21 thoughts on “The Next Financial Crisis | Peter Schiff and Stefan Molyneux

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  2. According to national income figures… I fall dead center on the middle of the middle class. My wife stays home, 2 kids are homeschooled. I am fortunate to have the job I have… but it took me 30 years to get there ( I started my career at 18yrs old, a week after I finished high school). I have really good insurance, and my employer matches my retirement 100%… I've only been at this job for 3 years… I spent the previous years working freelance, for the most part. If I did have a full time job… it just meant I was still doing the same thing, but they took taxes out. I had insurance provided by an employer on one occasion back in the 90's, right when the whole PPO/HMO thing was rolled out. Other than that, I went without or paid for my own. When I last child was born, we made the decision that my wife would stay home. She had a good job at the time, but we just felt it was more important to raise our kids ourselves…100%. So we took the leap, and initially it sucked! We struggled immensely. But over time, things leveled out and we always find a way. But life is really just about getting by. We do not really take vacations… maybe once a year we drive down to the family reunion. But thats it. My wife's parents pay for one extra curricular activity for each kid (soccer, swim lessons, voice lessons, etc). We have a reasonable mortgage payment on a house that was built in 1964. We have two cars. I always get the old paid off one, and my wife gets the new one. We do not spend much on material stuff. We do not eat out a lot. I do most home repairs myself. We don't spend money on hobbies. We are the most frugal people I know. If are able to do something special… it's usually because we got a gift card for a birthday or Christmas or something. I am a live sound engineer. I have a small sound company on the side. My shop is behind my house… I built that myself. I amassed my equipment very slowly over the years. I was actually given about half of my gear from a former employer, when he retired. I have no overhead and the gear can sit there, if I'm not using it, and it doesn't cost me anything… But over the course of a year… I do a handful of gigs with it.. So it's a little extra income. But that money invariably comes in at the moment something breaks, or the kids need something. Which is cool, but it's never able to go into savings. I would do more with the gear, but my regular job keeps me busy. I'm basically planning to use that gear to keep working after I "retire". I feel like we hang on by a thread… every day is just hustling to get by. In one sense I feel completely blessed, because I know so many people are much worse off than me. We do not have huge debt… We owe on the house, and one car…. We have two credit cards… One for Firestone, for emergency car stuff… And one for Kohl's Department Store, just in case we need emergency clothes for a funeral, wedding, or something specific for the kids. We keep those paid down, and rarely use them. I feel like we do everything just about right. But if I lost my job tomorrow, we could only survive 4 to 6 months on what we have saved. And even if we never touch that savings and keep adding to it like we have been… it still won't be enough to maintain what we have into retirement. Even if we pay off the house and cars, and don't have any debt… we still won't make enough to have any kind of real retirement. And then I think about what my kids have to look forward to… one has completely bought into the politically correct brainwash cycle, despite our best efforts. The other is very independent, and sharp… and kinda naturally understands the world, even at a young age. So one will likely expect to be carried along through life, and one will probably be able to function on their own. But either way is there going to be anything left for them? My only focus in life is to wake up everyday and do good things. I work hard and spend time with my family. Thats pretty much it. I try to keep my kids engaged in things that don't involve looking at a screen 24/7… I stay busy around my house trying to make it better for everyone. My wife and I both wrack our brains trying to save an extra penny, and we both work equally hard in keeping our little world going. But it just starts to seem futile at some points. I was raised to be a hard working, proud American. My dad was in the Air Force.. I grew up in the Civil Air Patrol… I bought into the all the American dream stuff that my parents dished out. And now, literally none of that exists anymore. I'm 48 years old… I've been doing what I do for 30 years… I'm good at it and it's all I know…. I've just about peaked out in my industry. It's kinda too late to change course now. And what would I change to anyway?… It is absolutely frustrating to work this hard, for this long, and believe in something that was a total crock of shit. I was a touring sound engineer for most of my career… I saw the world… and got to do cool stuff… But this job is very physical. My body is shot. 25+ years of loading and unloading semi-trucks… working 20 hour days doing concerts etc… It's not a glamorous life. My back is bad, my ankles and shoulders are done. Thankfully at my current job, I pretty much just sit behind a mixing desk. But again… to put myself through all this… and have no light at the end of the tunnel is just mind numbing. This country has just turned into crap… and there is no making it better. The days of waiting to get a better president in the White House are long gone. Presidents don't mean jack anymore. We are basically manipulating our economy to stretch out the ride a little longer… and most of us live in total denial of the inevitable.

  3. The expected lifestyle was much lower in the 50's. Now we want everything NOW so both parents have to work. The entire mentality was different back then. Most people today could get by will as lot less but sacrifice and saving is a thing of the past. Its not just economic considerations, its personal choices as well. Most educated jobs pay well enough that only one parent needs work but we are addicted to materialism. Hence the massive debt even with both parents working..

  4. Ask us what fun inflation is, here in Argentina we bathe in inflation, we eat inflation, we breathe inflation

  5. White people are having 1.7 children less than replacement rate, The rest of the population are having 7 to 10.

  6. From the actual history, there's a recession or similar every 3 to 5 yrs over a span of decades. You can't set your watch by it but it is close.

  7. If I had it my way, my baby boomer/bachelor self would have been allowed to die of natural causes at the age of 48 instead of my near dead body self being taken to hospital. I followed procedures and advice by the educated people before then. I am permanently damaged in some areas that forced me to leave that field. I had more money to give to nearest relatives. Education is just another business. Personally, I had disruptions, but I have advanced education. If I could go back in time to whenever was my last best day to walk, I would go for a long walk to the woods, and let nature take its course.

  8. The Government is doing the same old as they have done in the past. A book called the Great Deformation by David A. Stockman proves it.

  9. selling doom and gloom is profitable, he sells gold, if the dollar crashes Schiff is golden…literally 🙂

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