http://www.longislandbubble.com
This video is about predictions made Dec 31, 2006 by the bullshitters and bears of real estate as to what will happen to housing in 2007. I have added the aftermath so far; Peter Schiff has made some accurate predictions.
Duration : 0:4:20
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You took his …
You took his comment out of context. Listen to the whole video; in fact listen to him on his radioshow each wednesday; but most importantly, support him. We need people like him to straighten out this country.
“Is there more …
“Is there more money in circulation as a result? No.” If it’s true then I don’t have problem with Schiff but from that video I’ve got probably wrong impression that he supports FRB.
Good God! You don’t …
Good God! You don’t understand the difference between FRB and having low reserves.
If I have no money and borrow $100k from someone at 3% interest and I lend that to someone else for 8% interest, I now have no reserves.
Is there more money in circulation as a result? No.
Is there anything illegal happening here? No.
What happens if the guy who lent me $100k wants his money back? I will have to borrow from soneone else; maybe at a higher interest rate or maybe less; that’s my problem
There is NOTHING …
There is NOTHING free in this world.
When bank lends you …
When bank lends you money that bank doesn’t have in reserves BOTH of you become thieves because you are stealing wealth from rest of society. Repeat it 10 times a day every day until you get it.
What you can’t seem …
What you can’t seem to comprehend is that Schiff wasn’t talking about FRB; he was talking about the amount of reserves a bank is required to have; he (as I do) believes they should make their own decisions of how much money to hold in reserves which is a completely different thing.
FRB is a government standard. Banks freely lend out more money than they have because the government enables them to; this goes against the free market.
“Money has value; …
“Money has value; and just like anything else, we are free to rent it out for profit (interest).” But those money are out of thin air. You are not renting banks money. You are not renting its clients money. You forcefully rent it from someone else. It is theft. Both you and bank are THIEVES!
You do not …
You do not understand. Schiff and myself are against FRB. What we aren’t against is banks deciding how they can run their own bank. If they want to take big risk, they are free to do so as long as they understand the consequences.
Money has value; and just like anything else, we are free to rent it out for profit (interest). FRB means the bank doesn’t have to worry about reserves because they can always borrow very cheaply from the Fed (printed money); right now money is practically free!
Unless it is bank …
Unless it is bank cartel. Read Rothbard. He explains why it is so profitable for big banks and bank cartels. Again fractional reserve banking = inflation. If you are against inflation then you must be against fractional reserve banking.
Do you know that if …
Do you know that if you have $100k in the bank and you wanted to transfer your money to another bank, your bank would contact the federal reserve to get that $100k because they don’t have it in their reserves. This is why they rely so heavily on fractional reserve banking; because the fed is always there to be a lender of last resort. If there were no fed; the bank would have to borrow the money from another bank which would charge HIGH interest; so they would be VERY careful with their reserves
LOL absolutely not. …
LOL absolutely not. Fractional reserve system and deposits exist only for stealing people’s money. Why do we want gold standard? Because amount of money = amount of gold. With fractional reserve system amount of money in the system > amount of gold. Prices go higher. As result everyone’s money is stolen. It is same as inflation. It just redistributes money from majority to bankers. That’s how Rothshilds became so powerful. Because they were first who implemented such system on the world-scale
Are you saying that …
Are you saying that if someone wanted to lend their money to a private bank for an agreed upon interest rate and the bank agreed to pay that interest so they can lend the money out at a higher interest; the government should step in and prevent that free market contract from taking place?
…because if you think that way, YOU are the problem!
Problem is there …
Problem is there should’t be deposits at first place. Deposits are scam. Anyone who supports fractional reserve banking support big bankers like Rothshilds.
He doesn’t support …
He doesn’t support fractional reserve banking; he believes that the banks should be subjected to the free market rather than be protected by the government and be free to set their own standards.
The banks should decide what they believe to be sufficient reserves. Remember, if a bank has to keep 100% reserves, they cannot pay interest on deposits If banks aren’t protected by the government, they would be more careful with their lending because they would be subjected to failure.
Dude I’m serious. …
Dude I’m serious. He supports fractional reserve banking. Watch this video – watch?v=Cux97u9Ca5M at 2:03 he clearly says that he supports it. SCHIFF IS EVIL!
Are you …
Are you braindamaged boy? Peter Schiff hates everything that has to do with paper money. He’s on many shows each week telling the world about it. You cannot have fractional reserve banking with a gold standard.
Peter Schiff …
Peter Schiff supports fractional reserve banking. He is a Rothshilds’ shill
Two dumb SOB’s …
Two dumb SOB’s laughing at a logician…..Makes for great television…..Unless of course you’re one of those two SOB’s.
are you gay?
are you gay?
racism makes people …
racism makes people soooooo unattractive… yuck
World Factbook info …
World Factbook info, California as an independent state, it would have had the 10th largest economy in the world in 2007.
July 09 California #1 foreclosures at 108K
U.S. 360,000 for 1 month!
Go To: Google maps, select REAL ESTATE @ right options box. Check FORECLOSURES, zip code 91739 and watch the search area w/PINS of homes in foreclosure. MINDBLOWING! zip 91739 the Inland Empire. Ground zero
CA CML RE @ 30% vacancy rate! 5 yr bloodbath more at: CaliforniaRE2009 blogspot
Mike is a total …
Mike is a total flipping idiot, and he has never been right that I know of.
Why doesn’t he go to work for Obama, he would fit right in.
And on that note… …
And on that note….KA-BOOM!!!!!!! Dumb laughing at reason.
WIth 1.6 trillion …
WIth 1.6 trillion dollars of Alt-A and Option-Arms loans adjusting in 2009-2012, the bottom will be in 2012 or 2013.
yousavemoneyhere . …
yousavemoneyhere . com
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