August 28th, 2010 
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Schiff Reort Video Blog Aug. 7th 2010
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- US Economic News, GDP, Stimulus, Jobs, and the Dollar.
- Dollar rally, jobs bill, death tax
- dollar stress, Bernanke, GM, gold dealers
- Dollar, credit ratings, China, short-term debt
- Dollar, CBO, Reich, Freddie & Fannie, Refis
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peter schiff u are a great guy, im writing from australia, sydney, ive watched most of the videos u have posted. after listing to all your videos i started buying gold , i started about 10 months ago, ive bought 40000 dollars so far and i will cont to buy gold , because of whats happening around the world and the econ……. THANKS
))))
@crubeo
He’s trying to explain right now, if you want you can hop in our conversation.
I’m sorry to hear about the 3rd place finish. Rumor has it the dollar rose following the primary results.
@christmasdnc what you need is reading with understanding… (hard to get in centrally planned schools). Slim fast diet… to the bone… (not that you are fat – I never said that). All 1st world nations are successful thank to free market – now they are going down thank to socialism you were brainwashed to follow.
So you are young and naive 18 years old… Learn – history (from Peter Shiff, Mises Institute) – to avoid being used like many others before.
watch?v=b7zzH8ruLDc (about socialism)
He is so right, this stupid country is continuously punishing success and rewarding failure. God it pisses me off to no end. Not only do these “people” not serve a bailout, they don’t deserve air for their lungs. The only thing they deserve is a bullet to the head
@christmasdnc TV media is actually a good example of monopoly and another instance of government intervention. The FCC heavily regulates all content and licensing on TV. What is necessary is a free flow of information which allows consumers and private watch dogs to monitor companies and evaluate ratings agencies. While you may worry about companies paying the ratings agencies, this does not disturb quality. In fact, we see this very thing with the organic food industry and its ratings agencies.
@christmasdnc In any case, this would not exist under the circumstances of the free market. If we are to venture into the realm of morality, it must be judged keeping in mind the causes of the imbalances. There is no use pointing at a symptom if you do not address the source of the problem. I agree with you that these discrepancies in pay are absurd, but I only agree because it is not the result of voluntary actions by all parties. Instead, it is the result of government intervention.
@JLCaton
Despite the reason for the inflation, the point is CEO incomes raise while everyone not on the top 5 floors goes broke. For instance, BP CEO Cost his company billions in damages and got a bonus because he has friends in high places, not because the minimum wage is too high. The investors choose to pay the actual workers as little as possible to maximize profit and reward an incompetent friend. Compared to minimum wage thats like complaining about a headache when your have AIDS.
@JLCaton
Despite the reason for the inflation, the point is the CEO’s income is raising, while no one else is, at least those not on the top 5 floors. For instance, BP CEO Cost his company billions in damages and got a bonus. Why, because he has friends in high places, not because the minimum wage is too high, because he’s greedy and so are his friends. The investors choose to pay the actual workers as little as possible to maximize profit and reward an incompetent friend.
@JLCaton
Despite the reason for the inflation, the point is the CEO’s income is raising, while no one else is, at least those not on the top 5 floors. For instance, BP CEO Cost his company billions in damages and got a bonus. Why, because he has friends in high places, not because the minimum wage is too high, because he’s greedy and so are his friends. The investors choose to pay the actual workers as little as possible. In a world such as this, explain how government isn’t needed to protect?
@christmasdnc Your argument is starting to run all over the place. We were not discussing CEO wages. CEO wages are high because of false prosperity created from massive credit expansion which has taken place largely over the last 30 to 40 years. Many companies that should have failed have not because of the market of easy credit created by the Fed. Ergo, CEO pay has increased beyond what would seem rational under natural market conditions. ***In short, you are opening a new can of worms***
@JLCaton
And as to private rating agencies – REALLY? Didn’t you just comment on the possibility of a conflict of interests for non–profits? You want the business to pay someone to rate them… you do realize one of the major losses of financial reform was the amendment to make it so banks cant pay their raters… because guess what – BIG CONFLICT OF INTEREST. All it takes is a monopoly and media control to confuse consumers into thinking somethings good, look at Fox News, not even a monopoly.
@jjrglobal
No apologizes necessary, communication difficulties are expected on Youtube. As to your point, you’re ignoring the context of that increase, sure income has increased 30% over 30 years, but that’s shit when considering inflation. Median Household Income was about $30k in 1990, which is $44,603 in 2003 dollars. Personal income is pretty much stagnant; however, household income has risen due to the rising percentage of households with two or more income earners.
@JLCaton
Minimum wage increases unemployment because the jobs related to that pay bracket cannot afford to hire! But the majority of employment loss is found from outsourcing and lay offs which are directly related to corporate “bottom line” greed! What are you talking about? You really think multi billion million corporate business are laying off people because the wages are unfair? Yea, a secretary to a CEO does all his work and he gets paid millions… that’s fair. You’re an idiot.
@grraadd
Finally, we get to the heart of your disdain, your own personal experiences. Might I ask what country you hail from? I’m American, however; contrary to your hypocritical and stereotypical assumption, I am not overweight. I’m 18 and an athlete, like most people in California, which is where I live. Furthermore, how is slim fast related to politics? Dumbass. And they’re numerous examples of successful socialist countries… ie – ALL 1ST WORLD NATIONS. Do you even know what socialism is?
@kmuthart
A community organizer is a communist? I’m done, have a nice day.
There is no such thing as a “jobless recovery”. The USA economy is largely based on manufacturing. The problem is there are two kinds of manufacturing: (1) hardware, and (2) software. The last 10 years has been a painful evolution away from hardware and towards software. The USA economy should outsource hardware production and insource software engineering. The Information Age is here to stay.
@MrZebos
It also depends a lot on what kind of intervention. If it is regulation to make people play fairly, that is usually good. However, if it is regulation restricting what you can do voluntarily in a transaction with another, that is usually bad. Regulation saying that I can’t lie to you, disclosure laws, are good, whereas usury laws on credit cards are not, because CC companies will find other ways to get money, not saving anyone anything.
There are of course debatable exceptions.
@MrZebos
In the US, we do not have an unregulated, free market. At the heart of the crisis, Fannie Mae and Freddie Mac backed mortgages that should never have been made. This creates a moral hazard, since banks can now loan money to anyone, without the consequences of them not being able to make their payments. This also created an artificially high demand for houses, driving up the price even further, which only made the situation worse.
@MrZebos Listen to steve keen to see how stable the Austrialian economy is.
@LostBritches Are you blind? Can’t you see what is going on? Did those bailouts benefit you directly? What about the coming food and energy price inflation? How about perpetual moral hazards? Do you watch the price of gold? I am a Schiff client and not sorry about it.
They can take their Nobel prizes and shovel it.
@IWashMyOwnBrain
So when the Euro went from 1.5 to 1.2, did oil get more expensive or less expensive for people earning Euros ?
I cant resist, I will answer it for you. Oil got more expensive.(INFLATION)
@MrZebos Laughable that you think we had an unfettered free market, considering the government controls the money supply and interest rate, to start. GS would have done nothing to stop this crisis. The cracks in this broken economy appeared in the 70s and 80s, well before GS was repealed. Excessive money supply and credit expansion caused this depression. Banks blowing up and bubbles bursting are symptoms, not the cause. Don’t be so quick to praise the Australian economy either if I were you.
@Harshjones You have it backwords….you were the one who asked the question.