Peter Schiff On Obamanomics: "There Are Not Enough Open Minds In The Capitol To Keep This Ship From Sinking"

Tyler Durden's picture

Peter Schiff wraps his congressional testimony on the Obama jobs plan, which was one of the most memorable such Congressional hearings on the topic to date, with the following letter of caution to all Americans. To wit: "I don't think those few open minds in the Capitol are going to be enough to keep this ship from sinking. There just isn't enough time or a strong enough will for reform from the American people. That is why it is so important for you to act individually to protect yourself and your family from the new age of stagflation. Please take the time to view my testimony, understand the problems we face, and align your investments accordingly." We urge anyone who has not watched Peter's testimony yet to do so below.

From Peter Schiff:

Dear Friends and Supporters,


As many of you know, last week I was invited to Washington to testify in front of the House of Representatives Subcommittee on Government Reform and Stimulus Oversight. For that, we can thank Subcommittee Chairman Jim Jordan (R-OH).


The subject of the hearing was job creation in the United States – specifically, what the government can and can’t do to boost employment. While many people have asked me in the last few days why I even bothered to participate, I think it was a valuable experience. I don’t expect that anything I said will make an immediate impact on policy, but at least some of my opinions got a fair hearing in the halls of power.


After the testimony, I did have a few one-on-one meetings with open-minded Congressmen from both sides of the aisle. Maybe they were just being polite, but they had no obligation to talk to me, or even invite me, in the first place. So, I thank them for the opportunity.


Still, I don't think those few open minds in the Capitol are going to be enough to keep this ship from sinking. There just isn't enough time or a strong enough will for reform from the American people.


That is why it is so important for you to act individually to protect yourself and your family from the new age of stagflation. Please take the time to view my testimony, understand the problems we face, and align your investments accordingly.

For a 22-minute version with just the highlights of my remarks and exchanges with the Committee, see below.

For the entire Committee Meeting, which runs for 2 hours and 12 minutes, see below.

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X.inf.capt's picture

one word


at least hes tryin' to get the word out...

theXman's picture

He speaks the truth that the elites do not wan to hear.

medicalstudent's picture

disagreement with this man is more than stupid, its dangerous.

X.inf.capt's picture

im just starting to get the feeling that TPTB pretend to fail, so they can close the barn door after they made BUCKS....

flacon's picture

America must choose between the common sense brain of Peter Schiff, or the Nobel Prize winning brain of an intellectual Paul Krugman (who also attended an Ivy Leage University and is a well respected economist and columnist for the infallable New York Times):


"Tighter ozone regulation would actually have created jobs: it would have forced firms to spend on upgrading or replacing equipment, helping to boost demand. Yes, it would have cost money — but that’s the point! And with corporations sitting on lots of idle cash, the money spent would not, to any significant extent, come at the expense of other investment.

More broadly, if you’re going to do environmental investments — things that are worth doing even in flush times — it’s hard to think of a better time to do them than when the resources needed to make those investments would otherwise have been idle. " ~ Nobel Prize winning economist and New York Times columnist and "America's economist" Paul Krugman!




New_Meat's picture

u missed the "Former Enron Advisor" line in Krugman's cv

flacon's picture

...and former Enron advisor and who has recently confessed that he does not understand GOLD - afterall it's just a lump of metal that is a barbarous relic AND on top of that you most certainly can not eat it except in Goldschläger

flacon's picture


David Ricardo: why the boom & bust business cycle occurs. And updated theory by Austrian  updated theory by Austrian


FEDbuster's picture

Glad to see this video finally make on ZH.  I sent it to the "tips" email a few days ago and have posted links to it several times in other articles.  Anyway....

I find it extremely hard to comprehend how anyone listening to Peter Schiff here doesn't "get it".  A couple of the Congressmen seem to get it, but what will they do to spread the word?  Of course, Schiff is an economic adviser to Ron Paul, so this may work against him with the RINOs, but the "Tea Party" guys need to have him speak to a joint session of Congress on prime time TV.  Can't Ron Paul order Bernanke to debate Schiff in his financial hearings? Something, anything, come on.

Oh well I guess this will just end up in "Peter Schiff was Right v. 3.0" on Youtube sometime in the next couple of year (if the Internet survives the collapse?).

Here is "Peter Schiff was Right v. 2.0" with almost 2 million views:

spiral_eyes's picture

The Keynesians only ever have one solution: print more. Printing comes in lots of flavours, and lots of variants, but whether it's fiscal or monetary it all comes down to the printing press. 

Western's picture

Hilarious excerpt from Boushey's (bitch to Schiff's right) wiki page;

"On September 13, 2011, Boushey testified before Congress regarding the latest socialist proposal by Barack Obama. As a big government shill, she of course favored the proposals. Her adversary at the testimony was Peter Schiff. Schiff destroyed her testimony in every way possible. She read prepared statements verbatim without looking up, he brilliantly spoke without even a single note. She argued for more government spending, he tore apart the economic fallacies which underpinned her faulty arguments. She said it was not possible Schiff paid over 50% of his income to the government, Schiff ticked off each tax he paid and proved she had no clue what a burden taxation has become. Toward the end of the exchange, Schiff passed her a short note which said "You should stop embarrassing your family and kill yourself." She initially flipped the note back over out of fear that it would distract her small brain from the hearing. Schiff persisted and flipped the note back over and she could not help but read it. Four hours after the hearing, Boushey's body was found in her Prius which was driven in the Potomac River in an apparent suicide. This is the same fate suffered by another of Schiff's former debate opponents, Mike Norman. Norman thrust himself into the ocean after he made a youtube video of himself shirtless on an empty beach. He sunk to the bottom head first as the autopsy revealed that his head was full of rocks."

Mr Lennon Hendrix's picture

The system is sinking like a rock; anchor your ship; BUY SILVER.

DoChenRollingBearing's picture

It took a long time to do it, but I clicked GREEN for EVERYONE commenting above.  And I have not done that before here at ZH, not like that.

Nice conversation and subthread.

+ $1785 and + $39.00

Boxed Merlot's picture

anchor your ship... Actually, PMs work best as ballasts. They do nothing as anchors, whereas, a ballast actually assists in the steering by providing the necessary weight to move forward INTO the wind. Providing of course, you got your sails and rudder set properly. imho.

FEDbuster's picture

Just finished watching the "long" version, there is quite a bit more Schiff testimony.  I wish that the highlights included all of Shiff's responses.

All the others had notes, prepared responses, prepared introductions, etc... Schiff had no notes (except the one he wrote to the good Dr. which looked like a breakdown of his income tax burden), no prepared remarks, no teleprompter, just a quick mind and sound economic principles.

aquagreen73s's picture


Stupidity so grand that she's dangerous.


Wonder how she did in her integral calculus class . . .

johansen's picture

Boushey was born in Seattle and grew up in Mukilteo, Washington. -- wiki

This explains everything.

prole's picture

I regret that I have but one green arrow to give Western's rant.


I saw her disdainfully flip his note over and he flipped it back over Schff=hero.

Shocker's picture

Theses videos are for sure spot on. Time are changing for sure, and people need to realize.





WonderDawg's picture

If Ron Paul said he would choose Peter Schiff as his VP, Paul would have a chance to win. Schiff can deliver the message in such a clear, concise manner that even the dumbest of either party could understand it.

FEDbuster's picture

AMEN brother.  That is a ticket that would hit America upside the head.  Can you imagine Peter Schiff vs. Joe Biden in a VP debate, pay per view material.

runlevel's picture

could not agree more dude... and peter would totally go for it.

Mr.Sono's picture

thats a good idea


ron paul and peter schiff for 2012

potatomafia's picture



Let the Schiff hit the fan!

WonderDawg's picture

Let the Schiff hit the fan! That's great.

Paul/Schiff 2012

DoChenRollingBearing's picture

@ WonderDawg

Bring it!  I agree with you guys upthread that Schiff would be a great VP under President Ron Paul


+ $1785 and green

The Shootist's picture

COULD YOU IMAGINE THAT?! It would be awesome, just to hear Peter debate bumbling Joe Biden.

xtop23's picture

Im not certain Peter has the chops to be a successful politician ( maybe that's a good thing )

Financial savvy isnt the be all end all of being a good leader of people. 

Politics is a game that he doesnt have a lot of experience in and this , I think , would make it difficult for him to move the mountains that need moving.

I would MUCH rather see Peter in a supporting role utilizing the skillsets that he has so consistently demonstrated.

Although Ill be the first to admit , I would relish the opportunity to watch him absolutely destroy Biden in a VP debate.

OldPhart's picture


Goes together like peanut butter and jelly, cookies and milk, red beans and rice, hookers and BJ's.

WonderDawg's picture

I get your point, but maybe a guy who doesn't play political games is what we need. That would be REAL change.

We need leaders who are uncorruptible. I don't know if Schiff is uncorruptible or not, but he appears to call em like he sees em. I'm so fucking sick of the campaign promises that are broken immediately upon being elected, I don't know what to do. I'm almost ready to give up. I think a lot of people feel the same. Bring on a guy who doesn't play bullshit games and can't be bought by lobbyists, and maybe we actually see some REAL change. I don't know if Ron Paul is the answer, but he's the last glimmer of hope, and Schiff's ability to deliver the message is so much better than RP, I think it might just tilt the scales in his favor.

Shit, even at this point, as we speed toward the cliff, I still have hope that we can turn it around before we go over the edge.

wisefool's picture

You can't make this stuff up. Unfortunately for the current crop of TPTB the internet is not ever going to get completely deleted.

He also stated that the advisory panel "had no function that I was aware of", and that he later interpreted his role as being "just another brick in the wall" Enron used to build an image.[161]

I am too poor to own gold, so thats my excuse for not understanding it completely. But for the people who can afford it, I imagine it is like a shotgun loaded with rock salt. It does not really serve its practical purpose for aquiring food. And it is not really a threat as an offensive weapon. But it does serve as a good defense mechanism if people try to steal your work product using the printing press.

DoChenRollingBearing's picture

If yu can get $200 togther, then you can buy 1/10th ounce Gold Eagles.  Call the coin dealers near you.

Or take Mr Lennon Hendrix's advice and buy silver.

FEDbuster's picture

Don't forget about alternative precious metals, brass and lead.

DoChenRollingBearing's picture

Yes.  And while you are at it, any other preparations you think prudent.

Prometheus418's picture

There are more levels to it, though what you've written above is not wrong, just incomplete.

Gold is history, a shiny sliver that runs way back into the lizard brain of men.  It has always been coveted by kings and men who have set themselves up as living gods.  For generation upon generation, the unwashed masses looked up to high balconies, where the rulers stood above them to address their subjects.  Even though the distance blurred the features of the men who spoke from above, their gold caught the sunlight and flashed out into the crowd.  Many of these men were tyrants, many were petty, viscious and cruel- but from a distance, all the common man could see were those yellow sparkles that spoke of a life that they could never understand, and most had no chance to aspire to.  Those flashes covered the flaws, and hypnotized many of the men who came before us.  

Silver served a similar purpose, though in a lesser form.  It was the wealth of the duke, the merchant, the knight.  Rather than reflecting the sun alone, it reflects the world, and flashes in every color.  The features blacken with time, and speak of smoke and blood, but it can be wiped away in moments to reflect the world in vibrant color once again.

These things were true for thousands of generations, spoken of and seen by all of our forefathers.  Both were glittering promises of something more exciting, fulfilling and true than a simple life farming pigs or milling wheat.  And they never left us- they just became accessable to common men.  When the world begins to fail, and the color starts to drain out of the world, the gold and silver flash all the brighter.  People begin to covet, and the metals whisper their old promises of better things a little louder with each passing day.  Those who used to wear their metals on the street hide them away, making any glimpse even more powerful.  They become once again what they have never ceased to be.

DoChenRollingBearing's picture

VERY, VERY good!  I wish I could add five greens...

Moe Howard's picture

Paul Revere was a silversmith.

FEDbuster's picture

In other words, "Get your bling on".  And as Mr. T would say, "I pitty the fool who doesn't own gold" (still think he should be doing gold commercials).

Fred Hayek's picture

. . and who in 2002 openly, explicitly called for Alan Greenspan to lower interest rates and help create a housing bubble so that we could avoid one of those ickey recessions.

X.inf.capt's picture

i think its deeper than that

TPTB just let the peasants work, collapse it, extract wealth and do it again,


TPTB are camelions, buying thier way into power (that power being religion, military, goverment, whatever) behind the scene


X.inf.capt's picture


Incubus's picture

they are not chameleons; they are shadows. 


Ever seen a rothschild on any "world's richest people" lists?

X.inf.capt's picture

i think im jumpin' out of that hole and just talk about silver....

this is way too heavy for me...

buy pre65 dimes.........bitchez?

DoChenRollingBearing's picture

GREAT POINT Incubus!  Nope, have not, but surely they are there...

I have nothing against the Rothschilds.  But, I did read a piece a few months ago that said their net worth might be approaching One Quadrillion dollars!

A good (apparently reliable) article on the Rothschilds (now a BIG family) is at wikipedia.

IQ 145's picture

The New York Times is really a problem; they provide a creditable base for wing-nuts who get a respectful hearing for their demented rattling.  Krugman should be muzzled and exported to Canada.

Odin McHaggis's picture

Schiff repeatedly mentioned moving jobs to Singapore, Why doesn't he move to Singapore, too? If it's good enough for his employees it should be good enough for him.