Peter Schiff on Glenn Beck | Inflation | 05-28-2009

[SimpsonsMovieFull]

Glenn Beck should grow up and have Peter back on the show.

[fasteddie847]

I don't understand hyperinflation because people don't need to buy anything but food

[girardbcp]

@fasteddie847 Hyperinflation never occurred, he's a liar

[realguy420]

haha peter "you can't get 'a little bit' pregnant"

love his perspective on things

[Gravelandart]

The empirical evidence shows that white people are being murdered by blacks everyday---it's genetic, not socio-economic, why doesn't Schiff or the mainstream media talk about this? Watch the David Duke videos on my channel.

[jeremyraybrown]

@Gravelandart What is the point of this dumb comment?

[Gravelandart]

Read it again. It's pretty clear.

[jeremyraybrown]

@Gravelandart I admit I gave out an LOL when I read your comment, but your statement about it being a genetic defect for Blacks to murder Whites sounds ridiculous. I seem to remember Whites enslaving Blacks in history, not the other way around. You can make arguments that the Blacks brought to America had a better life in the long run, because, well, look at life in Africa. Anyways, where is your empirical evidence? Who did the studies? Why are you wasting your time on hate crap?!?!?

[Bolgernow]

Peter Schiff is the views Laffer/Supply Side/Anti-Keynesian lying shill...

We HAD Peter's economic views in power from 1994-2007 making policy. It got us the largest economic meltdown in US history next to the great depression...

Mr. Schiff, today's model is Keynesian, it was elected by the people. Your model almost killed us along with Reagan's. Never again. And if you don't like it, there's the door...

[jeremyraybrown]

@Bolgernow LMAO!! You have no clue what you're talking about! None! We've been on a Keynesian model for a very long time including during the time frame you listed. Lots of things got us to where we are today and it all happened under a Keynsian model.

[Bolgernow]

Insults with no specifics. Neat

Totally wrong. Phil Gramm, Bush's guy who repealed The Glass Steagall Act by passing the Gramm-Leach-Bliley Act is Laffer/Supply Side/Austrian School of economics/Deregulation/Lassie Faire...

Reagan, & Bush II were the exact same economic policies. Tax cuts for the rich. How'd THAT work out? Not well

Keynesian model is FDR, JFK, some Clinton. We're back to it with Obama. If you don't like it, I could care less. "Lots of things"? Way to be specific.

[jeremyraybrown]

During Reagan, they had to do things to get inflation under control And his policies did aid in that tremendously. Now, trickle down economics doesn't work that well, but if the government got out of the way by eliminating a lot of regulation and taxes then people and businesses would be much better off. Clinton and Bush both followed the Keynesian model. They spent money when the public didn't, but it was mainly to support large government crap.

[jeremyraybrown]

In addition to excessive taxation and regulation, the government has been killing the little guy with inflation. The printing of money has been making everything more expensive for years. They give the money they print to their rich friends first and we suffer. Tax cuts do help. although they don't trickle down to the little guy in a fair manner, but they do trickle down somewhat. Let me know how Obama redistribution works out!! I'll tell you right now, it is a worse policy!

[keynesian42]

@jeremyraybrown Where have you been in the past decade? Taxes and regulation have been very mild compared to a lot of the 20th century and that is the problem. Deregulation helped fuel the housing crisis and if you don't understand that, then you don't understand economics. We had perverse incentives, very little government oversight over derivatives and credit default swamps, and "to big to fail" moral hazards. So much for the belief that markets could self regulate.

[jeremyraybrown]

@keynesian42 Obviously you are so dillusional that you have to take my comments out of synch. Yes, deregulation did help fuel the crisis and some regulation makes sense because you have to leaving the banking system a safe bet for america. Think of deregulation as the oil and the insanely low interest rates as the gasoline.

[keynesian42]

@jeremyraybrown I didn't take your comments out of synch. You said that taxation and regulation were excessive, which is not true. Also, the printing of money, which you talked about too, has not been that excessive. You didn't use the word "excessive", but it sounded like you were implying it. Inflation is not really as bad as some of you, I assume, conservatives believe. What we really have to be worried about is deflation. The kind that results from contractions in the money supply.

[jeremyraybrown]

@keynesian42 How you can possibly think deflation is a bigger concern than inflation right now is insane.

[keynesian42]

@jeremyraybrown Well, because the banks aren't lending, even though the Fed has interest rates at .75%. Right now, it appears that we might be in a liquidity trap, so it really doesn't matter how low the Fed lowers interest rates.

[jeremyraybrown]

@keynesian42 Low interest rates discourage saving. Low interest rates compared to real inflation means an effective negative interest rate. So, people don't increase purchasing power from the low interest rates, in fact, they lose purchasing power. And low interest rate keeps lending too loose. We need people to save so we have capital for future investment in production. We don't need to encourage more consumption. Come on, how do you not see this? You are so wrong!!!!

[keynesian42]

@jeremyraybrown First off, I never said that americans don't need to increase their savings. Secondly, I'm not really sure if you knew what kind of interest rates I was talking about. The interest rate that I was taking about was the discount rate, which is the rate at which the banks can borrow money from the Fed. Furthermore, why do you seem to love deflation and hate inflation? Do you really think deflation is good for the economy? If you do, then you're an idiot.

[jeremyraybrown]

@keynesian42 Well, we will see what happens in the coming years. I expect terrible inflation. Inflation will only be held back as long as the cover-ups continue and China/Japan continue to buy our treasuries. This will come to an end. You can be a complete idiot all you want. You are a fool.

[keynesian42]

@jeremyraybrownYou expect "terrible inflation"? Well, then tell me what you're basing this on? 30 year treasury bonds are currently yielding around 4 percent. Wow, sounds like the capital markets are really worried about inflation! Where is your evidence, idiot? Do I really have to be the only one showing proof for my beliefs? Also, you and Schiff don't take into account the velocity of money, which is very low right now, so inflation is not imminent. Please, show me evidence next time.

[PissedFechtmeister]

@keynesian42 It was government regulations and the knowledge that the government would bail out failed businesses, that caused the moral hazards which lead to the collapse.

[keynesian42]

@PissedFechtmeister First, the government was significantly deregulating the financial sector before the housing crisis.

Secondly, to prevent that moral hazard in the future, the government should break up the largest financial institutions.

[PissedFechtmeister]

@keynesian42 And while it was "deregulating" it was also implementing policies to cause the housing bubble. The FED (a government creation that interferes with the free market) was instrumental in creating the financial crisis. Furthermore, when the banks know that they're going to be bailed out by the government they have no reason to not take wild risks. Thank the FDIC, Freddie Mac, Fannie Mae, etc. for that.

[keynesian42]

@PissedFechtmeister There is no doubt that the Fed did play a big part in the creation of the housing bubble, but I think you are putting too much blame on the Fed's monetary policy and not enough on deregulation.

If our government would have had more oversight over derivatives, which I know Fannie Mae and Freddie Mac were heavily involved in, we could have had a much less severe recession. Continued...

[PissedFechtmeister]

@keynesian42 The very existence of Freddie and Fannie created moral hazards. If businesses were allowed to fail, and business owners did not get personal liability protection afforded by corporate law, then the fear of losing one's own fortune would auto-regulate business.

[PissedFechtmeister]

@Bolgernow Schiff's policies were not in power from 1994-2007. That's just a blatant lie.

[Bolgernow]

@PissedFechtmeister Republicans controlled congress from 1994-January2007. If your policy wasn't passed, it dealt with either a lack of will, or possibly Clinton veto. Nothing else. You wait 5 months to respond to someone's post? Welcome to 2010, the internet age

[PissedFechtmeister]

@Bolgernow If you'd have bothered to pay attention to what Peter Schiff says you'd see that his agenda is not the Republican agenda. He's actually a Libertarian, but in the US it's nearly impossible to get elected unless you run as a Demopublican. I didn't wait 5 months to respond. I responded as soon as I saw your comment.

[Bolgernow]

@PissedFechtmeister I did. He's the Austrian school of economics. I understand it, & know it very well. We had it under Bush II. Libertarian is basically Republican/Tea Party. Ron Paul, Rand Paul, are registered Republicans. Yes. Understood about the comment. No worries, just was odd since I posted it 45 months ago.

[PissedFechtmeister]

@Bolgernow You're either very confused about the Bush Presidency (and Republicans in general) or very confused about Libertarianism and Austrian Economics. Sure, the Republicans talk a lot about cutting spending and taxes, and how they hate socialism, but as soon as they get power they spend money like drunken Democrats.

[Bolgernow]

@PissedFechtmeister true. Bush did that. However, the Austrian/Laffer Curve is the tax cuts he gave for the top 3% of wage earners. That killed us. The revenue from that is gone. It killed us. Two thing can exist at the same time. You subscribed to HTWW, which is Tea Party far far right Fascism partisan lies trash. I find zero value in someone who posts videos here, then censors any comments listing facts he/shes doesn't like because it weaken an argument. Fascism straight up

[PissedFechtmeister]

@Bolgernow The tax cuts didn't kill us (if Bush was a Libertarian he would have fought to repeal the 16th Amendment). Bush's wild spending killed us. Two wars, a massive bank bailout, the Patriot Act, all supported by Democrats, killed us. The differences between Republicans and Democrats are far smaller than the differences between the Republicans and Libertarians. I do subscribe to HTWW, but I also subscribe to the Young Turks. I like getting different sides of a story.

[keynesian42]

@PissedFechtmeister Continued...But, because of all of the ignorant free market advocates, we could never regulate derivatives because this would interfere with the free market process. Continued...

[PissedFechtmeister]

@keynesian42 The free market didn't cause the problems. The moral hazards created by government interference with the market caused the problems.

[keynesian42]

@PissedFechtmeister Continued...You can thank Phil Gramm for the problems we've had with the derivatives market.

[keynesian42]

@PissedFechtmeister "Furthermore, when the banks know that they're going to be bailed out by the government they have no reason to not take wild risks. Thank the FDIC"

I think you missed what I said earlier, the best way to prevent large financial institutions from leveraging too much, which you say happens due to moral hazards, such as the FDIC, is to break them up. If we broke them up, we wouldn't need to use tax payers money to bail them out in the future.

[PissedFechtmeister]

@keynesian42 Breaking up the institutions does nothing to address the moral hazards created by the federal government. There's absolutely no need, or Constitutional authority, for the government to bail out failed businesses.

[keynesian42]

@PissedFechtmeister Nonsense, of course it would fix that particular moral hazard because if the biggest financial institutions were broken up, then our government wouldn't have to bail them out if they ever were in trouble. Are you even comprehending what I'm saying?

Fannie and Freddie did take a lot of risk, but that was primarily because derivatives weren't tightly regulated during the time that they were leveraging too much. Continued...

[Bolgernow]

@PissedFechtmeister funny TYT doesn't show up, but Alex Jones does. Shove off liar...

[PissedFechtmeister]

@Bolgernow Take another look. It appears between TheRealGladiatores and ToddAllenGates. I'm also subscribed to davisfleetwood.

[Bolgernow]

@PissedFechtmeister I stand corrected. You are right, & I was totally wrong. Sorry about that. It is good to get all sides, collect as much information on issues as you can in order to make the most informed decision. Agreed!

[TheMetalPerson]

TURBO TIM TIM TIMMAYYYY

[apogist]

lol, the people on FOX are the most retarded bunch around.. anyway if Schiff gets media attention i'm happy

[retrocareermelted]

hahaa just a little pregnant

[utbvptl]

I been watching Peter lately daily. I think he is 100% right about what "may" happen, but I think confidance in US equities mrkt & US$ is huge, especially we witnessed that equities mrkt gave money "with both hands" to troubled 10 banks when they tried to raise capital by diluting their common share shares. I feel like past judgment about economy and inflation, Peter is 2 years early. for next one year there may be a bull run in equities

[Truthguy9698]

I would support Peter Schiff for President.

Ron is to old and isloantionist,

[rrdrums110]

Let me get this right. We are advised to buy gold to preserve our wealth as dollar falls because of inflation. We are supposed to buy this gold with our worthless dollars? Who in their right mind would sell the wealth saving gold for worthless dollars? Does this make any sense? I'm not trying to be fecicious. I want to learn . But this isn't adding right.

[Turnedleaf]

The dollar is still holding some value so he is suggesting to preserve your weath before the dollar loses more value. As the dollars realistic inflation rate will continue to increase, the dollar will continue to tank.

[jacqofhearts]

This confuses me. How come people keep defining "inflation" as "an increase in quantity of money and debt" instead of how I've always been taught it as being "an increase in the price level". By changing the definition, you change the whole argument. Can someone please enlighten me? Thanks!

[wait887]

The same people teaching you that inflation is a rise in prices are the same ones that advocate the policies at the Fed and the government that has led to the financial collapse. No one is changing the definition. The people who taught you were wrong.

Not that your the only one. I was taught the same thing.

[mortimer452]

"An increase in quantity of money and debt" is the correct definition, as that is the cause of inflation. "An increase in price level" is the result.

The only way to correct an overabundance of any commodity is to reduce the value of that commodity, doesn't matter if the commodity is apples or beans or U.S. Dollars.

[mortimer452]

Think about it -- bread is cheaper on the years when wheat crops are great, because we have an increased inventory of wheat, so the value of products made with wheat go down. When we have an overabundance of Dollars, because the Fed is printing them like crazy, the value of the dollar will inevitably go down. It is the only way to correct the surplus inventory.

[gdim8]

So, how do I keep my money safe during inflation?  Should I buy real estate?

[Turnedleaf]

During high inflation / hyper inflation periods you would be better off with a high debt load (big morgage) locked in at a low interest rate over a long enough period to weather the storm. As far as what to do with your savings gold or a more fiscally responsible currency would be a safer place than the yank dollar right now.

[raythespian]

In the remote possibility that Peter would win, what could he do in a govt that's owned by the Wall St. banksters? Apparently, he thinks he could something, so I have to trust him.

[govlover]

Guests like this actually strengthen Glenn Beck's reputation... aside from his silliness and immature antics.

[WBT88]

Schiff knows whats up. He predicted this entire economic collapse years ago. Its obvious we need actual CHANGE in monetary policy. Not a change to socialism and more massive government spending.

Thanks Barack Hussein.

[sgsfdgfsdfsdfsddf]

I hope he doesn't run as a Rupubllicat..

I wont vote for him

[Chikusoo]

most likely he will. he said that he wants more libertarians infilatrating the Republican party

[sgsfdgfsdfsdfsddf]

to me that seems retarded. He should run as a Libertarian, but he needs the funding of taxes and the media.

im not a libertarian either but a scientific socialist I guess.

[REVOLTbydesign86]

im in the military and im scared for my family. im unsure of what will happen ive been researching this for months. i know i will be safe but i worry about them, bc if hyperinflation sets in how will they buy food, zimbabwe infaltion.....they print 500,000,000,000 dollar notes for christ sake

[thesoothsayers]

Just don't turn against the American people when Obamamarxist turns on us.

[Lingerfoot]

Jesse Ventura and Ron Paul - 2012

[KenMacMillan]

I don't think Jesse would do it. Paul/Schiff is more likely.

[whitecollarcriminal]

They took a snapshot of Pter Schiff's SHITTY CALLS and decided to use it as a warning for morons not to get suckered into FOX BULLSHIT.

[Lyndehouse]

Peter Schiff's 'shity calls?' Why don't you look at the video record on Youtube. You are living in a fantasy world if you think the US is in for anything less than collapse.

[REVOLTbydesign86]

agreed

[REVOLTbydesign86]

lol i agree why dont you go look at his record, cause you just sounded like a fool, he hasnt been wrong yet

[NoEyeInTeam]

I don't exactly hate Glenn Beck, but it was kind of like he thinks Peter gets his rocks off by saying this stuff. I don't see it as "doom and gloom" as much as it is "facing reality". It needs to be said. It is the bitter pill that no one wants to swallow. Everyone would rather have politicians continue to offer them unicorns and rainbows.

Then again, maybe Federal Reserve can start creating those out of thin air as well.

[surfer53]

@NoEyeInTeam No he's just got a sarcastic sense of humour. Most people watching this are thinking that this sounds insane and impossible, but the point is, it's true.

[epilogas]

Maec Faber is right, hyperinflation can not be averted anymore, because the world is getting rid of their US dollars.

[MengersDisciple]

You sir, put your finger on it!

Everyone is talking about the Fed "absorbing the excess liquidity" they have recently created - never mind the fact that they do not explain how exactly they are going to go about doing it.

No one talks about the US dollars that have *already* been created over the last few decades and what happens when foreign central banks dump their US dollar reserves that they have been collecting over the past few decades!

[MooseOfReason]

6:03 - "Sign up and get all the... 'tweets'."

I like the expression on his face.

[MooseOfReason]

"It's like saying you're gonna get a little bit pregnant; it doesn't work."

I love Peter's analogies. Can't wait to hear what he says on the Daily Show on the 9th.

[fjaos633]

Prepare for hyperinflation now before your U.S. dollars are worthless. Signup for the free National Inflation Association newsletter at: Inflation . us

[Claytrainor]

I want to see Schiff take on someone like Krugman on a live TV debate.

It's about time someone debunk'd krugmans crap...

[girardbcp]

@Claytrainor Krugman, with his MMA grade economics will crush this Peter Schiff Kung Fu economist.

[sheraton114]

it doesn`t get any simpler than this...

this is the bottom line...

rock bottom!

[dumbworld]

Helps him with the lady's ... hahaha...peter is great

No, Faber was born in swiss, and speaks german as first language.

It was a great interview, but I think they were missing Roubini to complete the trio.

[YankeeClippa]

Roubini isn't as hard core,

[MANofINACTION]

Jim Rogers would fit into that trio more.

[slurppypurr]

Great Post. Come on and announce Peter, geez, you're killing me here. LOL!

[0rwellWasRight]

Damn I was really hoping they'd spend more time talking about the role and motives of The Fed. Too short.

[LisaJ4Liberty]

yes it was short... but very sweet!