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What Peter Schiff Said To Ben Bernanke
Last week, a photo of the oddest couple in finance, Peter Schiff and Ben Bernanke together "celebrating the economic recovery", promptly went viral.
As it turns out there was more to the story.
On his Friday podcast, Peter Schiff told the story of his encounter with Ben Bernanke at the SALT Conference last week where he took the photo above. Peter talks about his close encounter of the Bernanke kind 13:30 into the podcast.
Below is a transcript of the relevant section:
“Speaking of a clueless Federal Reserve, I happened to have an encounter the other day with former Federal Reserve Chairman Ben Bernanke. Many of you may have seen the picture of me and the former Chairman. We were at a cocktail party, and I posted that picture on my Facebook page…
“I’ll give you all of the details. So first of all, Ben Bernanke was there to speak at the SALT Conference… He was paid, I believe, somewhere between $200-250,000 to basically hit the soft balls that were lobbed to him by Anthony Scaramucci, who was the host of this conference… At least make the guy do something for $200,000 – let me question him. In any event, he probably wouldn’t agree to that…
“I was watching from the speaker’s lounge… He walks out, and he’s accompanied by his secretary. He doesn’t have a big entourage… I see him and I come right up to him and I say, ‘Mr. Bernanke.’ I put my hand out and I say, ‘Peter Schiff.’ I can sense from his body language and the way he looked that the name was familiar. I think he knew something about me, but he didn’t necessarily acknowledge it. I think he said something like, ‘Oh sure.’ But I was pretty sure he knew who I was at that point. I wanted to make sure, because I didn’t want to have a conversation under false pretense.
“So the first thing I said to him, ‘Look, I gotta let you know, full disclosure, I’m probably your biggest critic.’ To which Ben Bernanke replied, ‘Well, you got a lot of competition.’ It’s probably true. There is a lot of competition. There are a lot of people who criticize Ben Bernanke. But I think I am his biggest critic. I’ve been criticizing him for longer than most people, and I certainly do it more often and more loudly.
“After that brief exchange I said, ‘Do you have a moment to chat? I’d love to talk to you.’ He said, ‘No, I don’t, I really got to go.’ I said, ‘Alright, how about a quick picture then?’ But that was it. He was gone. He was whisked away by his female handler, and I thought, ‘Well that was it. I’m not going to see that guy again.’ He was rushing to deposit his check, right?
“Later that evening, they have a cocktail party for the speakers. I get to the cocktail party, and who do I see standing there all by himself but Ben Bernanke. I got a drink and then went over to Mr. Bernanke who was still standing by himself, surprisingly. I said, ‘Mr. Bernanke, I thought you had to leave.’ He said, ‘No, I’m still here. I’ve got time for that picture now, if you want to take one. Which I thought was quite nice of him, because he remembered that I wanted a photograph, and he didn’t have time for it. Now he sees me and he asks if I would like to take a photograph…
“Initially I was thinking what do I do to spice this photograph up? Just a photo of me and Ben Bernanke. What’s the big deal? I thought maybe I should do the rabbit ears behind his head, but I felt kind of awkward doing that considering he had so graciously reminded me that I wanted a photograph and offered to pose with me. I felt that would be inappropriate of me to take advantage of him or make fun of him, so it was just a normal photograph…
“We got the photograph out of the way. Then I wanted to talk to him. The first thing I wanted to do was I wanted to give him my version of why the economy is so screwed up and why everything in it is wrong. The last thing he wanted to get was a lecture from me, but that’s what I tried to give him. But I tried to give him the Cliff Note version. I did want to ask him some questions, but I wanted to get his reaction to my take.
“I started talking about the housing bubble and the financial crisis and how the Federal Reserve caused that with its low interest rates. He said that no, it wasn’t that; that the interest rates had nothing to do with it. He first told me that the housing bubble was caused by Fannie and Freddie. At least he’s trying to blame the government. I said, ‘Look, Fannie and Freddie have been around since the 30s. We didn’t have that big housing bubble until the Fed happened to have interest rates at 1%, and then raised them very slowly. That wasn’t a coincidence.’ He said, ‘Well, it was subprime mortgages that did it.’ I said, ‘Subprime mortgages? But do you understand how subprime mortgages worked? They were all adjustable rates, and the most popular feature, what made them so enticing and affordable was the teaser rate. The fact that you can get a low rate of interest for the first few years. That was all because of the Fed. So if you’re going to blame subprime, you’ve got to blame the Fed, because the Fed is what gave life to subprime. It made subprime affordable.’ He also blamed regulation. He said regulation first before he said Fannie and Freddie. I said, ‘Well what regulations are you talking about?’ And he said Fannie and Freddie, which weren’t really regulations, they’re agencies. But he was really trying to lay the blame on the housing bubble on capitalism, because of subprime, and on the government, because of Fannie and Freddie.
“I said, ‘Wait a minute. If regulation and subprime and Fannie and Freddie – if that’s what caused the housing bubble, why didn’t you warn us about that in advance? Why didn’t you go in 2004, ‘Hey, we got a problem. We got these bad regulations, we got Fannie and Freddie, we got subprime , they’ve created a housing bubble! This is going to be a disaster!’’ He didn’t say any of that. He said the opposite of that. In fact, when he was asked specifically about the housing bubble, he denied that it existed. If it was being caused by the things that he said, why didn’t he warn about it? Because it wasn’t caused by those things…
“I tried to ask him some questions and that’s when he really wanted to end the conversation. The first question I said, ‘Mr. Bernanke, you’re so sure that you’re right. I don’t know how you can be so sure, because interest rates are still at zero and the Fed’s balance sheet hasn’t shrunk. You said you weren’t monetizing the debt when you talked to Congress. You said the Fed was going to sell the bonds, but none of them have been sold. They’ve all been rolled over. So how are you claiming victory when you haven’t exited? You haven’t raised rates, you haven’t shrunk the balance sheet. You were wrong in the past. You didn’t see the financial crisis coming. You told us there was no housing bubble. You said subprime was contained. So you were certainly wrong then. So how do you know you’re not wrong now? Is there anything that might change your opinion and get you to rethink and maybe admit that your outlook is wrong?’ I forget the exact words.
“Instead of answering the questions, he just patted me on the shoulder… And just kind of gave me a little smile and that was it. He kind of turned. By then there was a couple other people around us. He started talking to somebody else. It was clear to me that he didn’t want to answer the questions. After all, I’m not paying him $200,000, so why should he answer my questions. I don’t know, maybe he didn’t want to answer them. I didn’t get the sense when I talked to him that he was lying to me. I thought he really believed what he believed. He seemed that way. i’m sure all the praise has gone to his head. He thinks he’s save the world. So he did seem sincere… Who am I? I’m just this guy trying to talk to the former Fed Chairman and tell him what a lousy job he did. He probably doesn’t want to hear that. He wants to talk to somebody who will tell him how great he is. That was the last I talked to him.
“Later on that day, somebody came up to me… I was on a panel for forty minutes. The first ten minutes were the former Prime Minister of Greece talking to Steve Forbes… The highlight was me arguing with Gene Sperling. That’s where I got all my applause. Gene didn’t get any. He was the former economic advisor to President Obama. He got no applause. I got all of the applause. I even got laughter… I was saying some funny things. Funny, because they were true…
“This guy comes up to me. He says, ‘I was talking with Ben Bernanke. He was saying some bad things about you.’ So he’s already talking smack behind my back. I don’t blame him. I got no problem with Ben Bernanke saying bad things about Peter Schiff, because I say bad things about him all the time. What’s fair is fair…”
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"Is there anything that might change your opinion and get you to rethink and maybe admit that your outlook is wrong?"
Hahahaha! Sure there is. He will just as soon as Obama does the same. Hell will freeze over first.
i love PETE
I can't believe that he looked Satan in the eye and didn't spontaneously combust.
Peter needs to listen to Chris Martensons interview with Steve Keen where they discuss the mindset and thinking process of central banker economist from an insiders perspective
https://www.youtube.com/watch?v=-3aBjFo2Fh4
there you go, half you fuckers on here were calling schiff a sell out, saying he is in the 'club' with bernank, 'just another member of the tribe'. sorry, he has too much class to punch him in the face or dump his scotch on his head
He should have kneed him right in the balls and then told him as he was lying on the ground to quit faking because you got no nuts
Love it!!
"Your place or mine?"
So I hope Peter has learned his lesson when getting any slim chance to confront these globalist, criminal, sociopathic, scumbags.
DON'T WASTE YOUR TIME OR YOUR BREATH!
Instead he wasted a perfect, once in a lifetime opportunity to punch that motherfuckers lights out and kick the shit out of him until someone pulled him off. Peter's dad's in jail for standing up to these criminal scumbags! He should have beat the shit out of the Bernank on his dad's behalf and for all of us out here trying to fight these motherfuckers too!!!
You blew it Pete...sorry dude...you are right about all that you say is wrong....but damn, bro. Wish you would have manned up and broke that fuckers face!!!
THAT'S THE PICTURE WE ALL WANTED TO SEE!!!
So hey Pete...if you're ever out again at a swanky party w/ sociopath FREAKS...and if one of the psycho freaks happens to be John Corzine...do us all a big favor and do to him what I just said above. Beat that fucker within an inch of his life. Then you'll earn some street cred around Fight Club.
Hey Save_America1st,
That's pretty big talk from an armchair. You want Peter to punch out Bernanke and go jail?
Why don't you be the first out of the trenches? What are you - the sunshine patriot or the summer soldier?
Get up and go do or STFU. Easy to tell others what to do and suffer consequences. Peter Schiff is to be commended.
rotf. It's about time someone called one of these pretenders out. But you got your work cut out for you... they're everywhere. Good luck and God bless.
The Fed isn't the only responsible group of criminals in Washington. Congress spends too much, regulates too much, and hands too many plumbs to special interests and then there is the Executive branch. Will this bunch be referred to by historians as the Loot and Toot Dynasty?
Money is debt, which the bankers never intended to repay, wake up folks, or keep working for that worthless paper they pull out of their buttocks!
http://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-ban...
Monetary Apostate
Oh, Tylers! There you go again! Attacking poor Ben Shalom while he's trying to build his Twitter account! If i'd wanted to see this, I would have gone over to William Banzai Seven's page! <s>
One of the prime movers in my support of Ron Paul in the 2008 'election' was the fact that Peter Schiff was his financial advisor.
What would have been REALLY nice to see is Peter Schiff AND Gerald Celente cornering Bernanke at that party. Max Keiser and Stacy Herbert could have run 'interference'...
Mr. Schiff is WAY too nice.
He is actually Abrahamic 'Jewish', I suppose. He's not an Ashkenazim or Khazarim (a 'Yid', or a 'Kike'), like Benjamin Shalom 'Helicopter' Bernanke most likely is. BIG DIFFERENCE.
Just curious since you know about Jews, what kind are Janet Yellen and Alan Greenspan?
Janet Yellen is a Muslim. ... no?
Carl- I have a PARTIAL answer to that. The reality is that everyone is a tough guy when they're in no position to do anything about it but talk. Put Pete in the Chairman's seat and within 6 months he'd be one of the most dovish members of the FOMC. It's not that he isn't a sell-out, he's just not in a position to be a sell-out at that level. Even barring that, what is it that Pete does for a living right now?
It's the nature of the Fed (and many institutions). The pressure to "go along to get along" must be absolutely overwhelming. The mere thought of admitting a bad decision was made is like sunlight to a vampire. Alan Greenspan, in contrast, is letting some truth accidentially seep out, sort of like his urine slowly seeping out into his Depends. He's old, senile, doesn't really know what he's talking about and is probably only doing it in a deathbed attempt to buy back his soul, but that's neither here nor there.
Schiff doesn't refrain from dumping scotch on Bernanke's bald beanie just because he's a classy guy, but because to do so doesn't get you invited back the next year. He may not be in the club, but he knows how to stay on the guest list. Small compromises on a regular basis start to add up.
If Schiff was really that offended by all this he wouldn't have gone to the conference at all. Most of the smartest, most clear-thinking, most independent people I have ever met refuse to go go ANY industry conference. They don't seek to see-and-be-seen, "network" with their peers, climb the ladder or join the club. They do their own thing and build their own club. And those clubs grow by attraction, not self-promotion.
i understand that, and Im not trying to blow peter or anything, but its a good thing to have someone who will say the things he says and ask the questions he asks to still get invited to, and actually attend, events like this. I can certainly understand why people wouldn't even bother, and would consider it 'selling out' to even try to associate with groups like that. However, While I doubt it will do much good, maybe, just maybe, it will make some people think a little differently than they would if they just heard fuckheads like bernanke all the time.
And i know he doesnt do those thngs just because of an abundance of class, a lot of it has to do with the reasons you listed, but I would highly doubt schiff has aspirations of 'joining the club', if he did, he would ahve shut up with all of this while it was unpopular. He knows the score. Once he was proven right with a few things, he said CNBC pretty much stopped calling him to be on TV. He is pretty much just their token crazy person. I don't think he would immediatly become one of the dovish members of FOMC, he has remained pretty consistent, but its a moot point. no one like him would ever be allowed near the levers of power. At this point, he couldn't sell out enough to be involved if he tried
Keep also in mind what the government did to his father, an old time tax protester. I personally don't think he'd sell out, even if offered a billion federal reserve notes.
what Schiff said to Satan:
https://www.youtube.com/watch?v=25DC6v8oPxo
"I love Pete"
Good to know. Personally, I'm into the Marylin Monroe, Jane Russel, Elisabeth Taylor, Susan Hayward, Rita Hayworth, Deborah Kerr, Lauren Bacall, Sophia Loren, Jayne Mansfield, Claudia Cardinale, Michelle Pfeiffer, Helen Mirren, or Jessica Lange type. e.g. http://www.imdb.com/media/rm3948648448/nm0543790?ref_=nmmd_md_nxt
Seriously though... I just wish that Pete (who's "right") would be able to make more people rich than Bernanke (who's "wrong") has. Maybe that's why they pay him that kind of cashish now.
Moral: It's not about who'd right or wrong, but who can make you richer than you are. Pick your Advisers accordingly.
Two-dimensional fantasies of women really ARE NOT important, and the two-dimensional love that you give them is void.
The mantra of 'he who dies with the most toys wins' really IS a lie, you know. All the gold and silver and fiat currency and paper holdings really won't mean SHIT when you are taking your last few breaths on Earth. They REALLY won't mean anything after you cease to live.
WHO is funding the endless, continuous wars? WHO supplies the fiat currency to build 'smart' weapons that are genociding the entire human race? WHO profits from these monetary decisions that the HEAD OF THE FED makes?
'Satan, laughing, spreads his wings...'
https://www.youtube.com/watch?v=0GRR_n_yQGA
If I misunderstood your comment, I apologize.
Well said, but to end your reply without answering the question of how to win is to potentially deny someone from the truth. Good thing the person who presented it to you didn't do the same.
if accademic types want to occupy such positions of importance and power, they should have public hangings for them if they fail......
What is the saying? It is hard to get someone to understand something when their livelihood depends on them not understanding it. Something like that anyways. It certainly applies in this case.
You mean like tech anal-ists who insist gold is not manipulated because it would render their asinine prognostications of the price movements completely useless? Like that?
Peter Schiff is way to kind here. He still thinks Bernancke was acting of his own volition.
Bernanke hadn't been doing what he was told he merely would have been another dead banker last year. Instead, he was a good boy, and now gets to collect his 250K award for showing up sober and nodding and grinning for two hours. And keeping his yap shut otherwise.
Bernanke is a meat puppet. That's ALL he is. He's a glorified courier for the people who own the shop. He did what he was told, said what he was told to say, for their benefit and reasons. That fact that he can do this without so much as a wince or wanting to blow his brains out is testiment to his soulessness.
There is also this enormous organisation called the federal government that doesnt like to cut back, and needs to sell its resulting fountain of debt.
It's bigger than any combination of banks. It is heavily armed. It is pervsive. It operates a large number of prisons. It knows everything about everyone and its millions of minion employees for life know how their bread gets buttered.
Question is: Does Ben understand the real agenda, and therefore the nature of the deception, or is he a useful idiot parroting what his various advisers and handlers tell him. There's a good documentary, about the Japanese property bubble, revealing that it was orchestrated by their central bank.
No, even when his head is on a spit, he will still believe that he is right. So be it.
"Is there anything that might change your opinion and get you to rethink and maybe admit that your outlook is wrong?"
He'll contemplate that after he "returns," flees, into his hole in Israel.
Liberty is a demand. Tyranny is submission.
Whatever. Nice 20-20 recreation of events.
pete was right on target in 2006' he KNEW what was coming... and they laughed at him.
Truth will make anyone associated with the FED or Obama pucker ass tighter than a Kardashian's exercise pants.
Truth is the new hate speech.
According to the new DOJ.
Could someone mention to Peter that his surname is "Bernanke" (with two Ns) and not "Ber-na-key"? Thanks.
Oh he knows, it's just his nor'easter accent.
"...the Ben Bernak..." @ 2:20 - annoying but funny
https://www.youtube.com/watch?v=PTUY16CkS-k
It doesn't make a difference. BB is no longer in the loop. PS, will be correct some day, maybe.
he'll prolly take over when Christine Lagarde resigns
Schiff is AWESOME. One of my faves from the beginning.
Thank you Peter Schiff!
"Instead of answering the questions, he just patted me on the shoulder… And just kind of gave me a little smile and that was it."
I bet that sounds familiar to many of us at ZH. First they ignore you. Then they belittle you. Then they laugh at you. Then they call you an extremist libertarian communist. It goes on...
.... then when you're right, they say "no one saw this coming."
Schiff got caught, thus the need to do damage control.
Could be.
What really happened...
Schiff: "Can I be in the club?"
Bernanke: "No."
I didn’t get the sense when I talked to him that he was lying to me.
Well that's a standard feat of the top notch psychopaths: they believe their own lies!
Nah, I've watched the Bernank testify to Congress and he's a really bad liar. He's riddled with tells and shifty behaviors that scream LIE!!!. If he can look you in the eye and say it straight then it means he believes it. He could never look straight on when he said gold isn't money or he wouldn't monetize the debt or any of the other fabrications he's famous for, his shifty, darting eyes would go hither and yon as his mouth spouted things he knew were false.
"Nah, I've watched the Bernank testify to Congress and he's a really bad liar."
You got that right. When ever Ben was asked a question that he didn't answer truefully,he would look away from the person he was speaking too. When he answered obvious truthfully his eyes were deadlocked on the person he was answering to.
Pete Rocks!
i reiterate, guillotine.
You're gonna need more than one or it'll take a generation ;-)
sokkomb
Fuck You Bernanke....and SUCK NUTS!
I would have paid 10K for the opportunity to walk up to him and say that,
and then take the picture.
Get a fucking room you two
So sounds like Bernanke left the reception completely Schiff-faced.
According to Credit Suisse:
http://personal.crocodoc.com/waAog87
The Money Market Under Government Control
The Fed’s new Reverse Repo (RRP) facility could get big – very big – as interest rates start to rise, despite what Fed officials have been saying. The facility has been trending around $150bn, roughly 1/20th of the level of bank reserves.
A much larger RRP facility – think north of a trillion – would represent the endpoint of an evolution that began before the crisis, when large dealer repo books stood between institutional cash pools and leveraged carry trade investors to…
after the crisis, when bank balance sheets were expanded by both reserve assets and deposit liabilities created by QE to…
the future, when government-only money funds grow to hold large volumes of RRPs as assets and issue fixed-NAV shares (money) to institutional cash pools.
What are institutional cash pools? Think corporate treasuries and the cash desks of asset managers and FX reserve managers. Their demand for short-term, money-like assets has had a strong secular growth for several decades.
New regulations have constrained some investors in terms of what they can buy, and many institutions, in terms of what they can (profitably) issue.
History shows that when financial innovation occurs or rules change, the least constrained players grow.
In contrast to banks and dealers that face various charges on capital and balance sheet, and prime funds whose shares have lost “moneyness” due to regulation, government funds are relatively unconstrained.
They will likely grow, fed by an RRP facility that may grow much larger and become a permanent fixture of the financial system. In our view, this would herald the arrival of an era of financial “RRPression” in the US money market where the sovereign dominates and dealers play a supporting role – the inverse of the pre-crisis state of affairs.
While this shift would undoubtedly reap massive financial stability benefits, the main reason why the RRP facility might need to get much bigger is not financial stability related, but rather revolves around the Fed’s potential inability to control short-term interest rates in an era where Basel III and banks satiated with excess reserves hinder monetary transmission.
Why pay attention to this plumbing stuff?
Because the infrastructure of markets determines which trades can profitably be done, and which institutions will grow in importance over time.
This piece marks a return to our prior focus on shadow banking and the global financial system (see references at the end).
"ALAN GREENSPAN DID IT! ALAN FUCKING GREENSPAN!
it wasn't the Great Recession. It was the Greenspan Recession
$200,000, meh.
You are going to have to pay him at least $1,000,000 to get him to tell the truth that his Keynesian money printing experiment was an abject failure.
Actually I would pony up $200K if he would come to my house alone. I would love to beat that fucker to a pulp and since he's stolen more than $200k from me already, what's another $200? It would be worth it to see him groveling and bleeding on my garage floor begging for me to stop. Fucking cocksucker, thief. And $250K if you bring that little prick Geithner along
Fucking tribe, no wonder they are hated and hunted like vermin.
Why is it that they are so hated? Because they are racist, evil killers.
Death to the New World Order and the tribe that owns it.
Not sure if you noticed but 'generally speaking' Schiff is also in the tribe and neither Bernanke nor Schiff are fans of each other.
Schiff's Father, Irwin Schiff, is doing HARD time in Federal prison for speaking out against the income tax. Peter Schiff and his father are legit. You can't be a paid "shill" and be doing over a decade in prison. Schiff has been consistent in his criticisms of the Fed and has not shown any symptoms of being compromised.
Sorry, I had to release the hounds, as it were, upon seeing the Stelly playsuits ad top left.
http://stelly.com.au/40-playsuits-jumpsuits
one of those chicks needs to be captured and cloned by our top scienticians.
What's going on?
Did Bernanke head back to Mordor, or what?
Australia has a multitude of truly beautiful women ... A true plethora of pulchritudinous beauties.
"One of those chicks needs to be captured and cloned by our top scienticians."
(Whatever the fuck a scientician is.... Must means it's an outpatient job)
Yea well anything to lead all men to war by love that ain't all their fucking relationships family and women they love with humans. Lover pâténted does want us all to lover pâténted self and warlord army of passion assassins and those who fain heroes upon death of the competition they never needed in the first place.
U r right that some are for killing while others slaves for the endless echoing clone hole to perfect hell on earth.
Always interesting to see the healthy interact with the sociopaths.
Bravo, Peter Schiff.
you wish.
The $200-$250k's are for favour's rendered. Yellen was adamant she took on the role and is making early inroads on the gravy train. Slimey little beady eyed CUNT.
thanks for the screensaver... or is it a dartboard?
WOMAN: You miserable slug. You think you can talk your way out of this? You betrayed me.
JAKE: No, I didn't. Honest. I ran outta gas. I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from outta town. Someone stole my car. There was an earthquake, a terrible flood, locusts. It wasn't my fault!! I swear to God!!
[/Blues Brothers]
https://www.youtube.com/watch?v=ftt4f2H3GDs
i was going to say at least BB was a good sport but for 200K he should be willing to take a little guff
Rumor has it Ben Bernanke subscribes to Peter Schiff's podcasts.
What a great example of the futility of trying to compare notes with a financial sociopath. There is no discussing anything with a sociopath. The most you can hope for is to identify a sociopath, then get far away. Do no business with a sociopath, unless you love losing. Even if you win a battle, you'll lose the war. The are to be shunned as if dealing with a rattlesnake, which explains the book "Snakes In Suits." We are in these dire economic straits simply because most people can't identify a sociopath; so they get higher and higher office, which allows them to do more and more damage.
Just like the Barclays banker who gets promoted to head of Asia-Pacific after being center of attention in rates rigging scandal
Well, guess who's getting the $250k a pop? Not Peter.
(bell ringing) Hear ye, hear ye, 10pm and all's well fucked
Peter Schiff, You are an awesome dude. I would be happy to take a picture with you and discuss the economy/global events any time. Thank you for having the courage to try.
I don't trust either one of them - sorry... Nothing personal against Peter Schiff, but he is all about marketing himself. And some of his rather simplistic viewpoints regarding those of lesser $means leave something to be desired, especially when one considers that he made his fortune being a member in good standing of the Financial Services Industry - arguably one of the Biggest 'Bubbles' out there in terms of sheer size and the amount of $$$Fees these entities collect annually from their client bag-holders...
Ben's paycheck depends on him pushing the lie. It's really that simple, and whether he is smart and realizes it or dumb and doesn't is pretty irrelevant. What is relevant is that he is wrong.
From what I hear, Ben's whole accademic life was based on the view that he can print his way out of any problem; That he can keep the printing from being inflationary.
He has based everything core to his being on that...
Comparatively Greenspan was just a sellout...
If Chairsatan was executed a 152mm Howitzer would be needed, as an anti aircraft gun would be insufficient to penetrate that pile of shit.
Now, about those smoking jackets in the library ruminating of the abalone on the Santa Monica pier.....
Absolutely grand idea. One of my buds is going to come over one evening when it warms up a bit and we get some clear skies for a pot of coffee out on the upstairs porch, stargazing, discussing Quantum Mechanics, the universe, consciousness and the like..... We could well get into the twisted sense of man's well being along the way ....
Bernanke is on one end of the spectrum and Schiff is on the opposite end. So, reality exisits somewhere between these two ego maniacs.
Was Jacob Schiff his great-grandfather? You know, the Jacob Schiff that bank-rolled the Boshevik Revolution from 1920-1926?
Wasn't it the Schiffs, the Warburgs, the Black Nobility and the Rothschilds mentioned in "The Thing From Jekyll Island" by G. Edward Griffin?
http://www.truthcontrol.com/jacob-schiff
I don't think so, but his father is in jail for speaking truth to power about the income tax, and his book about same is BANNED. Yup, BANNED.
Liberty is a demand. Tyranny is submission.
Some friends in 2008 told me that there does not exist a DC US law that requires one to pay income taxes. There are also problems with the 16th. Anyways, I was sent the links to some videos to watch. These videos have people, some well known, inquiring of the IRS, and/or treasury, as to the specific law that pertains to the income tax. I figured that the videos would show people being obnoxious, and then being deflected because of it (Like Michael Moore.). Or, being shown a law or two, but then finding fault with wording, etc. Nope. They go and ask, and not once are they shown ANYTHING. Not once. Nada.
Now that doesn't mean that they don't still insist, at gun point, that we pay. It does reinforce how criminal and treasonous they really are.
Yeah, I've seen some of that material myself. There was a great one done by Mike Russo: "America: Freedom to Fascism" which is definitely worth the time to watch it.
The Red Dragon suggests that the IRS and other entities connected to the elite are in trusts. It has been said that the IRS is a trust fund housed in Puerto Rico.
And I'm sure you've heard that the Vatican and the City of London Corporation get all the income taxes.
I wonder if we'll ever know in our lifetimes.
I have watched that video recently. Good stuff.
I must say though, while some of those other things you mention are interesting, they are really not important. We are either dealing with tyranny, or not. If we are, their legal structure really does not matter.
More importantly, if someone is trying to wake up a sheeple, then these other details serve no purpose, and usually send them running for the hills instead of listening.
Liberty is a demand. Tyranny is submission.
In a similar wain, I mention Zion often here, but never, ever, in the "field," as when I have, the sheeple just shuts off. They have been well conditioned to link "Zion" to antisemitism.
I was wrong. Jacob Schiff was not his great-grandfather.
http://watch.pair.com/synarchy-7.html
I believe the regulation on sub-prime mentioned started with the CRA in 1977 under Jimmy Carter.
This regulation, by 2006, was forcing anyone in the mortgage biz if they want to stay in the mortgage business that they would have to make a sub-prime loan for every good loan. Thatis, for every load made to someone who could afford the mortgage they to make a loan to those who couldnt afford payments creating artificial/temporary demand for housing.
Great story, but a lot like trying to convince a piece of shit that it stinks--it can't smell it, and, more importantly, doesn't care.
Liberty is a demand. Tyranny is submission.
I would have given him a "Remember the Date" card for his guillotine appointment.
An established con man and an emerging con man trying to out-con each other.......or maybe two BS artists trying to out BS each other.......the end is nigh!
the chairsatan isnt stupid. none of these banksters are stupid.
schiff cant be stupid. this is controlled gate keeping shenanigans.
nothing about whats happened is accidental. I dont know if chairsatan is a satan worshipping jack ass illuminatti or whatever.. but he would certainly be oin the inside at least a few layters closer.. to the truth. BiS / Rothschilds etc.
Im surpriosed that chairsatan tolerate schiff as long as 10 mins, without a handler vrushing a gnat away
none of this is ignorance, stupidity, or even simple greed. this is organized, planned and managed. with a purpose.
P < P + I
I would think Schiff would understand that the Fed creates bubbles on purpose, then blows them up to benefit their friends who know in advance what the scheme is.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...
T. Jefferson
Schiff is in on it too then, he plays the whole "incompetence and mistake" card, as if people didn't get rich by wealth transfer and extraction. Shit Schiff got rich on it too, playing the critic. Plato's Cave again.
Yeah man they go short during the crashes for sure.
You can't have a conversation with a person like that. He's a bloody automaton. No awareness, no conscience, no morals, no nothing. Just a bunch of programmed circuitry. You'd have a better chance at accomplishing something by talking to a radio or a TV.
Bernanke probably patted him on the shoulder because he thinks Schiff doesn't know anything.
Ben knows what the master plan is, and treated Schiff like a kid that lost his ball.
Fuck you Bernanke. Hope you run into a fucking guillotine.
Only handling for a soul-less, clueless creep like that is a swift conviction and a swift execution. Or, if you have pity for all of God's creatures, then the minimal handlng of imprisonment for life in a windowless concrete bunker one mile under a mountain.
Government bureaucrats do not admit errors. Ever.
True dat.
The Fed's job is to deceive, fool, manipulate and brainwash while they rob you blind. Why is it so surprising that he "didn't know" he created the mess?
‘Well that was it. I’m not going to see that guy again.’ comon you actually like him
No wonder Ben printed so much fiat, he wanted to be paid moar to speak!
Give him a trillion dollar coin and ask for change.
Now how is this for a tangled web?
These are not the relatives of Peter Schiff, but look who they ARE related to:
Jacob Schiff’s great-great grandson through David T. Schiff is Andrew Newman Schiff, the husband of Karenna Gore Schiff, the daughter of the former Vice President, Al Gore.
“[Andrew Newman Schiff’s] father is the managing partner of Kuhn, Loeb & Company, (later known as Lehman Bros. Kuhn, Loeb & Co.) the securities brokerage firm in New York.” (New York Times, 6/13/97)
“The father of Al Gore was an associate of Communist agent Armand Heimer (Hammer), whose father was the founder of the American Communist Party.
As you can read above, David Schiff’s forefather financed the Bolshevik revolution of 1917.” (Pilgrim Society)
Jacob Henry Schiff (1847-1920) was not only the brother-in-law of Solomon Loeb, he was also brother-in-law to Paul Warburg, the chief architect of the Federal Reserve Act.
http://watch.pair.com/synarchy-7.html
.
Pete only cares about being proven correct or right.
He really couldn't give a shit about the middle class in America.
The bastard is Canadian.
Pete's father should have paid his taxes like the rest of the slaves.
Schiff was wrong about the bubble, if Bernanke had any inclination to talk to someone, whether he knew who Schiff was or not, if that's what Schiff said then Bernanke would flick him off on that basis alone.
Rates were NOT one percent when the bubble exploded, they were back up around five percent, and the teaser rates even had nothing to do with it, HALF the "loans" made in 2007 never had a first payment made, they were speculative and crooked from the git-go. Yes, some innocent people were then sucked in by speculators, but the bubble was on the order of 80% speculators and crooked banksters.
AND the collapse had little to do with the loans themselves, it was the derivatives and bankster leverage and mark to market and other dumb stuff like that, ...
... hey Ben let me buy yuz a drink an letz talk over here ...
That is correct. The real estate market started inflating around 1999-2000, and then really took off when interest rates were lowered to 1%
Am I the only one who would've dropped the drawers and pissed all over Ben's slacks and dress shoes?
He probably never had a really nice shiner to show dad.
Next time Schiff should take his nail gun
If I walked up to Ben, say in the next stall in the mens room, and he was drunk enough to answer questions semi-coherently in spite of himself, what *would* I want to ask him?
Well, what I'd like to know most I know he wouldn't answer, which is, "How is the Fed manipulating equity prices?"
His big secret, that he couldn't really share in the mens room, is "WTF kind of model were you using when you started QE?" He could promise to email it to me, I guess, or he could just turn and pee on my shoes, probably comes to about the same thing after all.
But I could ask him this: "Did you really *believe* in that model?"
I only wish I could get a picture of his face, after asking him that, whether he offered an answer or not.
And I guess it doesn't matter, I suspect it was the best they could do, and it probably came close to giving everyone on the board a coronary at the time, and nobody really believed it could work, and they did it anyway. And it did work, about 60%. Which was better than it not working that well.
See ya 'round, Ben.
I wish I could be paid $250,000 to go to cocktail parties and dis on people.
Schiff = Often Wrong, Never in Doubt
Note to self: Bernank is a midget. See how Schiff is standing back from Bernank to make Baldie appear taller? Schiff is the gentleman, Bernank is a shawtie!
what is always forgotten by every modern economist is the great depression was just as equally caused by massive deflation as a result of the industrial revolution turning vertical with the commensurate huge increases in production. that is the opportunity that drove stock market speculation(and the busted 1926 real estate bubble). just like the aftermath of the internet bubble, the huge investment in regional and national brand manufactured products did not end with the market crash. the problem, as it is today, is a surplus of labor. the differnce between then and now is the excess labor was eventually taken up as automation and mass production caught up with the labor supply(ww2 capped the recovery) during the great depression and today there are only low paying low skilled jobs or well paying high skill or good education jobs, not nearly enough to take up the slack.
the problem of labor overcapacity is worldwide(except japan). as long as that number stays high in the west there will be no recovery for the economy and no pay for those who work.
I'm with Pete. But, I also have to admit this sounds like one of the Bloods defending his territory against another gangsta. That’s the best part about things getting rough in the financial world; it forces everyone up and down the line to reveal what ruthless thugs they truly are. Fight Club indeed. What amazed me most during my experience in the industry was how many had gutter-level street-life morality and lack of respect for outsiders, like the wife of a Salomon Brothers V.P. who once shouted at a Royal Reception, “Hey Queen”. After a while, it wears off on you too.
Inquiring minds want to know.... How do you say "fuck off" in Fed speak?
If you are Ben Bernanke, ( and he is ) you have to be equally arrogant and ignorant ( and he is ) to even consider talking to Peter at the Party. Both of them are in the club anyway so what difference does it make? Peter gets points for bringing attention to the most blatant Federal fraud and Bernanke gets $200,000 to pretend its not fraud?
God bless the United States of WTF!
tis a sham[e] that a 'private bank' with but a handful of closed-door appointments control america's purse strings.
it's been a century plus... and we still ask for forgiveness to question the providence of evil?
does [k]not satan have no shame when hell doth not exist?!?
Schiff has been saying for a while now that QE4 is imminent and it seems very possible, given the fed is backed into a corner with the economy quickly approaching free fall and official metrics for recession.
My question: What is the angle to play this? Will there be more and longer magical levitation of risk assets? How long..? Can exogenous forces counter a reckless fed or should we plan on more of the same for another year or two..?
I know what he said:
FUCK YOU BERNANKE!
bernanke is just a grocery boy, delivering the message.
This might have been said, but Bernanke truly believes he has done the right thing. He is a collectivist, like all Progressive/Liberals.
You need a broader brush.
Once rates are so low for soooo long, all refinance under the low rate, then they spoke rates and we all go tits up. Nice plan.
I don't think Ben Bernake didn't know who Peter Schiff was... He was just schtiffing him.
An executive from Wells Fargo is among those who died in a train accident late Tuesday in Philadelphia.
Read more: http://www.businessinsider.com/wells-fargo-exec-died-in-amtrak-train-2015-5#ixzz3a57JbTIOdoes twitter paid bernanke money so he registered?
and now they paying him 100000$ for each of his tweets?
It's a shame what happened to Peter's dad, Irwin Schiff. Federal income tax protester - served serious prison time. He was right. There is no question that the 16th Amendment was improperly ratified. But, the courts basically assert that "we've been doing it wrong for so long that wrong is now right". For example:
I have to tell you that there are cases where a long course of history in fact does change the constitution, and I can think of one instance. I believe I'm correct on this. I think if you were to go back and try to find and review the ratification of the 16th amendment, which was the internal Revenue, Income Tax. I think if you went back and examined that carefully, you would find that a sufficient number of states never ratified that amendment. … And nonetheless, I think it's fair to say that it is part of the constitution of the United States and I don't think any court would ever … set it aside. Well, I've seen that — I've seen somewhere a treatise on that. And I think it was — I think I'm correct in saying that actually the ratification never really properly occurred… Yet nonetheless, I'm sure no court's going to say that the 16th amendment permitting income is void for any reason, although I wouldn't mind filing for a rebate myself.
- U.S. District Court Judge, James C. Fox, 2003
Let that sink in. He basically just said "Yeah, it may not have been properly ratified, but what court is going to do anything about it?" That is a district court judge. Un-fucking-believable.
Amazing all right. But then again the Constitution is what the SCOTUS says it is. Four Jews and a 'wise Latina' doth make for a very different Constitution to the one drawn up by the Founders.
What they said:
Schiff: Why aren't you drinking?
Bernank: En vino veritas
Schiff: Bitch
who care about Bernanke, long live Peter.
No You Kahnt, it's the other head.
Thebernanke works for the banks. As connected as Peter is, he must realize that fact
Thebernanks tenure was 100% sucess.
Where is the Inflation Schiff? you have builded your fame on it.
Mr Bernanke
beware of unemployed ninja sherpas..
jew meets jew
I'm a big fan of Peter Schiff, but he never states why the financial economy is really cooked, why Bernanke etc truly act this way, it's always "they were wrong", "they never said anything", "what a stupid thing to do" etc, which of course are well stated comments under normal circumstances - these are not 'normal' circumstances, exchanges between giants, regarding free market ethics and policy.
The Fed and the previous Banks of the US are designed as theft machines to extract wealth from the US economy since at least 1797 - usury and compounding that interest. For every dollar printed, there's another that can be lent out, so printing $1bn for salaries gets $1bn available for loans, so $2bn printed, not $1bn, plus compounding usury on all of it, never part of the principle, so can never be repaid.
All this devalues the dollar, deliberately, and so the actions of the central bankers are simply to paper over the cracks, in the dollar end game - not normal, with experts dealing with free market ethics and policy.
Fed usury debt on printed money has been compounding steadily since 1913 and by 1971 it was $20bn, after the Nixon Shock, the printing went into overdrive (without the gold moderator) and usury debt became exponential growing to $200bn by 1991. As we know its now heading for $20,000bn. I realise these are just figures, the usury of course will never be paid, so are in fact meaningless; but many of those dollars printed out of thin air have been used to buy hard valuable assets, paid for by the intrinsic wealth stolen from the currency itself, a currency wealth established in custom by the efforts of hard working Americans and anyone who digs stuff up or makes something and sells it for dollars.
So let us question and comment on usury-laden zero-reserve central banking for what it really is, global-scale organised-theft.
That's why they're so terrified of deflation. And even low inflation.
Yes Monty, inflation destroys debt, but as the system collapses you have deflation, which increases the debt.
At a 10% Reserve Ratio printing $1 Billion results in a maximum money supply of $14.33 Billion, not $2 billion...and usury on all of it.
This is what people don't understand. This is why it doesn't matter whether there's a debt limit or not. This is why having the federal reserve return the interest for any Treasuries they hold makes no difference in outcomes at all.
This, shortly, is why so long as this system exists there is no choice but to continue to inflate the Dollar, at ever-increasing rate.
Yes. Any halt - or even a significant delay - in the expansion of the Federal debt or personal consumer debt will result in rapid currency collapse.
This is why 'velocity of money' a.k.a. 'people can't service more loans' is such an issue of concern. If credit does not continue to expand - and at increasing rate - the whole system will collapse.
It is a mathematical certainty.
In creating that $14.33 Billion, there is no money left to pay the interest on the $14.33 billion. The money with which to pay the interest must also be created...leading to a chicken and egg problem.
Which comes first, the money or interest required to pay for its existence?
Your example belongs in an economics textbook, it's not really applicable to the real world.
Reserve ratios do not exist in a vacuum and to do not reflect the myriad possibilities of duration mismatch which banks face. Calculate the required reserves on $1 million in time deposits maturing in five years in any jurisdiction.
More important than reserve ratios to the aggregate scale of credit issuance are capital adequacy ratios (and the definitions thereunder).
There is no causal relationship between the credit expansion and the velocity of money. In fact, what they want (wealth transfer) will continue to reduce the velocity of money, irrespective of whether the system collapses.
Money can be created by the FED at any time by reinstituting "trash for cash", just like they did last time... which will allow interest to be paid. The problem that the lunatics haven't solved (in their minds) is how to create a viable "trickle down" transfer mechanism so that "non-elite" people can pay their "fair share" of interest too. This would inevitably lead to an expanded definition of the trash in trash-for-cash, and further declines in the velocity of money as a greater share of GDP is created by government transfer payments.
The central bankers should really thank their private banker (shadow) masters for all that trash and credit they created, because without it, the expansion of the base credit of the money supply (i.e. federal borrowing) would actually lead to that very chicken and egg conundrum, which might actually be difficult for the central bankers to wrap their minds around, much less solve.
It's almost like you're computer generated, you don't address the basic facts.
Answer my post properly or I will categorise you as my first ALGO attack :-)
We used to have unofficial rules around here about reading before you start posting.
Or perhaps it's the correct function and usage of the REPLY button that went over your head.
I have to see signs of intelligence in an author's posts, before I commit the time to even read posts longer than a couple sentences. Based on having just read your post, you should be thankful I wasn't replying to you.
Now put on your tinfoil and run along to your make believe world of 0% reserves, some of us actually passed arithmetic and economics.
I can see that your knowledge of banking and economics is entirely based on textbooks or what you've been taught or told; I can't really help you understand something that you thought you were certain about.
Thankfully I was born thinking out of the box and can figure things out very clearly; I don't even need all the pieces to get a clear answer.
You're saying that banking cannot create money unless they have greater than 0% reserves? I think you may soon discover something I already know, that fiat currency does not need a store of wealth to create money and to effectively transfer it. It is also of course a terminal practice for those who remain with said currency.