 |
 |
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
|
|||
 |
|||
|
|||
 |
|||
|
Schiff: Government Interference Only Makes The Problem Worse
- Text size
Paul Joseph Watson
Prison Planet.com
Tuesday, December 30, 2008
Investor Peter Schiff again went to battle with a raft of establishment talking heads on CNBC yesterday who attempted to propagandize for the bailout by pushing the idea that it was necessary and inevitable.
Schiff pointed out that the word “stimulus” was a misnomer because the government has proven itself incapable of stimulating the economy and has only sought to “interfere with the free market’s ability to create legitimate wealth,” a process that would lead to more inflation and more destruction.
When challenged with the notion that stimulus programs ended the Great Depression in the 1930’s, Schiff pointed out that had the market been allowed to run its natural course absent the interference of government or the Federal Reserve, then there never would have been a Great Depression, adding that capitalism had the cure for the disease with which the government has infected the market.
- A d v e r t i s e m e n t
While others on the panel attempted to argue for accepting the “inevitability” of more financial regulation, Schiff urged that such measures be resisted. The other establishment talking heads bizarrely promoted the idea of accepting government mandated measures despite the fact that they have proven to make the problem worse in the past and have done nothing to stimulate the economy over the second half of 2008. This is akin to being in a car hurtling towards a brick wall and not slamming on the breaks but preparing for the “inevitability” of crashing through it.
“The problem was in the 1920’s, the Federal Reserve blew up a stock market bubble, when it burst we needed to have a severe recession but Hoover wouldn’t let that happen, he tried to intervene, he tried to prop up companies, he tried to keep companies from failing, he was the most interventionist president up until that point – he started the Great Depression,” said Schiff, adding that Roosevelt then compounded the problem through the rest of the 30’s.
Schiff predicted that the ultimate bottom for the Dow would mean it was worth just one ounce of gold and that it would hit a low of value between five and seven ounces of gold next year.
“It’s gonna be a huge decline in the price of stocks and a huge rise in the price of gold as well,” said Schiff, adding that the creep away from the dollar would soon turn into a “stampede”.
Watch the clips.
-
- Social bookmarks
- Email this article
-
- Print this page
- Share on Twitter
December 30th, 2008 at 10:49 am
Peter Schiff for Treasury Secretary.
December 30th, 2008 at 11:28 am
He’s only talking Economics 101…
December 30th, 2008 at 11:47 am
the ron paul cabinet is forming
who for defense?
against the zealous
December 30th, 2008 at 11:58 am
Peter’s new book called The Little Book of Bull Moves in Bear Markets is excellent. The CNBC crew could not argue with what he is saying. The last person said he agreed with Peter in that we are going to have INFLATION.
December 30th, 2008 at 12:31 pm
When challenged with the notion that stimulus programs ended the Great Depression in the 1930’s,…
…Schiff should have pointed out that the Great Depression DIDN’T end in the 1930’s. Unemployment was still over 14% in 1940. The only thing that DID end was bank runs, but that was because all the insolvent banks closed and the FDIC had been created. What Congress is proposing is nothing along those lines.
December 30th, 2008 at 12:46 pm
The real cause of the present problem is government borrowing and the passage of the Gramm-Leach-Bliley Act of 1999, replacing the Glass-Steagal Act of 1933.
The government does not seem to acknowledge that for every dollar it gives away, it must also borrow a dollar, and the net effect on the credit marker is either zero or worse than zero, since the banks and insurance companies receiving the bailout money will do their best not to reloan it out, or the will take the money and buy treasury bonds if they can.
The Gramm-Leach-Bliley Act needs to be repealed, and the credit market must be re-decentralized by forced divestiture, otherwise things are going to get much worse.
December 30th, 2008 at 1:12 pm
Wow – Super Nerd there made himself the next Art Laffer. “Let me finish!” (being a dumbass).
December 30th, 2008 at 1:48 pm
Schiff owns the CNBC assclowns.
December 30th, 2008 at 1:52 pm
Right on! AJ Clemens nailed it! And, does anyone remember the pompous media blitz when the Gram-Leitch-Bliley act was passed? What a show. Anyone uncautious enough to think the Government is acting as a positive force in society would have thought the Lord Jesus was taking over the regulation of finance. From now to then it has been wide-open and consciously planned looting of the entire monetary structure of the economy.
Until Government is a positive force in society and until society is more important than government in setting policy, this will continue to happen. Say, 20 years from now, it can and will start all over again with another crash 15 or 20 years after that. No, dear friends, Romans 13: is pretty clear “render to Ceasar” but let him keep his orgies in his own villa, we have children to raise and it would be nice to put one’s feet up after 40-50 years of hard work.
December 30th, 2008 at 2:04 pm
@ Josh B.
Hear, hear. If only we voted directly for that position…
December 30th, 2008 at 2:14 pm
since we’re all talking about ron paul’s cabinet i’m gonna go ahead and throw my name in there for ‘Secretary of Cleansing’
December 30th, 2008 at 2:42 pm
What, specifically, in Gramm-Leach-Bliley had anything to do with the meltdown? Certainly not discarding the old Glass-Steagall Chinese wall between commercial banking and investment banking; the institutions that have blown up most spectacularly are those that were still operating under the old Glass-Steagall system (i.e. Lehman, Merrill, Bear). The institutions that took advantage of GLB — Citi, BoA, JPM, etc. — are still standing.
Nothing in G/S would have prevented WaMu and a gazillion other banks from making stupid loans. Nothing in G/S restricted mortgage securitization, credit-default swaps, pay-option ARMs, stated-income loans, and all the other bombs that are going off. It’s not so much that the government “deregulated” the old financial landscape; it’s that the government failed to understand and regulate the *new* financial landscape that G/S didn’t regulate in the first place.
December 30th, 2008 at 2:57 pm
The only thing that needs to happen to make an economy work is NOTHING. Nothing at all, it will take care of itself.
After we get through this martial law thing we’re going to have to revisit this idea of limited government chained through indirect taxation and no central bank.
December 30th, 2008 at 3:09 pm
Without JESUS CHRIST as the center and the rock of your life you will be totally overwhelmed and crushed BY WHAT IS COMING !!! Its your choice but your knee is going to bow one way or another. I suggest you be proactive in your choice. God sent his Son to be slaughtered for your sorry ass you had better humble-up and accept the gift or you WILL be humbled in the most painful ways you can imagine…—————————————————————–John3:36
December 30th, 2008 at 3:24 pm
War is over if you want it.
December 30th, 2008 at 3:44 pm
#14:
http://www.falsebeliefs.com
http://www.expansions.com
December 30th, 2008 at 4:01 pm
WHAT??? Can some one explain this statement?
“Schiff predicted that the ultimate bottom for the Dow would mean it was worth just one ounce of gold and that it would hit a low of value between five and seven ounces of gold next year.”
December 30th, 2008 at 4:30 pm
To you bible thumpers who persist in posting your garbage, The bible is full of lies and easy to prove. Below are some of examples of outright lies in the bible, and no one has ever been able to act on these verses: It’s all just talk!
Outright lies in the bible
A. Matt 7:7-8 and Luke 11:9-10 KJV
7 Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you:
8 For every one that asketh receiveth; and he that seeketh findeth; and to him that knocketh it shall be opened.
Matt 18:19
19 Again I say unto you, That if two of you shall agree on earth as touching any thing that they shall ask, it shall be done for them of my Father which is in heaven.
John 14:12-14 KJV
12 Verily, verily, I say unto you, He that believeth on me, the works that I do shall he do also; and greater works than these shall he do; because I go unto my Father. ( a grand daddy of lies)
13 And whatsoever ye shall ask in my name, that will I do, that the Father may be glorified in the Son.
14 If ye shall ask any thing in my name, I will do it.
1 Cor 14:33 KJV
33 For God is not the author of confusion, but of peace, as in all churches of the saints.
What a joke the last verse is! There is nothing but confusion in the churches.
December 30th, 2008 at 5:05 pm
to ex-believer
dow:gold——->>>> 1:1
right now the dow is at 8668
gold is at 873
what peter is referring to is that one day we can see dow:gold at 1:1 ratio
as an example…..gold 5000 and dow 5000
this is possible….it has happened once before
December 30th, 2008 at 5:14 pm
SHIFF SAID IN 20O7THE DOW WOULD 2 8000 POINTS HE WAS LAUGHED AT WHO IS LAUGHING NOW SCHIF HAS BEEN RIGHT ALL ALONG GET SOME GOLD SHIT
December 30th, 2008 at 5:16 pm
HE BELIEVES THE DOW WILL GO LOWER THAN 7 OUNCES OF GOLD IN 2010 IE 1 OUNCE OF GOLD NEXT YEAR 7 OUNCES EX THERE YOU GO ARE YO ONE OF THOSE GOV SHILL GUYS
December 30th, 2008 at 5:28 pm
http://www.youtube.com/watch?v.....re=channel
December 30th, 2008 at 5:32 pm
#19,I may add the posibility of the dow going down to 1,000.
December 30th, 2008 at 5:34 pm
test.
December 30th, 2008 at 5:56 pm
If you want to stop all of this then put all your efforts into this Pear reviewed Power Point presentation (Science & Math don’t lie) http://www.ae911truth.org/flashmov11.htm
Slam them with true facts and get in thier face like your life depends on it(AND IT DOES)
December 30th, 2008 at 6:01 pm
#17/18: Schiff is drawing a correlation between the value of the DJIA and the price of gold (in US dollars). Watch the charts in the 2nd video clip. On the day of this interview, the DJIA closed at about 8,483 points and spot gold was at about $875/oz. So, the DJIA was LESS THAN 10 times the value of 1 ounce of gold (10 x 875 = 8750, and 8483 < 8750). Ergo, Schiff is saying that the ultimate BOTTOM–or correction–for the DJIA will be when it drops a point level of about 875 (or the dollar value of 1 ounce of gold), using that day’s chart numbers.
Now that I’ve explained Schiff’s logic, you can proceed with your “easy to prove” refutation of the Bible–because your previous litany of random Bible verses has proved nothing.
December 30th, 2008 at 6:47 pm
All one needs to do to understand what these shills are doing is to read the book “Shock Doctrine”, by Natalie Klein. What has been practiced on smaller regional economies for the last 40 years is now being attempted globally. It will fail miserably. Charley Reese recently wrote an article about how in Washington there are only 545 persons in power who are making decisions for we millions of Americans. I could probably bring that much rope to D.C. in my pickup truck, with plenty left over for a parade on Wall Street. Anyone want to subcontract for constructing the gallows?
December 30th, 2008 at 7:46 pm
GODS JUDGMENT is now being implemented and will soon intensify on The United States of America! I suggest you expedite your peace with Him…———————————–John3:36—You now have a seed of satan as the President Elect!
December 30th, 2008 at 7:50 pm
They used to hang thieves on crosses, now they send them to Washington!
December 30th, 2008 at 8:09 pm
Just shows how those CNBC commentators are so darn stupid or elite controlled, that they state they hope Peter is wrong and that he probably hopes hes wrong as well on his assumptions, and then they admit that Peter has almost always been correct on his predictions. LOL
SO IDIOTS, JUST LISTEN TO THE MAN!!!!!!!!! WOW!!
December 30th, 2008 at 8:11 pm
The media keeps bringing Peter Schiff on knowning that he’s going to “tell the truth” and “spill the beans” on tv over and over and you people think Schiff is a hero? Some of you guys are still brain dead. The media is conteolled until you see someone saying what you like, then the guy on the tv is a truth teller. Dummies. Suckers.
Petey boy tells people to get out of their investments and then move that money out of dollars. If everyone did that then there would be a collapse and the nwo can bring in their solution.
December 30th, 2008 at 8:18 pm
18, You are probably quoting from a copyrighted bible, did you know some publisher owns the rights to those words? Therefore it is the policy and view of the copyright office in Washington DC that the words of God cannot be copyrighted, there you have it, what you posted is not the word of God according to the law because it has been copyrighted.
BTW it seems to me that you may have had a horrible experience in one of those off balanced, rip off, blab it and grab it, 100 fold return churches?
December 30th, 2008 at 8:28 pm
Peter Schiff needs to be running our treasury…not private non Federal Reserve banksters.
Congress, abolish the FED to keep the American people from being forced into action, because Washington DC may just get abolished as well.
December 30th, 2008 at 9:02 pm
You guys are out of your minds, cant you see this?
1865: In a statement to Congress, President Abraham Lincoln states,
“I have two great enemies, the Southern Army in front of me, and the financial institutions in the rear. Of the two, the one in my rear is my greatest foe.”
Later that year, on April 14, President Lincoln is assassinated, less than two months before the end of the American Civil War.
Following a brief training period in the Rothschilds London Bank, Jacob ***Schiff, a Rothschild, born in their house in Frankfurt, arrives in America at the age of 18, with instructions and the finance necessary to buy into a banking house there. The purpose of this was to carry out the following tasks.
December 30th, 2008 at 9:15 pm
I couldn’t help but notice the gitmo orange colored necktie Paulson is wearing…….
Could that be a subliminal Illuminati signal for the seizing of the body of the American Citizens on behalf of the Corporate all capitol letter names they gave us (the strawman)?
December 30th, 2008 at 9:23 pm
#31 – Yeah, I don’t know what the deal was with the other commentators on these videos. It seems like no one wants to be the next one to tell us were screwed. I also sense a lot of denial in their demeanors as well.
December 30th, 2008 at 11:47 pm
PETER SCHIFF PWNZ
December 30th, 2008 at 11:51 pm
#38. Thats not Jeff Gannon. Thats Johnny Gosch.
Watch him interviewed and watch his eyes drift over to the left almost as if he was havin small seizures. MK Ultra has certain signatures and thats about as far as im willing to go with that.
enjoy
http://www.youtube.com/watch?v=sZADx7Bwi9M
December 31st, 2008 at 1:07 am
31, everybody who defend Fed/Treasury actions including many ‘reputable’ economists like Alan Blinder are either damn stupid or swindlers.
December 31st, 2008 at 1:23 am
hey
December 31st, 2008 at 1:52 am
There will be no trophies for those who choose to protect criminals especially for there own selfish needs. I would say continue to laugh and smile for now but when all this is finished and done with, run, run for the hills, run for your lives.
December 31st, 2008 at 3:15 am
WE’RE IN AN INFOWAR FOLKS.
LET’S UNITE, AND FIGHT, FOR OUR RIGHTS.
POWER 2 THE PEOPLE, BY THE PEOPLE, 4 THE PEOPLE
December 31st, 2008 at 5:34 am
i love how liberals talk about FDR like he’s a hero. FDR knew 14 days in advance of the Pearl Harbor attacks, and then proceeded to socialize the econmy completeley, and build up the Most massive Military Force in the history of the world to fight the biggest war in United States History. WW2. Would the liberals today love Obama if he did the same thing – i don’t think so. FDR – 10+ Years of Depression, price controls, shortages, 90+ percent tax rates, World War 2. And this is the resume of the Democrats most heroic president?
December 31st, 2008 at 8:10 am
Schiff’s great grand daddy Jacob (that grew up in a Rothschild manner) would love that title “Government Interference”
Read section 10 & 11 of the 1215 Magna Carta. Nothing is new.
December 31st, 2008 at 8:16 am
They all seem to blink a lot…..
December 31st, 2008 at 9:51 am
What can anyone do when our leaders see to be lost what they were sent to D.C. to do?Maybe because they know it is hopeless, so just sit back and enjoy the looting by our masters.