The Peter Schiff Blog

Peter Schiff – The Minister of Propaganda

peterschiffblog — Sat, 28 Apr 2012 16:41:19 +0000

Why do we have a Treasury Secretary? He is kind of like the Chief Financial Officer of the United States. He should be warning Obama, who is the CEO of America, that the company is about to go bankrupt.

But the Treasury Secretary is just there to lie for the president. He is just a propaganda guy. Maybe these cabinet members shouldn’t be appointed by the president. The job of guys like Timothy Geithner is solely to get Obama re-elected.

Would you want to own stock in a company that has a CFO that cooks the books and just says whatever he can to make the CEO look good?

We have little to show for the trillions of dollars that has been spent on this phony recovery. Geithner should be honest with us.

We should rename The Secretary of Treasury to the Minister of Propaganda.

Geithner knows exactly the type of mess we are in, because he helped to create that mess. This is not a success.

If this is a success, then what does a failure look like? Geithner’s job is only to lie and to help Obama get Reelected.

If you cannot see the video, you can access it at Peter Schiff – The Minister of Propaganda

Peter Schiff on Max Kesier Report April 2012

peterschiffblog — Tue, 24 Apr 2012 16:27:39 +0000

Ben Bernanke has been saying that gold will never be used as a reserve currency. As usual, he is completely wrong.

He doesn’t even understand history. He thinks that the low interest rates had no role in the recent housing bubble. Ben Bernanke is completely clueless. He is going to print money into oblivion. If you are planning on buying gas or food with paper, then you are going to need a lot of it.

Gold is a reserve. You cannot back one currency with another. Gold is better than a currency. It is a real asset. Foreign central banks will be moving toward this.

The Japanese have made it more expensive to rebuild. The are still trying to devalue the Yen, despite their debt problem. They are creating so much Yen that there will be an inflation problem in Japan. The central planners won’t want to raise rates, and this will make the cost of imports much more.

The dollar has been showing little strength in the face of these European crises. It hasn’t really gained any traction. It has gotten some growth from the false narrative the the economy is getting better. The Fed is just making this disease worse.

If you cannot see the video, you can access it at Peter Schiff on Max Kesier Report April 2012

Peter Schiff – Public Enemy #1

peterschiffblog — Wed, 18 Apr 2012 16:12:17 +0000

The Fed is not going to create another housing bubble, but there is most certainly a bubble on the horizon.

In his speech this morning, Bernanke talked about unemployment. But that is because interest rates are too low. The economy needs to restructure.

The Fed didn’t ask the banks to stress test a drop in bond prices. But that is what is coming.

Bernanke is trying to prevent housing prices from falling.

The equity markets are rising because of inflation. Gold prices were up big today. The stock market is going up.

Ben Bernanke is public enemy #1. The sooner we can remove him from office, the better off we will all be.

The Fed is creating more damage now than they did during the housing bubble. The minute the fed raises interest rates, the banks are going to fail and the phony economy is going to come toppling down.

The Fed wants to postpone the day of reckoning until after the next election, but there is always another election coming up.

If you cannot see the video, you can access it at Peter Schiff – Public Enemy #1

Peter Schiff Debates an Anarchist

peterschiffblog — Sat, 14 Apr 2012 16:49:56 +0000

Peter Schiff interviewed an Anarchist on his show, Stefan Molyneux. In this interview, Peter Schiff is the person who wants more government.

We all have the right to use force in self defense. Therefore, we can delegate that use of force to a government. But the government can’t use that force in a positive way.

The government doesn’t have to have a monopoly on the use of force. But if that is true, then it isn’t a government as we would normally think of it today.

Taxation is force, but you shouldn’t be imprisoned if you don’t want to pay them. It should just be a civil duty.

Taxes shouldn’t be voluntary, but you can avoid taxes. If there is a toll on a road, you don’t have to use that road. There are ways around a mandatory tax.

The government should be able to sue you to pay a tax, but they shouldn’t be able to throw you in jail.

Tariffs are fine, because you can opt not to buy a particular item if you don’t want to pay that tax.

We need taxes in order to provide all of the services that make all of our lives better.

Anarchy is like a vacuum. If there is no government, then one will naturally arise. We might as well establish one in advance rather than wait for one to come along that could be worse.

Is there going to be a central authority? If there isn’t one, then people are going to try to steal or rob. People will get together to try to act in concert with one another. Once they have done that, you have a government.

Anarchy would definitely be better than the United States. It would be better to risk whatever naturally arises compared to what we’ve got now.

If you argue in favor of anarchy, your critics will be able to make you look like a nut. It is much easier to move the needle rather than flip the pancake.

You don’t have to get rid rid of government completely to get them out of education or to end the war on drugs. The government cannot take money from one individual to give to another. Theft is theft.

There is no precedent for a government staying small. They always grow. How can you keep a government small? That is what the founding fathers tried to do.

Anarchy is an ideal. How can you get there? Wouldn’t you need a violent revolution to get there? This is going to have to remain a theory. But the closer we can get to anarchy, the better off we will all be.

If you cannot see the video, you can access it at Peter Schiff Debates an Anarchist

Peter Schiff – Why is Bernanke Lying Again?

peterschiffblog — Tue, 10 Apr 2012 16:23:36 +0000

The Fed recently released their minutes from the FMOC. Traders are convinced that the era of cheap money is over.

The Fed is not going to say that they are coming out with QE3. They want to pretend that there is no inflation. The Fed is not going to show their hand.

The Fed is prepared to launch QE3 if the economy needs it. Right now they don’t think that the economy needs it. But this phony economy will soon come to an end.

The Fed is keeping interest rates artificially low by buying bonds on the open market. The smart money is fading this trade.

That there is no inflation is an illusion, if not an outright lie.

Ben Bernanke was telling everyone in 2006 that there wasn’t a housing bubble. Now, he is saying that there is no inflation. He is either incompetent or a liar. Either way, he has no credibility.

Bernanke said that interest rates have no effect on home prices. But he knows that that’s not true.

Last week, Peter Schiff attended an event which featured college students. He completely debunked all of Bernanke’s false claims. Bernanke tried to paint a false picture of the Fed’s beneficence.

The presidential candidates aren’t attacking Ben Bernanke enough, and they should probably be criticizing Alan Greenspan as well.

President Obama really attacked the republican budget plan. But there weren’t any cuts. The spending actually increases, but not as fast as Obama would like. Obama’s plan doesn’t even put forth the pretense of trying to balance the budget.

Obama says that balancing the budget will destroy the economy. But it is Obama’s budget that is going to destroy the dollar. What we need is real cuts in government spending.

Why pretend to cut government, when you’re actually expanding it?

Pre-order Peter Schiff’s new book The Real Crash if you want a discount.

If you cannot see the video, you can access it at Peter Schiff – Why is Bernanke Lying Again?

Peter Schiff’s Father Goes to Federal Prison

peterschiffblog — Fri, 06 Apr 2012 16:04:28 +0000

Irwin Schiff has not died yet, but he is a political prisoner in a Federal Penitentiary.

But he is still a patriot, and maybe one day he will be able to get out of jail. He is a patriot.

Peter Schiff’s father wanted to get rid of the income tax. The government is collecting the tax in violation of the law.

Peter Schiff’s father is kind of like Captain Ahab. He is not going to let go. He is sure that he is right and he will never change his beliefs.

His books made a strong case. Nixon brought us off the gold standard 40 years ago. All the experts at the time testified that going off the gold standard would be a good thing for the economy. They also predicted that the dollar would be stronger than gold, and that the price of gold would go down.

But Irwin Schiff predicted the opposite. This is the same type of thinking that is coming up with these stimulus plans and bailouts today. They are just going to repeat the same problems.

Irwin Schiff was right. Just read his book The Biggest Con.

If you cannot see the video, you can access it at Peter Schiff’s Father Goes to Federal Prison

Peter Schiff Gets an Opportunity

peterschiffblog — Mon, 02 Apr 2012 16:00:51 +0000

Peter Schiff got an opportunity to ask the Chairman of the Federal Reserve a question. It was a very simple question.

If our biggest problem as a nation is too much borrowing and too much spending, how can the solution be to spend and borrow even more?

If you cannot see the video, you can access it at Peter Schiff Gets an Opportunity

Peter Schiff Criticizing Bernanke at The Economic Summit

peterschiffblog — Thu, 29 Mar 2012 16:32:20 +0000

Many people are calling Ben Bernanke a hero. But Peter Schiff thinks differently.

Investors need protection from the government and people like Ben Bernanke. This is just a big Ponzi scheme.

Rather than learning from Greenspan’s mistakes, Bernanke is just repeating them on a grander scale.

Greenspan’s bubble burst in 2008, which was clearly a result of the government. They kept interest rates too low for too long. But Bernanke has taken the rates even lower.

All the banks will fail when the interest rates return to normal.

We need savings and investment for a better economy. When the next bubble bursts, more jobs will be lost. This country is getting sicker.

If Bernanke did his job, Congress would have no choice but to cut spending. This is the same thing that happened in Europe.

We’re going to have a sovereign debt crisis and a currency crisis.

We now have more people who work for government rather than in manufacturing jobs. When the dollar plunges, we will only be able to consume what we produce. We’re going to be spending less money on education.

The architect of the last bubble was Greenspan. Dodd and Frank were the men most responsible in Congress. They wouldn’t even ask Peter Schiff what happened even though he predicted the crisis.

There is no need to create demand. Demand is nearly infinite. What we need is to create more supply.

Government workers should not be allowed to unionize. It is like a terrorist organization, and the losers are the children.

Whenever you have a government monopoly, it is going to be inefficient and it is going to offer a bad product.

The biggest problem with the cost of energy is that we are printing too much money. If we keep destroying the value of money, gas prices are going to go a lot higher.

If you cannot see the video, you can access it at Peter Schiff Criticizing Bernanke at The Economic Summit