Hot Air Blower Peter Schiff Thinks Gold Is The Solution For Everything

[zenmachinefilms]

Recommend people simply Google "gold bubble", then see if you still agree with Schiff's belief that Gold is the solution.

[Antiks72]

Thank you for this channel. Schiff is quite clearly a loud mouthed, fast-talking con artist of the worst sort.

[s13iLLuminati]

I subscribe to both this channel and to Peter Schiff's channel because i think you both have great things to share with others. This is one of those issues when Peter Schiff is wrong, we can never return to a gold standard. But we need to stop printing money and allow the painful yet necessary inflation cycle to run it's course. Buy extra supplies now and be ready to squeeze the cheeks for a while folks. We can get through this and be prosperous again.

[miinyoo]

I like Marc Faber's comment on derivatives. "They will become zero."

I also love Bernanke's comments on "tail risk". Divine.

I love this channel. It really fills a hole in my heart. Vacuous complexity enamored in peasant clothes. Clever indeed.

Cheers to you on the track in the race to zero. Maybe that hoop is a wormhole to a utopian paradise of infinite backstopping paving the roads of emerald city.

Maybe. We'll see how it plays out. Regardless, it'll be so much fun.

Bring on the lice. <3

[lowpross11]

0 understanding of the monetary system? Really? Who are you looking at with respect to information about the monetary system?

Thanks, Lawrence

[SchittReport]

@lowpross11

suffice to say we are far more relevant within the financial services sector than peter schiff to comment on such matters. #1 peter schiff is not an economist, by trade or academic accreditation. #2 even if you exclude the fact that he is a scam artist, peter schiff is a stockbroker, the lowest rung within the financial services hierarchy.

he survives in this world by arbitraging ignorance and stupidity - nothing more than that.

[jessemaurais]

Gold has no more intrinsic value than fiat money. I don't see why anyone thinks otherwise. The chief difference is that you can print paper money but you can't print more gold. That's not a point in favour of gold however, it's a point against gold.

[Raptilla]

@jessemaurais Expanding and contracting the money supply is a surefire way of being able to play with everyone's wealth. While there is nothing inherently wrong with fiat money, it's the human beings behind the fiat that can make it dangerous. The best solution is to not have people manage money's worth; use an asset-backed (gold) currency where the worth of the currency is determined by a static or near-static and unbiased source.

[ShoppingIdiot]

Schiff is preaching and praying that the US dollar Collapses.

He should be tossed out of the country to live with his Saudi friends.

[thecanoedude]

cant eat it.

[Odysseus087]

How does one go about paying for Schiff's book with a silver coin?

[zenmachinefilms]

Hasn't Schiff been saying the dollar would soon collapse for about a decade now?

[AllianceOfJerkOffs]

What's your long ugly nose worth, Shiff? Or the self-interested dribble that comes out of your Joo mouth?

[SMWLINY]

Schitt Report, haha. Good name. I agree this guy is a charlatan.

[hrmIwonder]

During the 1800's the US had FIVE depressions. Schiff wants to go back to that? The gold standard has never prevented governments from spending recklessly, hence why govt's go on and off the standard. Schiff still does not understand that in order to earn a dollar, someone else must spend a dollar. Without a govt deficit, the private sector can't net save, where would the money come from?

[bowchikabowbow]

@hrmIwonder Peter Schiff is a scam artist who wants the gold standard because it would possibly make him the richest man in the world since he apparently only owns gold. He's kind of a selfish prick. But, it was fun to watch him get destroyed by blondie.

[mrblack61]

@hrmIwonder No system is perfect but imo the worst is the one we have now! Debt based money! Insane!! Goverment could print its own debt free money (take the power of money creation away from the banks). Should be transparent and accountable to the public. The supply would be elastic with No1 priority zero inflation relative to goods and services.

My 2 cents

[steadicamrickshaw]

@hrmIwonder Many people are in a depression. Why do you think there has been a run on banks? Why do you think banks all over are closing. Have you heard of "Bank Failure Friday" on the radio? They list all the banks that close that week. Why do you think people all over the country are protesting. It's going to get worse. The wars need to stop for one. That's where most of the waste is.

[ricsenTV]

@SchittReport Why are you anonymous? Do you have a blog where we can read and learn about your profound thinking... You know something which is personal and not build over parasitism.

[SchittReport]

@ricsenTV

why not? is there an advantage to being known on the internet in this instance?

define 'build over parasitism'?

[shutuprafa]

If Schiff is really interested in promoting saving, saying we need higher interest rates an no more money printing, why don't we destroy currency (the opposite of money-printing)? Surely savers (aka the rich and the old) will benefit plenty. In Schiff's world, higher savings and lower prices are a good thing, and money contraction would achieve those goals. Everyone should start to realize that this is where the Austrians' argument falls apart.

[Frrrrrrrrunkis]

schittreport was on schiff's radio show? does anyone know of the show date? i'd like to check it out

[SchittReport]

@Frrrrrrrrunkis

no. anti-schiff was on his show. it was around 3 or 4 months ago - unclear of exact date. he only got a few secs of airtime in before schiff talked all over him.

[dontliethetruth]

today gold's up to 1800 $ and the libertarian gold bugs lose it. in 1980 it was around 2400 $ in today's dollars! still austrian school gold bugs keep touting gold as the always increasing-in-value-investment and currency: but how come cronies like glenn beck's goldline et al. wanna trade their gold in for your worthless paper money??

they must be thick according to p. schiff...no, these guys are fooling you.

wikipedia > Gold_as_an_investment > Gold_price

[CoCoM630]

finally, the whole trade imbalance thing is a moot point, since the point of a gold standard is to drive accountability in spending, and gold would force us to accomplish that so as to avoid the deflationary vortex that we will suffer through anyhow once the dollar collapses, as all fiat currencies eventually do - chump.

[mpapile]

“[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” - warren buffett

[freedomthrough]

Hahahah, not even Milton Friedman wanted gold. F.A. Hayek predicted the pound would last a week at most when it was taken off the gold standard and... Last time i checked, it was still alive and kicking.

[tcorourke2007]

"...if we're gonna go, ok $50 is one ounce of gold..."

Hello, southern California? Are you missing a valley girl?

[AmericanNohbuddy]

Gold is just a shiny thing in the ground.

[StockTradingMaster]

He's like what would happen if Sarah Palin got a PhD.

Peter has one answer for everything. Why is silver going down? Why is gold looking toppy? Why is the U.S. dollar holding above $70? Why are jobs still a problem in this economy?

Peter's one answer fits all: Don't you know? It's the devaluing of the U.S. dollar from the Fed printing more money and these welfare and entitlement programs and the answer is to buy gold and base economy all on gold and cut spending and size of government. Yawn!

[HeliosFire9ll]

the only thing I like about this video is the cute girl. Potentially bright but unfortunately lacking in information

[fuckoff187]

anti schiff, why don't you call up peter's show and trash talk, it would be good radio if you called in randomly say once a month you could build a following

[SchittReport]

@fuckoff187

he tried. he got about 3 secs in a 3 min segment due to schiff talking all over him with his bs rhetoric.

[jessemaurais]

What is the obsession these people have with gold? Ooooh shinny! We should use this for money instead of paper.

"Gold has intrinsic value. It has unique properties."

I think we should be asking: is Schiff an alchemist?

[707hoser]

Could somebody build Peter a time machine so he can go back to the ''good old days'' of the gold standard? The world economy is running on a fiat system and is not going back. Dream on, Peter.

[Blazen1212]

Let me explain something to everyone. If the US went back to the gold standard the trade imbalance with China would act like a deflationary vortex where China would suck up all the worlds gold. This would plunge us directly into a depression. I am an academic economist and this I thought was common knowledge to people like this.

[franks2732]

@Blazen1212 You are speaking to libertarians who hold to the Austrian school ideology. I had one of them when I asked them "why gold" he (and this is serious) said it is really special and has special properties. He is true as gold is made when stars collapse lol but he could not tell me why it is so important to currency, then I guessed it, it enables people to hoard it and keep it all for themselves. I said to him why not salt it worked for the Romans? He got annoyed, blustered and ran away

[wuddychunk1]

@franks2732

Gold is useless? Is paper money more useful? If so, why?

[myforsalename]

@Blazen1212

True there would be huge flow of gold (money in that case) to east. Now I think the Peter and others argue that that right there would be much more honest and revealing situation than us printing paper and sending it to east. The fact that we can send money to east nonstop is part of the problem. any kind of physical standard would force limits in this.

p.s. I don't think gold standard is realistic at all but that doesn't mean that there isn't merits in criticizing print-system

[g4sight526]

schiff is full of SHITff. his fund went into the toilet.

[heckler73]

I actually have a couple problems with MMT that I haven't been able to solve:

1) How does C+S+T=GDP (when balanced against C+I+G+NX)?

2) How is interest generated from bank credit resolved by the gov't's money creation?

Other than that, it's an interesting view on Macroecon. And Pete's "magic-gold" is still nonsense, regardless. These golden dreamers seem to ignore the volatility (with regular, DEEP recessions) and the foreign-capital flow problem under a gold standard.

[AntiSchiff]

@heckler73

I see MMT as an accounting identity posing as a theory.

[heckler73]

@AntiSchiff

The proponents of MMT actually stress the fact it is an accounting identity, not a theory. So in that sense, you are correct.

But my issues with it are more technical from an economist's POV. I'm sure I'll find an answer to my questions at some point, but I may have to ask someone like Bill Mitchell to explain it. #LOL

[SchittReport]

@AntiSchiff

right. its not theory, just fact about the mechanics of the modern monetary system.

[AntiSchiff]

Some of these idiots also fail to understand that a gold standard is a fiat monetary system, ignoring the role of the government in that case and apparently trusting them to stick to it when times are tough, even though they claim governments have no discipline. These are truly stupid people.

[Seano71]

what a clown