The 2009 Henry Hazlitt Memorial Lecture, presented by Peter Schiff. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 13 March 2009.
Why the Meltdown Should Have Surprised No One | Peter Schiff
Posted by admin on November 25th, 2010
Posted in Depression Videos 
Big Government and it's sanctioned monoploies haven't learned a thing yet. Read senate bill S510. This bill will do to the food supply chain what the GSEs did to the banks. Monsanto is pushing it and it will finish off small family farms and organic gardners. Subscribe to the Biospharms YT channel. The list of favorites can save a ton of search time.
It's amazing how most people demonize capitalism. It's their public school indoctrination. It it weren't for capitalism and freedom, the USA would not have been the magnet it has been for the best and brightest from all over the world. Capitalism was the fuel that enabled people to improve their lives, feed their families, advance their education, in general-make a better life. Where would the Jews have fled to under Hitler?
35 people are too fucking stupid to understand what Schiff is talking about.
@praisegtr you should slap yrselve instead of slapping these professors... maybe they were wrong... maybe even stupid , but what about the one who followed their lectures brainlessly ,
oh, right, I forgot - my fault- now u seen this move and you r much clever then before... gosh...
THis had nothing to do with it. The banks falsified the loans so people they knew didn't qualify could get loans. The buyers had nothing to do with it. Also 90 % of the toxic loans cam from private banks, not banks under the CRA or any of the other nonsense republicans push. The banks sold off the risk then bet a put order on loans they knew were going to default. It was a scame and we all got suckered. THat is why they removed the Glass Steagall Act og 1933
@beavis408 Please stop being logical. Socialist and fascist types do not operate on that plane. Capitalism seems like a perfectly good scape goat for the government mess.
@E11evenz11 thats what all my friends said!
@praisegtr I just finished my degree and found schiff right after... wasted time and money
35 people missed the "like" button
best part 40:55
This piece is as education in itself, even the slowest of us all, myself included, can swallow this truism. I have made money since reading this man's books and listening to his blogs and video's!
Its fascinating how capitalism is blamed for the financial crisis. As John Allison of BB&T notes, the federal government OWNS THE MONEY SUPPLY. So wouldn't it make a collapse in the financial markets a GOVERNMENT problem??
A good video to follow this one up is. 2010 2011 deepening mortgage crisis. It's 8:22 long from a 60 Minutes episode. There you will see there is no way out of another Greater Depression. Prepare while you can. Get out if you can. There are retreats with sustainable farms being planned in safe tropical countries. Cost effective personal safety net where all you food grows on the trees around you. Cheaper than a trailer in the villages. Email me for info. Darinsmith@inbox.com
@jaguarclaw
Totally incorrect. The Federal Reserve Act of 1913 empowers the Federal Reserve to do things no one else in the private sector can do. Competing currencies are outlawed, they have the power to dictate interest rates, among other things. So the government has essentially delegated government-like powers to a "private body" that it itself was never granted in the constitution. At that point, they are a creature of government to help monetize government debt.
@TheAttackRat ya, on economics alone Schiff would exploit Obama...however, Schiff still needs a stronger base on the foreign affairs issue if he ever wanted to run for office...he is a little weak in that department in my opinion, unlike a Ron Paul type. But in reality, I could care less about trying to get one over on Obama, I just want to see this economy moving in the right direction and right now I think we are creating a bigger mess by continually flooding the market with more dollars.
@tonyg0123 man, call me an economic nerd, but i would seriously love to see Schiff debate Obama on economic issues. it would be like the biggest reality slap in the face for obama fans, and obama himself.
@1:30 - The Fed is buying the bonds now. ~$100 Billion a month.
@neednotbe that can only work if you apply the austrian economy standard though because when you bailout the ones responsible by printing and borrowing more money you are infact just creating another bubble. by printing more money you devalue the currency and by borrowing you create an even higher deficit untill you reach the breakingpoint. china however applies a sound money system. they have 2 trillion in savings and a huge export driven economy, thats why he invests over there.
@neednotbe Mr.Shiffs predictions never happen?his projections have been spot on since the turn of the millenium.also, you have to understand that he is looking at the problems from an austrian economy standpoint,not the keynesian. he doesnt want america to collapse, he wants the bubble to deflate and the only way to do that is with a recession,that way the phony wealth evaporates and the people who participated in inflating the bubble are sidelined and the economy can recover.
Peter Shchiff advocates the collapse of America because it’s good? His sage advice, invest in Communist China...because that's how he makes his money. His recollection of the depression clash with historical facts. Reganomics AKA original bubblenomics, just ask George Bush senior. Third, Pete’s predictions never happen because he's a low level motivational speaker and a snake oil salesman. There are economists that count but Shciff isn’t one, check out Shiller, Gross, Orszag or Calomiris.
@DRNevans there is more oil than there is gold..and the total worldwide value of oil is greater than the total world value of gold..therefore more money can be created while hiding inflation overseas.....Americas wealth comes purely on the fact that the dollar is tied to oil and its power to create all this money...and in my opinion, limiting oil has more demand than limiting gold.
@DRNevans Falling prices mean there is a lower demand and therefore production is down..it is usually a result of high unemployment...its good if you aint in debt and you are the privaleged few who have a job.
Inflation results in high employment, high demand and high productivity...
@DRNevans The government created the Fed...LIKE 100 YEARS AGO!!...in that time government has had nothing to do with setting policy...and somebody has to create money..this should be government but it is not..I would hardly call that government intervention.
@PureAdrenaline97 haha, very true...can you imagine someone like him debating Obama on the economy for a few hours on national T.V.? Obama would throw in the towel after 5 minutes when Schiff asks him to define "job creation".
I dont feel so bad for getting my worst grade at GCSE in (Keynsian) Economics (Grade C). I never understood it then for good reason. Austrian Economics makes SO much more ense.