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« CHART SHOCK: 8 Million Quit Labor Force Under Obama | Main | CONGRATULATIONS: Your Family Owes $10,700 To China! »

Peter Schiff: 'Of Course We're Not Going To Pay Back The Chinese'


This is the funniest Peter Schiff clip of all time.



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Reader Comments (9)

All those factories will be seized as collateral for the default
Oct 26, 2012 at 1:52 AM | Unregistered CommenterM
We'd make sure we pay Israel though.
Oct 26, 2012 at 1:53 AM | Unregistered CommenterKathyK
Israel is the Rothschild's 'Jonestown' mercenary farm. The U.S. does not kiss Israel's ass. Traitors in the U.S.government kiss Britannia's ass. Freemasons, Rhodes Scholars, Skull and Bones Society people ALL kiss queen lizard's ass. Because to them, that is the way it has always been. American patriots live for the freedom to walk on open free ground and throw rocks at the queen each time she tries to take that away. Got it? Israel is the ROTHSCHILD"S BOARDGAME, with no identity of its own beyond false biblical fantasy.
Oct 26, 2012 at 2:42 AM | Unregistered CommenterHoward T. Lewis III
this is dumb
Oct 29, 2012 at 2:50 PM | Unregistered Commenterdumb
Trump doesn't shine in this interview. He does not sound like he thought through much beforehand.

When wages and the China price increase, new players will emerge.

Right now I need to refinish some hardwood floors. Two guys want to charge me about $3800.00 for the job.
A third guy (Vietnamese) says he needs $1500.00 to do the job. And he does great work!

In fact, one of the $3800.00 guys says he uses a Vietnamese as they are the best at this work.
Some people simply can excel of other people.

Life is like that.
Apr 9, 2014 at 1:37 AM | Unregistered Commenterwarren currier
If the Chinese insist, they'll get paid back all right..
Like Tony S. pays back someone he can't pay back.
(aka) how about we kill you, instead?
Apr 13, 2016 at 3:52 PM | Unregistered CommenterL Garou
There's nothing to pay back. The US national debt is not burrowed money owed to any outside party. Instead it's the total assets held by the US Treasury. The Chinese bought a bunch of Treasury Securities at auction (which anyone can do, including private citizens), that's it. If tomorrow they demanded the securities be exchanged for US dollars now instead of in however many years, the Treasury would simply do it by getting the needed money from the Federal Reserve. US dollars are created by fiat out of thin air; the US government is not funded by loans from other countries. It simply isn't. It also isn't funded on the federal level by taxes, and hasn't been for decades. Taxes exist to imbue the currency with value and combat inflation by destroying money.

Explain to me exactly how you people imagine this system ostensibly works. The Chinese can't create US dollars, that would be counterfeiting and illegal. So, what, they give us renminbi? How are we supposed to pay for things with Chinese currency? So, what next? We run it through a giant version of an airport currency exchange? Well then where do the dollars we're exchanging for come from in the first place? This entire concept is complete gibberish.

I'll also add that far more of the US 'debt' is held domestically than in China or anywhere else. The reason for this is simple: it's the money in our wallets and bank accounts. Everyone's asset is someone else's liability; your cash is on the liability side of the US governments ledger. That's all modern money is: accounting. Double-entry bookkeeping.

As usual Schiff doesn't know what the hell he's talking about, but at least on this subject he's no different from the vast majority of economists, who have no understanding of what money even is, much less where it comes from.
Jun 20, 2016 at 3:32 PM | Unregistered CommenterAptiva
I agree, Aptiva! Schiff may know a few things, but he doesn't know many MORE things! Case in point, you are spot on about these fictitious "loans" of nothing! Nothing was really borrowed, so nothing needs to be repaid! Peter needs to read some of my papers about money and finances, it looks like you already did so, since you mentioned some of the things that I cover in them.
Look for What is Money?, The Scam of the Financial System. All of my papers are kept quite short so they are easily read in one sitting, usually less than ten minutes each. Oh, and look up The Credit River Decision sometime. If you like, I can send you my papers via e-mail, or just post them here.

Jun 26, 2016 at 6:41 PM | Unregistered CommenterRandy
For all the description of Donald Trump's dysfunction as
to Puerto Rico, since he was unaware Puerto Ricans are
American citizens, he's obviously also unaware
Puerto Rico is where a collection account is maintained
for the deposit of all American's taxes for payment
to the IMF.

The history's not at all what you think but Jews AND
Catholics have been trolled for 250 years.

It looks like a twist proving up morality science and

It runs to the genetic level.

I really can't say more.
I come from a group that believes it's confirmed
though not identified the Nostradamus Code.

Rothshschild's Red Shield banker to the pope
updating gay capital status crime with a perverting
of women and men helping each other seek equality
also replacing Frederick Douglass with manchurians.

For oligarchs it's intensely simplistic, cynical and, they
brag, cheap. Sellouts come cheaply.


JP Morgan was Jesuit.
He created the Federal Reserve.

Jacob Astor opposed and was murdered.

The Rothschilds/Red Shield appear simply privatization
insistent by way of complicity in the reversal of morality
at all points.

The Wahabbis (Saudi Arabia) are Rothschilds.

Muhammed's in reality like a pro equality figure like
John Brown but allowing of violence.

Ghandi/MLK are pro equality figures more
like Christ not giving reason for violence and
not causing harm.

Deception runs along parallel threads in morality
and science.

Our nature appears to adjust extremely slightly
to suit our current understanding of the interplay
of morality and scientific understanding and thus
our self physical maintenance.

The way to fix this would be for everyone to simply
understand democracy and cooperative intentions
(equality and love in general parlance) assures our
better lives, assures our world, and assures our

Our oligarchs are in reality destroying pretty much
everything environmentally and even ourselves
genetically even rather directly.

The above happens to be why the
Hatikva (and Israel's thoroughly trolled by
fraudulent oligarchs) and the Moldau are
one and the same.



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