The current economy is based on consumers/companies are in debt. We need a economy that is based on consumers/companies that are debt-free and have savings.
Our government actually does things to keep us into debt to pay off gov debt! Now that the gov has nationalized the banking industry, they are even more motivated to keep us in debt.
Schiff and Dave Ramsey don't get along, but DR has the best plan to teach the fundamental principles of personal finance...especially being debtfree.
Government investment in infrastructure is non-productive compared to what...cigarettes, cheeseburgers, face-lifts, porn? A command economy seems just as rational to me as one that feeds the Invisible Brain (advertising).
@JuanVoyce I guess the counter argument to your point would go: those cigs, porn ect., have their demand determined by the market, if the market gets over-saturated then nobody makes any money in porn & ppl go do something else. The capitol is allocated intelligently.
When a command economy allocates capitol it is driven by popular politics & not efficiency therefore you get a misallocation of capitol like we saw w/ state sponsored home buying, then we get the crash & flushing of malinvestment.
House are not considered infrastructure. What's so intelligent about allocating $50B for the production/consumption of porn, cosmetic surgery, cheese burgers, and cigarettes? What's wrong with allocating resources to improve our infrastructure thru the political system?
@JuanVoyce well there is demand for these things & ppl are willing to put in many productive hours of work in order to consume these goods. keep in mind its the market allocating these resources.
When we try & allocate through the political system we get the bridge to nowhere, ethanol (which causes starvation in the 3rd world), bank bailouts, AIG bonuses, war, dept. of energy, a broke PO & no child left behind. Capitol is just not well allocated by politics in infrastructure or anywhere else.
"There is demand for these things" primarily because of advertising. But there are other needs and goals that we can achieve and "demand" through our political system. National programs are not inherently a mis-allocation as Peter suggests, they are for products, services, or infrastructure that "we demand".
@JuanVoyce demands don't come from ads thats silly. Needs & desires=demands, ads simply try & capitalize by bringing brand recognition to a product.
What i am trying to get you to recognize is govs. complete incompetence. I mean they couldn't even deliver water to the superdome. Compare UPS to fedex, look @ the efficiency of the DMV, medicare/medicaid (broke), Amtrak, Iraq, fannie/freddie, swine flu vaccine dist., all broke or abject failures. My point is the gov. never does anything well, ever.
@JuanVoyce Thats what i like about you, you are a great challenge :). BTW below meant USPS vs. Fedex.
Ads channel demand to specific brands. Think clothes; i need clothes the ads channel me to specific brands, minus the ads i still need clothes.
Please explain to me where gov. is efficient. Look @ cash for clunkers it cost 3x more than projected & only pulled buys ahead, Medicare cost 10x more than projected and growing. A private company this poorly run would have been bankrupt decades ago.
Thinking about clothes—what about the case of 2 pairs of jeans? One pair is on sale for $35 under a poster of a happy farmer wearing same; the other pair, at another store, sells equally as well for $135 under a poster of shirtless guy with a pretty girl hanging on his shoulder. What has increased the demand for the second pair of these jeans? (more to follow)
....search techniques advertisers use to increase demand, which they do so effectively that the 4 vices mentioned have become epidemics. Taxing disposable/pathological consumption to fund education & infrastructure is a wiser allocation of resources. And please dont bore me with a laundry list of hackneyed Republican-Libertarian demagogy, like comparing the USPS--that provides a labor-intensive mail service for cents/piece to those expensive NDA services, etc.
@JuanVoyce well my friend we are going to have to cite irreconcilable differences here, b/c we are getting nowhere. I applaud you for exposing yourself to viewpoints counter to your own, a rarity today. I recommend checking out some Ron Paul vids as well. But if Ron & Peter can't convince you what chance do I have? I just don't trust our incompetent Big Brother like you do. My advice if you have a little extra cash, buy some junk silver & put it under the mattress, thank me later :)
I usually don't come off as an incorrigible reprobate this early in a discussion--I must have been tired. I agree with a lot of what Peter has to say (which is why I tune in) and to try to poke some holes in it if I can--as a reality check. When you say I need "convincing" I feel like the Jehovah's witnesses are at the door. :)
--Juan PS Big Brother refers to gov't surveillance and is not germane to our discussion.
Excellent. Anyone who calls this criticism or negative pandering, needs to wake the heck up. This guy is about as real, down to earth and straight forward as they come. If you can't understand that and hear simple facts when you hear them, uncoated and untainted with aspartame spin, then you are truly a product of the system and will suffer it's side effects. This guy has nothing to gain by saying this, except in as much as one may gain by telling the simple truth.
I hope Schiff will spend more time on specific constructive ideas for the future instead of criticizing. I'm already convinced he is able to see problems. Now, he needs to convince that he is capable of fixing them.
"I hope Schiff will spend more time on specific constructive ideas for the future instead of criticizing."---I think you're missing Schiff's point. He does bring ideas. One would be bringing manufacturing to the US. He has made so many videos that you'd have to comb through them to hear it.
Also, government IS the problem. The solution is to lessen it.
Artificially bringing manufacturing back is kind of contradicts with his free market idea. And what releasing of an army of government workers can do to unemployment? Maybe those unemplyed are the ones who can bring manufacturing back :)
the carry trade between US and CHina is artificial, so bringing manufacturing home isn't "artificial". It's probably one of the best things we can do for our country.
Thanks for making so much sense. It is wonderful to see the views on youtube go from a few thousand to tens of thousands in the past year. We are making progress and waking people up.
Bullets aren't utilitarian? It's pretty hard to make a gun work without them. Secondly, I think I am more than capable of deciding for myself "what I need." Finnally, invest in other people? Like Wallstreet? I don't think I'm gonna invest in the people that created the economic trouble that the WORLD is in.
@Jcolinsol I don't know man. If I lived in the US I would be buying a gun and plenty of bullets to go along with it. When the US dollar fails and u can't borrow the money you need to prop up the economy things are going to get pretty bad, especially in towns and cities. But that's just my opinion.
Yeah, but violence isn't really a solution to the problem, and it certainly is not a solution to any conflicts arising out of lack of resources. The solution to a lack of resources is production of more resources.
I doubt there will be any particularly destructive economic collapse because the population size is so large that the emergent activity would quickly return equilibrium to society. At least that is what I'm supposing right now
Mr. Schiff if exactly right. One of the few voices of reason out there in an insane world. The problem with our current economic zeitgeist is the underlying fact that the gov. is not an investor, but they are trying to act like one. Whether the project is infrastructure or anything else, it should be funded by private capitalist investors, not by the gov taking money from the poor to pay for whatever it wants to do. This is just a slick new form of feudalism. we are slaves building the empire
various solutions. never mind that it didn't work and the great depression dragged on for a decade. people still loved him because he was "doing something" at least.
a candidate could've come out and said look lets let the market correct, end wage and price controls, and all these other policies that are supposed to help but actually hurt.
it wouldn't have work because most people think there is always a shortcut and that you can end any recession quickly with the right programs or laws.
Peter i love you but when has a politician ever gone out and said look this economic period is tough but we have to stick it out because a recession is sometimes necessary to correct the market (capital allocation and such).
politicians want to be seen as doing something. and as long as they "do something" they can make the situation worse and never be held accountable because he or she is seen as "doing something"
FDR got away with it because he was actively creating programs and trying
8:39 : "It's not a good idea to help people buy houses that they can't afford."
Why do bleeding-heart politicians think they can hedge against the markets without them responding? More importantly perhaps, why do people trust the government to make their way for them in an unregulated market?
Government regulation of the markets is directly responsible for the lapse in personal responsibility that is the root of the problems that are bringing out nation down.
you mean the one whose in jail as a tax protester and nothing more? the one who because of his principles and not any fraud or evasion chose to take a stand against a tyrannical system in his own humble way to try and make a point about the immoral practice of income tax collection. you make him out to be some crook...why not add more detail to your accusations. truth warper.
No, the one who is in jail for fraud, tax evasion, contempt of court and claimed mental desease or defect, i.e. insanity, at his trial. His a crook, and a kook.
Irwin Schiff risked everything he had to prove a point - he is technically right in his points but it matters nothing for the government will never accept its meal ticket is a fraud.
He was no crook. There are far easier ways to steal and one of them is to cozy-up with the government. The government will do the stealing for you, which is why all the rich crooks give money to politicians, including and ESPECIALLY Obama.
Your claim that his points are incorrect are based on what? On the fact that he was condemned by the courts? The same courts that feed on tax money? The ones that enable the racket to continue?
The "mental defect" was a way to stop the judge from making a summary decision:
"Schiff himself responded to these claims, stating that the diminished capacity defense was an attempt to prevent the Judge from rendering a summary judgment and instead allow a jury trial."
Find Irwin Schiff on Wikipedia, there you will find his quote and look at his website: he explains why the "mental IMPAIRMENT" defense.
His claims were totally based on logical interpretations of the law as it was written (and tax laws are some of the worst written ever) - you may not agree with them, but that does not mean they are crazy or kooky. Matters little since the Government will do whatever it pleases, but this fact does not make Irwin Schiff a crook, only those in the government.
Tax laws may be the worst written, but they are the law and he KNEW what the law ssaid and choose to ignore it and use his own ideas on what the law meant. He had been convicted before on basically the same charges, he had no excuse, so off to jail he went, where he belongs. His ideas are based on the most illogical ideas, where a State is not a State, only the District of Columbia is. He's nuts.
Challenging our corrupt government does not make one a crook nor does it make you a nut. It takes balls to stand up for something you believe in, especially while knowing you will end up in prison for doing so.
Of course most of the spoiled spineless whiners of our society would rather take it up the ass from big brother than to stand up for what's right. You'll make a perfect government goon once government jobs will be the only jobs left here in the US. Carry on.
Can anyone, a lot more versed on global economics and finance, please enlighten a mundane person like myself on such matters? I more or less understand fiat currency, and also understand that due to this and some chaos theorems the current global economy is very much doomed. Does anyone, versed, have a theory on how long before the "system" collapses and maybe point the first signs of erosion if there will be any or if they already are? Thanks.
I hate to say it, but I don't think even Peter has an answer to that question. It could be next week or 15 years from now - there is not any precedent for the situation we are in.
The global economy isn't doomed. What is doomed is the idea that prosperity flows from the printing press, that government can create jobs, and that debt is beneficial.
Hemingway wrote that a man goes broke "slowly, then all at once." That's what happening to most western nations now.
When will the default come? No one knows. (Austrian economics tells us what is coming, but can't tell us when.)
There is no sure way to determine wen the fiat currency system will collapse entirely, precisely because of the complexity of the market. Understand that fiat currencies and fractional reserve banking are inherently unstable precisely because of the propensity of central banks to inflate the money supply (not necessarily currency) to keep the easy-credit system going. But collapse it will. Jim Brown said that the British Pound will collapse possibly in a few weeks (!!!)
I think it's one of those "evolutionary arms race things". Fiat currency (also the state) will never fail, and will always be adapting and changing in order to survive.
The societal organism will also be adapting to survive these viruses. The result is a sort of equilibrium, though naturally, the organism would be "healthier" without the viruses.
It means she is catching on , should be a sign. Rather than focusing on the cause of extremism or terrorism, she just wishes to prosecute. In a sense she is in denial at what causes domestic terrorism.
Why is Alan Greenspan so stupid? Didn't he study Austrian Economics?
I love your analogies Peter and how your able to make government policies sound so dumb.
"These guys think that, If we had a major earthquake in California, that destroyed a bunch of houses, that somehow this would be good for the economy because we would be creating jobs to rebuild them"
greenspan never studied austrian economics, here's another truth warper...greenspan called himself a "free-marketer" (which is not equivalent to an austrian econst) after he hung out w/ ayn rand for a while back in the 60-70's, they had nothing to do with the austrian school and were lead instead by the dogmatic whims of their "leader". they were more of a cult than a school of thought. austrians are a school of thought w/ hayek & mises the exemplars. just because a pig wears lipstick....
@eduddiputs Now you've got me wondering. The thing on his left (our right) is one of those electronic picture frames, set to rotate pictures every minute. Wow, we are getting the low-down on his office toys. I read that one book, 5-in from the left on the shelf over his head. It's a real page turner. I miss his blinky router-thingy...lol.
Schiff ... if you blow anymore smoke out your ass someones going to call the fire department.
16 years ago during a downturn 4 co workers and myself all bought our first houses with the help of a Federal/municipal sewer treatment plant exspansion.
This enabled most of us to build sucessful small businesses and become the next generation of employers.
You live in The United States of America and you could not figure out how to make it without your help from your Nanny your fellow taxpayers who did figure out how to be successful without anybodies "help"
if everybody was like you we would be the United Socialist States of America.
We were all young kids in our 20's (in evil centrist Canada) working for a Swiss boss who out of the goodness of his heart sponsored 2 of the guys for carpenter appretices.
Where the he'll do your shit would go without property taxes ?
I used to rail against paying taxes when I was younger and had nothing but you can't ignore the big picture if you want affordable sustainable health care, education law enforcement ,retirement etc.
...your country just socialized the losses of every US corporation under the sun that went bankrupt recently in turn bankrupting your country and your calling me a freaking socialist!
@brotherjupiter: you don't seem to be actually listening to what peter is saying. listen to it again with an open mind. when government spends citizens wealth (it doesn't have any of its own), it (overall) spends it very inefficiently. your project may have been necessary, if really required; but that is the exception. governments are overhead, they never create wealth.
I just like giving Pete a hard time and actually agree with him 86.5% of the time but his ideaology is awefully similar to the new world order crowd that sits in their ivory towers in NY ,Seol ,London and sets the price for everything from oil to tuna to labour no matter how environmentaly unsustainable the comodity.
He's right about gold going through the roof though with highly deficient 1.6 trillion $ budgets and 1 trillion $ health care bills.
Actually Jupiter, Canada's healthcare isn't really affordable, the costs are just being deferred, and services are being capped. Education (post) and law enforcement is also more costly than it needs to be by a fair amount. Canada may fiscally be in better shape than the US , but it's no capitalists heaven either. You should keep railing against taxes, as it still takes 70-80% of your income in various forms of all levels of Gov. Big picture speaking of course.
He clearly said that there IS infrastructure that needs repair or is needed, but he also said two things correctly: ONE, that the jobs themselves to build are a COST, NOT the END itself, of a project, and TWO, that infrastructure for its own sake is WASTE. Maybe the sewer was needed, so what? The fundamentals do not change. Congratulations, BTW, on getting your first house with money stolen from the citizenry (what some people call euphemistically "Taxes".)
@masflojo I disagree, but I know what you're saying in that it's better not to spend needlessly, but there's many places to park money for returns that are far better than the 1% DUPSTERSON is talking about. They just happen to not be Fed controlled too.
You're right, there are better places for your money, be it investing in commodities and precious metals (if you buy in to that thinking) or investing in asian markets (as Schiff recommends). What I mean though, its better to park your money in a domestic CD than to go out and buy a new car when yours is fine or using a credit card to get a 70 in plasma TV or a new in ground pool ect.
I'm working on some of those questionable infrastructure projects. Lots and lots of interstate and county road repaving. Stuff we should have been doing anyway, that shouldn't have been part of the stimulus package.
No new infrastructure. Just maintaining the old stuff and delaying that maintenance as long as possible.. Great way to build a country.
I can understand his whole argument of how labor must be useful, but I still don't understand why the U.S. economy boomed after the civil war (for the north), WW1, and WW2. Wasn't all that weapons manufacturing, in a sense, a waste of labor and resources? How was it beneficial to the economy?
Yeah but look at it a global context, almost of all of the other major powers; Soviet Union, Germany, Japan, Britain, France, China, Italy, were all pretty much ruined after the war and by comparison, America at home was largely un-ravaged by war and then had a huge industrial capacity built up after the war, making America the great economic power for a few decades at least. Globalisation, war and bad government squandered such a strong position though.
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
o Israel spies on this country (eg. Pollard, Kadish, AIPAC, etc...)
o Israel bought our politicians with our taxes.
o Israel steals our taxes, hence their higher income.
o Israel uses our country as their toilet.
Want more? Checkout my playlist.
Please share this post with others, and demand that your Senator and/or Representative uphold the laws when it comes to Israel's heinous crimes. Peace!
Ya the yen and US dollar are strongest, but whats weird is that the US dollar is still at very ugly lows against yen. This indicates that the dollar is no longer king and has a weakness still and the strength is just medium term. euro will most likely see 130.00 - 115.00 any lower will be suprise
Wow, that dollar strength sure is rallying early in 2010. Were seeing 1000's of pips accross all majors. The yen sure is strong. Its a big profit season and people seem to be interested in US dollar. I was just curious of what you were trading and think will remain teh strongest for 2010-2011?
@drummer4life534 You may be right, but the dollar has been on a sustained 3 month rally. With the exception of the Yen, and that's only been the last 3-4 trading days, the dollar has been kicking ass. I know, because other than a few 2-3-4 day scalp-jobs short, I have been on the receiving end of this trade for about a month now. Metals can't gain a foot-hold and oil is range-bound. Nice for trading, but that's about it.
You can get a hold on how the real state of the dollar is when you take into account that every single dollar printed by the federal reserve has to be backed with its equivalent in Gold, which is a basic economics, when your dollar surges and resurges when the price of gold goes down means that they are overprinting to keep the value of your $, which leads to inflation, take also into account that the US sold $220 BN worth of gold to India. Then where is the gold to back the buck?
You obviously have no knowledge of basic economics. The Dollar is a FIAT currency meaning its not backed by anything. The FED can create as many dollars as they want.
Second, USA didnt sell any gold to India. It was the IMF that sold the gold.
@OSCARINACOSTA72 We went off the gold standard in 1972, your dollar is fiat, back by nothing but thin air, as long as the FED, keeps printing more of it out of thin air, it soon be worth nothing
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I posted an audience members view of the killer whale attack today on my channel. I don't know how long it stays up but people sure seem to want to see it. - Peace
You want people to "hunker down"????? Where have you been lately? What do you think everybody has been doing for the past 18 months????? Enough hunkering down. It's time to get MOVING again. This waiting around bullshit is just KILLING a lot more businesses. People like you are creating a worse situation. Fear sells these days. Too bad.
No government intervention and regulation is killing businesses. If some one has debt they dont go and buy a brand new car and tv. People living from pay check to pay check are only going to buy what they really need.U think peter is trying to instill fear?? Your nuts hes trying to save people from utter destruction. Things aren't going to get moving until the free market is set free to roam. People like YOU are brainwashing everyone to do things that are irrelevant to the situation now.
Oh I heard about this guy on the news, hes the only person the crazy moonbats trust who think anyone who works for a bank is a reptile in human skin who wants to exterminate 90% of the worlds population.
You make sense on some things and not others. Our economy is driven by consumer spending, like it or not. Telling people to NOT spend anything is taking a bad situation and making it worse. I don't mean for people to go into debt, I mean for them to spend frugally. Obama wants to give small businesses loans? He's an idiot. We need CUSTOMERS, not more debt. Duh. I don't need any more debt. I need people to spend money in my shop. Duh. That, or I go on the public dole and become a liberal.
The market is indirectly controlled by consumer spending in the sense that the market needs to produce goods that consumers NEED and WANT. Being controlled by consumer spending does not mean SPENDING, regardless of type of goods, is all that is required to have an economy going.
If people are not spending in your shop, you are failing at producing goods they currently need at prices that they can afford. That's a failure in your business. You need to adapt your business, or you should liquidate
The problem is that the people in the govt believe that there is a "win-win" solution to the problem. They believe that there is a solution to every problem with no negative impact. They think they are in control. They are not!
we have a new version of the revolving door. its similar to tesla's machine in 'the prestige' - whenever you sit in the chair of the fed or the treasury, at a predetermined time, you get a **zap** and suddenly you appear in the ceo seat at GS or the 3 other majors. we can also use this device to *zap* our acolytes into vacant (or newly fabricated) government positions - ask our men, steel, patterson, jester and shafran - how we made spaces at the big T and zapped them there on a sunny w/end~~~
There's a video out there with a young Arnold Schwarzenegger promoting Austrian economics. Too bad he sold out. He's also a member of the Global Warming cult.
We need more Americans like you. You got my vote for your seat at the white house. Note: Real health reform is knowing MMS by JIm Humble the key to end illness.
The reality is that the fraudulent financial sector and its speculator progeny are bankrupting the world economy. Its all about well dressed parasites on Wall St and in governments bleeding the common man till hes dead.
Or... maybe it's about the Illuminati performing a controlled economic demolition in order to create "order from chaos" and usher in a "one world economy" which will "save us all". Who knows...
I don't stand behind any kind of monetary economic system, it's the reason why we are all in this to begin with. But as we live right now, i would to totally agree with you mr.Schiff. I understand what you are saying. And you are right. I just wish your peers in higher places would listen to you a bit more.
The only thing we can change for the better is to let this crumble and lets us a "real" economic system. Resources are what we use and what we need ...not money.
What is it about money (in general) that you find problematic? Like... if I trade you a pair of shoes for an ounce of silver (or some other form of money) so that I can go buy a hat... what's the problem?
@SolTheImmoralFire the difference is, the government can expand the money supply with a paper currency and destroy its value. Can not be done with gold.
The reason the U S went off the gold standard was to have more control over the economy. With gold the amount would change evreytime some country would find more gold. Now the U S has compleate control over the amount of dollars in the system and regulate it by reducing or expanding supply when needed.
@SolTheImmoralFire ,gold is worth whatever the market deems it to be worth just like a currency. But when a government expands the money supply the market deems that currency to be worth less. Whereas, the gold supply increases by about 2% each year. The value of gold does of course go up and down based on demand/supply but the supply is always limited, unlike a fiat currency.
I see your point and you are right...as long as you keep thinking inside the box which contain most of our current economic laws. Step outside the box for a just a min and you will see that any and i do mean ANY substance can replace money.
My point is, us, the current generation and the next, WILL continue to have this problem.
Humankind has been a slave to this middle man for to long, thousands of years and i think its time for it to end.
Yes have you ever seen one of those videos where they try to sell gold or silver to people on the street? I saw one yesterday where a guy could not get anyone to buy a U S silver dollar for $5. lol money is only worth what the buyer and seller agree it is worth. Money can be anything gold, paper even shells.
Ed Rendell is the best democrat in the nation, or least one of them. He fought the unions and turned Philadelphia back from the brink. When he took over as mayor of Philadelphia the city was living on junk bonds, when he left 8 years later, we had a budget surplus, taxes were down, businesses were moving into Philadelphia... Now we are right back where we were. The unions in PA HATE him, call him Fast Eddie.
been watching Jon Stewart much? If Schiff just wanted to make money he wouldn't be running for Senate, he has already stated that he could make lots of money if the government just keeps doing what it does, it's not Schiff's fault that gold prices are so high, all commodities go up in price when there is inflation, stop looking to the government to run your life or give you hope, you don't need them
lots of money? in the dr. evil sense? this guy owns a mom and pop shop with around 100 employees and $2b AUM - peanuts.
of course this idiot wants to be relevant to the world and get more clients - thats why hes writing books, blowing all this hot air on youtube day in day out and running for the senate.
at the end of the day he is just some small fry trying to make the big league but unfortunately he will remain insignificant since he has limited money and no political connections.
@PostBush: another brilliant libtard logic. More gov't spending financed by deficit and printing funny money means inflation and higher commodity price. It is exactly the gov't scare-mongering, bailing out, unproductive infrastructure projects that would drive up the price of gold, not the other way around. Moron
to everyone: I graduated college in 2003. I came out working as a poorly paid helpdesk worker at a huge pharma company in pennsylvania. I remember in my first months there meeting workers who had very trivial jobs but made triple my salary, and drove bmw's. I remember talking to my good friend and coworker and I said to him, how is all of this possible? It doesnt feel like anyone has earned any of this. I remember feeling something was fundamentally wrong but I did not know what.
i wish other politicians were youtubers. what next will he start video responsing peole and have a classic youtube battle? will he make a funny video?
Spot on! Great job again Peter, getting paste the main stream media hype.
I always enjoy listening to your videos. I just happening to be going through your audio book (crash proff 2.0) today and in it you covered consumer confidence and building infrastructure. To anyone that hasn't read the book, grab it. The audio book is very good, takes 12 hours to listen to it. I am starting it a second time. It will change the way you look at the economic world.
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TheGoalSetter 1 year ago
I hear that the government pressured banks, nation-wide, to give out loans that banks know are high-risk.
I just have a hard time believing that.
Is there any proof of this pressuring?
And no...Greenspan applauding sub-prime loans is not pressure.
TheGoalSetter 1 year ago
The current economy is based on consumers/companies are in debt. We need a economy that is based on consumers/companies that are debt-free and have savings.
Our government actually does things to keep us into debt to pay off gov debt! Now that the gov has nationalized the banking industry, they are even more motivated to keep us in debt.
Schiff and Dave Ramsey don't get along, but DR has the best plan to teach the fundamental principles of personal finance...especially being debtfree.
TheGoalSetter 1 year ago
This guy want to run for an office, so he can have IMMUNITY from insider trading. He is a trader 1st.
noformstyle 1 year ago
Peter Schiff for Treasury!!!
lucjay9 1 year ago
Government investment in infrastructure is non-productive compared to what...cigarettes, cheeseburgers, face-lifts, porn? A command economy seems just as rational to me as one that feeds the Invisible Brain (advertising).
JuanVoyce 2 years ago
@JuanVoyce I guess the counter argument to your point would go: those cigs, porn ect., have their demand determined by the market, if the market gets over-saturated then nobody makes any money in porn & ppl go do something else. The capitol is allocated intelligently.
When a command economy allocates capitol it is driven by popular politics & not efficiency therefore you get a misallocation of capitol like we saw w/ state sponsored home buying, then we get the crash & flushing of malinvestment.
dontdispie 2 years ago
@dontdispie
House are not considered infrastructure. What's so intelligent about allocating $50B for the production/consumption of porn, cosmetic surgery, cheese burgers, and cigarettes? What's wrong with allocating resources to improve our infrastructure thru the political system?
JuanVoyce 2 years ago
@JuanVoyce well there is demand for these things & ppl are willing to put in many productive hours of work in order to consume these goods. keep in mind its the market allocating these resources.
When we try & allocate through the political system we get the bridge to nowhere, ethanol (which causes starvation in the 3rd world), bank bailouts, AIG bonuses, war, dept. of energy, a broke PO & no child left behind. Capitol is just not well allocated by politics in infrastructure or anywhere else.
dontdispie 2 years ago
@dontdispie
"There is demand for these things" primarily because of advertising. But there are other needs and goals that we can achieve and "demand" through our political system. National programs are not inherently a mis-allocation as Peter suggests, they are for products, services, or infrastructure that "we demand".
JuanVoyce 2 years ago
@JuanVoyce demands don't come from ads thats silly. Needs & desires=demands, ads simply try & capitalize by bringing brand recognition to a product.
What i am trying to get you to recognize is govs. complete incompetence. I mean they couldn't even deliver water to the superdome. Compare UPS to fedex, look @ the efficiency of the DMV, medicare/medicaid (broke), Amtrak, Iraq, fannie/freddie, swine flu vaccine dist., all broke or abject failures. My point is the gov. never does anything well, ever.
dontdispie 2 years ago
@dontdispie
You can't be serious--advertising absolutely creates demand for products. And I completely disagree with your assessment of government.
JuanVoyce 2 years ago
@JuanVoyce Thats what i like about you, you are a great challenge :). BTW below meant USPS vs. Fedex.
Ads channel demand to specific brands. Think clothes; i need clothes the ads channel me to specific brands, minus the ads i still need clothes.
Please explain to me where gov. is efficient. Look @ cash for clunkers it cost 3x more than projected & only pulled buys ahead, Medicare cost 10x more than projected and growing. A private company this poorly run would have been bankrupt decades ago.
dontdispie 2 years ago
@dontdispie
Thinking about clothes—what about the case of 2 pairs of jeans? One pair is on sale for $35 under a poster of a happy farmer wearing same; the other pair, at another store, sells equally as well for $135 under a poster of shirtless guy with a pretty girl hanging on his shoulder. What has increased the demand for the second pair of these jeans? (more to follow)
JuanVoyce 2 years ago
@dontdispie
....search techniques advertisers use to increase demand, which they do so effectively that the 4 vices mentioned have become epidemics. Taxing disposable/pathological consumption to fund education & infrastructure is a wiser allocation of resources. And please dont bore me with a laundry list of hackneyed Republican-Libertarian demagogy, like comparing the USPS--that provides a labor-intensive mail service for cents/piece to those expensive NDA services, etc.
JuanVoyce 2 years ago
@JuanVoyce well my friend we are going to have to cite irreconcilable differences here, b/c we are getting nowhere. I applaud you for exposing yourself to viewpoints counter to your own, a rarity today. I recommend checking out some Ron Paul vids as well. But if Ron & Peter can't convince you what chance do I have? I just don't trust our incompetent Big Brother like you do. My advice if you have a little extra cash, buy some junk silver & put it under the mattress, thank me later :)
dontdispie 2 years ago
I usually don't come off as an incorrigible reprobate this early in a discussion--I must have been tired. I agree with a lot of what Peter has to say (which is why I tune in) and to try to poke some holes in it if I can--as a reality check. When you say I need "convincing" I feel like the Jehovah's witnesses are at the door. :)
--Juan PS Big Brother refers to gov't surveillance and is not germane to our discussion.
JuanVoyce 2 years ago
Thank you Peter Schiff for your service for our fellow patriot americans. God bless.
macdogq 2 years ago
Excellent. Anyone who calls this criticism or negative pandering, needs to wake the heck up. This guy is about as real, down to earth and straight forward as they come. If you can't understand that and hear simple facts when you hear them, uncoated and untainted with aspartame spin, then you are truly a product of the system and will suffer it's side effects. This guy has nothing to gain by saying this, except in as much as one may gain by telling the simple truth.
TheGoodnessIsGood 2 years ago 2
May I check the book out from the library? I don't think they have the 2.0 version though.
xcite1x 2 years ago
dude just ask them to order it :) most libraries will order books for you.
x7isrich 2 years ago
I hope Schiff will spend more time on specific constructive ideas for the future instead of criticizing. I'm already convinced he is able to see problems. Now, he needs to convince that he is capable of fixing them.
irinaicious 2 years ago
@irinaicious,
"I hope Schiff will spend more time on specific constructive ideas for the future instead of criticizing."---I think you're missing Schiff's point. He does bring ideas. One would be bringing manufacturing to the US. He has made so many videos that you'd have to comb through them to hear it.
Also, government IS the problem. The solution is to lessen it.
The solution is you.
therealcaptobvious 2 years ago
Artificially bringing manufacturing back is kind of contradicts with his free market idea. And what releasing of an army of government workers can do to unemployment? Maybe those unemplyed are the ones who can bring manufacturing back :)
irinaicious 2 years ago
@irinaicious
the carry trade between US and CHina is artificial, so bringing manufacturing home isn't "artificial". It's probably one of the best things we can do for our country.
therealcaptobvious 2 years ago
Thanks for making so much sense. It is wonderful to see the views on youtube go from a few thousand to tens of thousands in the past year. We are making progress and waking people up.
0oHIZAKIo0 2 years ago
Saving paper money is pointless. The best thing to do is convert the paper money into real assets, like guns and bullets.
teslacult 2 years ago 3
Bullets aren't really a sound investment. It's basically a vanity product, not really utilitarian.
Buy what you need to have a simple, comfortable, progressive life, and invest the rest in other people. It's the only useful investment.
Jcolinsol 2 years ago
Bullets aren't utilitarian? It's pretty hard to make a gun work without them. Secondly, I think I am more than capable of deciding for myself "what I need." Finnally, invest in other people? Like Wallstreet? I don't think I'm gonna invest in the people that created the economic trouble that the WORLD is in.
teslacult 2 years ago
Yeah, and guns aren't useful, except as recreation. It's not a productive use of resources.
Yes, you are the only one who can decide what your preferences are, and how you should invest your resources.
I was thinking more, local investment, in individuals, small business. Maybe through something like Kiva, or maybe a local credit union.
Investment is essential to a progressive social order. You've got to have interaction for order to occur.
Jcolinsol 2 years ago
Yeah, guns are useful, for self-defense.
Instead of, "choosing my prferences," I think I will just settle for controling my own life and destiny. God willing.
Thinking locally is always a good idea, I've always prefered the small crooks to the big ones.
Progressive social order? It almost always progresses in the wrong direction.
teslacult 2 years ago
But violent self-defense isn't productive. So, I don't know, maybe there is some necessity, but it isn't utility.
Preferences/destiny, potaytoes/potahtoes.
There is no wrong or right direction. Progress is inherent and inevitable.
Jcolinsol 2 years ago
@Jcolinsol I don't know man. If I lived in the US I would be buying a gun and plenty of bullets to go along with it. When the US dollar fails and u can't borrow the money you need to prop up the economy things are going to get pretty bad, especially in towns and cities. But that's just my opinion.
titan13131 2 years ago
Yeah, but violence isn't really a solution to the problem, and it certainly is not a solution to any conflicts arising out of lack of resources. The solution to a lack of resources is production of more resources.
I doubt there will be any particularly destructive economic collapse because the population size is so large that the emergent activity would quickly return equilibrium to society. At least that is what I'm supposing right now
Jcolinsol 2 years ago
I wish you wouldn't tell the truth!
fleetingdays 2 years ago
Mr. Schiff if exactly right. One of the few voices of reason out there in an insane world. The problem with our current economic zeitgeist is the underlying fact that the gov. is not an investor, but they are trying to act like one. Whether the project is infrastructure or anything else, it should be funded by private capitalist investors, not by the gov taking money from the poor to pay for whatever it wants to do. This is just a slick new form of feudalism. we are slaves building the empire
maidenak 2 years ago 3
"consumer confidence" is one of the dumbest statistics ever.
pretorious700 2 years ago 9
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aggradef 2 years ago
various solutions. never mind that it didn't work and the great depression dragged on for a decade. people still loved him because he was "doing something" at least.
a candidate could've come out and said look lets let the market correct, end wage and price controls, and all these other policies that are supposed to help but actually hurt.
it wouldn't have work because most people think there is always a shortcut and that you can end any recession quickly with the right programs or laws.
umrmecheman 2 years ago
Peter i love you but when has a politician ever gone out and said look this economic period is tough but we have to stick it out because a recession is sometimes necessary to correct the market (capital allocation and such).
politicians want to be seen as doing something. and as long as they "do something" they can make the situation worse and never be held accountable because he or she is seen as "doing something"
FDR got away with it because he was actively creating programs and trying
umrmecheman 2 years ago
Schiff is by far my favorite senate candidate.
cpblackangel88 2 years ago 7
You're a genius, Schiff! Best of luck in Connecticut - I hope the voters there are not as ignorant as their voting record makes them seem (Dodd)!
waluum 2 years ago 4
8:39 : "It's not a good idea to help people buy houses that they can't afford."
Why do bleeding-heart politicians think they can hedge against the markets without them responding? More importantly perhaps, why do people trust the government to make their way for them in an unregulated market?
Government regulation of the markets is directly responsible for the lapse in personal responsibility that is the root of the problems that are bringing out nation down.
waluum 2 years ago
Consumers don't just react to the fundamentals. The fundamentals react to the consumer.
baigandine 2 years ago
Does he support the ideas of his father, the convict?
RetSquid 2 years ago
you mean the one whose in jail as a tax protester and nothing more? the one who because of his principles and not any fraud or evasion chose to take a stand against a tyrannical system in his own humble way to try and make a point about the immoral practice of income tax collection. you make him out to be some crook...why not add more detail to your accusations. truth warper.
kobe88124 2 years ago
@kobe88124
No, the one who is in jail for fraud, tax evasion, contempt of court and claimed mental desease or defect, i.e. insanity, at his trial. His a crook, and a kook.
RetSquid 2 years ago
RetSquid,
Irwin Schiff risked everything he had to prove a point - he is technically right in his points but it matters nothing for the government will never accept its meal ticket is a fraud.
He was no crook. There are far easier ways to steal and one of them is to cozy-up with the government. The government will do the stealing for you, which is why all the rich crooks give money to politicians, including and ESPECIALLY Obama.
ftorresgamez 2 years ago 3
@ftorresgamez
No, none of his points were right, which is one reason he claimed mental disease/defect.
Are you also saying that his son is a "better" crook because he is going into government?
RetSquid 2 years ago
RetSquid,
Your claim that his points are incorrect are based on what? On the fact that he was condemned by the courts? The same courts that feed on tax money? The ones that enable the racket to continue?
The "mental defect" was a way to stop the judge from making a summary decision:
"Schiff himself responded to these claims, stating that the diminished capacity defense was an attempt to prevent the Judge from rendering a summary judgment and instead allow a jury trial."
ftorresgamez 2 years ago 3
@ftorresgamez
My claims are based on the law. His claims were based on some warped reading of the law.
What is your source for your quote?
RetSquid 2 years ago
Find Irwin Schiff on Wikipedia, there you will find his quote and look at his website: he explains why the "mental IMPAIRMENT" defense.
His claims were totally based on logical interpretations of the law as it was written (and tax laws are some of the worst written ever) - you may not agree with them, but that does not mean they are crazy or kooky. Matters little since the Government will do whatever it pleases, but this fact does not make Irwin Schiff a crook, only those in the government.
ftorresgamez 2 years ago
@ftorresgamez
Tax laws may be the worst written, but they are the law and he KNEW what the law ssaid and choose to ignore it and use his own ideas on what the law meant. He had been convicted before on basically the same charges, he had no excuse, so off to jail he went, where he belongs. His ideas are based on the most illogical ideas, where a State is not a State, only the District of Columbia is. He's nuts.
RetSquid 2 years ago
@RetSquid
Challenging our corrupt government does not make one a crook nor does it make you a nut. It takes balls to stand up for something you believe in, especially while knowing you will end up in prison for doing so.
Of course most of the spoiled spineless whiners of our society would rather take it up the ass from big brother than to stand up for what's right. You'll make a perfect government goon once government jobs will be the only jobs left here in the US. Carry on.
0oHIZAKIo0 2 years ago
@0oHIZAKIo0
The only thing Irwin was standing up for was his own greed and insanity.
RetSquid 2 years ago
When Peter loses some more hair, it will be time to grow a pony tail :)
dinkolino2 2 years ago
Can anyone, a lot more versed on global economics and finance, please enlighten a mundane person like myself on such matters? I more or less understand fiat currency, and also understand that due to this and some chaos theorems the current global economy is very much doomed. Does anyone, versed, have a theory on how long before the "system" collapses and maybe point the first signs of erosion if there will be any or if they already are? Thanks.
OSCARINACOSTA72 2 years ago
I hate to say it, but I don't think even Peter has an answer to that question. It could be next week or 15 years from now - there is not any precedent for the situation we are in.
strongbadXCP 2 years ago
that depends on what they do to it..
dinkolino2 2 years ago
The global economy isn't doomed. What is doomed is the idea that prosperity flows from the printing press, that government can create jobs, and that debt is beneficial.
Hemingway wrote that a man goes broke "slowly, then all at once." That's what happening to most western nations now.
When will the default come? No one knows. (Austrian economics tells us what is coming, but can't tell us when.)
qralston 2 years ago
Oscar,
There is no sure way to determine wen the fiat currency system will collapse entirely, precisely because of the complexity of the market. Understand that fiat currencies and fractional reserve banking are inherently unstable precisely because of the propensity of central banks to inflate the money supply (not necessarily currency) to keep the easy-credit system going. But collapse it will. Jim Brown said that the British Pound will collapse possibly in a few weeks (!!!)
ftorresgamez 2 years ago
I think it's one of those "evolutionary arms race things". Fiat currency (also the state) will never fail, and will always be adapting and changing in order to survive.
The societal organism will also be adapting to survive these viruses. The result is a sort of equilibrium, though naturally, the organism would be "healthier" without the viruses.
Jcolinsol 2 years ago
You look like Bush in the thumbnail... :O
lVlagneto 2 years ago
Homeland Security Secretary Janet Napolitano said on February 21 that American extremists are now as big a concern as international terrorists.
AmericanValues321 2 years ago
good
Chslosers 2 years ago
how in any way is that good?
AmericanValues321 2 years ago
It means she is catching on , should be a sign. Rather than focusing on the cause of extremism or terrorism, she just wishes to prosecute. In a sense she is in denial at what causes domestic terrorism.
Chslosers 2 years ago
Comment removed
AmericanValues321 2 years ago
In your opinion what causes "terrorism"?
AmericanValues321 2 years ago
Why is Alan Greenspan so stupid? Didn't he study Austrian Economics?
I love your analogies Peter and how your able to make government policies sound so dumb.
"These guys think that, If we had a major earthquake in California, that destroyed a bunch of houses, that somehow this would be good for the economy because we would be creating jobs to rebuild them"
Haha thats perfect!
Joe77477 2 years ago
greenspan never studied austrian economics, here's another truth warper...greenspan called himself a "free-marketer" (which is not equivalent to an austrian econst) after he hung out w/ ayn rand for a while back in the 60-70's, they had nothing to do with the austrian school and were lead instead by the dogmatic whims of their "leader". they were more of a cult than a school of thought. austrians are a school of thought w/ hayek & mises the exemplars. just because a pig wears lipstick....
kobe88124 2 years ago 2
I admire your persistence.
scottgellermd 2 years ago
What's that device on Schiff's right? (your left)
It's got some knobs and switches. What could it be fore?
eduddiputs 2 years ago
@eduddiputs Now you've got me wondering. The thing on his left (our right) is one of those electronic picture frames, set to rotate pictures every minute. Wow, we are getting the low-down on his office toys. I read that one book, 5-in from the left on the shelf over his head. It's a real page turner. I miss his blinky router-thingy...lol.
mcdonaldscalling21 2 years ago
Schiff ... if you blow anymore smoke out your ass someones going to call the fire department.
16 years ago during a downturn 4 co workers and myself all bought our first houses with the help of a Federal/municipal sewer treatment plant exspansion.
This enabled most of us to build sucessful small businesses and become the next generation of employers.
brotherjupiter 2 years ago
You are what is wrong with Ameirca.
You live in The United States of America and you could not figure out how to make it without your help from your Nanny your fellow taxpayers who did figure out how to be successful without anybodies "help"
if everybody was like you we would be the United Socialist States of America.
Spurgeon687 2 years ago
Spurgion
We were all young kids in our 20's (in evil centrist Canada) working for a Swiss boss who out of the goodness of his heart sponsored 2 of the guys for carpenter appretices.
Where the he'll do your shit would go without property taxes ?
I used to rail against paying taxes when I was younger and had nothing but you can't ignore the big picture if you want affordable sustainable health care, education law enforcement ,retirement etc.
brotherjupiter 2 years ago
Spurgion
...your country just socialized the losses of every US corporation under the sun that went bankrupt recently in turn bankrupting your country and your calling me a freaking socialist!
brotherjupiter 2 years ago
@brotherjupiter: you don't seem to be actually listening to what peter is saying. listen to it again with an open mind. when government spends citizens wealth (it doesn't have any of its own), it (overall) spends it very inefficiently. your project may have been necessary, if really required; but that is the exception. governments are overhead, they never create wealth.
rationalCrash 2 years ago
Rational
I just like giving Pete a hard time and actually agree with him 86.5% of the time but his ideaology is awefully similar to the new world order crowd that sits in their ivory towers in NY ,Seol ,London and sets the price for everything from oil to tuna to labour no matter how environmentaly unsustainable the comodity.
He's right about gold going through the roof though with highly deficient 1.6 trillion $ budgets and 1 trillion $ health care bills.
brotherjupiter 2 years ago
Actually Jupiter, Canada's healthcare isn't really affordable, the costs are just being deferred, and services are being capped. Education (post) and law enforcement is also more costly than it needs to be by a fair amount. Canada may fiscally be in better shape than the US , but it's no capitalists heaven either. You should keep railing against taxes, as it still takes 70-80% of your income in various forms of all levels of Gov. Big picture speaking of course.
mcdonaldscalling21 2 years ago
Brotherjupiter,
He clearly said that there IS infrastructure that needs repair or is needed, but he also said two things correctly: ONE, that the jobs themselves to build are a COST, NOT the END itself, of a project, and TWO, that infrastructure for its own sake is WASTE. Maybe the sewer was needed, so what? The fundamentals do not change. Congratulations, BTW, on getting your first house with money stolen from the citizenry (what some people call euphemistically "Taxes".)
ftorresgamez 2 years ago
Peter where is the point to save money if interest rates are set by the fed not by a free market?
dupsterson 2 years ago
@dupsterson
Its better to save with 1% interest rates than go in to debt. The Fed HAS to hike the rates before long.
masflojo 2 years ago
@masflojo I disagree, but I know what you're saying in that it's better not to spend needlessly, but there's many places to park money for returns that are far better than the 1% DUPSTERSON is talking about. They just happen to not be Fed controlled too.
mcdonaldscalling21 2 years ago
@mcdonaldscalling21
You're right, there are better places for your money, be it investing in commodities and precious metals (if you buy in to that thinking) or investing in asian markets (as Schiff recommends). What I mean though, its better to park your money in a domestic CD than to go out and buy a new car when yours is fine or using a credit card to get a 70 in plasma TV or a new in ground pool ect.
masflojo 2 years ago
Follow the money!!!
There is no limit on Tyranny!!!
End the Fed!!!
thomastholin 2 years ago
@alanhowitzer
Yea, filling pot holes one asphalt shovel at a time at 15 bucks an hour and of course the traffic tie-ups abound burning up high cost fuel.
Wasting time and money a horrible way to build an economy.
jibbi4one 2 years ago
wow ! $ 15 hr ?
redthunder3979 2 years ago
Today I watched Peter Schiff speak from his teleprompter for 9 minutes and 54 seconds.
dopejam121 2 years ago
Tell it like it is, Peter! That is what we need.
I note you are getting an increasing number of hits these days. Good work.
I never get bored with hearing the facts over and over. I know thaqt new people are hearing them everytime.
kennyvii 2 years ago
Looking very shiny there Mr Schiff.
fedupx5900 2 years ago
I'm working on some of those questionable infrastructure projects. Lots and lots of interstate and county road repaving. Stuff we should have been doing anyway, that shouldn't have been part of the stimulus package.
No new infrastructure. Just maintaining the old stuff and delaying that maintenance as long as possible.. Great way to build a country.
alanhowitzer 2 years ago
I can understand his whole argument of how labor must be useful, but I still don't understand why the U.S. economy boomed after the civil war (for the north), WW1, and WW2. Wasn't all that weapons manufacturing, in a sense, a waste of labor and resources? How was it beneficial to the economy?
soccermafia89 2 years ago
Yeah but look at it a global context, almost of all of the other major powers; Soviet Union, Germany, Japan, Britain, France, China, Italy, were all pretty much ruined after the war and by comparison, America at home was largely un-ravaged by war and then had a huge industrial capacity built up after the war, making America the great economic power for a few decades at least. Globalisation, war and bad government squandered such a strong position though.
britishjohn04 2 years ago
This has been flagged as spam show
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
o Israel spies on this country (eg. Pollard, Kadish, AIPAC, etc...)
o Israel bought our politicians with our taxes.
o Israel steals our taxes, hence their higher income.
o Israel uses our country as their toilet.
Want more? Checkout my playlist.
Please share this post with others, and demand that your Senator and/or Representative uphold the laws when it comes to Israel's heinous crimes. Peace!
HateAllNazis 2 years ago
Ya the yen and US dollar are strongest, but whats weird is that the US dollar is still at very ugly lows against yen. This indicates that the dollar is no longer king and has a weakness still and the strength is just medium term. euro will most likely see 130.00 - 115.00 any lower will be suprise
advancedwarfighter07 2 years ago
Wow, that dollar strength sure is rallying early in 2010. Were seeing 1000's of pips accross all majors. The yen sure is strong. Its a big profit season and people seem to be interested in US dollar. I was just curious of what you were trading and think will remain teh strongest for 2010-2011?
advancedwarfighter07 2 years ago
people really need to run away from the dollar.
drummer4life534 2 years ago
@drummer4life534 You may be right, but the dollar has been on a sustained 3 month rally. With the exception of the Yen, and that's only been the last 3-4 trading days, the dollar has been kicking ass. I know, because other than a few 2-3-4 day scalp-jobs short, I have been on the receiving end of this trade for about a month now. Metals can't gain a foot-hold and oil is range-bound. Nice for trading, but that's about it.
mcdonaldscalling21 2 years ago
You can get a hold on how the real state of the dollar is when you take into account that every single dollar printed by the federal reserve has to be backed with its equivalent in Gold, which is a basic economics, when your dollar surges and resurges when the price of gold goes down means that they are overprinting to keep the value of your $, which leads to inflation, take also into account that the US sold $220 BN worth of gold to India. Then where is the gold to back the buck?
OSCARINACOSTA72 2 years ago
@OSCARINACOSTA72
You obviously have no knowledge of basic economics. The Dollar is a FIAT currency meaning its not backed by anything. The FED can create as many dollars as they want.
Second, USA didnt sell any gold to India. It was the IMF that sold the gold.
EveryNicksTaken2 2 years ago
@OSCARINACOSTA72 We went off the gold standard in 1972, your dollar is fiat, back by nothing but thin air, as long as the FED, keeps printing more of it out of thin air, it soon be worth nothing
MBillCylle 2 years ago
Then this is going to hurt a lot more than expected. Good Luck, and lets hope that the collapse does not pull all down along.
OSCARINACOSTA72 2 years ago
Comment removed
xmastershake 2 years ago
This comment has received too many negative votes show
I posted an audience members view of the killer whale attack today on my channel. I don't know how long it stays up but people sure seem to want to see it. - Peace
chubbywater 2 years ago
I am investing in Amber Lamps wit my monies!
HarryBeLulzFonte 2 years ago 2
You want people to "hunker down"????? Where have you been lately? What do you think everybody has been doing for the past 18 months????? Enough hunkering down. It's time to get MOVING again. This waiting around bullshit is just KILLING a lot more businesses. People like you are creating a worse situation. Fear sells these days. Too bad.
Muzzy337 2 years ago
No government intervention and regulation is killing businesses. If some one has debt they dont go and buy a brand new car and tv. People living from pay check to pay check are only going to buy what they really need.U think peter is trying to instill fear?? Your nuts hes trying to save people from utter destruction. Things aren't going to get moving until the free market is set free to roam. People like YOU are brainwashing everyone to do things that are irrelevant to the situation now.
drummer4life534 2 years ago
Oh I heard about this guy on the news, hes the only person the crazy moonbats trust who think anyone who works for a bank is a reptile in human skin who wants to exterminate 90% of the worlds population.
peapodsss 2 years ago
You make sense on some things and not others. Our economy is driven by consumer spending, like it or not. Telling people to NOT spend anything is taking a bad situation and making it worse. I don't mean for people to go into debt, I mean for them to spend frugally. Obama wants to give small businesses loans? He's an idiot. We need CUSTOMERS, not more debt. Duh. I don't need any more debt. I need people to spend money in my shop. Duh. That, or I go on the public dole and become a liberal.
Muzzy337 2 years ago
People already spent to death, and the economy crashed. You are a lunatic.
SamuelMoralesJr 2 years ago
The market is indirectly controlled by consumer spending in the sense that the market needs to produce goods that consumers NEED and WANT. Being controlled by consumer spending does not mean SPENDING, regardless of type of goods, is all that is required to have an economy going.
If people are not spending in your shop, you are failing at producing goods they currently need at prices that they can afford. That's a failure in your business. You need to adapt your business, or you should liquidate
Lyenae 2 years ago 3
The problem is that the people in the govt believe that there is a "win-win" solution to the problem. They believe that there is a solution to every problem with no negative impact. They think they are in control. They are not!
abhir314 2 years ago
of course there is a win win solution. government - win. banks - win.
viva record bonuses 2010~~~~~
trinomialtree 2 years ago
@trinomialtree Ha... good one. :-)
abhir314 2 years ago
we have a new version of the revolving door. its similar to tesla's machine in 'the prestige' - whenever you sit in the chair of the fed or the treasury, at a predetermined time, you get a **zap** and suddenly you appear in the ceo seat at GS or the 3 other majors. we can also use this device to *zap* our acolytes into vacant (or newly fabricated) government positions - ask our men, steel, patterson, jester and shafran - how we made spaces at the big T and zapped them there on a sunny w/end~~~
trinomialtree 2 years ago
Thanks Peter!
roseagain2 2 years ago
There's a video out there with a young Arnold Schwarzenegger promoting Austrian economics. Too bad he sold out. He's also a member of the Global Warming cult.
D4Shawn 2 years ago 2
lol D4, I suspect he only liked the word "Austria" because that's where he's from. I suspect that's the only thing Arny know about economics, lol.
When a being a body builder and half-assed actor gets you the top job in Cali, it's no wonder the US is pooched.
mcdonaldscalling21 2 years ago
vote Schiff!
jaythizzle1969 2 years ago
We need more Americans like you. You got my vote for your seat at the white house. Note: Real health reform is knowing MMS by JIm Humble the key to end illness.
renukote 2 years ago
Peter is bringen the truth hard and mercilessly, keep it coming
loudsilence321 2 years ago
I would vote for this man for president.
ravaneli55 2 years ago 3
The reality is that the fraudulent financial sector and its speculator progeny are bankrupting the world economy. Its all about well dressed parasites on Wall St and in governments bleeding the common man till hes dead.
wazza33racer 2 years ago 2
Or... maybe it's about the Illuminati performing a controlled economic demolition in order to create "order from chaos" and usher in a "one world economy" which will "save us all". Who knows...
D4Shawn 2 years ago
@wazza33racer politics(AKA Polyticks) poly meaning many, and ticks meaning blood sucking parasites.
drummer4life534 2 years ago
Thanks Peter for keeping up the fight!
Greetings from Sweden
eden821 2 years ago 2
only creating union jobs, how does congress sleep at night
keeptkntests 2 years ago
I don't stand behind any kind of monetary economic system, it's the reason why we are all in this to begin with. But as we live right now, i would to totally agree with you mr.Schiff. I understand what you are saying. And you are right. I just wish your peers in higher places would listen to you a bit more.
The only thing we can change for the better is to let this crumble and lets us a "real" economic system. Resources are what we use and what we need ...not money.
SolTheImmoralFire 2 years ago 2
What is it about money (in general) that you find problematic? Like... if I trade you a pair of shoes for an ounce of silver (or some other form of money) so that I can go buy a hat... what's the problem?
D4Shawn 2 years ago
Money is nothing but a middle man that happens to decide what the worth is of lets say ...i don't know ...a can chicken soup.
If you you want to trade me with something of "equal" value sure.
but money has no value..it's made up.
Me, as the normal consumer, i have to wait till some big shots tell the market what i should pay for the forementioned can of soup.
Using gold as form of payment is no different then using money because you are just replacing the real item with "market" worth.
SolTheImmoralFire 2 years ago
So you would rather that we carry around large amounts of gold/silver? Not very practical if you ask me..
mr82769 2 years ago
@SolTheImmoralFire the difference is, the government can expand the money supply with a paper currency and destroy its value. Can not be done with gold.
titan13131 2 years ago
The reason the U S went off the gold standard was to have more control over the economy. With gold the amount would change evreytime some country would find more gold. Now the U S has compleate control over the amount of dollars in the system and regulate it by reducing or expanding supply when needed.
IWashMyOwnBrain 2 years ago
Then answer this question : what is gold worth?
SolTheImmoralFire 2 years ago
@SolTheImmoralFire ,gold is worth whatever the market deems it to be worth just like a currency. But when a government expands the money supply the market deems that currency to be worth less. Whereas, the gold supply increases by about 2% each year. The value of gold does of course go up and down based on demand/supply but the supply is always limited, unlike a fiat currency.
titan13131 2 years ago
I see your point and you are right...as long as you keep thinking inside the box which contain most of our current economic laws. Step outside the box for a just a min and you will see that any and i do mean ANY substance can replace money.
My point is, us, the current generation and the next, WILL continue to have this problem.
Humankind has been a slave to this middle man for to long, thousands of years and i think its time for it to end.
SolTheImmoralFire 2 years ago
Of course money is a middle man. That's why people use it (it facilitates exchange).
Let's say that I own a tractor, and I want to trade it for 30 other smaller items. What makes more sense:
a) Looking for one person who happens to have all thirty items and just so happens to ALSO want a tractor, or
b) Trading my tractor for something (i.e. money) that I can trade for those other thirty items?
People use money is because they aren't idiots. Pure barter relies on improbable coincidences.
D4Shawn 2 years ago
Yes have you ever seen one of those videos where they try to sell gold or silver to people on the street? I saw one yesterday where a guy could not get anyone to buy a U S silver dollar for $5. lol money is only worth what the buyer and seller agree it is worth. Money can be anything gold, paper even shells.
IWashMyOwnBrain 2 years ago
Of course, the whole subprime mortgage concept was wrong from the start, as have been all progressivist/socialist/communist proposals of the past.
focus21x 2 years ago
Haha. So its the socialists that did it???
mr82769 2 years ago
Ed Rendell is the best democrat in the nation, or least one of them. He fought the unions and turned Philadelphia back from the brink. When he took over as mayor of Philadelphia the city was living on junk bonds, when he left 8 years later, we had a budget surplus, taxes were down, businesses were moving into Philadelphia... Now we are right back where we were. The unions in PA HATE him, call him Fast Eddie.
christo930 2 years ago
This comment has received too many negative votes show
Schiff the Gold salesman.
Get people scared, no bailouts to people, no govt spending, no hope -> price of gold goes way up and Schiff makes lots of money.
PostBush 2 years ago
been watching Jon Stewart much? If Schiff just wanted to make money he wouldn't be running for Senate, he has already stated that he could make lots of money if the government just keeps doing what it does, it's not Schiff's fault that gold prices are so high, all commodities go up in price when there is inflation, stop looking to the government to run your life or give you hope, you don't need them
sirchilly 2 years ago 2
lots of money? in the dr. evil sense? this guy owns a mom and pop shop with around 100 employees and $2b AUM - peanuts.
of course this idiot wants to be relevant to the world and get more clients - thats why hes writing books, blowing all this hot air on youtube day in day out and running for the senate.
at the end of the day he is just some small fry trying to make the big league but unfortunately he will remain insignificant since he has limited money and no political connections.
trinomialtree 2 years ago
@PostBush: another brilliant libtard logic. More gov't spending financed by deficit and printing funny money means inflation and higher commodity price. It is exactly the gov't scare-mongering, bailing out, unproductive infrastructure projects that would drive up the price of gold, not the other way around. Moron
tooltalk 2 years ago 2
to everyone: I graduated college in 2003. I came out working as a poorly paid helpdesk worker at a huge pharma company in pennsylvania. I remember in my first months there meeting workers who had very trivial jobs but made triple my salary, and drove bmw's. I remember talking to my good friend and coworker and I said to him, how is all of this possible? It doesnt feel like anyone has earned any of this. I remember feeling something was fundamentally wrong but I did not know what.
lilbromarky1 2 years ago 2
i wish other politicians were youtubers. what next will he start video responsing peole and have a classic youtube battle? will he make a funny video?
greenghost2008 2 years ago
Go Peter! Telling it like is. What a champ.
Intervene 2 years ago
Spot on! Great job again Peter, getting paste the main stream media hype.
I always enjoy listening to your videos. I just happening to be going through your audio book (crash proff 2.0) today and in it you covered consumer confidence and building infrastructure. To anyone that hasn't read the book, grab it. The audio book is very good, takes 12 hours to listen to it. I am starting it a second time. It will change the way you look at the economic world.
xSpecterx99999999 2 years ago
100% right !
rbito65 2 years ago
good speach , spot on , you are the man !
cosmicguerilla1 2 years ago
We've got to get Peter into the Senate!
jcortez73 2 years ago 2
maybe even a little higher up than that....VP?
curiouschem 2 years ago
Subprime working well? Wow, what a tool.
shatteek 2 years ago 2
I think the other guy Governor Schwarzenegger met with was Governor Kulongoski of Oregon.
Weapon01 2 years ago
Home ownership is overrated.
Pnkbong 2 years ago
Rent! Don't do yourself in the butt by purchasing a house.
wreelp 2 years ago 2
I agree with Peter Schiff.
Pnkbong 2 years ago 2