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Peter Schiff On Obamanomics: "There Are Not Enough Open Minds In The Capitol To Keep This Ship From Sinking"
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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If Obama is being run by someone else it's a someone who has been able to effect remarkable ideological consistency in everything written, said and done by Obama for 20 years.
It doesn't really matter - just like if it were suddenly proven that all of Shakespeare's works had been written by some other guy we know almost nothing about - we might as well just call him Shakespeare.
You have a point--but there's been a shift since he came into office, like he is now just going through the motions of playing the character of himself. Subjective--but I believe he's been idealogically gutted somehow, turned into a carapace either by the 'dark consortium' that attached puppet strings to him or by the realization that his efforts are futile. Must be tough to keep the "fire" in your belly when you know that no matter what you propose it is going to be rejected by the repubs. I'm grateful in a way though that he has become a cypher as I shudder to think what this country would look like if he'd gotten his way unchecked...
I theorize he was blackmailed about his past.
I theorize he has been owned since birth, most likely the CIA but who knows.
Things are moving faster for sure,
Reuters) - U.S. trade officials will announce a major trade enforcement action against China on Tuesday, according to a U.S. Trade Representative's office advisory obtained from a business group.
The exchange at 18:20 is great. Mr. Cummings responds to Schiff by saying, "I am saddened by those comments." and Schiff promptly responds, "that and by what those programs have done to our young people."
So refreshing to see no notes, no TelePrompTer.
dr. boushey...i think peter schiff's note that he laid in front of her had something to say about his interest in her boushey. but seriously.....
it's amazing listening to this dr. boushey. ---people, especially liberal academics, and women as well, are totally brainwashed by groupthink. they are ph.d.'s and they still have NEVER taken the time to think through how things work themselves based on simple incentives.
it's basic chaos theory , benoit mandlebrot said it best...you don't look at how the system is organized to figure out how it works, you look at what behavior was required to create the pattern percieved as the 'system'. mandlebrot 'revolutionized' system/chaos theory, inventing subfields of math, by the simple observation that a single simple pattern , when repeated or iterated , could create infinite complexity and variety of patterns. ------so to is the economy. instead of thinking about basic human micro-economics being the root pattern that feeds bottom up to create the 'macro-economy'. people have just been brainwashed into thinking the 'economy' is some sort of complex rocket machine with catch phrases to describe how to maintain it. it is not. it is a bottom up aggregate set of behaviors. and it can be conceptualized as easy as schiff says.
[ some of his points are just schaff that must be separted from his wheat, like his point about rich people investing their savings, as if they didn't simply hoard it half the time by purchasing land, gold, or other hard-durable commodities ]
but peter schiff is rightly, but foolishly, frustrated because he understands he has no chance of 'getting through' to a cult member whose been brainwashed. dr. boushey is just that.
people talk about the u.s. being the 'wealthiest country in the world'.....jeeeeez. as if things don't ever change? was not argentina one of the top wealthiest countries in the world 80 years ago, and now no where near the top? really, professors frequently are just as brainwashed and sheepish as people without high school degrees.
You better keep studying because you don't fully understand economics either. If you think gold is the same as farm land or durable commodities then you are dreaming. The rich do the world a service any time they retain capital. Wether that is gold or anything.
"The rich do the world a service any time they retain capital"
This makes absolutely no sense. You might want to flip your first sentence around to yourself to realize that you don't fully understand the real world.
When a very few people own most of the productive resources of the planet and the rest of the population is relegated to serfdom, this is not a "service" to anyone but the wealthy.
FYI
Heather Marie Boushey[1] (born 1970) is a senior economist at the Center for American Progress.
Boushey was born in Seattle and grew up in Mukilteo, Washington.[2] She received her Ph.D. in Economics from the New School for Social Research and her B.A. from Hampshire College.
She was formerly a Senior Economist with the United States Congress Joint Economic Committee and before that, with the Center for Economic and Policy Research and the Economic Policy Institute. Her work focuses on the U.S. labor market, social policy, and work and family issues. Dr. Boushey’s work ranges from examinations of current trends in the U.S. labor market and how families balance work and child care needs to how young people have fared in today’s economy and health insurance coverage.
*Center for American Progress a George Soros funded "think" tank.
GREEN for exposing a nice ugly little truth. Bravo.
.
Worse. They're self-righteous in their sheepleness.
Free market ideology is also a cult, and Schiff dishes out lots of his own propaganda. Sorry, but I just can't take seriously theories that rely on imaginary thought experiments to further their arguments. I agree though that it is incredibly frustrating to watch the Titanic sinking while 99% of the sheeple out there have neither the motivation nor interest in understanding what is happening and how to prepare themselves. And sadly, the remaining 0.998% of the people who do see the ship sinking actually believe it is ultimately because of government overspending.
the only reason we are so wealthy is beacuse of our debt. and now its time to hit poverty.
At a PhD level, groupthink pays handsomely.
oh snap
Some of you people expect Peter to be infallable. I don't think he ever claims to be 100%, but the majority of his macro calls are correct. I would feel much more secure with him as Treasury Secretary than Turbo Timmy.
President - Ron Paul
Secretary of State - Webster Tarpley
Treasury Secretary - Peter Schiff
Attorney General - William K. Black
Now there's candidates I could vote for. Wonder if they are real, or the ultimate head fake by TPTB? Hard to tell some days who's winning and whether there is any real "opposition."
There could be real opposition, and it could still be meaningless. The rules don't seem to allow any other set of conditions except what we have now.
10 years of starvation will solve that, though. Need to burn through some lard. Then people will be able to think again.
And then -- it all changes.
Paul Tarpley Schiff Black...
ask yourself how hard you would work to make that happen?
balls out.
Talk about "Pearls before Swines" or "Gold before Ghouls" ... If the lady Dr. is a product of our schools, I submit that we should just close all the schools and give back all taxpayer dollars that went to fund these schools .... she has proven that education is indeed "hazardous to you health"
"she has proven that education is indeed "hazardous to you health"
Ooh, now we're moving into dangerous territory. Should we next be having book burning parties like the Nazis?
Typical American attitude, blame knowledge for all the stupidity.
Economists like to call economics the "dismal science" and it is indeed dismal but it is definitely not a science. Science relies on the formulation of hypotheses and then rigorous real world testing of those hypotheses to ascertain their validity.
Economists do none of that. Whether you are Schiff spewing out free market ideology, or Marx with his equally simplistic communism, economists do not in any way follow the scientific method. Economics is about using politicsa and propaganda to try to convert as many people over to your particular group-think as possible, and then devising ways to steal as much wealth from them as you can. It has nothign to do with facts, useful knowledge or accountability.
The problem is not knowledge, the problem is that the field of economics is a complete and utter facrce, all of it, from Schiff's imaginary thought experiments to Keynes' imaginary 2 dimensional charts. Economics is the most useless profession ever invented. It is beyond useless, it is misleading.
Lol ya ok...
I'm a former client of EuroPacific and someone who learned an awful lot about economics from Schiff (and made a some money in the process). However, I also learned that Schiff has a serious blindspot or two, which is common to people who tend toward black-and-white, you're-entirely-wrong, and I'm-entirely-right thinking. I believe that if Libertarians had as complete a role in running our economy in the next 30 years as the two-party cronie Keynesians have had in the past 30 years (or 130?), Krugman could be on TV preaching collapse in 2040 and be almost as accurate as Schiff was in 2008. Deregulate the banks? We've been doing that since Reagan. Castrate labor even further? US workers are now competing directly with Honduran and Chinese slaves through the blunt instruments known as NAFTA, GATT, and WTO.
Also, William K. Black believes in re-regulating banks, so he would never be considered for any position in a Ron Paul/Peter Schiff administration. If you wanted Black, you had to vote for Nader. Too late.
I sense another Peter Schiff was right video coming out in a year or two.
And it's sad isn't it?
Oh yes, some are already on it for sure. :)
So where is that "inflation". The infltionistas have been predicting it for four years...
If you were buying health insurance and paying for college you would be seeing it. The state college my kids go to has been going up 15%/year and so has my health insurance. Strangely, the more expensive the health insurance gets, the less it seems to cover. The deductibles/co-payments expenditures increase at an even faster rate than the insurance does.
Clearly stpioc has no children in college or buying medical insurance. mjk, you are completely correct, I have had the same experiences as you.
Inflation is the expansion of the money supply. Take a look at the Feds balance sheet.
Yes, bravo. I issue yet another green to an articulate & bright FOFOA aficionado.
Dying of Money - so many truths from nearly 40 years ago
"The American inflation, like most inflations, was rather an absurdity. What the inflation was being permitted to do to the greatness that had been and still could be the nation's was unconscionable. It was a rank absurdity that a nation as great and strong as the United States still was, should flush itself down the drain in a flood of money as it was appearing to do. Somewhere in the dense fog of the inflation, it seemed that the nation might very well have passed the crest of its long rise from the beginnings at Plymouth and Jamestown and placed its foot on the slippery slope of decline. It was absurd, and it was unnecessary. A nation doing that to itself resembles not only a man drowning within arm's length of an unseen shore, but one doing so with his strong arms and legs immobilized by the hypnotized belief that they are unable to more. It is absurd, but it is of just such epic absurdities of mass human conduct that the fabric of history is woven."
I just got back from the states (Kalispell) and a package of rib eyes is about 30% more than it was three months ago. Milk is now $3.69 a gallon, Blackstone wine went up $2.00 a bottle and cheeze went up 20%.
In a three month period, I would say that is pretty high infuckinflaton.
If you missed the recnet reports showing it world wide perhaps you will catch it here in the US when the new fuel taxes and fees kick in?...or you will continue to watch PB&J.
"Those who know do not speak;
Those who speak do not know."
Tao Te Ching: Chapter 56
translated by Arthur Waley (1934)
Lao Tzu was one of history's very best. The Tao Te Ching is a masterwork. Thanks for mentioning it.
I like to refer to it as hyperbiflation myself but his analogy is close enough and at least he isn't in the ridiculous hyperinflation camp. Hyperinflation when everybody else is as fucked or more than we are and massive global wage arbitrage? Not in this life folks.
Great posts. Seems like old times
The baisc point which none of these goons address is that we have 2 sets of laws in this country. One for the rich and well connected and one for everyone else. If everyone paid 30% taxes with no exemptions loopholes or anything else that would be alright but that's not the way it is. GE pays 4%, Apple 8% my business 36% it's bullshit. If they made everyone pay the same tax it would go a long way toward fiixing the problems.
Tax revenue was never the problem, it has always been about mispending and outright theft and cronyism. It must be considered uncivilized to speak so directly as an academic or politician. It used to be that if you stole only $1 you were more afraid of being shamed by your entire community then the punishment from the law. Nowadays, it is who can steal the most without getting caught, with examples like KBR and Solydra. Obama wants to stimualte by creating road repair jobs, so there will be more opportunities to create "big digs." The tax revenue of thousands of millionaires will be swallowed by inefficiency and good ol boy pork spending.
We need to put these good ol boys in silver bracelets and throw them in the paddy wagon.
Here in Quebec, we're uncovering one huge scandal in road repairs/construction every months or so. Italian mafia and all.
It's easy to apply the exact same corrputed behavior to the Americans.
Yea, how is that going to fix it?
What about the salesman on commission that spends more of his money producing sales than say, someone who is on a salary? If he spends half his commissiions on fuel, etc., what is he left with?
What we need, as Peter said, is a Fed sales tax - The Fair Tax.
You want a VAT like the Europeans? You're an idiot.
could we please just educate the children
Educate them to do what? On how to collect UE benefits, sell on ebay, play video games or make meth or crack?
I received example investment recommendations from EuroPac on request. One recommendation was to buy stock in a chinese televevision set manufacture who had bailed out of the phone handset market as being too competitive. This was towards the end of glass tube televisions when a 27" CRT set was commonly sold in Walmart bluelight special for $118.88.
I did some due diligence through google translate. I learned that chinese TV manufactures had to buy the flat panels from Hong Kong, so the major cost item in their product was outsourced flat panel technology they couldn't duplicate. This article compared this process as buying your wartime bullets from your enemy. The Chinses are so direct and to the point in their writing... The profit of this manufacture, fresh from failure in the handset market and glass tv set market came only from fastening the purchased panel into a cabinet along with lower value added surface mount assembly of other LSI logic and mixed signal chips, mostly Hong Kong foundry parts. This recommended investment was the lowest on the food chain and in desparation to keep the chinese factory running. If I can find this information in an hour searching online, why did his staff recommend this investement? I don't think they ever did any due dilligence for their clients on this one.
Schiff wanted 5% of my incoming assets to invest my money for me in foreign stocks. He wanted 5% just to convert my assets to Euro, HKD or any other offshore currency (he said get out of the dollar) To his credit he said buy gold, but his fee doesn't justify his part in that transaction.
From what I read in this and a few other exmaples of his firm's market research, the 5% fee was not earned as there was little more than dart board guessing involved in his picks. I dn't know why he thought decouopleing would rescue cleints from a global monetary crisis. I guess the chinese economy didn't depend on US borowing and spending.
Why is his Macro view more valuable now than his half-ass stock picks then? To be honest, I didn't see no forest on his list, but... I didn't look and maybe Sino was a newcommer with no track record back then, like a retired handset maker. How are his accounts relative to 2008 vs blindly holding the spy from 2008 onwards? Why should I read his advice now?
As a former EuroPac client, I can attest to the high fees and, at times, spotty stock picks. Those are the reasons I left. However, I did make money with EuroPac once I started doing what you did and looking very closely at EuroPac's recommendations. Overall, Schiff was putting people into undervalued markets, which put his investors in a position to do well. I mentioned in a previous post that Schiff, because he's so sure of his thesis, has some blind spots. In my opinion, one of them is that he believes almost any company with oil, gas, gold, or silver reserves will eventually make money...and if they don't someone will want to pay a lot of money for the chance to turn things around. I ended up with some debt-loaded dogs that got wiped out or bought out cheaply when the market crashed. But with some of my own research, I was able to sort through which companies were on more solid footing and likely to bounce back. From watching companies that were on EuroPac's list back in 2007 and 2008, I'd say most of their clients did very well in the past few years...certainly their investments have outperformed the DJIA or S&P 500.
loud voices are muffled by CON=crass hearings
means nothing .. ... the deals are made in the back rooms .
reminded of horse heads, little sex acts , large brown paper bags.
All to appear normal. as the little puff heads in the government run to pick up little pieces of red meat,
Schiff rants about workplace regulations. They are irrelevant: discard regulations and the workers 'self-regulate' by stealing everything that isn't nailed down.
Difference between workers in time of David Ricardo and today is workers today know how to read. They can see that they are being screwed on Twitter. Schiff sez his workers are 'overseas'. Where? China? Not in Europe which has far more workplace regs and far higher taxes.
If Schiff's workers are in China/Mexico, fuck him!
Schiff doesn't understand basic economics: all wealth is debt. The reason for the 'debt ditch' and stimulus has been to bail out the rich, to give them money.
I guess Schiff hates his job and his business and wants to kill it by getting rid of debt. Only people who are not effected by debt are the poor who have no assets OR liabilities. Yes, assets and liabilities MUST add up to zero even during/after restructuring.
Getting rid of the debt actually cannot be done without severe deflation! Currency is debt; cut enough debt and currency vanishes. Then what?
Watch what happens in the Eurozone where debt is being 'liquidated'. No debt means no businesses, to restart businesses at the level as before the 'crisis' requires more debt, the same debt as befor the crisis.
We have a lot of businesses in this world: China, EU, Japan, USA, S America ... these businesses are nothing but borrowing entities (collateral) for wealth aggregation -- debt!
Schiff is also wrong about the cause of the economic prob: it's energy! There isn't enough cheap energy to allow consumption activity to produce a return. Drive a car, go broke. Heaven forbid Mr Schiff will ever get rid of his car ... the economy will collapse and Mr Schiff will wander around the streets of 'Nowheresville' wondering where the next meal will come from.
Him and Obama, both lost in the same 'denial' sauce.
Getting rid of the debt actually cannot be done without severe deflation! Currency is debt; cut enough debt and currency vanishes. Then what?
*************
Allow the deflation-allow debt to fail-lock the money/cash supply and allow the market to set prices-
There is no such thing as too small of a money supply as long as everything else including wages are forced to adjust to whatever the availability of money is-
If i work for $1/hour and pay 25 cents for a beer or i work for $20/hour and pay $5 for the same beer-how are we any farther ahead if the 25 cents carries the same velocioty and can pay the same goods and services as 5 dollars can?
Mr. Schiff is too smart for these turds.
Schiff makes sense. Good old common sense.
Absolutely no sugarcoat. Never. On anything.
I'm sure Peter is correct.
However the dynamic here is that anyone in elected position who takes a hard (unpopular) line to fix things will be outed from office in the upcoming elections, and anyone who sits on their thumbs will be outed from office "someday" along with the entire democratic experiment.
Pretty easy to understand why nobody is going to raise a flag (in the short run) who puts their own gain ahead of the good of the country.
Which is like, nearly all of them.
The game is over, fookers. This has FAIL tattooed all over it. Time to start a new game. And no, I have no idea what that new game will look like. Okay I do have an idea but I'm not going to get into it on ZH.
hey fyrebird - you should post it - can't be any worse than the clod above you who actually typed "all wealth is debt" with a straight face.
Tell us more about the fine for hiring too many people, I call BS. What law did he violate? After mentioning regulation, regulation, regulation the only regulation Schiff sited was the minimum wage???? Schiff counts on his fingers "I pay 35% for federal, 3% for medicare,7% for State tax", oh fuckin waaaahhh 45% .Schiff pays some of the lowest rates this country has ever had. Schiff says "we are a high tax Country", so move your fat ass to Singapore. The working wage earners have lived with stagflation (flat wages and inflation) since Reagan. It's a free Country, raise the tax on people making over $250,000 and if they don't like it they can pack their fucking bags and move to Singapore or go to hell who fucking cares.
Pssst... hey buddy... see all of those trees over there? When they're all clumped together like that, it's called a forest. Maybe next time, you comment, you can demonstrate that you understand the fucking difference.
How many H1B workers did he hire?
He (said with eyes rolling since they don't like it when we call him Obama) announces his Economic Reduction Plan....how much you want to bet debts are higher a year from now?
An article from marketoracle on Oil fundamentals.
http://www.marketoracle.co.uk/Article30499.html
All these rich motherfuckers cry how high their taxes are, how other countries have lower tax rates but, they only move their factories overseas. Taxes should be high enough some of these vampires move themselves and their families overseas too. If you know of a better Country with lower taxes then MOVE, MOVE TODAY.
Tax the rich is really working out for Greece
troll alert
There are no rich in Greece according to their tax collection records - they have less people making $100K then are in my town.
Odin McCommie = Heather Boushey ??
Odin you keep sending solid Americans to Singapore.
I hereby banish you to North Korea.
Step 1- Get this thing called a "passport"
Step 2- Launder your food stamps for enough cash to purchase a one way ticket to China
Step 3- Once in China, seek asylum in NK as a fellow-traveller fleeing low taxes and Capitalist oppression
Odin, open your own factory and then get back to us after 5 years experience or even 3.
Fantastic summary. Thanks to the editor and Mr. Schiff.
That was very interesting. Crystal clear english, backed by real knowledge. When he talks, you just understand.
19/09/2011 17:00:00
CHINA CITIC EXTENDS DEUTSCHE BANK FX4CASH SERVICE TO CORPORATE CLIENTS
China Citic Bank is to extend the use of Deutsche Bank's FX4Cash system beyond its retail base to provide global cross-currency payments processing for its corporate clients.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22964
AAPL/ Apple trade is now 15% up ijn 20 days.
http://capital3x.com/?p=234
Peter Schiff has some interesting ideas. Albeit he's the consumate { AU -bug}...
I'll bank ZERO interest over ( June Weddings) any month!
Peter Schiff is a political heck ! He may have said things when Bush was president and may be right but when is the last time he attacked Bush/Cheney on a personal level. He is an A-hole.
http://m.youtube.com/index?desktop_uri=%2F&gl=US#/watch?v=1oQOwvMCnzQ
Peter Schiff - Bush's Stimulus Caused Our Problems, Obama's is Making it Worse!
Youtubed bush schiff. Not really that hard.
And by the way....
Fuck off!
Personal attack on Cheny, ready?
Dick Cheny is a terrible shot when he hunts birds.
Do you think Obama's 2012 campaign will be a "blame it on Bush" affair again? Or will he trace all the problems back to the first Republican president, Abe Lincoln?
BTW, it's "hack", not "heck".
Schiff...... and others like him: You all save.... so I can spend. The real problem with this country is that peope just want too much goddam stuff they don't need.
Let me guess, the government should determine and limit which "goddam" stuff we need? And Moochelle will tell us what to eat?
On Another Note! TYLER! Respectfully... Who is buying [ EUROS vs AUD]???
China, & Middle Eastern Sovereigns come to mind! 4.75%, RBA} on projected growth of CYN 9% next year?
500 pips on the Euro, When the Euro can't breath vs the U.S. dollar? Thanks for your forum>
the ship will sink
pete made me by pm in 08
thanks
ditto
Will sink? Fuck, is sinking.
The globalist need this to happen. The amerikans at the top of heap and all below, need to be pegged WAY down for global control.
It is the largest power grab in the history of maDkind. Obabble and the critters have nothing to do with it. They are merely buffers for their bosses.
Have a cold beer, enjoy the ruff ride.
Maybe this will be low in the stack and no one will read it, but I just felt a great need to say that we are all grateful for Peter's work, but never forget what his dad has done in his life to spread the truth and how much this Federal government has made him suffer. Peter is a hero of the PM cause, but his dad, Irwin, is the persecuted prophet of the tax revolt and reform movement. God Bless him.
"China can afford to put in airports because they are rich"
That quote is from Idiot Schiff.
Now I could spend more of my time dumbing down the out in the open, blatant facts.. AGAIN!
or I could say.. that everyone is Blind to what is going on.. and it is NOT Hiden from view! it is not the NWO / TPTB over running "We the People" with dark pools. O Wait Yes it is! Well! it is all still out in the open for everyone to see.. but people are ignorant and happy and Schiff is one of them.
China.. is stabilized by the United States sending 11 million PLUS!! Manufacturing Jobs there in the last 11 years.
The Factories that sit empty with no one paying the property taxes on..
The people without jobs.
The Tax Base.. which @ $50k a head.. for 10 years equals $7 Trillion.. but when you factor it to $100K in real monies circulating it is.. YEP!! Exactly what we are short as a Country! $14 Trillion in LOST TAX REVENUE!
I could go on but you people are going to have to start waking up and helping carry the fucking load.
China Buys treasuries to Stabilize its Currency.
China Currency is Leveraged 1,200 times over! and that number is from fucking March before China went around the World pretending to bail people out with its watered down fake Renminbi!
Yes! China services its 1,200+++% Debt on its own Currency!
By Building 7 - 12 Empty cities a Year! Who thought that one up?? The same people who made China Liquid enough to go vertical with its factories in the begining! WE DID!
America sells its debt so that some fucking greasy banker can collect servicing fees.. and that same banker is a share holder of the Federal Reserve Bank!
The system is sooooooooooo fucking corrupt that you can pick anywhere to start looking and you will find shit!
and NO ONE GIVES A FUCK!! ENOUGH!!! to want to risk their life style!
This is a Joke!
Job Creators / Regulation.. and that is the BIGGEST Problem that we have as a Nation?? or that is the one we want to talk about so we can pick up and extra 50% - 100%?
Greedy Idiots got us here, short sighted fucking morons keep us here.
We are in a Hole as a Country by design, FACT!
Never mind the above..
watch this instead.
http://www.youtube.com/watch?v=vZjmlLyefgI
Russian oligarch punches rival Russian oligarch in TV Debate
someone should punch Heather Boushey in the face
check out the title of Lebedev's (the puncher) PhD dissertation:
The problems of debt and the challenges of globalization
http://en.wikipedia.org/wiki/Alexander_Lebedev
i would have loved to see them kill each other, that motherfuckers of their country.
Agree somewhat but China is the biggest car market in the world so there must be some wealth creation going on and the wealth is apparently being distributed in a more equitable manner than in the US.
Also, China government owns all the real estate in China as well as all oil/gold/rare earths etc on or under it. That real estate gets more valuable every year.
China has a very long term view. Those empty cities may be where they are planning to evacuate after they invade Siberia and nuke Russia.
Love the empty cities theory. Green.
Mr Schiff is so selective in his arguments, only pulling out the best examples that appear to support his positions while selectively ignoring the glaring refutational examples. For instance in the case of Henry Ford the workers and the economy benefited by the wisdom and benevolence of Mr Ford. But given human nature we can not count on all the heads of business to have such virtuous characteristics.
All too many in business suffer from a case of tunnel vision nearsightedness, where if they can get away with squeezing every last dime of productivity without killing their employees they will do it. I'm thinking of the sort of characters as Scarlett O'Hara from 'Gone with the Wind' and her treatment of the prison laborers in her husbands lumber mill. It is for those sorts that government regulation is absolutely necessary to protect the worker from abuse by the Scarlett O'Haras and pre-epiphany Ebenezer Scrooges of the world. I also think back to the working conditions as featured accurately in Upton Sinclair's book 'The Jungle'. There wasn't much unions or government regulation then either. What did the free market do for those workers Mr Schiff?
But on the other hand I believe supporters of heavy regulation in the US often have an out-of-sight-out-of-might approach in ignoring how a lack of regulations on foreign businesses with regard to workers rights and the environment, creates an incentive to offshore work to those countries with factories that abuse the environment and their workers due to lack of regulations. But when it comes time to import those foreign made goods, the pro regulation set is silent and by their silence, imply that it is perfectly fine to buy those goods and thereby support those foreign factories that may be paying slave-like wages and polluting the environment.
It doesn't make any sense to support regulation under the pretext that it is being done to protect the workers and the environment when there is no disincentive to offshore the work to countries where workers and the environment are not being protected. As a solution I would suggest implementing a tariff system that varies inversely with the level of regulation in the country of manufacture for a product. For instance, a very high tariff would be levied against Chinese made goods whereas little to no tariff would be put on products made in Germany.
Think it through. Tariffs drive down wages of foreign workers increasing their willingness to rent their children for labor as a result. Krugman may be a tool now but there's no denying the value of his work on trade. Your misguided views on how to help foreign workers would end up hurting them.
Was that your doctoral thesis? Sound like one. For pointy-headed liberal elites who live off their families trust fund laboring tireless hours in the halls of academia, get a clue, wake up and smell the coffee! Your theories are bullshit! In the real world, outside campus, employers have to hire people based on demand for whatever product they sell. If there is no demand, there will be no new hiring. No government policy will make businesses hire more workers.
my my....a lot of congress people are sooo ignorant. How the fuck do they get into office? most of them know near nothing of economics, they just spew out bullshit that people want to hear. this political system in america is completely fucked. These dumb cunts make laws? you fucking kidding me? the people must put down the fucking remotes, beers, nachos, etc and get their fucking asses off the couch and take to the streets of washington and force these stupid leeches out of office through occupationary force....that is the only way america will make it out of this shitstorm with its freedom retained. Take back the country through force.....
schiff has a productive business that means something? He is just another bootlicker to the banks ,and talks his book like everbody else. How come he didn't get elected in CT?
No one has addressed the real problem here.
The concept of the central bank charging interest to the govt. for borrowing their own money.
This is the scam that has to be stopped.
All else will fall into place if we put the money control back into the hands of govt. At least we can throw the bastards out every 4 years. The private banking system is parasytic, and destroys the spark of american business. Also the banking system that loans money into existence out of thin air charges interest on it. They used these ill gotten gains to increase their control over the govt. Talk about getting rid of the central bank someone, please. Oh wait I think North Dakota heard about this scam, and now they have their own state bank.
The idea of printing money should be done on a non profit type of operation, not the farse we have now.
Where is the next Andrew Jackson?
Schiff thinks alot of himself, and I find his conversation similar to an Adolf Hitler talking at you not having a dialect, He is an asshole. If he has any good points he loses them on his presentation. Nobody likes a know it all, or I told you so. He is a jerk, and unless he comes up with a way to get rid of the existing debt based banking system and replace it with a govt. money generated banking system that will charge banks interest for use of the american peoples assets and labor, he is the status quo, just like the rest of the money changers.
Conn has the largest concentration of hedge funds (most of which are criminal and/or immoral) in the country. You wonder why he didn't get elected there?
Look who is talking. At least Schiff can prove he was right about most of the economic problems being caused for the past 20+ years. Ron Paul has proven to be correct about same for 40+ years.
When Schiff says he and others predicted the problems, that is primarily provided as evidence that he and those others understood the problems, and therefore should be paid attention to - unlike those who created the problems and covered them up and now make the problems infinitely worse. If that sounds like arrogance to you, tough turkey. And whether it is arrogance or not, it is fact.
Schiff may not be perfect, but to say he is status-quo is just stupid. And yes, he has said, repeatedly, that the fed needs to be shut down.
Ending the FED is one of MANY steps to financial solvency and long term prosperity in the US.
Revamping entitlements? Nation building? Deferment of Constitutional rights to UN oversight? Central planning vs free market principles? Graft and crony capitalism? Term limits? Overabundance of regulation?
You cannot boil down all of America's problems with such a simple concept and it is foolish in the extreme to think that you can.
The Schiffinator delivers a knockout punch...to the drunk, delirious, and insane congressional panel. What a joke. This country is finished – Schiff is the only person within the proximity of the capital to have any real grasp of the situation....but its not like they have an incentive to disoavow the government – after all, we pay their salary.
In other words, there are not enough crypto-communist true believers in the DemoCommieNazi Party to pretend that socialism is a viable alternative to natural law :) Anyways, that's my take, but I could be wrong. NOT :))))))))
Schiff has been basically correct since mid 2000s. Not much of what he saw was different from what we saw coming, it's not rocket science. But he promoted himself to the extent that would have made even Donald Trump look humble. His only flaw is the "disconnect" bewteen the US and the world that is supposed to take place. The jury is still out on that one. Looks like we are still joined at the hip for now. Contrary to popular belief, much of the world will never consume more that they produce. It's just not in their DNA. Japan & Germany, to name two biggies. He also does not believe in "conspiracies", but instead (probably) believes that DC and Wall Street are just greedy idiots. I vehemently disagree...conspiracy ALL THE WAY. But Schiff is a brilliant writer, excellent speaker and has incredible intellect. I only hope he is 100% sincere in his beliefs, and will not sell his soul to the criminals on Wall Street.
Schiff has some problems in his arguments, but overall correct.
Here is the answer, start with a 40% reduction of all government at every level, give them training in how to build factories, and then have them build those factories, and then when they are built, have them work in those factories, to make product that Americans need to buy, made in America by real public servants. Build hydro, build wind, build solar, build computer stuffs, build infrastructure that makes us stronger. Not idiotic investments in stupid a** solar companies that go bankrupt in a handful of years.
And the military in 150 of so countries, bring them all home in stages within 5 years, and let the world know, will can no longer be their police, nor their economic hit man as the case may sometimes be, and that to a great extent we will be self sufficient except if those commie bastards try to screw us too badly on the rare earth minerals until we can get our own production up, and if they do, just tell them that we will take it. And we can, so don't woos out on taking a stand on this.
Besides greedy self serving "public servants" controlled by lobbying interests, besides that litlle impediment, what could be wrong with this plan? Keep it simple stupid. Reward hard work, reward innovation, reward those who follow the rule of law. Make lobbying illegal, totally. Instantly revert goverment salaries to be 10% less than an outside private sector salary. Restore the constitution and head toward only the government that is specified in the constitution, fail to the low side, and bring back critical function only when they are screaming obvious that those services are really needed.
If you don't speak english, you have 18 months to learn, or you leave the country. Yes, there will a standard test. If you are illegally here, you will leave the country regardless, do it in those same 18 months before you are prosecuted by being put in a forced labor camp for 3 years (making our factories), then deported.
OK who would vote for that?
Forgot the part about forcing Americans to be the customers of said factories. We still want Walmart prices.
Steveo You have the right idea, but by that I only mean that you have an idea, but it is wrong by 100%
The Soviet Union already tried the "government builds the factories" gambit. That didn' t work.
And anyway here in the Sov-- woops, I mena America, we already have "government built factories."
The problem is NONE of them build anything anyone actually wants to buy.
Example? GM -- about as popular and the cars about as good as Trabant was in East g back in the day. (same company- commie cars corp)
The other government factories we have about a million of them here problem is all they build is nuclear bombs, germ warfare bombs, tear gas, tanks, fighter planes, bombers, every kind of weapon imaginable to man, all weapons used for one purpose to kill Christians (well two- also blowing up churches) in far-away lands like Nagasaki, Serbia, Iraq, Palastine, I am confused by "our" actions in Libia but soon "we" will be back to "our" job slaughtering Christians in their last sanctuary-- Syria.
So how many more government factories do you want comrade?
@ FH, don't forget social promotion. It is important to make all the children feel like they are equal.
USA has enough smart ppl like Mr. Schiff who actually understand whats going wrong, not only in the USA. Sadly, somehow these heroes never got elected. That's tragic.
Nothing more should be said. Peter Schiff has put all the government theoreticians and Keynesians and college proffessors who live their lives in safe, tenured positions to shame. Those who live their lives in college never going out and existing in the real world by creating business, dealing with government red tape, taking risks by being entrepreneurs should be humbled. They have no idea of what its like in the real world.
I'm seeing the complete audition... And I'm so happy to hear mr. cummings speak. It means that probably there are ore like him! And therefore my PMs will keep on roaring!
Folks this video should scare the living Cr_p out of you. These people arguing against Peter Schiff are running the country right now into the ground.
I say Peter Schiff for Treasury Secretary and Ron Paul for Fed Chairman.
Now we just need to find a person with a sound mind and uncorruptable spirit with outstanding leadership abilities to lead this nation out of this depression.
Thank you Irwin for Peter. Our ideals pass on to our children and to our grandchildren. TEACH YOUR CHILDREN WELL, this is one of the few things that can't be stopped. Remember there are more of US (the oppressed) then there are of them (the oppressors)!
I love the parts where he talks about the need for more employees and how the country won't let him. His business is death. He profits on the despair in America, as he plainly states.
It is good to see human garbage on display. Better when they identify themselves as a vulture. What better place than the halls of congress for an edited video about greed. Does he run for profit prisons by any chance?
I disagree with some of his pts but the biggest issue I agree with is that interest rates are too low and that has caused the majority of the financial sector problems. Investors desperate for yield.
Geez, he may have some good points but he sure is annoying in his delivery. State your opinions and the facts, don't whine on and on about it! Not someone I would care for as Ron Paul's running mate.
Peter is one of the few out there who tells the truth and thinks for himself. His advice has done a lot of good for me, and I wish everybody would listen to him.
Read:
http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref