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this is infinite transcendence hello again and welcome infinite transcendence today I want to talk about a fan requested or a viewer requested hopefully his fan I guess he's a fan fan requested video about the economy about Peter Schiff things like that I still can't figure out who this person is because I like who else knows I like Peter sugar know some people who do but all people I knew I asked they weren't that person but yeah I like Peter Schiff I don't talk about my economic viewpoints I talk about fine is I don't get into my economic viewpoints much I've no problem talking about but I talk more about personal growth and but I do I'm a libertarian I believe in free markets I believe in individualism and making personal choice making the best choice taking personal responsibility for your actions making good choices as you can tell by this channel I believe in doing things like that so I believe in a free market and as you know our society is not a free market we're very government influenced have a large government a large central government we have tons of debt lots of inflation lots of money printing tons of rules tons of regulations things like that I don't delve into it much I'm gonna start talking about it more is it really a highly searched for thing on YouTube and a lot of people asked for it so I have no problem talking about cuz it's actually one of my hobbies to talk about so I'm gonna dump into that now and also my general viewpoints on the economy and then I start talking about other specific topics more so later but to kind of get my foot in the door with it so like I said before we have a large centrally controlled economy now I know some people I'm gonna try to break it down I'm a try I try to keep things simple because a lot of viewers might not be economically inclined or might not just be into it they may be younger or older and I know your average person doesn't really think about it too much so what I mean when I say our economy is our society is centrally planned well what I mean is basically this you have two main types of society of two extremes our society was once based on freedom and individual choice we had an individual free market meaning there was no central authority setting interest rates that was setting we'd have the high taxes and high regulations we do now we had a free market you know if I want to sell my labor if I want to sell my labor for five dollars an hour and you want to buy my labor for five dollars an hour you can do it right now that's illegal because the minimum wage law so if I were to sell my labor I'm an employer but let's say I want to sell my labor for five dollars an hour and their employer wants to buy it he can't because it's a illegal so I have to take the job he hasn't give me the job at I don't know what is the minimum wage right now 750 $8.00 I don't even know but it's somewhere around there I've been paid attention in a while 750 $8 whatever it is let's say the minimum wage is $10 an hour if I can't if I don't have the skills to to have $10 now worth of productivity I can't work I'm now unemployed I not have to turn to crime or welfare I'm unemployable or I guess work under the table but that's what these law that's what these kind of laws do so when you hear people talk about the laws being bad or good this is the kind of things that a lot of these laws we have now they don't take into account human behavior in human choice and unintended consequences a moral hazard is anything with health care laws and people know they can get health care after they get injured or sick they don't have an incentive to get it beforehand because like for me I mean I'm a young man I'm a healthy young man so for me there's really no incentive to get health care early on I just pay for years and years in advance because the chances of me having a serious issue pretty minimal and if I do have an issue I can just get the insurance and then pay for it and then move on now of course for an older person or a woman because women have kids and women go to the doctor a lot more than men do until men get older it's a better deal for them because they're being subsidized by the other party see these kind of things they don't say directly they just say we're gonna pass a law to help everybody but the law doesn't end up helping everybody ends up causing more problems in the long run because of moral hazard because the other impacts it has on the economy and in terms of my political views I cuz I'm a libertarian I in terms of the elected candidates I don't really care for much of any of them and the people like because you know we had Obama for eight years and of course with the whole black thing people say if you're not you know if you criticize Obama they say well you know you just hate black people or you know you're an Uncle Tom or something like that believe me I don't like any of the Kennedys that much I have people I liked but I know they're never gonna get into office because their viewpoints are gonna be popular nobody wants to cut down on anything that would significantly reduce the debt and spending we have and I'm aware of that and only thing I can do is prepare myself and I recommend all to prepare themselves for an things get worse because already going we're already in a lot of debt we have a lot of issues now and I want to point out that a lot of things that politicians promise there's no free lunch because they can say they're gonna take it for me or they can say they're gonna get it for free it's never free because they take it from me that hurts my ability to invest and grow a business and hire people and they'll say if it's free or what they'll do is their print money they do inflation so what happens is if you're an average person there's four for everybody but as such if you're an average your middle-class or working class or poor person you probably realize when you go to the store things cost more money why because the dollar has been devalued so it's never free you either pay taxes or you get higher prices and who these higher prices hurt the most the poor hurts everybody but the poor who have the least amount of money to buy the things they need so as prices go up there the less ability to buy food and gasoline and healthcare and clothing and all the things that at one point where we easily affordable to pretty much everybody I mean a distant past health care was no big deal you had doctors who could come to your house it wasn't really a big deal for anybody having a baby was much cheaper people saved up and that's what I do I went to the doctor I pay out of pocket I wanted a doctor for my allergy issues and other issues I was having with the food sensitivities I when he got his you know blood tests and all that and I paid out of pocket no problem but you know I didn't have to pay all these months of insurance in advance to pay for the one time issue I had because of me going a doctor it's pretty uncommon and I rather just save up and pay and then I could negotiate a price and I can just pay up front and I just get to the point I just had to deal with all the paperwork in all the other nonsense but basically long story short there is no free lunch if you vote if you want something somebody has to pay for it and it's going to either hurt you because you got to pay higher taxes which lot of you who vote for don't vote for higher taxes on themselves they vote for higher taxes on others we got to borrow the money which means we got to pay that money back with interest and right now our interest rates are low another thing is we have low interest rates now what does that mean well low interest rate means basically you have our economy now we reward spenders and don't reward savers so in other words with low interest rates you don't get a lot of money on you don't get a lot of return on what you save you put money away in a savings account or something similar you realize that savings rate is really low why because we have a low interest so if a person like me if I want to save money and use it later the savings interest the interest I get on savings is so low combined with the inflation and that is like the deterioration of the value of the dollar I'm actually losing money by saving it and this is deliberate because what our government does is it wipes away the debt by devaluing the cost of the dollar so let's say I'm an individual let's say I wanna take out a loan let's say I'm the the the the debtor right yeah I'm the person must have to take out the loan I wanna take out ten thousand dollars now oh let's say I takes me that's it's a five you let's say it's a car okay I wanna buy a car for 20 grand I have a five-year loan let's table the course of five years we have some crazy inflation and now the $20,000 a debt I had now it's only worth $12,000 I saved a lot of money yeah I've saved a lot of money in terms of that debt it's it's it takes a lot in so it's 40% off I have 40% savings I've basically saved a lot of money because the inflation is a good loan because the inflation wiped away the value of my debt so because the value of the loan the loan doesn't it just won't I get once I get the loan and in this case let's say the loan doesn't the interest doesn't adjust and the amount doesn't adjust I'm getting a much cheaper loan now for me as a saver I have to charge a much higher interest on that loan because if I do not I'm getting back much less money if I loan you $20,000 and then you pay me back five years later with $12,000 equivalent of what it would have been that what it is now to the 20,000 I gave you five years ago I'm now poor so it hurts savers and it rewards spenders and debtors in our cars our country is a spending debtor country and we rack up a lot of debt we have trillions of dollars of debt our politicians spend an absurd amount of money we have wars we have all these programs all of this all of that the government spends money like crazy the education system is expensive and as me being a libertarian and as I'm just an individualist I believe in freedom essentially I don't like I'm not part of any specific group but I like a free approach because like competition same thing with schooling freedom competition low prices and same thing with schooling if you have school that is cheap and low cost like a private school or a charter school or something similar to that you get much better results and now with modern technology it should be getting cheaper but you'll see the education system look at the college education system is more and more expensive because of all the loans and all the grants and things that they're automatically guaranteed they'll let people go to school who don't need to go to school and everything a lot of young people go to school drown in debt and can't find a job I know a lot of people who rack up five high five six figures of debt and they can't find a good job worth it and it mean there's not a lot of employment opportunities for the average young person you would have been better off just getting a job getting a used car maybe buying an apartment or renting an apartment and just paying off your debt and paying things in cash and saving up you could have worked your way up and did pretty well for yourself or get a two-year vocational degree or something versus a four-year degree and I know a lot of the viewers might from what I seen my demographics are about 18 to 34 mostly males so I know a lot of people are in that college age gonna point that out now I've said it before not everybody has to go to college but if you got to go keep your cost lower go get a two-year degree because we're know out of debt there's a lot of things to keep in mind and if you're young you know just know that your previous generations our previous generations have voted in a lot of things that that somebody has to pay for we can only pass the bucket we can only pass a cost down so much and like Social Security I know if you look at Social Security which is a Ponzi scheme which I'm gonna get I get there's so much I'm gonna talk about a lot of this stuff now that I've gotten started but for instance we keep Social Security the people who got in first got the most value because that's how Ponzi schemes work if you look back with a Social Security trust fund trust fund started you know back in the way back when it started a person who started then could have put in a couple hundred dollars again a thousand dollars and you know 1940s whatever it was it was a delayed before the money came out to give the illusion that it was being collected now as a young person you're putting way more in than you're gonna get out if you even get by the time you're 65 or whenever they made it just age to 70 for all I know or 80 who knows I got the money's gonna be there and if you're gonna get is gonna be in deflated dollars or inflated dollars so it wouldn't be worth very much these are things you're gonna hear me I'm gonna start discussing about about this a lot so I'm gonna wrap it up there for today about my ideas on economy about Peter Schiff I'm a big fan of him I'm a big fan of what he says like his debating skills I liked I've listened to all of his shows and podcast I listened to all of his debates like what he says and I'll discuss more of what he says in the future and I discuss more of my views on the economy as we go along as a regular topic and I'll probably start answering questions or just talking about particular topics like hypothecation and things like debt so so let me know what you think do you like these kind of topics do you like here about financing the economy or my point of view let me know liking to subscribe and of course transcend infinitely keep watching and listening see you next time and transcend infinitely
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