Mr. Schiff! This is a far better platform to communicate with listeners! I know you’re a busy man, but please continue to run live streams as much as possible! It gives your fans a chance to ask unique questions and get your answers in real-time.
@Tomthebomb Government is still heavily involved in American health care the FDA causes drug prices to be insanely expensive to get drugs to market. The government makes everything they touch more expensive also being from england i have to pay 12% of my wage for "Free healthcare" so the more i earn the more itll cost me which btw i never use because good lord the waiting times to get anything done is unbelievable id rather pay and extra £90 for private healthcare with my company if i needed it
@Tomthebomb Look up how much money the NHS in england spends on paracetamol they spend £7 a packet when i can get it for 40p over the counter... Not sure how thats cheaper than private
Man I remember watching Peter Schiff's news appearances on his website back in 2006. This man has taught me sound economics. Now working on building up my wealth trading forex. Thank you Peter Schiff for educating so many for free! You definitely live up to the ethos & integrity of your late father Irwin. Blessings to you & yours ❤
I'm looking to do this too, but I definitely want to know a bit about every market I can trade as well as Forex like indices, stocks, commodities etc. I'm a UK citizen but Peter Schiff (and Ray Dalio) are really teaching me a lot about Economics. How is your trading going?
@@fishofgold6553 , price inflation? collapse of the housing market (down 50,60,70%), gold 5000, fall of the dollar, bitcoin becoming worthless, ... I think its shorted to list the things he has rightly predicted.
Hi Peter! I am a U.S. Citizen living in Germany. Inflation here in food prices are normally 5 - 10% at a time, and we see that 1 - 3 times per year. We also just had our local deli raise all prices 30% last week. But most people here trust their propagandist Government and the ECB saying there is NO inflation or it is not enough. Thank you for your tireless education for those willing to listen.
@@zigbeed just because all prices are continuously rising and all goods and services are becoming more expensive relative to everyone's wealth and income doesn't ipso facto indicate inflation is occurring. It could be just an odd coincidence happening across the entire Eurozone at the same time and may disappear without consequence if we prudently ignore it long enough. (says a Canuck in Germany)
I live in San Francisco and my house was $750,000 6 years ago. Now it's $2.1 million dollars. I would most definitely say that inflation is here, alive and well.
@@catsincredulous9998 And hold on to useless fiat currency?!? Not very sound financial advise. I would be better off renting it out and using the money to buy another piece of property.
@@333BellaLee I would never want to live in that dirty city to begin with. I would sell and buy a house elsewhere, particularly more rural but not far from the city, be self-reliant. Not sure why you assume you I think you have to hold fiat. You could easily buy a modest house, seeming that you need luxury, and buy other properties for rental, or whatever asset strikes your fancy.
@@catsincredulous9998 It's not that dirty. It's actually pretty clean. The areas that you see in the news are ghetto areas like The Tenderloin. I love this city and most residents in SF like it here as well as long as you live in a more decent area. I do grow food in my backyard as well such as tomatoes, kale, kabocha, lettuce, swiss chards, apples, lemons, jerusalem artichoke...
This is awesome!!!!! Much much better hearing from you than other investors out there. I like how unique you are and the kind of logic you have, plus the way you illustrate things to its fundamental cores. You are an awesome teacher here! Appreciated :)
This is one of the best things you’ve done Peter! I probably learned more things from these two live streams than a lot of your other podcasts. Thank you for your wisdom!!
"Expecting the government to put out honest statistics on inflation is like expecting the mafia to give out honest statistics about crime", priceless quote
I dont think so just for the fact that they have provisions not to let over seas dollars back in to create the hyperinflation.. they control all the money clearing systems and have provisions for a panic like that, but they cant stop the high amounts of inflation we will get. We are already seeing large amounts of inflation and price increases.
Daniel Purdy # I think you missed M88’s point. I think what he is saying and I agree, that when this thing starts to come unraveled it going to get real ugly.
Great Live Stream Peter Schiff! I always enjoy listening to your entire podcasts while driving in the car; this new format has me sitting at my home desk watching you. WISDOM SPEAKS.
You have a great sense of humor for putting up with all the ball busting that comes your way. Thanks for staying the course. You will be vindicated , because ; A is A .
First he says house prices are going down because you can't reinflate an already inflated bubble. Then rents go up because of inflation which makes everything go up. I am getting a lot more confused by this deflation inflation explanation.
You're not supposed to do any thinking when Peter's making his case. But since you're breaking the rules, consider this: if in the upcoming recession real estate in San Jose (that's Silicon Valley) drops down by fifty percent (in dollars) which would you rather buy and own? Prime real estate in Silicon Valley or gold at 1400 oz? (Although Peter is saying gold will be selling for more than that going forward). Consider gold's intrinsic value and that of prime real estate.
@Greg Laxton If gold goes up to $10,000 an oz in the upcoming recession and an average sized house in Silicon Valley goes for $400,000 I think even you would buy the house over the 40 oz of gold. Unless you're insane. Someone missed the point, yes.
@@LisaMurphy I think he claimed real estate down 90% in terms of gold. But still if you claim hyperinflation, real estate will go up as well. Or does he believe first down and then up? But that is what he described as the deflationist's view. He believes real estate will price like Harry Dent believes gold will price: halve first and to the moon afterwards
@@modelmark I don't believe Peter has ever said he anticipates real estate going to the moon any time soon. He has only said the price of real estate will fall sharply from where it is now. While the price of gold will rise sharply. If you're asking how this makes sense, you're asking a good question. It doesn't.
@@LisaMurphy I would not say you would always exchange 40 oz of gold for a medium sized home. A doormen in a hotel in Germany once got a gold coin as a tip. Later, approaching WWII, he could buy the hotel for the gold coin. I don't know if he did or not, but not by definition a good choice. There is a reason the hotel was so cheap and gold so expensive. Gold allowed you to run away with your wealth. The hotel could be destroyed in the upcoming war. You could even have negative cashflow on the hotel, because of maintenance, no guests, un fire-able minimum wage labor. In SV 400k seems like a steal now, but what if VC capital dries up and people discover that tech companies burn rate has it's downside?
@@I_Died_2_Weeks_Ago I sold only 5 % of my shares in miners at the top. I stay invested with two miners. 60 % of my trading portfolio Won't sell them. Sold too few. Did not expect that downturn. You was lucky. I like that.
Like your dad you are a great man; a genius with a common touch. God bless you and thank you for educating a propagandized world. Your dad is smiling I'm sure..
If predicting the gfc was your badge of honor, then I guess I should get an award too, because i was out organizing and warning people about this stuff back in 2003. And I was only 20 at that time
When you seek expert advice, seek it from an expert. Peter IS an expert and I believe what he is saying. There is a crash coming and other big thinkers are saying the same thing. US Govt policies are ruinous. Together with the Fed, that's a marriage on the rocks.
If you could not print more fiat then it would be sound money. Gold is sound money because you can not print more. Some cryptos are sound money as you can not print more!
It's being copied by thousands of other crypto currencies, so no, its not sound money. It's an inflated market of the same shite as the basket of fiat. Same concept but digitised.
@@Farmynator No , as I said. "Some cryptos are sound money, as you can not print more!" That is not inflation. There are different crypto's doing entirely different things. Just like there are different metals doing different things. Well bad example as some metals do do similar things. You just do not know anything about this subject and rather than informing yourself, you take the lazy way out and disregard it as shite. I do get why, but what you said is simply wrong.
Sorry. I may be mincing words, like "tradable" and "liquid", but here's my take. I think the primary lesson here is there is, at any one time, only a fixed stock of goods and services, all in a whole at a fixed value. When the government consumes it, you have less of it to consume and your tradable and liquid commodities, such as your dollars, are worth less. When the government leaves it for you, you have more of it to consume and you get more value for your tradable and liquid commodities. Another lesson is that when the whole pool of tradable and liquid commodities grows and the whole value of goods and services produced does not grow, the prices increase to account for the growth in liquidity as well as the drop in the value of goods and services. Also, when the pool of tradable and liquid commodities shrinks and the whole value of goods and services grows, the prices decrease to account for the shrinking in liquidity as well as the increase in value of the stock of goods and services. Finally, when the government taxes, it leaves less money for the consumer to purchase goods and services with and intends or plans to use the money for consuming a portion of the stock of goods and services. It could provide a rebate, however, so it's merely intention and not action. Also, when the government spends, it puts the intention of consumption into action and leaves less for consumers.
We must look at inflation/deflation as occurring at the same time. This is because we have two economies--an economy for the very wealthy and an economy for the rest. In the economy of the wealthy where the bailouts and quantitative easing transferred billions to the wealthy, there is inflation in the cost of private jets, yachts, art, and housing in the multi-million bracket. In the economy for the rest, the jobs are more scarce and wages low. In this economy, the prices are still stable or deflating. However, when production of items in the deflating economy slows then there will be inflation. When that production switches to the economy of the wealthy prices there will decline for the wealthy and increase for those in the other economy.
john being in the second economy of working stiffs, I say you are wrong! Inflation is here, healthy, and going no where soon! How do I know? I look at my grocery bills. 10 years ago I walked out of Trader Joe’s with 2 bags of groceries for $25. Yesterday I left with 3/4 of a bag for $60! The organic chicken breast that used to cost me $5 now costs me $9! I, as others do, see the size of the products I buy going down while their price stays the same or increases. Currently, housing is ridiculously expensive. The real estate I bought in 2014 is now worth 33% more.
I agree with you what "REAL" money is Peter. I also agree with you on Inflation. My guestion is on government bullion vs private mint. Render to Caesar what is Caesar's. If Caesar's face or a government politician is on the bullion does it make it Caesar's or the government's to claim? Caesar has no claim on private mint bullion. I want a bullion coin with Peter on the obverse.
Well, we are here."To Pivot or not to Pivot." Im Prepared after watching it all get worse for the last 15 years since im only 39 right now.Coulnd care much about it at 25 when girls were a better investment short term back then. :).I still see them push it one step further .Just to make sure its a hyperinflation,depression with some nuclear bombs as cherries on top.Youy were right about inflation,student debt, etc. Thank You
Blue is way better, plus I really like this new format. Your amazing Peter, radical, shit I hope I have enough time to buy some gold and more silver. I wanna by the dimes, in gold and dimes, quarters and oz. in silver.
Deflation is a free market concept and reality, which would, at this point in time, help many of the non governmental sectors. In a free functioning market economy with sensible and limited intervention, deflation is required to re-balance a lopsided highly manipulated economy. Cosmic space bubbles in asset prices are a huge symptom of an economy lacking enough deflation.
Entertaining and educational as always Mr. Schiff....Thank you very much for doing these livestreams Peter, much appreciated. (would it be selfish of me to say I wish this fake economy lasts another 30 years?)
Thank you for the definitions. Prices change due to many things, such as supply and demand, having nothing to do with inflation of the money supply. Inflation of the money supply influences the supply of currency. "Inflation" is entirely on the currency side of the transaction. "Price" is determined by the supply and demand of the item being bought and sold. Real money is like a real yardstick, and doesn't change value as much as the item being priced will do. But fake money is as variable -- or more so -- than a real thing being bought and sold. Inflate a balloon or a tire by adding empty space. Fake money is empty space.
Hi Peter, I'm Norwegian. Why the heck should we not be building up our sovereign wealth fund? As opposed to almost every other nation in the world we have actually managed the income from our natural resources well. You say this is wrong, and we should rather adopt its antipode, for instance the american model, and not save anything? Now I know you don't believe in the current american model so what the heck kind of self-contradicting opinion is this? After all we actually have the savings to account for the pensions of our baby boomers.
Dick Trickle, lol, the best name ever in the History of NASCAR Racing!! Imagine the parents state of mind 😮 the day they signed his birth certificate?? It all worked out well I for Dick,lmao, miraculously. Reminds me of a guy who was in my gym class named you guessed it, Mike Hunt !! My God, I recall being suspended for three days from my school. After I walked out across the hall from my gym class & into an empty main office , with the secretary absent & pages him to the office, barely stifling my laughter. I busted out laughing when I walked back to my class,-& looking back , I'm guessing how I gave myself away & got caught , after the fact. It was worth it,never laughed so hard in my life.😂
Peter, the CPI is right but the problem is that it's shows only the current rise of the prices for the current year but doesn't represent the compound effect from the past years. It's working just like the government, giving money today but stealing it from you're back pocket.
I am glad I still held on to the majority of my gold. Gold will definitely be a good defense against inflation. The money we have today is just paper backed up by more printed paper. LOL
Inflation is right,prices of everything have increased in the last few years.You can buy the same product like lets say a candy bar for the same price but its smaller now.
9:48 following. How do defaults lead to a contraction of the money supply? Suppose party A has lent money to party B. Party B buys goods/services from party C with the borrowed money. A year later party B fails to repay party A. The money still resides in party C's, say, checking account. While party A has less money/wealth than thought, the money is still in the system. What am I missing?
Peter, you have to cash your gold with the GoldMoney app and then you can spend the fiat on your GoldMoney card. You cannot just swap ounces to someone.
Hi Peter, for deflation, dont you mean stock market and housing collapse? Isn't that coming? Currently, housing prices already went down in Australia, malaysia, Singapore.
I understand technology (Im a developer) the block chain is just a fancy database, cool bit of tech absolutely not suitable for money lol... Id say most people saying people dont understand the tech dont understand it themselves.
Isn't it possible that the expansion of money supply is causing inflation but at the same time the inflation is just counteracting deflationary pressures?
The money supply can expand and not get into circulation...Money can be created, the Fed buys stocks, stock market is maintained, pensions/401k’s/IRA’s/Annuities are saved. Fed is never audited, nobody ever knows the extent of their involvement.
Peter, if you knew terrible things were about to happen, would you try to profit from it? I'm not trying to judge, I'm trying to figure out what to do...
A market crash will wipe out "paper assets" and most of that is DEBT. Those assets were created out of thin air and will return to the air as people lose everything and default. THAT will be a deflation of the money supply. Depending on how deep that is, those who can weather the crash will buy everything at a "discount". My money is in silver. Crash forces a rush to real money and away from fiat. The gold and silver will soar and the following deflation will create a tremendous opportunity to buy real cheap assets like real estate and sound stocks that will be dirt cheap.
Basically what Shilling says is right deflation is long term period because all of the in the inflation will come down because of expansion of money supply. What Peter S says is inflation because in short term it expands supply so much that prices go up that's what we are having your buying power is not good but if u have deflation prices can go down and u still can't afford it...that's worst because in the depression that's what happen renters can rent for lower price rent at $300 because they own mortgage co $800 (default sets in ) its not enough mortgage company wants its money they take the property to try to get someone else to purchase. It
Inflation and cars You can’t buy a real car in Australia! We stopped making cars and Plastic arrived. Dick or Bart Simpson Lol Keep on keeping it real well done👍🇦🇺
Mr. Schiff! This is a far better platform to communicate with listeners! I know you’re a busy man, but please continue to run live streams as much as possible! It gives your fans a chance to ask unique questions and get your answers in real-time.
Agreed. Even just the fact of adding the video makes it more enjoyable to listen and watch
Wow he's busy and he talks almost for 3 hours imagine if he wasn't it would have been 15 hours.
"There's nothing that's more expensive than something the government provides for free." - P.Schiff
@Tomthebomb 100% correct
There is nothing more expensive then a bank creating more money out of thin air! Your founding fathers.
But who ends up paying that bill, when they print money! Hey.
@Tomthebomb
Government is still heavily involved in American health care the FDA causes drug prices to be insanely expensive to get drugs to market.
The government makes everything they touch more expensive also being from england i have to pay 12% of my wage for "Free healthcare" so the more i earn the more itll cost me which btw i never use because good lord the waiting times to get anything done is unbelievable id rather pay and extra £90 for private healthcare with my company if i needed it
@Tomthebomb
Look up how much money the NHS in england spends on paracetamol they spend £7 a packet when i can get it for 40p over the counter...
Not sure how thats cheaper than private
Quote of the day: "There is no ceiling on gold because there is no floor on the dollar." - Peter Schiff
@@reeeems oh there is def a floor. The dollar well federal reserve note will fall.
There is a floor its 0, so the ceiling on gold is infinity
Man I remember watching Peter Schiff's news appearances on his website back in 2006. This man has taught me sound economics. Now working on building up my wealth trading forex.
Thank you Peter Schiff for educating so many for free! You definitely live up to the ethos & integrity of your late father Irwin.
Blessings to you & yours ❤
How's the trading going?
I'm looking to do this too, but I definitely want to know a bit about every market I can trade as well as Forex like indices, stocks, commodities etc.
I'm a UK citizen but Peter Schiff (and Ray Dalio) are really teaching me a lot about Economics.
How is your trading going?
It's good. Still learning, still growing & adding to my strategy
Two hours with Peter! Priceless
Peter Schiff is a total legend. He is like an Old Testament prophet of economics. May God Bless this wonderful and sincere man.
I've personally been a skeptic but his arguments made so much sense I actually agree with him now. He is on point, dude is seeing into the future.
Everything he says makes sense yet his prediction completely fail. He obviously is missing a big piece of the puzzle.
@@HR-yd5ibWhich of his predictions didn't come true?
@@fishofgold6553 , price inflation? collapse of the housing market (down 50,60,70%), gold 5000, fall of the dollar, bitcoin becoming worthless, ... I think its shorted to list the things he has rightly predicted.
Hi Peter! I am a U.S. Citizen living in Germany. Inflation here in food prices are normally 5 - 10% at a time, and we see that 1 - 3 times per year. We also just had our local deli raise all prices 30% last week. But most people here trust their propagandist Government and the ECB saying there is NO inflation or it is not enough. Thank you for your tireless education for those willing to listen.
It’s now 2022 how is it now ?
@@zavinci Hey Zackery, food goes up 50 - 100% at a time. The gov. says it's only 8%.
@@zigbeed just because all prices are continuously rising and all goods and services are becoming more expensive relative to everyone's wealth and income doesn't ipso facto indicate inflation is occurring. It could be just an odd coincidence happening across the entire Eurozone at the same time and may disappear without consequence if we prudently ignore it long enough. (says a Canuck in Germany)
@@angusmcbagus Exactly! Ignore it and pretend all is well, as they say here.
Loving these live streams, I could listen to Peter all day every day!!
I live in San Francisco and my house was $750,000 6 years ago. Now it's $2.1 million dollars. I would most definitely say that inflation is here, alive and well.
congrats!!
I'd sell it and get out.
@@catsincredulous9998 And hold on to useless fiat currency?!? Not very sound financial advise. I would be better off renting it out and using the money to buy another piece of property.
@@333BellaLee I would never want to live in that dirty city to begin with. I would sell and buy a house elsewhere, particularly more rural but not far from the city, be self-reliant. Not sure why you assume you I think you have to hold fiat. You could easily buy a modest house, seeming that you need luxury, and buy other properties for rental, or whatever asset strikes your fancy.
@@catsincredulous9998 It's not that dirty. It's actually pretty clean. The areas that you see in the news are ghetto areas like The Tenderloin. I love this city and most residents in SF like it here as well as long as you live in a more decent area. I do grow food in my backyard as well such as tomatoes, kale, kabocha, lettuce, swiss chards, apples, lemons, jerusalem artichoke...
This is awesome!!!!! Much much better hearing from you than other investors out there. I like how unique you are and the kind of logic you have, plus the way you illustrate things to its fundamental cores. You are an awesome teacher here! Appreciated :)
This is one of the best things you’ve done Peter! I probably learned more things from these two live streams than a lot of your other podcasts. Thank you for your wisdom!!
A true Patriot, thank you for making this huge investment of your time educating the public in hopes of protecting them.
I learn so much from these live videos! thanks a lot Peter! keep it up!
Keep up the good work Peter. These Livestream are excellent!
"Expecting the government to put out honest statistics on inflation is like expecting the mafia to give out honest statistics about crime", priceless quote
Someone needs to start a "Best of Schiff" series
Ohh but you repeat yourself. 😂😂
Peter Schiff- Entertaining, educational, humorous.... What more could you ask for? As good as Gold!
Your material ages REALLY well. 3 years later and, just like a super slow motion train wreck…. We’re still on track and visibly moments from disaster
Peter schiff is a true patriot.
Peter was understating the economic situation in the US and EU. It won't be Argentina, it will be similar to Venezuela or worse.
M88 S28 no it won’t.
I dont think so just for the fact that they have provisions not to let over seas dollars back in to create the hyperinflation.. they control all the money clearing systems and have provisions for a panic like that, but they cant stop the high amounts of inflation we will get. We are already seeing large amounts of inflation and price increases.
Daniel Purdy # I think you missed M88’s point. I think what he is saying and I agree, that when this thing starts to come unraveled it going to get real ugly.
Great Live Stream Peter Schiff! I always enjoy listening to your entire podcasts while driving in the car; this new format has me sitting at my home desk watching you. WISDOM SPEAKS.
That commercial real estate piece was prophetic. Great job Peter!!!
Agree; keep up your live streams Peter ! Very informative on a wide variety of topics.
You have a great sense of humor for putting up with all the ball busting that comes your way. Thanks for staying the course. You will be vindicated , because ; A is A .
love these live q&a sessions... please continue with them...
First he says house prices are going down because you can't reinflate an already inflated bubble. Then rents go up because of inflation which makes everything go up.
I am getting a lot more confused by this deflation inflation explanation.
You're not supposed to do any thinking when Peter's making his case. But since you're breaking the rules, consider this: if in the upcoming recession real estate in San Jose (that's Silicon Valley) drops down by fifty percent (in dollars) which would you rather buy and own? Prime real estate in Silicon Valley or gold at 1400 oz? (Although Peter is saying gold will be selling for more than that going forward). Consider gold's intrinsic value and that of prime real estate.
@Greg Laxton If gold goes up to $10,000 an oz in the upcoming recession and an average sized house in Silicon Valley goes for $400,000 I think even you would buy the house over the 40 oz of gold. Unless you're insane.
Someone missed the point, yes.
@@LisaMurphy I think he claimed real estate down 90% in terms of gold. But still if you claim hyperinflation, real estate will go up as well. Or does he believe first down and then up? But that is what he described as the deflationist's view. He believes real estate will price like Harry Dent believes gold will price: halve first and to the moon afterwards
@@modelmark I don't believe Peter has ever said he anticipates real estate going to the moon any time soon. He has only said the price of real estate will fall sharply from where it is now. While the price of gold will rise sharply. If you're asking how this makes sense, you're asking a good question. It doesn't.
@@LisaMurphy I would not say you would always exchange 40 oz of gold for a medium sized home. A doormen in a hotel in Germany once got a gold coin as a tip. Later, approaching WWII, he could buy the hotel for the gold coin. I don't know if he did or not, but not by definition a good choice. There is a reason the hotel was so cheap and gold so expensive. Gold allowed you to run away with your wealth. The hotel could be destroyed in the upcoming war. You could even have negative cashflow on the hotel, because of maintenance, no guests, un fire-able minimum wage labor.
In SV 400k seems like a steal now, but what if VC capital dries up and people discover that tech companies burn rate has it's downside?
Holy shit, this was 3 years ago? Feels like last year you did this lol
I can tell every single person on the face of the earth that PETER SCHIFF has educated me more than any one else.
Ditto
"I am actually not wearing pants ... I am wearing a bathing suit" hahahahahahahaha
Excellent job Peter. This format suits you tremendously. One big thumbs up! jw
I own Gold and silver-stocks with 70% of my portfolio. I am up 40 % for the last two years.
sorry today 45 % up, only with 3 Stocks in the Mining-sector
Congratulations. Iam up 43% as of today.
@@rararasputin4960 Congratulations too, thanks
Cashed out up 60% last week in gold miners 🤫
@@I_Died_2_Weeks_Ago I sold only 5 % of my shares in miners at the top. I stay invested with two miners. 60 % of my trading portfolio
Won't sell them. Sold too few. Did not expect that downturn.
You was lucky. I like that.
Like your dad you are a great man; a genius with a common touch. God bless you and thank you for educating a propagandized world. Your dad is smiling I'm sure..
If predicting the gfc was your badge of honor, then I guess I should get an award too, because i was out organizing and warning people about this stuff back in 2003. And I was only 20 at that time
1:50:13 😅👍
Ahh.. this is one of the reasons why we love you Peter, sense of humour.
Thanks for uploading Peter and keep up the good work!
Inflation is a disguised tax
Thank you for helping us little people to understand better with your knowledge , thank you Peter...thus helped me a lot
Thanks a lot Peter.
Do this more often Peter! So much valuable info. Thx for taking the time to answer/explain ✌🏼
Absolutely brilliant video Peter. Good subject. Very timely. Thanks.
When you seek expert advice, seek it from an expert. Peter IS an expert and I believe what he is saying. There is a crash coming and other big thinkers are saying the same thing. US Govt policies are ruinous. Together with the Fed, that's a marriage on the rocks.
Peter I wish you the best of health. We need economic bust voices like you!
1:50:21 Peter Stiff 😎
If you could not print more fiat then it would be sound money. Gold is sound money because you can not print more. Some cryptos are sound money as you can not print more!
It's being copied by thousands of other crypto currencies, so no, its not sound money. It's an inflated market of the same shite as the basket of fiat. Same concept but digitised.
price of bitcoins 20k - 3k - 12k - 9k yeah thats sound af m8
@@Farmynator No , as I said. "Some cryptos are sound money, as you can not print more!" That is not inflation. There are different crypto's doing entirely different things. Just like there are different metals doing different things. Well bad example as some metals do do similar things. You just do not know anything about this subject and rather than informing yourself, you take the lazy way out and disregard it as shite. I do get why, but what you said is simply wrong.
Sorry. I may be mincing words, like "tradable" and "liquid", but here's my take.
I think the primary lesson here is there is, at any one time, only a fixed stock of goods and services, all in a whole at a fixed value. When the government consumes it, you have less of it to consume and your tradable and liquid commodities, such as your dollars, are worth less. When the government leaves it for you, you have more of it to consume and you get more value for your tradable and liquid commodities.
Another lesson is that when the whole pool of tradable and liquid commodities grows and the whole value of goods and services produced does not grow, the prices increase to account for the growth in liquidity as well as the drop in the value of goods and services. Also, when the pool of tradable and liquid commodities shrinks and the whole value of goods and services grows, the prices decrease to account for the shrinking in liquidity as well as the increase in value of the stock of goods and services.
Finally, when the government taxes, it leaves less money for the consumer to purchase goods and services with and intends or plans to use the money for consuming a portion of the stock of goods and services. It could provide a rebate, however, so it's merely intention and not action. Also, when the government spends, it puts the intention of consumption into action and leaves less for consumers.
We must look at inflation/deflation as occurring at the same time. This is because we have two economies--an economy for the very wealthy and an economy for the rest. In the economy of the wealthy where the bailouts and quantitative easing transferred billions to the wealthy, there is inflation in the cost of private jets, yachts, art, and housing in the multi-million bracket. In the economy for the rest, the jobs are more scarce and wages low. In this economy, the prices are still stable or deflating. However, when production of items in the deflating economy slows then there will be inflation. When that production switches to the economy of the wealthy prices there will decline for the wealthy and increase for those in the other economy.
john being in the second economy of working stiffs, I say you are wrong! Inflation is here, healthy, and going no where soon! How do I know? I look at my grocery bills. 10 years ago I walked out of Trader Joe’s with 2 bags of groceries for $25. Yesterday I left with 3/4 of a bag for $60! The organic chicken breast that used to cost me $5 now costs me $9! I, as others do, see the size of the products I buy going down while their price stays the same or increases. Currently, housing is ridiculously expensive. The real estate I bought in 2014 is now worth 33% more.
Thanks for the candid information.
I agree with you what "REAL" money is Peter. I also agree with you on Inflation. My guestion is on government bullion vs private mint. Render to Caesar what is Caesar's. If Caesar's face or a government politician is on the bullion does it make it Caesar's or the government's to claim? Caesar has no claim on private mint bullion. I want a bullion coin with Peter on the obverse.
Come on Peter Schiff, I love your content but are you really that hard up for Ad revenue money? Every 30 seconds on this video is an ad
You dont get to be rich by leaving money on the table baby.
Enoch [Tribulation Saints] I know I’m just busting balls
I got zero ads weird..
No inflation until money velocity goes up
Well, we are here."To Pivot or not to Pivot." Im Prepared after watching it all get worse for the last 15 years since im only 39 right now.Coulnd care much about it at 25 when girls were a better investment short term back then. :).I still see them push it one step further .Just to make sure its a hyperinflation,depression with some nuclear bombs as cherries on top.Youy were right about inflation,student debt, etc. Thank You
It's awesome and so you to answer a call during live stream.
It's deflation.
Peter. Been some time since I've seen and heard from you. Very good video. Well spoken. !!!
Bottom line, as you said, there will be deflation....against gold.
Blue is way better, plus I really like this new format. Your amazing Peter, radical, shit I hope I have enough time to buy some gold and more silver. I wanna by the dimes, in gold and dimes, quarters and oz. in silver.
just go to your local coin shop 1 dollar silver face is about 15 dollars.
@@potato2941 I use SD bullion, they've been really nice and accurate and honest.
I am a HVAC contractor, I will repair your AC for gold...
I am government and will steal 50% of your price in gold,Better only except rare coins to sell at the dealers
Deflation is a free market concept and reality, which would, at this point in time, help many of the non governmental sectors. In a free functioning market economy with sensible and limited intervention, deflation is required to re-balance a lopsided highly manipulated economy. Cosmic space bubbles in asset prices are a huge symptom of an economy lacking enough deflation.
They will shut down the power one day and there will be a restart! The debt is on an infinite path.
Entertaining and educational as always Mr. Schiff....Thank you very much for doing these livestreams Peter, much appreciated. (would it be selfish of me to say I wish this fake economy lasts another 30 years?)
Thank you for the definitions. Prices change due to many things, such as supply and demand, having nothing to do with inflation of the money supply. Inflation of the money supply influences the supply of currency. "Inflation" is entirely on the currency side of the transaction. "Price" is determined by the supply and demand of the item being bought and sold. Real money is like a real yardstick, and doesn't change value as much as the item being priced will do. But fake money is as variable -- or more so -- than a real thing being bought and sold. Inflate a balloon or a tire by adding empty space. Fake money is empty space.
Thanks so much Peter for sharing your knowledge of the economy. Keep up the great work bro much love
Hi Peter, I'm Norwegian. Why the heck should we not be building up our sovereign wealth fund? As opposed to almost every other nation in the world we have actually managed the income from our natural resources well. You say this is wrong, and we should rather adopt its antipode, for instance the american model, and not save anything? Now I know you don't believe in the current american model so what the heck kind of self-contradicting opinion is this? After all we actually have the savings to account for the pensions of our baby boomers.
Dick Trickle, lol, the best name ever in the History of NASCAR Racing!! Imagine the parents state of mind 😮 the day they signed his birth certificate?? It all worked out well I for Dick,lmao, miraculously. Reminds me of a guy who was in my gym class named you guessed it, Mike Hunt !! My God, I recall being suspended for three days from my school. After I walked out across the hall from my gym class & into an empty main office , with the secretary absent & pages him to the office, barely stifling my laughter. I busted out laughing when I walked back to my class,-& looking back , I'm guessing how I gave myself away & got caught , after the fact. It was worth it,never laughed so hard in my life.😂
Peter, the CPI is right but the problem is that it's shows only the current rise of the prices for the current year but doesn't represent the compound effect from the past years. It's working just like the government, giving money today but stealing it from you're back pocket.
Love what you do I hope to meet you one day thank you and my family thanks you in gold we trust
Nice explanation, clean and simple. Greetings from Argentina !!
Stop eating garbage before hand and take some tums! Every podcast, I can feel the heartburn coming thru the speakers
Big time.
Love from iran 🇮🇷
I am glad I still held on to the majority of my gold. Gold will definitely be a good defense against inflation. The money we have today is just paper backed up by more printed paper. LOL
I love the Schiffs, both Irwin and Peter. Seeing Irwin on Crossfire was a real hoot. He was great. Peter is a chip off the old block.
Inflation is right,prices of everything have increased in the last few years.You can buy the same product like lets say a candy bar for the same price but its smaller now.
Thank you.
I've noticed most economists wont even mention the word "deflation" instead it's "disinflationary" which is not even a legit word.
Disinflationary is just the adjectival form of disinflation -but your point is noted.
Violence or peace? If both what will be the most violent places in the U.S vs. safest places...
I like the fact that this Q&As will replace CNBC for some people
keeps talking about bitcoin. love it
Why 500 ads on this video? Smh
9:48 following.
How do defaults lead to a contraction of the money supply?
Suppose party A has lent money to party B. Party B buys goods/services from party C with the borrowed money. A year later party B fails to repay party A. The money still resides in party C's, say, checking account. While party A has less money/wealth than thought, the money is still in the system.
What am I missing?
Peter, you have to cash your gold with the GoldMoney app and then you can spend the fiat on your GoldMoney card. You cannot just swap ounces to someone.
I'm still stacking gold and silver how much more time do we have before prices go sky high?
People should really check this 2019 video
First deflation then hyperinflation
Hi Peter, for deflation, dont you mean stock market and housing collapse? Isn't that coming? Currently, housing prices already went down in Australia, malaysia, Singapore.
This is exactly why Schiff doesn't get bitcoin. Understanding how teachnology works is paramount.
#JustBuyBitcoin
I understand technology (Im a developer) the block chain is just a fancy database, cool bit of tech absolutely not suitable for money lol...
Id say most people saying people dont understand the tech dont understand it themselves.
Peter I think the simplest way to say this is that the culmination of the "something for nothing" mentality usually ends in inflation.
Peter i love you its so sad that you dont like crypto because you could be the guru of our religion :D
Isn't it possible that the expansion of money supply is causing inflation but at the same time the inflation is just counteracting deflationary pressures?
I'm adopting Peters strategy.
Very valuable, thanks
The money supply can expand and not get into circulation...Money can be created, the Fed buys stocks, stock market is maintained, pensions/401k’s/IRA’s/Annuities are saved. Fed is never audited, nobody ever knows the extent of their involvement.
I love the live videos. But hire a social media expert/video editor. You can make these videos so much more engaging.
A broken clock is right twice a day.
Truthseeking Troll - ........for two seconds!
Peter, if you knew terrible things were about to happen, would you try to profit from it? I'm not trying to judge, I'm trying to figure out what to do...
A market crash will wipe out "paper assets" and most of that is DEBT. Those assets were created out of thin air and will return to the air as people lose everything and default. THAT will be a deflation of the money supply. Depending on how deep that is, those who can weather the crash will buy everything at a "discount". My money is in silver. Crash forces a rush to real money and away from fiat. The gold and silver will soar and the following deflation will create a tremendous opportunity to buy real cheap assets like real estate and sound stocks that will be dirt cheap.
Many thanks for the economics education
Basically what Shilling says is right deflation is long term period because all of the in the inflation will come down because of expansion of money supply. What Peter S says is inflation because in short term it expands supply so much that prices go up that's what we are having your buying power is not good but if u have deflation prices can go down and u still can't afford it...that's worst because in the depression that's what happen renters can rent for lower price rent at $300 because they own mortgage co $800 (default sets in ) its not enough mortgage company wants its money they take the property to try to get someone else to purchase. It
. Wow he exactly predicted this with the current stimulus Congress is trying to pass! And giving it to the people to spend
I agree, it's the high inflation with tariffs, and sanctions, USD took a hit, thus it has less value to the dollar when inflate the money supply
Inflation and cars You can’t buy a real car in Australia! We stopped making cars and Plastic arrived. Dick or Bart Simpson Lol Keep on keeping it real well done👍🇦🇺