I'm not the biggest fan of Peter Schiff, my highest value is harmony. BUT Peter Schiff is a man who would do the country good, and it's clear now why we can't get anyone that would do the country good into power. Because doing the country good would be painful, like cutting a heroin addict off
22 yes old , know about the federal reserve notes but never as much info on timelines of gold and sliver price fluctuations and I barely graduated highschool of teacher didn’t give me all answers I’m thankful for RUclips and people with info like Peter Schiff heard of you but loved this one !!! We need more 👌
I really like these snippets of explanations of particular topics.... it's way more convenient for purposes of reviewing or jogging one's memory rather than scanning and hunting for it or similar talks in one of your hundreds of podcasts using only one's memory/recollection :)
Peter it’s a great history lesson so thank you for recording this. It should be mandatory material in schools if the purpose of the education is the prepare you to earn something 99% of the population knows nothing about.
Mill marks! Lol, bank messengers used to shake gold coins in the travel bags which left gold residue in the bag, it was referred to as sweating the money.
Great show. Some FYI, The 1943, 44, and 45 Nickels contain 40% Ag. The 1942 Nickel was made in clad and partial Ag. A mark above the dome on the Reverse indicates the Ag. Cool thing to know.
It is currency, fiat currency, not money! Gold is money. Peter forgot to mention USA had 2 Central Banks before FED, and that both the States and Federal powers had paper currency (before the 1790's) made "legal tender", so you had to accept that worthless currency or else.
They are not letting landlords evict but not weaving property taxes, is that a land grab? I imagine landlord will move to one month leases which would benefit in hyperinflation also.
>90% of my NW is in active rentals and passive partnerships (all real estate types) and 2020 has been a boon. Getting interest rates in the 2s and 3s. All paid for by my tenants and Uncle Sam. Cash flowing real estate is the best way to profit from inflation.
Dear Peter, this morning we have experienced a tragic attack on our land of gold and silver. Please come out with a sermon today. Your disciples are lost and desperately need your guidance 😅
I bet there was that one guy in the 1910s saying the government was gonna pull a dollar IOU switcheroo (like they eventually did) which everyone labeled as a conspiracy theorist
The average American consumer doesn't care that the dollar is paper. They don't care that it used to be exchangeable for real money. That the definition of a dollar is a set amount of silver means little to them. All they care about is when can I go on vacation. Can I afford this new product? Vote for politician on tv, and consume product.
Stock market making all time new highs...and you have to ask where to put your money? Actually with the unknowns of corona i would be putting my money under my matress and praying....and about 4 large freezers filled to the brim and a room full of canned foods too....ps. dont forget the dog food too if you own a dog
Silver and gold were also crashing when moving between $3-$6 & $150-$350 twenty years ago. I still regret not buying back then when PM bubbles were crashing :)
Michael Hemsley Would rather ASE’s given that I live in America. Easier to spend, if and when necessary. Agreed that a further pullback where I’d like(22 handle) is a bit of wishful thinking, but every dollar adds up quickly and therefore limits how many I can get.
Michael Hemsley I have a bunch of old foreign ones already, but appreciate where you’re coming from. Perhaps junk silver would be worth having anyhow. $30 for more ASE’s is exactly what I’m hoping for. Not like silver is going to remain under $30 per ounce too much longer anyhow :)
Hey Peter, how come you didn’t mention the coin act of 1873 when the criminal government/banksters demonetized silver coins from circulation as legal tender money and went all in on gold that only the rich banksters had while the common men used silver in their daily transactions?
The ADA after ya? Haha I see you put text on your video! Learn more from your videos than from all the books I read. Your content is so packed with information! Thank you.
In my native tongue, there's a saying when someone is telling you a story that is hard to believe that translates to "that's too thick for a Dollar". That obviously comes from a time when the currency was still real money.
I was well into my forties when I first started to learn something about money and how it is created in a modern economy. At first, I could not believe it. This was not what I was taught about money in my younger days. There is definitely some “smoke and mirrors” involved. To me the most stunning realization was that modern money is created by issuing loans (creating debt). The idea that money is created by issuing loans (creating debt) never occurred to me and did not realize that most money is created this way including most of the money government spends. I actually though that when a bank loaned money, it loaned out the money it had on deposit from all of its customers. I did not realize that when a bank loans money it just creates it by entering the loan amount into its books or computers and that the actual deposits remain at the bank and are only used to limit the amount of money the bank can create by lending. I learned that typically $100 dollars can be created for a loan for every $10 dollars the bank has on deposit but depending on the current banking rules can be more than $100 for every $10 dollars on deposit. I also learned that it should be the government’s duty and responsibility to control the quantity of money in the system so that they can control economic activity. The government can create the nation’s money by simply printing it or just by entering the numbers into their books or computers but, the vast majority of money the government spends is borrowed from private commercial banks which create it when they lend the money to the governments. Since the strategy is to keep growing the economy by continuously increasing government debt, there appears to be very little incentive to pay off the debt so the system starts looking like a Ponzi scheme. More money needs to be borrowed to continue to service and pay off the previous debt. The only chance this type of system and money has of working is if the economy is continuously growing. If the economy is not continuously growing, history has proven that this type of money will always have a tendency to hyper inflate and devalue to zero. The idea and thinking that the economy always has to grow for humans to progress and to be successful may be a problem. Presently if the economy is not growing, it is considered a failure. This type of thinking cannot go on uninterrupted on a finite planet with finite resources. There needs to be flexibility in the system for the economy to expand and contract and for a contraction to be considered normal and not a problem. For this type of thinking to work, there needs to be some new economic models developed along with some new types of money and financial systems based on economic sustainability not on economic growth. When the Canadian Taxpayer Federation was asked why can’t the government create all of its own money instead of borrowing most of it from private commercial banks that it has to pay back with interest, the answer provided is that if the government is allowed to do this there will be hyperinflation because the government will not be able to discipline or control itself on spending. There does not seem to be any limit to how much money the government can borrow which is also money printed (created) but from private commercial banks instead of the government. So my thinking is whether the government creates the money themselves or borrows the money from banks, if the government is not able to discipline or control itself on spending it does not matter if government borrows the money or prints (creates) the money themselves they will cause hyperinflation. My thinking is that if governments can discipline and control themselves in not borrowing too much money to cause hyperinflation, they should also be able to discipline and control themselves not to print (create) too much money to cause hyperinflation. The benefit with the government printing (creating) the money themselves instead of borrowing it is that there will be no national debt that has to be paid back with interest to the commercial private banks. Since it should be the government’s duty and responsibility to control the quantity of money in the system so that they can control economic activity, by allowing banks to create the money when governments borrow, it weakens the government’s authority and allows private commercial banks to influence the government and profit from creating the nation’s money. The government should be the only authority allowed to create the nation’s money and the private commercial banks should not be allowed to create money and the private commercial banks should only be allowed to lend money that they actually have on deposit. Some have argued that governments should not be in the banking business but, in reality the banks should not be in the government’s business. Ellen Brown has researched the history of the banking and financial systems and has written books and has a website, blog and radio show ellenbrown.com/. Her work reveals the problems and then proposes methods and plans on what needs to be done to make the corrections to fix the banking and financial systems so that it can be fair for everyone. For an education on money and debt, I also recommend all 10 episodes of the "Hidden Secrets of Money" by Mike Maloney here ruclips.net/user/whygoldandsilverfeatured The ColdFusion RUclips Channel has prepared and excellent video on how money is created ruclips.net/video/mzoX7zEZ6h4/видео.html
@Nasdaq trader If the value of the money is tied to gold and silver as per the constitution as explained by Peter, the government would not be able to destroy the value of the paper money. We are the government, you and me and the rest of us. So if the government destroys the value of the paper money, it is you me and the rest of us that allowed it to happen. Do you think a private commercial bank should be allowed to profit by being allowed to create the money it loans the government? Would it not make more sense for the government to be the only authority to create the nation’s money and not have a national debt? And of course have the value of that money tied to gold and silver as per the constitution. And only have private commercial banks lend money to businesses they have on deposit not create it when they give out a loan? If banks don’t have enough money to loan to businesses, then the government can create the money to loan to businesses and the businesses can pay back the money with interest to the government. With this type of system personal and business taxes can be kept to a minimum. I do not think the needs of the private sector has to be put ahead of the government’s needs, they should both be on an equal footing. For the most part, Peter puts out a pretty consistent, reasonable and responsible message, however, he tends to blame or put the fault on government policies and regulations for the financial and economic issues of the nation. It sounds like you are also blaming government. Surely, there are also corrupt corporate, financial and banking executives and CEOs not just politicians and government officials that want to get re-elected and let’s not forget that it is business and industry leaders that have the most influence on government. And let’s not forget that it was the private bank owners and leaders that influenced and pressured the government to create the Federal Reserve in 1913 which is a private bank and is largely responsible for devaluing the nation's money. Nothing wrong with unions trying to negotiate fair working conditions and fair wages but unfortunately corruption also shows up here. I think it should be about trying to educate and to tell the truth and being honest about how the systems work instead of all the “smoke and mirrors” . Governments, corporations and financial institutions lying and bullshitting to people does not help in building confidence and trust. What do you think about needing some new economic models that are based on sustainability not growth?
It's a Ponzi scheme on the world by the US. Only no one will go to jail. Technically it's more like a mafia racket. But... the dollar wont collapse. Much of the world has to work more than an hour for a bottle if beer. Or they have only one car the size of a shoebox. Plenty of room for growth. Plenty of IOUs.
@@hvaball150 You make a good point. Do you ever see a time when there is no more room for growth? A time when most of the world can buy a full case of 24 beers for an hour of work? And if you do, is that time about 10 years from now, about 100 years from now or about 1000 years from now or does it matter? It may be a kinder gentler master slave relationship but the borrower will always be a slave to the lender. Do you think there is a better way to create money other than by creating it by pretending to give someone a loan with money that you do not have and then have them pay it back with real money? To use a different twist on Peter’s example. Would this not be like pretending to lend someone a coat and then have them return a real coat to you? It may work on desperate people trying to figure out a way to buy a full case of 24 beers for an hour of work but, can there be a more ethical or moral or more honest way of doing this. Can this be done without a Ponzi scheme or a mafia type racket that will ultimately fail at some point in time in the future. Do you think humans are better than this?
@@Danny_6Handford long term democracy, communism, and socialism wont work. Society kind of has to ride on a ridge and keep from falling off. You want to be 4th century rome rather than 5th. I think that can be taught and there are solutions. But jealousy and greed will wrinkle that. To coin Peter without that we would have no innovation. Could we start a society without rents? Make it illegal. Also no more than 2 plots of 1 acre or less each per couple. (There are 2.4 billion acres in the usa). You could buy for your kids at 14. Up to this point we have had invaders and conquerors. And that is one of the bigger problems. But last 150 years not as much (minus 2 fake world wars). If we had no borders what would that do? It's all perhaps do able.
@@hvaball150 So you think that regardless the type of society that has been established (democracy, communism, socialism, monarchy or dictatorship) there will always be a collapsed. I think you may be correct and I think there will also always be a good chance of a new society rising up after the collapse. Similar to a death and rebirth cycle of nature (ie. A forest being destroyed by fire and then re-growing again) I am sure that being greedy and jealous can lead to progress and innovations but I am not sure if greed and jealousy is needed for progress and innovation. Perhaps part of the progress and innovation as a result of being greedy and jealous is for humans to learn how to progress and be innovative without being greedy and jealous and to be more honest without lying and deception and without scamming people or taking advantage of people. Ever since life first developed and evolved on earth, all life has had to compete for survival. Ever since humans started to dominate life on earth, they too had to compete for survival. There has also been a tendency for humans to compete in trying to conquer, dominate and control other humans and get other humans to be servants and slaves. Humans have an amazing talent to tell fascinating and conflicting stories that have been used to dominate and control other humans. These stories include ideologies and systems and methods on how to live better, more comfortable and just lives. They include religions, political systems such as monarchies or democracies and economic systems like capitalism or socialism. As knowledge of how to form civilizations started, the stories of caste and class systems were also created. I think Peter and perhaps you are trying to tell a story that massive wealth inequality is a requirement for humans to progress, gain knowledge and be innovative in making advances in technology. I am not sure if I agree. This is similar to trying to make the argument that slavery was a requirement for America to have had the ability to become the leading economic superpower that it is today. I have even heard the argument that slavery was a “necessary evil”. I don’t think there is such a thing as a “necessary evil”. I think slavery certainly helped and accelerated the development of America to become the leading economic superpower but I don’t think it was a requirement. Similar to slavery, massive inequalities in wealth has probably helped and accelerate progress and innovations in the development of technological advances but I really do not think that it is a requirement. So what if progress and innovations take a little longer. What is the rush? If going at a slower pace means a more equal and better quality of life for all humans on the planet it is a good thing.
Silver maple leafs are legal tender in Canada and have a face value of $5. Do you have to pay taxes over the face value or intrinsic value of the coin? I live in the Netherlands and I have some maple leafs and I'm curious what value I need to usr for my taxes
The real question of the last couple of days is how JPMorgan's shares rise with 10% when they are too heavy on mortgages and the only positive "stone" in their balance is the enormous Silver reserve, which lost near 10% of its price? WTF?
We may not be able to buy as much with a single dollar today as we did in the past but we are paid more dollars these days for the same amount of work we did in the past so the dollar itself may have lost 99% of its purchasing power but we didn’t.
Hmm, I think perhaps you should make a separate channel for clips. Call it Peter Schiff Clips. That's because I'm subscribed to receive all notifications on this channel and I watch all your podcasts in full. If I start getting a large amount of notification with small clips that I've already seen I might have to turn off notifications. But for the youtube algorithm you want to find ~10minute chunks to upload.
Repent America and world. Biblical collapse coming...literally. Isaiah 24. Behold I come as a thief. Put your faith in Jesus the Christ. Watch and pray that ye may be deemed worthy to escape these things that shall come to pass and to stand before the Son of Man. (Luke 21:36) "For, behold, in those days, and in that time, when I shall bring again the captivity of Judah (1948) and Jerusalem (1967), I will also gather all nations, and will bring them down into the valley of Jehoshaphat" (Joel 3)
SPY, IWM, QQQ, TLT all down today, people saying everything to order online some russian vaccine, they should have checked that it's intramuscular, requires a huge needle
Peter loves making currency and he's probably pinching all (currency) he can now to position himself later. I believe that if Peter's right he will go to the grave trying to help people
Why is gold dropping significantly today? Why is the market up again? Why did the CEO of Barrick proclaim his new gold price base for the next ten years will be 1200. I'm in GLD and physical but I'm keeping plenty dry powder resulting from skepticism.
The US should return to a Silver Dollar Standard. We may not have those 8,000 tons of gold in Fort Knox, but our government does have a huge strategic pile of silver! If the USA would Revalue silver vs gold back to 10 to 1 and return to a silver dollar standard the USA would be a big winner and then we could buy back the gold that we leased/sold at a fgain!
@@AustinKoleCarlisle No. Wait. There is only a finite amount of btc and most trusted cryptocurrencies . New alt coins coming into the the market may be infinite. But. Fiat is the same way. Any country at any time can create a new fiat currency... But would you trust it? Of course not. The steps of Fiats past, look very similar to the crypto steps of the future. Change my mind...
@@bloodline1488 No, I'm not talking about competing altcoins that have an infinite supply, I'm simply talking about the supply of all cryptos (including bitcoin) combined is essentially infinite. Yes, the comparison to fiat currencies is similar. But look at what you're doing: you're trying to justify which fiat/crypto is better than another. The fact remains is that any crypto was created from nothing and nothing is inherently backing it (aside from speculation). Once the hysteria over speculative potential goes away, so will the popularity of cryptos and they will all eventually go to zero once the majority of people realize that something cannot be a good investment and also affordable. therefore, cryptos can never be currency. they are simply the latest form of "get rich quick" schemes, and i'm not surprised cryptos are popular these days in our climate of entitlement and expecting something for nothing.
@@AustinKoleCarlisle not really. This speculation is 11 years old. Getting stronger and has some of the most advanced tech running on blockchain. Btc is backed by more than you understand apparently. Compared to usd which is only backed by political promises... I know where I would rather invest
If I agree to work for a piece of paper that has no intrinsic value other than being recognized as legal tender then I must be confident that there is a marketplace filled with goods and services that I need and want and which are priced at an amount that would be a fair exchange for the work I had to do to acquire that piece of paper. If I am not confident that there is such a marketplace then I should not accept a piece of paper for the work I do.
A grain is a measure of weight. The dollar in the constitution was defined as a certain amount weight of silver 1 ounce = 437.5 grains 1 troy ounce = 480 grains Does this help?
@@Danny_6Handford Thanks. I've never heard of a grain as a unit of weight though. Where is the unit "grain" defined, and where does it originate? Is it in anyway related to say, a grain of wheat?
@@russelljt3525 There a lots of different units of measure from the past. I do not know the history of the grain but it sounds like you are on the right track.
Peter getting bombarded with customer calls today: "I can't stand it anymore! I want out!!!" "Just relax. There's nothing to worry about. You won't get taken to the cleaners again like you did last time." lol
Peter please work on your math, because that last bit on percentages is cringy. If the dollar lost 99% of its value to date, it could lose 99% of its value 10 more times after today, and it still wont make up that last 1%
Legal Tender is only good till it becomes dirty with a virus and short supply like we read today, perhaps an excuse. Something must be in the works for new legal tender stuff, Peter Schiff podcasts would fit well.
Economics, history, civics: Peter's channel has it all bullshit-free. 20 minutes of pure gold.
💪
Lol
Peter THANK YOU for giving the everyday person a real way to UNDERSTAND this CRIMINAL enterprise. Enjoyed this very much!!!
Gold & Silver is on sale today. Keep stackin' friends
Please get back below 1900 ! I got so excited when I saw that.
How will you use the metals in trade after the war?
Shawn Kalin
Real Estate and to trade for labor to improve said Estate.
@@shawnkalin9337 I guess the same could be said of the dollar
Michael Hemsley no worries. You’re still in great shape. Don’t look at it like stock equities. Even if we head to 1800s - still a blip.
I like the subtitles embedded in the picture.
I like to listen at 1.25 speed. Lol
I'm not the biggest fan of Peter Schiff, my highest value is harmony. BUT Peter Schiff is a man who would do the country good, and it's clear now why we can't get anyone that would do the country good into power. Because doing the country good would be painful, like cutting a heroin addict off
22 yes old , know about the federal reserve notes but never as much info on timelines of gold and sliver price fluctuations and I barely graduated highschool of teacher didn’t give me all answers I’m thankful for RUclips and people with info like Peter Schiff heard of you but loved this one !!! We need more 👌
This is one of the most powerful information concerning the nature of currency
Peter is my biggest hero and my biggest teacher. Thank you for sharing and teaching us the real economics and financials.
“Laws are spider webs through which the big flies pass and the little ones get caught.”
― Honore de Balzac
Thank you for everything you’ve done Peter. We all owe you a great deal of gratitude👍🏻
I really like these snippets of explanations of particular topics.... it's way more convenient for purposes of reviewing or jogging one's memory rather than scanning and hunting for it or similar talks in one of your hundreds of podcasts using only one's memory/recollection :)
Such cool history, and also just shows the devastation caused by the Federal Reserve.
Only Schiff would call a 21 minute video “brief. “
For Peter 21 minutes IS brief!
Peter does hammer his points home with plenty of gusto. If he made furniture, it would look secondhand by the time he had finished making it.
Peter Schiff - because the world needed an honest banker 👌🏼
Love these historical podcasts!!!! Keep them coming!!
One of your best presentations so far.
Peter it’s a great history lesson so thank you for recording this. It should be mandatory material in schools if the purpose of the education is the prepare you to earn something 99% of the population knows nothing about.
It’d be impossible to get government schools to teach kids about the evils of government 😔
Public schools are there to teach the government propaganda. Everything taught is one sided.
Thanks for sharing this!
From Mexico
Mill marks! Lol, bank messengers used to shake gold coins in the travel bags which left gold residue in the bag, it was referred to as sweating the money.
Even if silver fell to 1 dollar.... I would still be stacking.....
Great show. Some FYI, The 1943, 44, and 45 Nickels contain 40% Ag. The 1942 Nickel was made in clad and partial Ag. A mark above the dome on the Reverse indicates the Ag. Cool thing to know.
Excuse me "35%".
It is currency, fiat currency, not money! Gold is money. Peter forgot to mention USA had 2 Central Banks before FED, and that both the States and Federal powers had paper currency (before the 1790's) made "legal tender", so you had to accept that worthless currency or else.
Thank you so much...this lesson is sooo valuable, especially with the transcription!
They are not letting landlords evict but not weaving property taxes, is that a land grab? I imagine landlord will move to one month leases which would benefit in hyperinflation also.
Rothschild Bank apparently gearing up for mass, debt - land swaps.
...... Believe that was reported on The Money GPS today or yesterday
>90% of my NW is in active rentals and passive partnerships (all real estate types) and 2020 has been a boon. Getting interest rates in the 2s and 3s. All paid for by my tenants and Uncle Sam. Cash flowing real estate is the best way to profit from inflation.
I've learned so much from the great Peter Schiff
Dear Peter, this morning we have experienced a tragic attack on our land of gold and silver. Please come out with a sermon today. Your disciples are lost and desperately need your guidance 😅
I still dont understand how people still have faith in fiat currency especially now
This is your BEST VIDEO EVER!!!
Thank you Mr. Peter Schiff, I will never troll you again. I’m sorry 🤟😊👍
The best video I've heard by Peter so far👍
I bet there was that one guy in the 1910s saying the government was gonna pull a dollar IOU switcheroo (like they eventually did) which everyone labeled as a conspiracy theorist
It is amazing people except I OWE YOU NOTHING notes as payment.
Accept*
@@Plysomack Thanks, the talk to text is always doing this to me.
A currency only needs consumer confidence in its ability to maintain value and purchasing power.
The average American consumer doesn't care that the dollar is paper. They don't care that it used to be exchangeable for real money. That the definition of a dollar is a set amount of silver means little to them. All they care about is when can I go on vacation. Can I afford this new product? Vote for politician on tv, and consume product.
@@bhe8336 This is why I almost exclusively use Schrute Bucks for all of my purchases.
Love "Schiff Clips"!!-
Shared. Brilliant, as usual, Peter.
Thanks for sharing all this great information Peter schiff please keep it up
Stephanie Kelton says deficits and quantitative easing isnt harmful to the Economy in fact she says the Feds not printing fast enough.
gold and silver now crashing, so now where?
Stock market making all time new highs...and you have to ask where to put your money? Actually with the unknowns of corona i would be putting my money under my matress and praying....and about 4 large freezers filled to the brim and a room full of canned foods too....ps. dont forget the dog food too if you own a dog
Do you really expect it to go up everyday or something?
Silver and gold were also crashing when moving between $3-$6 & $150-$350 twenty years ago. I still regret not buying back then when PM bubbles were crashing :)
Til the electric goes out.
Peter is The Peter ❤️.
Peter Rabbit 🐰🐰🐰🐰🐰🐰🐰🐰🐰🐇🐇🐇🐇🐇🐇🐇
Such an informative and insightful video. Thanks alot Peter!
Peter very very good
What part of the constitution is being defended by congress or the judicial system?
Peter, Golden Minerals, Gold Terra, Nevada Sunrise Gold, Eastmain, First Mining Gold, Silver Tiger, Silver One Resources. Buy!
Up 30% since putting in with EPIVX.... Looks like this train is just leaving the station to.
More education clips. People be loving Little Peter clips.
Excellent video
great work peter, always insightful!
You are transcribing now. That’s great.
Let it pull back some. Premiums are too high. Would like to buy more cheaper.
That's what people were telling me when silver was 18. Glad I didn't listen to them
Michael Hemsley Would rather ASE’s given that I live in America. Easier to spend, if and when necessary. Agreed that a further pullback where I’d like(22 handle) is a bit of wishful thinking, but every dollar adds up quickly and therefore limits how many I can get.
Michael Hemsley I have a bunch of old foreign ones already, but appreciate where you’re coming from. Perhaps junk silver would be worth having anyhow. $30 for more ASE’s is exactly what I’m hoping for. Not like silver is going to remain under $30 per ounce too much longer anyhow :)
@@MP31040 Getting closer to my target than I expected. All in less than a day. Nice
Hey Peter, how come you didn’t mention the coin act of 1873 when the criminal government/banksters demonetized silver coins from circulation as legal tender money and went all in on gold that only the rich banksters had while the common men used silver in their daily transactions?
The ADA after ya? Haha I see you put text on your video! Learn more from your videos than from all the books I read. Your content is so packed with information! Thank you.
In my native tongue, there's a saying when someone is telling you a story that is hard to believe that translates to "that's too thick for a Dollar". That obviously comes from a time when the currency was still real money.
Thanks Peter.
I was well into my forties when I first started to learn something about money and how it is created in a modern economy. At first, I could not believe it. This was not what I was taught about money in my younger days. There is definitely some “smoke and mirrors” involved. To me the most stunning realization was that modern money is created by issuing loans (creating debt). The idea that money is created by issuing loans (creating debt) never occurred to me and did not realize that most money is created this way including most of the money government spends. I actually though that when a bank loaned money, it loaned out the money it had on deposit from all of its customers. I did not realize that when a bank loans money it just creates it by entering the loan amount into its books or computers and that the actual deposits remain at the bank and are only used to limit the amount of money the bank can create by lending. I learned that typically $100 dollars can be created for a loan for every $10 dollars the bank has on deposit but depending on the current banking rules can be more than $100 for every $10 dollars on deposit.
I also learned that it should be the government’s duty and responsibility to control the quantity of money in the system so that they can control economic activity. The government can create the nation’s money by simply printing it or just by entering the numbers into their books or computers but, the vast majority of money the government spends is borrowed from private commercial banks which create it when they lend the money to the governments.
Since the strategy is to keep growing the economy by continuously increasing government debt, there appears to be very little incentive to pay off the debt so the system starts looking like a Ponzi scheme. More money needs to be borrowed to continue to service and pay off the previous debt. The only chance this type of system and money has of working is if the economy is continuously growing. If the economy is not continuously growing, history has proven that this type of money will always have a tendency to hyper inflate and devalue to zero.
The idea and thinking that the economy always has to grow for humans to progress and to be successful may be a problem. Presently if the economy is not growing, it is considered a failure. This type of thinking cannot go on uninterrupted on a finite planet with finite resources. There needs to be flexibility in the system for the economy to expand and contract and for a contraction to be considered normal and not a problem. For this type of thinking to work, there needs to be some new economic models developed along with some new types of money and financial systems based on economic sustainability not on economic growth.
When the Canadian Taxpayer Federation was asked why can’t the government create all of its own money instead of borrowing most of it from private commercial banks that it has to pay back with interest, the answer provided is that if the government is allowed to do this there will be hyperinflation because the government will not be able to discipline or control itself on spending.
There does not seem to be any limit to how much money the government can borrow which is also money printed (created) but from private commercial banks instead of the government. So my thinking is whether the government creates the money themselves or borrows the money from banks, if the government is not able to discipline or control itself on spending it does not matter if government borrows the money or prints (creates) the money themselves they will cause hyperinflation. My thinking is that if governments can discipline and control themselves in not borrowing too much money to cause hyperinflation, they should also be able to discipline and control themselves not to print (create) too much money to cause hyperinflation. The benefit with the government printing (creating) the money themselves instead of borrowing it is that there will be no national debt that has to be paid back with interest to the commercial private banks.
Since it should be the government’s duty and responsibility to control the quantity of money in the system so that they can control economic activity, by allowing banks to create the money when governments borrow, it weakens the government’s authority and allows private commercial banks to influence the government and profit from creating the nation’s money. The government should be the only authority allowed to create the nation’s money and the private commercial banks should not be allowed to create money and the private commercial banks should only be allowed to lend money that they actually have on deposit. Some have argued that governments should not be in the banking business but, in reality the banks should not be in the government’s business.
Ellen Brown has researched the history of the banking and financial systems and has written books and has a website, blog and radio show ellenbrown.com/. Her work reveals the problems and then proposes methods and plans on what needs to be done to make the corrections to fix the banking and financial systems so that it can be fair for everyone.
For an education on money and debt, I also recommend all 10 episodes of the "Hidden Secrets of Money" by Mike Maloney here ruclips.net/user/whygoldandsilverfeatured The
ColdFusion RUclips Channel has prepared and excellent video on how money is created ruclips.net/video/mzoX7zEZ6h4/видео.html
@Nasdaq trader If the value of the money is tied to gold and silver as per the constitution as explained by Peter, the government would not be able to destroy the value of the paper money. We are the government, you and me and the rest of us. So if the government destroys the value of the paper money, it is you me and the rest of us that allowed it to happen.
Do you think a private commercial bank should be allowed to profit by being allowed to create the money it loans the government? Would it not make more sense for the government to be the only authority to create the nation’s money and not have a national debt? And of course have the value of that money tied to gold and silver as per the constitution. And only have private commercial banks lend money to businesses they have on deposit not create it when they give out a loan? If banks don’t have enough money to loan to businesses, then the government can create the money to loan to businesses and the businesses can pay back the money with interest to the government. With this type of system personal and business taxes can be kept to a minimum.
I do not think the needs of the private sector has to be put ahead of the government’s needs, they should both be on an equal footing. For the most part, Peter puts out a pretty consistent, reasonable and responsible message, however, he tends to blame or put the fault on government policies and regulations for the financial and economic issues of the nation. It sounds like you are also blaming government. Surely, there are also corrupt corporate, financial and banking executives and CEOs not just politicians and government officials that want to get re-elected and let’s not forget that it is business and industry leaders that have the most influence on government. And let’s not forget that it was the private bank owners and leaders that influenced and pressured the government to create the Federal Reserve in 1913 which is a private bank and is largely responsible for devaluing the nation's money.
Nothing wrong with unions trying to negotiate fair working conditions and fair wages but unfortunately corruption also shows up here. I think it should be about trying to educate and to tell the truth and being honest about how the systems work instead of all the “smoke and mirrors” . Governments, corporations and financial institutions lying and bullshitting to people does not help in building confidence and trust.
What do you think about needing some new economic models that are based on sustainability not growth?
It's a Ponzi scheme on the world by the US. Only no one will go to jail. Technically it's more like a mafia racket. But... the dollar wont collapse. Much of the world has to work more than an hour for a bottle if beer. Or they have only one car the size of a shoebox. Plenty of room for growth. Plenty of IOUs.
@@hvaball150 You make a good point. Do you ever see a time when there is no more room for growth? A time when most of the world can buy a full case of 24 beers for an hour of work? And if you do, is that time about 10 years from now, about 100 years from now or about 1000 years from now or does it matter?
It may be a kinder gentler master slave relationship but the borrower will always be a slave to the lender. Do you think there is a better way to create money other than by creating it by pretending to give someone a loan with money that you do not have and then have them pay it back with real money? To use a different twist on Peter’s example. Would this not be like pretending to lend someone a coat and then have them return a real coat to you? It may work on desperate people trying to figure out a way to buy a full case of 24 beers for an hour of work but, can there be a more ethical or moral or more honest way of doing this. Can this be done without a Ponzi scheme or a mafia type racket that will ultimately fail at some point in time in the future. Do you think humans are better than this?
@@Danny_6Handford long term democracy, communism, and socialism wont work. Society kind of has to ride on a ridge and keep from falling off. You want to be 4th century rome rather than 5th. I think that can be taught and there are solutions. But jealousy and greed will wrinkle that. To coin Peter without that we would have no innovation. Could we start a society without rents? Make it illegal. Also no more than 2 plots of 1 acre or less each per couple. (There are 2.4 billion acres in the usa). You could buy for your kids at 14. Up to this point we have had invaders and conquerors. And that is one of the bigger problems. But last 150 years not as much (minus 2 fake world wars). If we had no borders what would that do? It's all perhaps do able.
@@hvaball150 So you think that regardless the type of society that has been established (democracy, communism, socialism, monarchy or dictatorship) there will always be a collapsed. I think you may be correct and I think there will also always be a good chance of a new society rising up after the collapse. Similar to a death and rebirth cycle of nature (ie. A forest being destroyed by fire and then re-growing again)
I am sure that being greedy and jealous can lead to progress and innovations but I am not sure if greed and jealousy is needed for progress and innovation. Perhaps part of the progress and innovation as a result of being greedy and jealous is for humans to learn how to progress and be innovative without being greedy and jealous and to be more honest without lying and deception and without scamming people or taking advantage of people.
Ever since life first developed and evolved on earth, all life has had to compete for survival. Ever since humans started to dominate life on earth, they too had to compete for survival. There has also been a tendency for humans to compete in trying to conquer, dominate and control other humans and get other humans to be servants and slaves. Humans have an amazing talent to tell fascinating and conflicting stories that have been used to dominate and control other humans. These stories include ideologies and systems and methods on how to live better, more comfortable and just lives. They include religions, political systems such as monarchies or democracies and economic systems like capitalism or socialism. As knowledge of how to form civilizations started, the stories of caste and class systems were also created. I think Peter and perhaps you are trying to tell a story that massive wealth inequality is a requirement for humans to progress, gain knowledge and be innovative in making advances in technology. I am not sure if I agree.
This is similar to trying to make the argument that slavery was a requirement for America to have had the ability to become the leading economic superpower that it is today. I have even heard the argument that slavery was a “necessary evil”. I don’t think there is such a thing as a “necessary evil”. I think slavery certainly helped and accelerated the development of America to become the leading economic superpower but I don’t think it was a requirement. Similar to slavery, massive inequalities in wealth has probably helped and accelerate progress and innovations in the development of technological advances but I really do not think that it is a requirement.
So what if progress and innovations take a little longer. What is the rush? If going at a slower pace means a more equal and better quality of life for all humans on the planet it is a good thing.
Silver maple leafs are legal tender in Canada and have a face value of $5. Do you have to pay taxes over the face value or intrinsic value of the coin? I live in the Netherlands and I have some maple leafs and I'm curious what value I need to usr for my taxes
Let them tax your currency, not your money.
Here we have to pay a wealth tax on gold and silver....
did they repesl these laws? or did they just work in new laws untop obsfucating the original 1792 act? serious question
Civil war + act of 1871. New laws. States lost. Union won.
@@hvaball150 comprhended
The real question of the last couple of days is how JPMorgan's shares rise with 10% when they are too heavy on mortgages and the only positive "stone" in their balance is the enormous Silver reserve, which lost near 10% of its price?
WTF?
How is JPMorgan going to lose? Why do you assume that?
I miss the Raycon read -_- Peter ditch the ads!
Hi Peter, why your website "schiff.gold" is for sale on GoDaddy auction? Is everything fine?
Please like if you'd like Peter to see this!
How do we take action and get prepared for what's about to happen? In-depth video on that?
Nice content.tnx fornl sharing
We're here ☕🥯🤞
Peter, good video, maybe you could do one on what will happen after the dollar crashes.
We go to war.
@@hvaball150 Maybe that's one of the reasons why Peter moved to Puerto Rico (escape)
Silver gods are real. Dollar needs to plummet which it will. Load up.
We may not be able to buy as much with a single dollar today as we did in the past but we are paid more dollars these days for the same amount of work we did in the past so the dollar itself may have lost 99% of its purchasing power but we didn’t.
Good podcast.
Hmm, I think perhaps you should make a separate channel for clips. Call it Peter Schiff Clips.
That's because I'm subscribed to receive all notifications on this channel and I watch all your podcasts in full.
If I start getting a large amount of notification with small clips that I've already seen I might have to turn off notifications. But for the youtube algorithm you want to find ~10minute chunks to upload.
Repent America and world. Biblical collapse coming...literally. Isaiah 24. Behold I come as a thief. Put your faith in Jesus the Christ. Watch and pray that ye may be deemed worthy to escape these things that shall come to pass and to stand before the Son of Man. (Luke 21:36) "For, behold, in those days, and in that time, when I shall bring again the captivity of Judah (1948) and Jerusalem (1967),
I will also gather all nations, and will bring them down into the valley of Jehoshaphat" (Joel 3)
People love to dump silver and gold to chase the new American dream: stocks
Real estate that generates cashflow is a much better option. 🏡
@@ligerllama Too bad those don't exist atm
@@ligerllama but it's not as easy to buy and sell
SPY, IWM, QQQ, TLT all down today, people saying everything to order online some russian vaccine, they should have checked that it's intramuscular, requires a huge needle
Those new highs just disappeared. Getting hammered!
Like the show but an ad every 3min is TOO much. I dont mind an ad read or ad to support your channel. But dont ruin your show like this.
Pro tip: Skip all the way to the end then replay the video. Thank me later.
Peter loves making currency and he's probably pinching all (currency) he can now to position himself later. I believe that if Peter's right he will go to the grave trying to help people
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Ublock origina what ads?
That makes since if our government was prudent
What a great day to add to the miners portfolio!
Hi Peter, What do you think about Rhodium?
I'd like to know too. Also his thoughts on platinum
Watch kitco news. Lots of info for platinum or rhodium
@@NGUSA1 I watch it every day. they hardly ever talk about it
Peter: consider loading your podcasts to brandnewtube.com They don't censor.
December 2024. 4 years and no financial crisis and dollar still doing well against most other currencies.
Reason for the pullback?
Peter Schiff for president
My gold and silver miners are down 20%. FOMO.
What about a Utah goldback?
We’re in the basement - learning to print (ALL OF IT’S HOT)
Very cool video!
Why is gold dropping significantly today? Why is the market up again? Why did the CEO of Barrick proclaim his new gold price base for the next ten years will be 1200. I'm in GLD and physical but I'm keeping plenty dry powder resulting from skepticism.
The US should return to a Silver Dollar Standard. We may not have those 8,000 tons of gold in Fort Knox, but our government does have a huge strategic pile of silver! If the USA would Revalue silver vs gold back to 10 to 1 and return to a silver dollar standard the USA would be a big winner and then we could buy back the gold that we leased/sold at a fgain!
Peter schiff is my man crush
Just like legal tender and it's development, Bitcoin and Altcoins are now forming under the same pattern. Go future currency.
Great show Pete! 🤜🤛
Nonsense. There is an infinite supply of cryptocurrencies that can be created. There is only a finite amount of precious metals in the Earth's crust.
@@AustinKoleCarlisle No. Wait. There is only a finite amount of btc and most trusted cryptocurrencies . New alt coins coming into the the market may be infinite. But. Fiat is the same way. Any country at any time can create a new fiat currency... But would you trust it? Of course not.
The steps of Fiats past, look very similar to the crypto steps of the future. Change my mind...
@@bloodline1488 No, I'm not talking about competing altcoins that have an infinite supply, I'm simply talking about the supply of all cryptos (including bitcoin) combined is essentially infinite. Yes, the comparison to fiat currencies is similar. But look at what you're doing: you're trying to justify which fiat/crypto is better than another. The fact remains is that any crypto was created from nothing and nothing is inherently backing it (aside from speculation). Once the hysteria over speculative potential goes away, so will the popularity of cryptos and they will all eventually go to zero once the majority of people realize that something cannot be a good investment and also affordable. therefore, cryptos can never be currency. they are simply the latest form of "get rich quick" schemes, and i'm not surprised cryptos are popular these days in our climate of entitlement and expecting something for nothing.
@@bloodline1488 Well did I change your mind?
@@AustinKoleCarlisle not really. This speculation is 11 years old. Getting stronger and has some of the most advanced tech running on blockchain. Btc is backed by more than you understand apparently. Compared to usd which is only backed by political promises... I know where I would rather invest
Feels so good to be 1st
The last time I was this early America was solvent.
"Here's your coat." lol
Its a bloodbath today hold strong and LONG
If I agree to work for a piece of paper that has no intrinsic value other than being recognized as legal tender then I must be confident that there is a marketplace filled with goods and services that I need and want and which are priced at an amount that would be a fair exchange for the work I had to do to acquire that piece of paper. If I am not confident that there is such a marketplace then I should not accept a piece of paper for the work I do.
Constitution was thrown out the window long ago unfortunately.
Null & void for over 150 years.
Act of 1871
@@hvaball150 Lincolns War in 1860.
@@richardaurre4840 exactly. States cannot secede and we will run the country as a corporation. Foreign owned corporation at that...
@Peter Schiff - What is your opinion on US TIPS? Do you think they are a good hedge against inflation?
Or, do you think EM debt is a better play?
gold is getting killed
Why so many adds
Pro tip: Skip to end then replay.
Can't really blame him for wanting to make a bit of money from the show.
Sorry but what is a "grain" in the context of the definition of the dollar?
A grain is a measure of weight. The dollar in the constitution was defined as a certain amount weight of silver
1 ounce = 437.5 grains
1 troy ounce = 480 grains
Does this help?
@@Danny_6Handford Thanks. I've never heard of a grain as a unit of weight though. Where is the unit "grain" defined, and where does it originate?
Is it in anyway related to say, a grain of wheat?
@@russelljt3525 There a lots of different units of measure from the past. I do not know the history of the grain but it sounds like you are on the right track.
👍
Peter getting bombarded with customer calls today: "I can't stand it anymore! I want out!!!"
"Just relax. There's nothing to worry about. You won't get taken to the cleaners again like you did last time." lol
Thanx for the schoolin Shciff but why don't you tell us why gold was down nearly a 100 bucks before the markets even opened?
Peter please work on your math, because that last bit on percentages is cringy. If the dollar lost 99% of its value to date, it could lose 99% of its value 10 more times after today, and it still wont make up that last 1%
Guao u so smart
You can take my legal tender MS65 1879 Morgan 90% silver dollar. For $650.
Laissez faire is already in the works. It’s called NESARA/GESARA. Fear not fellow liberty lovers.
Cringe. Shilling for a psy-op. Hope you dont pull too much hair out when you realize Q is fake lol.
@@thefrank446 If Q is fake we're all screwed worse than you could possibly imagine. Sometimes hope is the greatest of things.
Legal Tender is only good till it becomes dirty with a virus and short supply like we read today, perhaps an excuse.
Something must be in the works for new legal tender stuff, Peter Schiff podcasts would fit well.
Peter: 2 ads in less than 4 minutes!!!