Results 1 to 17 of 17

Thread: [Video] Peter Schiff: Retirement Will One Day Soon Be As Rare As Single Income Households

  1. #1

    [Video] Peter Schiff: Retirement Will One Day Soon Be As Rare As Single Income Households

    Peter Schiff: Retirement Will One Day Soon Be As Rare As Single Income Households
    Money With Melissa Francis | Fox Business Network | February 4, 2013


    http://youtu.be/ySVwJeXfvFs



  2. Remove this section of ads by registering.
  3. #2
    People don't get that with high interest rates, capital must be allocated more efficiently than with lower interest rates. That is what needs to happen, liquidate bad companies and let the better companies buy up their assets. The people loaning out the money will make sure their investment is good and sound, and the economy will benefit as a whole because there will be more better companies. Also, there will be less capital tied up in questionable investments and more capital available for great new ideas so the economy is also more flexible.

  4. #3
    OK. Whew! For a moment there, I thought I had been sucked into the Twilight Zone.

    I thought that Spencer Patton guy was the Obama administration Treasury advisor.

    Every time he talked, I thought, "WTF? Am I hearing this right? This can't be!"

    Then I re-watched the introductions - just to be sure.

    Turns out the woman is the Obama administration Treasury advisor.

    Now the world makes sense again ... (or rather, the world is still insane in the same, familiar way) ...
    The Bastiat Collection ˇ FREE PDF ˇ FREE EPUB ˇ PAPER
    Frédéric Bastiat (1801-1850)

    • "When law and morality are in contradiction to each other, the citizen finds himself in the cruel alternative of either losing his moral sense, or of losing his respect for the law."
      -- The Law (p. 54)
    • "Government is that great fiction, through which everybody endeavors to live at the expense of everybody else."
      -- Government (p. 99)
    • "[W]ar is always begun in the interest of the few, and at the expense of the many."
      -- Economic Sophisms - Second Series (p. 312)
    • "There are two principles that can never be reconciled - Liberty and Constraint."
      -- Harmonies of Political Economy - Book One (p. 447)

    ˇ tu ne cede malis sed contra audentior ito ˇ

  5. #4
    Quote Originally Posted by Confederate View Post
    People don't get that with high interest rates, capital must be allocated more efficiently than with lower interest rates. That is what needs to happen, liquidate bad companies and let the better companies buy up their assets. The people loaning out the money will make sure their investment is good and sound, and the economy will benefit as a whole because there will be more better companies. Also, there will be less capital tied up in questionable investments and more capital available for great new ideas so the economy is also more flexible.
    On the other hand, there is the opportunity costs of what else to do with money. If you can put it into an account and get ten percent then you will have to find another thing to invest in which offers you a return of greater than ten percent which will reduce the things you are willing to put your money into. If say you think a new idea may yield you a five percent return after your costs and you can get ten percent, you probably won't put your money into that venture. If interest rates are three percent they you might be more likely to invest in it. Thus less investment vs savings when interest rates are higher. (If rates are higher the costs of borrowing are higher as well).

  6. #5
    Quote Originally Posted by Zippyjuan View Post
    On the other hand, there is the opportunity costs of what else to do with money. If you can put it into an account and get ten percent then you will have to find another thing to invest in which offers you a return of greater than ten percent which will reduce the things you are willing to put your money into. If say you think a new idea may yield you a five percent return after your costs and you can get ten percent, you probably won't put your money into that venture. If interest rates are three percent they you might be more likely to invest in it. Thus less investment vs savings when interest rates are higher. (If rates are higher the costs of borrowing are higher as well).
    Yep, high interest rates are an indicator to not borrow and if it is not artificial in either direction, it will prevent the extreme business cycle.
    Quote Originally Posted by BuddyRey View Post
    Do you think it's a coincidence that the most cherished standard of the Ron Paul campaign was a sign highlighting the word "love" inside the word "revolution"? A revolution not based on love is a revolution doomed to failure. So, at the risk of sounding corny, I just wanted to let you know that, wherever you stand on any of these hot-button issues, and even if we might have exchanged bitter words or harsh sentiments in the past, I love each and every one of you - no exceptions!

    "When goods do not cross borders, soldiers will." Frederic Bastiat

    Peace.

  7. #6
    Quote Originally Posted by Confederate View Post
    Peter Schiff: Retirement Will One Day Soon Be As Rare As Single Income Households
    Money With Melissa Francis | Fox Business Network | February 4, 2013


    http://youtu.be/ySVwJeXfvFs
    Honestly I wish he would retire. Does he not know what is going on today? Does he have no idea how many people are already retired even in their 50s now because they can't find a job? The guy is so out of touch with reality.

  8. #7
    Quote Originally Posted by Occam's Banana View Post
    OK. Whew! For a moment there, I thought I had been sucked into the Twilight Zone.

    I thought that Spencer Patton guy was the Obama administration Treasury advisor.

    Every time he talked, I thought, "WTF? Am I hearing this right? This can't be!"

    Then I re-watched the introductions - just to be sure.

    Turns out the woman is the Obama administration Treasury advisor.

    Now the world makes sense again ... (or rather, the world is still insane in the same, familiar way) ...
    hahahaha I did the same thing... When he started on the FED I was like, wait...what?

  9. #8
    Quote Originally Posted by RickyJ View Post
    Honestly I wish he would retire. Does he not know what is going on today? Does he have no idea how many people are already retired even in their 50s now because they can't find a job? The guy is so out of touch with reality.
    What makes it possible for so many to retire in their 50s?
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.



  10. Remove this section of ads by registering.
  11. #9
    Quote Originally Posted by Danke View Post
    What makes it possible for so many to retire in their 50s?
    They are not retired by choice!

    Damn, I am not in twilight zone am I?

  12. #10
    Quote Originally Posted by RickyJ View Post
    They are not retired by choice!

    Damn, I am not in twilight zone am I?
    I guess "retired" means something different to me.

    Are you saying "unemployed?"
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  13. #11
    The single income household point needs to be hammered again and again.

    In the 1950's the average income in today's money (using gold or silver) was about $120k/year compared to 40-50k/year today.

    That's purchasing power of the dollar directly stolen by the Federal Reserve and the fiat money system hence the two adults need to work in order to support an average family (2 kids). The worst part is most of the additional income then goes on child care costs.

    The Federal Reserve is making America poorer. It's insidious by nature but the result is to make society poorer despite the technological advances since the 1950's. In another 50 years of this madness the average salary will barely put food on the table. Actually scratch that; with the way the printing press has been cranked up lately and in the future more like 20 years.

    The best advice: start buying physical precious metals while you can and while the dollar is worth something because one day the dollar will be toast. It's their policy to destroy it.
    Last edited by itshappening; 02-06-2013 at 06:32 AM.

  14. #12
    Peter is right. We have squandered our wealth, so retirement will become a rare thing.
    "Gradualism in theory is perpetuity in practice." ~ William Lloyd Garrison
    STRATEGY: Three Essential Guidelines for the Liberty Movement

    Liberty Policy Journal
    Striking at the Root

  15. #13
    So in this instance the men were right and the women were wrong, VICTORY!
    "Life, Liberty and the pursuit of Happiness"

  16. #14
    Quote Originally Posted by K466 View Post
    Peter is right. We have squandered our wealth, so retirement will become a rare thing.
    Another point Peter has been making for a while is that the big government Americans have been voting for themselves needs to be paid somehow. If people think that tax rates can remain the same with current (and future) levels of spending they are insane. Unless the federal budget is slashed by 25-35% over the next 10 years I expect marginal rates to go up by at least 5-7% per bracket and that won't even cover the deficits.

  17. #15
    Quote Originally Posted by QuickZ06 View Post
    So in this instance the men were right and the women were wrong, VICTORY!
    i don't know what you're so excited about, that's always the case.














  18. #16
    Quote Originally Posted by itshappening View Post
    The single income household point needs to be hammered again and again.

    In the 1950's the average income in today's money (using gold or silver) was about $120k/year compared to 40-50k/year today.

    That's purchasing power of the dollar directly stolen by the Federal Reserve and the fiat money system hence the two adults need to work in order to support an average family (2 kids). The worst part is most of the additional income then goes on child care costs.

    The Federal Reserve is making America poorer. It's insidious by nature but the result is to make society poorer despite the technological advances since the 1950's. In another 50 years of this madness the average salary will barely put food on the table. Actually scratch that; with the way the printing press has been cranked up lately and in the future more like 20 years.

    The best advice: start buying physical precious metals while you can and while the dollar is worth something because one day the dollar will be toast. It's their policy to destroy it.
    Price of silver was pegged to the dollar in a fixed ratio (meaning the price of silver was not exactly free to fluctuate) so it is not valid to compare its value then to its value today and in turn try to use that to measure wages over time. The price was also manipulated to keep it there. If you compare purchasing power (as measured by the CPI) incomes today are slightly higher than they were in the 1950's.

    http://www.silverinstitute.org/site/...ory/1950-1960/

    From the end of World War II through the early 1960s, fabrication demand for silver rose sharply. The rebuilding of Europe and Japan and a worldwide movement toward electrification, housing construction and durable consumer items was responsible for this uptick. Many electrical appliances, as well as electrical generation and transmission systems, use silver, which was one of the major factors behind this extended boom in industrial silver usage. Also key was the advent of mass-market photography, which uses silver in its films and papers.

    However, there was another important reason that fabricators were eagerly turning to silver during this period. The U.S. Treasury had a stockpile of silver dating from decades earlier, which it sold off in order to keep the price of silver below its “monetary value” – a number that would correspond to the increased demand and unchanging supply. In summary, the post-war period saw silver demand rise sharply, while mine production and other supplies were relatively stable. Additionally, the actual growth of the overall economy increased the need for circulating coinage. One reason for the Treasury’s sales was straightforward: if silver’s market value rose above its monetary value, $1.29 per ounce, holders of U.S. silver certificates, one form of currency in circulation at the time, could trade in these $1, $5, and $10 bills in exchange for silver bullion. Also, there would be an enormous incentive for individuals to melt down the silver coins in circulation.

    Had the Treasury not been present as a seller of silver, market supplies from other sources would have been hard pressed to keep pace with the growth of fabrication demand, and the price of silver most likely would have risen sharply during the late 1950s and early 1960s.



  19. Remove this section of ads by registering.
  20. #17
    Quote Originally Posted by Zippyjuan View Post
    Price of silver was pegged to the dollar in a fixed ratio (meaning the price of silver was not exactly free to fluctuate)
    Conversely, was the dollar free to fluctuate? If the dollar is a competing currency to silver or gold, I wouldn't want them tied together, but if the dollar is a bank note redeemable in silver it better not be fractionalised.

    Quote Originally Posted by Zippyjuan View Post
    The price was also manipulated to keep it there.
    Shocking, the government and/or federal reserve manipulating the economy. Even the price of wages are manipulated by the government.

    Quote Originally Posted by Zippyjuan View Post
    so it is not valid to compare its value then to its value today and in turn try to use that to measure wages over time. If you compare purchasing power (as measured by the CPI) incomes today are slightly higher than they were in the 1950's.
    There is no need to compare todays wages to todays other goods and services and then compare wages of previous decades to other goods and services of previous decades. The dollar i earned in 1980 should purchase about the same as now. If it is worth less it is inflated. If it is worth more it is deflated. Deflation would solve that retirement problem. The price of wages are like the price of any good or service. It would be silly to compare them to other goods and services. Would you compare todays price of a hotel room to todays price of a bag of apples and say there is no inflation in relation to decades ago? You could compare the price of an apple from decades ago to today and the cost of hiring a kid to mow your lawn today compared to decades ago. Maybe the price of todays wages compared to the price of wages decades ago is the best example of monetary inflation. And don't ever forget that most wages are the last price to adjust to monetary inflation. This is how they bleed your wealth in the moment.
    Last edited by Henry Rogue; 02-06-2013 at 11:11 PM.
    Quote Originally Posted by BuddyRey View Post
    Do you think it's a coincidence that the most cherished standard of the Ron Paul campaign was a sign highlighting the word "love" inside the word "revolution"? A revolution not based on love is a revolution doomed to failure. So, at the risk of sounding corny, I just wanted to let you know that, wherever you stand on any of these hot-button issues, and even if we might have exchanged bitter words or harsh sentiments in the past, I love each and every one of you - no exceptions!

    "When goods do not cross borders, soldiers will." Frederic Bastiat

    Peace.



Similar Threads

  1. Peter Schiff debunking the income tax myth, calling out Warren Buffett
    By libertybrewcity in forum U.S. Political News
    Replies: 0
    Last Post: 07-09-2011, 11:22 AM
  2. Half of U.S. households pay no income taxes at all
    By doodle in forum U.S. Political News
    Replies: 6
    Last Post: 04-17-2011, 03:30 PM
  3. Peter Schiff: Abolish Corporate and Personal Income Taxes
    By freshjiva in forum U.S. Political News
    Replies: 37
    Last Post: 04-06-2011, 02:56 PM
  4. Replies: 0
    Last Post: 07-29-2010, 04:22 PM
  5. Peter Schiff - Income tax vs. Consumption Tax
    By TheBlackPeterSchiff in forum Peter Schiff Forum 2010
    Replies: 39
    Last Post: 04-22-2010, 08:51 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •