asians will grow as a natural bribe by product of a free market when you have capitalism and you have businesses investing their profits and you become more efficient you have greater economies of scale real wages are going to go up as consumer prices come down and your standard of living rises the government interferes with that process by creating inflation and by undermining productivity with regulations and taxes so if you want a vibrant economy if you want to see we real wages growing the government to get out of the way ok but you know how full they pay down debt but without wage growth do you think that household debt is going to become a problem again. well i don't think households have pay down debt i think they're drowning in debt the mortgage debt is still there the credit card debt is still there the student loan debt is still there the auto loans are still there we have record amounts of debt and it's not only individuals it's corporations people like to talk about the cash the corporations have yeah but they didn't earn most of it

they borrowed it the corporations have a lot of debt and of course the government has more debt than ever so we're drowning in debt there hasn't been any deal leveraging we'll let we have levered up to the max that's why interest rates are still exist because that's the most expensive rate we can afford now obviously you've already told us what you think of the u.s. economy but where do you see the u.s. economy heading from here over the course of twenty fourteen well if the fed continues with its taper timetable will be back in recession now i don't believe they're going to continue i think they're going to come back with more stimulus which might technically and statistically keep the market out of recession or keep the economy out of recession but in reality i think we're in a depression i don't think the u.s. economy is growing at all i think whatever g.d.p. growth they've been able to manufacture like in two thousand and thirteen according to the government the economy grew by one point nine percent i think it actually contract it i think the only reason it looks like it grew is because the government

is under reporting inflation i think actually the economy could track it meanwhile the only reason that the number got bigger was because we spent more borrowed money but that didn't make us richer that made us poorer because the debt grew a lot faster then the economy so when when the average american doesn't feel the recovery that's because it doesn't exist when they talk about a jobless recovery the reason it's jobless is because it's not a recovery if we had a legitimate recovery we have plenty of jobs for people but the reason we don't is because it's a fiction it is a mirage of recovery created by the fed it's a bubble masquerading as a recovery but the people who are living in the. the economy don't benefit from these bubbles anymore you know the average american doesn't own stocks the way he did in the late one nine hundred ninety s. a lot of americans don't own houses anymore homeownership is now it is at a generational low most people are renting their houses or a lot of people from hedge funds so all they're doing is paying higher rent the

fact that the fed is reinflated the housing bubble doesn't help the renter but you necessarily think that everyone should be a homeowner you know i'd go die i think there are too many people in ohms and they're in over their heads because of government policy i think a lot of people who own homes would be better off renting but i think there are some people who are renting who probably could buy homes but the reason they can't there's because the prices are still too high if the government got out of the way and let real estate prices come down and real estate would be a lot more affordable so that people who should buy homes would and the people who should rent would would but right now the government is is is is screwing it all up right now peter i want to switch gears a little bit here let's go over to europe what is your macro view on your of. well that little bit got a lot of problems too the irony of it is the problems in america are worse you know for all the problems you have in europe and you certainly have pockets you know you have these certain economies that are in very bad shape but you have other economies that are not nearly as bad

a shape but i but if you look at it in totality if you look at all of the countries that share the euro zone euro currency collectively they're not in as bad shape as the united states and yes i think the e.c.b. is made mistakes but not as many as as the as the fed has i mean so. you know you've got to look at him on a relative basis and so you know between the two i don't think europe is as bad but i you know i think there's other parts of the world as an investor that are a lot more compelling than either europe or the united states you know when i look at europe mainly investing in scandinavia and to the extent that i'm also in europe i mean i prefer switzerland which is not even part of the euro zone two currencies that share the currency always both statements for me that's i mean like even i want to ask you do you think the german economy will survive the eurozone debt crisis well or will germany face crisis to. well you know a lot of it is going to depend on how they react to what's about to happen i mean i

think if you look at the way the euro has been trading relative to the dollar despite all of the negativity about the eurozone and all of that misplaced optimism about the dollar the euro has been strengthening you know even the palette i think is at a four year high today against the dollar so it seems that the markets have more confidence in europe now than they do in the united states and i think that's going to continue and i believe that a strengthening euro and as more money flows into the euro currency and as the euro becomes more of a safe haven then the dollar that will that will certainly benefit europe now if this ends in a currency crisis why couldn't we retain money and just run with keynes as bank or idea to stop unsustainable imbalances when he and i mean why not even sure what you're referring to if we have a i think. if we have a currency crisis i mean you know you're going to throw keynes out the window if

you want to and if you want to solve it it's keynesian economics that is you know behind the crisis is following all this this nonsense i had a feeling you'd have that question is the name kansas not going to and i'm going to sell well for an event i had to throw it out there i'm moving right on now gold it seems to be breaking out here what do you think is going on. well i think people are slowly waking up to reality they're not completely away but we have got a lot of bad economic data now a lot of people want to dismiss it and say it's all weather related i think that's just an excuse i think it to date is too bad there's too much of it to blame it on the cold weather but i think people are starting to wake up to the idea that it's not as good as people thought and so people are gradually moving back into gold but i think it's just getting started i think that you still have a lot of naysayers a lot of short sellers in the gold market in fact i think that main sellers are the

shorts who are selling gold they don't even have don't think there's a lot of legitimate gold for sale and i think wall street is very skeptical so this we're climbing a wall of worry here and i think that's very good for the market it's very healthy that the market is going up and nobody believes that gold is going a lot higher i really like and i agree with you about that whether com that's just still anywhere near enough and i want to ask you real quick we have thirty seconds i know you're a gold them but what do you think a big point. well as i've been saying all along i don't think represents a legitimate alternative to gold because i don't think it's a store of value i don't even think it's going to be a legitimate alternative to feed currencies i call that a bubble i think a bubble is more likely popped there's still a lot of air to come out of it so you know if you're looking for an alternative to the dollar or to the euro just look at gold look at silver right i think that the digital currencies are going to do it not until they're backed by gold or silver well peter i'm sorry we ran out of time but thank you always insightful always fun

we love having you on the show that was american businessman investment broker author and financial commentator peter schiff. time now for a quick break but stay tuned because when we return we're bringing you the best of the best from this past week was edward harris and i are tackling your viewer feedback in today's in the margins one of the most insightful things to say from this past week find out coming up. with the new book the market like these policies so you. should have you with us here on t.v.

today i roll researcher. is obviously more for the ladies because it's pink. when they want to do a blink rate they really need to buy guns and learn how to use them. this is the one that i want to go with someone to give us the feeling that. women. definitely the target of the gun lobby you don't kill them when you kill anybody but if somebody would you would just prefer. i'm noticing more and more if that's really scary marketing tactics which implies that women have some sort of moral obligation to own a gun to protect their family and young girls shoot out here too so we do have a pink or. more kids young kids choke on food than are killed by firearms if being armed made us safer in america we should be the safest nation on earth

were clearly not the safest. cholesterol. depression in. the. world. do you prove your life. are you. one of those that's.

welcome back no new york city is drawing up new rules to regulate the virtual currency bit coins and combat money laundering in the process this is all after a large scale attack. by cyber criminals brought down several online exchanges but despite the obstacles the digital currency is continuing to hold its ground artie's lucy coffin off sorry lucy profit off has the story here it is. they've come to speak to mingle and to promote their vision of an alternative financial system and investors businessmen and curious citizens all gathered here in berlin for our conference on what they call the bit point of revolution it's the first digital currency that's not owned or operated by any sort of bank it's guaranteed payment

without a middleman you can buy it with the real currency and online exchanges and that's an extract of option for those who think that today's financial system is in bad need of an overhaul as people see how big coin is used online and they see the advantages the instant transfer of funds the security not having to see your personal data to make these transactions i think a lot of people see these advantages they tell their friends they tell their coworkers they want and they tell the merchants that they do business with it and they expand the sphere of decline and that's a view that seems to be growing more popular nowhere is that more evident than right here in berlin in fact this neighborhood boast the highest concentration of businesses assuption the currency in the world its growing list of bitcoin establishment includes a record shop upline store a boutique and this bar. and here are getting your hands on some bitcoins while

they digitally speaking and busier than ever instead of buying them from an online exchange you can use this big coin a.t.m. to trade your uro's into bitcoins and use that to buy your happy hour drink therefore of course bitcoin isn't without risk and the past few weeks haven't been too kind to the cryptocurrency apple remove the last native bitcoin wallet application from its apps door and the currency saw its third mega crash in the past. few months when the largest bitcoin exchange stopped customer withdrawals because of a glitch in the software of course that led the currency to lose value by a stunning twenty percent just for a day but it's a sign that bitcoin may have a long way to go before it's a safe bet reporting in berlin for r.t. and lucy catherine of. berwyn is your event i said new york my mistake now this past week we had many outstanding guess so it was difficult for us to make a best given the wealth of information delivered by our guests but we've done it

we've accomplished that and we have three amazing clips through from economist paul craig roberts professor annot at money and investment banker chris whelan take a look. i started off by asking roberts if he thought the us whatever default on its debt obligations here's what he had to say. look forward to it can print the money right there either. the us. is a dodge sure we can always pay the spot. all that money printing may go to our inflation and shoot the real value of the body great fall dramatically but there's no chance of them all or all the danger. the country traces. will be exchanged where you call that. lose its role as world reserve currency you see being the reserve currency is

extremely important it means you can pay your bills simply by pretty money i mean other countries can't do that so nice and so it happened for the u.s. . so and so the power of the united states and its financial good cinema over the world depends on the dollar having this role but if they keep printing a thousand billion dollars every year to bail out the banks it's going to undermine that role for the doll and in exchange for the dollar collapse and the power of the united states will decline sharply so backs wired what i think as the fed changing about quantitative easing. if it's not really causing the banks to get well it's merely keeping them afloat that it's dealing with symptoms and not causes but it's threatening the dialogue then the policy doesn't make any sense so

it's possible that the fed is thinking that way i don't know that they are but i've been coding this out to them for several years now and they haven't noticed and that it may have entered their mind and they may be saying well this would be a very serious situation in other words a dollar failure would be worse than the bank trail over five years away from the panic of two thousand and eight which ushered in a crisis deeper than anything we've seen since the great depression banks are back to making record profits and big bonuses are being handed out i want to ask you do you think the u.s. banking system is safe today given what we know. can't it's not it's not the look back at two thousand and six two thousand and six was a record year who would have thought that starting in two thousand and seven everything would start slowly and then and then like implode you know go down like that so you know it's

a very misleading to look at these profitability measures when you take a lot of risk you know and it works for you just like if you speed at ninety miles an hour as long as you don't crash you know your reach fast and your profits are magnified and all of that because you have very little base and but you are taking a lot of risks so we are all these profits there's a lot of risk. spent the past few minutes talking about how the irish banking executives they're being held accountable for their actions during the housing bubble now in the u.s. the f.b.i. warned of an epidemic an epidemic of fraud in the housing market but as far back that was two thousand and four that's when they started warning about it and nothing's happened and in ireland it's occurred just this past week u.s. nothing the question is do you think any american banking executives are going to be held accountable for what they've done during the financial crisis well no i mean timothy geithner the former treasury secretary and larry summers and others basically said that you can't prosecute the heads of the big banks because it would

be damaging to confidence they are afraid of systemic risk and all these other nonsensical concepts so i would doubt it also so much time has gone by and you've had some other changes in the regulatory world that it would be difficult to prosecute officers and directors of these banks and let's not forget citi group bob rubin whole cast of characters from the new york business community all of whom presided over the world to believe the collapse of that bank and nothing was done so i wouldn't hold your breath. that was the best of the week for boom bust and now it's time for in the margin. the margins time with the one the only mr harrison now every friday at harrison and

i put you the viewer in the driver's seat letting you steer the show with your comments questions and concerns all sent to us through out the week via twitter you tube and facebook whatever social media all of them you know now our first comment is from. us lee i think that's a word i'm not sure. who wrote the response to thursday's episode with the honest verify office and my shylock he writes any improvement in the greek economy is a dead cat bounce recent lost their sovereignty and the euro has trapped their economy like a mouse in a cage this dead cat and mouse game is not amusing to the greek people please read the a.p. story greek seaside town highlights unemployment drama by nicholas fighting this fight is published this week greek labor costs in euro are much higher compared with turkey and what do you think about this comment i mean it's it's insightful it was thoughtful but i heard you on a saying the exact same thing basically he was saying that you know this is just

wishful thinking on the part of the europeans that anything is going to happen and it makes a lot of sense to me because i look at it is a big enough fact it's like you know it's a lot easier to have your economy grow two percent when it's already declaw and twenty five percent. in fact that's exactly what we've seen in the two thousand and thirteen was the sixth consecutive year of depression for greece. their economy maybe three percent this past year and it's going to grow zero point six percent next year so when you look at that in the grand scheme of things when twenty percent of the people are unemployed sixty one point four percent of youth unemployment poor. number two i mean it's all relative relative to the exact so the real question i think this is what the comment i was getting into is what's going to happen over the long term especially when you look at greek cost compared to turkish cost or he's basically saying is the euro is a straight jacket for greece the only way out is through internal devaluation the so-called. collateral you know wages and prices and that's really

a depression how much longer can that go on with this sort of like almost no growth situation with people protesting getting riled up about what do you think. wrong i think the ripple i think eventually you're going to see some serious political action. or other parties are going to get in there and we're going to see . something different something always exciting drama definitely if nothing else now our next comment comes via you tube from iron rod rod writes in response to last friday's show featuring chris whelan and jen rogers he says quote free trade benefits the already advantaged in the case of t.t.p. the multinationals at the expense of everyone else read the open veins of latin america by a galley onil and understand how these ideas been used by developed countries to exploit others the secret t.t.p. has been written by the corporations for the corporations simple as that ed you

believe that free trade agreements by design are developed to exploit certain countries. i mean that is already there. quite frankly yes because you know let's go back to paul craig roberts he wrote this book about the decline of laissez faire the failure of laissez faire as what it was called and basically would have boils down to is is is corporatism. really as its design today is really about the vested interests of a larger organization does not like laissez faire in the sense of small little enterprises and competing and so forth it's really a fair. large corporations lobbying in washington d.c. getting what they want it and getting that agenda both domestically and abroad and so abroad in terms of free trade the question is is how can we have some sort of arbitrage between the wages of american workers and the much lower wages of workers somewhere else maybe we should read a galley on his book at the open veins about american. goodness here's

a thank you for your all the time we have for now but you can see all segments featured on today's show on youtube at youtube dot com slash boom bust r.t. we also love hearing from you so please check out our facebook page at facebook dot com slash boom bust r.t. you can also tweet us at aaron aides at edward n.a.s. from all of us here at boom bust thanks for watching see you next time but.

to what extent being held you would doubt the success elf the arab spring depends on the people in that region on the arabs and to what extent it still depends on the big power brokers and seal perceive that on that time the influence of the outside powers is getting destroyed there now because of the absence of a major country like egypt but i assure you the area will not be decided by it on hold by turkey over by russia over by america. in the absence of very potent

this region which is the out of world. did you know the price is the only industry specifically mentioned in the constitution and. that's because a free and open process is critical to our democracy like all voters. will. in fact the single biggest threat facing our nation today is the corporate takeover of our government and across several we've been hijacked lying handful of transnational corporations that will profit by destroying what our founding fathers once it's all just my job market and on this show we reveal the big picture of what's actually going on in the world we go beyond identifying the problem trying to fix rational debate and

a real discussion of critical issues facing america to find different job ready to join the movement then walk away from the big picture. the but. it was terrible a. very hard to take on. once again so long there was a plan that life had never had sex with her make her know. what. it was.

like. one of the beauties of the political. i know c.n.n. the m s n b c news have taken some not slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be accurate. that was funny but it's close and for the truth and might think. it's because one whole attention and the mainstream media works side by side the joke is actually on here. at our teen years we have a different pretty. good because the news of the world just is not this funny i'm not laughing dammit i'm not.

you guys sort of jokes well handled stuff that i've. well in the u.k. welly wearing david cameron is out in the drowning tory heartland throwing sandbags soldiers and cash in totally into the floodwaters but dave all the stick the ball to sheffield cannot stop the rising tide that is sinking all books into your black

hole of debt economy because it's the triple crunch of environment energy and economy and no junk shop can save us now. not even a one four seven will save us day we've been stuck or.

fly a transit route to vnukovo report you'll best way to the heart of mosco. the red machine buckles after a ten round shoot out against a team usa in a bitterly contested hockey faceoff to russia take solace in winning two golds and his silver medal in the days that. denied care every minute may count for a russian pilot in the u.s. jails the prison is refusing him medical assistance r.t. hears from his wife and lawyer who say he's critically ill. and a sliding scale of justice we find out how in israel the same crime could get you time behind bars or not even be investigated. ending on one's ethnicity. played the for. ten pm in moscow.