Why the Meltdown Should Have Surprised No One | Peter Schiff

The 2009 Henry Hazlitt Memorial Lecture, presented by Peter Schiff. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 13 March 2009.

[@ericclivan6988]

If you're a student in economics, Peter Schiff is your best professor

[@jeanmelanson4896]

a lot of friedman and keynes at my university

[@SM-sb4tr]

if you're a student, yes. if you're an investor and you follow his advice you'll miss all opportunities

[@mathewashley06]

@@SM-sb4tr or liabilities

[@TheGoreforce]

You don't listen to him for buying advise unless you bought that financial service. His KZbin isn't about what to buy and hold and sell.

[@classlessbozo317]

Jean Melanson no Austrian?

[@618361]

When I took Macroeconomics in 2008 I argued these same concepts with my professor, who shrugged me off and told me I didn't understand enough about economics. Since then I have been studying economics by listening to economists talk, watching economics lectures online, and understanding politics. I thought I was missing some critical idea for years. But this lecture finally puts some authority on what I originally thought. Don't let school take away your ability to think !!

[@davidmok5505]

I know now why l failed my economic 201 n 203. My thinking was like Peter's.

[@gre6821]

Peter is the best individual on this planet to explain economics.

[@51MontyPython]

Just say no to socialism/Keynesianism.

[@MrEndzo]

+51MontyPython just say no to any government at all.

[@wowhallo]

+MrEndzo The state is a socialist institution

[@losttale1]

+MrEndzo I didn't know the ancap creed this much present here.

[@wowhallo]

Arising-Tale Well, Peter Schiff talks at the Mises Institute who are the the foremost active on libertarian theory, anarcho-capitalism and austrian economics

[@MrEndzo]

Arising-Tale Anyone with enough knowledge and common sense become anarcho-capitalist.

[@imonlyamanandiwilldiesomed4406]

3 trillion? Those were the days.

[@Alock94]

Rofl

[@Blueblackngold]

3.8 trillion May 23 2020

[@imonlyamanandiwilldiesomed4406]

@@Blueblackngold HOly shit, it really is 25.5 trillion. It hit 23 trillion not long ago. This is insane.

[@reterumstrict1091]

zerocooltx single payer healthcare I don’t see getting passed, you never know tho

[@genz2380]

27 trillion and counting...

[@rpbajb]

A 1 hour 16 minute speech, off the cuff, rapid tempo, no notes, no ..."uhhs"...of international scope and ranging over 80 years of history. Simply incredible!

[@DaDankStrafe]

It's actually so insanely impressive.

[@pwee507]

And and the end you know he could just keep going but.... "that's it"

[@DexterHaven]

One of his best speeches.

[@Kaptaln]

i'm 23 yrs old.. I just started to study Austrian Economics. The amount of knowledge i've learned in the past 2 months, its ridiculous. It makes me sad that so many individuals choose not to try understand the world around them and accept things they KNOW ABSOLUTELY NOTHING ABOUT. We must keep fighting to get this general knowledge out there.

[@john-wo4rv]

I was in elementary school when you wrote this I'm 21 and in the same page with you.

[@TKainZero]

Ive heard this speach 20 times, and still love to listen to it

[@Camx001]

7 years later.....Government hasn't learned anything.

[@HR-yd5ib]

8 years later and we are still waiting for the crash! Thats what i call LONG term strategy!

[@brianblair3784]

Radel Dadel Well He Predicted the 2000 Crash and The 08 Crash ,This was n 08 and We did Run Up 10 Trillion Dollars n 10 Debt and We can never Pay this back and Obama Continued Bushes Foreign policy Turned 2 Wars N2 7 Wars, Worse Trade Policy's, Same Economic Policy's.

[@cculb1]

Brian Blair and yet he has a Nobel Peace Prize sitting on his shelf. Probably the first Nobel Peace Prize laureate with a kill list he reviewed every Thursday.

[@kn9ioutom]

AMERICANS DO NOT REMEMBER 2008 ...

[@leonlagrey]

@@kn9ioutom Even after 2008 Most Americans will still not remember 2008 after 10 years later.

[@MatteNoob]

Thank you, Ludvig Von Mises Institute You bring true economics to the world through KZbin, and I thank you for it. If it wasn't for you, Norwegian people would never have heard about Austrian economics.

[@Urbestestbuddy]

3 thumbs up... Great speech! "...The government is a burden on the economy." How it's not obvious to everyone has always stumped me.

[@lrmcatspaw1]

Because some people want something for nothing....

[@losttale1]

+dosduros They want to be slaves. It comes with eprks, such as self-loathing and avoiding responsability. lmao. Of course, I oversimplified.

[@kn9ioutom]

See the movie ' THE BIG SHORT '

[@patrickt873]

Because government offers free stuff to those who think it is free. Politicians and their promises to take care of us all.

[@defythem9537]

It's because "folly is held in great dignity and the rich sit in low place".

[@danieljohnson2503]

Woke up hoping for a new Schiff podcast but found this gem instead. Brilliant.

[@doubleuponbob3397]

I am on my third time watching this in about as many years. This video is gold.

[@UNCTommy]

What a phenomenal speech. I've been listening to this speech every month or so for the last two years just to keep a level head on sound economics.

[@harmanpabla7315]

Watching this video over a decade later is still as refreshing as watching it for the first time. Sane, down to earth people like Peter Schiff and Ron Paul need to be running our government. God bless our souls.

[@launchpadmcquak]

"anyway... that's it." absolutely priceless, peter.

[@kppphd]

One of the smartest speeches I've ever listened to. Remarkable thinking and wording/framing, including amazing facts and examples.

[@Caleb983]

More relevant than ever in 2019

[@BKKaye]

This guy should be the financial adviser to the president.

[@adamsdarrellj]

This videa has greatly aided my reading of the Wealth of Nations. Thank you very much, Mr. Schiff.

[@cjgood]

Redirected from Peter's podcast. That was pure gold!

[@mdthelegend9882]

10 years later and nothing has changed

[@pizzaman31791]

I have watched/heard this video so many times, and i still enjoy watching it, and find it very informative, and very predictive of what we are experiencing now. This man knows his stuff when it comes to finances.

[@shaunmontoya151]

This is enormously important

[@MRSketch09]

I watched this.. and realized, I am just smart enough to realize I am screwed, but not smart enough yet to do anything about it.. It was a great informative video, but slightly depressing.

[@MRSketch09]

@Bill Randall Thanks for the advice.

[@avds530]

Watching this in 2021 and it is really amusant. Chapeau!

[@benallen12]

The fact that I learned more about economics in the past hour and fifteen minutes, than I did when I spent 4 years majoring in it, is absolutely ridiculous.

[@konman001]

Well. . . I live and work in Japan. . .but I am a US Citizen. I don't own a house (live in a small apartment), I don't own a car (just a small bicycle) and I don't buy brand item junk. Being a Christian, once it while I do help somebody out moneywise, but in general I try to be careful with my yen. I believe in SAVING money and investing it for something meaningful and hopefully profitable (like buying land ). In the future I would like to have a small business.

[@savannajane3705]

thank you sir for the education..

[@El1iP3S01D]

Thank you Peter Schiff for bringing reality to the masses....

[@twhoskins4729]

I just watched this in May, 2020. Truly amazing Peter. My Bachelors Degree was in Economics. It was pure Keynes. Peter Schiff is the real economist.

[@ShootBigBird]

Now THAT, was one of the best presentations I have ever seen. Thank you misesmedia - greatly appreciated.

[@teddlem]

This is the best antidote to the Michael Moore-style anti-capitalist rants about the housing crisis.

[@johnthenu]

Easily the best and most sensible vidio i have ever seen on KZbin. This needs to be promoted to the front page for the world too see...

[@HymanKaplan]

He is such a gifted speaker, he can explain even the most comlicated thing in the world with common sence and in a simple, entertaining, funny and inteteresting way at the same time. He is so easy to listen too..

[@pronginator]

Lot's of epic quotes in here. 'There'd be a lot more due diligence if we didn't think the government was doing it for us' 'Housing prices are a function of rent' Brilliant.

[@Ominosentenzioso92]

holy moly, this one explained to me everything i didn t undertand in life... gj on this one

[@PaulRayProductions]

Epic... This has to be one of the best presentation / speeches I've heard.. I laughed and cried at the same time.

[@PenguinProseMedia]

*+Paolo Raimondi* Check out Peter's speech at FreedomFest 2009. It's on KZbin, several different channels.

[@PureAdrenaline97]

Peter Schiff is just great. I love the way he articulates his explanations on the economy. Very intellectual.

[@0utc4st1985]

In a free market that is true. But the Federal Reserve can and does manipulate the amount of credit in the system via its monetary policy. That's basically what the Greenspan Put was, an artificial credit expansion.

[@CurtHowland]

01:03:15 "The Federal Reserve is going to start buying our bonds, and there's going to be a currency crisis" Well, here we are two years later, and sure enough, Peter Schiff was RIGHT AGAIN!

[@williamsmith3838]

Yes very true you are right everyone should watch Peter they would learn a ton I know I have.

[@Harrier42861]

I just realized that watching the news is like watching a train wreck, but slower. You want to look away, but you can't.

[@wearewaves3106]

LOL, this was a great presentation from Peter...One of funniest imo.

[@sommi888]

💛🧡💚💙 Who else is watching in 2020? It's a shame 50% of the audience are now dead because they were 75 year old Boomers

[@gabakusa]

Here

[@robinthestate6548]

20 year old here I've been into finances since the age of 17. I'm getting my series 6 right now. I'm getting ready to face all the negativity from older people😂😂

[@abdullahrubiyath]

It's amazing that what Peter Schiff is mentioning about real estate has been happening in Canada past few years!

[@spencerantoniomarlen-starr3069]

This is a fascinating real life application of the Austrian Business Cycle Theory and Hayek's inter temporal dis-coordination of investment resources when interest rates are too low.

[@marsssone21]

Incredible. Very few people can make Austrian Economics understandable to someone like me. It's a shame that more people didn't listen to Schiff, Ron Paul, Jim Rogers etc 20 years ago. His speech in 06 to the mortgage bankers is equally impressive

[@bernlin2000]

Schiff is about as sober and dead-on as they get...woe be those who ignore his financial analysis.

[@bevillenz]

This guy makes so much sense and communicates so clearly. Genius.

[@mannyblue0]

He make this things really easy to understand. I salute you Peter!!!

[@hubblebublumbubwub5215]

"Obama criticizes Bush but does the same things" The cycle is repeating itself

[@meneer8229]

So now trump is criticizing what Obama is and does the same. I think we all now what happens when Biden gets elected.

[@tl6359]

@@meneer8229 Congratulations, you predicted the future

[@Khusrav96]

Please invite him back to the MisesInstitute !

[@thomasjefferson6]

This speech by Peter Schiff- informative, witty, funny, and sobering all wrapped up into one, is one of his finest, and well worth sharing even with those who are bored by economics. It really is a shame that so few people share his understanding and insights.

[@brazilstreets7955]

Well deserved glory days for Mr Schiff, and you better believe these days are coming back…

[@insidmal]

15 years later, and guess what.. everybody is buying everything on the internet...

[@jwoods9659]

Yep act like the internet never happen, bro I shop from Aliexpress the internet changes everything. The perfect time to start a business and sale to the world shipping is cheap.

[@bayarearaider7753]

Buying everything With credit.. and made in china

[@sotospeak415]

I think you're missing the point...

[@Alfie-ni7lx]

Take a big guess how companies like amazon are able to keep selling so cheap and make a consistent loss every single year and remain in business? Amazon should be by all accounts more expensive than shops selling goods in a store but you would pay amazon a premium for delivery and convenience. Extremely low interest rates and tricky tax codes my friend it's all propped up by government intervention.

[@rahulsampat8698]

@@Alfie-ni7lx Agreed... low interest rates favor those who borrow and punish the savers...so all small businesses who were saving money, were essentially funding Amazon ie. their own demise... crazy corrupted world... if you dnt play their game, you lose... ftw...

[@patrickt873]

Peter. I really enjoyed your talks especially when some of your critics get into really school boy antics and you keep your composure. I saw the one you had with Max Kaiser on cryptos.

[@DamianBird]

Outstanding. Flawless economics.

[@uzebox]

Definitively one of Peter Schiff's best live presentation! It just makes more sense everyday.

[@Ottuln]

I spent 4 years arguing Schiff's case with various econ professors and was told I didn't understand 'insert sector here'.

[@chrism7275]

Wreqt schiff: case is the Austrian case. The Austrian economist do not believe in macroeconomics for good reason. There is a fundamental disagreement in a lot in economics. The kenysians were huge on the Phillips curve until the 70s broke it. Which is scary that the people who believe in Keynesianism the most are the ones micromanaging the world economy’s. The fact that they slashed rates to a negative value should show you how absolutely out of their league they are

[@JoeDoe2]

And those economic professors have 401K's that have outperformed Peter's funds by huge margins, without the highway robbery 4% upfront loads that Peter pads his pockets with.

[@grass.dihenia2590]

Peter Schiff is a legend

[@thelegend3798]

Legend of what? He states hyperinflation and price controls under Obama's first term LOL! If you play the same lotto numbers, you will win eventually, might take you 1 day or a few thousand years, but you're gonna hit it.

[@benjis007]

he nailed it at 37 mins in when he described the lending process: where the lender picks the appraiser who'll appraise for the value that will get the loan funded, and the appraiser relies on the lender for his/her business. Further, the builders own the title companies, realty offices, and now the lenders, and they just want the house off their books. They say "qualify" the borrower as if it is a verb to be applied to applicants rather than a quality that they do or do not possess.

[@bjarnet3]

Me too, I have also watched this so many time, still very enjoyable to watch. Peter Schiff is so incredible smart on economics, and if he doesnt win the Senate election im going to be very, very disappointed. Stop the Spending, vote for Peter Schiff!

[@TroyDejayzoo]

Trump/Schiff 2016!

[@vadllens01]

+TroyDejayzoo lol

[@pagz4u2]

Half right

[@AndrewmMckittrick]

i really hope this guy isn't right but it sounds like he is.

[@JinGwee]

He is right in his economic analysis, though not necessarily for the short-term. But then again, one can only make guesses as to what happens in the short-term.

[@raywillaimjhonson]

Long term he is right, short term is a gimmick.

[@ynkybomber]

Here in 2020 thanks to Peter's podcast today

[@kaleb-oldaccount]

Cheers for the post, awesome :)

[@51MontyPython]

How come the Chinese aren't referred to as "predatory lenders?"

[@stickitupyourasteric]

nobody is answering your Question for a good reason.. now go figure it out yourself

[@51MontyPython]

Chris Clements Huh? lol, what?

[@51MontyPython]

***** But aren't those who took out the loans 'victims' of 'usery' by the big bad banks??

[@c0p13dn4m3]

51MontyPython That only applies when it comes to white men in suits. Don't you know anything???

[@51MontyPython]

George Costanza Oh, right (duh!...slaps self in face). I almost forgot.

[@ypey1]

Imagine what would have been possible if all the money put in GM was instead put to use by Tesla and Elon Musk!? Imagine that

[@russ15doinwork]

They would create something amazing that no one can afford and have even more bigger negative revenues.

[@ahenguir]

+ypey1 Tesla is actually subsidized by the taxpayer .. Elon Musk is known for lobbying.

[@lukerlunker]

Peter you make economics entertaining. Didn't think it was possible.

[@nixpix814]

0 % interest rates for 14 years Peter. Thats why they appreciate. Love watching this while the stockmarket is crashing though. =)

[@strabo1st]

40-41 mins: that was really funny.

[@UncleSteveFishing]

terrific! accounts for more of what is and was happening than the "conventional wisdom."

[@tacitus7]

This guy is brilliant, in content and delivery!

[@bkfabs]

Peter has an uncanny way of taking complex subjects, and making them very simple to understand for the every day person.

[@milanocookie16]

Thank you.

[@nefigaha]

This video needs to go viral. Perfect econ 101 lecture for us confused Americans with our backward economy. Send it to your friends

[@Elanwallace1983]

Good stuff Peter!

[@livingbay]

Absolutley briliant speech on briliant analysis combined with easy metafores on a subject concerning anyone in the US and the world! How can anyone seriousley read papers or business-magazines if haven´t heard / watched Peter Schiffs speech?

[@healthhavencom]

Schiff showcases his sense of humor in this video. Overall this is one of his best presentations.

[@trogenus]

Thanks LvMI.

[@tibsnow]

Peter Schiff is awesome.

[@launchpadmcquak]

I watched this when he first posted it and I never noticed that. Good call!

[@livingbay]

Absolutley outstanding use of my investing-time to watch this!

[@gerrilevin279]

one of his top 5 speeches ever

[@duallylicensed145]

Yooooooooooo 🗣 from 40:15-42:30 is the funniest ever I've heard Peter 😂😂😂😭😭😭😭. Someone please make him president!! Kanita was here. June 6 2021 at 8pm cst haha

[@JeffreySykes]

This was very good. I enjoyed Peter's insights very much.

[@tallt66]

Common sense prevails. Every American should watch this!

[@norskemann1]

great speech peter. much respect

[@user-xn3yo8cn5c]

I'm rewatching this idk how many times, so good :))

[@pwee507]

It could be argued we are still in the 2008 recession

[@solitude5501]

This is a classic lol. I come back to watch it.

[@TheReapersSon]

The "borrowing from the Chinese" moment was off-the-wall hilarity.

[@Rob-fx2dw]

Ken - you seem to be getting the cart confused with the horse in my explanation. Observe a work (an activity) of one human being - can there be an excess of suppy in that activity? - No ! Now observe 2 individuals - can there be a likewise excess of supply - No - because a capacity of one is matched to the other. Excess capacity causes the more capable to adjust their actions. Same with 3 or 4 or 5,000 unless laws or government interfere. - laws like trade restrictions or union monopolies.

[@darthvader5300]

These statements are the key critical statements that needs absolute scrutiny and be accompanied with corrective measures to ensure America's productive capacity, saving capacity, manufacturing ability, etc. 45:11because the government undermined are productive capacity 45:14undermined our ability to save 45:16undermined their ability manufacture and nurturing cultivated 45:20the consumer bubble that this service sector economy that we had 45:24s_l_ collapse 45:26and it's not government as we restore it 45:28we need we need free market forces 45:31the government right now 45:33every they're doing

[@thedopestbeats]

Yeah, he does all his speeches off the top of his head. But remember, I think he is one of very few (if not the only) lecturer that doesn't have a scholarly background. He's always been involved in stocks and business, but his thinking and beliefs are in line with the Austrian School.

[@Rob-fx2dw]

I agree demand & supply do not lie. There is and was never a lack of demand. What is always present is scarcity - This is the principal fundamental lesson of economics. Scarcity starts with human need and what we call demand is a result of that scarcity. It may be scarcity of food, shelter, or emotional desire for something which is not material. By observation and devepopment improved machines replaced old releasing human resouces to learn new needs and devlop better machines and processes.

[@DavidHudman]

He's had a couple speeches that I've watched where someone tells him that he's over time, and he just says "well... thanks." It's a crash landing for his speeches, but the audience seems to love it. Great speech overall.

[@emeraldzell]

Everyone lauds Schiff's economic prowess; it is clearly not in question. However, I never realized before watching him speak without interruption how excellent his public speaking ability is.