Peter Schiff - The Fed Unspun: The Other Side of the Story
Economy | Information | History | Online | Facts | World | Global | Money
"Ben Bernake fancies himself as a student of the Great Depression," says renowned investment broker, global strategist, author, and Austrian economist Peter Schiff, "but... if he were my student he would have gotten an F." During a lecture entitled "The Fed Unspun: The Other Side of the Story", Schiff responded to Bernake's recent four-part college lecture series, rebutting many of the Federal Reserve Chairman's claims about the cause of the housing crisis, the role of the Federal Reserve, the value of the gold standard, and more. Cosponsored by the FreedomWorks Foundation and hosted at Reason Foundation's DC office on March 29, 2012, the lecture was followed by a lively Q&A with the assembled audience, including students who attended Bernanke's George Washington University lectures. Shot by Meredith Bragg and Jim Epstein. Edited by Swain. Additional help from Anthony Fisher. Approximately 1 hour and 26 minutes long. Go to Reason.tv for downloadable versions of this video and subscribe to Reason.tv's YouTube channel to receive automatic notification when new material goes live.
Comments
-
1:20:00 Member of audience asks why banks aren't lending out the trillions of dollars of reserves they have accumulated. Schiff misses the basic error in this statement: banks don't lend from reserves and never have. Banks create credit as an asset/liability on their balance sheets and merely use reserves at the central bank to make payments between each other. Banks only lend reserves to each other, not to the rest of the economy. The only way bank reserves enter the economy is when they get converted into physical cash by customers withdrawing money from ATMs.
-
Mr Schiff at the top of his game. Absorb every word.
-
This is a fantastic presentation. I've watched it a few times over the years. It should be mandatory viewing for anyone studying business/finance/politics/economics, and for any socialist authoritarian who believes greed and profits are to blame for societies problems.
-
I think I agree with taxing consumption. People got to buy stuff. But don't rich people, especially large corporations, store their income overseas? How does that help America?
-
The Federal Reserve is a corporation created by Congress in 1913. The banks own it and control it, with over site by Congress.....sort of.
-
What products do banks provide? DEBT. What does the FED print DEBT instruments. Why do we have the fiat money and DEBT, so we can pay the government taxes! The FED loans money to bank the banks loan that money to you and round and round...
-
Hey how can we get DVD copy's of this to spread the word to our friends family's and other Christians that understand what our government is doing?
-
You know what sucks?... 67,000 people have watched this video. But its contents materially affects the entire world population. Justin Bieber has 60 million followers. Whats does that say about our world? Depressing.
-
My right ear feels lonely.
-
thanks for the education
-
This is one of Peter's greatest speeches. This explains a lot of what is going on.
-
The historian Frederick Lewis Allen explained much in his book 'Only Yesterday' published in the early 1930s. What Allen understood that most economists somehow fail to see is that the main driver of our boom-to-bust economic experience is our dysfunctional land markets. Actions by government and the central bank have exacerbated but have not caused recessions and depressions. A number of economists who have focused on "land market cycles" go back to the insights of Adam Smith and Henry George who saw that the privatization of the rent of land (i.e., of assets created by nature, not by us) acts as an enormous stress on economic activity. The result is to encourage the hoarding of land and land speculation. When fueled by easy access to credit the stress is that much greater.
And, yes, the Federal Reserve by its actions made matters worse. After the crash of 2007 the Fed has set the stage for yet another land market surge and crash. The next one will be that much worse because the so-called recovery has been extremely uneven and has not helped many people below the top 10 percent. -
lol...bartender..
-
Someone has got to be wrong. And It definitely isn't Peter Schiff
-
Someone has got to be wrong. And It definitely isn't Peter Schiff
-
Oh by the way, Peter has been pretty much WRONG on every account in the past 3 years. I used to pay $3.50/gallon 3 years ago, and I'm still paying that. Dine out has just gotten a whole lot cheaper, with Groupon, Restaurant.com, Living Social...etc. I've never paid a full ticket price at restaurants for a long time. Yes, grocerry shopping's gotten more expensive. But there are still deals. I'm a young person, and do not have medical bills, so I don't know how it'd have been trending if it was applicable. But yes, I do believe, it's on the rise.
-
Fast Forward to 06/01/2014. Interest Rate has steadily declined to 2.40% INSPITE OF Fed's decision to taper down, 4 times already. This again shows Peter is wrong. Don't get me wrong, I do invest in Gold, and plan to hold it for the next 30 years. I do believe what Peter's saying will eventually come true, but just not anytime soon. The world is simply NOT ready to abandon Treasuries and give a thumb-down on United States, because the mess everywhere else is just so more more severe.
-
Great video but 360p....
-
This man is a loon! How the devil is he so popular? Do people really think that the federal reserve is the cause of every problem and the free market will magically solve everything immediately? Economics isn't that simple. If anyone actually wants to understand economic history read something from actual economists who spend their lives researching this stuff like Barry Eichengreen, Charles Kindelberger, Michael Bordo, Ken Rogoff, or Milton Friedman's great monetary history.
-
Come on.... There is no denying Schiff is a great talker, and very charming and fluent. But, Bernanke's education.... he has spent his entire! academic career writing and thinking about the great depression.
0m 0sLenght
1164Rating