February 2006 Peter Schiff U.S. Bubble Economy

A speech by Peter Schiff on the U.S. Bubble Economy, from a February 2006 Money Show appearance.

[@urbanirrigation]

is never too late to listen to him again , for 2023 onward crises . What made American GReat again.

[@dannytrader2865]

Just watching this now (Nov 2019)... GOLDEN!

[@AlexPrimus]

It's always funny how after the fact everyone acts like it was obvious. He was saying this stuff when EVERYONE was under the spell of easy credit and ever-expanding housing values. I think that deserves a heck of a lot of respect because he got it right just for the reasons he mentions. It will also be obvious after sharp inflation rises happen as he is saying now.

[@aqwandrew6330]

@daveyboy9000 why you think its happening again now?

[@aqwandrew6330]

@daveyboy9000 do you think if crisis hits, crypto will be exploting?

[@tomkuz_]

We are at the breaking point now just as he predicted. We’ll see this within the next few years

[@AlexPrimus]

@@tomkuz_ Yeah....I think the new story is the out if control spending. It was that way back then but has now accelerated to laughable levels. The rest of the world is moving away from dollars so a currency crisis is around the corner (I.e other countries accepting yuan for oil). When you also look at the sky rocketing household debt that you can measure by the record credit card debt and low savings rate....then you can see America is in major trouble within the next 10 years.

[@LFSPharaoh]

And people still have to talk bad about him...he was right about everything!

[@a4finger]

great video, Peter Schiff is amazing

[@1kings1918]

Good job Peter. You were right because of excellent analysis.

[@dalton856]

2021 is 2007 but on overdrive.

[@Leofus1986]

Alan Greenspan disliked this video

[@georgebushdidcovid1919]

Ben Bernanke, Jerome Powell, and Paul Krugman also disliked the video

[@MoM-do7js]

😂😂😂

[@bigchiefbc]

15:30 to 17:40 is a brilliant point. Especially the punchline.

[@diegomorales8616]

The most common rationalization for the bubble was and is: "Sure, there's overvalued real estate (or other assets) *over there some other place* but here on my block--and especially this house that I own--oh yeah, these houses are reasonably priced because demand is stable and we're immune from downturns." But everyone everywhere thought this.

[@bwheeler83]

I love watching the old videos - just goes to show how spot on he was! Keep up the good work Peter Schiff! I'm glad you are back focused now on 'how to make money' vs. Politics!

[@MAMP]

this is such a brilliant explanation of trade and it was very hepful. Thank you peter

[@FartyFace]

Look at the date on this!!! February 2006! Everything he said came true. Peter Nostradamus Schiff.

[@mja2035]

This speech is still relevant today.

[@bwheeler83]

Impressive!!!

[@web_dot_comfour5191]

This is really good Peter. You need to revive and reboot the story about the Orange and Apple Farmers

[@BOOGIESTARSEVEN]

PETER IS THE MAN.

[@bigchiefbc]

17:25 - 17:35 was priceless. I laughed out loud at work. And its also insanely depressing, because its true.

[@nicholasny23]

How many times is Peter gonna drink from his cup here

[@roger767]

@FartyFace I saw it too, this guy is the real deal, I hope the American people vote for him

[@PaddyIrishman]

BRILLIANT!

[@slhines7]

Schiff hit the nail on the head with this one. I agree with what he is talking about and I personally think that the US will have another Depression for sure, unless Bilderberg etc manipulates reality further.

[@AVDS85]

Legendary

[@manoman0]

@Panpiper maybe too late, but also the chance to have a new and close look at that ominous paper called "the constitution" and "bill of rights".

[@DavidCaddock]

We are the New Roman Empire.

[@MrGiggity890]

Lololol top notch video quality

[@footballdreamer9275]

2020: THE EVERYTHING BUBBLE

[@DocOrtmeyer]

Person: so where's the bubbl- Me: WHHHAAAAAAAAAAAAAA!

[@formerlyknownasanessential2623]

honestly i think you're right. i thought it was just stock market, but its stock market, college tuition, housing, cryptocurrencies, etc

[@sethgoldberg]

if something didn't work the expression was "what, was it made in Japan" think about that. that's where china is now.

[@vyntarus9618]

@luc59457 I just wanted to point something out in regards to this statement. It's possible to have production and no consumption, it's quite impossible to have consumption without production as there is nothing to consume. Though it is indeed a waste of resources to produce a good when there is no demand for it.

[@bjlyon615]

If people in other countries shouldn’t accept US dollars because they are worthless, then why should Americans save their money? What about the petrol dollar system? Isn’t oil still traded in US dollars? Isn’t that why other countries gladly accept US dollars instead of actual products and services?

[@danielflaws6466]

:) that's awesome lol that's huge

[@Pangora2]

I remember when they said you 'boasted' to have predicted the bubble bursting. Its ~aaaaaaaaaaaaaalmost~ like they were omitting the details and the truth.

[@hyylo]

@PHONEYPOLITICS Hi does the UK not have the same problems as the USA. UK has huge debt?

[@Warriormovement]

@tozak1 in Canada as well!

[@swepels]

@DavidCaddock That comment always puts a smile on my face. How exactly is the US the new Roman Empire?

[@RAY-Money]

Tom Sawyer story was great

[@Lechoslaw8546]

A prophet.

[@Moviegobbler]

wait wait wait why on earth does this sound current! Are people not paying attention to this again? Holy smokes the mother of all crashes coming.

[@StefanJohanssonX]

Fantastic speech, I love it.

[@trumpsahead]

About that apple farmer, if you take that story to the ultimate scenario, the finally "liberated" apple farmer buys a large portion of the golf course owned by the orange farmer with the iou's he saved, and other iou holders also buy the remaining pieces, leaving the orange farmer bankrupt. New owners of the golf course move on to their new possession and hire employees, one being the orange farmer, of course he must learn to speak the language of the new owners which is Japanese and Chinese.

[@romanmir01]

@ukulelectric Why? Fox has nothing to do with sound economy or sound anything except soundbites.

[@socalguy24]

Great video though was only spot on on the RE and banking side and goofed it for his portfolio of investors on the dollar call. Called gold but I don't think he weighted it heavy enough.

[@panpiper]

@manoman0 This is one of those instances in which I would love to be wrong.

[@SynergyOfTwo]

"i will gladly pay you tomorrow for a hamburger today", :)

[@aaronburr2816]

From 2022

[@manoman0]

@StillToListen - I can tell you why it works: a) They communicate very cleverly and b) as main reason, you, I and others DO NOT listen carefully enough to what they are saying and doing, we do not question them hard enough, we don't secondguess them and c) you, I and others, after all, let them get away with it. Last but not least d) some of us benefit from this big scam.

[@dynomyght]

@TheAtheistworld ???

[@propjam2]

@luc59457 DON'T JINX IT! pop pop lol

[@grraadd]

41:00 If somebody would tell people then, what will be a price of gold today (1200 USD).... imagine the reaction! If people from that time would believe in today's price, the today's price would be probably around 3000 USD already!

[@Lechoslaw8546]

The prophecy comes true in 2023 and it is just a beginning.

[@ForTehNguyen]

there is another bubble that Greenspan (now Bernanke) could blow up that Schiff couldn't anticipate at that time...a government bubble

[@tendenciasFX]

1875-1900 The Golden American Age...Will it ever come back?

[@BOOGIESTARSEVEN]

Nope

[@Elon_Trump]

Too bad people didn’t listen.

[@gabakusa]

every country in the world has their currency backed by dollars if the dollar collapse it means the other currencies are going to be worthless please explain that, how can you preserve your $$ investing elsewhere?

[@justincale119]

Gold or a permanent balance portfolio?

[@DJBremen]

@StillToListen People simply dont understand, they confuse them with lingo and endless streams of financial jargon, when its really quite simple. Besides most people dont care how it works they just want it to work. Ask the next joe how his ipod works and watch the shrugs

[@fxlineardynamics]

....clearly in order to get ourselves out of this quagmire is to to be a populace of producers and not consumers. The administration should be the catalyst for high tech projects that can be implemented by the private sector. It's our only Trump card, and I am not discussing hum drum same of of what we have been producing, we need to come up with a new approach, some thing no one else has, and that everyone else (including us) wants/needs.

[@OakhillSailor]

The decline in manufacturing is part of capitalism which you guys preach about. Capital will flow to the lowest producer. You can't lower our costs any lower bc of our currency is the defecto reserve currency.

[@diegomorales8616]

The end of manufacturing is due to the government's destruction of economic freedom (taxes, regulations including being at constant risk of frivolous lawsuits, and especially the government central bank's destruction of the dollar compared to gold) is NOT capitalism. In the first half of the 20th century, US manufacturer's paid employees the highest wages in the world and made the highest-quality and lowest-price goods. How was this possible?

[@Sentinel4truth]

Excellent video, and Peter says his strategy is to avoid risk, not assume it. A couple of years after this was made his investors got slaughtered in the panic of 2008 because not only did their stocks implode and a few went bankrupt, but also the currencies in which they were denominated fell dramatically versus the USD. Brilliant theory, but he never saw it coming. The moral of the story is even the best and brightest that have the big picture correct can make huge tactical mistakes.

[@anthonybrink287]

The USD dominates the world. He was correct, however we can just keep printing more. Once the world decides they don’t want or need the USD, this whole scheme will collapse. 2008 was the collapse. If the US didn’t print trillions to bail everything out, it would have been a total collapse worse than the Great Depression. When will it happen? Prolly around 2032. At that point we will be close to 75 trillion in debt, which will be unsustainable and nobody will want our Monopoly money. They will find something better. That and only that will be our true collapse.

[@manoman0]

@603881 - well, why do you think Marc Faber lives in Asia now? Oh, and Jim Roger's kids are learning chinese. Do you wonder why? lol

[@Evision5]

@APRtunedAudi i f***ing hate my own state now :'(

[@takerdust]

@ispeakthetruth2008 Getting a decent girlfriend is far more satisfying than trolling Schiff vids

[@Jace1283xmod]

gold 500 something hahaha

[@theirishdreamer]

Id disagree with 1875-1900. The US golden age was from 1945 - 1970 based on growth, standard of living and other indicators.

[@tommy35ss]

theirishdreamer Standard of living rose faster from 1875 to 1900 in this country than it has anywhere in the history of the world. From a technological, economic, and mortality perspective at least