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Warning: Please don't watch this unless you are a socialist, the ideas may be disturbing to you
Basically, yes - hoarders should have their wealth redistributed - and their parasitic monkeys who propose anti-social policies should be jailed - in the case of those who double up as con men - those should be summarily executed and their wealth redistributed for the benefit of society.
-1 Irwin Schiff
-1 Peter Schiff
Apocalypse 2014 predictions revisited and tape saved:
- All banks nationalized
- NY looks like Mexico City
- All commercial and retail space will be vacant
- Etc etc etc.
Unlike us, Paul Krake did not find Petey the clown very amusing - nor was he amused by Petey's inability to read charts and conduct himself like a normal human being in interviews with other guests present.
Dedicated to zsylvana, a socialist subscriber :)
Like his drunk buddy Petey, Marc Faber uses the "if you keep on predicting something, it will eventually come true" tactic to try and make a stab at a correct call for once in his lifetime. When the Dow or NASDAQ finally drops 30%, he will say "See, I was right all along".
Marc Faber - Market Crash 2010:
Marc Faber - Market Crash 2011:
Marc Faber - Market Crash 2012:
Marc Faber - Market Crash 2013:
So apparently, every bleeping year since 2009 there's a 1987 market crash on the way. How are your clients doing (if you have any left), Marc?
Senile or delusional or both?
2 insightful interviews.
Very angry senior on the block.
With clueless idiots like Stossel & Feinberg running around, it's fairly obvious that America has won the war on intelligence very convincingly.
One retarded loon deserves another.
Another lesson in basic economics for our boy.
...1 day after Professor Steve Keen was on the show to educate ignoramuses like him about why 'moneyprinting' does not necessarily lead to inflation. Not to mention the Bank of England making a video series regarding this subject because there are so many ignorant idiots like him around in the world --- and yet he is still dribbling this BS out of his mouth.
Debt Taliban - can people degenerate into something more stupid and ignorant than this?
From the questions she asked, Erin Ade obviously understands most of these concepts now - kudos to her for keeping a check on reality after receiving so much misinformation from wingnut goldbug guests.... which is more than one can say for the Austrian wingnuts she invites onto her show like Petey, David Tice etc. etc. who can't accept reality even after the Bank of England develops a series of videos and papers to educate the public on these simple concepts
'The central bank can print as much money as it wishes.'
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.
To get a sense of how radical the Bank's new position is, consider the conventional view, which continues to be the basis of all respectable debate on public policy. People put their money in banks. Banks then lend that money out at interest -- either to consumers, or to entrepreneurs willing to invest it in some profitable enterprise. True, the fractional reserve system does allow banks to lend out considerably more than they hold in reserve, and true, if savings don't suffice, private banks can seek to borrow more from the central bank.
The central bank can print as much money as it wishes. But it is also careful not to print too much. In fact, we are often told this is why independent central banks exist in the first place. If governments could print money themselves, they would surely put out too much of it, and the resulting inflation would throw the economy into chaos. Institutions such as the Bank of England or US Federal Reserve were created to carefully regulate the money supply to prevent inflation. This is why they are forbidden to directly fund the government, say, by buying treasury bonds, but instead fund private economic activity that the government merely taxes.
It's this understanding that allows us to continue to talk about money as if it were a limited resource like bauxite or petroleum, to say "there's just not enough money" to fund social programmes, to speak of the immorality of government debt or of public spending "crowding out" the private sector. What the Bank of England admitted this week is that none of this is really true. To quote from its own initial summary: "Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits" ... "In normal times, the central bank does not fix the amount of money in circulation, nor is central bank money 'multiplied up' into more loans and deposits."
In other words, everything we know is not just wrong -- it's backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There's really no limit on how much banks could create, provided they can find someone willing to borrow it. They will never get caught short, for the simple reason that borrowers do not, generally speaking, take the cash and put it under their mattresses; ultimately, any money a bank loans out will just end up back in some bank again. So for the banking system as a whole, every loan just becomes another deposit. What's more, insofar as banks do need to acquire funds from the central bank, they can borrow as much as they like; all the latter really does is set the rate of interest, the cost of money, not its quantity. Since the beginning of the recession, the US and British central banks have reduced that cost to almost nothing. In fact, with "quantitative easing" they've been effectively pumping as much money as they can into the banks, without producing any inflationary effects.
What this means is that the real limit on the amount of money in circulation is not how much the central bank is willing to lend, but how much government, firms, and ordinary citizens, are willing to borrow. Government spending is the main driver in all this (and the paper does admit, if you read it carefully, that the central bank does fund the government after all). So there's no question of public spending "crowding out" private investment. It's exactly the opposite.
Of course, this is the guy who told you the DOW would plummet to around 1000 when it was 8000 in 2009.
Soundest logic ever....
1.5 minutes non-stop firing of Scud projectiles from Petey's mouth deluge Jackie DeAngelis as she tries to get in a question and perform her duty as the host....
Don't you people realize this is all a bluff by Janet Yellen....? PSCI red hot again~~~
"Austrians are not the best market timers" - you mean if someone invested $100 with you in 2008, they'd be left with around $1 now after the cumulative year on year losses compounded by the fees? What a clown. Fortunately, like Petey, his stupid predictions have been posted by his cult followers for years - and also like Petey, he looks like a washed up drunk.
Thanks for confusing young "economists" about a pretty basic subject - stick to singing your off-key "songs" please.
Special thanks to zsylvana for sending us this link.
How fitting that they filmed this in a gold vault.
AFITFOTB = A Flea In The Fur Of The Beast
Decent interview but in the 2nd segment, stricter corporate governance via regulation and improved policies should probably have been mentioned.
All negative answers from Schiffbots and other ignorant right wing clowns will be summarily erased.
No wonder he thinks North Korea is a great place to invest. What a loon.
Well, if you look at it just from the perspective of his clients - he's 100% right. There was no recovery for his clients since he lost almost all their money and if you are stupid enough to be his client, there wouldn't be anyone stupid enough to hire you.
Greg must have been wetting himself every day since 2008.
Tepid growth except in specific industry sectors, compounded by lack of government spending - welcome to the 1st lost decade, USA.
Special thanks to zsylvana for sending us this link.
Nice triple whammy on your citizens, Greece (and no, you shouldn't have listened to king clown Peter Schiff - should have lynched him as soon as he appeared on your doorstep).
A lot of hot massaging going on here.
Not an authentic currency... go find the missing $425m yourselves, suckers. Pwned. Now go stick your money into the next big thing - Maxcoin - so that the Keiser can buy himself a lifetime supply of bath salts.
Finally a normal sane guest on this show.
Special thanks to Alax Jones for sending us this link.