Lew Rockwell and Peter Schiff talk about the collapsing American economy and how the US government is following the lead of Hoover and Roosevelt.
Talking heads listen and ask questions as Peter Schiff lectures them on how the world works:
I especially like the guy that calls the Chinese commies and refers the Russians as crummy. I almost laughed out loud when he started talking.
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The housing glut comment is his best comment, but he thinks it is the result of regulation, not deregulation. The financial system should be regulated to stop glut. SHOULD BE. I.E. big government, restriction of freedom SHOULD occur.
The bald, egg-headed guy was obviously invited there to make Schiff look better, because he has no idea what he is talking about.
In terms of the economy, Schiff is living in cotton candy land. He tells us we need to return to a "sane economy", but he doesn't actually explain what the problem was in the first place: The corporations moving to non-capitalist economies to benefit from cheap labor pools. THE CORPORATIONS DONT WANT TO PAY LIVABLE WAGES FOR FAMILIES. THEY WANT TO PAY 3 DOLLARS AN HOUR OR LESS, WHICH IS WHY SCHIFF HAS TO TELL US THAT WE NEED TO STOP SPENDING AND START SAVING. While he is right about pointing out that people need to stop spending borrowed dollars, he is wrong if he supports a wage system that pays 3 dollars an hour. This is, of course, where Marx makes his appearance, because the fight over wages is the basic contradiction of capitalism that will eventually lead to revolution..
"The bald, egg-headed guy was obviously invited there to make Schiff look better, because he has no idea what he is talking about."
No one is brought there to make Schiff look better. He's brought on the show because he draws an audience, and the networks typically have people on to argue him down. In this instance, they didn't do a very good job.
I don't ever hear Schiff talk about people making low wages. His beef with America isn't their high wages, its their high spending and large amounts of borrowing.
He said we need to return to a "sane economy" where people save and make stuff. Sorry, but that is ridiculous. A healthy spending economy can be sustained if borrowing is kept a minimum and people only spend their high wages. Schiff supports "saving" and "people making stuff" because he knows the corporations would rather pay 3 dollars an hour than 20 dollar hour. Those who make three dollars an hour have to save!
I'll trust that the guy the manages over $1 billion and has consistently predicted everything that is happening in the economy knows a little more about this than you.
"I'll trust that the guy the manages over $1 billion and has consistently predicted everything that is happening in the economy knows a little more about this than you."
As long as wages are high, he probably does. Beyond that, he is ignorant. History is a history of rebellions, revolutions, and golden ages. Apostles of golden ages go out with the age when it darkens.
Also, following someone based on their perceived competence, without thinking, is dangerous. You should always be critiquing authority. This is why it is said that you should "get a second opinion" after you see a doctor. If you are unwilling to think independently, and think it's alright to follow without thought, then you are not a libertarian.
I`m not following this man blindly. I`m simply saying that I trust his opinion over yours based on the knowledge that I have. At this moment, given the low-risk in making such an assessment, I choose, as an individual, to trust Peter Schiff on economic issues over yourself. Of course, say the risk was much higher and my life was on the line, I would probably do a lot more reading before making such a statement.
Now I don`t boast that I`m a Libertarian, as I do not enjoy labels.
Josh, if you know how supply and demand works, it is not hard to predict things. Schiff is no expert. He's merely pointing out that it is bad financial policy to give loans to those who can't or might not be able to pay them back. It's not hard stuff. 4 million high paying jobs will do that to an economy.
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