Peter Schiff: An Obama Speech, Debt and China
An excerpt of the Peter Schiff speech at the 2009 Henry Hazlitt Memorial Lecture. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute.
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One solution: scrap the federal reserve and take back the money from the banks and large corporations that have been stealing from the people all along.
“Eye of the storm”
Russia and China and French are all nuclear powers. US don;t dare to use nuclear weapons against those countries. If US did, so does those country dare to fight back. So US had to fight in conventional way, and US stands to lose. US’s nuclear threat trick is only good to bully Japan, Korea and other small nations.
IwantaYBaccount, that would have been the case before the invention of nuclear weapons, but politics aren’t the same any more. You can’t just go after a nuclear power just to collect debts.
It sounds funny but if it was the other way
The US would go there and get it
He is wrong, there is a way look at how the sweedes did it at the 90s
China will not claim ‘land’ off the US, nor will it, with or without Russia, suddenly appear on the US west shore for a full-scale invasion. Need to calm, too many scare scare movies I think.
Peter Schiff is simply trying very hard to educate American’s in particular about the perils of living beyond ones means, the need to be fiscally responsible – both for individuals and governments.
Ignoring his concerns will be to serious detriment down the track, governments & folk must heed.
I wonder when the US collapses monetarily what land assets China will claim? Or will they just show up on the west shore of the US with Russia showing up on the east shore with their military might to exercise their take over. Think this sounds far fetched? Think again. A perfect opportunity because OUR military is in the Middle East NOT for the protection of the USA! That is for sure.
Debt you mean : P
What I find remarkable about this video is it’s so tragic, yet hilarious. Peter Schiff is an economic and comedic genius.
Straight talk and truth I love it…
thats funny and true.
China has enough of our money…Consider it even steven
true in the sense that the chinese gvt has a coercive control on the money supply. The chinese don’t give these result from their labour to their gvt voluntarily. But given that coercion, Obama still need to convince the chinese gvt to pass their coercive proceeds to him. Both gvt have coercive ties to their own people, but both coercers do not have coercive ties to each other.
Wrong again. China has the most advanced stealth right now but you dont even know it. Chinese submarine came close enough to US aircraft carrier without it even detecting it! And when the Chinese left, they still couldnt detect the Chinese. This means that China can take out US aircraft carriers without any problem. You just dont hear about it because they like to keep you stupid.
The US military is scared of China right now. China can beat you easily.
Wrong again, uneducated worm. The money stream is partly voluntary and partly unvoluntary. But to claim that their is no alternative for the Chinese is a fking joke. The US dollar and US treasuries arent even safe anymore. Only uneducated worms would claim such nonsense.
The money stream from China into the U.S. is not entirely voluntary. It’s mostly because of the lack of any alternative for Chinese (or anyone else) to use and store their money. The U.S. dollar remains to be the “reserve currency” of the world, a legacy of the aftermath of World War II.
Depends on where the war will be fought. If it’s fought inside or around China, then the U.S. can’t win. It will be a protracted war of attrition, which the China has been very good at fighting.
But if it’s fought overseas from China, then China will lose. China remains to be the only power in the world without a blue water navy nor the capacity to project military overseas. Then again, unlike most any Western power, China has never meddled nor fought in places far away from home.
Resulting in the total collapse of the US.
And finally, US cant win a war with China, you dickhead.
Like how Weimar Germany never paid its debt to the “enemy” amirite?
WRONG. The financial system is not based on “ally” and “friend” notion. Its based on the fact that people trust you to pay up when they collect their money. Such a system will COLLAPSE if anyone refuses to pay its debt.
In the case of the US, this will result that NOONE, not the Middle East, not Europe, not Russia, not Japan, BUT NOONE will ever LEND money to the US again. Investors will also stop buying US treasuries.
“Wrong. A war with China doesnt wipe out your debts…”
It does if the U.S. wins the war, in which case China will surrender or be wiped out. A defeated/terminated enemy can’t collect on debts.
Going to war with China *is* an option. Down the road, war will become more and more of an favorable option for the U.S.
If the U.S. go to war with China, then the U.S. will have the prefect reason not to pay any money to its “enemy”.
If the U.S. defeats China, then the U.S. will force China into accepting all sorts of unfair treaties and settlements — including forgoing all the debts the U.S. owe to China. That’s the prize of winning a war, and that’s the prices of losing a war.
Wrong. A war with China doesnt wipe out your debts. The debts, the little pieces of paper, dont simply disappear because the US choses to send an aircraft carrier to Asia.
Not paying the debt, is also not an option. Because the little pieces of green paper in your wallet. Well they arent actually worth anything. They are “IOU” papers. A number is printed on top and when you walk into the bank, the bank will guarantee to give you that number in money.
The system will crash if US dont pay.
country and individual do not differ so much when it comes to credit. banrupt ppl had to sell their hourse to pay bakc part of loan, country would need to transfer their territotyi. Yes, there are not countries in this world have the ability to independently beat down US, but under common interests those cheap ideaology allies to gang up with “communists” to fight with USA.if just spend 2 trillion dollars it can bring USA to knee, I think it is totally good deal.
In now days’ world, it is hard to use war to destroy a giant country, but financial war, it would, just like what west did the Soviet. The creditbility of US dollar represents the fate of US. US as a country is strong, not becuase USA as a country itself, but becuase of US dollars’ monopoly and domination on international trade reserve, US took the advantage and consume other coutries; resource just by printing the green paper. LOL when you lost the credit of the green, USA lost everything.