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, March 13th 2009.
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[@peterschiff]

In hindsights I was about 10 years too early with my forecast. I had no idea the bubble they began blowing in 2009 would get so large before it popped.

[@a.r.gentum6517]

oh yeah? lol

[@a.r.gentum6517]

30 yr yield is back on the warpath.

[@MilanElan]

Omg you are online at the same time I'm watching your video!!! I think you're great and PR is Lucky to have you. I wish my kid could intern for you!!

[@burntoutsuperman09]

You should be happy that you have helped us fellow stackers to see the light and school us on sound economics, for over a decade. The early bird gets the worm.

[@rexmann1984]

Dude, you better have some guns and butter. This gas issue isn't going away. Good luck to you Pete. Shoulda bought a bungalow.

[@mg8330]

Jeff Gundlach next time he's on CNBC: "In 2000, I used to tell people Yahoo was worth twice the whole country of New Zealand"

[@thegardeninvestments]

Lmao so true.

[@a.r.gentum6517]

Lol 😂

[@moneyglitchjon]

Hahaha, this comment 🤣

[@ojsdaddy]

Lmfao

[@Xtina2525]

LOL

[@Patriot9999]

No one is a more naturally gifted speaker than Peter talking about economic matters. He's quite hilarious also.

[@superagario9249]

Peter is simply the best. I’m thankful I’ve discovered him because of the incredibly eye opening knowledge he shred.

[@rj1867]

He shred knowledge hard duuuuhd

[@superagario9249]

@@rj1867 *Shared

[@wadut7261]

So true. When I first listened to him on the Joe rogan podcast I was stunned by how much sense almost everything he talked about made and how little of that I hear elsewhere. Of course he isn't perfect and I disagree with some things he has to say but hearing him talk for the first time was definitely memorable and eye opening as you put it.

[@livinincalifornia]

Just don't take his advice on crypto, he's completely wrong

[@mrashford122]

Agree with this 100%. The best gift I ever got from Rogan Podcast... but joe rogan is dead now RIP.

[@daveogle4239]

Harvard School of Real Estate Rule #1: Homes are not investments they are liabilities.

[@nikta-mere9822]

Watch this video a couple of dozen times and every single time I get to watch it, it seems like I can't stop cracking up 😂😭🤣. Love Peter Schiff

[@spetsnaz600]

Garage internet startup in late 90s: “We don’t have a product, revenue, or customers, but we’re worth $50 million dollars!” Dogecoin in 2021: “Hold my shiba!”

[@AC-wl7ve]

There’s a new one made last week called dogelon Mars coin and already valued at a billion dollars.

[@Emerus7]

@@AC-wl7ve if doge coin wasn’t at 50+ billion right now I’d say you’re lying but I believe you 😂

[@matthewfetke8488]

The sad reality is that people are using these crypto currencies as shelters from inflation. When they realize that their shelter was a house made of straw it will be too late. I think Bitcoin has legit claims to holding some intrinsic value, but as we've seen lately, Bitcoin is an enormous bubble waiting to burst. Many central banks have warned against Bitcoin as well. China is the first large nation to make a stance against it, others will follow suite. The central banks of each country don't want competition when it comes to digital currency.

[@matthewfetke8488]

@KevinTalks cash is not king. Hasn't been for sometime. Inflation will steal the value from your cash. Hard assets are king now.

[@Cokie907]

God love Peter Schiff! Straight talk and sanity in an absolutely insane world. Plus, he's funny as heck too!

[@gregthorne3164]

12 years later and still just as timely.

[@travisc5658]

Yea, if you're a perpetual doomssayer who has missed 20 years of massive massive compounded gains since 2000, which made millionaires. This shit was crap then and it's still shit. Good luck making yourselfs feel better about all the millions you all lost listening to this shit.

[@jeremielachance6125]

@@travisc5658 That's after the 2008's crash.This guy worth around 150 mil, i'm pretty sure he is doing something right somewhere. Maybe being a contrarian bring more money than we think.

[@jeremielachance6125]

@@travisc5658 Let's say you put jeremy grantham,michael burry. Those guy are really good at macro and micro economic. The stock market is about compagny but the economy is about micro and macro.

[@martinlutherkingjr.5582]

@@jeremielachance6125 Bernie Madoff was doing something right based on his income. Not saying Peter Schiff is a scammer but just because someone makes money doesn’t make specific arguments any more credible.

[@revert2means]

#GregThorne agreed, always timely. Take care.

[@alxmnslv]

There are lots of Peter Schiff talks on youtube, all of them worth your while, but this one is the funnest by far. Just hilarious from beginning to end.

[@Infodawg2012]

Schiff is absolutely brilliant and entertaining like hell.

[@solitude5501]

This one is a classic. I have watched it countless times over the years. It never gets old. =]

[@chrisclanton4430]

I love this speech. It's probably the third or fourth time I've watched it over the years.

[@Fischar99]

I love him, great stuff Peter!!

[@TemplarYogi]

Schiff is a genius !

[@mkw2555]

I like when new Peter Shiff video pops up in the feed 👍👍

[@dogzer]

As long as there are people making sense when they talk there's hope

[@StevenBielik]

Such click-bait (a new video), but so glad I clicked. This is a great presentation. Very true and never gets old. Can't wait for the next new podcast or talk, and I have to find the "Peter Was Right" video next. :-)

[@jacklempke7779]

Our economy is such a Schiff show.

[@vader1943]

That doesn't really make any sense.

[@westcoastsunsation]

This joke is only funny once.

[@hondafanboy1856]

He is awesome to watch

[@kurt6410]

I remember watching this a decade ago. It's one of my favorite Peter Schiff talks. This is the first time he said that instead of putting Madoff in jail we should have made him Secretary of treasury and the crowd busted out in laughter. He was cracking jokes through the whole talk. It's great

[@janstrotmann7686]

Same here. Saw it in 2009 first time and loved it ever since

[@westcoastsunsation]

Everything peter said a year ago is exactly happening right now. That's a fact.

[@terryvuong7773]

Thank you for this great conference 🙌👏

[@danadowning2065]

"But you don't understand."🤣 Said A) Stock market "expert." B) Real estate "expert." C) Bitcoin "expert." D) All of the above.

[@christopherhernandez3909]

“This time it’s different”

[@TV-xv1le]

And yet the price of real estate is at record highs atm and hyper inflated. If you were an early adopter of bitcoin and some other cryptos theres a chance you are a millionaire if you held... if not billionaire. I guess he's upset he was wrong about real estate for years and crypto??.. sure it will possibly drop one day if there's some regulation. Until then crypto traders have lost faith in the dollar also and have chosen crypto as their backup. Sure, someone who hates crypto and is saying the dollar will be worth less than toilet paper will eventually be right if they complain about the same thing for years. Guys like this have been saying gold to the moon for many years. One day they will be right. I guess until then you can be wrong for years. Guys one day i predict gold will be worth double what it is now. I'll come back and say I was right even if its 20 years from now. Lol.

[@squigglesmcjr199]

@@TV-xv1le BITCOIN!!!!

[@darthvader5300]

@@TV-xv1le The prices of many so called blue chips investments are based on speculative prices in the hope it will just go up. Go up? How can something go up that has no physical tangible value creation (you may have something of physical tangible value but DOES IT PRODUCES NEW REAL PHYSICAL ASSETS AND NEW PHYSICAL SERVICES in the production of new goods and services? A house is a physical tangible asset but it does not rise in prices if YOU ARE HONEST ABOUT IT, while on the other hand a machine tool shop is a physical tangible asset and it rises in value for it CREATES NEW PRODUCTION OF NEW GOODS AND SERVICES!) process in the first place? And how can it rise in value when demand is low for your asset is not tangible or is tangible but are of an end product nature, and not as a physical tangible asset called CAPITAL GOODS that make stuff that creates the production of new production of goods and services of all kinds. And they in turn will give value to the dollar and supporting it and they in turn will turn the workers in all fields of industries into consumers of their own goods and services and also creates a demand in end products assets such as houses. But what everybody is seeing is an imbalance of investments and massive malinvestment in the speculative economic bubble that we have today.

[@TV-xv1le]

@@darthvader5300 House prices rise due to supply and demand. The US population has risen to the tune of around 100 million over the last few decades. Whats happening right now with house prices is due to us having the lowest housing inventory in over 60 years and low interest rates. I could probably turn around and put my house on the market I recently purchased for 30k to 40k more and probably get it because people are desperate.

[@Brooksielad]

Thanks for all you do Peter!

[@philipstallwood9813]

A brilliant mind. A genius is someone who makes complex things look simple.

[@rj1867]

Peter comes across as smart because he oversimplifies problems without explaining his assumptions. He then repeats the same things over and over again since they tend to be generic statements that are hard to refute but he does not actually offer practical solutions to the problems he is criticizing

[@thegardener9670]

@@rj1867 the solution is to realise the world is not perfect and there is no injustice in that. just because people do not feel like the world is fair does not mean it is not. higher interest rates are the solution because this keeps the spending power in the hands who made it, allowing workers to climb ladders effectively as it prevents a debt based economy that causes the gap between asset prices and their output to grow to levels that stop workers being able to reinvest their income to employ themselves due to the lower the rates are, the more years income is required to obtain the assets required for that. there are always going to be people who feel the world is unfair but what i just said is the way to make it as fair as it possible can be.

[@thegardener9670]

@@rj1867 with higher interest rates those who start businesses are those with the experience (IE the people who were previously employed) look at world economics by rudolph steiner and also the book on reflections on the formation and distribution of wealth by turgot and you will understand exactly what i am trying to explain and see the solutions for yourself. both of them are available in audiobook format and i recommend looking at turgots book first. sadly this is how society works, people are ignorant and that leads to consequences that brings to light what they were previously ignorant of, people follow until they learn to lead themselves via the consequences, that is life and those who follow deserve the consequences because it is all that will teach them. the only way someone else can lead others is by profiting from their ignorance, this is the real job of leaders, to cause consequences because nobody can do for one what they have do for themselves. and it goes further than economics, education and health works the same way and so does every single thing we should be responsible for ourselves, leaders jobs are to say "hey ill be responsible for that, you don't need to" and this causes consequences, the leaders are not in the wrong but those who give their responsibility to others are and eventually, most but not all learn from their mistakes. smart people though learn from the mistakes of others. inflation and/ or deflation will not harm anybody who understands how economics actually works because the don't see money as a store of value, nothing is a store of value and the only way to avoid the consequences is to have your money tied up today in producing those things that become more expensive tomorrow. as less people do this the easier life is for those who do. you can also avoid taxes by reinvesting in the right ways if you produce real things.

[@rj1867]

@@thegardener9670 I don't think anyone thinks the world is perfect, so I'm not sure why that point is relevant. Nevertheless, you've proposed more solutions in these two messages than I've heard listening to hours of Peter.

[@thegardener9670]

@@rj1867 the book by turgot is absolutely incredible and written so long ago, almost 300 years old. I was not meaning you when i said what i did, but just the general population (the ones that are taken advantage of and misled).

[@jordanaraujo2579]

What a legend.

[@micheleorlando]

We need a Peter Schiff in Europe as well, at least in Southern Europe... where politicians discovered the trick of buying votes with public debt a long time ago... Anyway thanks for the great content of this channel!

[@tonic.9530]

Peter is sensible ,rational and teaches real business and real investing

[@daxbattaglia2613]

Crazy how 12 years later we are still stimulating spending with government help. Nothing has changed.

[@adrianalanbennett]

"Sounds familiar, right?" Yes, it does here again in 2021.

[@rogerburn5132]

Peter looks Good when he shave. And always good advice about stocks and Gold. Thanks Peter.

[@DexterHaven]

The Fed has blown more bubbles than Sasha Grey.

[@habbibisfamilia6258]

I saw the begining of this 3 days ago this man is a pure comedian n genius

[@AustinKoleCarlisle]

They should just change it to "Peter Schiff IS Right" at this point. "Was Right" implies that it isn't always happening.

[@fredsmith913]

The speech that woke me up from my torpor, thanks Pete

[@stlouisix3]

Peter Schiff will be right again ✅

[@stansbornak8116]

The intro should include "And introducing the Peter Schiff Dancers" !

[@StonkzPoker]

This is such a great video. So many lessons for today's time.

[@squishyplums2415]

Peter, that was a brilliant speech!

[@josephcarlson7276]

People are laughing but he is just stating facts ..people investing before the crash really thought like this !

[@jollyroger9286]

He's barely aged, metaphorically and literally speaking.

[@MannElite]

Haha its because he lives on a beach in puerto rico!

[@angusm9419]

It's an old video

[@johnjacobsen1915]

This is from 2009 folks, 12 years ago

[@rogerburn5132]

Do you know I was thinking that because he looks younger and shaved.

[@rogerburn5132]

But it's still good lesson

[@StrongStacker1]

Breaking News! Due to inflation, a picture is now worth 2,000 words! Love ya Peter!!!

[@creb2429]

“They can’t even vote in our election” - that didn’t age well!!

[@pr1smYT]

I am so glad I held firm on my gold positions.

[@yuriengland1]

You mean instead of buying BTC or ETH? lol whata loser

[@ChrisHamberg-ok2cz]

@@yuriengland1 That shit is garbage and for old people. Buy Doge, grandpa.

[@MannElite]

@@yuriengland1 rofl! BTC and ETH topped out long ago man, youre an idiot if you're sitting firm in BTC all the gains are in DOGE man, just look at the massive gains!

[@zenolamott1110]

DOGE is so last week you old geezers. DOGE is hyperinflating against CumRocket. Buy CUMMIES or have fun staying poor!

[@yuriengland1]

@@MannElite Im an idiot? You are an idiot. you talking about gold my ETH is up 20x how much you make on gold?

[@FTDARtz]

Thank you for this Peter . Peter Schiff for president 2024 .

[@a.r.gentum6517]

Keep an eye 👁️ on the DXY, the dollar is on the morphine drip.

[@blakealtonen9858]

I think after this sell off is over then its going below 88 at least.

[@blakealtonen9858]

@@tjhughes7740 yep i was gonna say that didnt want to jinx it

[@chrisclanton4430]

It's the last thing I look at. All of the fiat currencies are going to zero. It's a race to the bottom.

[@blakealtonen9858]

@@tjhughes7740 yea i think so wall street is starting to realize about inflation

[@TV-xv1le]

And? It's been up and down before. People act like the dollar has never tested or been below current levels.

[@forfreedom8110]

I would love to see a debate with two Peter's Schiff and zeihan

[@mariadelgado688]

A true , statesman , gentleman , leader and citizen of the people.

[@warrenarden1681]

It’s crazy that this has been going on my entire adult life

[@rolandrickperry208]

thanks for reposting.

[@gamerfritte3959]

Thanks Peter

[@er1cmaurer]

“We need more Americans making things, producing stuff” The-Key-To-This-Entire-Video

[@Cyphlix]

20:48 'It became if you had a job you didn't need a job' this is Australia right now. People earning more on property appreciation than working.

[@johnhardin4358]

Classic Schiff. Hear, hear. Common sense, clearly delivered and more amusing than standup comics. A good one to point out to friends and family.This guy should have an audience of millions. The fact that he does not bodes ill indeed.

[@godsservant2835]

Enjoyed every bit of this Peter.

[@brianzarb2019]

Thanks Peter for everything !

[@davidfield4432]

This is so simplistic...it’s stupid!!! Peter, Thankyou for speaking on our behalf for what is right. 👍👍

[@PassportBrosBusinessClass]

It’s not hard to predict crashes. All it takes is pessimism, a healthy distrust of the government, a healthy distrust of the media, and the ability to read.

[@jordanbarnett7247]

Yu

[@michaelric3540]

Yu

[@SmallSmartDecicions]

Good videos Peter

[@martonk]

This was the most brilliant speech on the recession, I always recommend this to my fellow econ students how feel confused by 2008.

[@yuriengland1]

Too bad he could translate it into profits. Schiffs financial advice still bottom of the barrel.

[@jakeybball]

@@yuriengland1 SPDR metals and mining ETF has vastly outperformed a lot of big tech stocks and almost every index ETF in the last year...

[@victorsanchez6813]

How old is this video

[@martonk]

@@victorsanchez6813 the original was delivered in like 2010

[@snbi2nd117]

If you aren't on wallstreetsilver, you are wrong.

[@Agooo13431]

RIP Bernie Madoff. The best secretary of the Treasury that we never had.

[@marksweeney6869]

Great talk, smart and entertaining

[@Xtina2525]

Sounds like Peter could have given this talk yesterday. Everything applies to today.

[@buildorder06]

What a massively prescient presentation!!! With a few minor changes this speech would be relevant today!! The only thing I can’t quite reason out is why the rest of the world still regards the US dollar as the most favourable investment. Perhaps it is the fact that the States is a sleeping giant (as Churchill acknowledged) that is capable of gigantic turnarounds? My personal concern is that the current technological world has an eastern giant that has perfected a long term plan and created an ongoing wall of international patents that immediately hobbles anyone who tries to usurp their dominance.

[@milan1992es]

Really informative and funny! Learning so much about macroeconomics

[@TheOpinionSports]

Anyone who think buying a home and they themselves living in that home believes they will get Rich is not thinking straight.

[@gregperez2335]

Loved it

[@luisraya7633]

I keep watching Pete..

[@zero5xo]

Back when Schiff was in the mainstream news and everybody would shut up because they new he was right.

[@martonk]

Is the mises institute mainstream to u?

[@zero5xo]

@@martonk No, but this was recorded in 09. Back then whenever Peter made TV appearances his haters had to choke on their words because it looked like everything was crumbling down

[@yuriengland1]

He was right but wasnt able to translate much of that into gains, so probably still a loser

[@ShivaShaktification]

Peter , one of the strongest arguments you have ever made, and there have been MANY (because you are an eloquent speaker), was when you compared the debt burden of modern day Americans and today's reduced quality of life to 1950's America. I wish you would keep going on in detail about the stark contrast between what we have been brainwashed into accepting as normal, to raise people's awareness of how much has been stolen from them. The points you raised in that particular argument have the ability to get people to grab their pitchforks unlike no other.

[@walden6272]

Exactly. The quality of life for most Americans has drop dramatically. Every family needs 2 or 3 income source just to keep a roof over their head. In the past, a man can provide for a entire family on his income alone. Those days are long gone. Now the people are brainwashed to think life will be good if they can make more than $15/hr.

[@brettdunham327]

wow this is awesome

[@9TheDream6]

please run for president and save us

[@dominic9028]

Peter I wish you could debate Powell and Yellen....

[@123asdzxc7]

Peter is one of the best speakers out there

[@mrjaratpon]

One day there will be a version of Peter saying how people were telling him that he dont understand Crypto, and in hine sight, we will all feel its silly how people couldnt see this obvious bubble, the same way we feel why people couldnt obviously see the sub prime bubble or the dotcom bubble.

[@walden6272]

Yup. It's exactly like the dotcom bubble where many startups were making phony online businesses that don't have customers or produce any products but the idea is to sell the stocks of these business to the public and make money that way. Peter called them out on it back then and now he does the same to Bitcoin fanatics.

[@mrjaratpon]

@@walden6272 I only wish Peter would open a fund to short this crypto bubble. I for one would surely invest.

[@Bosniake]

One of his best speeaches

[@malishaanderson8958]

Schiff for President 2024

[@colineccles5102]

Classic Peter

[@MannElite]

Seems so relevant to today's climate

[@derekpascal3749]

We're in deep doo-doo.

[@moneymaps123]

Peter you're the best man.

[@nickhurley2472]

Peter should have gone into politics on this day. Being a radio host does not do enough damage.

[@bendaryl7072]

I pray everyone who reads this becomes extremely successful and encounter a kind of blessings that will overcome your fears! Spend less and invest more

[@hectordwight1228]

I don't know who needs to hear this, saving money won't make you a millionaire investing will ... Take out some money and invest ,Do it wisely Tho.

[@mariajean8571]

Exactly fine words ! I've heard all day... crypto has become a lucrative and profitable way of making money nowadays.

[@jeffreyelvis8293]

I actually see crypto currency taking over the financial world ! it's making waves.

[@nelsonkurt8721]

investing is good but investing in the right thing is the actual key to success

[@hectordwight1228]

@@nelsonkurt8721 I agree 💯 with you

[@Nobody71090]

What a legend

[@Nobody71090]

Could have been a stand up comedian

[@laconicme]

Brilliant assessment, and it’s happening again. The argument that “____ has never happened before”, is such flawed logic as Peter showed. It’s like a bridge built 20 years ago and people start driving larger and larger vehicles over the bridge. Then people say it can’t collapse because it has never collapsed before.

[@wavymcfly]

CLASSIC!!!!

[@walden6272]

What Peter said those many years ago is more relevant today, especially the part about other countries will eventually stop loaning money to the United States and the Fed will have to print money to buy the bonds themselves which is exactly what's happening right now. China is decoupling from the US Dollar by selling the US Bonds they have and building a new financial system using their Digital Yuan. Once the world rejects the Dollar, the worst case scenario Peter describe in this video will most likely be the outcome, hyperinflation.

[@jsheng9498]

Peter you were so good

[@beepbopboop6903]

Replace Yahoo with BTC.

[@Wfbakker1]

This was made 9 years ago, but it's still accurate for today. They managed to kick the can down the street 9 more years

[@englishpayerofgermantaxes8186]

@Wouter Baaker I'm still not convinced that they won't be able to do it again, as terrifying and incompetent that this would be.

[@johnmills3163]

Peter rules 👍👍

[@creatureselfie]

I've lost count of how may times I've seen this lol

[@erikanthes954]

Has the Fed become the modern Fanny/Freddie?

[@warrenarden1681]

The large firms should fail if they are bad at their jobs. Give the smaller firms a shot.

[@thetradergamez540]

Watched this few times on misesmedia epic talk

[@optionaltoaster1]

If the Chinese already know we won't pay them back, why are they still buying our bonds and selling us their goods?

[@rogerburn5132]

They don't buy US bonds anymore and trying to get rid of all dollars that they have

[@sumpahGWganteng]

China purposely lending US so much that US can't pay it. that means $US will collapse. Debt = Heroin. China play long game.

[@optionaltoaster1]

@@sumpahGWganteng i was actually thinking the same thing but it sounded conspiratorial in my own head

[@rogerburn5132]

@@sumpahGWganteng China doesn't lend to US any more and with the dollars they have. about 2 trillion are building the Road and Belt initiative. The old Silk Road. That conect China with other countries. Chinese are not stupid.

[@sumpahGWganteng]

@@rogerburn5132 40:30 This video was recorded in 2009. Peter Schiff knew that the USA would not be able to pay its debts. do you think China is stupid to not know at that time?

[@gianniprocida3332]

I live in Italy and people believe in the same nonsense. " Why do you pay the rent? You don't need to pay the rent. Just buy a home ". People have been brainwashed

[@mundialmarket4064]

you are an underrated genius man

[@jimmurphy3730]

Raise Hell Peter !