Peter Schiff in a heated debate

[jbrace]

http://www.youtube.com/watch?v=WVDzQU311tc

I'm not sure if you guys have seen this video but what is he talking about when he says look at the GDP that its up 3.9 and peter says something that it doesn't take inflation into account. My roommate was telling me that his professor said the same thing also. What Mr. Schiff says makes me believe the contrary. Can someone explain to me what Mr. Schiff is talking about?

[jonahtrainer]

http://www.youtube.com/watch?v=WVDzQU311tc

I'm not sure if you guys have seen this video but what is he talking about when he says look at the GDP that its up 3.9 and peter says something that it doesn't take inflation into account. My roommate was telling me that his professor said the same thing also. What Mr. Schiff says makes me believe the contrary. Can someone explain to me what Mr. Schiff is talking about?

Schiff is saying that GDP is overstated because of inflation which is understated. The government has every motive to lie about the inflation rate. Shadowstats calculates a different inflation rate.

It is really clear if you value (http://www.runtogold.com/Run_To_Gold/Run_To_Gold_Blog/Entries/2008/8/25_Value_Calculation.html) stuff in gold. It gets really ugly for the dollar if you use gold as a presentation currency under International Accounting Standard (http://www.runtogold.com/Run_To_Gold/Run_To_Gold_Blog/Entries/2008/8/19_US_Dollar_in_Hyperinflation.html)s.

[CUnknown]

I don't know exactly when, but at some point the government changed the way they calculated inflation to underestimate it (on purpose). They did this because it is to their advantage to do so, people think they're doing a better job than they actually are.

[ItsTime]

ive only watched the first 20 seconds of this. that guy is freaking DELUSIONAL. And this was before the collapse

[MsDoodahs]

Changes were done during the Clinton years to do that, but it isn't limited to then.

I think the change to owners equivalent rents was during Clinton...

One term for their fiddling with the way they calc it is "hedonic adjustment."

Finding good info on HOW they are changing it and even WHAT they're adjusting is hard to find...

[socialize_me]

GDP is calculated overwhelmingly with consumption. What good does that tell you? I mean, I could wrack up $2,000 in credit card debt through consumption, which adds to GDP, yet I have no way of paying it off. So the GDP is $2,000 higher than if I didn't make those purchases, but how does that tell you a country is doing well?? Considering credit card debt has gone through the roof for American Consumers over the years, and we have a negative savings rate, the GDP numbers will deteriorate considerably in the coming months as the debt is going to bite this nation in its ass.

GDP, even when adjusted for "inflation", doesn't tell you anything. It just shows you American Consumption watered down by 2% inflation rates, yet oil tripled in a matter of two years--how the fuck is that a 2% CPI considering EVERYTHING is dependent upon oil?? The Government fudges the numbers for the same reason the Fed threw out M3 after 2005. They said it was too expensive (ironic since the federal reserve can create unlimited money) to keep track of. I think it's too scary of a chart to look at. Imagine how high up M3 is now after all of these bailouts??? It's fucking ridiculous.

Fuck CPI, fuck GDP, and fuck the Federal Reserve...Frank too. Who cares if we have an all time high of GDP in 2008??? Americans inflated that number through borrowing via home equity credit lines and credit cards. If China did that, their GDP number would be at least $50 trillion--GDP is complete bullshit just as CPI is.

[HOLLYWOOD]

Schiff is saying that GDP is overstated because of inflation which is understated. The government has every motive to lie about the inflation rate. Shadowstats calculates a different inflation rate.

It is really clear if you value (http://www.runtogold.com/Run_To_Gold/Run_To_Gold_Blog/Entries/2008/8/25_Value_Calculation.html) stuff in gold. It gets really ugly for the dollar if you use gold as a presentation currency under International Accounting Standard (http://www.runtogold.com/Run_To_Gold/Run_To_Gold_Blog/Entries/2008/8/19_US_Dollar_in_Hyperinflation.html)s.

It ALWAYS been the philosophy of the FEDERAL GOVERNMENT to provide as much Misinformation and Disinformation to the TAXPAYERS.

We have been scammed on the INFLATION numbers since 1983, when the U.S. government "Adjusted" their accounting practices on INFLATION. What it did was... give the govenment's under estimating INFLATION, WHICH directly relates to the amount of Social Security payments to retirees. IMAGINE that... SCREW the FREE MARKETS with RIGGED FIGURES and SCREWED the RETIRE American people.

ALL for the U.S. GOVERNMENT! It;s call PROPAGANDA!

EVIL it always lies with Imperial Empires such as WASHINGTON D.C.

[No1ButPaul08]

http://www.youtube.com/watch?v=1LPVULj6k10

Here's a video of Schiff owning Mike Norman and Tom Adkins from 2006.

Peter predicts home prices are going to drop in 2007 and they can't control their laughter

[Malakai]

Instead of counting increases in prices to all consumer goods, they have a "core" cpi number they use, which is their own hand picked basket of stuff to measure the increases in prices in.

Of course things like food and energy are not part of core CPI. Don't believe medical care is either. Vehicle costs make up a large % if you can believe it.

And GDP is retarded as well. Spending does not equal health in an economy. If you have no savings, you borrow and spend 100k that you can never pay back, you just increased GDP. Refinance your house at the peak of a bubble? Increased GDP.

Bubbles drive GDP they love using it as an indicator of econ health.

[RPDelegate]

http://www.youtube.com/watch?v=1LPVULj6k10

Here's a video of Schiff owning Mike Norman and Tom Adkins from 2006.

Peter predicts home prices are going to drop in 2007 and they can't control their laughter

It's funny watching all these arrogant pricks argue and laugh at Peter a couple years ago. They need to get some "I told you so" reunions together so Peter can rub it in their faces on national television.

[Swmorgan77]

I don't know exactly when, but at some point the government changed the way they calculated inflation to underestimate it (on purpose). They did this because it is to their advantage to do so, people think they're doing a better job than they actually are.

Its the core rate... they remove anything that goes up in price like food and energy and housing.