Dude in the red hoodie: Why won't you give me a loan to start my music career Peter Schiff: I just met you in a park Jeez what is wrong with these people lol
I love the "you need to open your mind" argument that so many of these protesters would use which basically translates to "your wrong I'm right" which completely halts the debate.
+christopher vierthaler "x is true because y and z is wrong because..." naw jus open your mind nigga let us shit some vague garbled senseless philosophical diarrhea in that brain maaan
Roy Pinas Germany might do a better job controlling higher education costs. But the "free" education comes with a high cost there - people hanging out getting unnecessary PhD's and advanced degrees for decades at taxpayer expense (paid for by workers) and then having few actual marketable skills when they're done.
Murray Rothbard said that it’s not a crime to know nothing about economics...but it is a crime to know nothing about it and have strong opinions about it...
Daniel Sadjadi It's only because people like him don't squander what money they have and continually reinvest into the economy and make good investments that they get so wealthy. That, and they provide net positive services and goods.
JohnNada80 What's more concerning it seems like if you actually spent more than 5 minutes studying economics you realize the monumental complexity of figuring out macro economics to make a country full of 300milliom people that is part of the global market is so confusing anyone without a unbiased record with a PHD in the subject matter doesn't really know wtf their talking about. Everyone is out of their element here.
ivjdivfjalekvvjp yells at who he's debating, doesnt let them speak, continuously interrups with "let ME speak!" while trying to shut up everyone else. sounds like a leftist to me.
I think the guy made me lose brain cells. You have to love how he calls Schiff a fool despite having a V for Vendetta mask and wanting more government. What an intellectual.
JohnNada80 as a kid who has grown in poverty, i'm embarrassed for these people. You got wide source of free information and internet and first world country which you can easily survive, how can these people be this uneducated and stupid in this great country? I don't understand
People eating dirt in Haiti is people that put up with it. If I say that you can give me money if I have the power to make laws. Somehow I'm not a bad person, bad person is one that gives me money which I inclined him to do, yeah? Well, by that logic Not the Tyranny is bad but the forces that take care of decision. Unfortunately you're infected with idea and you're not ready to discuss you ready to shove your information as tyranny does. I'm from Russia we do have free medicine and education. But we have low wages and inflation and corrupt government. Our top wages are America poor's people wages. Our middle class is police and all those guys who inforce government decisions. And our government is one percent. But when you get to that point you'll have no opportunity to speak to the news you just beaten silently if you too loud or you'll be just persecuted... let's say for pedophilia, yeah and no news will record this (just as it is right now). So be aware of the furthest point on the path you've taken. That's how I make my decision on information I'm getting.
azmtkdzvWhen government is powerful, the government always becomes the 1%. That is why the richest counties in America are right around Washington DC. It is the power that must be stripped from government.
JohnNada80 Typical trust-fund babies. "Sage?" With a name like that, it's a dead-giveaway to a trust-funder. Especially how outspoken he was and wanting to be proud/attention-hungry. Must have went to a private art school and now has a penthouse on Wall Street, all procured by his wealthy parents (who ironically probably are/were Wall street traders), even if he prefers to sleep on the street sometimes. The guilt level is off the charts. The counter argument, to their whole collective arguments, is to call them "limousine liberals." They'll know what you mean...Even if they have to search it on UrbanDictionary.
"The best argument against democracy is a five minute conversation with the average voter." - Winston Churchill. This is as painful to watch as it is terrifying to imagine that these people may exert an influence on the governance of their fellow man.
"The best argument against democracy is a five minute conversation with the average voter." - Winston Churchill. of course he would say that as he was a conservative as he believes in monarchy. "This is as painful to watch as it is terrifying to imagine that these people may exert an influence on the governance of their fellow man." It was just Peter Schiff talking as I agree he is fucking idiot as consider math as something he would abhor.
Alex Blaze The USA is democracy as that bogus as the word "Republic" was used to make it sound more fancy to sell the constitution. A republic is really representative democracy without a head of state that is not a king.
istraight1 You do not write in complete sentences. I assume you meant to assert that the United States, like every other modern western country, is a representative democracy rather than a direct democracy. There has not been a direct democracy since Athens, and even that state excluded a vast majority of its population from suffrage. No one, not even you, wants a direct democracy where every scrap of legislation or executive action is put to nationwide referendum. It is both infeasible and quite dangerous to the will of minority populations.
finarrykahn13 "You do not write in complete sentences. " It is not an essay. "There has not been a direct democracy since Athens, and even that state excluded a vast majority of its population from suffrage." Each generation has gone more left-wing as it was mass population as representative democracy has tendency to get people lazy. "No one, not even you, wants a direct democracy where every scrap of legislation or executive action is put to nationwide referendum. It is both infeasible and quite dangerous to the will of minority populations." Ask Switzerland
Nothing wrong with direct democracy. The only people who fear democracy are those in power and the opulent sociopaths ( and for good reason) it puts power in the hands of the common. Take your moronic classist proto fascist bullshit elsewhere OP
@@anthonycox3493 I'm guessing your business doesn't involve a lot of intellectual property. And I do mean that as both a slight and yet a large, genuine point of debate, in case you weren't wondering.
I worked for Wal-Mart as a midnight stocker. It was crueling, with the exhausting from a weeks work being carried over into my off days, but it wasn't sweatshop like conditions.
I played Civ 5 and I can tell you Socialism and command economy works 100%. I order my workers to build mines and tile improvements, giving my people +20 happiness with tons of truffles, dyes, gold, and other luxury items.
I gotta say, its quite unrealistic how the consequences are neglected in that game, not to mention the sheer contradiction of having communism paired with heightened productivity. The historical record and central philosophy stand in total opposition. I wish there was an option to privatize your civ...
No, it's "I want the quality of life that I should be having anyway with my current amount of work". There's a difference, genius. It takes a lot of nerve or stupidity to suggest that not knowing what that standard of living is, is the fault of the public themselves.
Naryan Robinson If a single mother thinks they should be able to support 2 kids working part time at McDonald's, then it's not an issue of quality of life, but wanting more money for doing unskilled labor. You should watch this entire video.
Again, the fact that they don't know exactly how to fix this problem in the long run is not their fault. This woman has received no real education and has been fucked over by a system, and now she's fighting for the only thing she can understand to keep her alive. Leave it another 10 years and the government will have cut so much out of the education sector that *no one* who goes to school will learn a single damn thing, then you can put them *all* on the streets and laugh at them to your heart's content, but cherry picking the stupid comments out of the stupid peoples' mouths then using that as a platform to disregard *everything* *everyone* say is just sheer manipulation. They all have their specifics, but they are united in their desire for change, and there's not much anyone can say that will remove the validity of their voice regardless of their background, no matter how hard you weed your way in and try to push them apart based on their arbitrary, irrelevant differences.
Most of the country attends public school, very little of the country is in poverty. "The system" didn't force her to get pregnant when she couldn't afford children. "The system" doesn't decide who is intelligent and who is not. Yes, government funded schools are far from perfect, but that doesn't justify forcing a company to pay more money to an employee than they are worth. If you only earn $5 an hour for the company, why would they pay you $10?
skylarscaling Far from perfect is an understatement, and for a first world country there are a *huge* number of poor (or incarcerated) people, so don't try throwing that at me. "The system didn't force her to become pregnant when she couldn't afford children". Well I'm glad you know all about her situation, and are so eager to jump to the conclusion that no one ever gets raped or has more children than they anticipate or has their husband leave them or becomes disabled or has any kind of illness or accident whatsoever. It was probably just her being a stupid bitch, just like all the other stupid, lazy, entitled bitches, right? And yes, the "system" educates or neglects to educate people, corresponding to their ability to benefit their society, so no, in general it's *not* their fault. The government's obligation is to its people. They are its priority. So shock horror and god forbid they should temporarily force a recklessly amoral, multi-billion-dollar global corporation to pay citizens enough money to survive until it can get its shit together. You're asking me "Why would they pay you $10?", because they're told to, that's why, and fuck their feelings if they don't like it. Let them pull right out of the USA altogether if they dare. The government was bestowed the power to make the rules, a deep trust was placed in them to do their utmost to look after the people, *not* the mega corps, and *this* is a perfect example of where the kind of power they wield is supposed to be utilised.
This is what happens when we allow public school systems to teach Keynesian Economics from a liberal perspective so that the schools can teach people that Corporations are the problem. One thing they forget is that the free market allows for less regulation and creates a platform for people to start a business easier, with that, competition is created, so if they do not like any of the greedy corporations, they do not have to support that entity and can support another one.
They do have to support those entities they don't approve of with their monetary units? Are you trying to suggest individual autonomy to the herd? How dare you?! Well, my friend, you are one compassionate S.O.B but sentiments and economic illiteracy will drown out such sensible suggestions. ;)
Erik Munoz These people aren't even Keynesians; they're outright totalitarian Communists who are convinced that the recession was caused by the government not stealing everyone else's money and giving it to them.
Erik Munoz I totally agree with you that the public education systems are doing more harm than good...but that is for the sole purpose of suppressing critical thought and keeping future generations totally unaware of the big picture. If you're open to the question "is there a better way?" then consider this breakdown of the "free market" that you are advocating. First off, the idea that Government is the problem because they’re “in the way” is unfounded. Capitalism = Government + Corporations…they are one in the same. The list of government officials just in the last decade who ALSO profited in private industry as a result of public policies that they or their friends helped enact is TOO LONG to mention. In 1933, Prescott Bush and the heads of multiple American corporations attempted a Fascist coup on FDR (see: “The Business Plot”) and General Smedley Butler (read: "War is a Racket") blew the whistle, exposing the whole conspiracy. While these folks should have been HUNG FOR TREASON, FDR and congress did NOTHING…so while the coup was not officially successful, the same Fascist thugs simply went behind the curtain to continue with the SAME agenda. The government actually allows the FED (private banking cartel) to print OUR money (backed by NOTHING), and lend it to the gov. at face value + interest when the real cost is like two cents per bill, regardless of denomination!! Over half of all gov. spending goes where? Right, the military industrial complex, i.e. HUGE corporations who profit off of death and destruction. As for the “entitlement programs” like welfare, medicare, etc…they ONLY exist to keep the masses from all out riots. It is a fine balance and they have it down cold. Now as for jobs…people are not unemployed because they are stupid/lazy...they are unemployed because of technology. Most jobs in the U.S. (approx. 80%) are service jobs because technology has replaced most meaningful production jobs in the name of efficiency and hence, PROFIT. The exception would be those countries where slave wage labor is actually more profitable, even with the massive shipping costs to bring the products back to the states, free from taxes of course thanks to “free trade” (uh oh, there's that term "free" again). If technology was actually unleashed to do what it "could" do, i.e. replace 95% of ALL jobs, there would be no remaining purchasing power left to consume the products...the cyclical consumption grinds to a halt and so does the "economy". So, technology is literally suppressed to keep people doing monkey jobs so they have purchasing power while products are also made to fail after some pre-selected period of time...all to maintain the consumption cycle. It’s seriously laughable when you think about it. As for "economy"...at its Greek root means "household management", i.e, doing things efficiently and sustainably. Yet anyone who sees the big picture understands that efficiency, sustainability, peace and good public health are ENEMIES to the current money-market system, a.k.a. the "anti-economy". If things like war, crime and disease were solved/eliminated...once again, the system would crash as those millions of jobs (military, defense, police, courts, jails, health/medical) would not be necessary. Therefore we see countless false flag operations (spurring MASSIVE war spending), foods/alcohol/drugs that keep us sick/dying along with stagnant wages and juuuust enough unemployment (but not too much) that coerce people into criminal lifestyles. The fact is that Capitalism has no connection or relevance whatsoever to the actual carrying capacity of the earth. It worked for a while, and had its own natural balance/equilibrium when each of us could be producers at our own human pace of production, but through technology we have surpassed the Malthusian premise that population will "always" increase faster than basic goods/resources can be replenished. So as a simple matter of self-preservation, capitalism HAS to maintain scarcity (through MASSIVE income gaps) even though global abundance is TOTALLY within reach along with the end of the "labor for income" paradigm that would FREE people to make contributions based on interest and skill set as opposed to just taking any job they can find to survive. Aaaand…when you consider the criminal nature of the monetary system, i.e. banks printing money out of thin air and lending at full face value + interest…we’re really talking about a system of soft slavery. The only difference from abject slavery is that instead of the slave owners feeding, clothing and housing us…we have to compete for $$ (worthless paper) to pay for those things ourselves. To close, capitalism AND money are no longer relevant unless you're a self-serving glutton (psychopath = zero empathy) who believes that hoarding insane wealth/resources is fun and social stratification is cool in order to feel superior. There is simply is no other defense for a system that is literally holding mankind back from the greatest evolutionary leap we've EVER KNOWN…rooted in collaboration, NOT competition. And it must be said - these are NOT new concepts...for more, research John Etzler, Thorstein Veblen, Bucky Fuller, Jaques Fresco, Peter Joseph and Jeremy Rifkin. Cheers!
Al Bundy I'm probably wasting my time responding to this drivel but, away I go. This'll be quite entertaining. "I totally agree with you that the public education systems are doing more harm than good...but that is for the sole purpose of suppressing critical thought and keeping future generations totally unaware of the big picture. If you're open to the question "is there a better way?" then consider this breakdown of the "free market" that you are advocating." What is this "free market" or "Capitalism" Munoz is advocating, I wonder. Could it be voluntary interactions between individuals without government intervention and the recognition of individual and private property rights? The "without government intervention" part of the proposed definition of a free market economy is of significance, as you see with my response. "First off, the idea that Government is the problem because they’re “in the way” is unfounded." Is that so? Here's one example of the government "in the way". The fact that the US has a college debt bubble and government back student loan guarantees belays this claim. Student loans which increases the demand for higher education which gives college institutions the incentive to raise their tuition prices. Government intervention to benefit of certain institutions at the expense of potential students who are now priced out of the market and must incure massive debts in order to obtain an education. The very definition of corporatism. Here's some sources for you to examine: mises.org/library/how-student-loans-create-demand-useless-degrees www.informationstation.org/kitchen_table_econ/how-the-government-is-making-your-college-tuition-more-expensive/?gclid=CjwKEAjw3PGtBRCWgajpu_uY9hYSJAAICRalVo2nM5dV6G1oPQFs00mZNXhkBwf1TVwj7uWuSyQK6BoC8IHw_wcB "Capitalism = Government + Corporations…they are one in the same. The list of government officials just in the last decade who ALSO profited in private industry as a result of public policies that they or their friends helped enact is TOO LONG to mention." I agree. However, this arrangement between the state and politically connected individuals and institutions is a fine example of corporatism. It certainly is not the sort of interactions between individuals free market advocates support. "In 1933, Prescott Bush and the heads of multiple American corporations attempted a Fascist coup on FDR (see: “The Business Plot”) and General Smedley Butler (read: "War is a Racket") blew the whistle, exposing the whole conspiracy. While these folks should have been HUNG FOR TREASON, FDR and congress did NOTHING…so while the coup was not officially successful, the same Fascist thugs simply went behind the curtain to continue with the SAME agenda. The government actually allows the FED (private banking cartel) to print OUR money (backed by NOTHING), and lend it to the gov. at face value + interest when the real cost is like two cents per bill, regardless of denomination!! Over half of all gov. spending goes where? Right, the military industrial complex, i.e. HUGE corporations who profit off of death and destruction." Yep, good ol' corporatism, as I defined above, with a good dose of "democracy", the people (well, those with the most political influence that is) taking charge of their government. ;) "As for the “entitlement programs” like welfare, medicare, etc…they ONLY exist to keep the masses from all out riots. It is a fine balance and they have it down cold." Yeah, the government seizing the masses' money via taxation, funneling to various class of people you lamented about in your tirade. Also bribing the very masses with the money it (the government) stole; majority of the spending going towards these welfare bureaucracies, rather to those the government purports to help, discentivizing the recipients to gain jobs skills and thus a higher income and reward for their higher productivity that could possibly help to rid their dependency on state welfare. "Fine balance"? I say the "fine balance" is the respect for private property and voluntary interactions without the government. Here's some sources to solidify my point: mises.org/library/year-after-tarp-700-billion-down-drain mises.org/library/work-and-welfare "Now as for jobs…people are not unemployed because they are stupid/lazy...they are unemployed because of technology." Before we move on, let's examine some of the purpose behind Jobs and Technological investment in labor saving devices in a free market. People don't employ others for the sake of having a job, the purpose of labor (or jobs) and other factors of production is to produce the goods and services that the entrepreneur thinks that'll be of value to consumers. If the entrepreneur guess the marginal utility of consumers, they are rewarded with profits. If they guess wrong, they suffer loses. Now, regarding technological innovations in labor saving devices and consumer goods, technology and labor saving devices reduces the amount of time it takes to complete a specific task, makes specific task possible prior to the technological development, or makes specific task obsolete. Taking technology into account, the entrepreneur faces the task of deciding what specific combination of physical capital (i.e. labor saving devices, tools, etc.) and labor will best cater and satisfy consumer demand. This results in raising real wages due to increased productivity of labor and increased output of goods and service thanks such technological innovations, which results in falling prices. While some jobs become obsolete due to such innovations, labor is now freed up to do something else and goods, services and necessities of life are cheaper and more affordable. "Most jobs in the U.S. (approx. 80%) are service jobs because technology has replaced most meaningful production jobs in the name of efficiency and hence, PROFIT." What do you mean by "efficiency", "meaningful production jobs" and "PROFIT" in this context? "The exception would be those countries where slave wage labor is actually more profitable, even with the massive shipping costs to bring the products back to the states, free from taxes of course thanks to “free trade” (uh oh, there's that term "free" again)." "Free" which you of course never define and you also smuggled that phrase "slave wage" in an attempt to appeal to the emotion of the readers. You'd make a good demagogue. :) "If technology was actually unleashed to do what it "could" do, i.e. replace 95% of ALL jobs, there would be no remaining purchasing power left to consume the products...the cyclical consumption grinds to a halt and so does the "economy"." This statement is utterly incomprehensible. Let me try to decipher it for those who were unfortunate enough to have read such nonsense. Let's assume that technology could replace "95% of ALL jobs", goods and services are now being provided more efficiently, "more efficiently" meaning the best use of scarce economic resources to satisfy the marginal utility and demand of consumers at a cheaper rate (i.e. increased purchasing power, not the doomdays scenario of zero purchasing power you eloquently depicted in your comment above, and thus "cyclical consumption" doesn't grind to a halt ) due to the reduced cost of factors of production and/or increased output. Like I elucidated above jobs are only a means, not an end. "So, technology is literally suppressed to keep people doing monkey jobs so they have purchasing power while products are also made to fail after some pre-selected period of time...all to maintain the consumption cycle. It’s seriously laughable when you think about it." I couldn't agree more. This entire statement is "seriously laughable when you think about it". How would technological investment and innovation be "suppressed" in a free market? Especially, If there is nothing, besides the potential innovator's evaluation of the means (i.e. technology) to provide value to others in a given society?
Yes, and those people deserve more money. A neurosurgeon working 14 hours a day is really smart and hard working and might make 350k a year well deserved. So who deserves the 100mil a year? How does the hedge fund manager contribute more than the neurosurgeon?
What systems were in place for him to take that position? Who gave that neurosurgeon that job? How does the institution that gave the required education for him to obtain his career continue to have enough money to function? What Schiff is saying is that there NEED to be people with hundreds of millions of dollars to invest in order for there to be companies, jobs and economic growth.
You need people to allocate resources, but they don't need to own it. Big companies can exist with distributed ownership. Peter Shiff want unregulated capitalism, which inevitably will lead to asset ownership being in a smaller and smaller number of peoples hands, and those people make decisions in their own interest, not the wider population.
Also hes being intentionally dishonest by saying he pays 40% tax, hes relying on average people not understanding basic accounting. He might have say 500mil in assets, but somehow, after his accountant has been though the books, his taxable income on this is probably less than 1% of that.
That's not a lie necessarily but the same can go for the average person, I could have 500k in asset but only pay taxes on 20k a year as my income. There are people who are financially savvy. There are problems with capitalism when its run with no regulations. Yet Mr. Schiff makes logical points trying to hold the government accountable for the problems in crony capitalism.
This is sad...out of dozens of people he talked to, only 1 or 2 people were actually open-minded, listened, and asked smart questions.. People are dumb.
None of these people understand what capitalism is. My god, watching this is like watching an episode of American Idiots. No wonder they're protesting, they must all be unemployed, due to their inability to think. I wish I could've been there, so I could've spoken for the people in support of Schiff. LOL.
Socialism, means the government redistributes wealth. Capitalism, means whoever has marketable skill, makes more by selling it. Unlike most, I, have many marketable skills. Socialism develops a society of incompetent individuals that don't need to know how to do anything, cause they'll be okay either way. If you want that, Cuba is a great place for you, have fun. This country, when it had capitalism, was the wealthiest in the world. After the 2 special ed students that everyone has called presidents, obviously, the country has disintegrated. Capitalism hasn't failed, because in capitalism, all those companies that were failing, would've failed. You people that blame society, or whatever other thing you wanna blame, have no idea what you're saying, and should not speak in public.
lol so true, did any1 give u hate mail for this comment?, but how dumb these poor cunts cant understand cutting the head off the snake, i think people like crying rather than doing something real! or they like the polical rapeage!
" I wish I could've been there, so I could've spoken for the people in support of Schiff. LOL." this is great example of market fundamentalism. "Derek Thomas Lirio" is part of the "My god, watching this is like watching an episode of American Idiots" who think markets always right. Fuck capitalism as the faster it dies the better.
Andrew B Loool its the culture. People like us youtube and Google these things. They play games all the time, watch kim Kardashian, watch Rappers, listen to Pastors and Listen to obama.
There are many things I dislike about Schiff... but this guy showing up here is surprising, never saw this at the time. Much respect for him going there, listening to these people, and actually talking to them. I'd go so far as to say he risked his life because the arguments were escalating the the crowd. Not sure how many body guards he had, but I doubt many if at all since he was hit on the head and only the cameraman seemed to have an answer. I saw a guard at 40 minutes in, and they moved, but damn... A lot of hate was there... and not everyone was even sober....yeesh. ...respect
***** The ability to "destroy" "idiots" who are simply less schooled in the art of argumentation and have less education on the matter is no feat. I wonder where you stand in that spectrum given your response. Paul Krugman also "destroys" "idiots" in the art of argumentation ... It does not make his arguments valid, it just means he has been able to outwit idiots, usually though the use of fantastic rhetoric.
***** Nevermind the initial comment, I thought you were responding to my comments to the other guy. Some might, but I rarely see such a thing, especially under similar circumstances. He's here person to person talking. He's not on some stage looking down in a massive power position. I just didn't expect it from him.
I think saying he risked his life is going way too far. Are you serious? I just watched the whole thing and at no point did anyone become even remotely violent or even insinuate that they would. Of course there was anger at times, but it wasn't directed at Peter. The guy with the mask and scarf at 29:00 was pretty fired up and waving his hand in Peter's face after awhile, but he definitely didn't seem like he wanted to hurt him, let alone threaten his life. The next guy at 38:50 seemed pretty angry and dare I say a bit delusional too, but certainly not a threat.
Chris Mott You're allowed to disagree. Mobs of people have strange characteristics and can turn to violence very quickly...especially when the perceived enemy is right there arguing with you.
I thought I could watch this entire video, but after 39 minutes I couldn't take the ignorance of all these people in the crowd. The poor man calling him a fool, when he interrupts him every time he tries to talk. The reply back with the comment about having more respect was spot on though. Well played Mr. Schiff.
Guy at 29:00 is the cause of all his own problems. Nobody will ever listen to this guy, and nobody will ever give him an opportunity, because he is just angry and has no respect for the opinions or conversations of others. He asks a question and say, "No don't answer that, it's rhetorical." He can do just as well talking to himself.
Danny D'Angelo For real, minus the stealing part, but he was basically asking for a free investment, to just get invested in out of thin air but doesn't understand how networking and building relations work.
This is so entertaining...these people are soo dumb. They are getting some great insight and knowledge from Peter, someone who can help them move in the right direction, but they just want to argue.
Kudos to this guy for going out and being in front of this crowd and not losing his cool and had patient. When a lot of protestors were in his face he calmly and answered questions and tried to answers and trying to be as truthful as possible.
It's hilariously ironic. Schiff thinks people should get whatever they earn, his position is he should get stuff he didn't earn, schiffs position is less greedy than his lol.
Great job, Peter. I'm sure it wasn't easy talking to those people. Some of them really didn't make much sense. They seemed to lack critical thinking skills.
Go Schiff ! If these people are representative of the 99%, firstly I despair but secondly, I can see exactly why the economy is in the sewer. What a tragic display of human idiocy.
Oh man, that woman got SUPER OWNED at 51:58- " I'm employing 150 people, how many people you employed?"..cricket..cricket...cricket....hahaha. I fucking love this guy.
Guy in the glasses at 100:40 Schiff: "take away the power of government and give it back to the people." Guy: "Nooo Nooo" Lmao, these people love to have the government telling them what to do.
have to admit I am here cos of Joe Rogan and was not expecting to like this guy but he has the balls to stand in that crowd and make a rational case... much respect
Whats my point? Ahahahahah, what's your point? I think my comment was pretty self explanatory. If you don't get it, look up Adam Smiths beliefs on government intervention. It will make sense soon.
"You're a fool because I decided to not give you the time to fully extrapolate your point and form a counterargument." *Walks away.* Yes, because your time is SO VALUABLE and his time isn't. He didn't need to come down and reason with you and you spit in his face for it. Typical.
Peter was constantly being interrupted while trying to explain complicated things. Most of the people here just want to vent and didn't want to listen to the points he was trying to make. Good video thanks for uploading. came here from jre podcast.
She probably isn't 1%. The only way she would be able to pay 10% or less on taxes on her overall income would be if she does what Warren Buffet does and most of the income she controls is through some kind of holding company, like Buffet's Berkshire Hathaway. I encourage anyone to lookup how he structures his company/sources of income to study and understand why Schiff calls Buffet a hypocrite about 'raising taxes on the rich'.
I don't think even one person was humble enough to say yes......you are right Peter.........be open minded to everything guys...that's how we can grow...
As much as the lady at 51:00 got shit on, I respect the hell out of her shutting her mouth and turning her gears to figure out how she was wrong, instead of completely losing control like most of these dregs
This is indicative of the American mindset, I saw a lot of people who talked over Peter Schiff, the problem being that people would rather talk than listen. If their point is contested successfully they just try to drown their opponent out with dribble. A bunch of idiots talking more than listening and learning something.
Generation Y in all her shining glory at OWS; over-privileged, hyper-entitled kids raised to speak articulately with no substance and demand attention when they have nothing to offer. It blows my mind that Schiff was actually called a "fool" by one of these disillusioned manchildren, though his response was gold: "Sure I'm a fool, a fool who somehow stumbled into millions of dollars, yeah sure..."
The dude at 01:03:02 is unknowingly making the case for anarcho-capitalism: "As long as there is a government, there'll be a door [for cronies] to get into".
Amy Joy If you have opinions feel free to share them, but don't turn to antisemitism, racism and other uneducated ways to have a conversation. I am being nice cause you're hot, but you are not doing any good to yourself or anyone for that matter with your current words.
Amy Joy Matt Badura Hey, I just wanted to respond because it seems like you're being ragged on by a bunch of keyboard warriors here. Some people who are at the top have made their beginings at the bottom, but a long the way almost all of them have used unfair tactics like storing money in tax havens, participating in bribery "AKA political contributions" and then blame the conscience of the politians for not being strong enough to refuse that bribery. The real problem is the act of corporations and corporate leaders bribing politicians. And then they claim we live under a "socialist system". Well in a way they are right, wealth is being re-distributed, but not to the bottom, it is being re-distributed from the bottom to the top all paid by every person who pays any kind of tax. That's why so many people are getting so angry.
In reality, taxing and pressuring the hell out of rich and corporate lead them to lay off more workers, outsource more jobs abroad, hire fewer workers, and lower the qualities of their services. For the people who want to make earnest living by working hard, this is bad. However, for those who want to leech off the welfare programs, this is good since they'll get more welfare funds from rich people's tax.
The gov't did an excellent job education these people. They can't even have a conversation or debate without getting emotional. They want someone to be mad at. They should be humbled, because this 1 percenter has the balls to go out and try to have a conversation with them. I'm my opinion he wasted his time. These people are brain washed.
After viewing this many times, I have noticed: most of the people that talk don't understand Peter's points, and most of the people in the background are listening intently.
He makes a lot of sense, especially on monetary policy. We need to increase saving, producing, and responsible (due to risk) investing. I do worry about what a race to the bottom with china, india, et al regarding environmental and to a lesser extent labor policies will turn into though. And before any big government programs like medicare and student loans get cut, viable private alternatives need to be laid out, can't sell it on "the market will sort it out". It probably will, but you've got to make the clear case.
I just sold my business for the exact reasons Peter is talking about. I refuse to own and operate a business for pennies on the dollar, I want to see what these young fools say when there are no more crappy jobs to complain about.
Dan Joseph! (49:29) Anyway, hats off to you, Peter Schiff. Your amount of economic knowledge is beyond what looks like any of these misguided people have- Thank you!
They're average people. They aren't making millions of dollars a year. They're just living and working and raising families and doing everything that people who live in a particular income bracket do.
Grey Vai I'm not sure. I'm in the middle and consider both sides. All i'm saying is that the people in this video are regular people. They're workers. They're people that get caught in the system.
No these people are dumbasses they're below the scale of an average person. Atleast an average person which I'd say is middle class has a decent if not good education and gets somewhere in life. These idiots keep asking the same questions and repeating the same sentences in a different paraphrase over and over. I get really annoyed when people go in circles with their words and don't realize it.
ZVER410 You mean kind of like you're doing, idiot? You have no idea what any of these people do, stop pretending to do so, you absolutely reprehensible idiot. You have no compassion and are a deeply disturbing person. Probably an incel. I could barely parse together what your dumb ass was trying to say.
![NISAMANEE - TADA (ท้าดา) [ OFFICIAL MV ]](http://i.ytimg.com/vi/hcQHEPMmJpU/mqdefault.jpg)
Dude in the red hoodie: Why won't you give me a loan to start my music career
Peter Schiff: I just met you in a park
Jeez what is wrong with these people lol
A bunch of idiots who want to get rich quick.
Money for nothing and their chicks for free.
***** You may be right. I must have misheard the song and thought, "maybe he means that he gets lots of babes that don't care that he's a loser." Idk.
desperate people chasing a dream :/
I was thinking the same thing i.e loan.
Right or wrong, Peter Schiff has the patience of a saint, I got exhausted 20 minutes into watching this.
Peter Schiff got balls and a brain. Dangerous combo.
That's why he is very successful.
he also has an unholy amount of patience, i mean MY GOD, these people are driving me nuts, and i'm not even there...
Matheus Costa same here! I'm like "maybe should have posted the gov't takes 55% on his poster to killing half of all of their arguments"
I love the "you need to open your mind" argument that so many of these protesters would use which basically translates to "your wrong I'm right" which completely halts the debate.
+christopher vierthaler
"x is true because y and z is wrong because..."
naw jus open your mind nigga let us shit some vague garbled senseless philosophical diarrhea in that brain maaan
Peter Schiff is one patient guy dealing with these tent dwelling geniuses.
Daniel Sadjadi
Yeah, that is why he's out there and not debating say, professor Richard Wolff, let's see Pete the oligarch corporatist bullshit him!
cravinbob That first chicks answer was a 3 minute rambling of her trying to just say "I dont know why I'm here" lmao
Roy Pinas
Germany might do a better job controlling higher education costs. But the "free" education comes with a high cost there - people hanging out getting unnecessary PhD's and advanced degrees for decades at taxpayer expense (paid for by workers) and then having few actual marketable skills when they're done.
@Daniel Sadjadi Maybe they're eating dirt in Haiti because NO ONE NEEDS TO EAT MORE THEN DIRT MY FEEFEES REEEEE
People who have never spent more than five minutes studying economics should refrain from having loud opinions concerning economic issues...
Socialists: Rich people are stealing our jobs!
Daniel Sadjadi most of the people dieing in Haiti are dying because of Hillary.
Murray Rothbard said that it’s not a crime to know nothing about economics...but it is a crime to know nothing about it and have strong opinions about it...
Daniel Sadjadi It's only because people like him don't squander what money they have and continually reinvest into the economy and make good investments that they get so wealthy. That, and they provide net positive services and goods.
JohnNada80
What's more concerning it seems like if you actually spent more than 5 minutes studying economics you realize the monumental complexity of figuring out macro economics to make a country full of 300milliom people that is part of the global market is so confusing anyone without a unbiased record with a PHD in the subject matter doesn't really know wtf their talking about.
Everyone is out of their element here.
This was more entertaining than most two-hour movies.
P Lindsay this is my 3rd viewing
10th
5th for me
The loudmouth kid with the V for Vendetta mask on his head personifies everything about how the left argues.
ivjdivfjalekvvjp yells at who he's debating, doesnt let them speak, continuously interrups with "let ME speak!" while trying to shut up everyone else.
sounds like a leftist to me.
having a hard time getting through the starving bit
Completely unwilling to listen to anything but his own voice. What was he even arguing with, he didn't let schiff make one point.
I think the guy made me lose brain cells. You have to love how he calls Schiff a fool despite having a V for Vendetta mask and wanting more government. What an intellectual.
He is a total fucking jackass, asks questions then shouts down the answers.
Schiff dismantled over 100 people lmao
+Eric Rodriguez He did but most of them were too stupid to know it.
This is the intellectual equivalent of Bruce Lee single handily defeating the foot clan. No pun intended.
yeah i love how Peter Schiff is like the alfa with so much energy to spare that he just dismantles people on the street FOR FUN!! haha
Highest killstreak I've seen in awhile
He didn't get rich for no reason...He knows what he's talking about.
Basic structure of nearly all of their arguments:
"Capitalism bad because muh feelings"
JohnNada80 as a kid who has grown in poverty, i'm embarrassed for these people. You got wide source of free information and internet and first world country which you can easily survive, how can these people be this uneducated and stupid in this great country? I don't understand
Zoe Ama what if you don't have internet and love in a poor ass neighborhood with a bunch of crime
People eating dirt in Haiti is people that put up with it. If I say that you can give me money if I have the power to make laws. Somehow I'm not a bad person, bad person is one that gives me money which I inclined him to do, yeah? Well, by that logic Not the Tyranny is bad but the forces that take care of decision.
Unfortunately you're infected with idea and you're not ready to discuss you ready to shove your information as tyranny does.
I'm from Russia we do have free medicine and education. But we have low wages and inflation and corrupt government. Our top wages are America poor's people wages. Our middle class is police and all those guys who inforce government decisions. And our government is one percent. But when you get to that point you'll have no opportunity to speak to the news you just beaten silently if you too loud or you'll be just persecuted... let's say for pedophilia, yeah and no news will record this (just as it is right now). So be aware of the furthest point on the path you've taken. That's how I make my decision on information I'm getting.
azmtkdzvWhen government is powerful, the government always becomes the 1%. That is why the richest counties in America are right around Washington DC.
It is the power that must be stripped from government.
JohnNada80 Typical trust-fund babies. "Sage?" With a name like that, it's a dead-giveaway to a trust-funder. Especially how outspoken he was and wanting to be proud/attention-hungry. Must have went to a private art school and now has a penthouse on Wall Street, all procured by his wealthy parents (who ironically probably are/were Wall street traders), even if he prefers to sleep on the street sometimes. The guilt level is off the charts. The counter argument, to their whole collective arguments, is to call them "limousine liberals." They'll know what you mean...Even if they have to search it on UrbanDictionary.
"The best argument against democracy is a five minute conversation with the average voter." - Winston Churchill. This is as painful to watch as it is terrifying to imagine that these people may exert an influence on the governance of their fellow man.
"The best argument against democracy is a five minute conversation with the average voter." - Winston Churchill. of course he would say that as he was a conservative as he believes in monarchy. "This is as painful to watch as it is terrifying to imagine that these people may exert an influence on the governance of their fellow man." It was just Peter Schiff talking as I agree he is fucking idiot as consider math as something he would abhor.
Alex Blaze The USA is democracy as that bogus as the word "Republic" was used to make it sound more fancy to sell the constitution. A republic is really representative democracy without a head of state that is not a king.
istraight1 You do not write in complete sentences. I assume you meant to assert that the United States, like every other modern western country, is a representative democracy rather than a direct democracy. There has not been a direct democracy since Athens, and even that state excluded a vast majority of its population from suffrage. No one, not even you, wants a direct democracy where every scrap of legislation or executive action is put to nationwide referendum. It is both infeasible and quite dangerous to the will of minority populations.
finarrykahn13 "You do not write in complete sentences. " It is not an essay.
"There has not been a direct democracy since Athens, and even that state excluded a vast majority of its population from suffrage." Each generation has gone more left-wing as it was mass population as representative democracy has tendency to get people lazy.
"No one, not even you, wants a direct democracy where every scrap of legislation or executive action is put to nationwide referendum. It is both infeasible and quite dangerous to the will of minority populations."
Ask Switzerland
Nothing wrong with direct democracy. The only people who fear democracy are those in power and the opulent sociopaths ( and for good reason) it puts power in the hands of the common.
Take your moronic classist proto fascist bullshit elsewhere OP
It's amazing how many millions upon millions, probably billions, of people are so ignorant as to destroy their own futures.
The vast majority of them do not have a clue about basic economics.
These people might be raucous and loud but Schuff thinks it's fine for companies to pay workers shit wages.
"We're a country not individuals" Someone give this guy his one way ticket to North Korea!
My business mine . My name i built my money mine . I worked not the state . Me
@@anthonycox3493 I'm guessing your business doesn't involve a lot of intellectual property. And I do mean that as both a slight and yet a large, genuine point of debate, in case you weren't wondering.
@@reljin2 libtard guessing again
I think we think.
@@reljin2 50 this year ive been places that are no go. My business is my business. All mine
It's painful to see how people don't listen to Peter correctly... They could learn so much more
I worked for Wal-Mart as a midnight stocker. It was crueling, with the exhausting from a weeks work being carried over into my off days, but it wasn't sweatshop like conditions.
Are these people trying to educate Peter Schiff on economics? lol!!!
Shah-Allah Shabazz Why is it funny? Peter Schiff is a moron.
BenjiQ575 what logic? They didn’t even answer his questions. “You need to open your mind” isn’t an argument.
I played Civ 5 and I can tell you Socialism and command economy works 100%. I order my workers to build mines and tile improvements, giving my people +20 happiness with tons of truffles, dyes, gold, and other luxury items.
hahaha
I gotta say, its quite unrealistic how the consequences are neglected in that game, not to mention the sheer contradiction of having communism paired with heightened productivity. The historical record and central philosophy stand in total opposition. I wish there was an option to privatize your civ...
Tianming Zhao ahahaha I liked monarchy better
+Parke Pro Tennis
Well, you do play as a dictator in that game, so laissez-faire would make no sense.
Heaven Bright best thing I saw today. Thanks for that.
Summarizing the "Occupy Movement" in one simple thought: "I want more money, but I don't want to work any harder for it."
No, it's "I want the quality of life that I should be having anyway with my current amount of work". There's a difference, genius.
It takes a lot of nerve or stupidity to suggest that not knowing what that standard of living is, is the fault of the public themselves.
Naryan Robinson
If a single mother thinks they should be able to support 2 kids working part time at McDonald's, then it's not an issue of quality of life, but wanting more money for doing unskilled labor. You should watch this entire video.
Again, the fact that they don't know exactly how to fix this problem in the long run is not their fault. This woman has received no real education and has been fucked over by a system, and now she's fighting for the only thing she can understand to keep her alive.
Leave it another 10 years and the government will have cut so much out of the education sector that *no one* who goes to school will learn a single damn thing, then you can put them *all* on the streets and laugh at them to your heart's content, but cherry picking the stupid comments out of the stupid peoples' mouths then using that as a platform to disregard *everything* *everyone* say is just sheer manipulation. They all have their specifics, but they are united in their desire for change, and there's not much anyone can say that will remove the validity of their voice regardless of their background, no matter how hard you weed your way in and try to push them apart based on their arbitrary, irrelevant differences.
Most of the country attends public school, very little of the country is in poverty. "The system" didn't force her to get pregnant when she couldn't afford children. "The system" doesn't decide who is intelligent and who is not. Yes, government funded schools are far from perfect, but that doesn't justify forcing a company to pay more money to an employee than they are worth. If you only earn $5 an hour for the company, why would they pay you $10?
skylarscaling Far from perfect is an understatement, and for a first world country there are a *huge* number of poor (or incarcerated) people, so don't try throwing that at me.
"The system didn't force her to become pregnant when she couldn't afford children". Well I'm glad you know all about her situation, and are so eager to jump to the conclusion that no one ever gets raped or has more children than they anticipate or has their husband leave them or becomes disabled or has any kind of illness or accident whatsoever. It was probably just her being a stupid bitch, just like all the other stupid, lazy, entitled bitches, right?
And yes, the "system" educates or neglects to educate people, corresponding to their ability to benefit their society, so no, in general it's *not* their fault.
The government's obligation is to its people. They are its priority. So shock horror and god forbid they should temporarily force a recklessly amoral, multi-billion-dollar global corporation to pay citizens enough money to survive until it can get its shit together. You're asking me "Why would they pay you $10?", because they're told to, that's why, and fuck their feelings if they don't like it. Let them pull right out of the USA altogether if they dare. The government was bestowed the power to make the rules, a deep trust was placed in them to do their utmost to look after the people, *not* the mega corps, and *this* is a perfect example of where the kind of power they wield is supposed to be utilised.
every once in awhile I come back to watch the video that made me a libertarian.
This turned me from a dirty Marxist to a libertarian. And I am never turning back.
Yoni katz haha i do the exact same thing
Yoni katz this video is an eye opener wish everyone in the west would watch it
same here
You need to know both sides to the story.
This is what happens when we allow public school systems to teach Keynesian Economics from a liberal perspective so that the schools can teach people that Corporations are the problem. One thing they forget is that the free market allows for less regulation and creates a platform for people to start a business easier, with that, competition is created, so if they do not like any of the greedy corporations, they do not have to support that entity and can support another one.
They do have to support those entities they don't approve of with their monetary units? Are you trying to suggest individual autonomy to the herd? How dare you?! Well, my friend, you are one compassionate S.O.B but sentiments and economic illiteracy will drown out such sensible suggestions. ;)
Erik Munoz These people aren't even Keynesians; they're outright totalitarian Communists who are convinced that the recession was caused by the government not stealing everyone else's money and giving it to them.
Erik Munoz Yes, it was conservative innovation that broke up the monopolies during the gilded age
Erik Munoz
I totally agree with you that the public education systems are doing more harm than good...but that is for the sole purpose of suppressing critical thought and keeping future generations totally unaware of the big picture. If you're open to the question "is there a better way?" then consider this breakdown of the "free market" that you are advocating.
First off, the idea that Government is the problem because they’re “in the way” is unfounded. Capitalism = Government + Corporations…they are one in the same. The list of government officials just in the last decade who ALSO profited in private industry as a result of public policies that they or their friends helped enact is TOO LONG to mention.
In 1933, Prescott Bush and the heads of multiple American corporations attempted a Fascist coup on FDR (see: “The Business Plot”) and General Smedley Butler (read: "War is a Racket") blew the whistle, exposing the whole conspiracy. While these folks should have been HUNG FOR TREASON, FDR and congress did NOTHING…so while the coup was not officially successful, the same Fascist thugs simply went behind the curtain to continue with the SAME agenda. The government actually allows the FED (private banking cartel) to print OUR money (backed by NOTHING), and lend it to the gov. at face value + interest when the real cost is like two cents per bill, regardless of denomination!! Over half of all gov. spending goes where? Right, the military industrial complex, i.e. HUGE corporations who profit off of death and destruction. As for the “entitlement programs” like welfare, medicare, etc…they ONLY exist to keep the masses from all out riots. It is a fine balance and they have it down cold.
Now as for jobs…people are not unemployed because they are stupid/lazy...they are unemployed because of technology. Most jobs in the U.S. (approx. 80%) are service jobs because technology has replaced most meaningful production jobs in the name of efficiency and hence, PROFIT. The exception would be those countries where slave wage labor is actually more profitable, even with the massive shipping costs to bring the products back to the states, free from taxes of course thanks to “free trade” (uh oh, there's that term "free" again). If technology was actually unleashed to do what it "could" do, i.e. replace 95% of ALL jobs, there would be no remaining purchasing power left to consume the products...the cyclical consumption grinds to a halt and so does the "economy". So, technology is literally suppressed to keep people doing monkey jobs so they have purchasing power while products are also made to fail after some pre-selected period of time...all to maintain the consumption cycle. It’s seriously laughable when you think about it.
As for "economy"...at its Greek root means "household management",
i.e, doing things efficiently and sustainably. Yet anyone who sees the big
picture understands that efficiency, sustainability, peace and good public
health are ENEMIES to the current money-market system, a.k.a. the
"anti-economy". If things like war, crime and disease were solved/eliminated...once again, the system would crash as those millions of jobs (military, defense, police, courts, jails, health/medical) would not be necessary. Therefore we see countless false flag operations (spurring MASSIVE war spending), foods/alcohol/drugs that keep us sick/dying along with stagnant wages and juuuust enough unemployment (but not too much) that coerce people into criminal lifestyles.
The fact is that Capitalism has no connection or relevance whatsoever to the actual carrying capacity of the earth. It worked for a while, and had its own natural balance/equilibrium when each of us could be producers at our own human pace of production, but through technology we have surpassed the Malthusian premise that population will "always" increase faster than basic goods/resources can be replenished. So as a simple matter of self-preservation, capitalism HAS to maintain scarcity (through MASSIVE income gaps) even though global abundance is TOTALLY within reach along with the end of the "labor for income" paradigm that would FREE people to make contributions based on interest and skill set as opposed to just taking any job they can find to survive. Aaaand…when you consider the criminal nature of the monetary system, i.e. banks printing money out of thin air and lending at full face value + interest…we’re really talking about a system of soft slavery. The only difference from abject slavery is that instead of the slave owners feeding, clothing and housing us…we have to compete for $$ (worthless paper) to pay for those things ourselves.
To close, capitalism AND money are no longer relevant unless you're a
self-serving glutton (psychopath = zero empathy) who believes that hoarding
insane wealth/resources is fun and social stratification is cool in order to
feel superior. There is simply is no other defense for a system that is
literally holding mankind back from the greatest evolutionary leap we've EVER
KNOWN…rooted in collaboration, NOT competition. And it must be said -
these are NOT new concepts...for more, research John Etzler, Thorstein Veblen,
Bucky Fuller, Jaques Fresco, Peter Joseph and Jeremy Rifkin.
Cheers!
Al Bundy I'm probably wasting my time responding to this drivel but, away I go. This'll be quite entertaining.
"I totally agree with you that the public education systems are doing more harm than good...but that is for the sole purpose of suppressing critical thought and keeping future generations totally unaware of the big picture. If you're open to the question "is there a better way?" then consider this breakdown of the "free market" that you are advocating."
What is this "free market" or "Capitalism" Munoz is advocating, I wonder. Could it be voluntary interactions between individuals without government intervention and the recognition of individual and private property rights? The "without government intervention" part of the proposed definition of a free market economy is of significance, as you see with my response.
"First off, the idea that Government is the problem because they’re “in the way” is unfounded."
Is that so? Here's one example of the government "in the way". The fact that the US has a college debt bubble and government back student loan guarantees belays this claim. Student loans which increases the demand for higher education which gives college institutions the incentive to raise their tuition prices. Government intervention to benefit of certain institutions at the expense of potential students who are now priced out of the market and must incure massive debts in order to obtain an education. The very definition of corporatism. Here's some sources for you to examine:
mises.org/library/how-student-loans-create-demand-useless-degrees
www.informationstation.org/kitchen_table_econ/how-the-government-is-making-your-college-tuition-more-expensive/?gclid=CjwKEAjw3PGtBRCWgajpu_uY9hYSJAAICRalVo2nM5dV6G1oPQFs00mZNXhkBwf1TVwj7uWuSyQK6BoC8IHw_wcB
"Capitalism = Government + Corporations…they are one in the same. The list of government officials just in the last decade who ALSO profited in private industry as a result of public policies that they or their friends helped enact is TOO LONG to mention."
I agree. However, this arrangement between the state and politically connected individuals and institutions is a fine example of corporatism. It certainly is not the sort of interactions between individuals free market advocates support.
"In 1933, Prescott Bush and the heads of multiple American corporations attempted a Fascist coup on FDR (see: “The Business Plot”) and General Smedley Butler (read: "War is a Racket") blew the whistle, exposing the whole conspiracy. While these folks should have been HUNG FOR TREASON, FDR and congress did NOTHING…so while the coup was not officially successful, the same Fascist thugs simply went behind the curtain to continue with the SAME agenda. The government actually allows the FED (private banking cartel) to print OUR money (backed by NOTHING), and lend it to the gov. at face value + interest when the real cost is like two cents per bill, regardless of denomination!! Over half of all gov. spending goes where? Right, the military industrial complex, i.e. HUGE corporations who profit off of death and destruction."
Yep, good ol' corporatism, as I defined above, with a good dose of "democracy", the people (well, those with the most political influence that is) taking charge of their government. ;)
"As for the “entitlement programs” like welfare, medicare, etc…they ONLY exist to keep the masses from all out riots. It is a fine balance and they have it down cold."
Yeah, the government seizing the masses' money via taxation, funneling to various class of people you lamented about in your tirade. Also bribing the very masses with the money it (the government) stole; majority of the spending going towards these welfare bureaucracies, rather to those the government purports to help, discentivizing the recipients to gain jobs skills and thus a higher income and reward for their higher productivity that could possibly help to rid their dependency on state welfare. "Fine balance"? I say the "fine balance" is the respect for private property and voluntary interactions without the government. Here's some sources to solidify my point:
mises.org/library/year-after-tarp-700-billion-down-drain
mises.org/library/work-and-welfare
"Now as for jobs…people are not unemployed because they are stupid/lazy...they are unemployed because of technology."
Before we move on, let's examine some of the purpose behind Jobs and Technological investment in labor saving devices in a free market. People don't employ others for the sake of having a job, the purpose of labor (or jobs) and other factors of production is to produce the goods and services that the entrepreneur thinks that'll be of value to consumers. If the entrepreneur guess the marginal utility of consumers, they are rewarded with profits. If they guess wrong, they suffer loses.
Now, regarding technological innovations in labor saving devices and consumer goods, technology and labor saving devices reduces the amount of time it takes to complete a specific task, makes specific task possible prior to the technological development, or makes specific task obsolete. Taking technology into account, the entrepreneur faces the task of deciding what specific combination of physical capital (i.e. labor saving devices, tools, etc.) and labor will best cater and satisfy consumer demand. This results in raising real wages due to increased productivity of labor and increased output of goods and service thanks such technological innovations, which results in falling prices. While some jobs become obsolete due to such innovations, labor is now freed up to do something else and goods, services and necessities of life are cheaper and more affordable.
"Most jobs in the U.S. (approx. 80%) are service jobs because technology has replaced most meaningful production jobs in the name of efficiency and hence, PROFIT."
What do you mean by "efficiency", "meaningful production jobs" and "PROFIT" in this context?
"The exception would be those countries where slave wage labor is actually more profitable, even with the massive shipping costs to bring the products back to the states, free from taxes of course thanks to “free trade” (uh oh, there's that term "free" again)."
"Free" which you of course never define and you also smuggled that phrase "slave wage" in an attempt to appeal to the emotion of the readers. You'd make a good demagogue. :)
"If technology was actually unleashed to do what it "could" do, i.e. replace 95% of ALL jobs, there would be no remaining purchasing power left to consume the products...the cyclical consumption grinds to a halt and so does the "economy"."
This statement is utterly incomprehensible. Let me try to decipher it for those who were unfortunate enough to have read such nonsense. Let's assume that technology could replace "95% of ALL jobs", goods and services are now being provided more efficiently, "more efficiently" meaning the best use of scarce economic resources to satisfy the marginal utility and demand of consumers at a cheaper rate (i.e. increased purchasing power, not the doomdays scenario of zero purchasing power you eloquently depicted in your comment above, and thus "cyclical consumption" doesn't grind to a halt ) due to the reduced cost of factors of production and/or increased output. Like I elucidated above jobs are only a means, not an end.
"So, technology is literally suppressed to keep people doing monkey jobs so they have purchasing power while products are also made to fail after some pre-selected period of time...all to maintain the consumption cycle. It’s seriously laughable when you think about it."
I couldn't agree more. This entire statement is "seriously laughable when you think about it". How would technological investment and innovation be "suppressed" in a free market? Especially, If there is nothing, besides the potential innovator's evaluation of the means (i.e. technology) to provide value to others in a given society?
I DONT WWANT YOU WEARING POLYESTER....YES that literally was one of the protesters grievances....
cr1t1cal I don't think he was wearing polyester so I don't know what he was talking about
Kudos to this brave man for risking his life to educate the young skulls full of mush on economics101.
Tell us the secrets!
calinative imperial Government workers compared to private company workers do fuck-all work - or perhaps that's not a secret? :)
+calinative imperial The Rothschild money supply.
Peter has Ghandi-like patience, and it's astounding.
That guy with the mask on the back of his head is just the worst. He commits a fallacy every other word.
This guy has so much patience for these simple minded people. Amazing eye opening video
I certainly wouldn't. I'm not that empathetic.
ZVER410 looool
face it rich people are usually smart and hard working..not always but usually..
Yes, and those people deserve more money. A neurosurgeon working 14 hours a day is really smart and hard working and might make 350k a year well deserved. So who deserves the 100mil a year? How does the hedge fund manager contribute more than the neurosurgeon?
What systems were in place for him to take that position? Who gave that neurosurgeon that job? How does the institution that gave the required education for him to obtain his career continue to have enough money to function? What Schiff is saying is that there NEED to be people with hundreds of millions of dollars to invest in order for there to be companies, jobs and economic growth.
You need people to allocate resources, but they don't need to own it. Big companies can exist with distributed ownership. Peter Shiff want unregulated capitalism, which inevitably will lead to asset ownership being in a smaller and smaller number of peoples hands, and those people make decisions in their own interest, not the wider population.
Also hes being intentionally dishonest by saying he pays 40% tax, hes relying on average people not understanding basic accounting. He might have say 500mil in assets, but somehow, after his accountant has been though the books, his taxable income on this is probably less than 1% of that.
That's not a lie necessarily but the same can go for the average person, I could have 500k in asset but only pay taxes on 20k a year as my income. There are people who are financially savvy. There are problems with capitalism when its run with no regulations. Yet Mr. Schiff makes logical points trying to hold the government accountable for the problems in crony capitalism.
This is sad...out of dozens of people he talked to, only 1 or 2 people were actually open-minded, listened, and asked smart questions.. People are dumb.
None of these people understand what capitalism is. My god, watching this is like watching an episode of American Idiots. No wonder they're protesting, they must all be unemployed, due to their inability to think. I wish I could've been there, so I could've spoken for the people in support of Schiff. LOL.
Socialism, means the government redistributes wealth. Capitalism, means whoever has marketable skill, makes more by selling it. Unlike most, I, have many marketable skills. Socialism develops a society of incompetent individuals that don't need to know how to do anything, cause they'll be okay either way. If you want that, Cuba is a great place for you, have fun. This country, when it had capitalism, was the wealthiest in the world. After the 2 special ed students that everyone has called presidents, obviously, the country has disintegrated. Capitalism hasn't failed, because in capitalism, all those companies that were failing, would've failed. You people that blame society, or whatever other thing you wanna blame, have no idea what you're saying, and should not speak in public.
No one really understands the difference between Capitalism and Corporatism.
lol so true, did any1 give u hate mail for this comment?, but how dumb these poor cunts cant understand cutting the head off the snake, i think people like crying rather than doing something real! or they like the polical rapeage!
Isaiah Stebbins No one seems to understand that it is one in the same.
" I wish I could've been there, so I could've spoken for the people in support of Schiff. LOL." this is great example of market fundamentalism. "Derek Thomas Lirio" is part of the "My god, watching this is like watching an episode of American Idiots" who think markets always right. Fuck capitalism as the faster it dies the better.
I've watched this all the way through at least 3-4 times now. Peter Schiff is a genius and needs to be given a platform to educate America.
4 years later and I am still using this video to illustrate to people how fucking stupid the Occupy Wall Street movement is.
Haha same. Not only that they have completely devolved into Antifa and BLM.
Look at all the confused/distraught looks in the crowd. Like their minds were just blown. Haha
Andrew B Loool its the culture. People like us youtube and Google these things. They play games all the time, watch kim Kardashian, watch Rappers, listen to Pastors and Listen to obama.
He keeps telling people that they are right and He is on their side but they continue to argue the same stupid points. Why wont anybody listen?
Emotions and their ignorance rule their reality
Because they're stupid. The words of a fool are many.
There are many things I dislike about Schiff... but this guy showing up here is surprising, never saw this at the time. Much respect for him going there, listening to these people, and actually talking to them.
I'd go so far as to say he risked his life because the arguments were escalating the the crowd. Not sure how many body guards he had, but I doubt many if at all since he was hit on the head and only the cameraman seemed to have an answer. I saw a guard at 40 minutes in, and they moved, but damn... A lot of hate was there... and not everyone was even sober....yeesh. ...respect
what do you dislike about him? That he can destroy the argument of these idiots?
***** The ability to "destroy" "idiots" who are simply less schooled in the art of argumentation and have less education on the matter is no feat. I wonder where you stand in that spectrum given your response. Paul Krugman also "destroys" "idiots" in the art of argumentation ... It does not make his arguments valid, it just means he has been able to outwit idiots, usually though the use of fantastic rhetoric.
*****
Nevermind the initial comment, I thought you were responding to my comments to the other guy. Some might, but I rarely see such a thing, especially under similar circumstances. He's here person to person talking. He's not on some stage looking down in a massive power position. I just didn't expect it from him.
I think saying he risked his life is going way too far. Are you serious? I just watched the whole thing and at no point did anyone become even remotely violent or even insinuate that they would. Of course there was anger at times, but it wasn't directed at Peter.
The guy with the mask and scarf at 29:00 was pretty fired up and waving his hand in Peter's face after awhile, but he definitely didn't seem like he wanted to hurt him, let alone threaten his life. The next guy at 38:50 seemed pretty angry and dare I say a bit delusional too, but certainly not a threat.
Chris Mott You're allowed to disagree. Mobs of people have strange characteristics and can turn to violence very quickly...especially when the perceived enemy is right there arguing with you.
Most of these fools are supporting Bernie
I thought I could watch this entire video, but after 39 minutes I couldn't take the ignorance of all these people in the crowd. The poor man calling him a fool, when he interrupts him every time he tries to talk. The reply back with the comment about having more respect was spot on though. Well played Mr. Schiff.
22:18
'I want to be the last person you talk to'
Sounded like he was going to kill him lmao
I'm not pro-capitalist but I have to admit that Schiff runs circles around these ignorant folks.
Pro-capitalist is pro-liberty. What's your problem with liberty?
freetruth80 liberty is relative
Read some Austrian economics
Guy at 29:00 is the cause of all his own problems. Nobody will ever listen to this guy, and nobody will ever give him an opportunity, because he is just angry and has no respect for the opinions or conversations of others. He asks a question and say, "No don't answer that, it's rhetorical." He can do just as well talking to himself.
Proud, arrogant, and absolutely self-assured that people who he's never met deserve the full blame for his unhappiness.
Quote at 21:10 ."I am not a ramp that you can do an ollie in front of your camera" . lol .
The guy in the red hoodie thinks he was going to get cash on the spot.
Take him around in an alley and steal his wallet
Danny D'Angelo
For real, minus the stealing part, but he was basically asking for a free investment, to just get invested in out of thin air but doesn't understand how networking and building relations work.
"I don't want you to give me a loan.....i want YOU to fund my business."
Wow just wow..... really
I think he was on the Ellen show last week.
He'll have a record deal next week!!!
ADAD4765 need a source
The lack of understanding of how basic economics work is mind blowing and sad.
Your lack of a ability to say anything original rather than regurgitating libertarian platitudes is even sadder.
Seriously, you're an idiot.
@@matthew-dq8vkstill angry?
Peter Schiff would destroy Bernie Sanders in a debate!!
Not unlike how crony capitalism destroyed our economy.
democrats destroyed America 50 yrs
William G destroy Peter schiff business
@William G Bernie would isht his depends.
This is so entertaining...these people are soo dumb. They are getting some great insight and knowledge from Peter, someone who can help them move in the right direction, but they just want to argue.
The black man at 29.00 has the voice of a white lesbian
Schiff has more patients than I do. That dude was extra disrespectful and ignorant.
But that's who they are and if you're not patient you don't get your message across. And his objective is to get his message across.
Agreed. Easier said than done though.
I absolutely love watching classics like this.
Kudos to this guy for going out and being in front of this crowd and not losing his cool and had patient. When a lot of protestors were in his face he calmly and answered questions and tried to answers and trying to be as truthful as possible.
“We are all greedy”
“No we’re not.”
“Don’t you want things for yourself?”
“We all do”
It's hilariously ironic. Schiff thinks people should get whatever they earn, his position is he should get stuff he didn't earn, schiffs position is less greedy than his lol.
Right!😅
5:30 In case someone was wondering.
Great job, Peter. I'm sure it wasn't easy talking to those people. Some of them really didn't make much sense. They seemed to lack critical thinking skills.
I think the question is really, "what suppressed their critical thinking skills from developing?"
People trying to school a rich person on what made him rich.
I can't believe how smart I am compared to the masses.
Go Schiff ! If these people are representative of the 99%, firstly I despair but secondly, I can see exactly why the economy is in the sewer. What a tragic display of human idiocy.
Calls him a fool and says he never talks to fools. Continues talking to him 38:30
These people need to understand the difference between crony capitalism and free market capitalism.
Oh man, that woman got SUPER OWNED at 51:58- " I'm employing 150 people, how many people you employed?"..cricket..cricket...cricket....hahaha. I fucking love this guy.
Guy in the glasses at 100:40
Schiff: "take away the power of government and give it back to the people."
Guy: "Nooo Nooo"
Lmao, these people love to have the government telling them what to do.
"I'm doing my share, why aren't you doing yours?!" And she just shuts up... lol Good going, Peter!
have to admit I am here cos of Joe Rogan and was not expecting to like this guy but he has the balls to stand in that crowd and make a rational case... much respect
1:26:30 the guy who yelled out "Adam Smith said the governments have to intervene"... What has the world come to?
What's your point?
Whats my point? Ahahahahah, what's your point? I think my comment was pretty self explanatory. If you don't get it, look up Adam Smiths beliefs on government intervention. It will make sense soon.
Now that's what I call an Education.
Schiff for president 2016
One of the greatest YT videos. Thank you Peter Schiff for creating this masterpiece.
Mob mentality at it's finest.
Peter - "Everyone in this park wants lower prices!"
Crowd - "NO WE DON'T!!! NO WE DON'T!!"
This is good video to watch once a year. Classic.
"You're a fool because I decided to not give you the time to fully extrapolate your point and form a counterargument."
*Walks away.*
Yes, because your time is SO VALUABLE and his time isn't. He didn't need to come down and reason with you and you spit in his face for it.
Typical.
This movement was such a mess. Just a bunch of nuts with no clear argument. Blind leading the blind.
The stupidity of some people is astounding. Why talk when you can just yell incessantly?
Thats called being a "man". Standing up for yourself and trying to talk to people. He has my respect.
I'm not a very smart man but I think the wannabe musician wanted a handout.
And he gave him a phony email too
Peter debating for almost 2 hrs and kicking butt the whole time. Does not stumble one time. Dude is a beast!!!
Peter was constantly being interrupted while trying to explain complicated things. Most of the people here just want to vent and didn't want to listen to the points he was trying to make. Good video thanks for uploading. came here from jre podcast.
same here
Look what this 1% says at the 1:15:33. She is paying 10% taxes and whines about Peter Schiff being on the wrong side of the argument.
Did she work for her money,because if not she should shut up if she wants the 1% to pay higher taxes.
She probably isn't 1%. The only way she would be able to pay 10% or less on taxes on her overall income would be if she does what Warren Buffet does and most of the income she controls is through some kind of holding company, like Buffet's Berkshire Hathaway. I encourage anyone to lookup how he structures his company/sources of income to study and understand why Schiff calls Buffet a hypocrite about 'raising taxes on the rich'.
Daniel Sadjadi bro, shut the fuck up
likewise, he doesn't pay 50% he pays 37% which is the highest tax bracket. so I guess they both just making numbers up
54:41 the reaction to Peter's answer about FDR shows how low education has lead these people astray.
Ed Jones I really had no population was THIS dumbed down.
I don't think even one person was humble enough to say yes......you are right Peter.........be open minded to everything guys...that's how we can grow...
This was one of my first real red pills.
As much as the lady at 51:00 got shit on, I respect the hell out of her shutting her mouth and turning her gears to figure out how she was wrong, instead of completely losing control like most of these dregs
This is indicative of the American mindset, I saw a lot of people who talked over Peter Schiff, the problem being that people would rather talk than listen. If their point is contested successfully they just try to drown their opponent out with dribble. A bunch of idiots talking more than listening and learning something.
Generation Y in all her shining glory at OWS; over-privileged, hyper-entitled kids raised to speak articulately with no substance and demand attention when they have nothing to offer. It blows my mind that Schiff was actually called a "fool" by one of these disillusioned manchildren, though his response was gold: "Sure I'm a fool, a fool who somehow stumbled into millions of dollars, yeah sure..."
Occupy Wall Street: Gimme that, that's mine, I want that.
The dude at 01:03:02 is unknowingly making the case for anarcho-capitalism: "As long as there is a government, there'll be a door [for cronies] to get into".
The guy with the Vendetta mask reminds me of Kevin Hart.
+SilverMenace100 Yay im not the only one
+Boss He gave me the total fucking cringe!
+SilverMenace100 he has the voice of a white lesbian
+SilverMenace100 That guy wouldn't shut the hell up.
This man is worth 70 Million and he "Started from the bottom" just like atleast 60% of the 1%
Amy Joy you sound like such a stupid bitch right now
Amy Joy Its people like you who scare me in all honesty...and your channel.
Amy Joy If you have opinions feel free to share them, but don't turn to antisemitism, racism and other uneducated ways to have a conversation. I am being nice cause you're hot, but you are not doing any good to yourself or anyone for that matter with your current words.
Lol I am not American nor do I follow what he says and my IQ is not low by any stretch of the imagination.
Amy Joy Matt Badura Hey, I just wanted to respond because it seems like you're being ragged on by a bunch of keyboard warriors here. Some people who are at the top have made their beginings at the bottom, but a long the way almost all of them have used unfair tactics like storing money in tax havens, participating in bribery "AKA political contributions" and then blame the conscience of the politians for not being strong enough to refuse that bribery.
The real problem is the act of corporations and corporate leaders bribing politicians. And then they claim we live under a "socialist system". Well in a way they are right, wealth is being re-distributed, but not to the bottom, it is being re-distributed from the bottom to the top all paid by every person who pays any kind of tax. That's why so many people are getting so angry.
Idiocracy
In reality, taxing and pressuring the hell out of rich and corporate lead them to lay off more workers, outsource more jobs abroad, hire fewer workers, and lower the qualities of their services.
For the people who want to make earnest living by working hard, this is bad. However, for those who want to leech off the welfare programs, this is good since they'll get more welfare funds from rich people's tax.
The gov't did an excellent job education these people. They can't even have a conversation or debate without getting emotional.
They want someone to be mad at. They should be humbled, because this 1 percenter has the balls to go out and try to have a conversation with them.
I'm my opinion he wasted his time. These people are brain washed.
After viewing this many times, I have noticed:
most of the people that talk don't understand Peter's points, and most of the people in the background are listening intently.
He makes a lot of sense, especially on monetary policy. We need to increase saving, producing, and responsible (due to risk) investing. I do worry about what a race to the bottom with china, india, et al regarding environmental and to a lesser extent labor policies will turn into though. And before any big government programs like medicare and student loans get cut, viable private alternatives need to be laid out, can't sell it on "the market will sort it out". It probably will, but you've got to make the clear case.
I first watched this video in early 2016 (about a year ago) and it lit some light bulbs in my mind that have not turned off since.
I just sold my business for the exact reasons Peter is talking about. I refuse to own and operate a business for pennies on the dollar, I want to see what these young fools say when there are no more crappy jobs to complain about.
you're confusing us pal, just give us your money and we will give you nothing in return, and our occupy movement will be a success!
Dan Joseph! (49:29) Anyway, hats off to you, Peter Schiff. Your amount of economic knowledge is beyond what looks like any of these misguided people have- Thank you!
16:21
that little tap on the head is the funniest thing too me he just makes it look so natural
Everyone here wants low prices... “no we don’t!” Chants the crowd. That’s hilarious
The same people who need food stamps to buy food lol
They want higher wages but not lower prices? They are interchangeable...
This video is still relevant today. 2 hours of wisdom.
What these people should be saying is "can i get some advice?" it is a privilege to be mentored ..not a right.
the guy with the mask likes to hear himself talk
The only thing Peter said that I disagree with is " I think you should give the average American more credit."
so much patience I don't have...its hard to fathom how they can't connect the damn dots on how gov is killing the economy
They're average people. They aren't making millions of dollars a year. They're just living and working and raising families and doing everything that people who live in a particular income bracket do.
you mean the same things I do ??
Grey Vai I'm not sure. I'm in the middle and consider both sides. All i'm saying is that the people in this video are regular people. They're workers. They're people that get caught in the system.
No these people are dumbasses they're below the scale of an average person. Atleast an average person which I'd say is middle class has a decent if not good education and gets somewhere in life.
These idiots keep asking the same questions and repeating the same sentences in a different paraphrase over and over. I get really annoyed when people go in circles with their words and don't realize it.
ZVER410 You mean kind of like you're doing, idiot? You have no idea what any of these people do, stop pretending to do so, you absolutely reprehensible idiot. You have no compassion and are a deeply disturbing person. Probably an incel.
I could barely parse together what your dumb ass was trying to say.
Do any of these people actually know what they are protesting ?
"Steve Jobs was not a humanitarian, he was a businessman"
It goes right over their heads.
At 1:15:00 , OMG people are sitting on their money. Where do they get this stuff from? Do they really think that money sits on bank accounts?