Posts Tagged ‘Peter Schiff’

Just requoting Paul Kedrosky’s post today:

What people don’t get about sovereign debt is that countries are sharks when it comes to debt and default. That is the real lesson of research and writing and history in this area – that countries have been messing around, defaulting and restructuring in debt markets for hundreds and hundreds of years. Defaults, busted banks and the like is what happens when you lend to countries that have much more experience and cynicism about their use of debt than you think they do.

This blogger through firsthand experience in a commercial bank’s risk and asset division, is witness to the financial wizardry the modern financial system employs to build the mountain of debt on which our capitalist societies exist on. In the news we are also witness to the horrors that mismanagement of debt and currency can create.

Kedrosky is not a lone voice here. We’ve captured the sentiments of others
like Gerald Celente, Max Kaiser, and Peter Schiff all of whom have put up credible arguments about how tentative and fragile a system based on debt is.

Not all who understand the system are speaking up vehemently against it. Our favorite speculator George Soros certainly understands the goings-on but is content to “game” the system for profit (and successfully too).

What this blogger finds interesting is despite all these critiques, the system continues unabated–notwithstanding the ever increasing magnitude of crises that recur. The arguments put forth by the pundits are actually dated–these sentiments have been around for as long as a monetary system has been around. Our favorite skeptical empiricist, Nassim Taleb, blames moral hazards for perpetuating the flawed system, but even the question of moral hazards isn’t new.

After all isn’t rewarding someone for “bad” behaviour the crux and aspiration of prosperity and decadence? The whole system is rigged to feed on itself! So far the common alternatives to the flawed system, barring a return to primitive times, propounded by the pundits range from a form of “modified capitalism” (shades of the Austrian School) to more “radical socialism” (e.g. Zeitgeist, Venus Project).

Which is why it far from surprises this blogger that “experience and cynicism” are the placeholders that Kedrosky chose to describe what underpins the motive of governments regarding debt. There are those who complain and those who game, but the last bucket are those who still choose to participate in the system–maybe in a fit of realism, maybe fatalism.

Meanwhile someone please buzz this blogger when and if we decide to let go of this monetary system and its sydstem of debt.

“Sent from my BlackBerry® wireless handheld”

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Peter Schiff- Why I’m not Wrong

Peter Schiff counters the criticisms against him. Below is the webpage which shows how he was criticized by some people.


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This idea of government intervention has capitalists divided over the soundness of government bailout. Those against the bailouts argue that it has been government intervention of free markets that has caused the crisis and the problems won’t be solved by more of the same. Those arguing for the bailouts contend that in the absence of government intervention, economies will grind themselves into oblivion.

These two sides of the heated debate are well represented by Peter Schiff and Steven Leeb, both presidents of capital management companies and authors who have predicted the coming crisis long before but are prescribing very different solutions.

Schiff and Leeb have been pit against each other since last year at critical junctures during the crisis. The three videos below show the two debating right after (in order): (a) the bank bailout proposed by Paulson in September 2008, (b) the bailout of the automakers in December 2008, and most recently (c) the unveiling of the Obama stimulus package in January 2009.

The two make passionate arguments for their side, and it isn’t an easy question to say who of the two is correct. Recently since the bailouts have begun, stock markets and the US dollar have recovered slightly but that recovery seems to be waning. Checkout the debate and see who you agree with.

After The Bank Bailout ( September 2008 )

After The Auto Bailout ( December 2008 )

After The Obama Stimulus Package ( January 2009 )

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A few years back, the U.S. government claimed that they had a sound economy. With their current financial crisis, one can’t help but wonder. Were they lying or just plain incompetent.

Now on the extreme end of the spectrum, some conspiracy theorists don’t only claim that they are lying, but are delibirately trying to manipulate the U.S. economy. The video below shows Mark Dice point blank asking Peter Schiff if he is aware of the Bilderberg group. Peter Schiff seems to think that the government is just incompetent.

What do you think?

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Watch the video and see for yourself. The video even includes the dates when the interviews(predictions) were made. Take note though, that he also predicts that the bailout is bad and will cause the dollar to crash.

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With all the financial problems the United States has, some people are requesting Peter Schiff to run for senate. Here is Peter Schiff responding to the request. 

And here is the website which started all this. 


Here are previous blog articles/videos which show Peter Schiff in action.


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First the housing bubble, then the bond bubble. See if you agree.

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The U.S. stockmarket is now on the rise, will it continue? And how long can the U.S. continue to ‘print’ money? Peter Schiff seems to want it over immediately, but others seem to say it is needed for stimulus.

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Remember Peter Schiff complaining about the Federal Reserve in the previous blogs. Well he’s here now debating with people from the Federal Reserve.

Remember to watch all the five videos!


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Peter Schiff gets a little more blunt in this video. He states “the government is manufacturing these numbers”. 

Peter Schiff is asked point blank on how far the Dow will drop. Peter hesitates, but then explains that it also depends on what the dollar will be worth. His answer for me makes sense with the high posibility of inflation or even hyperinflation which could easily skew the actual meaning of the rise and fall of the Dow.  Peter later though explains that he feels that the Dow is more appropriately to be explained in terms of bars of gold. He later states that the Dow will soon be worth one ounce of gold.  Currently, he states that gold is worth 900 dollars an ounce. 

Try assimilating the video from 3:03. The other speaker has stated that Peter has been a bear since 2002, when the market was a lot lower. Peter then replies that the market is really lower now in terms of real money. He says that one should look at the Dow in terms of gold, euro’s, australian dollars, canadian dollars.

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