Peter Schiff discusses the sub-7000 Dow, the reason for all those "mortgage-backed securities," his father and the income tax, and why the real economic collapse is yet to come.
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The U.S has technically seized to be the world super power militarily & financially. The army has been weakened & is spread on 4 fronts- pakistan, afghan,Iraq, Israel. In the event of conventional or even cold war the U.S has no financial capacity to buy sophisticated weapons as its survival is now pivoted on more debt, its economy can be collapsed by its potential enermies ie Chinesee finance Russian & midlle east oil. keeping in mind that these foreign powers are #1 contenders for the top spot
The U.S is set to collapse by Dec 2010. it is living on borrowed money, $78.8 trillion in total debt from bonds, treasuries and the budget deficit, The world annual GDP is $78,4 trillion ie it would take the world a year’s earnings to pay off U.S debt. When the debtors begin to demand its debt, the U.S will collapse in 48hrs. U.S is the biggest oil consumer & when the Government goes bankrupt all motion relying on oil will be put to a hault. No salaries for the nation will instigate a civil war
Borrowed Dollars from private holders (T. Bills, Notes, Bonds) as well as ‘printing’, and then hoping that the billions given to the banks multiplies/levers up through fractional reserve lending.
What reserves? We’re 9 Trillion in debt. If the country were a person, we’d be in the red. Period. The only way we’d be able to pay it back is to sell government property or take that money from the citizens through taxation. There are no reserves.
Peter Schiff will be right about all of this, just as he was right on with calling the collapse while the Keynesians were calling for a DOW 36,000. Peter will prevail. Gold and the DOW will reach 1:1
Enjoy this while it lasts…the government is going to attack its own creation–the common man’s Internet–and usher in Internet 2, which will be highly regulated, expensive, and limited in terms of free speech.
The U.S has technically seized to be the world super power militarily & financially. The army has been weakened & is spread on 4 fronts- pakistan, afghan,Iraq, Israel. In the event of conventional or even cold war the U.S has no financial capacity to buy sophisticated weapons as its survival is now pivoted on more debt, its economy can be collapsed by its potential enermies ie Chinesee finance Russian & midlle east oil. keeping in mind that these foreign powers are #1 contenders for the top spot
The U.S is set to collapse by Dec 2010. it is living on borrowed money, $78.8 trillion in total debt from bonds, treasuries and the budget deficit, The world annual GDP is $78,4 trillion ie it would take the world a year’s earnings to pay off U.S debt. When the debtors begin to demand its debt, the U.S will collapse in 48hrs. U.S is the biggest oil consumer & when the Government goes bankrupt all motion relying on oil will be put to a hault. No salaries for the nation will instigate a civil war
Borrowed Dollars from private holders (T. Bills, Notes, Bonds) as well as ‘printing’, and then hoping that the billions given to the banks multiplies/levers up through fractional reserve lending.
Yiasou Taki manga!!!!! Good vid!!!!
He’s used to those satellite links on the TV – they always have to look at the camera.
They should have briefed him on the production style.
“how do you know? ”
because there are no reserves
What reserves? We’re 9 Trillion in debt. If the country were a person, we’d be in the red. Period. The only way we’d be able to pay it back is to sell government property or take that money from the citizens through taxation. There are no reserves.
we have no reserves. we have to borrow or print money to keep us afloat…
China…now they have reserves.
how do you know?
print more.
We won’t let that happen.
does the bailout money come from the national reserves or the gov just print more money?
Great interview. Peter staring straight into the camera in the beginning is a bit awkward. haha
Peter Schiff will be right about all of this, just as he was right on with calling the collapse while the Keynesians were calling for a DOW 36,000. Peter will prevail. Gold and the DOW will reach 1:1
Enjoy this while it lasts…the government is going to attack its own creation–the common man’s Internet–and usher in Internet 2, which will be highly regulated, expensive, and limited in terms of free speech.
Great video!
Is anyone still watching TV? Faber, Rogers on Bloomber and Schiff here… that makes my day… You, rock, Peter!