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Peter Schiff & Doug Casey On Gold, Investor Cluelessness, And The "Escape From America" Plan

Tyler Durden's picture





 

In just under 30 minutes, Peter Schiff and Doug Casey muse on many facets of the crumbling edifice of the status quo that is our current world.

From Gold's relatively imminent rise to $5,000 and beyond, to investor ignorance of reality, Casey & Schiff swing from discussions of the US as political entity going forward to 'escape from America' plans for personal and wealth assets, and the realization that the biggest casualty (of US indebtedness), aside from individual liberty, is the value of the dollar - as taxing the middle class is unpopular with both parties - leaving only one route for the government - the inflation tax. Owning gold, silver, and foreign assets is preferred and while the rest of the world is also printing, the US is likely to beat them all.

People "are clueless with respect to the true state of the global economy," with regard to inflation, fiat currencies, and specifically what will happen to the dollar. The conversation is wide-ranging and absolutely must-see as they remind market-watchers that "the whole thing is artificial," as you can't just keep printing money and monetizing debt without the dollar imploding with monetary policy descending (along with its trillion dollar coin) into 'Three Stooges' comedy.

The conversation weaves to some endgame discussions which bring Peter to discuss his father, who he sees as a political prisoner, and his views on the future...

"the biggest change that is coming to the global economy is a realignment of global living standards."

There is something here for everyone...


 


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Thu, 01/31/2013 - 08:13 | Link to Comment egoist
egoist's picture
Thu, 01/31/2013 - 09:39 | Link to Comment Eugend66
Eugend66's picture

Excellent interview. "The most interest we can afford is Zero" .

Five points for this clip!

Thu, 01/31/2013 - 11:21 | Link to Comment MeBizarro
MeBizarro's picture

How is this an excellent interview?  Schiff rants over 10 minutes about his father and throws out stuff that is blatantly obvious or matter of fact with that '$5000 gold figure' he has been throwing out since '09 with no real specifics.

I understand and agree with some of his basic premises and are taking some steps to ensure I have some hedges.  I just don't see how this interview was that informative or enlightening. 

Thu, 01/31/2013 - 23:55 | Link to Comment MontgomeryScott
MontgomeryScott's picture

I haven't logged in in quite some time (user data indicates 3 years plus), but I just HAD to comment on this one!

Lots of varying views (four pages worth), and I read every post to this date (2020 MST 31 Jan 13). Watched the whole interview before logging in, as well.

The sheople are beginning to 'knee-jerk'. The usual trolls are trying to deride Peter Schiff (and to a lesser extent, Casey), but most are fractionalizing into smaller segments, discussing 'expatriation', 'the war of northern agression', or extolling investments in the frigging Caribbean (the home of the B.V.I., the Spanish slave traders, and Hugo Chavez, not to mention the infamous settlements of the 'Spanish Main' pirates of centuries ago), and SOME wish to expatriate to the commie-controlled 'Greater East-Asia Co-prosperity Sphere' that the Japanese started in the 1930's. I even saw a couple of posts regarding the false premise that one cannot learn from the past to accurately predict the future in 'human events'...

It is encouraging to see so many 'new' posters, however. Hopefully, they are not here to create hate and discontent.

The cold, hard facts of the matter are that an ounce of gold can be traded for other things that have tangible value in an historic study reaching back 6,000 years; and that trying to equate the value of an ounce of Gold to a currency that is not backed by it is an exercize in futility (sorry, Mr. Schiff, the $5,000.00 FEDS per ounce is only an indication of the value of the USD DROPPING OFF A CLIFF, NOT an indicator of a wise investment in OTHER fiat currencies that will also decline in value).

In the most general terms, the price of gold can be tied directly to the REAL rate of inflation of the currency, by moving the decimal point. GOLD = $1,000, inflation (REAL, not the offal pablum) = 10%. I found this out by practical application, in the years 1980-1985, when the suppliers of 'price sheets' in a particular commodity trade could not print their sheets fast enough to keep up with the rise in wholesale prices, and the boss got sick of putting the paper price sheets in the catalogue racks every 30 days or so. After about 3 years, when the experiment he was conducting (I was told to look at the year, and add 10% for every year until current dates, in order to get the correct cost) ended, and we got the 'new' price sheets (this was BEFORE computers!), the numbers came out to within 5% overall of the ACTUAL cost. At THAT time, inflation was 'officially recorded at an average of 10% (and gold was hovering between $800 and $1200). AH, the 'Reagan' years!

The parity between gold, lead, brass, and antimony won't be broken (even though you might think it is).

OIL, on the other hand, is tied to the FIAT USD, and the pricing is ALWAYS a reverse reaction. SOMETIMES, the price of OIL stabilizes in the factor of 10 to 100 (OIL =$100.00, INFLATION = 10%). Check out 'Shadowstats' for the REAL 'altenate-CPI at THIS TIME RIGHT NOW, and compare it to the price of OIL on the current 'spot market'. THIS INDICATOR is NOT ALWAYS ACCURATE, when the FED pumps what they call 'liquidity' into the system...

Throwing darts at a moving target that is on fire, while standing on one foot and taking shots of Tequila, is akin to most of the 'day-traders' and 'newbies' that are beginning to show up here, Tyler.

Thanks for the Casey-Schiff video.

 

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