The tradition is that when you agree with the speaker you bang your hand down on the table, but when you disagree you hiss. That is where all the hissing is coming from.
Ironically they are the dumbest around. They only know what they memorized from their textbooks. Those idiots will realize Peter is right when they're faced with reality of the business world.
That is not it's purpose. It is the equivalent of disliking a video but slightly more obnoxious. I think it might be a way for people to express their disapproval in a way that is perhaps better than shouting out or chanting during the speech.
It's considered less triggering than applause/boo's. Don't you remember the uproar about feminist clapping? (audience clapping too loudly for things speaker's didn't agree with apparently was triggering certain speakers.) But in all seriousness, apparently this is the system of approval/disapproval this "political union" encourages. Hisses for disagreement, pounding your hand down on the table for agreement. Seems a bit weird to me, but too each their own i guesssss
Poverty Solution: Privatize public education system, cut regulation, abolish the income and payroll tax, enact consumption tax, cut spending, abolish the Federal Reserve, end the drug war & abolish all minimum wage laws.
That wont solve poverty, it will just create a privelaged group who can divorvce themselves of any resposnibilities while the poor suffer and die. This was tried for a thousand years in Europe. Learn from history or be doomed to repeat it's failures.
Actually public education has served me exceptionally well and had the opportunity to share the views with many politicians and business leaders. One of the most practical being Bill Hewlett who had a clear ethos along with Dave Packard for the company to suceed for customers, protit AND look after employees and communities. Read up about them in their book and about the small company they started in a agarage and became a world leader and business trail blazer.
What do you think funded the Greek empire ? The Syrian Empires ? The Roman ? There was always fiscal policy underlying it all ! Crude but present. Then of course we get on to the great banking institutions of the renaissance and do you not study the great Italian houses and the fiduciary controls they exerted ? Am guessing not as you asked the asinine question :(
Peter Schiff your speech was outstanding; organized, clear, and logical. Thank you for all your speeches and podcasts. I've listened to every one of your podcasts ever since you started putting them on the Internet years ago. It is worrisome that so many young people are unable to let go of their flawed preconceived notions of so called fairness such as "make minimum wage a living wage".
I am surprised this is Yale. I thought Yale students were smart and respectful. A lot of students in the crowd actually behave like little 8 year old undisciplined brats. If you don't like what Schiff has to say then shut up or get up and leave. Don't ruin it for everyone with childish hissy-fits and clapping.
Adrian FC82 wait, what? They're apart a that whole "Yale thing". "Yale thing?" "Yeah, Yale thing" "What Yale thing?" See Bateman et al. Hahahaha hissssssss ya bitches
If you feel workers should get better benefits and higher wages, then go start a business and offer these things to your workers. Lead by example and out compete those who pay less, instead of dictating to people who are actually providing jobs. Or start a non-profit that will train, educate and help people stuck in low paying jobs develop new skills so they can get higher paying jobs.
Bill Hewlet and Dave Packard did exactly that. Go read their seven tenets of business. Problem is now many are driven to start a business and then IPO it and live off the vast capital it generated. NOT a viable market method in long term and for greater benefit.
I noticed that a bulk of the hissing comes every time he mentioned that workers sell their labor to the highest bidder. That seems like it would be one of the less controversial more common sense things to dispute
There is no such thing as a livable wage; there is only a wage that someone can afford to pay. You have to tailor your living around your wage, not have government tailor your wage around your living.
AH you are looking at the WORLD, Well that is different. You cant have a system which will work over such a disparate range of society, education and natural resources. We woudl ahve to work together to raise the standards in the other nations. As the League of Nations wished to do.
So just focus onthe USA and do the math please ? Remember that it is NOT "handouts" but it is "leverage" when you provide capital and funding to improve their living standards, their health, their education and their security.
I understand the hiss tradition but didn't it seems like they were just hissing to hiss? He wouldn't even be making an argument, just setting up some ground rules/facts or whatever and they'd still be hissing. I didn't understand that.
Yale needs to stop with the hissing stuff. I can't imagine being able to focus on the content of someone's speech if I'm too busy hissing at every little snippet that I don't like hearing.
Yale students? "Like when someone is out of a job, and like they need money, like they need the government to like give them 17 dollars an hour". Fucking Yale?
“Common sense” is just a lazy buzzword that dumb people use. “Common sense” just means “agreeing with my bad opinions that I couldn’t back up if I tried”
I went to Yale’s homepage and apparently, the cost of studying there is $70 570 per year! The same students are there hissing during a lecture like a bunch of three year olds. Wtf
I have to tip my hat to Peter for sticking it out. I would have just walked out. If they don't want to hear me speak and just hiss, why should I waste either of our time?
It is not about what people deserve or what is fair or what is just; it is about what the market will bear. Blame the consumer for shopping for the lowest price and blame the voter for voting for government to fix their problems.
And who decides what wage McDonald's can bear i wonder... Are you really 100% sure it is always 'the market'? Or is it ever the shareholders and their profit margin?
42:05 In theory it'd be great if everybody had a job that could support a family But in reality that can't happen. This sums it up. Fantasy GOOD! Reality BAD!
Middle class is a byproduct of a market economy without excessive regulation, it isn't manufactured by government redistribution of wealth, minimum wage laws or a politician's tax gimmicks.
Lol. In many European countries, it is. Finland is a good example: a large middle class was created between the end of World War II and the 1980s. It was a period of rising taxation and government expenditure, constant collective bargaining for wages, periodic price controls, massive state intervention in banking and finance, active industrial policy (i.e. "government picking the winners") and the beginning of modern Finnish welfare state.
@@karlmarxthebolshevikrabbi2536 Finland built a middle class through extremely deregulated product markets. Their growth happened DESPITE government intervention in other parts of their economy, not because of it. It was the free market capitalism that was let fully unleashed in the product market to give them growth. Ever since their recession in 1990 and the peak of their welfare state and high taxes, their overall unemployment rate is constantly around 8.4% and over 20% for youths due to they way their society is structured now... The only thing saving them is that they happen to have a large pool of highly skilled workforce
As a Finn, I can tell you that you have it backwards. High unemployment in the 1990s was a product of financial deregulation and "sound money" policies of the late 1980s. Today, the main problem is that since we joined the euro, we have not had an ability to adjust the exchange rate to promote competitiveness of exports. The welfare state policies that were implemented during the Cold War spearheaded the rise of middle class: egalitarian school system provided an access to high-quality education for everyone, public healthcare made sure that all people had equal access to healthcare, unions made sure that productivity increases led to rising wages, progressive taxation redistributed income from the rich to the poor, etc. Also, I'd like to see the source for the claim that Finland had an "extremely deregulated" product market. I have studied Finnish economic history quite a lot, and I have never heard anyone make such a case.
@@karlmarxthebolshevikrabbi2536 economists attribute much growth to reforms in the product market being very free and less regulated, despite having an inflexible job market and heavy tax burden. I can tell you even in the united states we built a strong middle class after world war 2 much stronger than in Finland and we had no social programs but because of more regulation, moving away from the gold standard, rising inflation/devaluing of the dollar faster than wages can rise by the Fed the middle class is shrinking here. And since every other currency depends on the dollar y’all are fucked too
@@florianruhstaller1730 You didn't cite any source for the claim that Finland had "extremely deregulated" product markets so I repeat my request. When it comes to the US after WWII, are you kidding me? The US did have a highly regulated financial system (Glass Steagal act, interest rate ceilings, capital controls, etc.), and the unions were much stronger. In addition, government subsidized education programs, like the GI Bill, provided increased opportunities for people with less wealthy backrounds, and tax progressivity was much higher than it is today. Government did invest heavily in infrastructure (interstate highways for example), and high-tech industries like computers and space programs. These developments contributed made income distribution more even, and strenghtened the middle class.
Paul Lindholm just because they came from a Ivy League school such as yale, they are probably guaranteed a job no matter their degree unfortunately......
Stephen .Shuman while they do have a very easy chance of getting their foot in the door, a degree won't make an ivy league climb our capitalist society any easier. Money flows to those who add value, and it seems like many of these people in the audience don't know that.
I can hear the hissing as clear as a bell, but struggling so much to hear the substantive content. I'd love to hear the contributions and questions from the students, but I literally can't...
Truth Their Economics department doesnt have as many retards. They are also their own category of Economics, entirely empirical in nature. Also it would be U of C as UIC (University of llinois in Chicago) is a different school
I don't believe what I'm hearing. These are Ivy League students? This country has a serious problem. I know too many people in their 20's who have never had any kind of paying job or real work experience. How do you correct such an epic problem. Can't imagine these young people putting in long hours in a factory like I did when I was a teenager. I started working when I was only 7 years old. I helped my father in his printing factory while my mother was hospitalized from a car accident.
Everyone should watch Peter's two interventions, from 00:01:50 to 00:51:45 and from 01:35:30 to 01:48:15 and learn his arguments like the Gospel to wreck any argument in favor of the minimum wage. Concise, eloquent, and comprehensive. Plus witty. Peter's ability to use the English language to evoke his points is some of the best I've heard, to be frank. He ranks right up there with Tony Benn, hardline-leftist Labour MP from the UK...Benn's way of conveying ideas made his Marxist ideas almost appealing even to me, a free-market capitalist! This shows you the tremendous power, utility, and importance of having full command of language. People listen. You can infect thought! Peter Schiff is one of the masters of that.
It is about supply and demand. If you have an easy time filling your employee needs, you offer lower wages, if you have a hard time filling your employee needs, you offer higher wages; because if you do not your competition will and you will be out of business.
FAR too simnplistic. You dont HAVE to "offer lower wages", if you are still profitable you can maintain wages and then that moeny circulates more qidely in the economy and assists others to imrpove their capital and services too.
You're entire statement makes me question if you understand how businesses work. Most if not all businesses have to start off at a point where they offer lower wages then they would at a later time if that business does happen to become prosperous. However if all businesses are forced to pay artificially high wages right from the start that either diminishes their chances of ever reaching a point where they can pay higher wages or create more jobs or it completely kills the ability for people to create more jobs and businesses that would circulate money and improve capital and services better than artificially created "improvements".
They do not "HAVE TO". Please go read "The HP Way" :) You know one "benefit" of higher wages ? It puts more money INTO an economy which then strengthens an economy. If ytou have a company which chosess NOT to and instead puts the money in the hands of the CEO et al then they Put it off shore , put it into money making hedge schemes etc, which do nothign for the actual health of the economy other than make a few headline numbers look good. The nbanking collaspe taught many the folly of tyhat and why you see more US executives looking for better balance and giving away vast sums. One CEO will buy himself a fridge. A 100 employees with dispoable income will upgrade 100 fridges and thus strengthening the manufacture and servicing insutries. I suspect you only look at financial industry when you consider "economy" :( I think some study of gaming theory and how it relates to economies woudl assist here. There is limited WIN oportunties and many win-win.
You cant even spell properly. I know you dont know what youre talking about. You know what? Define a high wage. Give me a number that would be high enough, that would satisfy you.
I CAN spell , however I suffer from an neurological issue in my lower arms and fingers such that the signals dont fire the fingers properly and you will see mistypos. SOrry about that. However , it is widely recognised that intelligent people can read with massive errors in character order :)
Back when I was in college I would have sided with the students refuting Peter's points. But after working in the real world, I now see how naively idealistic I was/they are.
Mr. Schiff first thank you for taking the time to speak on these matters. I do not comment often but I felt compelled to comment after seeing the terrible way you were treated by ones who were obviously a product of institutional education with no real world experience. Thanks again!
I want to smack everyone that's hissing! The moment Peter makes a point that's interesting they start hissing. I thought university was about learning? They are just looking for someone to reinforce the ideas already in their head
WHile those at the top are willing to share equaity. Since Reaganomics the "make as much as I can " has created vast disparity in wage between CEO and eomplyee that is untenable and will be the downfall of "free capitalism". I urge again a little study of the last 500 years of world economies :)
MatraEtAlpine - Blame big government (public education system, excessive regulation, excessive taxation, excessive spending) and Federal Reserve for hoarding off-shore, outsourcing, corporate inversions and the problems of American workers; not innovation, not technology, not immigration, not globalization, not foreign currency manipulation, not foreign subsidies, not journalists, not the media, not the rich, not statues and monuments, not capitalism.
MatraEtAlpine CEO is an employee is payed by shareholders. Don't like how much the CEO is payed? Sell the stock, or buy the majority of the shares and fire the guy. It's that simple.
You are right for a PUBLICLY LISTED company :( Wrong for the millions of other family owned and privatre equity comapnies. Let's see how well has the stock holders complaints over CEO pay had an effect in the last 50 years ? little :( The GOOD CEOs and the good companies do, but they seldom neeed to act as they dont let the inequity to start with. CEO is not "Paid by shreholders", they are paid by the business. Shareholders have little say in larger organisations unless they are the large fund holders and in that case "comaprative salary survery" measn they WANT CEOs pay to be higher so their pay can be higher. A perfect example of a privel;age which is abused and many arent aware of.
Hissing and pounding is a tradition in the Yale Political Union: "Students are encouraged to pound and hiss during speeches to indicate agreement and disagreement" theypu.org/debate-format/
It's extremely difficult to hear anything with the crowd constantly interrupting. This is not the behavior one would expect from Yale attendees, or even a community college for that matter.
I mean the faces of the people sitting on the table, I mean it just shows how condescending they are. They are just laughing at their friends, looking away, yawning. Complete and utter disrespect.
You know Peter, it is a real pleasure listening to you when you're not bashing Bitcoin. You are one of the people who got me into voluntaryism, and Bitcoin, even if that was not your intention.
Peter was of course quite cogent. The rest was painful to listen to. It seems most of these inexperienced & naive Yale students pay better attention to the books written by the authors Marx, Lenin & Engles...
RE: Full service gas pump attendants. Actually, those jobs still exist in Oregon. They are mandated by a law that states motorists cannot pump their own gasoline allegedly due to safety concerns although there is no data to back-up the claim. Due to that stupid law, it now takes much longer to fill a gas tank in Oregon than other states because drivers have to wait for the attendant to come over and fill. Try going to Costco on a Saturday afternoon and observe that half the time the pumps are not pumping gasoline. So despite the stations being forced to hire more people (and charge more for gasoline) the stupid law actually causes everyone to waste more time.
I thought the hissing was some type of pneumatic door opening and closing. Now that I know it was coming from people I think that's extremely tacky and gross. And these people are somehow supposed to be students going to an elite school The bar is really low.
idk, maybe im weird.. but if my schools tradition said we hiss during a debate when we disagree, id think ...no thats gay, im not hissing just because our school does that.
OK, so I will from now on be considered a corporation composed by just one man, and unionizing shall be considered a merger between one-man-corporations, oh you don't like that either!? Damn cynicism!
The problem with productivity relative to wage is I agreed plain to me , until just now when our ceo refuses to negotiate fairly during a huge record year for production, uptime, and personal sacrifice. You cannot buy other companies & justify falling behind COLA, gutting small benefits and imitation tactics. Wage isn’t the problem, corporate welfare is. Fact
This talk is meaningless because the minimum wage is just a natural conclusion for them based on their understanding of economics and history. The talk should've been about agreeing on the facts, that's the problem, not arguing about the conclusions.
It was difficult to follow the subject of this conference because of the hissings and noises of the public which cannot listen quietly and carefully before to react are raising of lot decibels of noisy atmospher. I have another point : why somebody closed to the camera is singing "Maréchal, nous voilà"... at about 1h48min26seconds... It was a song composed for Maréchal Pétain in 1940 when the third Republic give her power in order to be the ruler of the france and to deal with germans and to fighting period of summer 1940. It is not a song of national socialism or dictatorship song... By the way, Pétain was the most republican marshall with a left sensibility issue from the 1st world war...
are these people seriously hissing? how old are these people? unbeliveble! i remember being in 1st grade and having speakers on school and even 7 year old kids back then wouldn't do something that childish. and this is Yale? god help us
Don't worry Peter. If nothing else, you've planted a seed for these kids to think about. You convinced me to adopt a libertarian philosophy for the first time with your Occupy Wall Street counter-protest video. As we know from outstanding evidence, a lot of these guys will inevitably be waiting tables in New Orleans a few years from now.
Maybe labor rates should be on the same daily exchange like oil - a free market. Labor when treated like a commodity causes a price floor. And remember it can all be great if your parents provide capital and contacts to launch you forward.
The tradition is that when you agree with the speaker you bang your hand down on the table, but when you disagree you hiss. That is where all the hissing is coming from.
that's some fucked up tradition
Ow. I assumed it was the other way round. Lol. Everything they were hissing at I thought where obvious truths.
What the hell is that tradition? It's so annoying and disrespectful.
How stupid are people in college these days?
I hear helicopters coming...
Ironically they are the dumbest around. They only know what they memorized from their textbooks. Those idiots will realize Peter is right when they're faced with reality of the business world.
Peter was dropping Red Pills this entire talk. Well done. Wish the sound quality was better but awesome presentation
They hissed when he said employers need to benefit off their business. 😂🤣🤣. I can't believe this crowd.
15:00 "if you stop hissing long enough you might learn something" kill em Peter !!
I noticed the hissing early on, I just thought ppl were opening soda cans 😂 cos there were so many
Hissing is not an argument
Brandon Willis and the funny thing about facts is they are still true even if you disagree with them.
That is not it's purpose. It is the equivalent of disliking a video but slightly more obnoxious. I think it might be a way for people to express their disapproval in a way that is perhaps better than shouting out or chanting during the speech.
It's considered less triggering than applause/boo's.
Don't you remember the uproar about feminist clapping? (audience clapping too loudly for things speaker's didn't agree with apparently was triggering certain speakers.)
But in all seriousness, apparently this is the system of approval/disapproval this "political union" encourages. Hisses for disagreement, pounding your hand down on the table for agreement. Seems a bit weird to me, but too each their own i guesssss
J Y lol I understand the reference!
Facts don't care about your hissing
Poverty Solution: Privatize public education system, cut regulation, abolish the income and payroll tax, enact consumption tax, cut spending, abolish the Federal Reserve, end the drug war & abolish all minimum wage laws.
That wont solve poverty, it will just create a privelaged group who can divorvce themselves of any resposnibilities while the poor suffer and die. This was tried for a thousand years in Europe. Learn from history or be doomed to repeat it's failures.
MatraEtAlpine - Public education has failed you.
Actually public education has served me exceptionally well and had the opportunity to share the views with many politicians and business leaders. One of the most practical being Bill Hewlett who had a clear ethos along with Dave Packard for the company to suceed for customers, protit AND look after employees and communities. Read up about them in their book and about the small company they started in a agarage and became a world leader and business trail blazer.
MatraEtAlpine
They had central banking in Europe for a thousand years?
What do you think funded the Greek empire ? The Syrian Empires ? The Roman ? There was always fiscal policy underlying it all ! Crude but present. Then of course we get on to the great banking institutions of the renaissance and do you not study the great Italian houses and the fiduciary controls they exerted ? Am guessing not as you asked the asinine question :(
Peter Schiff your speech was outstanding; organized, clear, and logical. Thank you for all your speeches and podcasts. I've listened to every one of your podcasts ever since you started putting them on the Internet years ago.
It is worrisome that so many young people are unable to let go of their flawed preconceived notions of so called fairness such as "make minimum wage a living wage".
The hissing noise is yale demons hissing at Peter
They'll relate to his speech once they get outta there and kind find a decent job, but are 80K in debt. The reality will slap them in the face.
@KyleF You don't know how LITERALLY accurate you are gentleman...
Kyle F No violent protests but at least he can say he got hissed at by demons
I am surprised this is Yale. I thought Yale students were smart and respectful. A lot of students in the crowd actually behave like little 8 year old undisciplined brats. If you don't like what Schiff has to say then shut up or get up and leave. Don't ruin it for everyone with childish hissy-fits and clapping.
Adrian FC82 wait, what? They're apart a that whole "Yale thing". "Yale thing?" "Yeah, Yale thing" "What Yale thing?" See Bateman et al. Hahahaha hissssssss ya bitches
If you feel workers should get better benefits and higher wages, then go start a business and offer these things to your workers. Lead by example and out compete those who pay less, instead of dictating to people who are actually providing jobs. Or start a non-profit that will train, educate and help people stuck in low paying jobs develop new skills so they can get higher paying jobs.
Bill Hewlet and Dave Packard did exactly that. Go read their seven tenets of business.
Problem is now many are driven to start a business and then IPO it and live off the vast capital it generated. NOT a viable market method in long term and for greater benefit.
I noticed that a bulk of the hissing comes every time he mentioned that workers sell their labor to the highest bidder. That seems like it would be one of the less controversial more common sense things to dispute
There is no such thing as a livable wage; there is only a wage that someone can afford to pay. You have to tailor your living around your wage, not have government tailor your wage around your living.
Apply that logic to taxation and the upper 10% in any nation can EASILY "afford to pay" for the provision of a better society.
MatraEtAlpine - Wrong. They don't have enough money for the rest of us 7 billion.
AH you are looking at the WORLD, Well that is different. You cant have a system which will work over such a disparate range of society, education and natural resources. We woudl ahve to work together to raise the standards in the other nations. As the League of Nations wished to do.
So just focus onthe USA and do the math please ?
Remember that it is NOT "handouts" but it is "leverage" when you provide capital and funding to improve their living standards, their health, their education and their security.
MatraEtAlpine - Nothing has done more to lift humanity out of poverty than the market economy.
fee.org/articles/capitalism-is-good-for-the-poor/
I understand the hiss tradition but didn't it seems like they were just hissing to hiss? He wouldn't even be making an argument, just setting up some ground rules/facts or whatever and they'd still be hissing. I didn't understand that.
"Where'd you get $17?" That one always gets them 😂😂
Harrison Angus - "how about $17.50?" Lol...
They are actually hissing now? What a bunch of animals. What hope can we have for the future when this is the product of our top universities?
Yale needs to stop with the hissing stuff. I can't imagine being able to focus on the content of someone's speech if I'm too busy hissing at every little snippet that I don't like hearing.
Yale students? "Like when someone is out of a job, and like they need money, like they need the government to like give them 17 dollars an hour". Fucking Yale?
TheDoltonboy this is gold
people criticize form when they can’t engage content
Peter, you need to run for president. Libertarianism = common sense.
Common sense doesn't exist in a positive sense.
“Common sense” is just a lazy buzzword that dumb people use. “Common sense” just means “agreeing with my bad opinions that I couldn’t back up if I tried”
@@bryndenrivers9001 seems you don't have any common sense ya?
The hissers have no intent of learning.
I went to Yale’s homepage and apparently, the cost of studying there is $70 570 per year! The same students are there hissing during a lecture like a bunch of three year olds. Wtf
Why the hell do people hiss? Are they snakes or something. Can't people just sit and listen to a lecture these days?
Are these modern Yale students haha
I have to tip my hat to Peter for sticking it out. I would have just walked out. If they don't want to hear me speak and just hiss, why should I waste either of our time?
It is not about what people deserve or what is fair or what is just; it is about what the market will bear. Blame the consumer for shopping for the lowest price and blame the voter for voting for government to fix their problems.
And who decides what wage McDonald's can bear i wonder...
Are you really 100% sure it is always 'the market'? Or is it ever the shareholders and their profit margin?
@@michaelbrent6099 LOL learn more, post less
42:05 In theory it'd be great if everybody had a job that could support a family
But in reality that can't happen.
This sums it up. Fantasy GOOD! Reality BAD!
For god sake... is there a hissing filter you can put on the mic.
An SJW filter would be a great invention.
Yes, mic the speaker. Also eliminates echo and annoying people talking the whole time in the audience.
Middle class is a byproduct of a market economy without excessive regulation, it isn't manufactured by government redistribution of wealth, minimum wage laws or a politician's tax gimmicks.
Lol. In many European countries, it is. Finland is a good example: a large middle class was created between the end of World War II and the 1980s. It was a period of rising taxation and government expenditure, constant collective bargaining for wages, periodic price controls, massive state intervention in banking and finance, active industrial policy (i.e. "government picking the winners") and the beginning of modern Finnish welfare state.
@@karlmarxthebolshevikrabbi2536 Finland built a middle class through extremely deregulated product markets. Their growth happened DESPITE government intervention in other parts of their economy, not because of it. It was the free market capitalism that was let fully unleashed in the product market to give them growth. Ever since their recession in 1990 and the peak of their welfare state and high taxes, their overall unemployment rate is constantly around 8.4% and over 20% for youths due to they way their society is structured now... The only thing saving them is that they happen to have a large pool of highly skilled workforce
As a Finn, I can tell you that you have it backwards. High unemployment in the 1990s was a product of financial deregulation and "sound money" policies of the late 1980s. Today, the main problem is that since we joined the euro, we have not had an ability to adjust the exchange rate to promote competitiveness of exports.
The welfare state policies that were implemented during the Cold War spearheaded the rise of middle class: egalitarian school system provided an access to high-quality education for everyone, public healthcare made sure that all people had equal access to healthcare, unions made sure that productivity increases led to rising wages, progressive taxation redistributed income from the rich to the poor, etc.
Also, I'd like to see the source for the claim that Finland had an "extremely deregulated" product market. I have studied Finnish economic history quite a lot, and I have never heard anyone make such a case.
@@karlmarxthebolshevikrabbi2536 economists attribute much growth to reforms in the product market being very free and less regulated, despite having an inflexible job market and heavy tax burden. I can tell you even in the united states we built a strong middle class after world war 2 much stronger than in Finland and we had no social programs but because of more regulation, moving away from the gold standard, rising inflation/devaluing of the dollar faster than wages can rise by the Fed the middle class is shrinking here. And since every other currency depends on the dollar y’all are fucked too
@@florianruhstaller1730 You didn't cite any source for the claim that Finland had "extremely deregulated" product markets so I repeat my request.
When it comes to the US after WWII, are you kidding me? The US did have a highly regulated financial system (Glass Steagal act, interest rate ceilings, capital controls, etc.), and the unions were much stronger. In addition, government subsidized education programs, like the GI Bill, provided increased opportunities for people with less wealthy backrounds, and tax progressivity was much higher than it is today. Government did invest heavily in infrastructure (interstate highways for example), and high-tech industries like computers and space programs. These developments contributed made income distribution more even, and strenghtened the middle class.
The hissing Demons make my blood boil. I wonder if they will get a good career with their liberal arts degree.
Paul Lindholm just because they came from a Ivy League school such as yale, they are probably guaranteed a job no matter their degree unfortunately......
Stephen .Shuman while they do have a very easy chance of getting their foot in the door, a degree won't make an ivy league climb our capitalist society any easier. Money flows to those who add value, and it seems like many of these people in the audience don't know that.
I can hear the hissing as clear as a bell, but struggling so much to hear the substantive content. I'd love to hear the contributions and questions from the students, but I literally can't...
Yale is gone. Maybe we can still salvage the University of Chicago?
Truth Their Economics department doesnt have as many retards. They are also their own category of Economics, entirely empirical in nature. Also it would be U of C as UIC (University of llinois in Chicago) is a different school
Is this Yale High School?
11:03 "Most people would prefer to have someone else pump their gas." "hisssss?" Like, the hiss even sounded like it was questioning itself lol.
Peter Schiff is definitely one of my favorites
I don't believe what I'm hearing. These are Ivy League students? This country has a serious problem. I know too many people in their 20's who have never had any kind of paying job or real work experience. How do you correct such an epic problem. Can't imagine these young people putting in long hours in a factory like I did when I was a teenager. I started working when I was only 7 years old. I helped my father in his printing factory while my mother was hospitalized from a car accident.
Yep I'm with ya.
Racking prints coming off a printing press so the ink could dry.
What's wrong with that. No big deal to start working early in life. You learn from it.
Everyone should watch Peter's two interventions, from 00:01:50 to 00:51:45 and from 01:35:30 to 01:48:15 and learn his arguments like the Gospel to wreck any argument in favor of the minimum wage. Concise, eloquent, and comprehensive. Plus witty.
Peter's ability to use the English language to evoke his points is some of the best I've heard, to be frank. He ranks right up there with Tony Benn, hardline-leftist Labour MP from the UK...Benn's way of conveying ideas made his Marxist ideas almost appealing even to me, a free-market capitalist! This shows you the tremendous power, utility, and importance of having full command of language. People listen. You can infect thought! Peter Schiff is one of the masters of that.
It is about supply and demand. If you have an easy time filling your employee needs, you offer lower wages, if you have a hard time filling your employee needs, you offer higher wages; because if you do not your competition will and you will be out of business.
FAR too simnplistic. You dont HAVE to "offer lower wages", if you are still profitable you can maintain wages and then that moeny circulates more qidely in the economy and assists others to imrpove their capital and services too.
You're entire statement makes me question if you understand how businesses work. Most if not all businesses have to start off at a point where they offer lower wages then they would at a later time if that business does happen to become prosperous. However if all businesses are forced to pay artificially high wages right from the start that either diminishes their chances of ever reaching a point where they can pay higher wages or create more jobs or it completely kills the ability for people to create more jobs and businesses that would circulate money and improve capital and services better than artificially created "improvements".
They do not "HAVE TO". Please go read "The HP Way" :)
You know one "benefit" of higher wages ? It puts more money INTO an economy which then strengthens an economy. If ytou have a company which chosess NOT to and instead puts the money in the hands of the CEO et al then they Put it off shore , put it into money making hedge schemes etc, which do nothign for the actual health of the economy other than make a few headline numbers look good. The nbanking collaspe taught many the folly of tyhat and why you see more US executives looking for better balance and giving away vast sums.
One CEO will buy himself a fridge. A 100 employees with dispoable income will upgrade 100 fridges and thus strengthening the manufacture and servicing insutries. I suspect you only look at financial industry when you consider "economy" :(
I think some study of gaming theory and how it relates to economies woudl assist here. There is limited WIN oportunties and many win-win.
You cant even spell properly. I know you dont know what youre talking about. You know what? Define a high wage. Give me a number that would be high enough, that would satisfy you.
I CAN spell , however I suffer from an neurological issue in my lower arms and fingers such that the signals dont fire the fingers properly and you will see mistypos.
SOrry about that. However , it is widely recognised that intelligent people can read with massive errors in character order :)
The purple haired girl TEXTING on stage the whole debate.....
What's this hissing noise?
They're literally throwing a hissy-fit.
Jordan Eley Best comment!
John Smith well said my friend!
liberals
Amazing speech Peter Schiff!
I love how the liberals got so mad.
Markets vs Centralized State Control. Freedom vs Socialism. Economics vs Unicorns. Principles vs Entitlement Mentality.
Back when I was in college I would have sided with the students refuting Peter's points. But after working in the real world, I now see how naively idealistic I was/they are.
Too true
Mr. Schiff first thank you for taking the time to speak on these matters. I do not comment often but I felt compelled to comment after seeing the terrible way you were treated by ones who were obviously a product of institutional education with no real world experience. Thanks again!
Peter, sound is of lower quality. Can't clearly hear your points ...:(
Girl with the half purple hair sums it all up.
I want to smack everyone that's hissing! The moment Peter makes a point that's interesting they start hissing. I thought university was about learning? They are just looking for someone to reinforce the ideas already in their head
coming back more than two years later to enjoy Peter's wonderful arguments
My respect for this college plummeted.
Peter is trying to teach Slytherin House about basic economics.
You gave a great speech Peter.
I can't hear a word the second speaker says over all the banging and inaudible mic.
oh god as soon as I heard the Somalia argument I had to stop watching
Ideas, capital and the willingness to take risks create jobs that benefit those who do not have any of these.
WHile those at the top are willing to share equaity. Since Reaganomics the "make as much as I can " has created vast disparity in wage between CEO and eomplyee that is untenable and will be the downfall of "free capitalism". I urge again a little study of the last 500 years of world economies :)
MatraEtAlpine - Blame big government (public education system, excessive regulation, excessive taxation, excessive spending) and Federal Reserve for hoarding off-shore, outsourcing, corporate inversions and the problems of American workers; not innovation, not technology, not immigration, not globalization, not foreign currency manipulation, not foreign subsidies, not journalists, not the media, not the rich, not statues and monuments, not capitalism.
MatraEtAlpine CEO is an employee is payed by shareholders. Don't like how much the CEO is payed? Sell the stock, or buy the majority of the shares and fire the guy. It's that simple.
You are right for a PUBLICLY LISTED company :( Wrong for the millions of other family owned and privatre equity comapnies. Let's see how well has the stock holders complaints over CEO pay had an effect in the last 50 years ? little :( The GOOD CEOs and the good companies do, but they seldom neeed to act as they dont let the inequity to start with.
CEO is not "Paid by shreholders", they are paid by the business. Shareholders have little say in larger organisations unless they are the large fund holders and in that case "comaprative salary survery" measn they WANT CEOs pay to be higher so their pay can be higher. A perfect example of a privel;age which is abused and many arent aware of.
Hissing and pounding is a tradition in the Yale Political Union:
"Students are encouraged to pound and hiss during speeches to indicate agreement and disagreement"
theypu.org/debate-format/
It's extremely difficult to hear anything with the crowd constantly interrupting. This is not the behavior one would expect from Yale attendees, or even a community college for that matter.
The government has the moral obligation to stop existing. Best point of the day period!. . who is the guy that comes at 1:01:00 ?
Someone has so eager to start clapping in the introduction! Lol!
I mean the faces of the people sitting on the table, I mean it just shows how condescending they are. They are just laughing at their friends, looking away, yawning. Complete and utter disrespect.
You know Peter, it is a real pleasure listening to you when you're not bashing Bitcoin. You are one of the people who got me into voluntaryism, and Bitcoin, even if that was not your intention.
Would've been great if one of Yale's professors were confident enough to come and debate Schiff on this topic!
I'm not even that old, but I remember in my hometown full service gas stations. This would of been late 89 to early 90s.
Peter was of course quite cogent. The rest was painful to listen to. It seems most of these inexperienced & naive Yale students pay better attention to the books written by the authors Marx, Lenin & Engles...
ahhhh the naive idealism of youth
income tax is a big issue that needs to be discussed. removing the minimum wage means nothing without addressing the income tax.
AKA Jesuit Skull and Bones University
Peter nailed it
Who won?
RE: Full service gas pump attendants. Actually, those jobs still exist in Oregon. They are mandated by a law that states motorists cannot pump their own gasoline allegedly due to safety concerns although there is no data to back-up the claim. Due to that stupid law, it now takes much longer to fill a gas tank in Oregon than other states because drivers have to wait for the attendant to come over and fill. Try going to Costco on a Saturday afternoon and observe that half the time the pumps are not pumping gasoline. So despite the stations being forced to hire more people (and charge more for gasoline) the stupid law actually causes everyone to waste more time.
Why would anyone disagree about the fact that there are many jobs that are not meant to support a family? This is just basic common sense.
I wish the audio quality was better
The debate deserved a better audio...
Peter made a lot of good points but it was hard to hear him with all the hissing snakes in the audience.
You did a good job at educating them. Those who didn't get it are too dumb.
I thought the hissing was some type of pneumatic door opening and closing. Now that I know it was coming from people I think that's extremely tacky and gross. And these people are somehow supposed to be students going to an elite school The bar is really low.
idk, maybe im weird.. but if my schools tradition said we hiss during a debate when we disagree, id think ...no thats gay, im not hissing just because our school does that.
why is the quality of the video so bad. an event like this deserve professional quality video and sound
OK, so I will from now on be considered a corporation composed by just one man, and unionizing shall be considered a merger between one-man-corporations, oh you don't like that either!? Damn cynicism!
The problem with productivity relative to wage is I agreed plain to me , until just now when our ceo refuses to negotiate fairly during a huge record year for production, uptime, and personal sacrifice. You cannot buy other companies & justify falling behind COLA, gutting small benefits and imitation tactics. Wage isn’t the problem, corporate welfare is. Fact
min wage in 1964 was $1.25 an hour or 5 silver quarters...intrinsic value of those 5 silver quarters is over $15.00 today
Anyone listened all way through?
Someone hissed when Peter said that "everybody owns themself"...
Peter that was a phenomenal finishing speech. I'm amazed you got no changed minds... Very close minded kids.
LOL these kids... You're just spelling it out for them, but it's just not sinking in. It's quite remarkable really.
This talk is meaningless because the minimum wage is just a natural conclusion for them based on their understanding of economics and history. The talk should've been about agreeing on the facts, that's the problem, not arguing about the conclusions.
Parents aren't you glad you spent all those extra hours at work to send your kids there.
You would think that Yale could afford proper audio equipment. What the hell are people saying?
Schiff ur so awesome.
I wish Peter would run for President.
Peter is the only one on this panel not staring at his phone the whole time....
First time Peter has addressed a room full of geese.
JULIAN- get yo bitchassup!!! LOL
I could barely hear the people in favour of the minimum wage ffs
i believe that the fact that they are following this hissing tradition to the letter says something about their intellectual capacity
I just don't like hissing. It's better than the noises people make without hissing but still kind of crap haha
If you block people from being losers they don't have a chance of being winners,,,,,this debate is logic vs emotion
It was difficult to follow the subject of this conference because of the hissings and noises of the public which cannot listen quietly and carefully before to react are raising of lot decibels of noisy atmospher.
I have another point : why somebody closed to the camera is singing "Maréchal, nous voilà"... at about 1h48min26seconds... It was a song composed for Maréchal Pétain in 1940 when the third Republic give her power in order to be the ruler of the france and to deal with germans and to fighting period of summer 1940. It is not a song of national socialism or dictatorship song... By the way, Pétain was the most republican marshall with a left sensibility issue from the 1st world war...
They behave like 14 year old teenagers, incredible. And this is Yale level? Put USA
are these people seriously hissing? how old are these people? unbeliveble! i remember being in 1st grade and having speakers on school and even 7 year old kids back then wouldn't do something that childish. and this is Yale? god help us
Don't worry Peter. If nothing else, you've planted a seed for these kids to think about. You convinced me to adopt a libertarian philosophy for the first time with your Occupy Wall Street counter-protest video.
As we know from outstanding evidence, a lot of these guys will inevitably be waiting tables in New Orleans a few years from now.
I'm shocked there wasn't any social justice crazies busting in making a ruckus.
Maybe labor rates should be on the same daily exchange like oil - a free market. Labor when treated like a commodity causes a price floor. And remember it can all be great if your parents provide capital and contacts to launch you forward.