Global Financial Collapse Accelerates
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Comments
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Is bitcoin a good idea? Ive been reading a lot about it
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Build wealth affordably and protect yourself with a new international (121 countries soon to include China) gold money system, a category changer and an alternative to fiat (debt based paper) currencies. Learn how here: https://www.karatbars.com/landing/?s=jamielooney36.
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A two face salesperson in form of a journalist. Alex Jones lives on scaring people with no solutions. Wherever the money flows, he goes that way.
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Peter doesn't have "Billions" under management ... aum of europac not even half a billion ..
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This channel is good.
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The Wörgl Experiment: Austria (1932-1933)
Submitted by blietaer on March 27, 2010 – 7:34 amNo Comment
In 1932, in the midst of the Great Depression, the small town of Wörgl in Austria successfully experimented with its own local currency (in the form of a stamp scrip). Based on the thinking of Silvio Gesell, an early 20th-century economist, and designed to stimulate the local economy, the new currency helped put the population back to work, and inspired many other communities to want to follow its example, until the experiment was abruptly terminated by Austria’s Central Bank in 1933. The following is the story of the “miracle of Wörgl” as told in The Future of Money (pp. 153-155). ——————————————————————————————————————-
One of the best-known applications of the stamp scrip idea was applied in the small town of Wörgl in Austria in 1932 and 1933. When Michael Unterguggenberger (1884-1936) was elected mayor of Wörgl, the city had 500 jobless people and another 1,000 in the immediate vicinity. Furthermore, 200 families were absolutely penniless. The mayor-with-the-long-name (as Professor Irving Fisher from Yale would call him) was familiar with Silvio Gesell‘s work and decided to put it to the test.
Michael Unterguggenberge
He had a long list of projects he wanted to accomplish (re-paving the streets, making the water distribution system available for the entire town, planting trees along the streets and other needed repairs.) Many people were willing and able to do all of those things, but he had only 40,000 Austrian schillings in the bank, a pittance compared to what needed to be done.
Instead of spending the 40,000 schillings on starting the first of his long list of projects, he decided to put the money on deposit with a local savings bank as a guarantee for issuing Wörgl’s own 40,000 schilling’s worth of stamp scrip. He then used the stamp scrip to pay for his first project. Because a stamp needed to be applied each month (at 1% of face value), everybody who was paid with the stamp scrip made sure he or she was spending it quickly, automatically providing work for others. When peoople had run out of ideas of what to spend their stamp scrip on, they even decided to pay their taxes, early.
Wörgl was the first town in Austria which effectively managed to redress the extreme levels of unemployment. They not only re-paved the streets and rebuilt the water system and all of the other projects on Mayor Unterguggenberger’s long list, they even built new houses, a ski jump and a bridge with a plaque proudly reminding us that ‘This bridge was built with our own Free Money’ (see photographs). Six villages in the neighborhood copied the system, one of which built the municipal swimming pool with the proceeds. Even the French Prime Minister, Édouard Dalladier, made a special visit to see first hand the “miracle of Wörgl.”
It is essential to understand that the majority of this additional employment was not due directly to the mayor’s projects as would be the case, for example, in Roosevelt’s contract work programmes described below. The bulk of the work was provided by the circulation of the stamp scrip after the first people contracted by the mayor spent it. In fact, every one of the schillings in stamp scrip created between 12 and 14 times more employment than the normal schillings circulating in parallel. The anti-hoarding device proved extremely effective as a spontaneous work-generating device.
Wörgl’s demonstration was so successful that it was replicated, first in the neighboring city of Kirchbichl in January of 1933. In June of that year, Unterguggenberger addressed a meeting with representatives of 170 other towns and villages. Soon afterwards 200 townships in Austria wanted to copy it. It was at that point that the central bank panicked and decided to assert its monopoly rights. The people sued the central bank, but lost the case in November 1933. The case went to the Austrian Supreme Court, but was lost again. After that it became a criminal offence in Austria to issue “emergency currency.”
… does it sound familiar? Only a central authority saviour can help people who are not allowed to help themselves locally. Ans as all economists will point out, when there is enough demand, supply always manifests in some way. Even if you have to import it. During the Anschluss of 1938, a large percentage of the population of Austria welcomed Adolf Hitler as their economic and political saviour. The rest is well known history. -
Okay, so who has a better idea? The government of the island of Guernsey does, for one. Located among the British Channel Islands just south of Great Britain, Guernsey is so small that it has been able to stay under the radar long enough to try some experimental financing without raising the hackles of the international banking establishment that is normally in control of such things. When the Guernsey government needs funding, it simply issues the money it needs. In 1994, Dr. Bob Blain, Professor of Sociology at Southern Illinois University, wrote of this remarkable island:
In 1816 its sea walls were crumbling, its roads were muddy and only 4 1/2 feet wide. Guernsey's debt was 19,000 pounds. The island's annual income was 3,000 pounds of which 2,400 had to be used to pay interest on its debt. Not surprisingly, people were leaving Guernsey and there was little employment.
Then the government created and loaned new, interest-free state notes worth 6,000 pounds. Some 4,000 pounds were used to start the repairs of the sea walls. In 1820, another 4,500 pounds was issued, again interest-free. In 1821, another 10,000; 1824, 5,000; 1826, 20,000. By 1837, 50,000 pounds had been issued interest free for the primary use of projects like sea walls, roads, the marketplace, churches, and colleges. This sum more than doubled the island's money supply during this thirteen year period, but there was no inflation. In the year 1914, as the British restricted the expansion of their money supply due to World War I, the people of Guernsey commenced to issue another 142,000 pounds over the next four years and never looked back. By 1958, over 542,000 pounds had been issued, all without inflation.6
Guernsey has an income tax, but the tax is relatively low (a "flat" 20 percent), and it is simple and loophole-free. It has no inheritance tax, no capital gains tax, and no federal debt. Commercial banks service private lenders, but the government itself never goes into debt. When it wants to create some public work or service, it just issues the money it needs to pay for the work. The Guernsey government has been issuing its own money for nearly two centuries. During that time, the money supply has mushroomed to about 25 times its original size; yet the economy has not been troubled by price inflation, and it has remained prosperous and stable.7
How could the money supply increase by 25 times without creating runaway inflation? Price inflation results when "demand" (money) increases faster than "supply" (goods and services). As British economist John Maynard Keynes pointed out, adding new money to the economy will not drive up prices so long as the money goes to produce new goods and services, because supply will increase along with demand. This modification of the classical "quantity theory of money" helps explain such paradoxical data as the "economic mystery" of China. The Chinese have managed to keep the prices of their products low for thousands of years, although the money supply has continually been flooded with the world's gold and silver, and now with the world's dollars, as those currencies have poured in to pay for China's cheap products.8 The Keynesian explanation is that prices have remained stable because the money has gone into producing more goods, increasing supply along with demand. -
Schiff seems like a smart man..that's why it puzzles me when he appears to endorse Trump and we know what kind of ignoramus Tump is...
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interesting
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i own silver since 2010 and peter has been saying its going to collapse for 6 years he is a sells man he dont know shit when it will collapse but eventually it will im still safer with silver then paper dollars
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The earth is flat people, NASA has been exposed in their big lie water does not bend and it certainly can't stay upside down!!! If you can't type that in a search engine you all are morons.
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gold gold gold what the fook are you going to do with gold if there is a total collapse and the shelves are empty i ask ya
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Peter what about investing in Canada stocks?
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The dollar was ready to collapse on March 16th 2008. I personally watched the USDX and Gold with my own eyes on a charting site. USDX was falling (hit 70 or perhaps a bit below that) by the hour while Gold was blasting off (reached 1030 USD per ounce). This was a Sunday. On Monday the Fed had an emergency meeting to lower the overnight rate and start QE Policy... Aaaaaannnnndddd nobody cares or talks about that. If Schiff had dropped that little nugget I believe those anchors heads would have exploded...
This caused the USDX to appreciate marginally to about the mid 70s to low 80s until late 2014 when the oil glut spilled onto the markets (collusion between OPEC and the USA for obvious monetary reasons).
This is why the USD did not collapse and a natural de-leveraging took place and not a USD Collapse. -
Global reset
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lol - Peter is crying about the "fall in real wages" when last year or so he was stating wages must fall
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Burnie sander makes socialism great again lol
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????
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What is up with all the people complaining about Alex 'interrupting'? It's an extemporaneous dialog, Alex is asking important questions that Shiff needs to elaborate more on.
I feel like this election in November is going to blow everything wide open. So hearing Shiffs speculative opinions are refreshing in a sense. I appreciate the engaged interview Alex!
Also, I recently drove through the Texas handle on my way to Colorado and my god the poverty level shocked me! abandoned superstores, McDonald's, pizza hut... you name it... entire towns that looked like they had just survived a nuclear holocaust! The feeling was indescribable and it was certainly a wake up call. The collapse is already HERE and it doesn't look pretty people.
God I wish I could remember the name of that town... "boregore" or something like that... NEVER GO THERE!!!
Unless you're "stepping up" your survival game in a real-time urban combat zone... then go ahead*
I'd love to send a bunch of liberal democrats there and have them deny the state of the economy... while they're being robbed and raped in a place that looks like it came straight from Fallout 3 XD -
Can't wait , we , humans , are the cancer on this planet
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