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Peter Schiff: Americans must prepare for deepening unemployment, inflation and possible breadlines

by RT • 162,884 views

Rockstar Economist Peter Schiff tells RT's Marina Portnaya that Lehman Brothers failure was a success not a failure. He says Americans will face increasing unemployment, inflation, and possible...

Let's make loans at the same interest rate for everyone.  Give me a $100,000 loan at .5% interest rate and I'll stick it all in zero coupon treasury bonds and make lots of money; that is exactly what the Fed does for it's clients.
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@wks1978 Bahaha! good question. I don't know, but I've heard stories about him in hotel bars surrounded by women and he's always outspoken and has just that tiny bit of tactlessness that's actually a bit endearing.
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It's scary how Peter Schiff is always right.
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@MrMrEinstein Hey Einstein, start using spell-check! Re-read it, you'll see!
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This is a scary slap in the face. Please save us Peter Shiff and Ron Paul.
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THINGS ARE GETTING WORSE, ITS DEC 19TH, 2011, CNN SAID UNEMPLOYMENT IS AT AN ALL TIME HIGH AND EXPECTED TO CLIMB HIGHER! I'VE BEEN UNEMPLOYED FOR 3 YRS, NEARLY HOMELESS. THERE IS NO WORK! THE DAYS OF MAKING $30K+YEAR ARE LONG OVER. MOST OF MY FRIENDS HAVE LEFT THE US ALREADY AND LANDING $30K+ JOBS IN CHINA, TAIWAN AND SINGAPORE, APPARENTLY ASIAN NATIONS BOAST LESS THAN -1% UNEMPLOYMENT, MOST US COMPANIES ARE MOVING OVERSEAS TOO!! AMERICA IS CRUMBLING, BANKSTERS HAVE RUINED US, WE ARE FINISHED...
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The car company's were bailed out... "now" tell me who can buy the cars and trucks?. Fire congress. The states need to be removed from the government let each state fund there own. Cancel all home land security & NASA Call a band on 60% of the imports denounce the FED and go to a money system for the people. Keep and privatize social security. Secure our borders at least until we start to recover. Control military spending by keeping 60% of the personal here guarding this country.
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@UponInfinity Hugo called on all nation to demand their gold, but the motive was to take that power away from the Fed. Not that he wanted to have a pot of gold to look at.
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This guy was wrong about inflation, he was wrong about the auto bailouts (they were paid back), the only thing he was right about is unemployment. What he doesn't understand is his policies are the reason unemployment remains high. We need a real populist movement not a teabagger corporate movement by Ron Pual and his goons.
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@Loejyrrab "Schiff is a con man" you are a fucking moron. Peter Schiff is honest and on point. Do the world a favor, pick up a knife and run into it
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Save tooth paste, batteries and shaving cream Peter? Let G.M go under? Hey shmuck, this vid is a yr old. G.M has turned the corner and will survive to pay off it's loans. Schiff, what we DON'T need is another neo-con man Jew genius telling us what to do. Our biggest national mistake was electing G.Bush and his neo "con artist" buddies with their mid east war agenda. They should should all hang, bigtime!
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I am not SURE, but I can only assume: other economies will collapse a little because USA is NO 1 anyway. let's say they will spend money on space exploration, or whatever, so then again all numbers will go down globally and it will be a recovery "relatively" speaking!
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@BiWinningAssKicker It's Ten Years Asshole and I personally have no dept. Where the Fuck are you from Australia or England...they are in great shape??? Come to N.Y. and I'll take my greed and kick your ass M.F. Do you think that most American's like what's going on with the politians and the greedy bankers. Just remember one thing, when this country callapses it's going to take your ass with it. Cuz, when we have a cold you all have T.B.
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@kermitcintronsucks Extremist ? By Extremist do you mean "Hey I was right" ? Because as it turns out...he was right on the housing market , the reasoning behind the crash of the housing market and the inflation /devaluation of the American Dollar and the increase in worth in Gold. Did u see it all coming ? I guess i'll side with the "Extremist"
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Inflation the year this was released=2.7% Inflation this year= about 2.15% Inflation has not increased significantly, it has decreased slightly. Schiff is simploy wrong. 1 year it was slightly higher than when he made his prediction, and all the others it was significantly smaller. His main assumptions are based on inflation, which he is 100% wrong about. Unemployment when this was released= 9.8-10% Unemployment now = 7.8% Again, Schiff is laughably wrong. Keep following him blindly ppl.
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that is why i like mcdonalds, kfc, walmart etc atleast they create part time jobs, big giants like microsoft, apple only create technilogy driven jobs for a select few
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@margoliesmedia - indeed-they "reserve" NOTHING! "Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed...This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government." -Congressman Louis T. McFadden, May 23, 1933
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What a freaking idiot.! He explains how bad free market capitalism is. Then he says the solution is REAL free market capitalism. Just reset the dial on the system, so he can try to become a wealthy plutocrat before his REAL free market reaches the cancer stage again. Nothing will ever change whit this kind of thinking! The Monetary-Market system itself has to change for us to Advance our species. We must acknowledge we are all connected to each other and the earth to advance socially…
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There must have been billions and billions of dollars grease a lot of palms over the 100-yr existence of the Fed. Think of the men who came and went in the Oval Office and sat in Congress and NO ONE said "we've been had by the Fed" and done anything about it. You are SO right wolfgangfaust, follow the money.
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Where did all those wall street crooks go after those firms fail?
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@louiethegreater You are losing jobs because America is a third world country with no prospects. Don't blame the investors because you're not competitive and produce nothing.
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@UponInfinity You did not read my last post. I said after WWll the U.S. was the only manufactruing county that was not in ruins. By the 60s our makets were flooded with cheap Japanese imports. By the 70s they had taken our electonics, machine tool, and precision tool industries. So you are saying that the U.S. oursourced 30 million jobs and Gibson Guitars, are being exported. O woopie that will solve our economic woes.
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@XBxUxTxCxHxExRX 9.7% unemployment is nothing, it's a grain of sand. Let me know when it's 97%, then we'll do something about it. The 9.7% of the people on food stamps. Big deal.
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@73mandala - He's a young environmentalist/socialist. I was too, in my early 20s. Now i'm in my early 30s and, apart from the Air Force 96-00, i have been in the "real" work world, and i say i like it. My motivations are to make money by contribute my talents to the companies i work for. The kid is probably in college, or has started the typical "early 20s search for self" which results from lots of reading and thinking. Good for the lad.
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@PrimeConsciousness Hey I will take all those worthless pieces of paper you and Peter has laying around in your way. Four of them buys a gallon of gas, would you rather have the gallon of gas or the 4 pieces of worthless paper. Well it is apparant that the oil companys world rather have the worhless paper, or they would keep the gas. Peter sucks the blood out of thirdword labor for a few pieces of that worthless paper.
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@alan2012love Fuck off. I'm a mechanical engineering student unlike you. Engineers get paid $80 000 - $90 000 per annum. Fuck off, you do not have a university degree and you do not have a high-paying job.
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@louiethegreater Everyone should want to take power away from the Fed. They're the ones debasing your currency.
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that would be cool a New Confederacy
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@73mandala - good for the UK to lay off public workers. It's public sector is famously inefficient, and it's military is the same as the US: horrifically bloated, excessive benefits and signing/reenlistment bonuses, overbudget weapons systems. Her Majesty's forces needs to be drawn down, and good for those government officials with the will to do it
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I bet is them stupid americans, because they are so stupid they think economy is magazine with illustrations...
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@evilsceptic That and theyre harder, better workers and not spoiled little brats.
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the problem with those "stats" is that they are made by Keynesians and if you measure something incorrectly you wont see the truth. Of course unemployment can fall when stimulus occurs via spending with debt money, in the short term thats going to have those beneficial effects but the problem is what happens as a result of this bandaid "fix"? also, if you measure inflation the Austrian way it is around 10% not 2%. Please don't be short-sighted cause that's what leads to trouble.
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@AustralianAllTheWay Haha that is the dream team. Put Max Keiser in there too and Gerald Celente.
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Free Market is shipping jobs overseas. America needs protectionism not free market.
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He has consistently said that managed and crony capitalism is the problem not free market capitalism. Free market capitalism is about price discovery unhindered and FREE from government or special interest influence or control. Interest rates kept low distort the price of money (yes it has a price too) and fuel speculation. Government programs designed to help people buy homes created artificial demand that drove prices up and beyond what the "free market" price would otherwise have been.
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@GeoRandel LOL health care costs are rising because companies want to make as much money as possible. Let me guess you blame everything on government...?
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This man is not saying the full truth...He is not mentioning the corporate control behind the elected officials of our government...And he is not mentioning that the only real solution here is to totally boycott, the corporations, until/unless they bring back the jobs that create the things we buy...We cannot buy without jobs and we cannot have jobs without employers...Also the real unemployment rate is more like 30% and that's being very very conservative...A corporate spokesman.
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I've been unemployed since august 2010. On top of that I had to choose whether to stay on with no guarantee of work hours and 1 strike before I'd be fired or I could quit there and then. I chose as I did so I'm screwed for unemployment insurance. Look for a job? How? The last employer badmouths me, my 5 years working for them, and I can't get any work. I've been doing studies to earn $, more $ than I was earning in the end of my prior job. But this cannot go on forever.
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@09Chance He's a jew. of course he knows what his brethren are doing. What did you think Synagogue was for, Goyim?
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I wish Peter Schiff was my Dad; I would be safe, at least safer in the socio-economic collapse coming to America. But he's not my Dad so I'm looking to God and His Son Jesus Christ to be my Dad.
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@chefshitpiece Because at time of crisis gold will become the real money used for trading? And at time of crisis if you want to run away, you can bring your gold and silver and will be able to trade for stuff using them? Good luck trying to do the same with your options...
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@stevieRay3211 that's why he lost in teh primaries.
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any1 else wanna like storm the fucking government and just take over? i mean rationally of course
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@seanmPWH the jobs are being shipped over seas because they have less laws regulations that make it cheaper to hire people.
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The guy at 2:50... "Life coach"? If you're in such dire straits in your own life that you have to stand on a corner with a cardboard sign peddling your services as a "life coach" I think you need to start coaching yourself on your own life.
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@UponInfinity If you make it in China, sell it in China.
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@louiethegreater Wonder how many gallons a SILVER dollar buys? About five gallons. Americans think Gas and oil are expensive. lol! It's not the gas that got expensive, it's the money that got CHEAP! I'll give you all the paper in the world if you keep me stocked with silver!
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@badassreinitz How can the US be the richest country when its bankrupt? ($13 trillion debt) The only reason the US are considered "rich" is because they've been taking on loans to make their lives richer, artificially.
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We have a perfect economy...... When private banks need money,they ask our government for money.... When our government denies or hesitates,then the banks know what to do.... We have the perfect economy!!!!!
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@delyshBB The Bush foreign policy of invading countries based on flim flam, now that's IDIOTIC! 5,000 dead American soldiers, 100's of K's wounded and trillions borrowed and blown. That's a good foreign policy? Please give me a break.
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more like the buyer are underage faggots with dad credit cards that think they getting silver socks because numbers on plastic not all the same (number)!
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Tell me you're not that Naive. What, cars aren't exports? The U.S. never sold its vehicles in other countries? Where did all these cars come from? Where did all these computers come from? America used to be a great exporter before the government destroyed your manufacturing base.
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@superpoof I think he did run but didnt get elected.
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@tatmoote - you are a store owner with slim profits. As the government, i declare you must hire 2 unemployed people, pay them 25k a year, and 5k in benefits. Or you are a taxpayer with house payments, kids, middle class. As the government, i declare your property tax now to be 2 thousand dollars higher to pay for among other things, putting redundant people to work. Money doesn't come out of nowhere - welfare services means other people lose - not just filthy rich but regular folks
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Lehman brothers failing was staged to create a problem and hence a solution to a panic stricken country. the great Bailout. open your eyes. they create the problem and a solution that is a solution to increase their wealth, but a problem for us. more debt. slavery in the past was known to be slavery, it was obvious. but now the slaves don't even know that they are slaves. SO SAD
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Peter advised people to buy gold because he owns gold, the more you buy the more his is worth.
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Haha this guy is right on. I've been tellig my friend to buy lots of ciggarettes for a while, because of their trade value.
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@MaudsPas How do you know he's wrong about inflation? The Federal Reserve has pumped trillions into the economy only relatively recently. They want another QE round now (third major round) even though the first two did nothing significant to help. They are paying debts and bailing out foreign banks with newly printed money because they have nothing to back it up and their balance sheet is full of toxic assets. Do you really think we are out of the water already?
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i dont really care if u reply or not, this isn't about u or me. i dont even know who shadow stats r so iam not quoting them. to call me an idiot is to imply that the economy is going really well. many people would disagree with that one! most importantly though, the issue here is what is going to happen if the current cancer is not cured. to continue with debt spending, inflation practices, for short term relief, & government intervention will make the current position great in comparison. peace
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@louiethegreater That's true, but the more dollars you hold means the less you're worth. Enjoy being destitute.
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@UponInfinity Not exactly, I am saying that without tariffs, we cannot compete with 4 billion Asians.
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relax moron, I love USA DOLLAR, the confusion was with canadian dollars. In 2009 people started buying beavers instead of chickens 4 a while...
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Taxation Without Representation ::: The Exporting of American Employment Abroad
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@73mandala - tough questions i know, but it's better to pay unproductive, redundant people $15,000 a year in unemployment than 40,000 in wages from productive people's taxes. Maybe some of them will be smart and find something interesting to do or make, or they can take jobs from Muslim immigrants and send them home.
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Why is he asking to repeal more regulations? Not that I completely disagree but, what regulations are there left to repeal? Also, why didn't he bring up the fact that the Federal Reserve is the main problem with our economy due to the fact that they have such a huge conflict of interest by having the ability to profit off of the inflation of the U.S. currency. I guess it's good that the Fed is keeping 0% interest to prevent a complete economic collapse yet it's just delaying the inevitable.
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@plalelal Speaking of borrowed money, Bush borrowed and spent one tril.to kill Saddam. The continuing costs are est.to reach 3 to4 tril more & what did we get for the trouble? 5K dead U.S soldiers! Pretty wasteful use of 5 tril. wouldn't you say? We lent G.M 9bil, which they have paid off. G.M looks like it will survive, along with 100's of k's of jobs. The Bush Ad. lost 8bil in cash in Iraq. Just misplaced it. Was G.M loan a Ponzi scheme? No way! We still have a domestic auto.bus, thank God!
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don't just audit the FED, abolish it!
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@Iaganatzi hey lagan, here's the #'s. In 2001, the Repubs/Bush takeover. The national debt was 5 tril. and we had a budget surplus. The R's leave office in 2009, the nat. has exploded to 12 tril. A 2nd grader could figure it out. Don't elect Repubs, they can't handle money very well.
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Sickening, I click this vid only to be met with this endless commercial of guys talking in an English accent acting like fat fags, stupid Youtube.
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Those ladies speak English VERY well. I hope I can speak Russian that well someday.
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@louiethegreater Yeah, importing. You think the states is the only country that imports goods? It's called trade, and all the countries do it. And yes, the U.S. was once a very great export nation. Certainly not in the last few decades, but once it competed with all the nations in the world for it's export market, and it won. How did all those 50's ford and chevys driving around Cuba to this day get there? Japan and Europe? Nope.
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@wolfgangfaust might as well quote "RESERVE" as well ;)
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lol, try call them real, they are, u stupid moron drifting in the abstract!
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could you please inform me how the US economy is going to turn around, pay its debt and be a great place for us to live and work? what are the steps it should take and what will be the results to ensure economic prosperity? please i sincerely want to know how we can avoid the seemingly necessary painful corrections.
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@UponInfinity After WWll the U.S. was the only game in town, but even then we quickly rebuilt Europe and Japan. In the 1960s the US was already importing Japanese and German products, especially cars.
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Mr. Schiff, I'm one of those discouraged unemployed...are there any openings at your firm? :)
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they should have test AIG BOOM BOOM BOOM BOOM BOOM BOOM
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don't forget during the great depression there were not nearly as many women in the workplace so we are twice as many people looking for jobs. married women are holding positions that men could be in to support there families. We have too many people in the workplace. I mean single women ok but married women, thats greed. And don't get me wrong if the woman makes more money obviously the more intelligent thing to do would be the man should stay home if he has less earning potential. I hav
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Digressing if I may, it's quite apparent to me that the RT interviewers are hot hot hot.
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@louiethegreater And computers. IBM and Apple once dominated the global PC market before other nations grasped this new technology. Take a look at the new Gibson Guitars case going on right now. They export guitars made in the U.S. all over the world. And now, the government is telling them to get lost, because they don't comply with strict regulations. You should research the industrial revolution more.
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The states are rediscovering the power of nullification since this video came out.
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That wouldn't surprise me to discover that your assertion were true. I recently heard of a hypothesis that the more regulations there are, the more big businesses profit.
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and unfortunately u are going to have a high unemployment rate as well(the minimum wage is also a huge contributing factor to unemployment) as u know. It all stems from the government in our country currently. They are just way, way way too big.
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Gold and silver is a commodity just like any other commodity, Actually in troubled times food is the commodity to have.
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whatever, moron! the only think is gonna remain the same is people thinking economists have charisma!
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Free men do not ask permission to be free, we demand it!
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@MaudsPas Companies are dropping benefits because of rising insurance cost because of the regulation. Its cheaper for them to pay a fine then insure someone... Just simple business. Do some actual research before you make bogus statements.
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Peter Schiff was dead stinking wrong. Leading young people off the cliff is the worst part in all of this!
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@louiethegreater Nice try, but the gold market is too massive for even all of Peter's client to move. Did Peter tell Hugo Chavez to repatriate his $11 billion gold reserves back to Caracas?
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You're right Peter. Let the automakers fail. Toyota automobiles came to this country over 40 yrs. ago. If they were not smart enough or flexible enough to have seen this coming and make some serious changes, then they should have gone bankrupt. It's not the American taxpayers responsibilty to keep them afloat.
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@buzwazfuz believing in your government is different then believing in your country/america
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@louiethegreater The fate of the dollar is in the hands of one big Asiatic 3rd Reich. The Chinese don't need a happy populace that trades with foreigners because they have publically accepted SS like death squads. They'll drop their globalist banker funny money when the time is right and mobilize PLA divisions against western client states, all while you become more of an urban peasant.
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