Schiff talks on BNN in Canada
Random thoughts and interesting tidbits. . .
. . .focused on current economical and political events.
"But rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."
Thomas Jefferson
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8 comments:
LOL, Peter Schiff, thanks for telling us that business needs to be done in real dollars. What a revelation!
The problem with Schniff, is that he doesn't recognize that the Chinese have a vested interests in buoying the American financial market: their economy is heavily dependent on Western consumption.
He understands that. He talks about it. His prediction though is that once Americans can't buy anymore Chinese goods, China will adjust and buy the goods itself. I'm not prepared to support that point though, so there's no reason you need to dispute it.
What are the Chinese going to buy it with, Josh? They are already paid a ridiculous small amount of disposable income. The Chinese would be better off buoying the American economy, because in the long run it means more wealth for them.
Is Schiff also aware that amost everyone has an interest in buoying the dollar?
"They are already paid a ridiculous small amount of disposable income."
Their currency is going to be worth a lot more when the dollar busts. Then nominally they'll be making a lot more money. They produce a ton of wealth, and they'll be able to purchase more of it when they don't need to finance the american's spending habits. Stop thinking nominally.
"Is Schiff also aware that amost everyone has an interest in buoying the dollar?"
Yes. Thats why noone knows when it is going to bust, but the bust is inevitable.
"The Chinese would be better off buoying the American economy, because in the long run it means more wealth for them."
How does lending money to the Americans so they can buy more of their stuff help the Chinese?
"Their currency is going to be worth a lot more when the dollar busts. Then nominally they'll be making a lot more money. They produce a ton of wealth, and they'll be able to purchase more of it when they don't need to finance the american's spending habits. Stop thinking nominally."
I'm thinking neither. The FACT is that the average Chinese worker has a fixed amount of income. Not much more than their basic living expenses. The point is, they are still not going to be making enough disposable income to support a consumer economy if the American dollar collapses. THAT'S THE POINT. This is the basic, internal contradiction of capitalism: the system is based on the consumption of products and the profit created by that consumption. However, more profits come from paying those who produce the products, the workers, less. These are the people, of course, who buy the products that allow the capitalists to profit. This contradiction inevitably leads to a luxury economy with a huge percentage of the population living in poverty, and in the long run, the revolution of such a system entails.
"Yes. Thats why noone knows when it is going to bust, but the bust is inevitable."
We shall see.
"Yes. Thats why noone knows when it is going to bust, but the bust is inevitable."
Who are the factories that employ the Chinese going to sell to, Josh?
"However, more profits come from paying those who produce the products, the workers, less."
I don't understand this statement.
"I'm thinking neither."
Thats fair. I'll be you an ounce of silver in 5 - 7 years the Chinese will be coming out of a recession caused by the collapse occuring in the US right now while the US is still stuck in its worse depression either. Maybe I'm wrong. But then you'll get an ounce of silver. Deal?
"Who are the factories that employ the Chinese going to sell to, Josh?"
The billions of consumers living and being born in Asia.
"I don't understand this statement."
The basic contradiction of the profit motive is that it eventually enslaves people if they don't fight back.
"Thats fair. I'll be you an ounce of silver in 5 - 7 years the Chinese will be coming out of a recession caused by the collapse occuring in the US right now while the US is still stuck in its worse depression either. Maybe I'm wrong. But then you'll get an ounce of silver. Deal?"
I don't bet little pieces of myself, thanks.
Again, it takes disposable income to build a strong consumer economy. You still have not addressed this point.
"The billions of consumers living and being born in Asia."
The billion+ consumers who make little or no disposable income? Please.
This is what I'm talking about when I say you are dishonest.
1) You ignored points when you have found you have had no response to give
2) And now you have started to not respond altoghther, instead responding with your Faith in Scniff and Ron Paul.
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