Richard Koo Educates Peter Schiff .mp4

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[Minethis1]

@donotbecrappy LOL! here are some facts about your "Sound money".

1. Gold is down 75% inflation adjusted since the 80's

2. The Great Depression occurred while on the Gold std

3. US Gov had a surplus in 1929 a lot of good that did! Lost 60% of GDP.

4. Gold based currency are obsolete World wide for a reason!

5. The Idea that the Amount of gold a country produces will somehow be better in identifying true economic productive output is a Joke! Gold is a FAILED ancient currency!

[Minethis1]

@ChrisPacia Please do. But you won't have the balls to admit you're wrong. Get your head out of Schiff's ass and go learn something.

[ChrisPacia]

@Minethis1 I will be sure to revisit your "Enjoy DOW 13,000!" quote several years from now. It will make for a good laugh.

[Minethis1]

@ChrisPacia Grow up and go get the balls to admit you have no clue as to what you are talking about! Who ever says "gold std" is clueless in modern economics! I am surprised you didn't mention Keynesian like a good little Schiff Sheep!! That's what the You Tube wanabe economist clowns teach you isn't it? Get your head out of Schiff's ass and learn something. Enjoy DOW 13,000!

[Minethis1]

@ChrisPacia Why would I not pick the top in gold? Gold was priced for the extraordinary inflation no? According to you Bozo's we are hyper inflating! Inflation has run crazy! Has it not since 1980? 29 years and no inflation that can beat 80's high's inflation adjusted? But go to the super market aren't prices up? OH! I get it food is only 14.7% of total income. Okay makes sense. But Schiff said we are going to collapse by devaluing the $! Still 75% below 80s??

Face it you're WRONG!

[Minethis1]

@ChrisPacia You don't understand what he is talking about. Yet you draw conclusions and feel it necessary to display your ignorance. Sigh!

[ChrisPacia]

@Minethis1 3) Ya there was a surplus at the time of the crash. Then Hoover proceeded to run unprecedented peace-time budget deficits topping off around 50%. Hoovers deficit in 1933 was larger as a % of GDP then any of FDR's deficits. Yet the depression continued.

4) Yes, because politicians need the money to buy votes and prosecute endless wars. Can't do that on a gold standard... soooo obsolete.

[ChrisPacia]

@Minethis1 1.) Do your math again. Since 1980 gold is only down about 20% inflation adjusted. But you confidently picked the height of the gold bubble to start the calculation. If you picked 1982 as your starting year gold would be up roughly 80% inflation adjusted.

2) Not exactly. The collapse of the money supply following 1929 wasn't do to gold (unless there was a shipwreck I'm not aware of). It was do to a collapse in credit/policy blunder on the part of the Fed.

[nanomyou5]

@ltmikepowell Maybe you should actually *study* hyper-inflation before you go off spouting nonsense. Also, you could study a bit of monetary history in Japan and try and find that hyper-inflation.

Try Bernholz as a good starting point as a rigorous study into hyperinflation.

Peter Schiff is a broken record who doesn't understand MMT, inflation mechanisms or aggregates.

It's sad he's being parroted around as an economist, when even my history teacher friend knows more.

[ltmikepowell]

@Minethis1 Doom and gloom? I hear more doom and gloom, because our world is mostly ruled by psychopath, sociopath and resided willful ignorant dummies.

SPOILED BRAT.