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Thread: Peter Schiff Keynote: The Coming Trump Train Wreck

  1. #1

    Peter Schiff Keynote: The Coming Trump Train Wreck


    https://youtu.be/ucoF5hnqz7Q

    This is an important speech. Schiff lays out the truth about what's going on.

    @Zippyjuan you might learn something here.



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  3. #2
    Was this in Miami?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    Quote Originally Posted by dannno View Post
    Was this in Miami?
    I don't know but PLEASE listen to what he says. He is making the counter argument to conventional wisdom.

  5. #4
    Quote Originally Posted by Warlord View Post
    I don't know but PLEASE listen to what he says. He is making the counter argument to conventional wisdom.
    I am listening. I like Schiff. I disagree with him on bitcoin, but ironically I plan on investing a significant amount of my bitcoin profits into EuroPacific Capital some day.

    More importantly, though, I disagree that his strategy of electing a conservative to tell everybody the truth and institute free market policies and slashing the deficit right off the bat would have worked from a practical standpoint. It IS the best strategy to improve the economy if you could get everybody on board, but the reality is that the economy would drop and the conservative would lose their next election.. probably to a socialist. In large part this is the fault of the deep state run fake news media. Trump is helping to destroy them.

    Trump cut taxes and cut regulations. Now we have record low unemployment. Now is a good time to start cutting the deficit without creating too many problems in the short term. But getting re-elected is a key part of the strategy, and absolutely needs to happen for anybody's plan to work. You can't fix everything and get the economy humming along nicely in 4 years.
    Last edited by dannno; 02-12-2020 at 04:43 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  6. #5
    Peter Schiff speaks at The Money Show in Orlando, February 2020


    I knew it was in Florida somewhere..

    I was actually on vacation in Puerto Rico when this went down last week (Schiff lives in Puerto Rico), so I was looking into whether he had any events or anything going on at that time.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6
    Quote Originally Posted by dannno View Post
    I am listening. I like Schiff. I disagree with him on bitcoin, but ironically I plan on investing a significant amount of my bitcoin profits into EuroPacific Capital some day.
    I want to invest in Euro Pac too but the markets are way overvalued and it filters down so chances are the stocks he's investing in wont have much value. At the moment im just buying physical gold and storing it in a safe. I do this every month with any spare cash. You can buy half ounce bars or whatever right down to 1/10th ounce if you only have limited cash reserves.
    Last edited by Warlord; 02-12-2020 at 05:15 PM.

  8. #7
    Quote Originally Posted by dannno View Post
    I am listening. I like Schiff. I disagree with him on bitcoin, but ironically I plan on investing a significant amount of my bitcoin profits into EuroPacific Capital some day.

    More importantly, though, I disagree that his strategy of electing a conservative to tell everybody the truth and institute free market policies and slashing the deficit right off the bat would have worked from a practical standpoint. It IS the best strategy to improve the economy if you could get everybody on board, but the reality is that the economy would drop and the conservative would lose their next election.. probably to a socialist. In large part this is the fault of the deep state run fake news media. Trump is helping to destroy them.

    Trump cut taxes and cut regulations. Now we have record low unemployment. Now is a good time to start cutting the deficit without creating too many problems in the short term. But getting re-elected is a key part of the strategy, and absolutely needs to happen for anybody's plan to work. You can't fix everything and get the economy humming along nicely in 4 years.
    Too many libertarians think we can do everything overnight, we have to phase things in and do them in the proper order or we will end up worse off than we are.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #8
    Quote Originally Posted by Warlord View Post
    I want to invest in Euro Pac too but the markets are way overvalued and it filters down so chances are the stocks he's investing in wont have much value. At the moment im just buying physical gold and storing it in a safe. I do this every month with any spare cash. You can buy half ounce bars or whatever right down to 1/10th ounce if you only have limited cash reserves.
    There are many ways to invest in metals through EuroPac, of course there is nothing wrong with physical.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  11. #9
    'Who needs a Socialist when you've got Donald Trump?'

    That was a great line...

  12. #10
    Quote Originally Posted by Warlord View Post
    'Who needs a Socialist when you've got Donald Trump?'

    That was a great line...
    Not really, Trump lowered taxes and has reduced food stamps and other benefits. But Schiff is right that we need to do something about the debt, and he is right that Trump knows that there are some real major flaws with the economy and Trump is purposefully not being completely straightforward with the public about it. But that is not part of his strategy for fixing things, because the public isn't necessarily terribly smart. He needs to convince them to vote for him again so he can fix things in the framework and at the pace that he feels is most beneficial, all things considered. One of those things being the deep state propaganda networks.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  13. #11

    Question Who needs Comrade Donnell

    Comrade Donnell will go full tilt boogie Socialist, if reelected.

    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  14. #12
    Quote Originally Posted by RonZeplin View Post
    Comrade Donnell will go full tilt boogie Socialist, if reelected.

    According to his supporters he's going to cut spending and eliminate the debt if re-elected

    ANd I expect him to use this argument on the campaign trail: 'Just re-elect me and i'll fix everything'.

    I'm not buying it.

  15. #13

    Exclamation Donnell's Socialist Utopia - Battle of the Commies



    Battle of the Commies
    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  16. #14
    I agree with Schiff that Trump has done just what he criticized Obama for doing and continued with what Obama did and thus benefited from the economic growth following the recession. As for the future- Schiff is always calling for a major recession/ collapse. "Coming soon" since 2008.
    Last edited by Zippyjuan; 02-13-2020 at 05:09 PM.
    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  17. #15
    Quote Originally Posted by Zippyjuan View Post
    I agree with Schiff that Trump has done just what he criticized Obama for doing and continued with what Obama did and thus benefited from the economic growth following the recession. As for the future- Schiff is always calling for a major recession/ collapse.
    If you look at the unemployment, it started bottoming out toward the end of Obama's term. When it became clear Trump might get elected, and as he got elected, became President and instituted free market reforms and tax cuts, the unemployment dropped quite a bit further than it would have otherwise.

    We would probably already be seeing rising unemployment had Hillary been elected, and it never would have gotten nearly as low as it did with Trump.

    Also, Schiff didn't really mention that due to the crash and cyclical economics, it was expected that unemployment would drop and markets would rise during most of Obama's terms. It was not because of any of his policies, it was despite those policies.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  18. #16
    Quote Originally Posted by dannno View Post
    If you look at the unemployment, it started bottoming out toward the end of Obama's term. When it became clear Trump might get elected, and as he got elected, became President and instituted free market reforms and tax cuts, the unemployment dropped quite a bit further than it would have otherwise.
    .
    If the economy goes into recession within the next few years unemployment can quickly spike back up to 5% with mass layoffs. It can happen very quickly when $#@! hits the fan and we know the $#@! will hit the fan eventually. I can't tell you when but its going to happen. Prepare!



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  20. #17
    Quote Originally Posted by Warlord View Post
    If the economy goes into recession within the next few years unemployment can quickly spike back up to 5% with mass layoffs. It can happen very quickly when $#@! hits the fan and we know the $#@! will hit the fan eventually. I can't tell you when but its going to happen. Prepare!
    That is certainly a very reasonable possibility.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  21. #18
    Quote Originally Posted by RonZeplin View Post
    Battle of the Commies
    Thanks for posting. another 1 hour podcast to listen to later... Schiff doesn't mess about. I suspect he drops multiple TRUTH bombs, The average person (or the typical Trump fan) won't like to hear it.

  22. #19
    Quote Originally Posted by dannno View Post
    That is certainly a very reasonable possibility.
    Schiff's point on this subject is that when the sh1t hits the fan eventually then Donald will be blamed just like George W. Bush in 2007. And the Republicans will get the blame too just like then and we ended up with Obama, Speaker Pelosi and 60 Dems in the Senate!

    They were able to ram through Obamacare, REMEMBER? The Bush bubble popping cost the Republicans dearly. Next time when the Dems are in power they will flood cities with illegal immigrants, enact medicare for all, free college etc and bankrupt the system.... As i said everyone needs to prepare for this because it going to happen sooner or later. Whether its in 2020, 2024.

    oh and by the way Schiff warned about the 2007 bubble early on and everyone laughed at him. He is now warning again people dont like to hear it and dismiss him but he is basically preaching sound economics.
    Last edited by Warlord; 02-13-2020 at 04:53 PM.

  23. #20
    Quote Originally Posted by Warlord View Post
    Schiff's point on this subject is that when the sh1t hits the fan eventually then Donald will be blamed just like George W. Bush in 2007. And the Republicans will get the blame too just like then and we ended up with Obama, Speaker Pelosi and 60 Dems in the Senate!

    They were able to ram through Obamacare, REMEMBER? The Bush bubble popping cost the Republicans dearly. Next time when the Dems are in power they will flood cities with illegal immigrants, enact medicare for all, free college etc and bankrupt the system.... As i said everyone needs to prepare for this because it going to happen sooner or later. Whether its in 2020, 2024.

    oh and by the way Schiff warned about the 2007 bubble early on and everyone laughed at him. He is now warning again people dont like to hear it and dismiss him but he is basically preaching sound economics.
    Yup, Schiff is correct - which is precisely why Trump is using both legitimate means (tax cuts, regulation cuts, etc) and artificial means (Fed, big budgets, etc) to prop up the economy so that he gets re-elected. Schiff's strategy is to sit down and have a talk with the American public and explain that the economy is about to be bad, but trust him, just re-elect him and go along with it and things will be better - which is true, but good luck being convincing when you have the deep state propaganda machine trying to tear you down.

    The most efficient way would be to bring it all down fast, so we can build it back up fast again. But because we have so much great technology and our energy production is so high, it may be possible for Trump to pad the landing a bit and reduce the budgets over time and we might not be too poor off.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  24. #21
    Quote Originally Posted by dannno View Post
    If you look at the unemployment, it started bottoming out toward the end of Obama's term. When it became clear Trump might get elected, and as he got elected, became President and instituted free market reforms and tax cuts, the unemployment dropped quite a bit further than it would have otherwise.

    We would probably already be seeing rising unemployment had Hillary been elected, and it never would have gotten nearly as low as it did with Trump.

    Also, Schiff didn't really mention that due to the crash and cyclical economics, it was expected that unemployment would drop and markets would rise during most of Obama's terms. It was not because of any of his policies, it was despite those policies.
    Nah- the unemployment pretty much continued what it was doing under Obama.

    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  25. #22
    Quote Originally Posted by Zippyjuan View Post
    Nah- the unemployment pretty much continued what it was doing under Obama.


    Actually, no, your graph proves precisely what I said.

    Look at how it began to bottom out in the beginning of 2016 and even started to spike upwards a little.. then it took an unexpected drop around the time Trump was elected, and just before as companies were realizing that Trump might actually win.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  26. #23
    Quote Originally Posted by Warlord View Post
    Schiff's point on this subject is that when the sh1t hits the fan eventually then Donald will be blamed just like George W. Bush in 2007. And the Republicans will get the blame too just like then and we ended up with Obama, Speaker Pelosi and 60 Dems in the Senate!

    They were able to ram through Obamacare, REMEMBER? The Bush bubble popping cost the Republicans dearly. Next time when the Dems are in power they will flood cities with illegal immigrants, enact medicare for all, free college etc and bankrupt the system.... As i said everyone needs to prepare for this because it going to happen sooner or later. Whether its in 2020, 2024.

    oh and by the way Schiff warned about the 2007 bubble early on and everyone laughed at him. He is now warning again people dont like to hear it and dismiss him but he is basically preaching sound economics.
    When you always warn about a recession, eventually you will be right. And he will be right again. Eventually. He has promised "an even worse recession than the Great Recession" since 2008.
    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  27. #24
    Quote Originally Posted by Zippyjuan View Post
    When you always warn about a recession, eventually you will be right. And he will be right again. Eventually. He has promised "an even worse recession than the Great Recession" since 2008.
    He called the dot com bubble as well. There are videos on youtube of a very young Schiff laying it out. He explains why the bubble is forming and the fundamentals behind it and this is basic sound economics 101 (Hayek and Mises). It is very hard to tell when the bubble will pop because the Fed keeps kicking the can down the road and the president and politicians do the same but the day of reckoning always comes.



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  29. #25
    Quote Originally Posted by Warlord View Post
    He called the dot com bubble as well. There are videos on youtube of a very young Schiff laying it out. He explains why the bubble is forming and the fundamentals behind it and this is basic sound economics 101 (Hayek and Mises). It is very hard to tell when the bubble will pop because the Fed keeps kicking the can down the road and the president and politicians do the same but the day of reckoning always comes.
    He has successfully predicted thirty of the last three recessions. Hyperinflation! Gold is going to $5,000 an ounce next year!
    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  30. #26
    Quote Originally Posted by Zippyjuan View Post
    I agree with Schiff that Trump has done just what he criticized Obama for doing and continued with what Obama did and thus benefited from the economic growth following the recession. As for the future- Schiff is always calling for a major recession/ collapse. "Coming soon" since 2008.

    Growth has picked up under Trump and has been slightly above Obama. Milton Friedman laid out the plucking model of recessions in the 60s that seems to be right. https://www.bloomberg.com/opinion/ar...ns-looks-right He said steep recessions lead to steep recoveries, like pulling on a guitar string to a very stretched point and then releasing. There wasn't a steep recovery under Obama. Some of that was probably the amount of debt homeowners had on their balance sheets. But Obama objectively made a ton of supply side errors. He kept a corporate income tax rate at the highest in the world. He increased regulation (i.e. hiked taxes) dramatically on the environment and business in a time that it made sense to deregulate.

    And the banking regulations Obama put into place ending up forcing monetary policy to be to tight at a time when it was impossible for the policy to be too loose. From one the most respected economists by people in the real world. https://www.forbes.com/sites/steveha.../#3a106a0a2528

    And if you think Hanke is some random economist to support my view here is his resume. He is Chairman Emeritus of the Friedberg Mercantile Group, Inc. in Toronto, a macro hedge fund that has blown it out of the water for decades. https://www.opalesque.com/47452/Frie...rns_in452.html
    Inside the Johns Hopkins finance class that's 'guaranteed' to get you a job on Wall Street

    https://www.businessinsider.com/john...-course-2015-5
    https://en.wikipedia.org/wiki/Steve_Hanke
    Last edited by Krugminator2; 02-14-2020 at 08:28 AM.



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