Must listen Peter Schiff's GOLDEN WORDS : Crash Proof

Listen, take heed because this Giant of the the economic world is handing you a golden apple of knowledge! Legendary Peter schiff will go down in history as one of the greats if America can survive this.

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[christo930]

What I can't figure out is why Schiff thinks that for Americans, thrift and underconsumption is a virtue, but for the Chinese consumption is a virtue. You can't have it both ways. Furthermore, China isn't the utopia he thinks it is.

Generally I am with Peter on many things, but this one is a head scratcher.

[fox20012]

You cant have it both ways?

Americans are spending other peoples money!

Sure china is like the NWO on steroids but still what your saying is like whaaaa

[PontiffMystic]

He isn't saying that Chinese should be a consumption economy, he is saying the Chinese exporting goods for Americans to consume, when the Chinese can consume the goods they produce themselves. They are economically much more sound, because they have capital goods, where Americans essentially don't and depend on consumption. It's not easy for a to be eating pizza to start making pizza all of sudden. However a pizza maker can eat his own pizza quite easily. Trade imbalance that is dangerous

[christo930]

Most of America's debt isn't going to be paid, unless it's paid of with cheaper dollars, much cheaper dollars.

[MrHarry46]

rothschilds took over your(US) money supply in 1913 with the amoral and secret "federal reserve act". they scretly slipped this virus into your US Constitution while most congressmen/senators were home for the xmass holidays.rothschild puppet Woodrow Wilson signed this illegal act into law on Dec 22 1913.

the United States Government(you) have been borrowing money from them ever since

remember" the moral and legal Artical 1 Section 8 clearly states"Only Congress Shall Coin Money" Founders

[MrHarry46]

@PontiffMystic what he is saying is that the "federal reserve bank" is owned by the rothschilds of england(bankers,est. worth 500 TRILLION, Owners of the federal reserve bank of the USA and well over 90 currencies world-wide).the rothschilds make their money off expanding economies(feeding,growing human populations) then collapsing them(wars, killing those populations).theyve made untold TRILLIONS(quadrillions) using this method since the 1600's.

AMERICANS NEED TO WAKE THE FUCK UP THIS SECOND

[Thegrcornholio]

@christo930 Thats true and thats how it should be. No more junkfood every day, no more swimming pools, no more fancy cars.

[christo930]

This trade imbalance is being caused by the Chinese government.

[christo930]

The Chinese market, at this point, is only about as big as the us market because so many Chinese live old fashioned, without even farm animals and no electricity.

There between 1.3 and 1.6 billion Chinese. but less than 300m of them are modern. China doesn't have the credit system we have to support such massive consumption with so little of it's population.

I'm not saying they need our consumption, we need their products, but I don't really like China at this point.

[PontiffMystic]

Of course Chinese have poverty, because as Peter says, the Chinese don't enjoy their own production that would improve their own standard of living. He already addressed that, and there is 1 billion Chinese. Chinese are capable of consumption of their own goods. He makes an analogy of military in full war gear, where goods are rationed for the military, when they can be consumed by civilians. Car factories were making tanks, instead of cars for everyday people to use. Get it?

[christo930]

What I mean is that I think everyone should save and underconsume. When you save money today, you finance future excess consumption, when you finance consumption today, you forfeit future consumption. 100% (or even higher in today's world) consumption is as bad for Chinese as it is for Americans.

Peter doesn't seem to understand the level of poverty in China. There are something like 700m or more Chinese that make less than $10 a month. Much of China lacks electricity or plumbing.