil prices is demand driven.

we're watching monetary phenomenons.

[fox20012]

I've heard some people say that we don't have a gold standard but instead we have a kind of oil standard

not sure if it relates much to what ur saying but that just sprung into my mind lolz

[christo930]

That is one of the things that keeps the USD afloat. It takes dollars to purchase oil. We are the only country in the world that doesn't have to pay for oil in a foreign currency. We are entering an era of declining oil supplies and it would be a very good thing to keep the petro dollar alive.

[christo930]

Oil was selling for 10 a barrel 10 years ago and now it's up around 70 in a terrible recession.

Production cuts have caused some of it as has a weaker dollar, but clearly there is a supply problem and people said it was a monetary problem last year too, but look what happened as demand dropped! It went to $3x a barrel. For the foreseeable future (3-4yrs), world oil production isn't going to grow much and violent volatility will keep happening. I don't think we will achieve 88mbd production.

[myrelative]

there is nothing wrong with your long term outlook, of course there are supply problems.

but short term, the current oil price is not demand driven.

if you compare oil and natural gas on a historical basis, wti oil should be at 40$ compared to natural gas.

was there some technical change I missed that increased our oil demand but decreased our gas demand?

(or vice versa for supply)

[christo930]

There were new supplies put on for gas in the last few years. There were rolling blackouts for a while there with NG. All of our new supplies of oil are coming from much more expensive sources like deep water, heavy oil and tar sands. I think oil is heading back to 150 a barrel and up and I think it's a supply problem. I have to start doing videos so I don't have a 500 letter response.

[christo930]

PS. When I say 88mbd production, I mean EVER. I think we are at the peak of production now. All the new supplies scheduled to come online in 5-10 years time is going to offset the losses in production for the next 10 years. Mexico is going to stop exporting in a few years if they don't have a MASSIVE find. The Saudi's don't envision ever passing 14mbd production EVER without destroying the field. We are simply coming up against geology and the world. Hopefully we can find substitutes for oil.

[audioX1]

peter rules. hope he runs

[christo930]

With Peter heavily invested in foreign stocks and gold, why would he want to improve the US situation? As much as I like Peter, I don't think he should run for Congress, but he should find libertarian minded republicans to support.

[marniespeaks]

People would take the hit and the hard times IF they will put the crooks in jail.

[minnesotachris]

From LRC:

Peter's opponent Michael Mussa is with the Peterson Institute for International Economics.

"Peterson" as in Peter G. Peterson--a former chairman of the Council on Foreign Relations and a former chairman of the New York Fed.

Here are a few of the folks on the Board: David Rockefeller, Lynn Forester de Rothschild, Paul A. Volcker, Alan Greenspan.

Not that there's anything in this to be suspicious of in Mr. Mussa's "expert" take on the current "free market"-caused economic crisis.

[BlueSkies360]

Yes, exactly, what a great day!

1) Europeans elected conservatives

2) Chrysler sale stuck

3) M. Hanes agrees with Peter! (I couldn't believe my ears! LOL)

4) Republicans warn Obama on healthcare

We have some hope!

[Libertarianman88]

All of which means nothing if we have this run away inflation that comes our way. I'm not even worried about the health care. There is no way we'll be able to pay for it even if its passed.

[BlueSkies360]

The inflation will come anyway--we can't escape from it, but we can protect ourselves against it. It is the the system I am most worried about.

[christo930]

As the economy picks up throughout the world, rising oil prices will cause all kinds of problems. There is also going to be an asset sell off as the boomers retire and who is going to buy these stocks and bonds and such? That is one of the BIG dangers of the boomer retirement.

[BlowDevilUp]

Over modulated audio....

Terrific words nonetheless.

[Libertarianman88]

Nice job on CNBC Peter. That other guy has no idea whats going on.

[MooseOfReason]

Sounds like the microphone is inside something... like a metal tube or something.

Can't wait to see Schiff on the Daily Show later tonight, though.

[minnesotachris]

Great stuff as always, but hopefully you will check the microphone settings next time Peter.

[fantasyfootballgod]

Run Peter, Run!

[kenandjasha]

audio is back poor again but another great update...thanks peter

[harryfemten]

I posted before you guys