1/21/2011 - Peter Schiff On FXBIZ: The Great Currency Debate

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[FGTBOGSAT]

Peter and the Judge are right!

The USD is doomed.

[capitalist4life]

@odin422 So you want an arbitrary line to be drawn around one landmass and the people within it should be stolen from if they buy from people outside that arbitrary line? That's ridiculous.

[SitDownShutUpp]

peter schiff is the einstein of economics

[bstock21]

two of our great patriots here in america

[checkcall123]

@joepeeler34 thats more like it. And no, he did give Obama credit for having that part correct (like I said).

[StyngRay1]

@joepeeler34 I am only talking about currency manipulation by govts. and also governments keeping the rate artificially between fixed parameters. S

[joepeeler34]

@StyngRay1 It's hard to manipulate a commodity money like gold or silver though. I propose a complete separation of state and money. Money came out of the free market originally. Money is a commodity like coffee or beans that just has the added attribute of being a good medium of exchange. Gold and silver have been monies for thousand of years and will be monies again. Fiat paper money is a fraud.

[joepeeler34]

@checkcall123 Actually he was making fun of Obama. Obama got one half of the equation right, but the other half seemed to be lost on him. Obama thinks that a rising yuan (renmimbi) is good for the U.S. beauase our goods will be cheaper for the Chinese to import. True enough, but we don't export a lot of goods. It's just going to mean that prices will rise here. Also, we won't be able to export a lot of our monetary inflation anymore. The Chinese will also slow the purchase of U.S. Treasuries.

[joepeeler34]

@capitalist4life Yes! very good point. Another way to get people to think about it is that some U.S. states run trade deficits with other U.S. states. Just ask them if they want to bar or put a tariff on all goods from 'X' state because your home state runs a trade deficit with that state. If their logic is applied evenly then the individual states should erect protectionist tariffs too. It makes no sense.

[checkcall123]

Not very often you hear a Republican give credit to Obama! Facts, logic and reason = Peter Schiff!

[StyngRay1]

@DennyDFW Yes that is what i said. EVERYONE manipulates currency! ie ALL GOVTS ! It is not anything new! S

[TheSophist2007]

@zapbrannigan000 gold is a limit on the capacity of the government to print money to monetise debt. It limits reckless spending by debt accumulation, i.e. there is no option to increase the money supply. They cannot create gold out of thin air and decrease the value of gold as easily. Gold can be debased but not so easily as the printing press or digital currency.