“Banks do Reckless Things” - Peter Schiff Deconstructs the Phony Economy
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- Опубліковано 12 кві 2024
- Peter Schiff delves deep into the United States economy by discussing the connection between the government and banking systems. Through compelling insights, Schiff sheds light on the pervasive influence of government policies, unveiling their role in perpetuating a phony economic facade reliant on unsustainable consumer borrowing.
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Bank failures are likely to continue increasing due to rising interest rates, as it causes their commercial paper and treasuries to become devalued. To prevent a severe economic downturn, it is necessary to implement a freeze on interest rates. Simultaneously, the White House should support the industry in boosting gas and oil production to lower fuel prices. The anti-oil stance only contributes to higher energy costs, leading to inflation throughout the economy. By reducing interest rates, tightening the money supply, cutting government expenditures, and increasing the availability of affordable fuel, inflation will decrease, and the economy will thrive. Unfortunately, various conflicting agendas make it unlikely for all these measures to be implemented, resulting in a recession and persistent inflation.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Please can you leave the info of your investment advisor here? I’m in dire need for one
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
He’s definitely right about credit card debt saving the economy. If consumers couldn’t dip into credit cards, our economy would have crashed
That will only work for a while!! The longer they kick the can down the road the worse it's going to get! They've already fuckedup they just don't want to pay the piper!
@@terrygregory3456 Bingo all you are doing is kicking the can further down the street that can will catch up with you.
@@terrygregory3456 It's worked for like almost 80 years so far. I'd say it's about to go bust in about 80 more. You just file BK!! You didn't listen to the important advice hidden in his idiocy.
The credit cards have been the single largest expansion of the money supply for average Americans in our history. That’s why prices started going crazy right about the time all those lines of credit came out.
Nope not really.
Please have this guy back. Eye opening!
💯
You should listen to his podcast he is one of the few economist not afraid to tell the truth.
@@ramonserna8089 💯
Do you notice the guys doing the interview are all stunned and speechless. It's like they're in class being taught by professor Peter Schiff.
Very true!
They know. They are just playing stupid. This why rich are rich. They don't pay taxes.
Even they know stupid when they see it right in front of them.
Because he kept interrupting them when they push back
Because they didn’t have their facts right 🤷🏻♂️
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Finally a guest with great information and worth listening to
Are you serious? Did you hear his opinion on the Israel-Hamas war? This guy knows nothing 😂
@@nrdifybutt hurt
@@nrdify lol if you are going to dismiss someone speaking sense because you disagree on some geopolitical issue you may be in a cult. And sure it's not economic Armageddon but there are major issues currently with the economy
@@systemofadownfan911 "And sure it's not economic Armageddon" Your right its like their kicking the can along top edge of the grand canyon. And few more kicks and they will pick it up and do the right thing. Lets just hope they don't kick the can off the edge.
5:43 “Theres nothing more permanent than a temporary government program” = Milton Friedman
Peter Schiff is the best. 👍👍🇺🇸
Even the uninsured depositors at Silicon Valley bank got bailed out
It's even worse than you think. EV cars, housing to income, Medicare liability, SSN liability, 401K, shadow banking system, 2020 shut down, a hi jacked school system, and a Hi jacked electro college, and a manipulated voting poll system. Lets see who knows what I am talking about.
Great points 👍
Sounds like many people are new to Peter.
The man is a legend, ahead of his time, at least years ago. He does get lots of haters from crypto community, which doesn't lessen his value honestly.
His podcasts are very educational... I highly recommend listening to his periodically.
He was right once...one time. Like a broken clock, he'll be right again...who knows when. There will be an earthquake in the Pacific that will take out some city somewhere. I'll be right eventually. That's a better prediction than this idiot.
Agree with everything he said and I have studied economics all my life !!
Do you think that the US is gona default on the national debt??? Interest rates can go up. Bank bail ins. What do you think?
@@stefanonbekend8177 No, they’ll continue to print money that’s for sure they’ll never default on their debt.
US dollar is currently the world reserve, as long as the world use the dollars things would be manageable.
But at a certain point the world will lose their trust because they’ll realize that the politicians will bail themselves out of any situation in the US by printing more and more money which will devalue the Dollars.
That’s the problem with fiat money, it’s not backed with anything except Trust. Once you lose that trust, things can get ugly pretty quick !
I'm so happy you guys are taking about this. My step dad when he was going to college. he said that a summer job paid for college when he was building a new degree in psychology involving family drug therapy counseling stuff
Really, banks require more regulation. The entire idea of banking as "let's gamble" is terrifying. Because they discovered in 2008 that the government will always bail them out, there are no repercussions. These bank crisis are so worrisome. This whole financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. And this is only the beginning!
Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply focus on diversified investments through a financial advisor, collect my profits, which I either spend or repeat the process. Never been this comfortable with my finances.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
I recall my teachers saying they washed dishes to get thru college. Lol not no more college too high. -Gen X
Amen brother
Raise the damn rates!
What a lot of people don't understand is that what our economic system is if all of our debt was repaid there would be no money left in circulation
Our debt wouldn't be paid anyway. Who has the collective $34 Trillion to pay off our national debt? A debt that, by the way, is increasing another Trillion every 100 days. And even if we could, the most wealthy among us would rather default than pay what they owe.
Wisdom in this channel.👍👍
When you borrow with no intention on paying it back, I call that stealing.
Nope. Stealing is taking it. They volunteer to loan money to you
His comments on college and credit cards are spot-on.
I remember following Ron Paul during 2008-2012 presidential elections and Peter Schiff was prominent at the time. But then Trump came along and much of that message on economics, the fed etc was all forgotten. I'm glad to see Peter is still around doing his thing.
Which is interesting because his core audience (at that time) would then be (and still does) intersects trumps core fans ….they only listened to him When dems were in office being highly critiqued by him. Economy redline 2016 - present with all that quantitative easing and he wasn’t heard like you say . Very interesting
Funny , and fictious economy . This like a new movie for these generations .
Tell ‘em Peter. They need to hear the hard truth
this is so much more clear than whatever michael saylor says
If the world goes off the dollar standard if your living in America or hold dollars as your primary assets your in big trouble
Kudos for brigning in the legend 💪🏾
PBD had no idea the voting age was lowered in the 26th amendment. You can tell by his look. Also many people are taking all the credit they can get and spending it as fast as they can because they have no intention of ever paying it back.
If you never plan on paying it back what's the difference between borrowing 45K or 145K if they give you the money either way? You can't have a moral hazard in a country with no morals top down.
Thanks American voters for choosing wars over mean tweets
Trump increased military spending more than biden and exploded more bombs than bide
Yup, 1971 was when they lowered the voting age, the 26th amendment
My daughter goes to college and it is around 32k a year, 99 percent of her classes she takes online . It is such a scam .
All these classes need to just be videod, and then put on youtube for 10 bucks
colleges are for brainwashing young people.
Scary stuff!!
University of Northern Iowa 1986 , $600 - semester
Save your money smartly. Don't buy things you don't need. Eat at home. Open a ROTH 401k for yourself. For your future self.
Inflation will make 401 k to 201k 😁
Love peter. Everyone needs to be their own bank and stack precious metals.
One of the best ways to fix this huge problem with have in America is to put back Glass-Steagall again. I admit I like Bill Clinton but this was one of the worse things he did for this country.
Anyone that's a friend of Ron Paul is a friend of mine.
Suggestion...put the link to the full episode in the description box.
Thank you So much Schiff. Finally, someone calling out the ABSOLUTE CRAP of guaranteeing college loans FOR ANY DEGREE
Feds endless funny money and no end in sight
Student Loans don't have bankruptcy protection. That money has to get paid by the borrower or the burden goes to the guarantors. That's why borrowers are required to sign a promissory note agreement. Borrowers and anyone attached to student loans are screwed if they don't pay. It's way worse than credit card or mortgage debt.
Everything Peter said is spot on. I will also add that the interest rate now do not match the rates of our current inflation. Interest rates on a home mortgage should much higher than they are now. If you are being left behind that is your own fault living pay check to paycheck buying what you think you are entitled to.
We are screwed either way at this point.
Came here to get my daily fix of the goings on of market fundamentalism
He’s right
1971 voting age was reduced
Im on team deflation.
So that comes when the US default on the national debt. Bank bail ins Interest rates can go up too fight inflation.
@@stefanonbekend8177 no. US will never default on their debt, as they can always print the money to do so - Greenspan
@@highthereguys Yea, but money printing is more inflation and debt. Now the economy is getting destroyed with inflation. People can buy less things, that means there will be less jobs needed for the things they not have too produce anymore. Many company's go bankrupt. Inflation makes everything worse. The economy will go down anyway, better default now. But but the elections are this year, so people have too suffer for one guy that not will be the president. Because who vote on him with all this inflation???
Couldn't agree more with Mr. Schiff point of student loan debt forgiveness. The government have no business to get involved in anything and when they do everything become expensive. College in the US is a business and that means they have to make profit. Biden didn't forgive the loans he just transfer the heavy burden to someone else and guess who is it once again? The taxpayers! But the most important fact is that not only college will become ridiculously expensive but it will also diminish the value of those degree because now everyone can go to college. Its like money supply. When print out too much money it will become inflated. Same the thing here. Making and encouraging everyone to go to college make it less valuable. Why does college degree earner back in those old days earn a decent living? Because back then not alot of people have degree or should I even say a high school diploma and you can get a livable jobs for that kind of education. The point is when something is rare and a scarce it has value. When there too much of a particular products it becomes saturated and less value. Yes a college degree today has been inflated.
Anything can be commodified, but not everything should be commodified.
Put interest rate on hold
1964, 24 amendment to the constitution
They have lent out more money than can ever be repaid. Think about that, right before everyone losses their jobs.
Peter, why do you think credit card companies wouldn’t pass on those higher rates to the consumer? We already have 32% credit cards, they would just make it 42% and people would still use them. Most people have no idea what the interest rate on their cards are. Raising rates does not bring down spending as we have seen.
A good guest on Fredotainment?! 😂😂😂😂
This was an informative video! Everyone knows America is screwed at some point...
Agreed. I’ll continue to pay now to save the hit to society now. Think long not short
Student loan debt forgiveness is a bailout to colleges not to the students.
My grandpa had 3 houses 6 kids and 1 job 40hrs and base pay
26th Amendment: in 1971… lowing voting age from 21 to 18.
voting age should be 30
only if I'm exempt from paying any taxes until I'm 30.
But serving jn the military & paying taxes 18 right lol
why you don't link the long form video is beyond me
Government backed student loans started with Obama interest was to go to Obamacare
IMF said no more money 😮
This is the kind of stuff that Peter gets truly right. It’s a shame that he has lost all credibility trying to shame Bitcoin
This dude has been saying the economy will crash since he was born
Saturday April 13th 2024
Remember
But if i take a stufent loan it all of sudden, no forgiveness.
I know this wasn’t his point but, it is heavily encouraged and supported that students work at internships or other jobs during breaks and over the summer. What is he talking about with that part…the middle class and poor kids work while in school but it’s just enough for books and extra food, car repair type…not enough to pay off 30k a year.
The point he was trying to make was IF young people had to pay for college without the help of loans, colleges would be forced to lower the prices of tuition because they’d run out of students who could afford it. But since people are essentially paying for college with a credit card the government gives them (student loans) it lets the schools charge a much higher price. paying a large amount of money “sometime in the distant future” is just an agreement.
Crypto tanking more than 20% in 1 week! Gold has never tanked 90% several times like Crypto in the last 10 years ffs.
Gold keeps its value, it goes up and doen a tad bit because artificially hold its price down
I had a contractor that came to my home to demolish a wall, and told me the wall would need no support beam, as the house is a truss, and he measured the angles, took out his calculator and gave me an estimate well under the cost of his competitors. He was much more knowledgeable than the rest; his vocabulary was amazing. My neighbor told me, thankgoodness, that he was an idiot. No way can that wall be taken out with a fireplace on top of it, and the load is just not right. He asked me to go to the city...ouch....and get a permit etc.. Another contractor came and he could not believe that a contractor, with a license, had offered to do the work without a supporting beam. This is who Schiff is; he has the vocabulary to talk people into the most stupid decisions and ruin their future. To invest in gold, but even he himself, invests in other things...and he KNOWS those other things have made him much more money. He basically evil, in the kind of way a used car salesman that will profit from selling you a lemon.
Well it’s up to each person to excercise good judgement. If you want to listen to The government instead then that’s your prerogative.
This guy really said consumers only spend by borrowing money they know they'll never be able to pay back..... dude has to get off your high horse...
Home
Car
College
Small Business
….all start typically with a loan and in many cases take years to pay off
Sorry, but what does the President have to do with the ratification of a proposed Constitutional Amendment? You may want to blame Nixon for plenty of things, but this probably shouldn't be one of them.
I have respect for people who get out there swing a hammer, pave a new road, making money off the stock market is easy.... I'm a capitalist, but what sense is being the richest country on earth when your average mom and dad is struggling.....
this is not a capitalist country.
@@cooperwolfe1731 explain
@@ChoppedCheese2 government is too big, they can print and control how money moves by manipulating interest rates, you cant have a free market when there are people with money printers at the table.
@@cooperwolfe1731 I would agree that we do not practice laissez-faire capitalism, and that the government controls the money supply, however that doesn't negate the fact that we have a capitalist system. I would say we have a mixed economy..
First like 👍🏼!
🇧🇷👍
Is this crazy or what?
.
Rich in loans Americans. Must be nice..
He’s full of schiff
Holi fok i hate society
Peter is Noah and new age Solomon the wisest man on earth most wise men have white hair
Let's be clear, once blacks started going to these schools, then the govt came in with these new regulations... And since MANY blacks couldn't get student loans at that time, they figured blacks would be classed out of college... Remember whtes, most laws was set up to keep blacks out, but since y'all poor too, it encompasses you too now... Come together and we can win... Stay free... #DT2Four
Way off as usual Peter. No one would bank post depression without FDIC. And while I agree student loans created velocity on college tuition pricing. The whole economic paradigm in America now is financialization. Lay off people, cut costs, produce inferior goods and services, and raise the price to the consumer.
This is America.
Buy Bitcoin
Moral hazard ? This guy has no morals
You're probably a bitcoin nut.
Please 🙄
This guy needs to stop giving financial advice he is like a broken record for 15 years saying dollar will collapse…shits on bitcoin and real estate… all of which have gone up. He made one good predictions and made a fake career out of it
You’re being triggered by truth. His timing is off but it’ll still happen
The biggest reckless things banks do is establish a DEI department.
Bank failures are likely to continue increasing due to rising interest rates, as it causes their commercial paper and treasuries to become devalued. To prevent a severe economic downturn, it is necessary to implement a freeze on interest rates. Simultaneously, the White House should support the industry in boosting gas and oil production to lower fuel prices. The anti-oil stance only contributes to higher energy costs, leading to inflation throughout the economy. By reducing interest rates, tightening the money supply, cutting government expenditures, and increasing the availability of affordable fuel, inflation will decrease, and the economy will thrive. Unfortunately, various conflicting agendas make it unlikely for all these measures to be implemented, resulting in a recession and persistent inflation.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Please can you leave the info of your investment advisor here? I’m in dire need for one
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.