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  • Peter Schiff predicted the economic collapse.

    [media]http://www.youtube.com/watch?v=VCv32qaINIQ[/media]Peter Schiff, of Euro Pacific Capital, predicted the economic collapse much to the disagreement of many pundits and so called market experts in the media. If you watch the video, some of these people are actually laughing at schiff and his comments. My question is who is laughing now? Not Schiff, because he nailed it spot on.
    [media]http://www.youtube.com/watch?v=VJcMrOpeFWE[/media]Now Schiff is running for the Senate in Connecticut against the infamously corrupt Cris Dodd. Peter Schiff for Senate 2010. I like Schiffs simple explantion about whats wrong with the US economy. "We have too much consumption and borrowing and not enough production and savings". That pretty much sums it up. We need more guys like Schiff in the Congress. Hopefully we can see the end of Chris Dodd, another corrupt career politician.
    |TG-X| mp40x



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  • #2
    Re: Peter Schiff predicted the economic collapse.

    The two biggest issues facing american business are:
    1. outsourcing/immigration
    2. executive largesse
    3. lack of mfg

    Too many companies are sending jobs overseas to save money which means spending capital is going overseas rather than staying domestic and being available for spending.

    The second issue manifests itself in executives making decisions with the idea of their financial gain independent of the effect on the company. You see it everywhere. People making choices for software or vendors based on their friends or stock options, etc. even though the product is inferior or won't do what is necessary.

    The third hurts us I think in the sense that we send money overseas when we buy imported products and don't bring as much back in via the services we offer since local companies can be more attractive due to their proximity which naturally creates a trade deficit. I'm no economist so I may be wrong on these points, or have presented them incorrectly, but we need to fix the problem of our trade deficit.

    As far as debt spending, I think alot of that is due to people not making as much money as they should for many of the jobs they do as well as a culture of it that has spread from the federal government on down.

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    • #3
      Re: Peter Schiff predicted the economic collapse.

      Originally posted by deathknight View Post
      The two biggest issues facing american business are:
      1. outsourcing/immigration
      2. executive largesse
      3. lack of mfg
      4. Inability to count. :p

      (Sorry, that was just too good to pass up. ;))
      Dude, seriously, WHAT handkerchief?

      snooggums' density principal: "The more dense a population, the more dense a population."

      Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

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      • #4
        Re: Peter Schiff predicted the economic collapse.

        I do agree with you on #2, but not on #1 or #3. There's no reason people in other countries shouldn't have the same access to a nice standard of living as those living in the US. If you're not gonna let them come here and work, then let the jobs go there. Anything else is just envy.

        As to people being paid too little, it's the customer, not the producer, who sets the price. It's all those cheap consumers who aren't willing to pay more for goods who drive wages down. If you think people should be paid more, then feel free to pay them yourself. Call up the company that makes your hard drive, give them the serial number so they can look up who assembled it, and mail that person some extra money.
        Dude, seriously, WHAT handkerchief?

        snooggums' density principal: "The more dense a population, the more dense a population."

        Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

        Comment


        • #5
          Re: Peter Schiff predicted the economic collapse.

          And what about companys that lay ppl off so they can send that job overseas and make more money? And the consumer doesn't decide how much people are paid. They set the price for the object, but it's not like the corporation pays a set percentage of that to the worker. His or her wages are already set.

          Comment


          • #6
            Re: Peter Schiff predicted the economic collapse.

            Originally posted by deathknight View Post
            And what about companys that lay ppl off so they can send that job overseas and make more money? And the consumer doesn't decide how much people are paid. They set the price for the object, but it's not like the corporation pays a set percentage of that to the worker. His or her wages are already set.
            Ultimately, according to classical capitalist theory, this is a good thing for everybody. Keeping jobs in America that can be done better/cheaper in other countries will eventually destroy the American economy. It will become irrelevant on the world stage.
            Last edited by El_Gringo_Grande; 09-22-2009, 10:44 AM.
            Iím not racists, I have republican friends. Radio show host.
            - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
            - "A foolish consistency is the hobgoblin of little minds" - Emerson
            - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
            - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
            - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
            - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

            Comment


            • #7
              Re: Peter Schiff predicted the economic collapse.

              Back to Peter Schiff he sounds like quite a down to earth person with a moral compass, unlike so many americans...(notice how I said "americans":row__577:)



              When the power of love overcomes the love of power, the world will know peace. ~ Jimi Hendrix

              And isn't it a bad thing to be deceived about the truth, and a good thing to know what the truth is? For I assume that by knowing the truth you mean knowing things as they really are. ~ Plato

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              • #8
                Re: Peter Schiff predicted the economic collapse.

                morals shmorals.
                Iím not racists, I have republican friends. Radio show host.
                - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
                - "A foolish consistency is the hobgoblin of little minds" - Emerson
                - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
                - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
                - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
                - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

                Comment


                • #9
                  Re: Peter Schiff predicted the economic collapse.

                  Originally posted by deathknight View Post
                  And what about companys that lay ppl off so they can send that job overseas and make more money? And the consumer doesn't decide how much people are paid. They set the price for the object, but it's not like the corporation pays a set percentage of that to the worker. His or her wages are already set.
                  The consumer sets the price. Investors set the profit. (Too much profit and competitors will undercut. Too little and investors go elsewhere.) That leaves wages and other costs as the only thing the company can adjust. Granted, the adjustment isn't instantaneous. There's lag, just like there's lag in video games.
                  Dude, seriously, WHAT handkerchief?

                  snooggums' density principal: "The more dense a population, the more dense a population."

                  Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

                  Comment


                  • #10
                    Re: Peter Schiff predicted the economic collapse.

                    Peter Schiff declares his candidacy for U.S. Senate
                    By Meg Learson Grosso, Staff Writer 12/24/2009

                    Peter Schiff, has thrown his hat in the ring along with former U.S. Representative Rob Simmons and former World Wrestling Entertainment CEO Linda McMahon and a few others, in an attempt to become the Republican candidate for the Connecticut U.S. Senate seat in a race against the recently vulnerable long-time Democratic Senator, Chris Dodd.
                    Schiff showed up Monday night, Dec. 7, at the Republican Town Committee Meeting at Fairfield's Riverfield Elementary School to give a pitch for why he should be the man to go head to head against Dodd.
                    Schiff began by sounding more like he was pitching his brokerage to new clients than pitching himself as a politician, but he managed to segue.
                    The President and Chief Global Strategist for the Westport-based firm, Euro-Pacific Capital, told Republicans that he made a name for himself by predicting the current recession as far back as late 2006, when all about him were laughing at his pessimism.
                    A video on YouTube called "Peter Schiff was Right" shows Schiff in late 2006 and again in December of 2007, saying that profits in real estate and stocks were unsustainably high and the bubble would burst just as the profits in dot-coms had fizzled in the first few years of this decade.
                    Other Wall Street "experts" are seen laughing at him on the video and one said that the problem with sub-prime mortgages was "just a blip."
                    Schiff replied that not only was sub-prime not a blip, the entire mortgage market was a huge problem.
                    Referring to the present recession, Schiff told the Republican Town Committee, "I laid out exactly how it was going to happen." He also mentioned his book, "Crash-Proof," which talked about fraud in the mortgage markets.
                    Schiff said the economy is "screwed up" because the federal government allowed cheap interest rates to cause a "phony prosperity that was bound to collapse." If the government had allowed a recession in 2001-2002, we'd be better off now, he added.
                    "The stimulus is toxic," said Schiff.
                    "Government stimulus is keeping interest rates too low and running big deficits and all we get, as a result, is reckless spending and reckless gambling ... Wall Street took all this cheap money and gambled with it. American individuals took all this cheap money and spent it ... and now we're doing the same thing. We didn't learn anything from the experience of Greenspan and Bush," said Schiff.
                    Career politicians can't solve the problem because they're only interested in getting reelected, so they postpone the pain, Schiff said. He, himself, would not care about getting reelected, nor would he play ball just to get certain committee assignments, he added.
                    "We're never going to have a real economic recovery until the government gets out of the way and allows the recession to run its course," said Schiff. As painful as it is, a recession is the cure for the disease that the government afflicted the economy with, when it inflated those bubbles, the hopeful politician said.
                    Right now, the government is trying to say that the TARP money is working because the big banks are paying it back, said Schiff, who added that the banks are only able to do so because of two things. One is the change in accounting rules, such as not requiring assets to be "marked to market," or listed at their true - lower - value. This allows the banks to appear better off than they actually are, he noted.
                    Second, Schiff said big banks took that money and gambled with it all over the world, and he thinks every one of them is going to go broke again.
                    Schiff is among those who think the economic crisis is far from over. "The rest of this monstrosity is going to surface over the next few years and I think it's important that someone be in Congress who understands why (it's happening)," he said.
                    "Maybe if I stand up in the senate and filibuster until I'm dead, they'll listen to me" he said.
                    Schiff predicts that the dollar will be greatly devalued, causing both employed and unemployed Americans to pay much more for the products they import, whether it's energy or consumer goods. The central bank of Inda is buying 200 metric tons of gold and the Chinese are encouraging their citizens to buy silver because "they know that the dollar is going to collapse," he added.
                    Schiff thinks the solution is to shrink government so that we can lower taxes; to repeal regulations, and to rely on the free market.
                    "The free market would never have created this mess," said Schiff, reminding listeners that the mess is a result of the government creating cheap money.
                    While Obama and Bernanke can't get out of government soon enough for Schiff, he is also harsh on Republican leadership, saying, "They've led us in the wrong direction. They sold out their principles. They're no different than Democrats. Look at George Bush. He claimed to be a conservative. The only thing he conserved was big government."
                    "I want to shrink government," said Schiff.
                    The candidate, who lives in Weston, opened his campaign headquarters in Milford last Friday. So far, he has raised $1.2 million for his candidacy, according to his web site, Schiffforsenate.com.
                    It will be interesting to see if his campaign has any success. Can't say I agree with him on every issue. But, I would like to see more candidates like Schiff who are 'off the reservation' so to speak and not just the usual two-party robots.
                    |TG-X| mp40x



                    Register for the Forums! | Get on Teamspeak! | Play Squad! | Join Discord! | Support Tactical Gamer!

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                    • #11
                      Re: Peter Schiff predicted the economic collapse.

                      Originally posted by mp40x View Post
                      It will be interesting to see if his campaign has any success. Can't say I agree with him on every issue. But, I would like to see more candidates like Schiff who are 'off the reservation' so to speak and not just the usual two-party robots.
                      He will only be "off the reservation" until elected. Then he becomes full blooded.
                      Iím not racists, I have republican friends. Radio show host.
                      - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
                      - "A foolish consistency is the hobgoblin of little minds" - Emerson
                      - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
                      - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
                      - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
                      - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

                      Comment


                      • #12
                        Re: Peter Schiff predicted the economic collapse.

                        Peter Schiff is my new hero, a good presentation. The real high-level question in all of this is, wouldn't the country be better off with solid gold/silver backing our dollar, instead of the rampant monetary manipulation by the Fed and massive borrowing and spending by the government?
                        Last edited by aeroripper; 12-29-2009, 03:24 PM. Reason: wanted to add more
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                        • #13
                          Re: Peter Schiff predicted the economic collapse.

                          This could be someone to watch out for, I look forward to what he brings to the table.

                          Comment


                          • #14
                            Re: Peter Schiff predicted the economic collapse.

                            Peter Schiff on Fast Money January 4th 2010.

                            TRADING 2010: SCHIFF'S OUTLOOK

                            Never at a loss for words, we asked Peter Schiff, the president of Euro Pacific Capital for 3 predictions for the year ahead.

                            He told us:
                            1. U.S. economy will be in worse shape
                            2. Foreign stocks, gold & commodities to outperform U.S. stocks
                            3. Dollar will end year lower Link.
                            [media]http://www.youtube.com/watch?v=E0YNCSFzKBY[/media]
                            |TG-X| mp40x



                            Register for the Forums! | Get on Teamspeak! | Play Squad! | Join Discord! | Support Tactical Gamer!

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                            • #15
                              Re: Peter Schiff predicted the economic collapse.

                              I have hard those things from many different so called analysts.

                              What I have seen them say is...

                              1. Gold is where stupid, scared people go. And there are a lot of stupid scared people nowadays.

                              2. Commodities seem safer because they are a bit more real and you expect them to do better as the economy starts going.

                              3. Foreign stocks haven't seen the turn around that US Stocks have seen over the past year so they expect them to do better as the world economy comes out of the recession.

                              As I understand it many hope the dollar is weaker as that will be good for the U.S. economy overall because exports will go up and imports go down.

                              The U.S. economy weaker? Sure, depending on how you measure it. Nobody really expects employment to take off so by that measure it will be weaker because benefits start running out next year.

                              This Schiff putz is like all the other bung hole popular economists out there. He and the rest of them are just one step above the palm readers. Get enough palm readers making predictions and a couple are going to get it right.

                              Plus other people knew the situation was bad. The problem was that nobody listened to them. There was a frontline story about one of them. She knew and tried to put the breaks on the shenanigans going on but everybody decided to listen to Greenspan and the unfettered capitalist group.

                              Many of those making money also knew the system was broke. But they where making money in the corrupt system so did nothing and kept their mouth shut.

                              He doesn't have any more answers as the next economist does. Each is a blind man touching a part of the animal and proclaiming they know what the animal is. Perhaps he offers some balance to the current thinking. But honestly I don't think there is a "current thinking" right now.
                              Iím not racists, I have republican friends. Radio show host.
                              - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
                              - "A foolish consistency is the hobgoblin of little minds" - Emerson
                              - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
                              - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
                              - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
                              - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

                              Comment

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