Peter Schiff is the CEO of EuroPacific Capital. He unsuccessfully ran for U.S. Senate in 2009. You can see him often as a guest on Fox News, Fox business network, and CNBC. He currently has his own radio show on the GCN Radio Network. You can also follow his Video Blog on YouTube - The Schiff Report.
Part 1 - Peter Schiff comments on the Federal Reserve and Cronyism associated with the Government. We are repeating mistakes that got us into this position to begin with. To be on the side of the Working Class, you must support a smaller government. Inflation is the most vicious tax of all. The Federal Reserve has been buying 70% of all Treasuries. This monetization of the debt will cause inflation to grow out of control and that will mean that interest rates will have to rise. That means that the Federal Deficit will feed off of itself and grow exponentially.
Part 2 - The government has postponed the problems we face and this postponement is going to make the issues we face much worse. The government doesn't want us to have an escape valve. The government has undermined our monetary system. Owning precious medals is not undermining our system. Precious metals help to hold the intrinsic value of physical assets. The Government and the Fed do not want to compete against Gold and Silver. The government is failing against the laws of Economics. Controlled Economies do not work and will collapse around the government. The government must stop with stimulus. We have to get back to manufacturing. We need the government to shut down. We need real cuts in government spending. We should be fearful of the government not shutting down. We need to raise interest rates and tighten credit.
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Wednesday, April 6, 2011
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4 comments:
http://www.youtube.com/watch?v=hYIC0eZYEtI&feature=related
Political and fiscal policy from a comedian? A bit archaic perhaps, but, listen to what George Carlin says and then weight it against the budget Paul Ryan just put forth. We can argue about who is to blame all we want, it won't change what has been done or what is being done to us. The Republicans are going to eventually take Social Security, Medicare, and Medicaid. You and I are going to be more at the mercy of the insurance companies. Which presents a paradox I really don't understand. Everybody rails about taxes going up,(other products too, I admit) but unlike food, fuel, or anything else, no one seems really incensed by the price spikes we see on those commodities. If taxes had increased as a percentage the same as food or fuel, there would be politicians literally hanging from the street lamps. People would be in the streets. But these businesses, people gripe and then continue to spend money they don't have. Can anybody provide tell me why this is? And then government provides tax incentives to the same groups of people. What the hell is wrong with us?
Because in general people are willfully ignorant and that is what goes to the root of the problems we see at all levels of our governance. I am not talking about government. I am talking about the acceptance of how we are governed and most people don't understand the difference between the two, because they compartmentalize everything.
As far as compartmentalization, let's look at that. People can't put two and two together, much less figure out how the puzzle of life fits together. It isn't that they don't have the capability to put the puzzle together. It is that they are too lazy to put the puzzle together.
Peter Schiff and Ron Paul are the perfect examples. They are Republicans, much like myself, who are for financial independence and reduced (but effective) regulation. Ron Paul was not allowed to get his message out during the last Presidential election and was labeled a crackpot. When people listen to what Peter Schiff has to say, there are a lot of people who agree with him. He called the real estate bubble as early as 2003. His father is Irwin Schiff the famous income tax protester. But, look who he lost out to in the Senate primary in Connecticut. He lost out to Linda McMahon; the wife of Vince McMahon, the owner of World Wrestling Entertainment. Here we are with a State that is represented by Chris Dodd, who received sweetheart loan deals from Countrywide Mortgage, at the center of the Real Estate lending fiasco, and the Republicans nominate some one with a Pop Culture background, instead of someone who has a track record on Economic issues.
This is the problem we face as a nation and this is the reason why we are going to get our butts handed to us. People won't wake up. You have to many people stuck in these ruts and schedules, who think that everything is supposed to operate according to the norms that they desire. Welp, when you have 7 billion people on a planet all operating under different paradigms and desires, then life isn't going to fit into your personal template. You have to be nimble -- able to adapt on the fly -- and the people in decision making positions think it is all going to fit into their agenda. The trouble for them is that there is an avalanche heading their way and they aren't going to be able to control it. Yet, they will try. Woe be unto them. Open your eyes.
You can count me as one who thinks that Ron Paul is a gibbering idiot; likewise his son. But forgive me, this isn't the confessional and I really should strive to stay away from partisan politics. I think you’re pretty spot on with the first premise. People are willfully ignorant. But I likewise think they are played for fools on a grand scale. We fight amongst ourselves over hot button topics like abortion, gay rights, civil rights, and any number of other trivial things that probably wouldn’t even garner an honorable mention otherwise. But when Congress initiates hearings on the use of steroids in baseball…are they and/or we nuts? First of all, who cares? Second of all, if they had used that time trying to come up with solutions to some of the problems confronting us as a nation, wouldn’t that have been time better spent? But no, they (Congress) have to concern themselves with this (steroids). But in the grand schema, its just another one of those things that keep us arguing among ourselves while they keep running to the bank. We are too busy looking at the trees to see the forest. We are social network creatures that rarely say anything of any consequence, except about ourselves. We fail at being able to debate a solitary topic without concluding that the other person is against us, requisitely evil, then hated and despised because of it.
I’m not exactly convinced about compartmentalizing though. I think it’s a bit more primitive than that. I think people are grossly apathetic, until something affects them directly. Then, there’s no longer any cause for alarm because now it’s an epidemic. People that crusade against drunk driving, domestic violence, and other social maladies are like that. Their loved one was injured or killed and they demand something will be done, but they were completely ambivalent to the problem until it happened to someone they cared about. And the folks that suffered or died prior to that precipitating incident? They were just statistics.
Am I for responsible fiscal policy? Yes I am. I could spend the next 2 hours overloading your server and crash your website writing about it. But let me say this in general terms and then specificity if someone wishes. I don’t know who the idiot was that fathomed “Government should be run like a business” but they should have their tongue super glued to the roof of their mouth. The two are completely diverse. What are the objectives of the two, from a fiscal standpoint? What are they to accomplish from an operational standpoint? How are decisions rendered, who makes them, and what is the short and long term impacts for each entity, government and business? Some concepts are interchangeable, but not principles and goals. Decisions in government and law come at a slow and deliberate pace. Business is able to roll quickly and adapt. In that regard, our system of governance can’t long endure in the world you described and are faced with, I’m sorry to say. To give government that ability will result in what we saw with The Patriot Act or any law that tries to address rapidly expanding or quickly changing and evolving situations and conditions. Hopefully the answer is somewhere among us all waiting to be synthesized.
Good Dialogue
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