How did this not go viral? Its 2019 and this is the first time I see this.

This is hilarious, but also an unbelievable disgrace.

Can you imagine if plumbers answered toilet questions like this?

@danL1011 During the conference they said they agreed with the government's actions to stimulate the economy with bigger deficits and money printing. That is the essence of Keynesianism. Also on my show I invited people to watch the entire press conference. Do you really expect me to play the entire conference on a short radio segment?

And we give them Nobel Prizes?!! Credibility is now gone with the Nobel Prize board.

Schiff mate, you don't need a Nobel Prize

You want someone to follow a clown?! Give him a nobel prize! who would dare argue with a nobel prize winner!!?

Peter Schiff should have won the Nobel Prize in economics.

I know your serious about what you say but I still crack up thinking how much all you say makes sense. Thanks for your insight!!!

Peter Schiff rules! I laughed until I cried... :) These guys are straight out of Atlas Shrugged...

Man... how entirely sad is academia?? I mean... that was truly PATHETIC. lol And... how galactically refreshing to have a blessing like Peter Schiff around - to expose so much, so clearly, so concisely... with just some common sense. Thanks for this Peter. I know this is an older video - but I've been watching all your newer material and went back a bit to find some more. You've got a real gift (I'm sure you know this by now). Just love the precision of your communication as always. Thanks a million for keeping us all in the loop with your frequent radio pieces and all you do!! I really appreciate it!

"One of the other privileges of being a Nobel laureate is that you don't have to know anything about economics" OWNED!

I was wondering why Paul Krugman was so clueless...........this clarifies a lot.

The Nobel prize stuff should have been discredited ever since Henry Kissinger won the prize for his participation in Vietnam, and then absolutely dead in the water when Paul Krugman won an economics nobel prize

The problem is that people in the academic field are more used to writing papers in very controlled settings, eloquence is a very rare trait.

Austrian Economic School is the ONLY real economy school. The rest are lies.

You've got brains and an awesome sense of humor, Peter!

I actually feel kind of bad for these guys, they've been brainwashed in government schools and by the media their whole lives, so most of them really just regurgitate their knowledge because of repetition, not an actual understanding of economics. They get all these accolades and awards, they feel like their in some kind of elite intellectual club, and they just get comfortable. The second guy looked so embarrassed and disappointed, maybe I'm too much of a softie, but I felt for the guy.

"didn't even have glow in the dark pants" peter schiff 2011

i cried from about 4mins in...then the glow in the dark pants finished me off.... well done Mr Schiff...this IS gold....

This is embarrassing to watch.

This is why Milton Friedman, Thomas Sowell, Walter Williams and a few others like them are the MASTERS of economics. They could and would answer these questions, wouldn't hesitate, and wouldn't care that people didn't like the answer BECAUSE economics isn't political, or at least it shouldn't be. What you have on stage are socialism, communism and marxism promoting idiots who haven't a genuine clue. They are so use to being able to use critical theory as a foundation for their work, where all they can do is point out flaws, then claim throwing more money at it, along with having more government control and planning is the solution to everything.

How am I just seeing this now? Great stuff

This channel is a gold mine. Figuratively and literally lol

I think I have seen these guys before - They were on the Muppet show. Their real names are Ernie and Bert. but maybe not "cause they are not quite as smart at economics as Bert bnd Ernie.

I honestly don't know if I should laugh or shake my head at the disbelief and stupidity I'm seeing... =\

Why the hell doesn't Peter Schiff have a Nobel prize for economics? He accurately predicted the cause and effects of the 2008 financial crisis, and better yet, he was on every major news station to warn everyone! And people realized he was 100% correct once the crisis unfolded. #GivePeterHisNobelPrize

According to Wikipedia, one of Sargent's main contribution is that, the people being modeled by economists can predict the future at least as well as the economist can with his model. I guess he thus doesn't want to predict anything because he realized he can't do a better job than the audiences.

"Those questions everyone is asking themselves." Everyone except Nobel Prize winning economists, apparently.

"He didn't even have glow-in-the-dark pants!" LOL.

The Q&A exchange with the "experts," where nothing comes of it, says it all why our economy is cooked, fried, burned to a crisp. Thank you, Peter Schiff. It must be hard to watch panels like this one. Good grief!

They're handing out Nobel Prizes like candy nowadays...

Peter, This is sad and yet so typical. No wonder the world is going to shit! Thanks for showing us this video. Now we know why the people need to take matters into their own hands. I feel sorry for anybody who does not hold physical gold and silver when it all goes down!

Classic Peter Schiff. Hilarious stuff, love it

Nobel laureates in economics are more comedic than comedians.

...And asking them to talk about solutions in the time frame of a press conference is like asking someone to meaningfully summarize the Encyclopedia. I've seen and been part of situations similar to theirs. The laughter and awkward pauses are not out of bafflement, but incredulity. Here's a more appropriate answer from a comment later given by Dr. Sims: "If I had a simple answer, I would have been spreading it around the world.”

"A stupid man's report of what a clever man says is never accurate because he unconsciously translates what he hears into something he can understand." - Bertrand Russell

If I was Mr Nobel, I would be rolling in my grave.

Chris Sims was instrumental in showing that in macroeconomics, sweeping generalizations and educated guesses (no matter how well educated) are almost always wrong. I appreciate that he respects that insight rather than taking advantage of everyone's assumption that he suddenly knows everything.

@Peter Schiff Please just run for president. We all need you.

The answer is to motivate all lazy ass to work and harder. Stop wasting the working citizens taxes on the welfare kings and queens. And forget about all stupid minimum wages and health benefits from the employers. Market will adjust itself and government is the problem as Mr. Milton Friedman had said.

How embarrassing. These guys are paid to do what exactly?

There is only one guy and that should be you Peter Schiff. I bow down to you and your knowledge and the way you can teach people Economics.

"You shouldn't expect much from us." Exactly what I was thinking.

Should've gotten an economist from the fed reserve,bls, or any agency that deals with analyzing aggregate economic data for the u.s. These economist probably only know very specific information about a subset of economics such as game theory. If they had a macroeconomist I'm sure the response would've been different.

sadly this is everywhere in the US nowadays

This is completely insane.

Why the panelist economist didn't answer the question is probably because this is how politico economics works. They can't tell the truth either becasuse they don't know it or they don't want to get on the wrong side of politics of the day and get no more polically motivated prizes. .

Ha Ha Ha. Great stuff Peter. All huff but no puff from these guys.

They looked scared till the beggining, didnt want to talk... It is probably forbidden, when you get your money, you shut up. Like in Mafia.

By the way Mr Schiff I love these shorter videos my attention span can't really go beyond 15 minutes for any KZfaq video

I can not believe : these are the persons who will "shape" the new generation of experts in economy !?!

Reminds me of my college professors.

I can't believe it took me this long to see how manipulative Peter Schiff is. p.s. if you actually listen to the conference Peter is referring to, those economists actually answers all those questions. just not immediately, and Peter just cut off the answers. really cheep trick.

Its scary how embarrassing this is. It’s like going to a neurosurgeon for your consultation and he’s shocked and surprised when you ask questions regarding your head. What a freaking joke.

what is the song playing at the end?

Very relevant for this year's Nobel prize winners.

Does anyone know what video he is talking about? He said he cought it on youtube but it isn't in his favorites. a link would be helpful here.

Funny, an economics professor had told me that once he'd see everyone "running in one direction, the wise thing was to run the other way".

So many years after Milton Friedman received his Nobel prize of economics and these are today’s economist. Ladies and gentleman we are TRULY fkd.

Peter, please correct this video due to the editing of the original presentation done at Prinston U. This was not a true presentation of the interviews. I had to forward the correct interview to all those I sent your blog to.

What was their nobel price for? I mean, if for the last 5 years, all they did was study the european economy, I don't see, why they should have to know details about the american economy, right?

Great Broadcast!

A fantastic video! Keep them coming!!!!

excellent video Peter. Gonna start tuning into this show.

Peter Schiff, you deserve a Nobel Prize.

Schiff deserves the Nobel Prize in Economics.

"Translating his work into everyday language, Sims said it provided a technique to assess the direction of causality in central bank monetary policy. It confirmed the theories of monetarists like Milton Friedman that shifts in the money supply affect inflation. However, it also showed that causality went both ways. Variables like interest rates and inflation also led to changes in the money supply." It's pretty easy to find out what they do if you use the internet...

That's why we have politicians - to provide answers to questions no one can honestly answer.

where can I find the press conference?

Peter, how come you didn't provide a link to the press conference? I watched the press conference in its entirety and it was different from how it was described here.

I just got this in my recommended and I am appalled at the awful misrepresentation. If you look at the full conference, you will see that they gave very reasonable answers to both questions.

What a nice comedy, worth a nobel award

Great find Peter :-)

As it turns out, the noble prize is everything but Noble.

When I interview engineers, I always check their opinions on various subjects. You can tell someone who is competent by the fact that he has an immediate and accurate opinion on how best to go about something or implement something. I don't necessarily have to agree with his opinion, but he should have a quick, competent opinion. Otherwise, it's a big PASS.

And here you have formulated an answer as to why they couldn't answer the reporter's question. You're a step ahead of the Nobel laureates in my book. Cheers to you. A more plausible excuse is that they were still suffering from jet lag and didn't sleep well. ;-}

were do i find the full video?

@BeyondNeptune "The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an award for outstanding contributions to the field of economics, generally regarded as one of the most prestigious awards for that field. While not one of the Prizes established by the will of Alfred Nobel in 1895, it is consistently identified with them..."

When the guy said "I wished you asked about Europe..." I think that tells us that they are told NOT to talk about the US Economy...

I'm sure they foolishly thought the reporters would do their homework, and ask questions about their research and areas of expertise.

There is no credibility to nobel prizes. Period.

I'm half way through the interview and some of the things Thomas Sargent said was true. He talked about how to stop hyperinflation at 23:44. "The way you start it is you get fiscal policy out of control, run sustained deficits, and you have a monetary authority that has to monetize gov't debt, that will always work. How do you stop hyperinflation -- stop doing it." Christopher Sims praised Bernanke... who by Thomas's explanation of hyperinflation is exactly what Bernanke is doing to us!

These 2 are the economic equivalent of Paris Hilton winning the Nobel prize for physics!

Schiff, you should be the one getting the Nobel prize.

there's a great example of being educated out of your common sense.

They really knew all the answers, but they thought it would be better to look stupid.

@BeyondNeptune "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 43 times to 69 Laureates between 1969 and 2011. "

"[... the problem with] the world is that fools and fanatics act cocksure certain ... but wiser people act full of doubt." - Bertrand Russell

This is like mocking a top scientist in aerodynamics for not being able to quickly explain a particular plane crush. They are theoretical scientist in a field of econometrics. It's actually quite refreshing that they didn't rush ahead mouthing away their biases like some other economic nobel laureates do.

Wow. Why would they agree to do a press conference if they weren't going to attempt to keep themselves from looking dumb?

Remember who won the Peace prize in 2009? So much about the value of a Nobel.

OMG, just when i thought i heard it all.

Nobel laureate, Thomas says, "I wish someone would ask me about Europe". A guy asks, "What about Europe?". ah,ah, um. They write these theories and models for the sake of other academics. "Are there any particular impacts of your work in Latin America?". Thomas responds, "I don't know". Maybe an award from Princeton, but a Nobel Prize! This work is world changing stuff!

if you listen to the actual press conf., it wasn't as awkward as Peter edits it to be. Don't get me wrong, it was awkward, but those economists actually did answer the questions, more than what Peter shows in this video.

Anyone know the song that starts around 8:24?

I was a subscriber to the Peter Schiff Show back in the day. I would rather listen to him than any other host with the exception of Neal Boortz who was an absolute scream. Talk radio is so SHOT nowadays. All the great hosts are either dead or retired. 😢

they simply don't like to speculate

@BlunderCity Thank you for taking the time to transcribe that snippet. Based on all the ill will this video has generated, I think Schiff owes these gentleman a public apology. Mr. Schiff if you are watching. Do you have ANYTHING substantive to say about the actual work which these men did to receive the Nobel Prize? I am very disappointed with your hatchet job!

How do I feel about the theory of gravity? Well uh I would need to see the data and uh don't expect much a simple answer uh...