1/21/2011 - Peter Schiff On FXBIZ: The Great Currency Debate

[SitDownShutUpp]

peter schiff is the einstein of economics

[bstock21]

two of our great patriots here in america

[checkcall123]

Not very often you hear a Republican give credit to Obama! Facts, logic and reason = Peter Schiff!

[joepeeler34]

@checkcall123 Actually he was making fun of Obama. Obama got one half of the equation right, but the other half seemed to be lost on him. Obama thinks that a rising yuan (renmimbi) is good for the U.S. beauase our goods will be cheaper for the Chinese to import. True enough, but we don't export a lot of goods. It's just going to mean that prices will rise here. Also, we won't be able to export a lot of our monetary inflation anymore. The Chinese will also slow the purchase of U.S. Treasuries.

[checkcall123]

@joepeeler34 thats more like it. And no, he did give Obama credit for having that part correct (like I said).

[tharmand]

Hey Zap,

You're so right! I happen to believe in the magical properties of the dollar which can be increased in a moment's whim by pushing a few keystrokes on Bernanke's keyboard. That, my dear friend, is truly magical!!

[zapbrannigan000]

more lunatics who believe in the magical properties of gold.

[tacitus7]

@zapbrannigan000 Well not magic, but it certainly is more magical than the paper currency that we currently have which is constantly being devalued which creates the bubbles and busts.

[TheSophist2007]

@zapbrannigan000 gold is a limit on the capacity of the government to print money to monetise debt. It limits reckless spending by debt accumulation, i.e. there is no option to increase the money supply. They cannot create gold out of thin air and decrease the value of gold as easily. Gold can be debased but not so easily as the printing press or digital currency.

[charlesfuchs]

Were not economist, just buy silver NOW, its the last time!!

[NicosMind]

I love the judge. He knows what hes talking about, "Even that nut Paul Krugman" Lol i had to laugh at that. He hit the nail on the head with that statement :)

[fizzywool]

He seems to like the idea of china's rich being richer and the people of USA being poor. The wealth of the people is piped to them from the manufacturing done here. Not the colleges, not the patents, not wallstreet, not the DOD. USA wealth comes from manufacturing for our own needs first and the world as a cherry on the desert. Now they want to even ship out the last manufacturing left. Airliners and there maintanence to under qualified and corrupt corporations. Boeing outsourcing is disaster.

[fizzywool]

Schiff left out the fact goods can be made anywere including here . It only took the koreans a year to build a 1 billion dollar auto assembly plant  two times that are both less then 2 hours drive from me here in USA. If the market for a USA made products exist at a price profitable it will be made here . The feds out right treason on taxation and outsourcing has given us this issue of us being poor. It can be change very fast if the goods are priced right and investment can depend on a buyer .

[SidneyBou]

Thanks for setting the date at start of clip.

[focus21x]

Schiff is much more suited for the Fed job or at least a Secretary/minister of finance or the like. He is not meant to be a politician kissing babies.

[focus21x]

Fire Bernenke, appoint Schiff.

[MaverickZ]

Schiff used a poker analogy that fit perfectly. "going all in" because china is pot committed on its bet(us) or it folds and we collapse. the move is fold, doh.

[EdMan2012]

this is one of the few shows that continually pump TRUTH. It should be on FOX not FOX Business

[541austin88]

I bet the trick is in Bernanke's beard... If I grew one, maybe I could also spout out a bunch of BS and people will believe me.

[ilferrari]

Napolitano is a bit over the top

[WOLF333999]

When are they putting up Chinese parading on telescreens? Five minutes of hate twelve times daily? Come on, US government; you know you want to.

[DennyDFW]

LOL @ classrom cheating comparison!!!

[StyngRay1]

Everyone manipulates currency fuckhead Napoleon! S

[DennyDFW]

@StyngRay1 But he's talking about the deliberate debasement by our government and why they're doing it. Did you even watch the vid?

[StyngRay1]

@DennyDFW Yes that is what i said. EVERYONE manipulates currency! ie ALL GOVTS ! It is not anything new! S

[joepeeler34]

@StyngRay1 It's hard to manipulate a commodity money like gold or silver though. I propose a complete separation of state and money. Money came out of the free market originally. Money is a commodity like coffee or beans that just has the added attribute of being a good medium of exchange. Gold and silver have been monies for thousand of years and will be monies again. Fiat paper money is a fraud.

[StyngRay1]

@joepeeler34 I am only talking about currency manipulation by govts. and also governments keeping the rate artificially between fixed parameters. S

[tgpdlp1]

Dr. Strangelove  or How I learned to love rice and beans.

[ADULTEDUCATION4U]

Dyanamic Duo....Peter and the Judge.....

[odin422]

WE NEEDS TARIFFS ON GOODS AND SERVICES!

[capitalist4life]

@odin422 So you want an arbitrary line to be drawn around one landmass and the people within it should be stolen from if they buy from people outside that arbitrary line? That's ridiculous.

[ally4free1]

@capitalist4life high will we have hyperinflation in the us? ...and if so how does all the money get into the ppls hands to cause this..since by peters definition of in flation is the incressed money supply...

[joepeeler34]

@capitalist4life Yes! very good point. Another way to get people to think about it is that some U.S. states run trade deficits with other U.S. states. Just ask them if they want to bar or put a tariff on all goods from 'X' state because your home state runs a trade deficit with that state. If their logic is applied evenly then the individual states should erect protectionist tariffs too. It makes no sense.

[FGTBOGSAT]

Peter and the Judge are right!

The USD is doomed.