Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

 

8,300 Unique Visitors In The Past Day

 

Powered by Squarespace

 

Search The Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

 

 

Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« CHART SHOCK: 8 Million Quit Labor Force Under Obama | Main | CONGRATULATIONS: Your Family Owes $10,700 To China! »
Friday
Oct262012

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

THIS IS BRILLIANT

This is the funniest Peter Schiff clip of all time.

 

 

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (8)

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.

Randy
Jun 26, 2016 at 6:41 PM | Unregistered CommenterRandy

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.