12/29/2008 Part 1/2 Peter Schiff: The New Year And New Optimism

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[WHEREtheFUNK]

econ 101... schiff is right its just that nobody wants to admit it. Anybody says that debt is "necessary" is a fraud and trying to cover his ass.

[shockem22]

peter shiff is cool i like the way he makes me feel in my heart

[rmccay88]

@TedCikowski

Her name is Rebecca Jarvis, she was on Trumps show before she joined CNBC but she left the network now to do something with CBS.

[rmccay88]

I can't believe the manner in which the host introduced Peter:

"He is NOT one of those highly optimistic folks, but we invited him to join us anyway, at least for some counterpoints."

WTF? That's like something you would say to a poor peasant who hasn't passed grade school yet, not to aman who's been warning us of these problems for over half a decade now.

[TedCikowski]

who is the female host in this video?

[caltrop69]

I agree in spirit.

I mentioned that you shouldn't even be making these kinds of bets, if you can't afford to lose them.

Of COURSE, if the equity you own in the business can't cover the debt, bankruptcy is the only other option.

But...I don't think you should "plan" for bankruptcy. You fail at assuming your business is a "going concern" if this is your plan.

Not that these sort of perverse things don't happen, when government intervention is involved.

[myrelative]

that's exactly right, but besides the point. once you did this and your investment has gone bad (or you didn't invest at all but bought a new kitchen) the solution is NOT more debt.

the solution is to go bankrupt at let your creditor take over your assets so he can do something more productive with it than you did.

[Jacobrester]

Contrary to popular belief, most countries are in WORSE shape than the USA on a long-term basis.

[eatingworms]

The pound is NOT one of the good currencies. Schiff's thesis is that MOST currencies will lose value, but some will lose value less quickly than the US $. But so far as I know he's not recommending that you buy pounds. More like the Australian dollar, the Swiss Franc, and the Canadian dollar. Britain is in worse shape than the USA long-term.

[caltrop69]

If I borrow money at 5%, invest it at 10%, and pay the money back, I've made 5% in profit via leverage. THIS is an appropriate use of debt, if you have enough owners equity to take the hit, should the asset go bad. I'd also like to point out that short-term loans make sense for seasonal businesses. Both of the above statements presume stable money, of course. When the money is unstable, all bets are off.

[l33t187]

They both can in the world market, if they both collapse then the exchange rate will stay the same, but inflation will still take place,. It will be like trading 1,000,000 dollars for 800,000 pound to buy a loaf of bread.