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Great speech. I have to admit that I didn't listen to the whole thing but I have to give peter credit that it was so easy to understand. Very good stuff.
It's kind of depressing listening to all the guys that predicted what would happen tell us that it is just getting worse. Sometimes I wish I could fall asleep like Rip Van Winkle and wake up in a decade after the correction has taken its toll.
Wish in one hand.....anyway, hunker down, the worst is yet to come.
Thanks so much for posting these!! Great job. I really enjoy listening to Peter. This man is full of truth and conviction and he's willing to point out that the emperor's naked more than once!!
Hey man, you're doing a fantastic public service informing us like this.Peter Schiff makes several points in this lecture that varies from his normal spiel. The first is we are looking at a currency crisis which means the purchasing power of our money is going to go down COMPARED to countries in Asia.What that means in essence is their standard of living will go up and ours will go down. Now it's interesting to note, that since we are so unproductive as a nation and rely so heavily on imports that when people stop importing to us it will cause price inflation because we can't take up the lost production of that particular good. So the deflationist argument that prices of things will go down as the credit bubble contracts is a faulty one, because you have to take into consideration we dont make our own stuff, other people make it, when they stop because the purchasing power of our money goes down then we have to take up that production ourselves.Secondly, this requires investment in domestic goods production, that MUST come from domestic/international SAVINGS (if we have a currency crisis, don't look for much international investment). That will exascerbate the situation, because we'll already be in a recession which means if our standard of living is low it due to the recession/depression it will have to go LOWER to accumodate the savings necessary for the new production to come on line.Thirdly its plain to see how far from there we are from here. It will be quite interesting to see if we can hold this country together through this, but considering the rifts in this countries factions I don't even know if it would be worth it to keep the union together.