Peter Schiff: Americans Still Believe in Santa Claus

"The reason we're in trouble is not because the housing bubble burst. We're in trouble because it inflated in the first place. We're in trouble because while it was inflating we were recklessly borrowing and spending money. American citizens borrowed trillions of dollars from people all around the world and we blew the money.

Now that the bills are coming due and we're just too broke to pay them, we're seeing an implosion in these markets. Real Estate prices are coming back down, Americans are having to stop spending, credit is contracting - none of this is the problem. This is all the solution. This is all the consequences of reckless consumption and borrowing.

What we need in this country is more savings and less borrowing. We need more production and less consumption. But everything the government is doing right now - all the economic stimuli, all the bailouts - they're designed to perpetuate the problem, to get us deeper into debt, and all they're doing is throwing gasoline on the fire."

Category:

News & Politics

Tags:

• economy
• economics
• government
• bailouts
• obama
• stimulus
• peter-schiff

[monkeyman1140]

The Federal Reserve should be disbanded.

[lincolncar1]

Our Govt. is in the pockets of the world banks

[RBaleog]

$775,000,000,000 / $3,000,000 = $258,333

$260k per job! EXCELLENT EFFICIENCY! WE APPLAUD YOU MR. PRESIEDNT!

[davepamn]

The biggest problem in the bond market are the speculation put options. Short term profits are exploiting the inefficiencies caused by fiscal and monetary policy. The Junk Bond market has a history of 20% default. The bond market bubble can't last forever.

[davepamn]

Peter, monetary policy will not affect economic risk. The derivatives market needs regulated by the SEC. Your right about debt reduction, because hedging and speculation on high debt means deflation.

[lIluminated]

@sderenzi

XP is da best.

[KhmerD0g]

she's hot.

[davecros]

This is one of Peter's best interviews yet.

The reality of what Peter is saying shows through so strongly now. Silver coins could be used as currency. It wouldn't be the first time.

[bigelkhorn]

go watch myspacesecrets channel...he is awesome, and brings some good stuff to the table.

[pott747]

The government does not want to talk to Peter Schiff. They do not want to fix any of our monetary problems. They want a monetary colapse. The New World order is whats coming and they cant have it with the U.S.A. as a superpower. Wake up you Americans are dummies.

[pott747]

Wake up you dumb Americans. Your government is behind the whole thing. Obama is the iceing on the cake. Watch the Obama Deception. Google it. Federal Reserve is courupt. They been behind it all.

[HouseNigro]

I think the government should be afraid. everyone I know is "fed" up with being raped on taxes and hearing about non-stop greed and irresponsibility.