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Peter Schiff On Newsnight

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Go Peter! Another good interview.

...scary to see the woman who is an adviser to Obama. She just does not get it at all. What hope have we got when the people in control still do not understand the nature of the problem.

She even pulled out the old trick of blaming the creditor nations (China) for lending America the money they wasted on consumer goods and asset bubbles in the first place. If they truly believe that is a fair appraisal of where the fault lies, who knows if war might not result from all of this.

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Go Peter! Another good interview.

...scary to see the woman who is an adviser to Obama. She just does not get it at all. What hope have we got when the people in control still do not understand the nature of the problem.

She even pulled out the old trick of blaming the creditor nations (China) for lending America the money they wasted on consumer goods and asset bubbles in the first place. If they truly believe that is a fair appraisal of where the fault lies, who knows if war might not result from all of this.

You're kidding. Peter Schiff was on Newsnight tonight? Damn it, I missed it . I'm just seeing Alan Yentob right now.

Iplayer!!!

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She even pulled out the old trick of blaming the creditor nations (China) for lending America the money they wasted on consumer goods and asset bubbles in the first place

Oh FFS! :rolleyes:

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Go Peter! Another good interview.

...scary to see the woman who is an adviser to Obama. She just does not get it at all. What hope have we got when the people in control still do not understand the nature of the problem.

She even pulled out the old trick of blaming the creditor nations (China) for lending America the money they wasted on consumer goods and asset bubbles in the first place. If they truly believe that is a fair appraisal of where the fault lies, who knows if war might not result from all of this.

It's what I believe too.

They're the ones pegging their currency and flooding the world with capacity and cheap sh1te from slave factories.

Takes two to tango.

Can't work without them financing the deal. They know that perfectly well, but they're trying to prevent their economy collapsing (China).

US are so going to f*ck them over. No question about that. It's just when.

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It's what I believe too.

They're the ones pegging their currency and flooding the world with capacity and cheap sh1te from slave factories.

Takes two to tango.

Can't work without them financing the deal. They know that perfectly well, but they're trying to prevent their economy collapsing (China).

US are so going to f*ck them over. No question about that. It's just when.

Yet oddly enough when I try and blame the bank for lending me money that I foolishly p*ssed up the wall - nobody takes my side.

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It's what I believe too.

They're the ones pegging their currency and flooding the world with capacity and cheap sh1te from slave factories.

Takes two to tango.

Can't work without them financing the deal. They know that perfectly well, but they're trying to prevent their economy collapsing (China).

US are so going to f*ck them over. No question about that. It's just when.

Garbage. Who promoted neo-liberalism in the global system? It did not originate in the far east!

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US are so going to f*ck them over. No question about that. It's just when.

That's why I think this will end in war. The rhetoric coming from America is already unbelievable. It's like the war of terror all over again. The crazy idea that China is responsible for America's own failings is going mainstream.

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That's why I think this will end in war. The rhetoric coming from America is already unbelievable. It's like the war of terror all over again. The crazy idea that China is responsible for America's own failings is going mainstream.

....just like BP was responsible .... :rolleyes:

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I flicked over about 2 minutes into the interview - its well worth viewing on iPlayer.

The complete inability of the Obama adviser to comprehend what Schiff is saying is scary/amusing - I believe our American friends call it a 'disconnect'.

Edited by Mancghirl

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I flicked over about 2 minutes into the interview - its well worth viewing on iPlayer.

The complete inability of the Obama adviser to comprehend what Schiff is saying is scary/amusing - I believe our American friends call it a 'disconnect'.

link?? (coming soon atm)

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It's what I believe too.

They're the ones pegging their currency and flooding the world with capacity and cheap sh1te from slave factories.

Takes two to tango.

Can't work without them financing the deal. They know that perfectly well, but they're trying to prevent their economy collapsing (China).

US are so going to f*ck them over. No question about that. It's just when.

While it may take two to tango, it takes one to become an incontinent debtor

Every sovereign nation tries to manipulate its currency. Is it only bad when China admits to theirs?

And it wasn't just China hoovering up US debt. Japan and UK have been big enablers too

OTOH, if Greenspan hadn't kept rates so low...

If US regulators were less tolerant of fraud...

If ratings agencies did their job properly...

If the leverage enabled by the OTC derivatives market had been outlawed

I'd rather be a lender with capital than a deadbeat borrower. If/ when the US defaults, that will make the US less investable. They will lose more than the Chinese.

There's more than enough US culpability here. Blaming the Chinese misses the mark. Our banking overlords would love to sucker us into imagining the Chinese the real villains. that stops us from lynching them (at the price of a future trade and World war). I'd say the cost/ benefit argument for punishing bankers instead is overwhelming

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http://www.youtube.com/watch?v=1oQOwvMCnzQ

Laura Tyson - the very same woman that Jimmy Goldsmith parried with in the seminal 1994 Carlie Rose interview.

Good work. Thanks!

Nice to see Peter Schiff on Newsnight. I really hope he gets on UK tele a lot more from now on. Well done Newsnight, finally!!

Laura Tyson? Yes you're right. I watched that James Goldsmith interview, and she talked total nonsense in response to Goldsmiths fear of world trade agreements causing mass unemployment, and economic collapse in the West.

In fact I'll post the link. for those who haven't seen it.

Part 1

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While it may take two to tango, it takes one to become an incontinent debtor

Every sovereign nation tries to manipulate its currency. Is it only bad when China admits to theirs?

And it wasn't just China hoovering up US debt. Japan and UK have been big enablers too

OTOH, if Greenspan hadn't kept rates so low...

If US regulators were less tolerant of fraud...

If ratings agencies did their job properly...

If the leverage enabled by the OTC derivatives market had been outlawed

I'd rather be a lender with capital than a deadbeat borrower. If/ when the US defaults, that will make the US less investable. They will lose more than the Chinese.

There's more than enough US culpability here. Blaming the Chinese misses the mark. Our banking overlords would love to sucker us into imagining the Chinese the real villains. that stops us from lynching them (at the price of a future trade and World war). I'd say the cost/ benefit argument for punishing bankers instead is overwhelming

Tell me how the US will lose more? People will always invest in the US. If the monetary system of the world ended today tell me who is best situated to feed, clothe and power itself if push comes to shove? The US. Sorry but that's a fact. There is already protectionism growing here in Uncle Sam land. Some interesting views on what would happen with no imports/exports. Pretty much better off all round. I realise that that takes some swallowing but the US is not like any other country in natural resources (including oil/gas) plus fertile land up the wazooo. You don't need much else in an emergency do you? War with China? Why bother? The Chinese can never feed themselves for starters.

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Awful woman. There should be a picture of her next to the phrase "overqualified and underexperienced"

How can she be so utterly oblivious to the big picture, so utterly ignorant of economic history.

A credit based economy proved unsustainable before the credit crunch, how an earth does she expect the result to be any different after it? She cant explain how, she just returns to the Brownian drivel "we're doing the right thing because its the right thing to do"

As for the two to tango, all US/euro ratings agencies should be shut down IMO. Believe it or not Moodys et al were once held in high regard.

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Peter Schiff still seems to be the only person ever invited on US or UK media that stays on the ground rather than underneath it or floating in the fantasy world of US economists. It is extraordinary that after all this time Schiff is STILL regarded as an idiot maverick, yet his record speaks for itself. He was almost alone in challenging the stupid nincompoops of the US financial establishment that over-reliance on house sales to create a bogus economy was disastrous. He was proved to be 100% correct.

Now he is exposing the money printing antics of not just his own government but also those in the rest of the world who cling to the continuing disney dream of reflating economies by pretending they can create a buffer by pumping cash into no-hope enterprise, and still he is being resisted and criticised. He appears to be the only person with influence capable of telling the truth.

What is so depressing is that we've all been here before. The denial of the current US regime is every bit as stupid as the last. Schiff should be given a Nobel Prize in financial honesty. It is staggering how in denial both the USA and UK is about the depth and breadth of two economies that have been based on nothing but fluff for approaching two decades. When are they going to learn? Property is somewhere you live. It never has been and never will be a substitute for real wealth, which is created by productiivity and work, not by gambling on the value of a fixed object.

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The US will lose more because default will render them uninvestable.

Whenever I get into a debate with someone who claims China is more stuffed over the UST situation, it invariably boils down to the US winning because of their military might. Here's a riposte:

- the US is going bankrupt fighting a two-bit nomad country which has been the graveyard of empires. I doubt they could do better against a nuclear China

- the US is ruled by traitors to the nation. The free trade they practise personally profits the elites, but is hollowing out their productive capacity. These people won't change

- china has capital. The US doesn't. Even in the case of a US default, china will continue to have capital. They will simply expand into other markets. The development of ASEAN, the rare earth element monopoly, the disregard for economically suicidal CO2 policies, de facto protectionism (foreign firms in China are tightly controlled)... China is preparing for a protectionist world and US default already

Right now, US elites are creating a UST bubble in a doomed effort to maintain the status quo. China will use this to diversify away from UST and other dollar denominated assets. When that bubble pops, it will be America that goes into meltdown. China may self-destruct, but that will be for other reasons, nothing to do with their UST holdings. And yes the US natural resources will help. But big empires can decline even with natural resources (like the soviet union). Until you cut the cancer of the crooks running America out, tbe prospects are bleak. Your best bet would be a revolution or secession of the states away from Federal Government.

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Garbage. Who promoted neo-liberalism in the global system? It did not originate in the far east!

Exactly. Nafta, WTO - the big companies lobbied for these and access to cheap labour, tariffs and import restrictions were dropped by politicians in the US and the big corporations continue to lobby for for free access becuase now nearly all of their goods come from outside the US.

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Go Peter! Another good interview.

...scary to see the woman who is an adviser to Obama. She just does not get it at all. What hope have we got when the people in control still do not understand the nature of the problem.

She even pulled out the old trick of blaming the creditor nations (China) for lending America the money they wasted on consumer goods and asset bubbles in the first place. If they truly believe that is a fair appraisal of where the fault lies, who knows if war might not result from all of this.

History shows wars cost money and drain economies of real wealth. Russia in WW1 attempted to use War as a means of distracting the population from internal deflation and an inability to compete with the West. Hitler initiated WW2 after Germany's economy collapsed following the WW1 peace settlement fiasco. Japan kicked off the war in Pacific by bombing Hawaii as a follow up to their earlier invasion of SE Asia which was intended to broaden their financial hegemony over China, Korea and most of SE Asia. More recently, Iraq's war against Iran which ended in a stalemate was turned against Kuwait not because Iraq was poor but because the leader of Irag felt that by expanding his control over the Middle East would secure a powerful degree of control over the ME.

Our Empire building and invasion of most of the world's surface in the 19th and early 20th Centuries was not as a result of financial problems at home but more to do with a desire to control and expand land holdings overseas to increase trade. Our war against Argentina was similarly nothing to do with the recession at home but more to do with preservation of territory.

So, will war be the result of collapsing economies? Russia is certainly becoming more active in the proliferation of nukes as they arm their friends in Iran and begin tracing our Trident subs as they did during the Cold War years. Trouble at home may indeed see a repeat of the invasion of Europe prior to the 1917 Bolshevik Revolution and again after WW2 and the defeat of Germany. Will Germany invade their neighbours for a third time in 100 years? Seems unlikely--for now.

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Peter Schiff still seems to be the only person ever invited on US or UK media that stays on the ground rather than underneath it or floating in the fantasy world of US economists. It is extraordinary that after all this time Schiff is STILL regarded as an idiot maverick, yet his record speaks for itself. He was almost alone in challenging the stupid nincompoops of the US financial establishment that over-reliance on house sales to create a bogus economy was disastrous. He was proved to be 100% correct.

Now he is exposing the money printing antics of not just his own government but also those in the rest of the world who cling to the continuing disney dream of reflating economies by pretending they can create a buffer by pumping cash into no-hope enterprise, and still he is being resisted and criticised. He appears to be the only person with influence capable of telling the truth.

What is so depressing is that we've all been here before. The denial of the current US regime is every bit as stupid as the last. Schiff should be given a Nobel Prize in financial honesty. It is staggering how in denial both the USA and UK is about the depth and breadth of two economies that have been based on nothing but fluff for approaching two decades. When are they going to learn? Property is somewhere you live. It never has been and never will be a substitute for real wealth, which is created by productiivity and work, not by gambling on the value of a fixed object.

Agree. The US and UK have, since the 70's, built economies on HPI and the huge ancillary industries that support it--including US and UK treasuries. There is only one way to cure the disease and that is to let it die through deflation. It will be interesting to see if Bernanke or the rising voices at the Fed that want to see and end to the HPI boom and bust will win the day.

In the meantime, I have moved quite a bit of my funds back into cash believing that we may see some selling in US and UK treasuries now that a bottom in IR has truly been reached and there is nowhere else to go. Even Bill gross is looking closer at stocks these days--perhaps time to buy quite soon if we get a big crash of the order of 30% or so.

If the boom and bust brigade win (Bernanke and the inflationists) it may soon be a convenient moment to buy a property as it is at least a place to live and if it goes up or down in value so be it. Better a roof over the head than a gamble on the markets which can fly off in any direction given the edge of the cliff situation we are all in.

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Schiff on absolutely top form. Completely destroyed that fool.

I'm not sure what she was a Professor of, but it surely can't be economics (??). :blink:

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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