Posted on 04/06/2025 5:58:27 AM PDT by RandFan
Peter Schiff is a financial commentator & CEO of Euro Pacific Asset Management
[30 mins podcast]
(Excerpt) Read more at youtube.com ...
NATIONAL REVIEW is throwing a fit. That means Trump is doing something RIGHT!
For most of my life, American businesses have been on a downward trend. Jobs were exported. We have no future if we continue down the road of exporting jobs to places with slave labor and government subsidies.
Well... Peter Schiff accurately predicted the 2008 housing market collapse.
But, is he right about this, too? We will find out soon enough.
“Don’t think most people are aware of just how high the markups are on a lot of Chinese and Asian imports.”
oh, i know all too well.
our company will ultimately need to cut down in margins as one of the parts to adapt to this environment.
the combination of tariffs, our competitors etc.... will ultimately force us to trim some margin off somewhere.
or our competitors will
Story line mistaken beliefs waders required.
I dont like it and think a distinction is in order and must be made.
The Never-Trumpers do what they do but Rand and myself are never say never Trumpers and support him on most things
It sucks we keep their company on this issue and it’s doing me no favors here. Look at the threads hundreds of you arguing with me I can’t keep up :D
Re: 1 - just one viewpoint from Schiff.
I’ve already seen from posters doing some buck passing saying that Deep State, NWO, Soros are the ones causing the market declines. Yeah, okay, whatever.
Very little “buck stops here” attitude am one some posters.
How could it suck already for anyone?
Much of this depends on the factors that go into am purchase.
If price is a consideration, China made, etc products are going to be hard to beat.
The markets are roiled open the newspaper (if anyone gets one anymore :D)
The motor vehicle industry needs to be financially balanced by nation.
Think American engines and batteries in tariff-free exchange for Mexican wire assemblies, carburetors, car seats, etc.
Car dealers, Ford, GM, Toyota USA, etc. might have to use a special banking system that would have no ability to send US dollars out of the USA.
How would Toyota USA take out its profit and send it to Japan? Cars assembled in Kentucky!
“The markets are roiled open the newspaper”
The recent stock market losses are the estimation of the rich of how much the working class of the USA stand to gain if Trump is able to carry out his plan.
Yup, the working class stand to gain trillions!
We'll have to wait and see if these tariffs are effective in resolving our trade imbalances or not. My personal view is that trade imbalances are not necessarily bad. Government spending is by far the greatest impediment to a thriving economy. And while that is being addressed by DOGE, it looks like Congress will not be going along with that.
Longer term, as the tariffs impacts help bolster American purchasing power it might be a different, but American consumers have been hit hard by Bidenomics.
“Many of you claim companies like Nike (Peter uses this example) are really going to open new factories in the United States as an end run around tariffs considering the costs involved and the labor?”
It might cost Nike $2 more a pair to make them in the USA.
It’s time Nike contributed to the heavily black communities of the USA.
“Government spending is by far the greatest impediment to a thriving economy.”
Government deficit spending is necessary to make up for trade imbalances.
Otherwise, the Chinese, Japanese, Koreans and other foreigners would wind up with an ever-increasing percentage of the dollars.
Millions of voters must be moved to payrolls and away from the Democratic vote-buying troughs.
I have noted before . . . tariffs fail if they are successful.
It’s about tariff revenue, trying desperately to address the $37T debt and its interest at 3.4% composite rate.
If factories move to the US, then the tariff on those products fail to generate revenue, because you were successful moving the factory to the US.
Or if people stop buying the product because the price went up, then again, you stop collecting tariff revenue and fail to address the $37T debt and its interest.
So tariffs fail to generate revenue if they are successful in ending the buys of foreign made products.
Which is more important? The debt. And compounding interest. Overwhelmingly so.
“It’s potentially a disaster.”
lots of things are potential disasters ... the Kennedy-Khrushchev missile crisis was a potential disaster that could have ended in nuclear war ... but Kennedy stood up to Khrushchev, Khrushchev caved, and the Soviet Union failed to install nuclear missiles in the western hemisphere ...
some scientists believed that there was a finite probability that setting off an atomic bomb could result in a chain reaction that would consume Earth, but the bomb was built, tested and dropped on Japan and WWII was thereby ended without several million more people being killed ...
sometimes great nations and great leaders have to take great risks to survive ... only second and third rate cowards and pussies refuse to take great risks when needed to survive, in which case the result is a slow slide into oblivion ...
thus, there are two choices in such situations: 1.) take great risks to either survive or possibly fail, or 2.) do not take great risks and slowly fail anyway ... great leaders know what to do in those circumstances and do what’s necessary to survive ...
I recently finished watching Season 3 of “The Crown”.
Great Britain was laid low by trade deficits of 107 million pounds [over an unspecified period]. That adjusted for currency, inflation and population would be ~$15 billion [over an unspecified period].
Princess Margaret charmed LBJ for about $1 billion [1967 dollars] to keep GB afloat.
We are in far worse shape than 1967 Great Britain.
Schiff is a stopped clock.
A perma-collapse marketer.
Nike needs Americas business. So if Nike passes the tariff costs onto US consumers….consumers have the choice to buy or not buy. If they buy…. Then its good right? If they dont buy ,Nike suffers…. Thats good for the US too. Nike (and alot of companies) will not hammer a consumer base into submission…. That would be silly. Some will simply find a happy medium…. Some will indeed invest in American production …. Some already have
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