I thought these guys were supposed to understand math, but he is disregarding the fact that the american dollar is using FRB with heavy debts attached, meaning mathematically that soon the world debt to a few bankers (who produce nothing and accomplish nothing,) will be near infinite high, which also means the interest that must be payed will also be near infinite high, which will drain society of all money (and no, printing new money will not work forever). Which will crash the global economy.
@DrakeIcn the problem with decoupling from the USD is that as soon as countries start to sell off USD and start using other ones currency, the USD price drops to the point where the US is the most efficient exporter. This is the paradox of export-oriented economies: if they are too successful, their currency value goes up and their export are too expensive. Can you imagine if China's low skilled goods soared in price? Or if German goods got too expensive? No one else wants to be world money.
Well, in fact, US dollar IS NOT THE STANDARD reserve curency since the June-September quarter 2009, it has not been by far the most acquired one, and nobody foresee it is going to be any longer. Pity you guys did not know it before this interview. To avoid your embarrasment, guys, USD is still one reserve currency among others and hopefully it will be for many years ahead.
This guy will be sorry for what he is saying. Those Opec guys are the ones threatening the petro dollar be replaced by the Euro. Russia doesn't matter here, they will follow . The only illusion is fiat money.
thw world has run effectively with fiat currency. WWI, WWII, The Great Depression. Very effective. I don't think he see a single global currency as a way to replace the dollar.
This guy really does not have a clue. He obviously wants to live in a economy managed by a few elite bankers. He doesn't seem to understand that economic freedom will produce much more wealth than a managed economy... He gets an economic F for accepting more taxation as a solution... Idiot.
He also seems to be pro empire and military in keeping our economy strong... This retard needs to pick up a history book and read about what happens those with this kind of hubris.
Has Leo seen the US dollar index lately? Perhaps he has not noticed the sharp decline in it's value. He is talking about days gone by. The US has become a country that is unworthy of trust in it's financial system. It is RIFE with corruption, fraud, insider trading, and completely ineffectual regulatory system. Wall St has used it's enormous influence to enable the largest redistribution of wealth from the have nots to the haves, in the history of the world! All this while the people suffer.
Paul Jay you should ask more hard questsions on this guy, he's completely ignorant, his biggest argument agains the dollar sinking is that "oh it can't happen" thats absurd!
What an idiot. The U.S. is officially insolvent. The only thing that keeps it from completely sinking into an abyss is the fact it has the world's reserve currency.
At its core, gold is just as unstable because it's really just as fiat as paper money. Value of gold is not how much of it is sitting in a bank, but how much value that quantity currently has, which is based on market mechanisms just like the dollar is. We've had crashes while on the gold standard too. Returning to it doesn't change how the market works.
Sarandib22, Yes but the "true" gold standard helps control wild fluctuations in curacy. Unlike the partial gold standard the dollar was pegged to most of the last century. But in the end, gold the dollar or anything else is only worth what people agree it's worth and what its availability is. Purchasing power of anything is a concept, like all concepts it can be considered a fiction because if there were no people it would not matter.
Currency commoditization, like gold, prevents government inflation taxation, devaluation, and massive mis-allocating market manipulation.
It makes it so that the social value is not radically different than the use-value. The problem with this gap is that it relies on the social institutions that maintain this gap.
The major, unsolved problem with these social structures is that they are, essentially, a Ponzi scheme. New investors paying off (deflating) the old investors, while it all inflates.
What a complete load of rubbish - this is not REAL news it is simply the usual garbage. GOLD is a valid global currency.
What the mother fuck does deep institutional capability have to do with the relentless printing of money?
How does the US guarantee anything? It is a lawless state that stole all of Iraq's oil for food money and continually steals. Chinese People - you will see none of money - walk away.
To think that the US dollar can't be replaced is silly. As far as why the dollar is now the reserve currency he is wrong again. It is the reserve currency because at the time Europe was in shambles as a result of WWII and America wasn't, no other reason.
no no no, that is impossible...the euro countries only survive because they export to america for rediculously low prices so american can overconsume. This is something that europe must continue doing because america is topdog and u must bow down. Nobody can replace america. America is best and because it is nobody else can be best. You see the logic? It makes perfect sense as an america-propagandist
your mixing your apples & oranges, and factually wrong. This has long been an issue in Europe they used to say if America sneezess Europe catchs a cold, this is no longer the case.
The EU (not Euro area) has a bigger econmony in GDP that USA, its exports to US are very small as part of overall economy, 90%+ of its goods & services are consumed within Europe.
True to an extent, I was referring to the Euro area and those are the politcal dogs in the EU. They make the policies and they make and break the rest of the eurozone. We are slaves to america as we love pushing our products to low prices to export. And we import massively from cheap china aswell, albeit we have our eastern eurozone to compensate for that a bit now and more in the future. However all policies are geared towards dropping the euro against the dollar. Not so succesful though....
Regarding exports to America, you're geting confusd with China, The U.S. accounts for 19% of all EU exports 19% of 10% of the EU economy! That adds up to less than 2% of the EU economy,
From what planet is this guy from? Has he heard of Russia, Argentina, Wiemar Republic, or the Roman Empire? Neither an economist or historian, the guy does know something about politics and that's what makes his story sound so good. Next time, ask him for facts to back up his opinion.
Leo is assuming that a single currency is going to replace the dollar as the world reserve currency, when in fact the Internation Monetary Fund (IMF) can use its Special Drawing Rights (SDR) to create a new world reserve currency based on a basket of currency values. Several Arab nations have been working on a unified arabic currency for trade within each other, but add that to a value of the Yen, Yaun, Ruble, Euro and Pound and u can create something safer than the dollar for... hmmm... oil?
While you are right, the IMF is owned by the US. It's basicly a big monopoly game in which all financial failures by america are written off to other nations. They can't risk losing this golden egg. That'd mean the US economy would lose its ability to overspend and consume and then print its way out of it.
He is right about one thing. Social welfare shouldn't be a monetary issue it should be a moral issue. The cruelest thing to do to sections of the population is make them dependent on government. They will live in poverty forever. Once one generation is on welfare they have no skills to even teach their offspring, so the cycle continues.
"If you give money to people for not working and take money from those that do, dont be surprised when unemployment grows." Milton Friedman
Showing any credentials would disqualify one from being a real economist, since Austrian economics (real economics) is not widely taught in universities. After all Paul Krugman and Ben Bernanke have credentials, and they never saw this crisis coming. It is not coincidence that Austrian school economists were the only ones predicting this
You're right it is no surprise that history has been skewed and pro gov economic theory is taught, since they rely on the gov for funding. People will say anything for money.
Show me where Paul Krugman predicted this. I can show you thousands of clips where Austrian economists predicted it, but I have yet to see Krugman mention it until the meltdown was well under way
Holy shit. This is your evidence of Paul Krugman predicting the crisis? He gave analysis that was completely wrong and forecast recession every year a Republican was in the white house and you consider this man a real economist? I'm talking about someone like Schiff that wrote a book on how and why there was going to be a crisis, not someone that screamed we're doomed because there is a Republican in the white house. I trade commodity futures and studied economics 20yrs, oh and common sense.
How can a man make a accurate prediction when he loses a big money because of it? Peter Schiff lost a lot of money almost along with his business. Now he wants to be a politician. Why is that if he's successful doing business?
Any losses that he had last year have been recouped this year. There were very few of his clients that just got in at the wrong time and out at the wrong time against his advice, they were the only ones that lost money. Schiff is not a day trader. His forecasts have been spot on so far and the dollar is doing exactly as he said it would. You think Schiff is broke because he wants to go to DC and stop the madness?You think he needs a job, is that it?
jjrglobal: " trade commodity futures and studied economics 20yrs, oh and common sense"
Good enough for a job application but you are speaking against the main stream scholars. Have you published anything on economics? Have you been awarded for your research?
If the answer is "never", your opinions are not anywhere close to as valuable as the speaker in the video or Krugman.
So by your standards there can never be any new ideas brought forth by anyone else.If you're not one of the few people recognized by Nobel, then you're ideas are irrelevant.I guess you would have voted in favor of exile against Galileo for his ideas that went against all the mainstream astronomers, huh?
The problem with Keynesianism is all the historical facts that one must ignore to believe in it, like Hoover was a laissez faire president
".I guess ... voted in favor of exile against Galileo for his ideas..."
Good call. It wasn't by mainstream astronomers, but his theory was rejected by clergies(armchair astronomers) who didn't know a thing about it, just like you do now.
"Any losses that he had last year have been recouped this year."
That's new. Where is the source?
My point is why he didn't see it coming? Whether recovered later or not is irrelevant.
I'm sorry my friend, but this in incorrect. I didn't hear any "Main Stream" scholars predicting the last 2 years of events. But I did hear self educated "Common Sense" austrian economists talking about it. The speaker in this video may be smart... and rewards or not, he is WRONG and almost downright stupid for the things he says.
well with all the reports that have been going out about the dollar, the diversification of reserves by banks etc etc.. There are quite a lot of reports that the dollar will be replaced as world reserve currency..
As an arm chair economist, it shouldn't be too hard to see that things are about to change in the future? :)
allgoo19, if we did maybe things would have gone better. Many of the so called experts did not see this big mess comming. I'll bet he is one of them. I have only herd the people from the Austrian school of thought making good calls on this whole mess. Both long befor hand and now.
If you are talking about deregulation supported by so called Austrian economists, that's exactly one of the reason sent the banks to failure.
And the other guy said in a few comments above said Austrian economics has no support in universities? Wouldn't it better if they spent more time establishing their theory in real world? Any few guys get together and make a new theory and publish it. Being accepted is another story.
allgoo19 said: "In your opinion, arm chair economists know something real economists don't know."
Most Keynesian economists didn't see this coming the ones that UNDERSTAND Austrian school did see it. That was my point on the matter.
I agree the repeal of Glass-Steagall was bad. But this didnt happen by economists but corruption.
Keynesian intervention is also a large part of why it happened. It is also a large part of why US has inflated the dollar lousing 20% strenth in the last 3yrs
Compare Keynesian theory to Einstein's theory of relativity.
It's very difficult to understand but accepted in scientific world, he learned everything discovered before him, to most people the idea is ridiculous.
Keynesian theory. Most people don't understand it but accepted by big majority of scholars. He came up with the idea knowing everything else discovered before him.
Probably he found something you don't know? Or he's dumber than you?
allgoo19' the problem is much deeper. We got here by:
Keynesian style market distortion caused by currency and interest rate manipulation(blowing bubbles). Not letting the market prices reset by those actions. Improper regulation. Fractional banking.
If you had an understanding of Mises and the Austrian school it is a minimalist approach and not a no regulation approach. There needs to be rules the system is run by. Not to say I abdicate to little regulation. Too much got us here.
jaadam914: "We got here by Keynesian style market distortion..."
Deregulation had started since 1970's. Tax cut started in 1960's. Which was pretty much the end of FDR policy. Since then, both factors progressed. Economy was at its peak since the end of war till then(40's, 50's, 60's).
Now tell me, which part of Keynesian economics caused the market crash?
So you are telling me that The Federal Reserve had nothing to do with devaluing our money by over 80%? And sure things went well after the war that's when we were the greatest lender nation in the world and the dollar became the world standard. Tax cuts may or may not have started in the 60s but spending did not stop. That's when they raided Social Security trust fund. Maybe you should learn what has really happened in history or take an honest course in basic economics you really need it!
I was responding to your comment that Keynesian economics(regulation & high tax to the riches) was the cause of market crash. Regulation means Glass & Steagall Act to be precise.
How about you show me the same way I did, what regulation and when caused the economic down turn, on the time line by years or decades?
By the way, Austrian economics doesn't have support from academic society, I heard from another Austrian supporter, is it correct?
well let's say that indeed these armchair economists have been following people like Ron Paul and Peter Schiff, who clearly were predicting this crisis when Bush was keeping his head in the sand..
And to replace the dollar.. Try a basket of currencies like the Euro, Yuan, Yen.. Now we even got some countries in South America creating their own currency called the Sucre.. This will "again" replace the use of dollars when trading..
Yeah.. he had invested a lot in europe and other countries, he didn't foresee (almost) all the stock exchanges would be going down..
I'm not up to date with his motives to go into politics (I'm not from the US).. But being a politician gives people a chance to do more for society? That would've been one of my motives. :)
When he can't make a good prediction where it counts most, why other people should trust his prediction at all?
"gives people a chance to do more for society?"
I have never heard of him talking doing anything good for the society. That would be so socialistic and he's standing on the opposite end. If I'm missing something, show it to me.
In the last months the European markets have been outperforming the US if I heard it correctly.. And in the same time the dollar keeps on falling.. Gold keeps rising lately.
And you tell me why I should come up with his motives to become a politician in the first place? :)
What do you think his motive would be to become a politician? To give his company some extra tax cuts? :)
enslavetherich: "In the last months the European markets have been outperforming the US if I heard it correctly..."
When the market is active, most investors see the opportunity.
Last thing they want to see is the market going dead slow. Then there's a reason for Schiff to change his career.
Real reason, he doesn't have as much as money he once had. He no longer has top confidence in risky investment even though he still probably is better than average investors.
He cleverly made a straw man argument saying no other currency can replace the dollar as the world's reserve currency,. as someone else said below. The idea is to replace the dollar with a BASKET of currencies or SDRs with some gold, I may add.
Does this guy not see that we are headed off a freaking cliff? I just don't buy that this guy is that stupid.
The fiat system enables the wealthy with political ties to enrich themselves on the backs of hard working individuals. Didn't buy your lies and half-truths, Mr. Pantich. Nice try, though.
Do you think his middle name is Trotsky?
I'd love to see an Austrian economist blow holes through Pantich's sorry arguments for fiat money and dollar stability/hegemony.
I must politily disagree with the Leo panitch. on the state of the dollar. The only thing proping up the dollar is the U.S military influence. When and if the russians and china can give that type of protection for that new currency the change over will happen in a heart beat. Be warned he is talking short term about the dollar standard.
A big counterfeit machine vs a smaller banking system does not make a currency sustainable in the long term. Only money backed by a valuable commodity ie. gold has actual value. Inflation and fraud are caused by currency with no real value. Personal freedom is also protected by real value backed currency. Just read the US Constitution and Founders' writings to understand.
True, but the precious metals market is just as corrupt and illusiory as the money-markets. The scam-artists control everything, including the futures market. It is a fractional system with no substance.
give me another dollar idea.just searved in economy.(illuminati)
reel1840 9 months ago
Ookayee What about the Amero? I suppose it's just a hoax rieeght?
TheDano1947 11 months ago
I thought these guys were supposed to understand math, but he is disregarding the fact that the american dollar is using FRB with heavy debts attached, meaning mathematically that soon the world debt to a few bankers (who produce nothing and accomplish nothing,) will be near infinite high, which also means the interest that must be payed will also be near infinite high, which will drain society of all money (and no, printing new money will not work forever). Which will crash the global economy.
DrakeIcn 2 years ago
@DrakeIcn the problem with decoupling from the USD is that as soon as countries start to sell off USD and start using other ones currency, the USD price drops to the point where the US is the most efficient exporter. This is the paradox of export-oriented economies: if they are too successful, their currency value goes up and their export are too expensive. Can you imagine if China's low skilled goods soared in price? Or if German goods got too expensive? No one else wants to be world money.
JP2times2007 2 years ago
Well, in fact, US dollar IS NOT THE STANDARD reserve curency since the June-September quarter 2009, it has not been by far the most acquired one, and nobody foresee it is going to be any longer. Pity you guys did not know it before this interview. To avoid your embarrasment, guys, USD is still one reserve currency among others and hopefully it will be for many years ahead.
xieuling 2 years ago
I personally decide to stay away from the dollar in theese times. Storing other things can probably be wiser.
martinvaxjo 2 years ago
It's clear why we're in trouble when stooges like this have been teaching our kids how to pray to the almighty dollar.
jgbloyd 2 years ago
This guy will be sorry for what he is saying. Those Opec guys are the ones threatening the petro dollar be replaced by the Euro. Russia doesn't matter here, they will follow . The only illusion is fiat money.
jeffmoto72 2 years ago
Two words: Oil peak!
RSFO 2 years ago
thw world has run effectively with fiat currency. WWI, WWII, The Great Depression. Very effective. I don't think he see a single global currency as a way to replace the dollar.
EldonFonseca 2 years ago
This guy really does not have a clue. He obviously wants to live in a economy managed by a few elite bankers. He doesn't seem to understand that economic freedom will produce much more wealth than a managed economy... He gets an economic F for accepting more taxation as a solution... Idiot.
He also seems to be pro empire and military in keeping our economy strong... This retard needs to pick up a history book and read about what happens those with this kind of hubris.
novaff13 2 years ago
Prior to the credit crisis the dollar was on a downward slide.
This happened because of the increasing US deficit.
In order to stop the slide the purchasing power of Americans must be reduced.
This means to either increase taxes a lot (will not happen) or to let the dollar decrease in value.
Other countries will do business in whatever currency they have, and if the Dollars they had lost its value they must do business in other currencies.
Siddis33 2 years ago
A marxist economist.
julianhpike 2 years ago
Hell, he's not even an economist! He is a professor of political science at a socialist institution. Not to mention, he's not even an American.
Dedhedted71 2 years ago
There is a lot of opinion from this guy, think for yourselves people.
Wayno2010 2 years ago
I think the lower quality in video is a sign they need more money
PersonalJesus348 2 years ago
Has Leo seen the US dollar index lately? Perhaps he has not noticed the sharp decline in it's value. He is talking about days gone by. The US has become a country that is unworthy of trust in it's financial system. It is RIFE with corruption, fraud, insider trading, and completely ineffectual regulatory system. Wall St has used it's enormous influence to enable the largest redistribution of wealth from the have nots to the haves, in the history of the world! All this while the people suffer.
000deadcalm000 2 years ago 2
Paul Jay you should ask more hard questsions on this guy, he's completely ignorant, his biggest argument agains the dollar sinking is that "oh it can't happen" thats absurd!
smkuhner 2 years ago 2
What an idiot. The U.S. is officially insolvent. The only thing that keeps it from completely sinking into an abyss is the fact it has the world's reserve currency.
KimJ0ngG00k 2 years ago 2
All those arguing for a gold standard:
At its core, gold is just as unstable because it's really just as fiat as paper money. Value of gold is not how much of it is sitting in a bank, but how much value that quantity currently has, which is based on market mechanisms just like the dollar is. We've had crashes while on the gold standard too. Returning to it doesn't change how the market works.
Sarandib22 2 years ago
Sarandib22, Yes but the "true" gold standard helps control wild fluctuations in curacy. Unlike the partial gold standard the dollar was pegged to most of the last century. But in the end, gold the dollar or anything else is only worth what people agree it's worth and what its availability is. Purchasing power of anything is a concept, like all concepts it can be considered a fiction because if there were no people it would not matter.
jadam914 2 years ago
Currency commoditization, like gold, prevents government inflation taxation, devaluation, and massive mis-allocating market manipulation.
It makes it so that the social value is not radically different than the use-value. The problem with this gap is that it relies on the social institutions that maintain this gap.
The major, unsolved problem with these social structures is that they are, essentially, a Ponzi scheme. New investors paying off (deflating) the old investors, while it all inflates.
FreiheitKampfer 2 years ago
Gold standards also don't evaporate savings.
pedroquintero 2 years ago
What a complete load of rubbish - this is not REAL news it is simply the usual garbage. GOLD is a valid global currency.
What the mother fuck does deep institutional capability have to do with the relentless printing of money?
How does the US guarantee anything? It is a lawless state that stole all of Iraq's oil for food money and continually steals. Chinese People - you will see none of money - walk away.
PeterSodhi 2 years ago
so is Leo right or wrong? lol you tell me
Knightshield 2 years ago
To think that the US dollar can't be replaced is silly. As far as why the dollar is now the reserve currency he is wrong again. It is the reserve currency because at the time Europe was in shambles as a result of WWII and America wasn't, no other reason.
BigPreme74 2 years ago 5
this has got to be one of the most informative insights from a person in the middle by realnews. i'm going to donate some money now.
mrzack888 2 years ago
what's this talking about Russian & Chinese Currency, if there was an alternative to the Dollar it would be the Euro
yearight1970 2 years ago 2
no no no, that is impossible...the euro countries only survive because they export to america for rediculously low prices so american can overconsume. This is something that europe must continue doing because america is topdog and u must bow down. Nobody can replace america. America is best and because it is nobody else can be best. You see the logic? It makes perfect sense as an america-propagandist
BrutusAlbion 2 years ago 2
your mixing your apples & oranges, and factually wrong. This has long been an issue in Europe they used to say if America sneezess Europe catchs a cold, this is no longer the case.
The EU (not Euro area) has a bigger econmony in GDP that USA, its exports to US are very small as part of overall economy, 90%+ of its goods & services are consumed within Europe.
yearight1970 2 years ago
True to an extent, I was referring to the Euro area and those are the politcal dogs in the EU. They make the policies and they make and break the rest of the eurozone. We are slaves to america as we love pushing our products to low prices to export. And we import massively from cheap china aswell, albeit we have our eastern eurozone to compensate for that a bit now and more in the future. However all policies are geared towards dropping the euro against the dollar. Not so succesful though....
BrutusAlbion 2 years ago
Regarding exports to America, you're geting confusd with China, The U.S. accounts for 19% of all EU exports 19% of 10% of the EU economy! That adds up to less than 2% of the EU economy,
yearight1970 2 years ago
this clown is still on here lying.
bertmarx 2 years ago 2
From what planet is this guy from? Has he heard of Russia, Argentina, Wiemar Republic, or the Roman Empire? Neither an economist or historian, the guy does know something about politics and that's what makes his story sound so good. Next time, ask him for facts to back up his opinion.
InTheSticks1881 2 years ago 2
Finally! Someone who knows what's really going on.
All the other chicken-little talking-heads are full of sh!t. They are just implementing FEAR to keep all us sheep on edge, and under control.
yo1dude1man 2 years ago
Leo is assuming that a single currency is going to replace the dollar as the world reserve currency, when in fact the Internation Monetary Fund (IMF) can use its Special Drawing Rights (SDR) to create a new world reserve currency based on a basket of currency values. Several Arab nations have been working on a unified arabic currency for trade within each other, but add that to a value of the Yen, Yaun, Ruble, Euro and Pound and u can create something safer than the dollar for... hmmm... oil?
Drathlan 2 years ago 3
oil isn't safe, it burns.
PureLtFan 2 years ago
While you are right, the IMF is owned by the US. It's basicly a big monopoly game in which all financial failures by america are written off to other nations. They can't risk losing this golden egg. That'd mean the US economy would lose its ability to overspend and consume and then print its way out of it.
BrutusAlbion 2 years ago
He is right about one thing. Social welfare shouldn't be a monetary issue it should be a moral issue. The cruelest thing to do to sections of the population is make them dependent on government. They will live in poverty forever. Once one generation is on welfare they have no skills to even teach their offspring, so the cycle continues.
"If you give money to people for not working and take money from those that do, dont be surprised when unemployment grows." Milton Friedman
jjrglobal 2 years ago
So many arm chair economist comments...
It'd be interesting to see if everybody must show their credential first in order to make a comment in here.
allgoo19 2 years ago
Showing any credentials would disqualify one from being a real economist, since Austrian economics (real economics) is not widely taught in universities. After all Paul Krugman and Ben Bernanke have credentials, and they never saw this crisis coming. It is not coincidence that Austrian school economists were the only ones predicting this
jjrglobal 2 years ago
jjrglobal: "Austrian economics (real economics) is not widely taught in universities.."
Surprise, surprise...
"Paul Krugman has credentials, and he never saw this crisis coming.."
Yes, he did and he was saying it since early 2000. Nobody was listening.
allgoo19 2 years ago
You're right it is no surprise that history has been skewed and pro gov economic theory is taught, since they rely on the gov for funding. People will say anything for money.
Show me where Paul Krugman predicted this. I can show you thousands of clips where Austrian economists predicted it, but I have yet to see Krugman mention it until the meltdown was well under way
jjrglobal 2 years ago
jjrglobal: "Show me where..."
Google, "Paul Krugman Has Predicted 9 Out of the Last None Recessions Under Bush Administration"
Plenty for you to read and it's well-known. You didn't see it because you pick and choose.
And what about my original question? What's your credential?
allgoo19 2 years ago
Holy shit. This is your evidence of Paul Krugman predicting the crisis? He gave analysis that was completely wrong and forecast recession every year a Republican was in the white house and you consider this man a real economist? I'm talking about someone like Schiff that wrote a book on how and why there was going to be a crisis, not someone that screamed we're doomed because there is a Republican in the white house. I trade commodity futures and studied economics 20yrs, oh and common sense.
jjrglobal 2 years ago
peter schiff is the man, he should be treasury secretary for the remainder of his life.
pedroquintero 2 years ago
jjrglobal: "Holy shit. This is your.."
First ignoring, now denial.
How can a man make a accurate prediction when he loses a big money because of it? Peter Schiff lost a lot of money almost along with his business. Now he wants to be a politician. Why is that if he's successful doing business?
allgoo19 2 years ago
Are you serious?
Any losses that he had last year have been recouped this year. There were very few of his clients that just got in at the wrong time and out at the wrong time against his advice, they were the only ones that lost money. Schiff is not a day trader. His forecasts have been spot on so far and the dollar is doing exactly as he said it would. You think Schiff is broke because he wants to go to DC and stop the madness?You think he needs a job, is that it?
jjrglobal 2 years ago
jjrglobal: " trade commodity futures and studied economics 20yrs, oh and common sense"
Good enough for a job application but you are speaking against the main stream scholars. Have you published anything on economics? Have you been awarded for your research?
If the answer is "never", your opinions are not anywhere close to as valuable as the speaker in the video or Krugman.
That IS common sense.
allgoo19 2 years ago
So by your standards there can never be any new ideas brought forth by anyone else.If you're not one of the few people recognized by Nobel, then you're ideas are irrelevant.I guess you would have voted in favor of exile against Galileo for his ideas that went against all the mainstream astronomers, huh?
The problem with Keynesianism is all the historical facts that one must ignore to believe in it, like Hoover was a laissez faire president
jjrglobal 2 years ago
jjrglobal:
".I guess ... voted in favor of exile against Galileo for his ideas..."
Good call. It wasn't by mainstream astronomers, but his theory was rejected by clergies(armchair astronomers) who didn't know a thing about it, just like you do now.
"Any losses that he had last year have been recouped this year."
That's new. Where is the source?
My point is why he didn't see it coming? Whether recovered later or not is irrelevant.
allgoo19 2 years ago
I'm sorry my friend, but this in incorrect. I didn't hear any "Main Stream" scholars predicting the last 2 years of events. But I did hear self educated "Common Sense" austrian economists talking about it. The speaker in this video may be smart... and rewards or not, he is WRONG and almost downright stupid for the things he says.
novaff13 2 years ago
well with all the reports that have been going out about the dollar, the diversification of reserves by banks etc etc.. There are quite a lot of reports that the dollar will be replaced as world reserve currency..
As an arm chair economist, it shouldn't be too hard to see that things are about to change in the future? :)
enslavetherich 2 years ago
enslavetherich: "well with all the reports.."
It's easy to bring up the change but the hardest part is coming up "with what?"
In your opinion, arm chair economists know something real economists don't know. Why not let those arm chairs handle the crisis?
allgoo19 2 years ago
allgoo19, if we did maybe things would have gone better. Many of the so called experts did not see this big mess comming. I'll bet he is one of them. I have only herd the people from the Austrian school of thought making good calls on this whole mess. Both long befor hand and now.
jadam914 2 years ago
jadam914: "allgoo19, if we did maybe..."
If we did what?
If you are talking about deregulation supported by so called Austrian economists, that's exactly one of the reason sent the banks to failure.
And the other guy said in a few comments above said Austrian economics has no support in universities? Wouldn't it better if they spent more time establishing their theory in real world? Any few guys get together and make a new theory and publish it. Being accepted is another story.
allgoo19 2 years ago
allgoo19 said: "In your opinion, arm chair economists know something real economists don't know."
Most Keynesian economists didn't see this coming the ones that UNDERSTAND Austrian school did see it. That was my point on the matter.
I agree the repeal of Glass-Steagall was bad. But this didnt happen by economists but corruption.
Keynesian intervention is also a large part of why it happened. It is also a large part of why US has inflated the dollar lousing 20% strenth in the last 3yrs
jadam914 2 years ago
jadam914: "Most Keysian economists..."
Compare Keynesian theory to Einstein's theory of relativity.
It's very difficult to understand but accepted in scientific world, he learned everything discovered before him, to most people the idea is ridiculous.
Keynesian theory. Most people don't understand it but accepted by big majority of scholars. He came up with the idea knowing everything else discovered before him.
Probably he found something you don't know? Or he's dumber than you?
allgoo19 2 years ago
allgoo19' the problem is much deeper. We got here by:
Keynesian style market distortion caused by currency and interest rate manipulation(blowing bubbles). Not letting the market prices reset by those actions. Improper regulation. Fractional banking.
If you had an understanding of Mises and the Austrian school it is a minimalist approach and not a no regulation approach. There needs to be rules the system is run by. Not to say I abdicate to little regulation. Too much got us here.
jadam914 2 years ago
jaadam914: "We got here by Keynesian style market distortion..."
Deregulation had started since 1970's. Tax cut started in 1960's. Which was pretty much the end of FDR policy. Since then, both factors progressed. Economy was at its peak since the end of war till then(40's, 50's, 60's).
Now tell me, which part of Keynesian economics caused the market crash?
allgoo19 2 years ago
So you are telling me that The Federal Reserve had nothing to do with devaluing our money by over 80%? And sure things went well after the war that's when we were the greatest lender nation in the world and the dollar became the world standard. Tax cuts may or may not have started in the 60s but spending did not stop. That's when they raided Social Security trust fund. Maybe you should learn what has really happened in history or take an honest course in basic economics you really need it!
jadam914 2 years ago
jadam914: "So you are telling me that.."
I was responding to your comment that Keynesian economics(regulation & high tax to the riches) was the cause of market crash. Regulation means Glass & Steagall Act to be precise.
How about you show me the same way I did, what regulation and when caused the economic down turn, on the time line by years or decades?
By the way, Austrian economics doesn't have support from academic society, I heard from another Austrian supporter, is it correct?
allgoo19 2 years ago
well let's say that indeed these armchair economists have been following people like Ron Paul and Peter Schiff, who clearly were predicting this crisis when Bush was keeping his head in the sand..
And to replace the dollar.. Try a basket of currencies like the Euro, Yuan, Yen.. Now we even got some countries in South America creating their own currency called the Sucre.. This will "again" replace the use of dollars when trading..
Step by step it goes..
enslavetherich 2 years ago
enslavetherich: "well let's say that indeed.."
You didn't know Peter Schiff lost a lot of money during economy collapse(search Wiki)?
So much for the accurate prediction. Now he wants to be a politician. Why and why now?
allgoo19 2 years ago
Yeah.. he had invested a lot in europe and other countries, he didn't foresee (almost) all the stock exchanges would be going down..
I'm not up to date with his motives to go into politics (I'm not from the US).. But being a politician gives people a chance to do more for society? That would've been one of my motives. :)
enslavetherich 2 years ago
enslavetherich: "he had invested a lot..."
When he can't make a good prediction where it counts most, why other people should trust his prediction at all?
"gives people a chance to do more for society?"
I have never heard of him talking doing anything good for the society. That would be so socialistic and he's standing on the opposite end. If I'm missing something, show it to me.
allgoo19 2 years ago
In the last months the European markets have been outperforming the US if I heard it correctly.. And in the same time the dollar keeps on falling.. Gold keeps rising lately.
And you tell me why I should come up with his motives to become a politician in the first place? :)
What do you think his motive would be to become a politician? To give his company some extra tax cuts? :)
enslavetherich 2 years ago
enslavetherich: "In the last months the European markets have been outperforming the US if I heard it correctly..."
When the market is active, most investors see the opportunity.
Last thing they want to see is the market going dead slow. Then there's a reason for Schiff to change his career.
Real reason, he doesn't have as much as money he once had. He no longer has top confidence in risky investment even though he still probably is better than average investors.
allgoo19 2 years ago
This guy smiles too much---beware.
He cleverly made a straw man argument saying no other currency can replace the dollar as the world's reserve currency,. as someone else said below. The idea is to replace the dollar with a BASKET of currencies or SDRs with some gold, I may add.
Does this guy not see that we are headed off a freaking cliff? I just don't buy that this guy is that stupid.
takforalt 2 years ago 5
This clown is a fiat currency cheer leader. No fiat currency has ever survived. Ever. It would be naive to think that we are any different.
I encourage EVERYONE to watch Money As Debt here on youtube. It shows you how fiat currency and fractional reserve banking really work.
You will be amazed.
Unkn0wnGuy 2 years ago 5
Oh, so Russia has defaulted 10 years ago, huh ?
So what ? US has defaulted twice during the 20th century.
karry299 2 years ago
When did the US default?
jjrglobal 2 years ago
What!? believe at your own peril.
wellingtonian 2 years ago
Listen to Leo at your own risk and possible demise
magichandpuppet 2 years ago 2
who is this man?
samin62 2 years ago
They are talking about a new world currency that is backed by a basket of currencies, and comodities.
PorscheB06 2 years ago
I disagree with this guy.
PorscheB06 2 years ago 2
The fiat system enables the wealthy with political ties to enrich themselves on the backs of hard working individuals. Didn't buy your lies and half-truths, Mr. Pantich. Nice try, though.
Do you think his middle name is Trotsky?
I'd love to see an Austrian economist blow holes through Pantich's sorry arguments for fiat money and dollar stability/hegemony.
immanent 2 years ago 8
I must politily disagree with the Leo panitch. on the state of the dollar. The only thing proping up the dollar is the U.S military influence. When and if the russians and china can give that type of protection for that new currency the change over will happen in a heart beat. Be warned he is talking short term about the dollar standard.
SSWOLFENSTEINSS 2 years ago 3
A big counterfeit machine vs a smaller banking system does not make a currency sustainable in the long term. Only money backed by a valuable commodity ie. gold has actual value. Inflation and fraud are caused by currency with no real value. Personal freedom is also protected by real value backed currency. Just read the US Constitution and Founders' writings to understand.
ModernPatriotsUnited 2 years ago 4
True, but the precious metals market is just as corrupt and illusiory as the money-markets. The scam-artists control everything, including the futures market. It is a fractional system with no substance.
flyhead2 2 years ago