Peter Schiff Talks Gold Backed Debit Cards

By: Gordon Long & Peter Schiff | Sat, Aug 29, 2015
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Special Guest: Peter Schiff is CEO & Chief Global Strategist of Euro Pacific Capital.

Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkeley in 1987. A financial professional for over twenty years he joined Euro Pacific in 1996 and has served as its President since January 2000. He is also Chairman of SchiffGold, a precious metals dealer based out of Manhattan. An expert on money, economic theory, and international investing, Peter is a highly recommended broker by many leading financial newsletters and investment advisory services. He is also a contributing commentator for Newsweek International and served as an economic advisor to the 2008 Ron Paul presidential campaign. He holds FINRA Series 4, 7, 24, 27, 53, 55, 63 & 65 licenses.

Published 08-25-15
A 21 Minute VIDEO


Financial Repression

"Governments finds all sorts of ways of repressing their citizens and certainly do it for the banking system. In America today if you have a bank account you have no privacy anymore. Your banker is basically an unpaid spy working for the government trying to monitor your activities for anything suspicious so they can turn you into the government!"

"Inflation is a form of repression. If you save in the fiat currency the government creates, it will lose value over time as it orchestrates a deliberate plan of depreciation of the medium of exchange. So therefore you have continuous inflation. Of course to the extent you earn any money the government represses you by seizing a good portion of it with Income Tax, Inheritance Tax, The Payroll Tax etc. There all sorts of ways that the government seeks to repress us!"


Bail-Ins & a Cashless Society

Bail-ins are a function of government deposit schemes which really don't work! When these government insured banks fail, rather than having to just create a lot of money they will resort to the bail-in where they dispense the loses among the depositors. Actually (the later) is the right thing to do! We shouldn't have any government insurance for bank deposits! If you deposit your money in a bank and that bank fails, your deposits SHOULD BE at risk! In fact if we had deposits at risk we would have a much sounder banking system like we had before the invention of deposit insurance during the Roosevelt era!"

Peter Schiff points out that not all countries have these deposit schemes and the ones that don't have healthier banking institutions because now you have the market forces reigning in risky banking activity because "when people have to assume the risk of their deposits they do their homework! Banks then compete with each other based on SAFETY".


Bitgold and Euro Pacific Bank

"I don't think bitcoin is going to work!"

"The fatal flaw of bitcoin is that there is no true intrinsic value there! There is nothing behind it, like when you have gold."

"People find it cumbersome. How do I spend my gold? It is very easy to spend it bitcoin but how do I spend gold? I solved that problem a few years ago at my bank (Euro Pacific Bank).. which is a 100% reserve bank that doesn't make any loans. We simply charge fees for our services."

"Right now our service is a prepaid service ... but what is coming is a one step process. BitGold copied what I was doing. They are now offering the same type of pre-paid debit card that I have been offering for three years."

"What I am doing, and this change will likely take place in the next 30-60 days is we will have the first true gold backed debit card!"

There is much more in this video on coming world of gold backed debit cards.

 


 

Gordon Long

Author: Gordon Long

Gordon T. Long
Publisher - LONGWave

Gordon T. Long

Gordon T. Long has been publically offering his financial and economic writing since 2010, following a career internationally in technology, senior management & investment finance. He brings a unique perspective to macroeconomic analysis because of his broad background, which is not typically found or available to the public.

Mr. Long was a senior group executive with IBM and Motorola for over 20 years. Earlier in his career he was involved in Sales, Marketing & Service of computing and network communications solutions across an extensive array of industries. He subsequently held senior positions, which included: VP & General Manager, Four Phase (Canada); Vice President Operations, Motorola (MISL - Canada); Vice President Engineering & Officer, Motorola (Codex - USA).

After a career with Fortune 500 corporations, he became a senior officer of Cambex, a highly successful high tech start-up and public company (Nasdaq: CBEX), where he spearheaded global expansion as Executive VP & General Manager.

In 1995, he founded the LCM Groupe in Paris, France to specialize in the rapidly emerging Internet Venture Capital and Private Equity industry. A focus in the technology research field of Chaos Theory and Mandelbrot Generators lead in the early 2000's to the development of advanced Technical Analysis and Market Analytics platforms. The LCM Groupe is a recognized source for the most advanced technical analysis techniques employed in market trading pattern recognition.

Mr. Long presently resides in Boston, Massachusetts, continuing the expansion of the LCM Groupe's International Private Equity opportunities in addition to their core financial market trading platforms expertise. GordonTLong.com is a wholly owned operating unit of the LCM Groupe.

Gordon T. Long is a graduate Engineer, University of Waterloo (Canada) in Thermodynamics-Fluid Mechanics (Aerodynamics). On graduation from an intensive 5 year specialized Co-operative Engineering program he pursued graduate business studies at the prestigious Ivy Business School, University of Western Ontario (Canada) on a Northern & Central Gas Corporation Scholarship. He was subsequently selected to attend advanced one year training with the IBM Corporation in New York prior to starting his career with IBM.

Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.

The information herein was obtained from sources which Mr. Long believes reliable, but he does not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that Mr. Long may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Mr. Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from him.

Copyright © 2010-2017 Gordon T. Long

Peter Schiff

Author: Peter Schiff

Peter Schiff C.E.O. and Chief Global Strategist
Euro Pacific Capital, Inc.

Peter Schiff

Mr. Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nations leading newspapers, including The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News, The Miami Herald, The San Francisco Chronicle, The Atlanta Journal-Constitution, The Arizona Republic, The Philadelphia Inquirer, and the Christian Science Monitor, and has appeared on CNBC, CNNfn., and Bloomberg. In addition, his views are frequently quoted locally in the Orange County Register.

Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkley in 1987. A financial professional for seventeen years he joined Euro Pacific in 1996 and has served as its President since January 2000. An expert on money, economic theory, and international investing, he is a highly recommended broker by many of the nation's financial newsletters and advisory services.

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