If that's what a 100 grand education looks like imagine the standards in our universities. We should be worried about our future bcoz these kids are gonna be running things soon.
its not that the kid is dumb its that hes on the other team. the kids on team power and he is debating against team freedom. the only issue is team power takes advantage of people with good intentions and gains more power over the country.
He’s actually a Russian spy like Peter (who is Polish) and this is all propaganda. That kid probably has an IQ of 165 and is playing you losers like a fiddle. His politics are an ACT
"If you want a higher standard of living, then you need to keep government to its absolute smallest size. What government should do, is: Protect individual liberties, life and property. The government is not there to redistribute the pie, It's there to allow free-market capitalism to make the pie as big as possible, so everyone has more to eat." Beautifully said, Peter!
The tendency of the governments worldwide is always a cycle of increase in their power/control after a previous decrease, so you'll never find a free market government which mantains itself small for a long time. USA, Scandinavia, France and UK are good exemples of this, and Australia is following this path, as showed by Lauren Southern.
You're wrong mate. There should be no law and punishment at all. Complete freedom of individual will is natural. It's the only way forward. Abolish all collective action. Every man for himself.
They evade the facts and reality-based thought that would lead them to uncomfortable conclusions, so that they can pursue their whims instead. How did Hitler manage to convince himself that murdering millions of people for the "collective good" was the way to go? The same way people today convince themselves that consumption and coerced redistribution create wealth, working for profit is evil, and "good for society" is a rational moral standard. They immorally choose to evade reality in their minds, so they can draw whichever wrong conclusions they desire from their own intentional mental sloppiness.
And I would add, why is the anchor "translating" for the guy: "I guess what you're trying to say is... uhm... the workers *produce* the wealth..." Right, because creating and producing are totally two completely different things.
Look where evil capitalism has gotten you..99%of Americans are upto the neck with debt and only 1 paycheck from homelessness while in China there are ghost towns due to affordable/free housing glut.
@Me Alexander The net external effect are enough to argue for funding schools and healthcare. A healthy and well educated population is a Great base to build a country. Why do you think China owns everyone at everything? I know these things. I am an economics student.
Truth Peter isn't wrong and the kid isn't wrong, both are correct. Workers provide labor and Employers provide the jobs. But if I were to put whose more important on a scale, the worker doesn't provide near as much as an adequate employer. Anyone can be a worker, not everyone can be an employer. Schiff was more so right than "wrong". Without employers there would be no employees, the same cannot be said about employees.
One should ask themselves why most people are workers and not business owners. This should tell you what is easy and what is hard. Both need each other however if you had to side with one then you know the harder more important one.
@Truth - I think we would need specific examples but I was agreeing based only on my experience. When I was in corporate it seemed like most people just had to show up, smile, and pretend to be busy to get paid. You can't get away with that as a small business owner.
Yep I’m currently being taught socialist ideas in my economics class. They show us TH-cam videos by socialists and it’s so crazy to see everybody in the lecture room get fired up from it while I’m thinking this is a bunch of misleading bs.
Because you don't go to college to learn, you go to college to get the degree. There's a reason that professors are professors. Those that can't do, teach.
Ok so the guy is not muscular and looks like he could kill you with one swipe but, Austrian economics is a very old economic philosopy and this is not Harry Potter, these ancient spells can't be right all of the time and particularly not as the world changes. If the Austrian economics applies to this world then they never did applied in the old world....
Kyle hahahah phytoestrogens were discovered in soy early 1900s. May be a natural defense mechanism by making things which eat the soy beans less fertile. I’m sure you all knew that
@Chess Club Man It is here in the context of obsolescence. All science has been progressing, but for some reason our social economic systems have not. We operate with old values and looking the other way when numbers don't look good.
Actually Kyle. This kid already has a book burning list and Im pretty sure most Austrian economics books or general knowledge book about the enlightenment are on that list.
I was just thinking that kid needs to lay off the soy. If he keeps going on like he is, he'll think shaving off his eyebrows and permanently tattooing them up high will save him from having to keep raising them on his own.
Oh yeah... your brand of globalism [crony capitalism] is SOOOOO much better then the other brand of globalism [marxism/communism] It's fun to pretend anyways right kiddies?
Education system has succeeded in creating brainwashed socialists and Marxists. It's very clear to anyone with a brain that country goes backwards when a country embrace leftwing ideology. I find it manipulative that the lefties use terms such as: diversity, progressivism, socialism, equality to make sound like it's fairer but in-fact it's the opposite of fair and moral. The leftt talk the talk(victim blaming), but walk in reverse(progressive isn't progressive it's regressive).
This isnt even a debate 🤦🏻♂️. This is simple economics; the fact that these millennials and liberals aren’t able to wrap their heads around this shows to you how idiotic they are. What I think is even funnier is how the only thing they ever fall back on are current socialist European countries. They cite how they are prosperous and so that’s the model🤦🏻♂️ if you are going to regurgitate this garbage do yourself a favor and study how those countries were before they jumped on the socialism track. They were much more prosperous then they are now. Free Market Capitalism with small government is the only way. If you don’t believe me look up Lenin’s quote on the objective of socialism, exactly!
Too bad we don't have a free market though ain't it? Unless you've convinced yourself that this globalist owned system controlled by Rothschild/Rockerfeller is remotely fair minded or free in any way.Their ill gotten fortunes are based far more on lies,deception,war profiteering,etc then they ever were on hard work.Sorry if you bought into their lies.
richiefranklin76 you are absolutely correct on all of your points; and we don’t have a free market. I assure you I’m not one of the sheep. I will add though that the layers to this onion go much deeper then the globalist that control the system. Not many understand the claim you are making and even fewer know what Im talking about.
Also a lot of the countries are beginning to fail and are taking loans left and right and also ask yourself why are people flying here for health treatments rather than us to them(thats more on the free health car topic but still relevant because of private hospitals driven by profit)
You get different jobs with automation. Same number of jobs just different jobs that take a skill or trait not just putting things in a box but perhaps coding or repairing the robot. That what I believe anyways for what that's worth lol
@@gsdice dude not having jobs is not a problem. It just means no one has a need for some people that is big enough to be worth feeding some people. There's nothing logical that prevents that from happening and no one should be forced to be charitable. if anyone's afraid of this, don't have kids you can't afford into poverty and live like the amish where you produce your own food and housing independently, then you'll never have to worry. Labor income sucks. We onyl have 24h a day and I'd rather we all save up enough capital to live off of capital income and not have to work. Just let the miantenance robots maintain themselves and all of our automated production facilities. If you didn't produce enough to buy a part of it, which btw, stocks make owning companies accessible to the poorest, then fuck off.
As James Ostrowski says, "According to the labor theory of value, the workers could have gone to a vacant lot, and produced the same amount of wealth by replicating the same physical actions they undertook working for the greedy capitalist, this time without a building and without any equipment, management, customers or business plan. If we take away the greedy capitalist, these little details must go as well. Just think of Marcel Marceau pretending to work. That's right. You socialists pretend to work and we capitalists will pretend to pay you." Socialists hold to the labor theory of value, another Marxist concept. According to this theory, all the value of a business is contributed by the "workers". That worker we call the owner, apparently contributes nothing. Only someone who never owned a business could believe this preposterous theory. Since the owner contributed nothing to the business, why did the workers show up there in the first place? Syndicalists are under the delusion that workers' lives will be idyllic once they get rid of their bosses. However, as Mises informs us, the real bosses of the workers, the ones who ultimately determine wages, working conditions and whether the workers are employed at all, are the cold-hearted, greedy and merciless consumers who purchase the workers' output, or choose not to. Thus, the workers' will soon experience what any Maalox-chewing business owner already knows-the absolute tyranny that customers in a free market exercise over business firms and their owners.
"What the government should do is protect liberty, rights and property. It's not there to redistribute the pie, it's there to allow capitalism to make the pie as big as possible so everybody has more to eat" - Peter Schiff. This quote is legendary
Kid is idealistic and naive about how the world works. I empathize with him because I was once like that. It's the 30 year old and up who remain so naive that bewilders me.
Zickafoose2020 I don’t actually. The average standard of living has risen dramatically in the last 30 years, as well as individual wealth and possessions. Pie 🥧
"workers create wealth, they get it from their paychecks" HOT DAMN, this person is clueless. It's like thinking food comes from the grocery store. The BIG difference between workers and investors, is there aren't millions of investors walking around. That's why you need them. It's an ecosystem, one can't survive without the other.
An economist said that all you need to know about the federal deficit is when you get off a plane at Dulles Airport outside of DC is that 15 miles outside of the city houses are worth more than a million dollars. These are federal employees who create no product except laws and regulations and taxes to support their lifestyles.
Dang, that’s a good one. Liberals are always upset about Jeff Bezos’s wealth, but never about the fact that Nancy Pelosi has a net worth of $70 million.
You're not missing much. As much as I respect his intellect and ability to articulate Austrian and Libertarian concepts in a cogent manner, he leaves a lot to be desired in social skills and gregariousness with the general public.
This kid has no clue. Sometimes I think we should break a state off and give it to the Socialists and let them have at it on their own. And when they fail we can settle the argument and never speak of it again.
Not just government, try to name anybody that has stolen money from a man at gunpoint and has earned that man’s approval after the fact. You can’t commit armed robbery then turn around and open up a local DMV and expect people to be happy about you selling their rights back to them.
I hate this "oh but the rich have all this wealth" crap, no they have assets such as bonds and stocks on top of bank accounts and the ACTUAL wealth that is houses, cars and other products. How hard is it to understand is that money is the means to obtain wealth and not wealth itself and that forcing the rich to redistribute it does not cause the amount of goods and services to increase? If it was that easy then why bother taxing the rich? Just roll the printing press and pay for all the stuff you want then.
Socialists never acknowledge that the buisness owners are also a worker in their company and not some Bourgeoisie. They like to talk about workers being exploited, but far more common is the exact opposite phenomenon. Workers exploiting their employer through milking overtime, stealing or wasting company property/resources are far more common. All this on top of government regulation and high tax rates make owning and operating a buisness unbelievably more difficult than being a zero liability worker that carries no risk or financial burden with his/her job. Also if anyone screws the worker its lazy couch hopping hippie Bernie types whose never had a job his entire life and mooched off tax payers and refused to ever work. Can we just let Socialism die once and for all without people trying to resurrect it.
My 20 yr old son worked for the municipality over the summer and he was quietly told to not work too hard and fast because it would make the others look bad.
@@Zickafoose2024 You can avoid exploiting natural resources intensely for a short time and exploit natural resorces slightly for a long time, but the government is not able to stop the intense exploitation of natural resources without dumping people into poverty. The only way to reduce the impacts of exploitation sustainably is to change it culturally and reutilize the wastes (which is already done voluntarily by private companies) and both do not require the interference of the government, quite the opposite, they can only be messed up by the governmental interference.
5:14 - Got to love how the mediator just ignores what Peter says and just parrots what the other guy said in what she thinks he is saying, which is just repeating what he said. Peter can't keep a straight face I'd laugh too.
Lol no. Sociopathy,lack of compassion,and the willingness to screw and step over others to gain power and wealth is the driving power behind globalism/crony capitalism. You kiddies are in for a rude awakening when the truth finally comes out,how your so called 'capitalist' messiahs have REALLY earned their wealth.Until then enjoy your delusions I guess...
@Jesus Christ So in others words you're just going to ignore anything that was said about globalism,and just keep regurgitating the tired old talking points you've been brainwashed to repeat by Neo Con propaganda? I guess critical thinking just isn't for you.Back to kissing globalist ass,and telling Rockefeller what an 'amazing innovator' he is :P
J@esus Christ Sooo... Who are doing all these new systems, methods, inventions? Workers of course! You dum-dum! You understand that digging ditch is not only work that people do? People get an engineering degree for the reason!
@richie Learn the difference between capitalism and crony-capitalism. No one on this channel approves of crony-capitalism, Mr. Comrade. Sorry for proving you wrong for the last 300 years.
People now a days have no idea what it means to work or what it means to start a business. The ability to do the work of 2 and pay yourself for a half is absolutely incredible and something to be appreciated.
Peter nailed it...less government always....regardless Americans get screwed by greedy crony Capitalism and inefficient big government...which to me is why unsustainable wealth inequality is at highest levels in decades and destroying middle class....good interview, thanks
It seems like all the governments in the world becoming bigger, printing more and spending more. Whole world will end up poor and then only governments will shrink. Hopefully capitalism will solve the problem only after that.
I’ve received such a great education from Peter Schiff. The Kingdom of Moltz really hammered home inflation. Loved Economics in One Lesson too. Need to read more of his recommendations.
Peter is ON POINT! And for that clueless kid... I'm truly fascinated about how the human brain can convince us of anything... the kid has the facts in front of him, but refuses to see the truth.
The minute the host announced it as "CEO of Euro Pacific Partners" vs. "activist", I no longer needed to watch this video to know who won...I watched anyways to watch the ownage, but still.
I'm not a rich man, but I don't support or need Medicaid / Social Security lady. I have a brain, I can add numbers together, I can save up money for retirement. If I had an IQ of less than 70 and was mentally disabled yes I would need help, otherwise no.
I can't believe it. School is allowed to teach about sex, LGBTQ issues, but fails to teach basic economics or the different monetary systems, history, pros and cons ???
An archetypal debate that can never be resolved. There will always be people who believe in investing authority into the hands of an arbitrary apparatus of state - for whatever purpose or end - and there will always be people who believe in a maximum degree of individual liberty to pursue happiness on their own terms.
Hilarious... She thinks that the government taking more of our money through taxes is "bottom up". Since when is government considered the 'little guy? What a joke.
The host kept reframing the positions, Peter wasn’t advocating for a top-down system at all, capitalism is literally the polar opposite of “top-down.” The entire purpose of capitalism is to fill demand. The more government gets involved to more it effects prices and wages, and it’s always negative in the long term. It doesn’t matter what government is spending money on if they have no accountability and can dictate the flow of wealth and capital. That is the definition of a top down system. Workers don’t solve problems, they are, quite literally, tools. They are a means to an end goal of filling a demand, they are replaceable and their value is determined by how much they are able to benefit the employer. The reason we have such drastic disparities in wages and the value of the dollar is due to government interference and currency inflation. The more intervention from government forces prices to go up and the value of the dollar to go down, while opening the door for corruption due to the authority granted to people who become beholden to special interests behind the scenes.
It's a common running joke in Oz that gov public servants don't work hard and occupy meaningless high level positions with close to zero responsibilities (starting late, leaving early and receiving generous leave). But young uni grads still believe big government departments are more effective than private companies whose profits are evidence of their efficiency and effectiveness.
Peter Schiff at his best. Wish I could get my kids to transcribe every word he said in this interview - for their benefit. Peter is so precise, like no other. ciao.
Let's see if they support Social Security. Oh, you mean that system that's been lifting 6% of my gross pay my entire adult life? You mean that system which also charges my employer 6% of my gross pay, which could otherwise be going to my paycheck? You mean that system that's going to be insolvent in 15 years, just about the time I'm set to retire? You mean that system where I can't receive full benefits until I'm 67? You mean that system which, due to insolvency, is currently promising to pay me 75% of my owed benefits. Why WOULDN'T I support that?! No, seriously, AWESOME example of how well government works!
Young, not yet successful men, can be socialists. When you are older and work hard for your money, you don't feel like giving so much to the government.
This child looks like he just left college and is talking about business to a CEO
If that's what a 100 grand education looks like imagine the standards in our universities. We should be worried about our future bcoz these kids are gonna be running things soon.
Yes we are headed towards rock bottom. At least then we can begin recovery
Cliff Sousa well no one with this mind set can run anything. So no need to worry about them taking charge of companies lol
its not that the kid is dumb its that hes on the other team. the kids on team power and he is debating against team freedom. the only issue is team power takes advantage of people with good intentions and gains more power over the country.
He’s actually a Russian spy like Peter (who is Polish) and this is all propaganda. That kid probably has an IQ of 165 and is playing you losers like a fiddle. His politics are an ACT
"If you want a higher standard of living, then you need to keep government to its absolute smallest size. What government should do, is: Protect individual liberties, life and property.
The government is not there to redistribute the pie, It's there to allow free-market capitalism to make the pie as big as possible, so everyone has more to eat."
Beautifully said, Peter!
The government is there to do what the voters tell him to do. Redistribution included if it is what they want!
I almost completely agree with him, because I think the law and punishment should be also decentralized and privatized.
The tendency of the governments worldwide is always a cycle of increase in their power/control after a previous decrease, so you'll never find a free market government which mantains itself small for a long time. USA, Scandinavia, France and UK are good exemples of this, and Australia is following this path, as showed by Lauren Southern.
You're wrong mate. There should be no law and punishment at all. Complete freedom of individual will is natural. It's the only way forward. Abolish all collective action. Every man for himself.
@Scott McFadyen no right and wrong behaviour? No recognition of another human's right, or even your own right, to not be killed unjustly?
In this day and age, with all of the world's information at everyone's fingertips, how are people still so misinformed about basic economics?
If you don't get the news you are uninformed. If you do get the news you are misinformed.
Its called fake news and education
The sheepeople, victims of gotta to be cool with all the kids and do as they do, fucking retards
Because of government-regulated education. Look it up: Prussian education model
They evade the facts and reality-based thought that would lead them to uncomfortable conclusions, so that they can pursue their whims instead. How did Hitler manage to convince himself that murdering millions of people for the "collective good" was the way to go? The same way people today convince themselves that consumption and coerced redistribution create wealth, working for profit is evil, and "good for society" is a rational moral standard. They immorally choose to evade reality in their minds, so they can draw whichever wrong conclusions they desire from their own intentional mental sloppiness.
You get your info from Schiff and RT. That makes you misinformed
Who is Walter, and why should I be listening to him?
And why does every socialist look like a wimp?
It’s called “feminism”
Cyber Relations. That is the definition of a detailed comment. Very observant, and ACCURATE. Good on ya bro. You win the internet.
They always do.
@@longliveliberty1220 lol. Clever.
And I would add, why is the anchor "translating" for the guy: "I guess what you're trying to say is... uhm... the workers *produce* the wealth..."
Right, because creating and producing are totally two completely different things.
Delusional Socialist , go get him Peter .
@Mr Guy
Taxation is theft, noob
How dare you saying that workers make things! Didn't you hear the rich Jewish man explaining you are useless!
Look where evil capitalism has gotten you..99%of Americans are upto the neck with debt and only 1 paycheck from homelessness while in China there are ghost towns due to affordable/free housing glut.
He said we should invest tax money in Schools, Hospitals and infrastructure. What a socialist 😂😂😂😂😂
@Me Alexander The net external effect are enough to argue for funding schools and healthcare. A healthy and well educated population is a Great base to build a country. Why do you think China owns everyone at everything? I know these things. I am an economics student.
Rich man: "This is how money works"
Poor man: "You are wrong"
Peter is correct, I've been both an employee and a business owner and being an employee is a cake walk in comparison.
i think that "cakewalk" is exactly why workers rights, percentages back to communities is a good thing.
Truth Peter isn't wrong and the kid isn't wrong, both are correct. Workers provide labor and Employers provide the jobs. But if I were to put whose more important on a scale, the worker doesn't provide near as much as an adequate employer. Anyone can be a worker, not everyone can be an employer. Schiff was more so right than "wrong". Without employers there would be no employees, the same cannot be said about employees.
@@Zickafoose2024 - I'm staying with "cake walk" but just realized it's sort of a racist term. I hope nobody tries to sue me...
One should ask themselves why most people are workers and not business owners. This should tell you what is easy and what is hard. Both need each other however if you had to side with one then you know the harder more important one.
@Truth - I think we would need specific examples but I was agreeing based only on my experience. When I was in corporate it seemed like most people just had to show up, smile, and pretend to be busy to get paid. You can't get away with that as a small business owner.
this boy shows what a college degree is really worth today- it makes u a brainwashed slave
He is on Russia Today. It is probably an act and he is most likely a CIA agent and you can’t even see through it. Who is the stupid one now? All of us
This dude is an NPC
Greatest meme of all time
I think his face is actually the npc meme
Good.
Too funny
this guy's skin is even pastier than an NPC
I’m currently in college, and I learn more about business and economics from Peter Schiff than my liberal professors.
Yep, I graduated from UCLA and I can attest to that.
Yep I’m currently being taught socialist ideas in my economics class. They show us TH-cam videos by socialists and it’s so crazy to see everybody in the lecture room get fired up from it while I’m thinking this is a bunch of misleading bs.
Because you don't go to college to learn, you go to college to get the degree. There's a reason that professors are professors. Those that can't do, teach.
Pete stop, He's already dead!
LOL !!!!!
Jesus this kid needs to lay off the soy and read up on some Austrian Economics
Ok so the guy is not muscular and looks like he could kill you with one swipe but, Austrian economics is a very old economic philosopy and this is not Harry Potter, these ancient spells can't be right all of the time and particularly not as the world changes. If the Austrian economics applies to this world then they never did applied in the old world....
@@henrytep8884 Well keynesians are simply wrong. Demand side economics doesn't work even in theory.
Kyle hahahah phytoestrogens were discovered in soy early 1900s. May be a natural defense mechanism by making things which eat the soy beans less fertile. I’m sure you all knew that
@Chess Club Man It is here in the context of obsolescence. All science has been progressing, but for some reason our social economic systems have not. We operate with old values and looking the other way when numbers don't look good.
Actually Kyle. This kid already has a book burning list and Im pretty sure most Austrian economics books or general knowledge book about the enlightenment are on that list.
That kid's brain and ears just had the shit kicked out of them. I love these vs. socialist debates. XD
I LOLed
I was just thinking that kid needs to lay off the soy. If he keeps going on like he is, he'll think shaving off his eyebrows and permanently tattooing them up high will save him from having to keep raising them on his own.
Oh yeah...
your brand of globalism [crony capitalism] is SOOOOO much better then the other brand of globalism [marxism/communism]
It's fun to pretend anyways right kiddies?
Education system has succeeded in creating brainwashed socialists and Marxists. It's very clear to anyone with a brain that country goes backwards when a country embrace leftwing ideology. I find it manipulative that the lefties use terms such as: diversity, progressivism, socialism, equality to make sound like it's fairer but in-fact it's the opposite of fair and moral. The leftt talk the talk(victim blaming), but walk in reverse(progressive isn't progressive it's regressive).
Peter moped the floor with this kid's hair. LoL
This guy went crying back to his middle school debate class. Good job Peter!
I think I saw a tear.. For sure saw a lower lip quiver. Poor kid.
Great job peter..
This isnt even a debate 🤦🏻♂️. This is simple economics; the fact that these millennials and liberals aren’t able to wrap their heads around this shows to you how idiotic they are. What I think is even funnier is how the only thing they ever fall back on are current socialist European countries. They cite how they are prosperous and so that’s the model🤦🏻♂️ if you are going to regurgitate this garbage do yourself a favor and study how those countries were before they jumped on the socialism track. They were much more prosperous then they are now. Free Market Capitalism with small government is the only way. If you don’t believe me look up Lenin’s quote on the objective of socialism, exactly!
Most socialist don't see how fast capitalist European countries are growing, like Poland and Czech Republic.
Too bad we don't have a free market though ain't it?
Unless you've convinced yourself that this globalist owned system controlled by Rothschild/Rockerfeller is remotely fair minded or free in any way.Their ill gotten fortunes are based far more on lies,deception,war profiteering,etc then they ever were on hard work.Sorry if you bought into their lies.
Excellent comment-My compliments....
richiefranklin76 you are absolutely correct on all of your points; and we don’t have a free market. I assure you I’m not one of the sheep. I will add though that the layers to this onion go much deeper then the globalist that control the system. Not many understand the claim you are making and even fewer know what Im talking about.
Also a lot of the countries are beginning to fail and are taking loans left and right and also ask yourself why are people flying here for health treatments rather than us to them(thats more on the free health car topic but still relevant because of private hospitals driven by profit)
this should be shown in every school
Walter, after large scale automation takes place, do robots create wealth? Is the capitalist stealing from the robots?
That is a great observation ...cant wait to hear that debate one day
Wow I was thinking exactly that!
You get different jobs with automation. Same number of jobs just different jobs that take a skill or trait not just putting things in a box but perhaps coding or repairing the robot. That what I believe anyways for what that's worth lol
@@gsdice dude not having jobs is not a problem. It just means no one has a need for some people that is big enough to be worth feeding some people. There's nothing logical that prevents that from happening and no one should be forced to be charitable. if anyone's afraid of this, don't have kids you can't afford into poverty and live like the amish where you produce your own food and housing independently, then you'll never have to worry.
Labor income sucks. We onyl have 24h a day and I'd rather we all save up enough capital to live off of capital income and not have to work. Just let the miantenance robots maintain themselves and all of our automated production facilities. If you didn't produce enough to buy a part of it, which btw, stocks make owning companies accessible to the poorest, then fuck off.
Who builds the robots?
As James Ostrowski says, "According to the labor theory of value, the workers could have gone to a vacant lot, and produced the same amount of wealth by replicating the same physical actions they undertook working for the greedy capitalist, this time without a building and without any equipment, management, customers or business plan. If we take away the greedy capitalist, these little details must go as well. Just think of Marcel Marceau pretending to work. That's right. You socialists pretend to work and we capitalists will pretend to pay you."
Socialists hold to the labor theory of value, another Marxist concept. According to this theory, all the value of a business is contributed by the "workers". That worker we call the owner, apparently contributes nothing. Only someone who never owned a business could believe this preposterous theory. Since the owner contributed nothing to the business, why did the workers show up there in the first place? Syndicalists are under the delusion that workers' lives will be idyllic once they get rid of their bosses. However, as Mises informs us, the real bosses of the workers, the ones who ultimately determine wages, working conditions and whether the workers are employed at all, are the cold-hearted, greedy and merciless consumers who purchase the workers' output, or choose not to. Thus, the workers' will soon experience what any Maalox-chewing business owner already knows-the absolute tyranny that customers in a free market exercise over business firms and their owners.
He got schooled by the man!!! Well done Peter!
Not to mention the giggle in the background as the tool was talking! Lol
via what school are you referring to?
Zickafoose2020 the school of common sense
I have a feeling Peter has never been a worker in his life.
JackRipper...Give it a rest. Your the one that doesn't understand. It takes worker's to feed your fat face.
"What the government should do is protect liberty, rights and property. It's not there to redistribute the pie, it's there to allow capitalism to make the pie as big as possible so everybody has more to eat" - Peter Schiff. This quote is legendary
Kid is idealistic and naive about how the world works. I empathize with him because I was once like that. It's the 30 year old and up who remain so naive that bewilders me.
Funny I actually believed in the free.market then I grew up
Airith4 , you prefer the not free market?! Where and when has that worked?
@@thomashooper9148 the free market is a unicorn
Airith4 , i hope your not taking the term literally, that would be idiotic! There is a difference between a government run market and a ‘free’ market!
@@thomashooper9148 whatever you say fascist
Walter looking like Ben shapiro with a Justin bieber wig on.
Both jewish
Slam dunk from Mr Schiff.
Bigger pie is the result of capitalism.
yes, bigger pie for a smaller group. Peter rails on the problems of 2008, you should take a listen, as there won't be any pie left for you
Zickafoose2020 You have more pie too. Everybody does, that’s kind of the point.
if by pie you mean debt, then ok....
Zickafoose2020 I don’t actually. The average standard of living has risen dramatically in the last 30 years, as well as individual wealth and possessions. Pie 🥧
Zickafoose2020 There’s way more debt too, yes. But you can’t deny the standard of living has dramatically increased in the last 50 years.
Kid has a bright future.... In Venezuela
Poor Walter 😂😂. No hope for millennials in this ponze scheme.
Adrian Segura 🤣🤣🤣
Haha yeah he is about 6 blocks back
God's money for all.
"workers create wealth, they get it from their paychecks"
HOT DAMN, this person is clueless. It's like thinking food comes from the grocery store.
The BIG difference between workers and investors, is there aren't millions of investors walking around. That's why you need them. It's an ecosystem, one can't survive without the other.
Wow.. the guy sitting around that table has no idea how the world works.
An economist said that all you need to know about the federal deficit is when you get off a plane at Dulles Airport outside of DC is that 15 miles outside of the city houses are worth more than a million dollars. These are federal employees who create no product except laws and regulations and taxes to support their lifestyles.
Dang, that’s a good one. Liberals are always upset about Jeff Bezos’s wealth, but never about the fact that Nancy Pelosi has a net worth of $70 million.
Schiff 2020
He doesn't wear glasses, so his vision probably is about 20/20 :)
peter: 100
snowflake: 0
Love ya Pete hope to meet you one day!
You're not missing much. As much as I respect his intellect and ability to articulate Austrian and Libertarian concepts in a cogent manner, he leaves a lot to be desired in social skills and gregariousness with the general public.
This kid has no clue. Sometimes I think we should break a state off and give it to the Socialists and let them have at it on their own. And when they fail we can settle the argument and never speak of it again.
Lol that happened in Seattle with the CHAZ, they were crying for the police to intervene within a week.
Name 10 gov programs that have been a huge success and lifted up the quality of life for everyone.
Rob F 1. NONE
2. NONE
3. NONE
4. NONE
5. NONE
6. NONE
7. NONE
8. NONE
9. NONE
10. NONE
I don’t think you can name even one.
Not just government, try to name anybody that has stolen money from a man at gunpoint and has earned that man’s approval after the fact. You can’t commit armed robbery then turn around and open up a local DMV and expect people to be happy about you selling their rights back to them.
The military
The Department of Energy
Darpa
EPA
Department of Civil Engineers
Department of water and safety
FDA
CDC
NASA
USDA
NASA and DARPA.
Peter Schiff is one of the greatest thinkers of all time
There's a reason people say "good enough for government work " when they half ass something
Wow! You know someone is a socialist when they call a tax cut a wealth transfer.
No kidding. It's called returning one's property.
I hate this "oh but the rich have all this wealth" crap, no they have assets such as bonds and stocks on top of bank accounts and the ACTUAL wealth that is houses, cars and other products. How hard is it to understand is that money is the means to obtain wealth and not wealth itself and that forcing the rich to redistribute it does not cause the amount of goods and services to increase?
If it was that easy then why bother taxing the rich? Just roll the printing press and pay for all the stuff you want then.
Poor Walter is clueless. When he starts to pay taxes in any significance, he might change his tune. What a dullard
he doesnt play for that team. this kid will be on the team that collects taxes.
he is probably getting wired the money right now to dribble some bullshit
Peter is the man. Chip off the old block.
I love Peter Schiff. A complete badass speaking straight truth. A role model worth listening to and following.
This young man is completely cluesless about how wealth is actually created.
Same as Peter Shiff!
raitiC1 how is wealth created then? Explain wise one
I show up to work, stand around half the day, and then collect my paycheck at the end of the week. It's great!
I side with Peter, poor Walter doesn't know the truth
He said we should invest tax money in Schools, Hospitals and infrastructure. What a socialist 😂😂😂😂😂
“The goal of Socialism is Communism”
Vladamir Lenin
(Founder of the Communist Party of the Soviet Union)
For those whom advocate, learn your history.
Excellent work Mr Schiff!
This kid got destroyed. I feel so sorry for what's left of his dignity.
This guy has always been an employee!! Lol
Socialists never acknowledge that the buisness owners are also a worker in their company and not some Bourgeoisie. They like to talk about workers being exploited, but far more common is the exact opposite phenomenon. Workers exploiting their employer through milking overtime, stealing or wasting company property/resources are far more common. All this on top of government regulation and high tax rates make owning and operating a buisness unbelievably more difficult than being a zero liability worker that carries no risk or financial burden with his/her job.
Also if anyone screws the worker its lazy couch hopping hippie Bernie types whose never had a job his entire life and mooched off tax payers and refused to ever work.
Can we just let Socialism die once and for all without people trying to resurrect it.
very educational. i never thought of it like that. time to be my own boss i think.
This kid is a product of government schools. I doubt that anything Peter said got through to him. Pretty sad.
5:00
Read the bottom of the screen.
My 20 yr old son worked for the municipality over the summer and he was quietly told to not work too hard and fast because it would make the others look bad.
A pip squeak high school theory project doesn't work in the real world.
And a total free market will exploit all and everything as fast as possible...that will not work either
@@Zickafoose2024 You can avoid exploiting natural resources intensely for a short time and exploit natural resorces slightly for a long time, but the government is not able to stop the intense exploitation of natural resources without dumping people into poverty. The only way to reduce the impacts of exploitation sustainably is to change it culturally and reutilize the wastes (which is already done voluntarily by private companies) and both do not require the interference of the government, quite the opposite, they can only be messed up by the governmental interference.
5:14 - Got to love how the mediator just ignores what Peter says and just parrots what the other guy said in what she thinks he is saying, which is just repeating what he said. Peter can't keep a straight face I'd laugh too.
"Wealth comes from employees" LOL
This isn't even a debate. It's a history lesson to a fool who learned incorrectly.
Ideas, capital and the willingness to take risks create jobs that benefit those who do not have any of these.
Weak links are replaceable.
Lol no.
Sociopathy,lack of compassion,and the willingness to screw and step over others to gain power and wealth is the driving power behind globalism/crony capitalism.
You kiddies are in for a rude awakening when the truth finally comes out,how your so called 'capitalist' messiahs have REALLY earned their wealth.Until then enjoy your delusions I guess...
@Jesus Christ
So in others words you're just going to ignore anything that was said about globalism,and just keep regurgitating the tired old talking points you've been brainwashed to repeat by Neo Con propaganda?
I guess critical thinking just isn't for you.Back to kissing globalist ass,and telling Rockefeller what an 'amazing innovator' he is :P
J@esus Christ
Sooo... Who are doing all these new systems, methods, inventions? Workers of course! You dum-dum!
You understand that digging ditch is not only work that people do? People get an engineering degree for the reason!
@richie
Learn the difference between capitalism and crony-capitalism. No one on this channel approves of crony-capitalism, Mr. Comrade. Sorry for proving you wrong for the last 300 years.
tax cuts were not trransfer to corp but everyone from greedy government
Grey haired expert speaking hard facts vs baby faced ideologue spouting talking points. Who you gonna believe....
deltabravo1371 , NPCs can only do what they are programmed to do!
Yeah! Meanwhile, you are poor looser arguing in favour of a rich Jewish man who earns his money by speculating on markets!
People now a days have no idea what it means to work or what it means to start a business. The ability to do the work of 2 and pay yourself for a half is absolutely incredible and something to be appreciated.
California! Enough said
So is what pete is saying is those slave owner's never even needed those slaves.
Peter nailed it...less government always....regardless Americans get screwed by greedy crony Capitalism and inefficient big government...which to me is why unsustainable wealth inequality is at highest levels in decades and destroying middle class....good interview, thanks
It seems like all the governments in the world becoming bigger, printing more and spending more. Whole world will end up poor and then only governments will shrink. Hopefully capitalism will solve the problem only after that.
Peter was on 🔥
One of the best media appearances yet! Reminds me of 2006 2007
It’s coming
Workers forget that the easiest thing is to be replaced with other workers
Reading the comments on the video RT posted was so depressing...
Doesn't have to be, it's all in the eye of the beholder. I was laughing at most comments that were making fun of the Marxist.
He should thank Peter for free education! Well done Peter!
WOW!!! So good Peter!!! Peter for President!!!
Peter is wrong here. Not *everyone* can show up to work and collect a pay cheque! Hahaha
Peter Schiff you tell 'em
This kid is 12, what a waste of time. He has no clue.
I hope soy boy enjoyed that humble pie he just got served.
i'd rather be a millionaire in a society of billionaires rather than impoverished in a poor society
I’ve received such a great education from Peter Schiff. The Kingdom of Moltz really hammered home inflation. Loved Economics in One Lesson too. Need to read more of his recommendations.
How dare you saying that workers make things! Didn't you hear the rich Jewish man explaining you are useless!
You don't need Medicare when you are responsible with your health
Peter is ON POINT! And for that clueless kid... I'm truly fascinated about how the human brain can convince us of anything... the kid has the facts in front of him, but refuses to see the truth.
The minute the host announced it as "CEO of Euro Pacific Partners" vs. "activist", I no longer needed to watch this video to know who won...I watched anyways to watch the ownage, but still.
Walter is a great example of why no one should send their kids to government schools
I'm not a rich man, but I don't support or need Medicaid / Social Security lady. I have a brain, I can add numbers together, I can save up money for retirement. If I had an IQ of less than 70 and was mentally disabled yes I would need help, otherwise no.
Now pete is kinda a guy we need as a president.
I can't believe it. School is allowed to teach about sex, LGBTQ issues, but fails to teach basic economics or the different monetary systems, history, pros and cons ???
I am surprised that these spirited discussiona are happening on russia today. Incredible Great Job 👍
An archetypal debate that can never be resolved. There will always be people who believe in investing authority into the hands of an arbitrary apparatus of state - for whatever purpose or end - and there will always be people who believe in a maximum degree of individual liberty to pursue happiness on their own terms.
Government spending that even sees a $1 in GDP growth for $1 spent is rare. Often, government spending SHRINKS GDP.
This debate about the deficit turned into a workplace pitcher and catcher argument
Hilarious... She thinks that the government taking more of our money through taxes is
"bottom up". Since when is government considered the 'little guy? What a joke.
I never got a job from a poor person and all jobs will be destroyed by wealth redistribution!!
If employees can just create wealth, they wouldn’t be employees. They would be owners.
The host kept reframing the positions, Peter wasn’t advocating for a top-down system at all, capitalism is literally the polar opposite of “top-down.” The entire purpose of capitalism is to fill demand. The more government gets involved to more it effects prices and wages, and it’s always negative in the long term. It doesn’t matter what government is spending money on if they have no accountability and can dictate the flow of wealth and capital. That is the definition of a top down system. Workers don’t solve problems, they are, quite literally, tools. They are a means to an end goal of filling a demand, they are replaceable and their value is determined by how much they are able to benefit the employer. The reason we have such drastic disparities in wages and the value of the dollar is due to government interference and currency inflation. The more intervention from government forces prices to go up and the value of the dollar to go down, while opening the door for corruption due to the authority granted to people who become beholden to special interests behind the scenes.
Poor Walt is clueless. Probably live in parents basement.
It's a common running joke in Oz that gov public servants don't work hard and occupy meaningless high level positions with close to zero responsibilities (starting late, leaving early and receiving generous leave). But young uni grads still believe big government departments are more effective than private companies whose profits are evidence of their efficiency and effectiveness.
Peter Schiff at his best. Wish I could get my kids to transcribe every word he said in this interview - for their benefit. Peter is so precise, like no other. ciao.
What's scariest about this video is the utter lack of economic understanding by the young man. And those who agree with him. Stunning.
Is that kid still living at home with mommy and daddy? Lol, he has lots to learn.
Fact is "the government" doesn't build the road anyway...the lowest bidder is picked and they always do a crappy job.
Let's see if they support Social Security. Oh, you mean that system that's been lifting 6% of my gross pay my entire adult life? You mean that system which also charges my employer 6% of my gross pay, which could otherwise be going to my paycheck? You mean that system that's going to be insolvent in 15 years, just about the time I'm set to retire? You mean that system where I can't receive full benefits until I'm 67? You mean that system which, due to insolvency, is currently promising to pay me 75% of my owed benefits. Why WOULDN'T I support that?! No, seriously, AWESOME example of how well government works!
In a socialist/communist state, people queue for bread and may not even get any. In a capitalist state, the bread waits for people.
Young, not yet successful men, can be socialists. When you are older and work hard for your money, you don't feel like giving so much to the government.