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Peter we are in a crisis, do you think the govt. is just going to let the auto makers fail? That would cause great amount of ruin that will trickle down as greater depression to this already suffering economy.
It's clear that mistakes were made, it's up to us to keep in mind the law of polarity.
@Man2be23 "Peter we are in a crisis, do you think the govt. is just going to let the auto makers fail? That would cause great amount of ruin that will trickle down as greater depression to this already suffering economy."
That's exactly what needs to happen. The market needs to take care of it. Governments can't create production, markets create production. Peter talks about this too.
I don't think we should listen to these so call experts because they don't know much more than we do. No one can predict anything, so stop listening to them and start working, saving, and buying only tangible assets with intrinsic values.
In May 2002, Schiffty Pete predicted that the Dow would fall to 2000 within two years. That never happened. I wonder if Schiffty Pete's plan to bomb Iran has any connection to his recent prediction that the price of gold will rise to $5,000 per ounce?
So are you saying that lending standards haven't improved for these new home buyers? It's not as if everyone can just go out and get gov't money to purchase a first-time home. It's not about getting Americans to "buy more stuff" and creating another bubble - it's about getting those who can afford a new home to get the market moving.
Tough sell... House prices are still artificially inflated..and not on track with what the average American makes. For millions of first time buyer, todays prices are still out of reach.
It is true that in the market place if you do not let the sick companies fail you will extend your slow growth and hurt the economy in the long run. The reason why the government is stepping in now is we have too many market sectors that are set to be decimated if they do not step in. They are just extending the inevitable, but it is import to not let banking, homes, and cars all fail at once.
It may be that 16 to 1-silver to gold is a ratio that will forever go down in the history books ! Fact: Silver is a PM. Fact : Silver has been used in industry since 1940- Gold has not. Fact : Silver is also very valuable to industry with new needed uses being discovered. Fact: There is roughly 2 billion ozs. of above grnd.gold being held today- there is only about 600 million ozs. of silver above grnd.Once the world wakes up to the FACTS that silver has a lot more to it than is understood-$ up$
Some people say that silver is the way to go, because they think that it's going to return to it's 16:1 state, compared to it's current 62:1. Is this probable?
Silver is an industrial metal. Gold is a monetary metal. Silver outperforms during economic expansion. Gold outperforms in contraction.
We are in a contraction because of too much spending and not enough production. Obama has expanded deficit spending and proposes to burden production with socialized medicine, carbon taxes and restrictions, and raising taxes (letting tax cuts expire). Plus Baby Boomers are retiring. The economy will continue to lag and Ag:Au will likely become more extreme.
Silver is used to make small-denomination coins for everyday commerce. Gold is how governments and large institutions store large amounts of wealth. Silver has more industrial uses than gold. And gold has a much larger commodity trading market.
The point of all this was to explain why gold outperforms silver in times of economic contraction and reduced commerce volume. And thus, why the extreme gold-silver ratio is not likely to return a historical mean. Gold will continue to outperform silver
As long as we ship work out of the US, We won't recover. This free trade , open market thing is a bullcrap. We need to protect jobs here . That World trade organization is full of bullshit , it only benefits the Rich.
Free trade does make countries better off, but it does not impact people in those countries evenly. This has become increasingly true now that we can produce more goods than we can consume. Free trade forces low skill labor to compete with one another and puts more power in the hands of those with capital as the develop world moves towards Oligopolies.
It allows corporations to circumvent minimum wage laws and benefits, pollution standards, and a f*cked up tort system in the US.
Sorry Pete. I'm gonna have to disagree with you on Japan issue. I'm half Japanese and I've lived here in Japan for a long time. I think the reality is, the DP is no different from the LDP. A lot of the LDP members have switched parties, and they just fight on camera like the Republicans and Democrats in America, but fundamentally, they both like deficit spending, and interfering with the market.
Funny you should mention that ChroNick, I'm no expert on the Japanese economy or politics but what little I have been able to learn led me to believe that the parties there are like you say.
I'm a big Peter Schiff fan and my opinion of him is unchanged but learning more about Japan can't hurt.
The data that we are not seeing is "who" are the people who are buying the cars and the houses under these programs.
I suggest the Peter Schiff is correct... there are many people who purchased these big tickets items, and now have debt or more debt than prior to the purchase. Big, big problem coming.
What we need is higher wages, cut the military budget in order to create jobs. Cut Aid of for Israel and Honduras. By cutting this we can create more jobs. Make public transportation free for everyone. Especially the trains. Single Payer Health care plan. More taxation on Rich people to distribute to the poorest. More rent control building that are built for Rich people. Also why not take wall street bonuses and collect intest on them and give them to homeless shelters. Build homes for batteredw
GM wa slosing money selling cars because of its pathetic unionized structure where workers were overpaid and non-workers were overpaid. Along with emissions shit added over 30 years. The state of the company went from good pathetic is horrific because they cycled cahs through other non unionized nov gov regulated to death "industries" and made money through them to pay back stock holders.
The government bankrupted GM by causing boom bust of the stock market.
Schiff the banking and auto companies did go bankrupt because of not paying back loans. They couldn't pay them because of/union enforced fascism that forced banks to give loans to people who couldn't pay them back. We did not have so much debt "privately" we couldn't pay it back. The problem is socislism and unions jacking wages up WAY above their market level, unproductive and huge out the ass "benefits", and then paying people to retie at 50 and not work.
Schiff government "money" is private "money" Government has nothing but a monetary cartel and criminally insane dipsahits running it and us into the ground.
The government paid car owners to trade in their old cars, which will be destroyed. But the government is running a deficit. So it doesn't have $3 billion to hand out. It must borrow the money, which reduces the amount of money for other investments. Moreover, the government must raise taxes in the future to pay back the principal and interest -- or the Federal Reserve will monetize the debt through inflation. Either way, we pay.
Dems want everyone in debt to the govt. to socialize the nation.
You know what I've been seeing in the way of brand new cars on the road recently since the Cash For Clunkers deal? Big Ass cars, trucks and SUV's. Now, tell me what class of people bought those cars..unemployed, poor people? People who don't know they would need to make a car payment for a couple of years? Poor and middle class, working people are not the ones taking on new debt..believe me.
phoney economy?? haha. you are going to see speculation all over china for a long time to come, but calling their economy "phoney" is wrong. yes their EQUITY MARKET will reach levels not in line with reality, but their ECONOMY (trade surplus, current account surplus, savings) is very real and very strong. the speculators can blow up the equity markets all they want, but as long as they keep producing and saving, they will have the strongest economy in the world
I should have said phoney "stock market." However, their economy is not 100% sound. China today is America 80 years ago or Japan 20 years ago. Their economy is built on cheap labor that exports goods to more developed countries.
America suffered a speculative bubble in 20's and Japan suffered one in the 80's partially because they were "going take over the world." They went pop because of excessive speculation.
China is further from turning the economic corner than Japan was.
oh i agree it is not 100% sound, there is no such thing, and political changes could bring a more free nation that could result in a fat lazy import based country like we live in who knows. but asians are savers by nature, it would take a culture change for them to not be hard working and to be spenders like we are. the wealth of a nation is defined by thier ability to produce per adam smith who i agree with, so china is going to be the global leader for the next century our so.
I dunno. There were people (not all of them German), who predicted German ascendancy at the beginning of the twentieth century. After all, Germany seemed to be replacing Britain as the major industrial power, had a large and growing population, and was a center of innovation and technology. That's not to say Germany hasn't been influential, and it is certainly a wealthy country, but it's hardly the global economic and political leader that many expected it to become.
Germany didn't turn to be the global leader but they are one of the very few in the EU that have a trade surplus and have the biggest trade surplus in all of Europe. If China has a world war fought on it's soil, then a blockade, then the treaty of versailles, then another world war fought on it's soil (and it kills 5 million jews which causes many wealthy jews to not invest capital in the country for decades) than yes, it might not be the gloabl leader this century. we never know we'll see
The wealth of a nation is based on the natural resources that they are blessed with plus their ability to innovation and add value to those resources.
The wealth of the masses is based on their ability to add value to those resources because the Power Elite will ALWAYS steal the natural resources (royalty, government, industrialists) for themselves. Enslaving the masses adds to their wealth, except to the extend that they suppress innovation relative to other countries.
and?? what are you saying? are saying that china will not be the economic leader in the next century? and all the important resources in china are already owned by the gov't, now watch in the coming decades as china buys more and more US assets. don't think Hummer was the last thing they will be buying as the need places to invest all the currency the have on reserve.
Wait a minute, I thought Japan was going to be that leader. I guess that is not going to happen.
If China decouples, their GDP would explode in USD terms. But any material change in FX would result in foreign manufacturing moving elsewhere. So what Chinese brands are you going to buy when their currency triples against the USD? Where are their Toyota, Honda and Sony?
What happens if the US doesn't allow their goods to be sold for less in the US than in China? Japan, too.
You are acting like we don't import vasts amount of food from china as well as 90% of the crap in walmart . if the dollar loosing, i'm not going to be worried abount cars and flat screens.
No, you are not smart enough to put 2 and 2 together.
America does not import VAST amounts of food FROM China. Like all of their exports, their exports are based on SLAVE labor such as seafood and processed food.
Besides, like Japan before them, their exports are based on pegging their currency to the US dollar at artificially low rates to encourage domestic job growth. It's like paying companies to make things domestically instead of taxing them to do so, Obama is an idiot.
China and Japan's strategy of subsidizes exports at the expense of their local currency's strength rests on the assumption that American consumers will buy more Chinese or Japanese goods than will domestic consumers. As American consumers spend less, that assumption becomes less valid. It becomes more likely that China and/or Japan will strengthen their currency, rather than betting on a depressed American consumer economy. (Refer to Schiff's explanation of why America is the global "caboose".)
hu-a-duh, you're right, i'm not smart, haha. per Geoffrey S. Becker, a Specialist in Agricultural Policy, for the Congressional Research Service report to Congress on September 26, 2008, U.S. imports of Chinese agricultural and seafood products increased roughly
fourfold, from 433,000 metric tons (MT) to2.1 million MT in 2007 alone. China is the 3rd largest source of U.S. agricultural and seafood imports. ha-a-duh i can add 2 two and 2, ho-duh, i'm going to put my helmet on now to ride my bike
Go back and read my response. We import SEAFOOD and PROCESSED FOODS from China. The majority of our food imports from China are seafood, which really comes from the Pacific ocean caught by their 30 cents per hour slave labor.
Your fruit, vegatables, meat and dairy don't come China. But watch out for that baby formula or apple juice from concentrate. Apparently, you've been drinking too much of the former.
name calling? yes i use google like everyone else in the world. i have not written a university white paper about who our top three importers of food and what type of food they import. i know that our produce comes from Latin america (no i did not have to google that one), regardless if it just frozen food, shrimp, tuna, crawfish, etc., it is still our third largest importer of food and over 2 million metric tons is nothing to sniff at, even if you get butt hurt admitting that I was right.
Yea so what? You will be making 30 cents an hour the way your economy is heading. So shut it and dont laugh at others. They are earning 30 cents an hour because they realize its the only way to be competitive.
The biggest benefactors from Cars for Clunkers, on a relative basis, were the Korean car markers. The government may have paid for 1/2 of those cars.
Auto sales today are BELOW pre-Clunkers level, which indicates that the program did not provide that much stimilus and it did not stimulate that much American production of cars. Ford was the only American company to do well under the program with the Focus and Escape. GM and Chrysler showed no real gains.
But I do agree the odds are def against america. So any logical investor right now is wondering what the psycological impact of our countries markets going down is going to do to not only foreign investors but americans interested in investing abroad, Anyone have any ideas about foreign investments? I am going to keep a close I on the dollar index especially tracking the proportional dep/app against the won. Peace out!
the money supply and we will see inflation for sure but I am not certain myself if it is going to be stagflation as in the case of what schiff and faber and the likes are saying. Thailand was in same scenerio as us in the 96/7 i believe and they established a surplus the next year. In other words, there are a lot more economical factors to take into account that the us borrows a ton of money and we just default and there is nothing we can do so there is stagflation...
I think peter has made his point well established. To sum it up, the us isn't going to be able to reimburse loanable funds. I heard the interest on the debt alone is going to amount to something like a trillion bones. HAHAHA WTF; Im leaving the country man. But, what now needs to be said from peter is with the dollar prolly going to depreciate in response to the balance of trade account taking on a heavy deficit, hence to balance it the fed has to expand...
PETER - You and Bob Prechter seem to share certain viewpoints, but are completely opposite on inflation. He says the dollar will GAIN value over the next year or two because there are "more IOU's written in dollar terms than anything else, and those are the items that have been imploding in this ... enviornment." He says, debtors will default faster than the Fed will print and " when those dollars disappear, the remaining dollars will gain in value."
im a forex trader. i trade USD/JPY. thats the us dollar vs the japanese yen.
looking at a monthly chart. back in the 70s, around the end of 1975, usd/jpy was around 305.00. that is, for one us dollar you could get 305 yen. its like $3.05 us.
today at the very time im writing this, usd/jpy is 92.87.
so for one dollar now, you can only get 92 yen. not even 100 yen. 100 yen is like one dollar. its sad. and i see it will be going lower too. the record low is around 80.50. that was around jan 1995
even at MAX volume on laptops , the voice was extremely LOW . it was known problem , I complained a LOT for months, this has been finally corrected :).
Peter, another excellent video, but one suggestion - the audio is blowing out my speakers. Lower the volume on your voice, or do whatever you have to to normalize the audio. It would be easier to listen to that way.
Chalmers Johnson, Professor Emeritus said in His End OD America Interview that the Best thin gcoudl happen to USA - would be that it would become a Banana state :D Well. At least I t would not have to wage ''Banana Wars' like centuries ago :)
Peter - if there comes New Recession, I bet it won't gonna be just Recession, but Deppression. Adn Deppression can make USA collapse - like happened to USSR ( = Peace in the world ;)*) And then possibity for different kind of chaos like back in '30's. Riots. Civil Wars (?) or like New French revolution?
Our news told that 50% people do not believe in Capitalism anymore. 1 Deppression and it's below 25%.
Yeah. Thanks :) Glad to hear Buddy :) My vision were once Crazies in White House with Nukes, oil wars, and New Führer- long time ago and netx there is Chaos and ararchy. Not looking so bright. But I'm Ultra positive Guy :) What? Sounds different? :D
Buying a new car is especially dumb in Calif, because the annual registration for a typical new car is between $1,000 and $1,500!!! Every year!!! No thanks - I'll keep driving my '91 Chrysler. Don't laugh - it's paid for.
It depends. When I drove a Chevy, I went to Jiffy Lube, cuz it cost me only about $8 extra than doing it myself. When I got a BMW, I started changing my own oil, because BMW shops charge $100, and I can do it for fifty bucks.
The Bemer's engine layout is more logical, making it easy to work on it.
American cars are purposely made to be difficult, so that you'll be forced to take it to the dealership. On my friend's dodge, you had to take off the front wheel to access the freakin' battery!
well harvey i have to disagree with some of what your say. these countries all work under the same people. every country is owned by the same bankers around the world.
the us will break up soon and texas is the front runner with new hampshire close behind. once our economy collapses every one will sell our dollars cause they will be worthless.
Gorbachev did the same thing in russia to tank there currency. hell every currency i can think of fails over time as is part of the plan.
About the stock market selloff, the significance (if you have not noticed) is that investors are taking their cues from China/Asia-Pacific not the USA. The US selloff came after a huge selloff in Asian markets.
The Japanese are doomed to an eternity of servitude to the USA. +50 years of the same puppet gov't in Japan says something. This new gov't will be no different. There will be no liquidation of US debt by the Japanese that I can guarantee you.
When China liquidates its US debt the Japanese will still be holding theirs. A loss decade in Japan during the 90's, unemployment in Japan at record highs, line ups at charity soup kitchens, and record debt levels both domestically and externally for both gov't and private enterprises STILL the Japanese have not sold off US debt in order to save their own and that certainly will not change now.
Not to mention the Japanese constitution rewritten by the USA prohibits the Japanese from having a military of any significant size. The Germans are in same situation as Japan. Everyone else basically turns to the USA out of fear of someone else. Western Europe scared of USSR/Russia. East Asia/Australia scared of China. American puppet states are realizing its not cheap to maintain an empire and its time to pay protection money.
It's funny that you mentioned that because the Japanese just announced that Mitsubitshi and a bunch of other companies are developing a Solar Power plant that orbits in outer space and transmits 1 Gigawatt of microwave energy back down to earth. It's basically just like Ronald Reagan's Star Wars program except much more powerful. With a simple flip of a switch, this power station could be used as a weapon of mass destruction.
Put Peter and Barak in a room. Make it nationally televised and live on the internet. Have Barak explain how his policies are beneficial to the economy of the US. Have Peter school him. Then send Barak to his room until he learns how to be a good President.
For roughly the last 30 years, the stock market has been, not an investment area, but rather, it has been a huge legal (for the most part...sometimes) Casino. And what do we all know about Casinos? No, they aren't all run by the mob and no, they aren't all filled with sexy girls, rather, the thing we all know about Casinos is that the only entity that is going to come out ahead in the end is the Casino.
As a very wise booky once told me "suckers make the bets, smart people take them"
Actually, I'm worried that when we can no longer afford a large military, the defense contractors will bail out of the U.S. and sell the weapons to the highest bidder. Guess who has the cash to buy them? China! Whoops.
Maybe, but for now they keep buying into the US ponzi scheme. Are they that dumb? Or are they being blackmailed somehow? Perhaps it is all part of this elaborate plan for a new world order...
Peter is good at understanding economic realities but doesn't see that this whole crisis seems engineered with some diabolical plan for more and more control in the hands of fewer and fewer players.
Your absolutely right, so what gain is there by China subsidizing America's phony economy? Peter seems confused by this as well. But it makes sense if there's more going on then we read in the mainstream media.
This whole economic crisis seems like a move to wipe out smaller banks and then absorb them into the big boys like Chase and BOA with the clueless publics bailout money.
The reason they keep up the charade is that there are certain interests, mainly exporters, who benefit from the current arrangement. If China cut us off, the exporters would go bankrupt (causing short-term instability), but the rest of China would flourish.
You're the voice of reason. PS I saw Kudlow earlier today on the tube and he didn't look happy! I think he might have been believing the stuff spewing out of his own mouth and had an epipheny today!
How much longer can the government keep it up? Years, or decades and if they let it take it's natural course what will likely happen? Also, if this is such a serious situation how is it even possible to artificially prop it up?
Well I can tell you this Sir it wont take another 90 years to lose the next 95% of the remaining 5% of the usd
We had 4 bubbles savings and loans crisis, dot com, housing, stimulus . Each one has ended in crisis faster then the last . It took 8 years for housing to pop. The stimulus will not take as long.
We'll they are propping it up by a .25 interest rate , put that at 5 or 10% rate . Lower rate is forcing people to get rid of dollars to buy assets with higher returns. US Dollar down 13%
While NAFTA is an imperfect arrangement from a free-trade perspective, it's still better than protectionism. The Smoot-Hawley tariff, passed in the early days of the Great Depression with a similar rationale (protecting American jobs) severely deepened the depression.
How about fair trade, we are in the hole with Mexico for 30 billion. We dont have to have 100% protectionism. I think = trade would be best. 30 billion in goods come in, 30 billion goes out. I am a working stiff and i tell ya- dont look to guys like me to start spending when so many are out of work and my ass could be next.
True, going back to silver or gold money would eventually ease the trade deficits out. With printed money, there's just too much manipulation to influence exports/imports at best..
I like that you pointed out how car payments detract from someone's future spending. Even a Keynesian who believes consumer spending drives the economy must recognize your point.
The Gov't is too P.C. I t should be for QUALIFIED buyer for AMERICAN cars not foreign cars. 8,000 is nothing when you are looking at 150 k or more homes. If you bought a foreclosure , you would have to invest 20 to 30,000 to bring it up to standards.Again, buyers must be qualified. Peter , saw you on fast money thanks for the advice, Tim S . liked it too.
"I believe that banking institutions are more dangerous to our liberties than standing armies...This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered"
I'd recommend you put money in orderly in installments, I personally don't buy until it is really apparent there are some good valuations. Unless you are willing to take some risks, just invest in gold and silver. If you know what your doing, I'd short the auto's industry. Price expectations assume unsustainable "cash for clunkers" sales levels but there's always the potential the gov't might reinstate the program.
Do a YouTube search for the Obama Deception video and then at 19 minutes and 30 seconds into the video you will see why it appears that the market is doing good.
Daniel Estulin, who followed the Bilderberg Group (BG) for 16+ years explains that the BG purposely intends to create an illusion (a market similar to the 1998/99 market) to get the middleclass "suckers" to start investing their money again and then W H A M ! The market will collapse!
Looking at Japan is very instructive. Japan has been trying to reflate their economy over the last decade. But the damage has been done. Japan is in a slow slide into oblivion. Obama can take credit for the recovery...what there is of a recovery. However, it will be very telling what happens when the economy double-dips back into a deeper recession. Will be own up to heading up bad policies? This remains to be seen.
Obama can blame Bush -- many do. But you can only blame Bush for so long. Otherwise, Obama will have to admit that he is powerless to do anything. That is suicide for any President. However, it could give Obama the ground to lead into initiatives like a North American currency union.
bearmare, i doubt the North American union will play out because Mexico is messed up, and we are messed up. that leaves Canada to try to prop up 2 of its neighbors. Canada does have a stronger economy, and a smaller military because they have 2 allies next to them but they could not fuel our consumption. could you possibly imagine a Texan, or a southerner saluting a flag of another nation? if anyone tried any of the North American Union stuff it would be the tea parties x10.
Actually, by comparison, Canada is in the same boat as Mexico and the US. If one counts Canada's unfunded liabilities for pensions, healthcare, etc. over the next few decades, Canadians are looking at roughly $4.5 trillion as a national debt. Given that Canada is 1/10th of the US, that is a $45 trillion national debt. And Canada is dependent on the US economy as its largest trading partner. With Canada looking at a $50 billion deficit and higher this year, the place is as broken as the US.
@bearmare: As soon as oil, natural gas and other commodities rebound (which they will, although not to the previous highs) Canada will be running surplus again. It pisses me off we have to mirror whatever the US does though with deficit spending fake interest rates etc. When interest go up the shit will hit the fan here as so many people are maxed out on 4% mortgages already and a 2% increase will bury them.
Commodities will rebound. But this will also increase costs in the US, driving them into another recession. Of course Canada is a consumer as well as a producer of commodities. Canada will be prone to recession as well, even though the trade surplus will grow. As for interest rates, Canada has to remain competitive with the US as capital flows freely between the two countries. Our rates will arc higher as US rates begin to creep up.
Taking it another step further, the US will be the dominate player in the union anyway. Canada and Mexico became vassal states if not part of the US outright. Capt. Fremont once envisioned the US as extending from Baffin Island all the way to the Yucatan. That dream may yet come to pass.
you have to remember that Canada has had surpluses that they have been funneling into our economy. yes, they have alot of waste in their government too but they have not gone as far as we have. even if they do have a massive deficit they will have buyers of their products no matter what.
Canada's been running phony surpluses for over a decade. It's the massive surplus in the EI fund (over $56 billion) that keeps the general revenues high. Remove EI from the list, and the gov't has been running deficits consistently. A few billion is set aside for debt reduction, but this covers mainly the interest payments of current debt. Or, it's used to retire outstanding high-cost debt that can be reacquired as a lower rate. It's the unfunded liabilities that will sink Canada. $4.5 trillion.
I do not live in Canada, and I know very little about their budget but I do know that they have products that the world needs and wants so they will have surpluses. even if they do have an unfunded liabilities of $4.5 trillion, that is still less that ours.
Relatively speaking, Canada debt situation is worse than that the of US. It's population is only 30 million and it's growing at a slower rate than that of the US. While Canada's social benefits system, including universal national healthcare, doesn't have the budget portion as large as the US, in time it will take over a substantial percentage of the budget. Like the US, when Canada's Boomers retire and become sick, the debt will spike enormously. There will be long-term financial problems ahead
@bearmare: As far as I understood, the EI fund was pillaged a while ago. My brother owns his own business and is usually right on this sort of thing. I'm interested in where you got the unfunded liabilities info as I thought our external debt, while not great, is a pittance in comparison to the US. (population dif considered) If you want to message me links I'd appreciate it.
In a certain context, your brother is correct. The EI fund registers massive surpluses, but this fund is, for accounting purposes, part of the gov't general revenues. It has been used to offset deficits ever since. The EI fund has been pillaged time and time again. Canada's AG has addressed this each year and every gov't has rejected the criticism. Unfunded liabilities is what the gov't is obligated to provide in program spending in the future. Pensions, healthcare, etc costs in the future.
The markets will rise and fall wildly for some time yet. Before the Crash of '29, there were a number of false recoveries in the market. Once the money ran out, however, the market fall through, at last. The same is happening again. However, because there are literally trillions of dollars flooding into the market, there will be a lot of market recoveries. But what happens when the money runs out? This is the question that no one really wants to face. This a dangerous mindset.
Democrats will spend and lie as much as they can to maintain power after the November 2010 elections. US citizens gave the White House and Congress to the Democrats and all they have done is steer the economy towards a massive iceberg.
Don't forget they gave the Democrats the whole congress and Senate in 2006. They have been in charge for 3 years now. What complete Fucktards the Liberals are.
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CanadaMicroCap 1 year ago
Peter we are in a crisis, do you think the govt. is just going to let the auto makers fail? That would cause great amount of ruin that will trickle down as greater depression to this already suffering economy.
It's clear that mistakes were made, it's up to us to keep in mind the law of polarity.
I enjoyed your inputs, thanks.
Man2be23 1 year ago
@Man2be23 "Peter we are in a crisis, do you think the govt. is just going to let the auto makers fail? That would cause great amount of ruin that will trickle down as greater depression to this already suffering economy."
That's exactly what needs to happen. The market needs to take care of it. Governments can't create production, markets create production. Peter talks about this too.
TWSceptic 2 months ago
I don't think we should listen to these so call experts because they don't know much more than we do. No one can predict anything, so stop listening to them and start working, saving, and buying only tangible assets with intrinsic values.
moniequa 2 years ago
In May 2002, Schiffty Pete predicted that the Dow would fall to 2000 within two years. That never happened. I wonder if Schiffty Pete's plan to bomb Iran has any connection to his recent prediction that the price of gold will rise to $5,000 per ounce?
AtlasShruggery 2 years ago
i will vote you as US pres
erictjie 2 years ago
great video
vmpslr2 2 years ago
So are you saying that lending standards haven't improved for these new home buyers? It's not as if everyone can just go out and get gov't money to purchase a first-time home. It's not about getting Americans to "buy more stuff" and creating another bubble - it's about getting those who can afford a new home to get the market moving.
rhonbell2003 2 years ago
Tough sell... House prices are still artificially inflated..and not on track with what the average American makes. For millions of first time buyer, todays prices are still out of reach.
damnright4 2 years ago
It is true that in the market place if you do not let the sick companies fail you will extend your slow growth and hurt the economy in the long run. The reason why the government is stepping in now is we have too many market sectors that are set to be decimated if they do not step in. They are just extending the inevitable, but it is import to not let banking, homes, and cars all fail at once.
sabot96 2 years ago
Contribute at Schiff for Senate. com Do it! Let's get this man elected!
jbm0745 2 years ago 2
It may be that 16 to 1-silver to gold is a ratio that will forever go down in the history books ! Fact: Silver is a PM. Fact : Silver has been used in industry since 1940- Gold has not. Fact : Silver is also very valuable to industry with new needed uses being discovered. Fact: There is roughly 2 billion ozs. of above grnd.gold being held today- there is only about 600 million ozs. of silver above grnd.Once the world wakes up to the FACTS that silver has a lot more to it than is understood-$ up$
Glsfutrs 2 years ago
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Glsfutrs 2 years ago
Some people say that silver is the way to go, because they think that it's going to return to it's 16:1 state, compared to it's current 62:1. Is this probable?
TEHREALBOB 2 years ago
Silver is an industrial metal. Gold is a monetary metal. Silver outperforms during economic expansion. Gold outperforms in contraction.
We are in a contraction because of too much spending and not enough production. Obama has expanded deficit spending and proposes to burden production with socialized medicine, carbon taxes and restrictions, and raising taxes (letting tax cuts expire). Plus Baby Boomers are retiring. The economy will continue to lag and Ag:Au will likely become more extreme.
herbs814 2 years ago
Silver was used to make coins too. More so than gold.
NoisemakerArrow 2 years ago
Silver is used to make small-denomination coins for everyday commerce. Gold is how governments and large institutions store large amounts of wealth. Silver has more industrial uses than gold. And gold has a much larger commodity trading market.
The point of all this was to explain why gold outperforms silver in times of economic contraction and reduced commerce volume. And thus, why the extreme gold-silver ratio is not likely to return a historical mean. Gold will continue to outperform silver
herbs814 2 years ago
As long as we ship work out of the US, We won't recover. This free trade , open market thing is a bullcrap. We need to protect jobs here . That World trade organization is full of bullshit , it only benefits the Rich.
fmflores2000 2 years ago 2
Free trade does make countries better off, but it does not impact people in those countries evenly. This has become increasingly true now that we can produce more goods than we can consume. Free trade forces low skill labor to compete with one another and puts more power in the hands of those with capital as the develop world moves towards Oligopolies.
It allows corporations to circumvent minimum wage laws and benefits, pollution standards, and a f*cked up tort system in the US.
666sigma 2 years ago
man, that collar looks uncomfortable
pretorious700 2 years ago 2
good video!
Annihilate3275 2 years ago
Sorry Pete. I'm gonna have to disagree with you on Japan issue. I'm half Japanese and I've lived here in Japan for a long time. I think the reality is, the DP is no different from the LDP. A lot of the LDP members have switched parties, and they just fight on camera like the Republicans and Democrats in America, but fundamentally, they both like deficit spending, and interfering with the market.
chroNick546 2 years ago 2
Funny you should mention that ChroNick, I'm no expert on the Japanese economy or politics but what little I have been able to learn led me to believe that the parties there are like you say.
I'm a big Peter Schiff fan and my opinion of him is unchanged but learning more about Japan can't hurt.
kmg501 2 years ago
The data that we are not seeing is "who" are the people who are buying the cars and the houses under these programs.
I suggest the Peter Schiff is correct... there are many people who purchased these big tickets items, and now have debt or more debt than prior to the purchase. Big, big problem coming.
This is all being done intentionally.
Many, many things happening all at once.
behearsoon 2 years ago
What we need is higher wages, cut the military budget in order to create jobs. Cut Aid of for Israel and Honduras. By cutting this we can create more jobs. Make public transportation free for everyone. Especially the trains. Single Payer Health care plan. More taxation on Rich people to distribute to the poorest. More rent control building that are built for Rich people. Also why not take wall street bonuses and collect intest on them and give them to homeless shelters. Build homes for batteredw
EmeterioBetances 2 years ago
Great way to take us into a mega depression! Keep taking your communist classes.
andrenym00 2 years ago
It was communism when we gave bailout to the the "too big to fail" wall street and banking institutions.
Ghaztoir 2 years ago
GM wa slosing money selling cars because of its pathetic unionized structure where workers were overpaid and non-workers were overpaid. Along with emissions shit added over 30 years. The state of the company went from good pathetic is horrific because they cycled cahs through other non unionized nov gov regulated to death "industries" and made money through them to pay back stock holders.
The government bankrupted GM by causing boom bust of the stock market.
deltapunk21 2 years ago
and now the same unions that drove GM out of business get a majority stake in new GM... at the expense of secured creditors.
herbs814 2 years ago
Schiff the banking and auto companies did go bankrupt because of not paying back loans. They couldn't pay them because of/union enforced fascism that forced banks to give loans to people who couldn't pay them back. We did not have so much debt "privately" we couldn't pay it back. The problem is socislism and unions jacking wages up WAY above their market level, unproductive and huge out the ass "benefits", and then paying people to retie at 50 and not work.
GM was a Hellcare subsider.
deltapunk21 2 years ago
Schiff government "money" is private "money" Government has nothing but a monetary cartel and criminally insane dipsahits running it and us into the ground.
deltapunk21 2 years ago
factory output is down these gubermint numbas as always are shit.
deltapunk21 2 years ago
This has been flagged as spam show
What does Obama read on his spare time? Go to my channel to find out. It just might scare you.
daltongang79 2 years ago
The government paid car owners to trade in their old cars, which will be destroyed. But the government is running a deficit. So it doesn't have $3 billion to hand out. It must borrow the money, which reduces the amount of money for other investments. Moreover, the government must raise taxes in the future to pay back the principal and interest -- or the Federal Reserve will monetize the debt through inflation. Either way, we pay.
Dems want everyone in debt to the govt. to socialize the nation.
Zile77 2 years ago 2
You know what I've been seeing in the way of brand new cars on the road recently since the Cash For Clunkers deal? Big Ass cars, trucks and SUV's. Now, tell me what class of people bought those cars..unemployed, poor people? People who don't know they would need to make a car payment for a couple of years? Poor and middle class, working people are not the ones taking on new debt..believe me.
Boomer1949 2 years ago
Set Irwin free!
TheGeorgeBush666 2 years ago
has Japan already begun selling off $? :-)
The gold price is up from 954 to 978 today and rising.
AnOm75 2 years ago
Why you so happy when US market go down, I don't get it. Ok US have some problems, but you don't have to be so happy when your country going down
sov19871987 2 years ago
we're happy he's telling the truth when everyone else is lying.
treboomboom 2 years ago 2
bye bye nintendo and sony will miss you.
sakura936 2 years ago
The Govt by issuing all this CREDIT, have now become through their actions
TOTALLY DIS-CREDIT-ED.
NowisEvollovetion 2 years ago
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ctech42851 2 years ago
I'm digging the 7 min vlog!
soundmoneyfan 2 years ago
BTW, China's stock market tanked 22% in August - 24% from the peak. Many say this is the result of their phoney economy.
666sigma 2 years ago
phoney economy?? haha. you are going to see speculation all over china for a long time to come, but calling their economy "phoney" is wrong. yes their EQUITY MARKET will reach levels not in line with reality, but their ECONOMY (trade surplus, current account surplus, savings) is very real and very strong. the speculators can blow up the equity markets all they want, but as long as they keep producing and saving, they will have the strongest economy in the world
soundmoneyfan 2 years ago
I should have said phoney "stock market." However, their economy is not 100% sound. China today is America 80 years ago or Japan 20 years ago. Their economy is built on cheap labor that exports goods to more developed countries.
America suffered a speculative bubble in 20's and Japan suffered one in the 80's partially because they were "going take over the world." They went pop because of excessive speculation.
China is further from turning the economic corner than Japan was.
666sigma 2 years ago
oh i agree it is not 100% sound, there is no such thing, and political changes could bring a more free nation that could result in a fat lazy import based country like we live in who knows. but asians are savers by nature, it would take a culture change for them to not be hard working and to be spenders like we are. the wealth of a nation is defined by thier ability to produce per adam smith who i agree with, so china is going to be the global leader for the next century our so.
soundmoneyfan 2 years ago
I dunno. There were people (not all of them German), who predicted German ascendancy at the beginning of the twentieth century. After all, Germany seemed to be replacing Britain as the major industrial power, had a large and growing population, and was a center of innovation and technology. That's not to say Germany hasn't been influential, and it is certainly a wealthy country, but it's hardly the global economic and political leader that many expected it to become.
nonantianarchist 2 years ago
Germany didn't turn to be the global leader but they are one of the very few in the EU that have a trade surplus and have the biggest trade surplus in all of Europe. If China has a world war fought on it's soil, then a blockade, then the treaty of versailles, then another world war fought on it's soil (and it kills 5 million jews which causes many wealthy jews to not invest capital in the country for decades) than yes, it might not be the gloabl leader this century. we never know we'll see
soundmoneyfan 2 years ago
The wealth of a nation is based on the natural resources that they are blessed with plus their ability to innovation and add value to those resources.
The wealth of the masses is based on their ability to add value to those resources because the Power Elite will ALWAYS steal the natural resources (royalty, government, industrialists) for themselves. Enslaving the masses adds to their wealth, except to the extend that they suppress innovation relative to other countries.
666sigma 2 years ago
and?? what are you saying? are saying that china will not be the economic leader in the next century? and all the important resources in china are already owned by the gov't, now watch in the coming decades as china buys more and more US assets. don't think Hummer was the last thing they will be buying as the need places to invest all the currency the have on reserve.
soundmoneyfan 2 years ago
Wait a minute, I thought Japan was going to be that leader. I guess that is not going to happen.
If China decouples, their GDP would explode in USD terms. But any material change in FX would result in foreign manufacturing moving elsewhere. So what Chinese brands are you going to buy when their currency triples against the USD? Where are their Toyota, Honda and Sony?
What happens if the US doesn't allow their goods to be sold for less in the US than in China? Japan, too.
666sigma 2 years ago
You are acting like we don't import vasts amount of food from china as well as 90% of the crap in walmart . if the dollar loosing, i'm not going to be worried abount cars and flat screens.
soundmoneyfan 2 years ago
No, you are not smart enough to put 2 and 2 together.
America does not import VAST amounts of food FROM China. Like all of their exports, their exports are based on SLAVE labor such as seafood and processed food.
Besides, like Japan before them, their exports are based on pegging their currency to the US dollar at artificially low rates to encourage domestic job growth. It's like paying companies to make things domestically instead of taxing them to do so, Obama is an idiot.
666sigma 2 years ago
China and Japan's strategy of subsidizes exports at the expense of their local currency's strength rests on the assumption that American consumers will buy more Chinese or Japanese goods than will domestic consumers. As American consumers spend less, that assumption becomes less valid. It becomes more likely that China and/or Japan will strengthen their currency, rather than betting on a depressed American consumer economy. (Refer to Schiff's explanation of why America is the global "caboose".)
herbs814 2 years ago
hu-a-duh, you're right, i'm not smart, haha. per Geoffrey S. Becker, a Specialist in Agricultural Policy, for the Congressional Research Service report to Congress on September 26, 2008, U.S. imports of Chinese agricultural and seafood products increased roughly
fourfold, from 433,000 metric tons (MT) to2.1 million MT in 2007 alone. China is the 3rd largest source of U.S. agricultural and seafood imports. ha-a-duh i can add 2 two and 2, ho-duh, i'm going to put my helmet on now to ride my bike
soundmoneyfan 2 years ago
Nice 30 second google, liver lips.
Go back and read my response. We import SEAFOOD and PROCESSED FOODS from China. The majority of our food imports from China are seafood, which really comes from the Pacific ocean caught by their 30 cents per hour slave labor.
Your fruit, vegatables, meat and dairy don't come China. But watch out for that baby formula or apple juice from concentrate. Apparently, you've been drinking too much of the former.
666sigma 2 years ago
name calling? yes i use google like everyone else in the world. i have not written a university white paper about who our top three importers of food and what type of food they import. i know that our produce comes from Latin america (no i did not have to google that one), regardless if it just frozen food, shrimp, tuna, crawfish, etc., it is still our third largest importer of food and over 2 million metric tons is nothing to sniff at, even if you get butt hurt admitting that I was right.
soundmoneyfan 2 years ago
Or less than 1/2% of the food consumed in the US.
666sigma 2 years ago
lmao, vulgarity in intellectual discussions always amuse me! :D
Ghaztoir 2 years ago
Yea so what? You will be making 30 cents an hour the way your economy is heading. So shut it and dont laugh at others. They are earning 30 cents an hour because they realize its the only way to be competitive.
Elbottoo 2 years ago
The biggest benefactors from Cars for Clunkers, on a relative basis, were the Korean car markers. The government may have paid for 1/2 of those cars.
Auto sales today are BELOW pre-Clunkers level, which indicates that the program did not provide that much stimilus and it did not stimulate that much American production of cars. Ford was the only American company to do well under the program with the Focus and Escape. GM and Chrysler showed no real gains.
666sigma 2 years ago
Lol 'hit on CNBC"
Individualism101 2 years ago
This has been flagged as spam show
Schiff 4 senate!
diipadaapa1 2 years ago
But I do agree the odds are def against america. So any logical investor right now is wondering what the psycological impact of our countries markets going down is going to do to not only foreign investors but americans interested in investing abroad, Anyone have any ideas about foreign investments? I am going to keep a close I on the dollar index especially tracking the proportional dep/app against the won. Peace out!
fgbsdfgsdfg 2 years ago
the money supply and we will see inflation for sure but I am not certain myself if it is going to be stagflation as in the case of what schiff and faber and the likes are saying. Thailand was in same scenerio as us in the 96/7 i believe and they established a surplus the next year. In other words, there are a lot more economical factors to take into account that the us borrows a ton of money and we just default and there is nothing we can do so there is stagflation...
fgbsdfgsdfg 2 years ago
I think peter has made his point well established. To sum it up, the us isn't going to be able to reimburse loanable funds. I heard the interest on the debt alone is going to amount to something like a trillion bones. HAHAHA WTF; Im leaving the country man. But, what now needs to be said from peter is with the dollar prolly going to depreciate in response to the balance of trade account taking on a heavy deficit, hence to balance it the fed has to expand...
fgbsdfgsdfg 2 years ago
PETER - You and Bob Prechter seem to share certain viewpoints, but are completely opposite on inflation. He says the dollar will GAIN value over the next year or two because there are "more IOU's written in dollar terms than anything else, and those are the items that have been imploding in this ... enviornment." He says, debtors will default faster than the Fed will print and " when those dollars disappear, the remaining dollars will gain in value."
If you're out there, what's your response?
huklou 2 years ago
Ah, this perspective is nice to hear every now and then. It's kind of like an antique Ford Model T, but even more obsolete.
Zeldovich 2 years ago
Peter Schiff was right, Peter Schiff for senate 2010!
Vunks2000 2 years ago
im a forex trader. i trade USD/JPY. thats the us dollar vs the japanese yen.
looking at a monthly chart. back in the 70s, around the end of 1975, usd/jpy was around 305.00. that is, for one us dollar you could get 305 yen. its like $3.05 us.
today at the very time im writing this, usd/jpy is 92.87.
so for one dollar now, you can only get 92 yen. not even 100 yen. 100 yen is like one dollar. its sad. and i see it will be going lower too. the record low is around 80.50. that was around jan 1995
rawer77 2 years ago
The sound is great Peter love the corrections you've made to sound quality over the last few weeks....Great Job!
Still promoting you on my radio show.
TheUrbanSurvivalistS 2 years ago
Go Peter. Nice video again.
Intervene 2 years ago
Another dollar fail prediction from Peter. One of these days he will be right !!!
MrHeavydose 2 years ago
harvey there is a nob on your speakers...u can actually turn the volume down
maslo1 2 years ago
even at MAX volume on laptops , the voice was extremely LOW . it was known problem , I complained a LOT for months, this has been finally corrected :).
anshu1234 2 years ago
Peter, another excellent video, but one suggestion - the audio is blowing out my speakers. Lower the volume on your voice, or do whatever you have to to normalize the audio. It would be easier to listen to that way.
harvey101107 2 years ago
LOWER YOUR KNOB MAN.
on laptops the volume is dead low even at MAX volume.
anshu1234 2 years ago
Chalmers Johnson, Professor Emeritus said in His End OD America Interview that the Best thin gcoudl happen to USA - would be that it would become a Banana state :D Well. At least I t would not have to wage ''Banana Wars' like centuries ago :)
PNACATTACKdotCOM 2 years ago
Peter - if there comes New Recession, I bet it won't gonna be just Recession, but Deppression. Adn Deppression can make USA collapse - like happened to USSR ( = Peace in the world ;)*) And then possibity for different kind of chaos like back in '30's. Riots. Civil Wars (?) or like New French revolution?
Our news told that 50% people do not believe in Capitalism anymore. 1 Deppression and it's below 25%.
PNACATTACKdotCOM 2 years ago
PNACATTACKdotCOM; I believe you are corect- if we go down again, I think we can officially call the depression..
Steenville 2 years ago
Yeah. Thanks :) Glad to hear Buddy :) My vision were once Crazies in White House with Nukes, oil wars, and New Führer- long time ago and netx there is Chaos and ararchy. Not looking so bright. But I'm Ultra positive Guy :) What? Sounds different? :D
PNACATTACKdotCOM 2 years ago
even though there is so much i disagree with peter there is so much that i do agree with peter you keep keep up the good work peter
dragonflychainsaw 2 years ago
Buying a new car is especially dumb in Calif, because the annual registration for a typical new car is between $1,000 and $1,500!!! Every year!!! No thanks - I'll keep driving my '91 Chrysler. Don't laugh - it's paid for.
Rockerchic4God 2 years ago
agreed. the sales tax is also pretty high in california. i will continue driving my 2000 new beetle :)
vonleixy 2 years ago
You serious? A thousand bucks? That's nuts. Here in Texas, the sticker costs $50.
Burt1038 2 years ago
Second that brother. Paid for is my matto.
It also helps if people knew how to change their oil as well.
hiphopsocnroc 2 years ago
It depends. When I drove a Chevy, I went to Jiffy Lube, cuz it cost me only about $8 extra than doing it myself. When I got a BMW, I started changing my own oil, because BMW shops charge $100, and I can do it for fifty bucks.
The Bemer's engine layout is more logical, making it easy to work on it.
American cars are purposely made to be difficult, so that you'll be forced to take it to the dealership. On my friend's dodge, you had to take off the front wheel to access the freakin' battery!
Burt1038 2 years ago
It's a shame that the USA doesn't use the same protectionist policies that the Japanese use as Peter explains at 5:00
brad3378 2 years ago
well harvey i have to disagree with some of what your say. these countries all work under the same people. every country is owned by the same bankers around the world.
the us will break up soon and texas is the front runner with new hampshire close behind. once our economy collapses every one will sell our dollars cause they will be worthless.
Gorbachev did the same thing in russia to tank there currency. hell every currency i can think of fails over time as is part of the plan.
$=slavery
fixed92 2 years ago
Thanks Peter
useyourdelusion 2 years ago
Thanks Peter for the update, I learned a lot from your input.
netmasta10bt 2 years ago
Great analysis, Peter. Thank you!
shoeman3434 2 years ago
About the stock market selloff, the significance (if you have not noticed) is that investors are taking their cues from China/Asia-Pacific not the USA. The US selloff came after a huge selloff in Asian markets.
The Japanese are doomed to an eternity of servitude to the USA. +50 years of the same puppet gov't in Japan says something. This new gov't will be no different. There will be no liquidation of US debt by the Japanese that I can guarantee you.
harveybirdmannequin 2 years ago
When China liquidates its US debt the Japanese will still be holding theirs. A loss decade in Japan during the 90's, unemployment in Japan at record highs, line ups at charity soup kitchens, and record debt levels both domestically and externally for both gov't and private enterprises STILL the Japanese have not sold off US debt in order to save their own and that certainly will not change now.
harveybirdmannequin 2 years ago
Not to mention the Japanese constitution rewritten by the USA prohibits the Japanese from having a military of any significant size. The Germans are in same situation as Japan. Everyone else basically turns to the USA out of fear of someone else. Western Europe scared of USSR/Russia. East Asia/Australia scared of China. American puppet states are realizing its not cheap to maintain an empire and its time to pay protection money.
harveybirdmannequin 2 years ago
It's funny that you mentioned that because the Japanese just announced that Mitsubitshi and a bunch of other companies are developing a Solar Power plant that orbits in outer space and transmits 1 Gigawatt of microwave energy back down to earth. It's basically just like Ronald Reagan's Star Wars program except much more powerful. With a simple flip of a switch, this power station could be used as a weapon of mass destruction.
brad3378 2 years ago
That's some James Bond type shit right there.
Burt1038 2 years ago
Thanks again peter.
Have a good day.
McRocket 2 years ago
Put Peter and Barak in a room. Make it nationally televised and live on the internet. Have Barak explain how his policies are beneficial to the economy of the US. Have Peter school him. Then send Barak to his room until he learns how to be a good President.
singlespeak 2 years ago
Forget Senate - go straight to the Whitehouse please! Donation done (again)
lenny380 2 years ago 3
For roughly the last 30 years, the stock market has been, not an investment area, but rather, it has been a huge legal (for the most part...sometimes) Casino. And what do we all know about Casinos? No, they aren't all run by the mob and no, they aren't all filled with sexy girls, rather, the thing we all know about Casinos is that the only entity that is going to come out ahead in the end is the Casino.
As a very wise booky once told me "suckers make the bets, smart people take them"
Plutonwolf 2 years ago
Asia's gonna keep propping up America - probably because they're scared of us going into depression with our massive military.
brijones7 2 years ago
Actually, I'm worried that when we can no longer afford a large military, the defense contractors will bail out of the U.S. and sell the weapons to the highest bidder. Guess who has the cash to buy them? China! Whoops.
Burt1038 2 years ago
Maybe, but for now they keep buying into the US ponzi scheme. Are they that dumb? Or are they being blackmailed somehow? Perhaps it is all part of this elaborate plan for a new world order...
Peter is good at understanding economic realities but doesn't see that this whole crisis seems engineered with some diabolical plan for more and more control in the hands of fewer and fewer players.
brijones7 2 years ago
No, he's just not buying into "diabolical" conspiracy garbage. Moves are made in this world for economic gain, nothing more, nothing less.
asphyxiafeeling 2 years ago
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treboomboom 2 years ago
Your absolutely right, so what gain is there by China subsidizing America's phony economy? Peter seems confused by this as well. But it makes sense if there's more going on then we read in the mainstream media.
This whole economic crisis seems like a move to wipe out smaller banks and then absorb them into the big boys like Chase and BOA with the clueless publics bailout money.
brijones7 2 years ago
The reason they keep up the charade is that there are certain interests, mainly exporters, who benefit from the current arrangement. If China cut us off, the exporters would go bankrupt (causing short-term instability), but the rest of China would flourish.
Burt1038 2 years ago
amazing. thank you
bnash2002 2 years ago
It's almost hard to fathom that we could ACTUALLY have a guy in the Senate who understands economics.
Whoa...
Go Pete!!!!
DarthKazi 2 years ago 3
Comment removed
michaelpshipley1 2 years ago
"Off to CNBC", Go get 'em Peter!
You're the voice of reason. PS I saw Kudlow earlier today on the tube and he didn't look happy! I think he might have been believing the stuff spewing out of his own mouth and had an epipheny today!
Lockemeister 2 years ago
Im buying me some FAZ and UGL shares
ciottini 2 years ago
Agreed 100% again.
kev492001 2 years ago
not to mention that you car insurance premium will go up because you have to have collision and liability.
banklady25 2 years ago
thanks
bowtie728 2 years ago
No mention of China indexes being 20% off the recent high. If the US decline continues, it will be following that cliff dive.
YankeeGlacier 2 years ago
How much longer can the government keep it up? Years, or decades and if they let it take it's natural course what will likely happen? Also, if this is such a serious situation how is it even possible to artificially prop it up?
Shaunt1 2 years ago
Well I can tell you this Sir it wont take another 90 years to lose the next 95% of the remaining 5% of the usd
We had 4 bubbles savings and loans crisis, dot com, housing, stimulus . Each one has ended in crisis faster then the last . It took 8 years for housing to pop. The stimulus will not take as long.
We'll they are propping it up by a .25 interest rate , put that at 5 or 10% rate . Lower rate is forcing people to get rid of dollars to buy assets with higher returns. US Dollar down 13%
bl782 2 years ago
We could trash NAFTA, that would put millions of Americans back to work.
Working Americans like to spend money.
rickbar123 2 years ago
While NAFTA is an imperfect arrangement from a free-trade perspective, it's still better than protectionism. The Smoot-Hawley tariff, passed in the early days of the Great Depression with a similar rationale (protecting American jobs) severely deepened the depression.
nonantianarchist 2 years ago
How about fair trade, we are in the hole with Mexico for 30 billion. We dont have to have 100% protectionism. I think = trade would be best. 30 billion in goods come in, 30 billion goes out. I am a working stiff and i tell ya- dont look to guys like me to start spending when so many are out of work and my ass could be next.
rickbar123 2 years ago
Well, if we stopped subsidizing the trade deficit with borrowed or printed money, it would eventually go away.
nonantianarchist 2 years ago 3
haha, thats a good one- so true
rickbar123 2 years ago
I think it would be a natural trade deficit for a period of time.
Chainedorlo 2 years ago
Well, I said it would EVENTUALLY go away, not that it would disappear instantly.
nonantianarchist 2 years ago
True, going back to silver or gold money would eventually ease the trade deficits out. With printed money, there's just too much manipulation to influence exports/imports at best..
Sniper2008009 2 years ago
Beautiful, unadulterated and commonsensical rhetoric!... music to my ears!
Jaconfilm 2 years ago
Peter When will Europacific Precious Metals be up and running ? You need to post a video on it and how it works
centralscrutinizer76 2 years ago
I like that you pointed out how car payments detract from someone's future spending. Even a Keynesian who believes consumer spending drives the economy must recognize your point.
iamacyborg 2 years ago
The Gov't is too P.C. I t should be for QUALIFIED buyer for AMERICAN cars not foreign cars. 8,000 is nothing when you are looking at 150 k or more homes. If you bought a foreclosure , you would have to invest 20 to 30,000 to bring it up to standards.Again, buyers must be qualified. Peter , saw you on fast money thanks for the advice, Tim S . liked it too.
boob1019 2 years ago
In 1791, Thomas Jefferson warned:
"I believe that banking institutions are more dangerous to our liberties than standing armies...This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered"
MrZEPOVINHO 2 years ago 4
I am a straight male... MARRY me PETER!
youthinksoo 2 years ago 3
straight male ? you obviously do not need his ass
what do you want ? his money ? lol
VivaMydick 2 years ago
LOL!
gasellers 2 years ago
thanks, Peter
greenb1a 2 years ago 3
It's amazing, I read news about Japan, come here, and he says exactly what I was thinking.
Everything is reaching historical proportions.
Ne0mega 2 years ago
If there is another leg down; it better not affect my portfolio with EuroPacific like it did the last time.
Jasman2444 2 years ago
I'd recommend you put money in orderly in installments, I personally don't buy until it is really apparent there are some good valuations. Unless you are willing to take some risks, just invest in gold and silver. If you know what your doing, I'd short the auto's industry. Price expectations assume unsustainable "cash for clunkers" sales levels but there's always the potential the gov't might reinstate the program.
Wcoltd 2 years ago
Hi Peter and other posters,
Do a YouTube search for the Obama Deception video and then at 19 minutes and 30 seconds into the video you will see why it appears that the market is doing good.
Daniel Estulin, who followed the Bilderberg Group (BG) for 16+ years explains that the BG purposely intends to create an illusion (a market similar to the 1998/99 market) to get the middleclass "suckers" to start investing their money again and then W H A M ! The market will collapse!
SupportFreedom1 2 years ago
They printed money in 3rd Reich too ;)
I'm just wondering is there even Gold in
Ford Knox anymore... (?) And if not, when it run out (?)
EXCELLENT video.
Thanks
PNACATTACKdotCOM 2 years ago
Looking at Japan is very instructive. Japan has been trying to reflate their economy over the last decade. But the damage has been done. Japan is in a slow slide into oblivion. Obama can take credit for the recovery...what there is of a recovery. However, it will be very telling what happens when the economy double-dips back into a deeper recession. Will be own up to heading up bad policies? This remains to be seen.
bearmare 2 years ago
"Will he own up to bad policies?"
Of course not. To the extent that he'll even acknowledge a problem, he'll probably blame it on his (admittedly bad) predecessor.
nonantianarchist 2 years ago
Obama can blame Bush -- many do. But you can only blame Bush for so long. Otherwise, Obama will have to admit that he is powerless to do anything. That is suicide for any President. However, it could give Obama the ground to lead into initiatives like a North American currency union.
bearmare 2 years ago
I didn't say it made sense, just that that was what he would do.
nonantianarchist 2 years ago
bearmare, i doubt the North American union will play out because Mexico is messed up, and we are messed up. that leaves Canada to try to prop up 2 of its neighbors. Canada does have a stronger economy, and a smaller military because they have 2 allies next to them but they could not fuel our consumption. could you possibly imagine a Texan, or a southerner saluting a flag of another nation? if anyone tried any of the North American Union stuff it would be the tea parties x10.
vtc193 2 years ago
Actually, by comparison, Canada is in the same boat as Mexico and the US. If one counts Canada's unfunded liabilities for pensions, healthcare, etc. over the next few decades, Canadians are looking at roughly $4.5 trillion as a national debt. Given that Canada is 1/10th of the US, that is a $45 trillion national debt. And Canada is dependent on the US economy as its largest trading partner. With Canada looking at a $50 billion deficit and higher this year, the place is as broken as the US.
bearmare 2 years ago
@bearmare: As soon as oil, natural gas and other commodities rebound (which they will, although not to the previous highs) Canada will be running surplus again. It pisses me off we have to mirror whatever the US does though with deficit spending fake interest rates etc. When interest go up the shit will hit the fan here as so many people are maxed out on 4% mortgages already and a 2% increase will bury them.
theslimeylimey 2 years ago
Commodities will rebound. But this will also increase costs in the US, driving them into another recession. Of course Canada is a consumer as well as a producer of commodities. Canada will be prone to recession as well, even though the trade surplus will grow. As for interest rates, Canada has to remain competitive with the US as capital flows freely between the two countries. Our rates will arc higher as US rates begin to creep up.
bearmare 2 years ago
Taking it another step further, the US will be the dominate player in the union anyway. Canada and Mexico became vassal states if not part of the US outright. Capt. Fremont once envisioned the US as extending from Baffin Island all the way to the Yucatan. That dream may yet come to pass.
bearmare 2 years ago
you have to remember that Canada has had surpluses that they have been funneling into our economy. yes, they have alot of waste in their government too but they have not gone as far as we have. even if they do have a massive deficit they will have buyers of their products no matter what.
vtc193 2 years ago
Canada's been running phony surpluses for over a decade. It's the massive surplus in the EI fund (over $56 billion) that keeps the general revenues high. Remove EI from the list, and the gov't has been running deficits consistently. A few billion is set aside for debt reduction, but this covers mainly the interest payments of current debt. Or, it's used to retire outstanding high-cost debt that can be reacquired as a lower rate. It's the unfunded liabilities that will sink Canada. $4.5 trillion.
bearmare 2 years ago
I do not live in Canada, and I know very little about their budget but I do know that they have products that the world needs and wants so they will have surpluses. even if they do have an unfunded liabilities of $4.5 trillion, that is still less that ours.
vtc193 2 years ago
Relatively speaking, Canada debt situation is worse than that the of US. It's population is only 30 million and it's growing at a slower rate than that of the US. While Canada's social benefits system, including universal national healthcare, doesn't have the budget portion as large as the US, in time it will take over a substantial percentage of the budget. Like the US, when Canada's Boomers retire and become sick, the debt will spike enormously. There will be long-term financial problems ahead
bearmare 2 years ago
@bearmare: As far as I understood, the EI fund was pillaged a while ago. My brother owns his own business and is usually right on this sort of thing. I'm interested in where you got the unfunded liabilities info as I thought our external debt, while not great, is a pittance in comparison to the US. (population dif considered) If you want to message me links I'd appreciate it.
theslimeylimey 2 years ago
In a certain context, your brother is correct. The EI fund registers massive surpluses, but this fund is, for accounting purposes, part of the gov't general revenues. It has been used to offset deficits ever since. The EI fund has been pillaged time and time again. Canada's AG has addressed this each year and every gov't has rejected the criticism. Unfunded liabilities is what the gov't is obligated to provide in program spending in the future. Pensions, healthcare, etc costs in the future.
bearmare 2 years ago
The markets will rise and fall wildly for some time yet. Before the Crash of '29, there were a number of false recoveries in the market. Once the money ran out, however, the market fall through, at last. The same is happening again. However, because there are literally trillions of dollars flooding into the market, there will be a lot of market recoveries. But what happens when the money runs out? This is the question that no one really wants to face. This a dangerous mindset.
bearmare 2 years ago
You are my MAN!!! KEEP IT UP
fatalegg 2 years ago 2
Where's my other 3 minutes, effer? (j/k).
"Another hit on CNBC" A better choice of words is available.
Epic878787 2 years ago
"gotta go spank some CNBC butt. hope erin burnett is there."
"gotta hit up CNBC for more peter schiff was right clips for the campaign. hope david faber is there, he's my kind of stupid."
"gotta go tell CNBC if your bankrupt, buying a lexus isnt going to help as much as you think."
"gotta go tell CNBC my first act as senator is to have FINRA audited. twice."
"gotta go. remember to leave mike norman alone. he's sensitive, like mike litoris."
michaelpshipley1 2 years ago 2
awesome.
Epic878787 2 years ago
The only way to pay the debt and keep America united as a nation is for Americans to keep being slaves and keep paying taxes.
Secession now !
asperin 2 years ago 2
Democrats will spend and lie as much as they can to maintain power after the November 2010 elections. US citizens gave the White House and Congress to the Democrats and all they have done is steer the economy towards a massive iceberg.
TonyUnplugged 2 years ago
Don't forget they gave the Democrats the whole congress and Senate in 2006. They have been in charge for 3 years now. What complete Fucktards the Liberals are.
homertalk 2 years ago 2