collapse five years into this crisis let's go to one of them the man who needs no introduction peter schiff radio dot com peter welcome back to the kaiser report thanks for having me on max all right peter schiff first of all i want to get into a simple question what is the exit strategy for these central banks that have taken on hundreds of billions of dollars of bad debt they have no exit strategy that's been my point from the very beginning when the fed first started talking about an exit strategy back in two thousand and nine i wrote a commentary and i said there was no exit strategy to the fed and checked into the roach motel of monetary policy meaning they could get in but there was no way to get out because the fed is the big buyer in the bond market they are pretty all this money they're buying bonds they're buying mortgages they have trillions now they're going to grow now by a trillion dollars a year how can they possibly withdraw that liquidity how can a cell wall those bonds and all those mortgages who's going to buy them right now peter were saying the same thing all over the w

cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that we they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks it's it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest bidder once you start that game then it's like well can i blame the bankers for playing that regain to their advantage you know it's like if you want to kill the steak you got to cut off the head and the head of the snake is the government and the federal reserve and their power to create money out of thin air and the regulations and the taxes that they impose on the economy to benefit their friends and punish everybody else so it starts at the top and if we take away the power from government then the bad banks will fail and competition you know will be allowed to work and we'll have

peter schiff, europacific capital.d you ever want to know what happens behind the scenes at the fed or go off about its policy? you may be able to with former federal reserve chairman paul volcker. that is one federal reserve chairman i think even peter schiff would like and come to spend the day with. i don't know if paul volcker would like that. you would have a chance to do this. liz: you could go fly fishing. right now bidding at $3500. robert wolf of 32 advisors? have lunch with him and bill ackerman of pershing. keri kennedy coming up, she is supporting the robert f. kennedy center. it is all for a good cause. stay tuned, believe it or not rivals apple and google are partnering up. david: no. they hate each other. liz: could this be the first of many dances between the two tech giants? doubtful! shibani joshi will have details. stay tuned. ♪ [ engine revs ] ♪ ♪ [ male annncer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho,

say there's no inflation but yet it's right there on the on the fed's balance sheet an argument peter schiff makes repeatedly now he's getting into hot water because people say wait a minute peter you're wrong because after all when i buy a computer is the same my apple computer is the same price as i paid last year the inflation so isn't inflation on the books of the how does it how are they going to get out how does how does a bank of england and the fed on wind. i've asked myself that question many times and the way that this story. the inevitable what they'll have to do is by this operation twist is because you in order to extend the maturity of your your skin that's all it can be called. in order to extend the maturity you have to sell your short dated boy longer dated and i read somewhere that they're running out of things to sell in order to buy long you know and you think ok so that means that they're trying to buy time there aren't enough debt assets for them to monetize almost to do what they want to do ok but sandeep we have a bit of a conundrum here because keeping a low zero int

i do not know what people think would be disrespectful or rude about my interview with peter schiff it was a very fair interview yes we asked peter about his calls for hyperinflation because they have not materialized the way that it seemed to us that he had indicated in the past and we think that they are premature and we gave him time and the opportunity to respond and say that he hasn't always said that hyperinflation is going to happen he says that it could be one of the outcomes now we always try to be fair to our gas and respectful asking challenging and pointed questions in my book qualifies as such now in a back and forth surrounding the peter schiff interview while we're on it doug mcclure twelve thirty four was responding to another viewer said do you even know what happened that day if you do then tell me how she referring to me was not talking for shad lock and he's talking about her she he is talking about. my interview with peter being influenced by mike shylock who had written a post about how he was asked to be on a panel with peter and it fell through so i don't need o

. >> now joining us on booktv is peter schiff, he is the author of the real crash, america's coming bankruptcy. how to save yourself and your country. here is the cover of the book published by st. martin's press. what do you think when you talk about a government goebel? >> let's go back. we had two big bubbles, we had the stock market bubble because initially the chief money supplied to the economy by the fed and the stock market has had a lot of the crazy stock is replaced by a larger bubble in the real estate in which we expanded this economy based on all of the false rules while people were spending money that they don't have come in and we have a lot of consumption and employment that was a function of the wealth. that bubble burst and now all of the achieved money that the fed was creating was going into the government through the bond market. the government was able to borrow enormous amounts of money and all true low interest rates thanks to the fed coming and now we have an economy that is dependent on all of this excess government spending in the cheap money and you can see it in th

people believe and reality want to throw at me to say that this sort of issue that mike may have of peter schiff and he should stop using us as a hologram or for his own issues with peter that's not a problem mike that's your issue alright alright we've got to go to make sure we're out of time but thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can a like our facebook page give us feedback on you tube catch a shows you missed also you can see it's an eight on hulu and from everyone here thank you for watching and have a great night. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you don't know i'm tom harvey welcome to the big picture.

people believe and reality i want to draw images so that this sort of issue that might have a peter schiff and he should stop using us as a hologram or for his own issues with peter and i don't that's not a problem mike that's your issue all right go right we've got to go to major we're out of time but thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster uchenna like our facebook page give us feedback on you tube catch a shows you missed also you can see as an aid to date on hulu and from everyone here thank you for watching and have a great night. download the social implications so true if you like stream quality and enjoy your favorite. t.v. is not required to watch on t.v. all you need is your mobile device watch on t.v. any time.

believe and reality want to throw at me just say that this sort of issue that mike may have with peter schiff and he should stop using us as a hologram or for his own issues with peter that's not a problem mike that's your issue alright alright we've got to go to make sure we're out of time but thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lester you can like our facebook page give us feedback on you tube catch a shows you missed also you can see it's an h d on hulu and from everyone here thank you for watching and have a great night. the speed. of. her. live. with. please be so good luck. lists. and. i. find i'm a little. slow . live. to speak the language. for programs and documentaries in arabic in school here on. reporting from the world's hot spots fifty ip interviews intriguing story for you. live in trying. to find out more visit our big teeth don't call. list. he is under siege splay destruction without seeing. what could have been. yes ruins. saved by a great sacrifice. understorey and by human jets it

issue that mike may have of peter schiff and he should stop using us as a hologram or for his own issues with peter that's not a problem mike that's your issue alright alright we've got to go to make a right of time but thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster uchenna like our facebook page give us feedback on you tube catch a shows you missed also you can see it and on hulu and from everyone here thank you for watching and have a great night. see . destruction see. what could be just really. you say great sacrifice you start. by human jets it's. a remarkable reminder of courage and selflessness. putin is a more people. listen to the russian side. pluck. pluck. pluck. live. lead. it as. if. actually i actually .

challenge him pretty robust legal so on our last show i was so so so ridiculous because we had peter schiff on the ok we challenged him and so i got a lot of flak from people but so i learned you know if you know what you're like it's america i'll tell you something the difference between theory and what people believe and reality want to throw at me to say that this sort of issue that mike may have of peter schiff and he should stop using us as a hologram or for his own issues with peter that's not a problem mike that's your issue all right all right we've got to go to major right of time but thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster uchenna like our facebook page give us feedback on you tube catch a shows you missed also you can see it and on hulu and from everyone here thank you for watching and have a great night. yes i see. destruction when i see. what could be just really. save a great sacrifice. and you understand why you. are going to college something that. you think it's a. joke or someth

this is fun because we have dimitri to add his wisdom to intervene peter schiff this week about his hyper inflation predictions which he's been calling for since at least two thousand and eight and dominic's kaleri tweeted me to say sorry capital account i listen to shift almost every morning and he's always said hyperinflation is a worst case scenario so you measure what you think about that i mean that is true but i guess the question is how long can you kind of qualify such a bold prediction well where you get need to be called out on it i mean i don't know exactly that specific thing but i think where i think peter shifts and i can sympathize with me and i made this mistake as well in two thousand and eight i give too much credit to the increase in base funding. not enough to the effect of the banking system and bank lending and additional forms of affectively what is money so i thought that we would get inflation a lot sooner or with greater. expansions another was so i think there is room there for her in the future and i think we're all right when we don't criticize which that's a

liz: peter schiff says the coins themselves, wait until you hear what he has to say about that. fiscal cliff, that is what all investors seem to be hearing. partly because of the media. take ethan allen for example. retail expanding overseas keeping most production here in the usa and an added kicker, recently announced a special one-time dividend. it is related to the fiscal cliff, but chairman and ceo. $0.41 special dividend payable december 20 and $0.09 dividend in january payable december 20. he fast tracked it all. why? >> it is for stockholders. we have to make sure we take care of all the stockholders. increased our retirement 401(k) payment retirement for our employees by 20%. this makes sense. liz: is a directly related to the tax break on dividends? >> absolutely. we're fortunate we are in a position to do it. $100 million in cash. the relatively smaller amount. $12 million i think it makes good sense for us and also good sense for the dollar, going to get texas. it is an interesting situation. good for stockholders and also good for the public. liz: the calendar shove