Peter Schiff Interview (Ron Paul’s Economic Advisor) – ATS MIX Special Edition 16

Dear Peter

I am a 20yr old college student who fount out about you through the good Doctor Paul. I just got done reading your last book on how to profit from the coming economic collapse, but it seemed pointed more towards people with large portfolios. Through my life i have been able to save up around 5k. I was wondering what do you think i should do to at least protect my money and possibly profit off of it when things start to look better. I am sure there are many people out there in the same boat as me. that is people that don't have large sums of money saved up but would like the keep what they have safe.

-Jacob

reply to post by Dave Rabbit

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paper money is the safe haven - not gold! www.cnbc.com...

This article came out today Dec. 2nd - from CNBC - it says that the American dollar is the safe haven NOT gold.

My question is - this runs against what everyone else has been saying, are they trying to stop the possible comex default or are they misleading the public, or are they correct? Why would they put this article out? I have purchased gold and silver to try and keep the value of my dollar (what it is right now) for the future. I have insisted others do the same thing, am I right or wrong? What do you see the value of gold being in a few months and what is going on with this major network coming out with things like get the paper money. Also on BBC financial network on T.V. - they said all analyst are saying to sell your gold - not to put your money in that. So the reporter looked into the T.V. and said "SELL GOLD - don't hold on to it and don't buy it".

My question to Mr Schiff is that the root of the problems seems to be tied back to the collapse of AIG when banks suddenly no longer had insurance on their speculations and hence lost the triple A ratings.

Why didn't the FED go behind closed doors and assure Moodys (or whoever it was that downgraded them) that they would underwrite AIG & their liabilities, and therefore they could still be triple A rated - surely this would have resulted in no panic in the markets, stopped $Billions being written off stocks across the globe, and have not pushed banks into essentially bankruptcy, leading us to where we are today?

I guess the bottom line is, has this collapse been planned do you think?

I would like to know if Mr. Schiff has looked at the decriminalization (re-legalization) of Cannabis in the United States, and how it could be used to build a more self sufficient society here. I would love to hear a scholar and expert in his field break down the numbers, and discuss the plants' uses as a fuel, fiber, food source and medicine, among others. Currently, Cannabis is the number one cash crop in the United States, even with its status as a black market commodity. If you were lightly taxing the products made from Cannabis grown here and abroad, and also cutting the ineffective drug war programs used to fight it, it would be huge for our society, and its freedom. I imagine Mr. Schiff would find many flaws with the current system that are keeping our freedom and economy stifled. I hope he would also find disgust in what many view as the biggest conspiracy perpetuated on mankind in the last 100 years, and if that is the case, share his new findings with Mr. Paul, and lets get moving on it....

DocMoreau

Some light reading on the subject of Cannabis as Cash Crop:
www.drugscience.org...
abcnews.go.com...
seattletimes.nwsource.com...
www.keprtv.com...
www.southernstudies.org...
www.oaksterdamnews.net...

and in regard to the failed War on Drugs:
granitestaters.com...
www.foxnews.com...
www.washingtonpost.com...
www.alternet.org...
www.mndaily.com...
www.jamaica-gleaner.com...
www.newsweek.com...
www.latimes.com...

edit to add a link to a Drug War editorial from yesterday (FoxNews? huh...)
and to use its closing, it is so poignant...
Repeal Day Serves as Reminder of the Folly of Our Drug Laws





[edit on 2/12/2008 by DocMoreau]

reply to post by Dave Rabbit

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Dear Mr. Peter Schiff

I admire you, your tenacity and your fidelity to your cause. The same goes for Mr. Ron Paul.

I consider speculators in the commodity futures market to be one group more responsible than most for the current fiscal emergency. I have one question.

1) Would you recommend Mr. Paul support legislation barring non-industry speculators, that is, only end users could buy or sell on the futures market. Or alternatively, would you recommend he support a ban on the re-selling of a futures contract for 90 days?

Thank you and Mr. Paul for your honorable service.

Don White



[edit on 12/2/2008 by donwhite]

Mr Schiff. Thanks for taking questions. Like you I knew that this was coming years ago for 2 reasons. #1 they gave a morgage to a guy who I wouldn't borrow a $100 and think I had a reasonable chance of getting paid back and #2 my uncle built himself a new house because his modest house he had just bought appreciated over $60,000 or 45% in under 3 years from when he bought it. So he sold it and used the money as a down payment on the new house. Those alone told me things are way out of wack and this was in 04-05.

OK so now to my question? Ok we as a society have been getting donked for years. In the 90's there was the accounting scandels and the dot.com bubble. Then comes the housing bubble, next the big gas rip off. Then the big bailout for wall street. So now stocks are priced where they should be. Home values are coming down to normal and for some reason gas is back now at a affordable price.

So for the question? Whats next? It just seems if it isn't one thing its another. What do you see as the next possible bubble or maybe collape?

Mr. Schiff,

1. To pick just one flaw in our economy to discuss is almost humorous considering the breadth of the problem, but here goes: One consistent point you have had is the ratio of consumption relative to production; could you expound on this point and its short-term affects on the economy and what the long-term affects of this imbalance could be?

2. Can I borrow your crystal ball?

My question:

Is it true that one of the few countries that were unaffected by the current economic crisis was China, and do you feel that both the European and the United States economies were booby trapped in order for someone to help China advance ahead in that particular field in expense of the rest of the free world, also how do you think this crisis is going to help particularly a Chinese economy if it will and which reactions can we expect from this country and that society in the future concerning this crisis?

Thank you.

[edit on 3-12-2008 by populardisbelief]

Thank you ATS management for providing this great chance

Mr. Schiff,

I always think that one of the fundamental flaw of the current global economic practice, lies at the continued dissemination of Neo-Liberal beliefs through the global educational system & media networking. Basically, to continue to preach that there is no other viable -let alone BETTER- alternative to the socio-economic system other than what the Neo-Liberal paradigm offers.

Therefore, my most pressing question right now is, do you think it is possible as well as necessary to have a fundamental paradigmatic change in the current Neo-Liberal Economic thinking & education?

Thank you very much for your kind attention...

Hello Mr. Schiff,

My question is as follows:

One of the main arguments against Austrian economics is that is fails to use the Scientific method to prove its theories and instead relies on logic. If this is the main argument against it, why is it that people like Ron Paul and yourself are so precise with your predictions that it stumps even the most avid users of mathematics and econometrics?

[edit on 3-12-2008 by ExistenceUnknown]

There's been a lot of great questions asked so far, so I guess mine is simply this:

Has anyone ever told you that you bare a striking resemblance to Fred Savage from The Wonder Years?

As much as we've borrowed, printed, and spent over the last few years inflation hasn't been that bad (single-digit if you use their numbers). What would it really take to see the kind of hyperinflation in America that they're seeing in Zimbabwe?

reply to post by Anonymous ATS

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Elect Robert Mugabe as president?

We have a dependable $13 t. economy. Our country's net value - if we sell everything- is about $55 t. We're in hock $10 t. public debt and about a like amount in private debt. As a financial counselor I'd advise holding up any major purchases until debt was no more than HALF of income (GDP) but we are in an emergency now and RULES do not apply. That's why I'd sent the Big 3 their $34 b. but with strings.

Only $10 trillion? LOL!!!!!! You must be forgetting the SS and Medical obligations that runs in the $40 to $60 trillion dollar range. The $10 trillion (Which is soon to be $12 trillion) is only a drop in the bucket to our real debt.

www.heritage.org...

The fact is these guys should fail and let their assets be bought up by people who can manage companies. That is how America used to do business. Businesses would fail and newer and bigger businesses would grow from them. All these bailouts are disgusting and the government has no constitutional authority to do what they are doing. The FED .... what they are doing is way outside the borders of illegal.

[edit on 3-12-2008 by mybigunit]

Mr. Schiff,

First off, thank you so much for answering questions here.

That being said, has anyone tried to bribe, influence, or down right threaten you to change your public opinions?

reply to post by Likquid-Method

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As follow up, I'm thinking about investing in a
silver mining stock. Do you think that would be
wise? How much would you expect it to jump
after the COMEX contract end in Dec?

Thanks!

hi peter,
lets say the world goes bankrupt, all countries are in serious financial trouble ,usa,britain, europe, asia,etc, even china and india will not have any countries to buy their goods, What happens next? does the IMF take possession of each country of the world, how would it be enforced? can so few people in ivory towers force the rest of the world??? and how?

Oh I could ask you a hundred questions Peter I really am a fan of your courage. You stood stalwart on camera in front of millions and took being laughed and called crazy many many times to tell the truth about the mess we're in. I applaud your strength and your resolve because you never wavered from the truth regardless of the legions of witch hunters who practically were calling for your proverbial head on a pike. So here it goes:



Question) Short of raising taxes and tariffs, your proposal to let the market correct itself sounds like Hoover's economic plan that led to a very deep and harmful recession in the early 30's. Explain how your policy is different than Hoover's and how yours won't lead to another "Great Depression?" And what are your views on "FairTax?"


A second question if I may, you don't have to answer this if you don't want but out of curiosity when does Dad get out of prison?


Thanks for your time.

All i want to ask is what is the easiest way to get out of this economic collapse and how long do you think it is till things get really ugly around here. Thx

Do you think the rothschild banking dynasty still has a large influence in the geo-political monetary and finance structure?

I heard recently they were worth $150 trillion dollars.... i could buy three americas with that