Peter Schiff On Morning Joe

[Kevin_Kennedy]

[youtube]3AlD6U7O1pE[/youtube]

He explains it all in very simple terms, very good video.

 

[PoliticalChic]

[youtube]3AlD6U7O1pE[/youtube]

He explains it all in very simple terms, very good video.

Amen, brother.

Excellent analysis, and prognosis.

I don't want to go back over the posts that I have been writing for several weeks, but it seems that Schiff is espousing Conservative principles.

He is correct about what we have done wrong, and what we will have to do to correct it, and it spotlights how evil the Obama plan is. Reagan, and Clinton took unpopular steps early in their administrations to set the country on the right path, and this president must know that he could make the hard calls now, correct the problems, and still be re-elected, but instead this ilk would rather use the crisis to institute an ideological structure.

I would hope that the people see what is happening, and put the brakes on in '10, but note how many bright individuals on this board have the Obama/Democrat/liberal dogma so intimately intertwined in their persona that they cannot- yet- admit the errors of this ideology.

Keep on posting this kind of video. Madison said "Education is the true foundation of civil liberty."

 

[wimpy77]

why do people say schiff was THE ONE to see this problem when in fact meredith whitney was the first one to warn people about citi back in 2007 and so the banking problem as far back as 2006.

schiff has been right about some things are wrong on others.

 

[Kevin_Kennedy]

Clearly you didn't watch the video. They talk about how he was talking about this crisis back in 2005. Schiff and other Austrians have been predicting this recession for many years.

 

[editec]

First of all I think the guy makes sense about how and why we're in this mess.

HOWEVER when he says:

We will have to suffer...​

Do bear in mind exactly the extent of the suffering he's talking about​

AND​

consider that he and his ilk will not be doing that suffering.​

But millions upon million of American will be suffering, and I do NOT mean, they won't get to Disneyland this year...I mean they'll be homeless and those of you lucky enough NOT to be will be the soft targets, too.​

The reason that doing NOTHING is politically untenable, is because doing NOTHING will disenfranchise one hell of a lot of people (some of them very likely on this board) who are armed, dangerous and already pretty much over the edge, anyway.​

I suspect, given the state that our economy was in before the meltdown, that doing nothing will make the GREAT DEPRESSION seem insignificant by comparison.​

Do nothing and America's cities will burn cause that's where the first wave of doing nothing will do something like stripping civil authority of its vice-like clamp on the vermin.​

Do nothing and some of you will discover that your guns and ammo will not be targeted at those liberals neighbors some of you cyber-revolutionaries love to think about offing, but at organized criminal sociopathic pukes who are no less familiar with guns, and far more familiar with assassination that most of you punk assed gun queers are ever gonna be.​

Do nothing?​

Yeah, that might work to get the kinks out of this society, I definitely agree with that theory.​

Sometimes, like some of you I actually long for that rush of freedom, too, incidently, although I try to keep my rage under control. That is why, in some small part I don't actually own a weapon ....yet.​

But I think I know what follows "doing nothing" and AUSTRIAN school economics will NOT be on the agenda.

You boys think your "skill sets" as computer nerds engineers and laywers are going to be much in demand when half the US population is starving?

Dream the fuck on boys, civil wars are equal opportunity disasters.​

 

[Kevin_Kennedy]

You're right that doing nothing would be bad for a lot of people, but the alternative is even worse. You don't give a drug addict drugs just because detoxing is an unpleasant experience.

 

[Sarah G]

First of all I think the guy makes sense about how and why we're in this mess.

HOWEVER when he says:

We will have to suffer...​

Do bear in mind exactly the extent of the suffering he's talking about​

AND​

consider that he and his ilk will not be doing that suffering.​

But millions upon million of American will be suffering, and I do NOT mean, they won't get to Disneyland this year...I mean they'll be homeless and those of you lucky enough NOT to be will be the soft targets, too.​

The reason that doing NOTHING is politically untenable, is because doing NOTHING will disenfranchise one hell of a lot of people (some of them very likely on this board) who are armed, dangerous and already pretty much over the edge, anyway.​

I suspect, given the state that our economy was in before the meltdown, that doing nothing will make the GREAT DEPRESSION seem insignificant by comparison.​

Do nothing and America's cities will burn cause that's where the first wave of doing nothing will do something like stripping civil authority of its vice-like clamp on the vermin.​

Do nothing and some of you will discover that your guns and ammo will not be targeted at those liberals neighbors some of you cyber-revolutionaries love to think about offing, but at organized criminal sociopathic pukes who are no less familiar with guns, and far more familiar with assassination that most of you punk assed gun queers are ever gonna be.​

Do nothing?​

Yeah, that might work to get the kinks out of this society, I definitely agree with that theory.​

Sometimes, like some of you I actually long for that rush of freedom, too, incidently, although I try to keep my rage under control. That is why, in some small part I don't actually own a weapon ....yet.​

But I think I know what follows "doing nothing" and AUSTRIAN school economics will NOT be on the agenda.

You boys think your "skill sets" as computer nerds engineers and laywers are going to be much in demand when half the US population is starving?

Dream the fuck on boys, civil wars are equal opportunity disasters.​

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

 

[Kevin_Kennedy]

First of all I think the guy makes sense about how and why we're in this mess.

HOWEVER when he says:

We will have to suffer...​

Do bear in mind exactly the extent of the suffering he's talking about​

AND​

consider that he and his ilk will not be doing that suffering.​

But millions upon million of American will be suffering, and I do NOT mean, they won't get to Disneyland this year...I mean they'll be homeless and those of you lucky enough NOT to be will be the soft targets, too.​

The reason that doing NOTHING is politically untenable, is because doing NOTHING will disenfranchise one hell of a lot of people (some of them very likely on this board) who are armed, dangerous and already pretty much over the edge, anyway.​

I suspect, given the state that our economy was in before the meltdown, that doing nothing will make the GREAT DEPRESSION seem insignificant by comparison.​

Do nothing and America's cities will burn cause that's where the first wave of doing nothing will do something like stripping civil authority of its vice-like clamp on the vermin.​

Do nothing and some of you will discover that your guns and ammo will not be targeted at those liberals neighbors some of you cyber-revolutionaries love to think about offing, but at organized criminal sociopathic pukes who are no less familiar with guns, and far more familiar with assassination that most of you punk assed gun queers are ever gonna be.​

Do nothing?​

Yeah, that might work to get the kinks out of this society, I definitely agree with that theory.​

Sometimes, like some of you I actually long for that rush of freedom, too, incidently, although I try to keep my rage under control. That is why, in some small part I don't actually own a weapon ....yet.​

But I think I know what follows "doing nothing" and AUSTRIAN school economics will NOT be on the agenda.

You boys think your "skill sets" as computer nerds engineers and laywers are going to be much in demand when half the US population is starving?

Dream the fuck on boys, civil wars are equal opportunity disasters.​

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

Losing your job is always tough, no doubt about that. However, just to reiterate, the alternative is worse. Propping up a phony economy won't work, and they're simply making the problem worse. Which means that more people will lose their job when the correction finally comes.

 

[Paulie]

First of all I think the guy makes sense about how and why we're in this mess.

HOWEVER when he says:

We will have to suffer...​

Do bear in mind exactly the extent of the suffering he's talking about​

AND​

consider that he and his ilk will not be doing that suffering.​

But millions upon million of American will be suffering, and I do NOT mean, they won't get to Disneyland this year...I mean they'll be homeless and those of you lucky enough NOT to be will be the soft targets, too.​

The reason that doing NOTHING is politically untenable, is because doing NOTHING will disenfranchise one hell of a lot of people (some of them very likely on this board) who are armed, dangerous and already pretty much over the edge, anyway.​

I suspect, given the state that our economy was in before the meltdown, that doing nothing will make the GREAT DEPRESSION seem insignificant by comparison.​

Do nothing and America's cities will burn cause that's where the first wave of doing nothing will do something like stripping civil authority of its vice-like clamp on the vermin.​

Do nothing and some of you will discover that your guns and ammo will not be targeted at those liberals neighbors some of you cyber-revolutionaries love to think about offing, but at organized criminal sociopathic pukes who are no less familiar with guns, and far more familiar with assassination that most of you punk assed gun queers are ever gonna be.​

Do nothing?​

Yeah, that might work to get the kinks out of this society, I definitely agree with that theory.​

Sometimes, like some of you I actually long for that rush of freedom, too, incidently, although I try to keep my rage under control. That is why, in some small part I don't actually own a weapon ....yet.​

But I think I know what follows "doing nothing" and AUSTRIAN school economics will NOT be on the agenda.

You boys think your "skill sets" as computer nerds engineers and laywers are going to be much in demand when half the US population is starving?

Dream the fuck on boys, civil wars are equal opportunity disasters.​

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

Losing your job is always tough, no doubt about that. However, just to reiterate, the alternative is worse. Propping up a phony economy won't work, and they're simply making the problem worse. Which means that more people will lose their job when the correction finally comes.

It's a noble effort Kevin, but you know Sarah isn't listening. She'll be one of the ones who's completely content with what the government has done, as long as the reflation is successful. Then for maybe another 5 years we'll have some decent "growth" before the next bubble is over-inflated.

The simple way to look at it is, the banks are stuffed to the gills with an unprecedented amount of reserves, and there's trillions of dollars sitting on the sidelines waiting to be re-invested.

Where do we think all this money is going to go? Do we think that somehow THIS TIME it will miraculously be diversified responsibly by the investment collective? I mean, we have no precedent to really go on regarding such a thing, but we'll hope for the best anyway.

Personally, I think the next bubble that bursts will be the US Dollar.

 

[wimpy77]

i disagree that the next bubble will the dollar. the next bubble just might be this same problem. we all know the same people will find a way to screw it up again.

 

[Kevin_Kennedy]

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

Losing your job is always tough, no doubt about that. However, just to reiterate, the alternative is worse. Propping up a phony economy won't work, and they're simply making the problem worse. Which means that more people will lose their job when the correction finally comes.

It's a noble effort Kevin, but you know Sarah isn't listening. She'll be one of the ones who's completely content with what the government has done, as long as the reflation is successful. Then for maybe another 5 years we'll have some decent "growth" before the next bubble is over-inflated.

The simple way to look at it is, the banks are stuffed to the gills with an unprecedented amount of reserves, and there's trillions of dollars sitting on the sidelines waiting to be re-invested.

Where do we think all this money is going to go? Do we think that somehow THIS TIME it will miraculously be diversified responsibly by the investment collective? I mean, we have no precedent to really go on regarding such a thing, but we'll hope for the best anyway.

Personally, I think the next bubble that bursts will be the US Dollar.

Maybe reflation will occur, but those who are calling for government intervention now will wish they had let the correction occur now rather than later. It's only getting worse folks.

 

[neurosport]

"An increase in the quantity of money or fiduciary media is an indispensable condition of the emergence of a boom. The recurrence of boom periods, followed by periods of depression, is the unavoidable outcome of repeated attempts to lower the gross market rate of interest by means of credit expansion. There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises; Human Action: A treatise on Economics, Regnery, 1966, pg. 572.

forget 2007 or 2005 this is 1966 for you ...

Peter Schiff's arguments come straight from Austrian Economics, basically word for word.

my own personal opinion is the government should takes hands off the market ( no bailouts, no stimulus packages ) but at the same time provide somehow for the people that are going to end up out in the streets

by "provide" i mean give them medicaid and food stamps, not make sure they keep their McMansions

 

[mash107]

"An increase in the quantity of money or fiduciary media is an indispensable condition of the emergence of a boom. The recurrence of boom periods, followed by periods of depression, is the unavoidable outcome of repeated attempts to lower the gross market rate of interest by means of credit expansion. There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises; Human Action: A treatise on Economics, Regnery, 1966, pg. 572.

forget 2007 or 2005 this is 1966 for you ...

Peter Schiff's arguments come straight from Austrian Economics, basically word for word.

my own personal opinion is the government should takes hands off the market ( no bailouts, no stimulus packages ) but at the same time provide somehow for the people that are going to end up out in the streets

by "provide" i mean give them medicaid and food stamps, not make sure they keep their McMansions

that can also be provided by churches and private institutions, not to mention states and cities as well. federal government doesn't have a responsibility in this area according to the constitution.

the bottom line is like what peter said... everyone wants a free lunch whether they were [R]s or [D]s, and now we're paying the price for all those "free" lunches. sadly, this new administration isn't grasping that concept, but when the dollar collapses, it definetely will.

 

[dilloduck]

It would be really cool if American citizens had a say so in how our own money is managed. Spending without representation is as bad as taxation without representation. Worse maybe.

 

[editec]

You're right that doing nothing would be bad for a lot of people, but the alternative is even worse. You don't give a drug addict drugs just because detoxing is an unpleasant experience.

I'm not certain that doing some things would be worse.

I do NOT approve of what we're doing now, however.

I actually DO think that what we're doing IS going to lead to stagflation, just as you do.

But is stagflation really worse than 90% of the Amercan people being totally broke, and the other 10% huddled in their gated communities waiting for the children of the disenfranchised 90% to come and take their stuff? (remember that 90% are armed, too)


And having the majority of banks in America collapse (which is what I think might have happened had we done NOTHING) would have collapsed this society in six months.

So realy, Kevin, where you and I part ways is this:

1. What would it be like had we done nothing?

You think it would have been sorta bad (but not for you, I suppose)

I think it would have been intolerable for everyone in this nation, rich and poor alike.

I think, had the banking system collapsed completely, this nation would have collapsed completely, too.

I think our nation's very existence is being held hostage by the banking community.

I think they're shaking us down for TRILLIONS of dollars.

I think, you think that, too.

Let's just say that editec's solution to this manufactured economic crises and Obama and Bush II's solution to it are SIGNIFICANTLY different, shall we?

The first thing I would have done (were I king) would have been to
HANG the CEO of AIG.

Followed closely by a LOT of CEOs and board members of one hell of a lot of banks and hedge funds and so forth.

That wouldn't solve the immediate crises but it would have done much to prvent the NEXT one, know what I mean?

Then I'd have let the BOND HOLDERS who bet against those banks twist in the wind as the banks would have gone belly up (per the AUSTRIAN theory)

Then I'd reconsitute the FED to be the NATION'S ONLY creator of specie.

In other words, I'd nationalize every bank that went belly up.

 

[Sarah G]

The banks may have had thoughts about shaking the government down but there are some who refused the money, some AIG execs who gave bonus money back and the auto companies who are still struggling, doing without all that they thought they would need.

Reasons? They rethought things when they realized there would be oversight and they really don't want government looking over their shoulders until they repay the debt.

Government is making noises about breaking some of these corporations up and scaling them down to a more managable size. We have backed away from confronting banks and huge investment firms simply because we don't have time to deal with all of the intricacies and fuzzy math.

It seems to me that someone finally stepped up but it's scaring the shit out of people.

 

[editec]

First of all I think the guy makes sense about how and why we're in this mess.

HOWEVER when he says:

We will have to suffer...​

Do bear in mind exactly the extent of the suffering he's talking about​

AND​

consider that he and his ilk will not be doing that suffering.​

But millions upon million of American will be suffering, and I do NOT mean, they won't get to Disneyland this year...I mean they'll be homeless and those of you lucky enough NOT to be will be the soft targets, too.​

The reason that doing NOTHING is politically untenable, is because doing NOTHING will disenfranchise one hell of a lot of people (some of them very likely on this board) who are armed, dangerous and already pretty much over the edge, anyway.​

I suspect, given the state that our economy was in before the meltdown, that doing nothing will make the GREAT DEPRESSION seem insignificant by comparison.​

Do nothing and America's cities will burn cause that's where the first wave of doing nothing will do something like stripping civil authority of its vice-like clamp on the vermin.​

Do nothing and some of you will discover that your guns and ammo will not be targeted at those liberals neighbors some of you cyber-revolutionaries love to think about offing, but at organized criminal sociopathic pukes who are no less familiar with guns, and far more familiar with assassination that most of you punk assed gun queers are ever gonna be.​

Do nothing?​

Yeah, that might work to get the kinks out of this society, I definitely agree with that theory.​

Sometimes, like some of you I actually long for that rush of freedom, too, incidently, although I try to keep my rage under control. That is why, in some small part I don't actually own a weapon ....yet.​

But I think I know what follows "doing nothing" and AUSTRIAN school economics will NOT be on the agenda.​

You boys think your "skill sets" as computer nerds engineers and laywers are going to be much in demand when half the US population is starving?​

Dream the fuck on boys, civil wars are equal opportunity disasters.​

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

Losing your job is always tough, no doubt about that. However, just to reiterate, the alternative is worse. Propping up a phony economy won't work, and they're simply making the problem worse. Which means that more people will lose their job when the correction finally comes.

Worse?

Worse than a complete breakdown of our economy and the civil order which requires a FUNCTIONAL SOCIETY?

That I rather doubt.

Hey, I want this system to END far more than you do.

I just don't see any way for it to END and AMERICA to continue.

If you have a REAL plan, one that doesn't make paupers of 90% of the population, I'm ready to read it.

But the AUSTRIAN economic system imposed NOW, isn't the path to economic stability.

Neither, is the path that Obama is taking.

Obama plan is, I suspect, the path to STAGFLATION which is marginally better than the complete destruction of our society that the AUSTRIAN PLAN would bring about.

Just because I don't think the AUSTRIAL PLAN is a good one does NOT MEAN I support the one we have now.

Make a note of that would you?

EDITEC is NOT a big fan of what is happening now.

 

[Kevin_Kennedy]

He really didn't think his spin through, the main problem I had listening to him was what Barnacle asked. How can people save when they don't have a job? They can't, they will be out on the streets. Entire families will be.

He said it would be tough. Ha! Try impossible.

Losing your job is always tough, no doubt about that. However, just to reiterate, the alternative is worse. Propping up a phony economy won't work, and they're simply making the problem worse. Which means that more people will lose their job when the correction finally comes.

Worse?

Worse than a complete breakdown of our economy and the civil order which requires a FUNCTIONAL SOCIETY?

That I rather doubt.

Hey, I want this system to END far more than you do.

I just don't see any way for it to END and AMERICA to continue.

If you have a REAL plan, one that doesn't make paupers of 90% of the population, I'm ready to read it.

But the AUSTRIAN economic system imposed NOW, isn't the path to economic stability.

Neither, is the path that Obama is taking.

Obama plan is, I suspect, the path to STAGFLATION which is marginally better than the complete destruction of our society that the AUSTRIAN PLAN would bring about.

Just because I don't think the AUSTRIAL PLAN is a good one does NOT MEAN I support the one we have now.

Make a note of that would you?

EDITEC is NOT a big fan of what is happening now.

Worse meaning that everything they're doing is only prolonging our agony and spending and inflating by trillions of dollars more can only send us further into the abyss, so to speak. There's a reason that the recession of 1920 - 1921 only lasted about a year, and that the Great Depression lasted about 15. In 1920 - 1921 the government took a hands off approach to let the market correct itself, and the Great Depression was only "great" because of the massive interventionism of Hoover and Roosevelt. The Fed and Bush/Obama administrations are doing all the wrong things just as Hoover and FDR did.

The Austrian answer would have been tough for a short amount of time, but what Bush, Obama, and the Federal Reserve are doing is going to make it worse for a longer period of time.

 

[neurosport]

You don't give a drug addict drugs just because detoxing is an unpleasant experience.

unless you are the drug addict. that's the problem. we have the same bankers who created the problem also "fixing" it.

fix here unfortunately means just that kind of heroin fix:

[ame=http://www.youtube.com/watch?v=OzU2_qNpTus]YouTube - U-MV081 - Ministry - Just One Fix[/ame]

 

[neurosport]

The first thing I would have done (were I king) would have been to
HANG the CEO of AIG.

Followed closely by a LOT of CEOs and board members of one hell of a lot of banks and hedge funds and so forth.

That wouldn't solve the immediate crises but it would have done much to prvent the NEXT one, know what I mean?

You forgot Greenspan.

Worse than a complete breakdown of our economy and the civil order which requires a FUNCTIONAL SOCIETY?

in case of a total collapse - are we still gonna owe money to the rest of the world ? if not then we don't really have a choice do we ? it's not like we intend to pay anybody back.