Peter Schiff 12/31/08 - Wall Street Unspun [Part 1] New Years Ed

Peter calls in to wish everyone a happy New Year in part 1.
Parts 2-6: http://www.youtube.com/view_play_list?p=7DCDE4C7F595A23E

For regular uploads of Wall Street Unspun see HeavyLoad1957's channel. He uploads them on a regular basis.
http://www.youtube.com/user/Heavyload1957

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[madmaxit2]

I understand that the G-standard would help keep the government in check but how could it help the average person that can barely afford a quarter once of Gold?? Most people are now so in debt, pay a SH.. load of TAXES ( sales, state, federal, etc etc ) and just scrap by month to month. It just seems like a MAJOR mess.

[PeterSchiffVideos]

madmaxit, watch "a brief history of the american dollar" by YouTuber JohnFromchicago. Gold is money. Gold in the hands of the populace means that the populace controls the wealth.

[mark7996]

Peter's great, the only thing is that I believe foreign stocks will still go down in '09...sorry....as good as Peter is with his Macro Economic prognostications, he has a client base to please as well.....facts: 1)complete deleveraging has not fully happened, only 'mandatory deleveraging' nobody knows how much equity are left in these foreign companies to delever. 2) wikipedia the BDI, baltic dry index, see how much trade we're doing abroad. 3) the USA is 30% of chinas exports with other foreign

[PeterSchiffVideos]

Accidentally removed your 2nd post when I meant to hit "reply." Yeah, he's been off on some things, but I believe he means well and is trying to spread what he believes is the truth. Besides, very few other people talk about the Federal Reserve being bad and getting us back on the gold standard.

[donmciii]

Thanks for uploading these radio broadcasts!

[PeterSchiffVideos]

Yup. YouTuber HeavyLoad1957 uploads them regularly. I only upload them when he doesn't.

[bajawind]

those MORONS include those home buyers, who laughed all the way to the bank--and now to the homeless shelters...makes me happy too.

[stevemcgee99]

*We need to also have 100% Reserve banking, too.

The money supply is also inflated by banks creating money via loans / credit.

That means there will be more dollars than gold, and that the REAL amount of dollars it should take to redeem in gold will increase. Back to the same problem as 1971.

So, 100% reserves in banks is necessary. No big deal - we can hold cash (also prevents inflation) and resort back to time deposits. How would you like to earn interest on your savings again?

[stevemcgee99]

Already, there are gold grams minted and for sale. These are relatively cheap, and very small - like a dime. Nice, durable, and can only be de-based by cutting or scraping.

But - dollars can just be REDEEMABLE in gold for us to go back to a gold standard. And if a dollar is .001 grams of gold or whatever, that's no problem.

If the dollar is 100% backed by gold the need to redeem it is gone. It won't be possible to inflate the money supply without digging up more gold.

[mrcool011]

I can't wait for the crash, nothing makes me happier then a moron getting what they deserve. We elected these clowns into office, now were paying the price.

[bbnemesis123]

This is "The Panic of 1907" all over again in my opinion. J.P. Morgan had to bail out the banking system.

[mark7996]

that's true, but i think you're point pales in comparison to the fact that china's main consumer base the US, and to a lesser but still serious extent, the rest of the world, is going through a 'I'm not buying a dang thing' phase, due to obvious global situations. This is the MAIN fact. The other MAIN fact is that what started this whole thing...well is started in 2001 with greenspan, but more recently, asset backed securities, CDO's etc...still have not finished, expect at least 2 more waves.

[mark7996]

I agree, Peter is the white knight of wall street, he says it like it is, and as i mentioned before, his macroeconomic predictions are accurate, great insight, what i'd like to point out is over the past 7-8 months his clients' portfolio's have dropped some 30-60%, people investing millions with him have been devestated, I agree that most of his stock picks will go much higher in the long run, just want to make the point that the market will continue to drop (even foreign) for a while longer.

[therealcaptobvious]

I do that too! The remove button is right over the reply button. Anyways, I think the foreign stocks will be more stable and here's why.

The U.S. gave China this whopping surplus in the last 10 years. Some of it's spread around Australia and Japan and maybe Korea. But China's statements and actions are more protectionist than reactionary. They're not going broke, they're investing in their own infrastructure. They're also trying to keep their currency below the USD.

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