🔴 The Debt’s the Problem. Not Raising the Ceiling Is the Solution - Ep 889 

"The debt ceiling keeps going up because we never pay the bills." - Peter Schiff So much wisdom on economics.

My lifelong buddy is a 38 year govt hack. I quote him : "We think you people in the Private Sector are complete chumps." He makes $165k a year with amazing bennies & time off. He has a govt car. Beautiful home & awesome vacation home in Maine. He barely got through high school. For the first time in my life I have to agree with him. We are chumps.

Not raising the debt ceiling will be the final nail in the coffin of the U.S. empire.

This man know so much - Gotta love Peter Schiff

And here's the problem. With the Foreign Account Tax Compliance Act, it doesn't matter where we move, we will still be compelled to pay confiscatory taxes.

The Peter Schiff Show has become my therapy in the last few years. A dose of sanity in an insane world.

Thank you Mr Schiff, and just so you know we love the history lessons! Feel free to throw them in there and go into as much detail on them as you wish!

I had a conversation with my grandfather about the future currency crises. He told me he would be dead by the time that happens, so he didnt care. And I was like, yeah maybe, but your kids and grandkids will be stuck dealing with the fallout. His lips tightened up real quick. It disgusts me that this is how low our citizens think and feel about the state of our nation. Too me, his attitude is soft treason. Too allow your government to enslave your own flesh and blood, and over what? Free money wrapped in the veil of higher virtue? It pains me deeply what this country has become.

You are so right. These idiots don’t care what happens to America.

This was the best lesson on debt so far.

Thank you for the History lesson Peter.

I'm still a believer in gold and silver

Jordan and Peter! That will be amazing to listen to! You are some of my first go to people on RU-vid! Thanks!

I LOVE when Peter goes into history, dates, and events that happened. Still revisit all the old radio shows often!

It's so unfortunate that few people take this guy seriously. He makes more sense than anyone in D.C., except for Ron Paul.

Peter is a modern day Paul Revere Patriot. Thank goodness he is spewing the truth!

Jesus Peter this has to be one of your best ever videos. Loved all that history you threw in. Brilliantly educative. Thanks very much.

Politicians in their make believe world, just raise the limit, with no intentions of ever paying a dime back.

Just bought another 10 oz gold eagles $7 over spot ! Good auction ! thank you Gold and silver physical only 38yrs !

When someone is in over their heads and yet tells their loan shark they need to lend them more money or they're not getting payed... is usually when they lose their ability to walk. And that's if they're lucky.

A few years ago Netflix said they didn’t care if people piggybacked on their friends. 😮

This is one of your best podcasts ever, Peter. Thank you for staying consistent for all these years.

My friend. Mexico is America.

OMG your opinion about the border wall is exactly what I was saying all along! I am from a former communist country and people were not allowed to leave it. Many people were finding very creative ways to get out and they did

I believe Mr Schiff will be one of the greatest economist in our time!

We lose money on every sale but we make it up on volume 😅😅😅. The first time I heard Pete say that was in a speech titled why the meltdown should have surprised no one. It could have been a stand up routine as both Peter and the crowd were laughing all the way through

Certainly! I understand that living expenses and taxes can take up a significant portion of one's income in the UK, which can limit how far that income can go. Even 100k doesn't get you very far. So, what do you believe defines a person as being 'rich'? Is it simply being able to live comfortably above the standard and being financially secure, or does it also include having the ability to pursue expensive hobbies and travel frequently?

PETER KEEP THE LIVE PODCAST IT'S BRILLIANT THANKS 👍👍👍👍👍

Another informative podcast. Thanks Peter.

Term limits would solve the congressional self-preservation behavior at the expense of their constituents. Funny how we never see the notion of term limits raised in the 3 branches of government. 🤔

Peter is absolutely correct. Congress needs to do something NOW to stop the spending. This is getting so ridiculous. No more of this “over 10 years” nonsense.

Wow, just finished listening to JP before this podcast and he announces a new episode with him. F*** Yeah!

Thank you Peter great show. Depressing. Thinking about escaping CA.

Peter, you are a true patriot! This country needs more patriots like yourself. God bless you and your family.

Mr. Schiff's point about countries "making it illegal to leave" isn't far-fetched. Although the Canadian Charter of Rights and Freedoms gives Canadians "the right to enter and the right to leave Canada", tens of thousands of Canadians were either quarantined, fined or jailed when trying to get back into Canada without having correctly filed a government mandated "ArriveCan" app. Scary.

Peter could be the next Rush Limbaugh. I wish he would start interviewing candidates.

I have said for years there is no debt ceiling in this country. Only a debt elevator!

buckle up kids its about to get bumpy

Soldier on Peter.

Thank you Peter! You mentioned that your generation is going to be the bag holder, but it seems to me that the younger generations that will have to clean up the mess are the real bag holders.

Wow! The last half took the game! Fantastic analysis...forthright and honest...thank you! Especially the section on the wall... interesting perspective and correct!

Peter Schiff and Gerald Celente give it to you straight!

Bless you for keeping live chat replay

I appreciate Peter Shiff for his illumination about the history and effects of, affirmative action, reparations, slavery, the the founding documents, the history about the colonies, the history about Thanksgiving, the history about Presidents day. That information should be for sale on a CD disk!

Thanks you for your wisdem and vision 🏆🏆🏆

Thank you for your logical message. We elders OWE it to the yoots, we allowed the situation to occur!!! I have been screaming for over 30 years about the KABOOM, no one listened to me..

Its called the American Dream because you have to be asleep to be in it. 😂

Thanks a lot. I’m even more pissed off about this pos government!

Your opinions on Bitcoin aside this is the reason I listen to all your podcasts. Much love!

Thank you Peter!! Greetings from Sweden!!

Hola y gracias por todo los datos que nos estas educando 🎉

You are spot on.

Treaty of Versailles, from WWI, did indeed create WWII.

How on earth can the stock market go up while the Federal Reserve is raising rates? It should be impossible.

Thank you very much...

Thanks to Peter for very informative talk！ from Tokyo (^^)

Very educational show, today.

Thank you .. great show ..

Thank god for Peter

i'm 15 mins in, and just have to say, spot on. so accurate about IPOs.

Peter as usual Brilliant information and financial education BIG THANKS PETER YOU ARE THE BEST. 👍👍👍👍👍👍👍

Thank you

Great Insights !

Wonderful podcast Peter 👏🏿 love from London

Thanks Peter, you're still the best in your field! (At least the most logical sounding).

Bravo Peter. Keep up the good work. People are listening.

Thanks Peter 😊

love this guy

YEAH Peter!!!!!!!!!

Really good info here. Thanks

Thanks for the History lesson.

Glad to hear you’re doing an interview with Jordan Peterson. Saw his interview with Roy Sebag recently and was thinking he should sit down with you. Love to see it. Thanks for all that you do - much appreciated.

Not raising the ceiling is going to happen. I love the talk of what should happen. But let’s be honest with ourselves, they are taking the ship down. And Peter I don’t think wants to acknowledge it. His worst accusation of this people is that they are just idiots, when in reality it’s pure evil.

Peter Schiff is very pragmatic. His concepts of business and economics changed in accordance to changing business landscape and the Fed Reserve's policies. He is very spot on - rising stock mkt trend is an indication of the economy in decline, IPO is used to con investors, QE is a casino used by the Fed, raising the debt ceiling is NOT to prevent default, CPI is fabricated and do not include the relevant prices increase, etc. 👍👍 These concepts defy traditional economics theory.

The wealthy may one day leave because they refuse to pay taxes... But they can't take the land with them. And the land is the important thing.

This country will DROWN in debt.

I swear, Peter always surprises me. He's never a coward. You know with all the fake news BS, how sometimes when we can get a bit cynical at times? Well, when Peter mentioned his opposition to building the southern border wall, I was yelling and screaming for my republicans to NOT support the wall for the exact same reason. We had Reagan with "Let's Make America Great Again" and "Mr. Gorbachev, Tear Down That Wall," to Trump, "MAGA" and let's build a wall from Western California to East Texas. Walls bad in the 80s to walls good in the 2000s. Pathetic! Peter Schiff honestly cares. Thanks man!

I am not even close to being a liberal and hate the US debt but here is an article on the possibility of defaulting in debt: Writing at the New Republic, labor lawyer Thomas Geoghegan argued that the public debt clause confirms the original intent of the founders, who gave Congress the power to tax and borrow to pay debts and provide for the common defense and public welfare. Alexander Hamilton wrote in Federalist No. 30 that the power to tax and borrow was established only to ensure payment of debt or to prevent a default, according to Geoghegan. If Hamilton was right, Geoghegan said, it is wrong to argue that the power to borrow money includes the lesser power of not paying the debt. “Nothing could be more unconstitutional under the original 1787 Constitution than for Congress to use its powers to willfully default on the debt,” Geoghegan wrote. “Right now, in the name of original intent, the Biden administration should be in a friendly federal court seeking a declaratory judgment that the Debt Limit Statute cannot limit the obligation of the United States to continue borrowing to prevent a gratuitous default on its debt.”

⭐⭐⭐⭐⭐ What a great show, Peter

Great vid, Peter.

True American, thank you sir

The debt ceiling by definition HAS to be raised. The interest created by bonds doesn’t exist so it needs new money. The current system is a Ponzi

Excellent Peter thxu 👍

I’m not seeing how the government supposedly HAS to pay social security like it’s a favor. When myself and my employer were the only ones who put in for it. Side note…some if not most die before they even collect SS

I've heard this before but it's vital for our generation. Pete is a professor

Once Again Mr.Schiff..."On Point!!!"

Killing it Peter!!

You should make the 28:00 min mark to the 36:00+ min mark a video of itself. Sometimes people just want a few minutes at a time and this is gold .

Yes Peter, every words said is true, the debt is like a ticking time bomb and someday it will blow, that will be too late, that will be the end of an empire.

Teach em' Peter!

Thank you Peter for explaining how the asset inflation, caused by artificially low interests, helps to keep down the CPI.

I look forward to the Jordan Peterson dialogue! Thank you for all you do, Peter!

Classic Peter Schiff 👍👍👍

Great Video.

You are amazing 💯💯

I wish i had a financial adviser like u.

I was told by a friend working at one of these money losing companies that the reason is because they spent massive amount of money on marketing in early years, KNOWING that they will have deficits. After becoming known by public fairly well and generating cash flow, the company will reduce the marketing cost significantly and try to turn their balance sheet positive. That’s the game plan any way. So it’s not exactly as painted by many people that companies believe they can go on and on without generating any profits but one day they’ll go IPO, cash out, and in the meantime let the company default. Or something similar. Nope.

We need 535 Rand Paul’s in Congress. He wants to cut 1.7% across the board and then we would have a balanced budget in 4 years, then maybe we can begin to pay down debt.

*First Republic Bank to slash up to a quarter of its workforce. The layoff announcement comes as First Republic reported that its total deposits fell 41% in the first quarter.*

Great video Peter. Deficit spending right now per the debt clock is 25,000 per second or 2+ billion per day. We owed 1 billion in 1913 and now we’re adding double that daily. 😅😅😅