Peter Schiff on the Dismal Future of the US Economy
Posted by admin in Finance Friday, 30 September 2011 21:37 25 Comments
“We have to cut $1.5 trillion out of this year’s budget,” says investment advisor, author, and radio host Peter Schiff. Reason’s Nick Gillespie sat down with Schiff at July’s FreedomFest in Las Vegas. Schiff, whose most recent book is How and Economy Grows and Why it Crashes, says that the economic downturn of 2008 is only a mild preview of what’s in store for the US economy in the future and predicts much higher unemployment and huge inflation over the next few years. The only way out of this mess, says Schiff, is for the government to get out of the way and let the inevitable market correction occur. “It would be painful to cut spending by that degree,” he acknowledges, “but not nearly as painful as it’s going to be if we don’t cut spending by that degree.” Shot by Jim Epstein and Zach Weissmueller and edited by Zach Weissmueller. About 5 minutes long. Go toreason.tv for downloadable versions and subscribe to Reason.tv’s YouTube Channel to receive automatic notifications when new material goes live. Held every July in Las Vegas, FreedomFest is an annual gathering of about 2000 free-market and libertarian enthusiasts. This year’s speakers included Reason’s Nick Gillespie and Matt Welch, Sen. Rand Paul, Judge Andrew Napolitano, and scores of others. Reason.tv conducted interviews with more than two dozen speakers, which we’ll be releasing over the next several weeks. Our growing playlist can be watched online at http
@jetrpg22: I don’t think in black & white. Life is much more nuanced. I’m not a Socialist. I don’t jump on ANY bandwagons. Black & white thinking & bandwagon jumping are 2 of the biggest reasons we are in such dire trouble. I want to improve on what we have. I don’t know how you can say that our current system is compassionate. It is anything but. Our bottom line is always money, not people. That is old thinking & we need to evolve beyond that. We have not yet evolved as far as we possibly can.
@jetrpg22
So in your mind you bring about compassion, to transcend greed and badness, with force. That is a pretty interesting stance.
Now i know, you didn’t stay that …. but you argued it in ignorance (not a disparaging remark).
You clearly do not understand laisse-faire, economics, or the current reality of the human race.
But i encourage you read reason.com, mises, adam smith, hell try milton friedman.
I believe you mean well Albert Camus quote on good intentions remains true.
@jetrpg22
Furthermore, “evolve past worship of money & petty hatred. Some day we will evolve and students will learn about the barbarians that held up the evolution of the human race.” Who would they point to … not those who espouse allowing individuals to live free, who fight against tyranny of the masses, against domination of fellow men.
What is laissez-faire : transactions between private parties are free from state intervention. What is state intervention , the threat of force.
@tripfunkmonster
Do you remember your own comments?
“How can anyone else compete for their customers when we allow multinationals to buy everyone else? There’s no competition because Laissez-faire Capitalism doesn’t leave room for it.”, from the same post as the last one.
The opposite of laissez-faire is a “socialist and central gov/society”; where one gains the other diminishes.
I accurately argue the system you condemn is the one that provides the most compassion and life.
@jetrpg22: Why did you mention “socialist and central gov/society”? I didn’t. I’m shocked & sorry you only want to be an animal. It’s because of people like you that we’re unable, so far, to evolve past worship of money & petty hatred. Some day we will evolve and students will learn about the barbarians that held up the evolution of the human race.
@MyDormantSoul
Sure they are but they would have abilities to do so without the gov. It the gov. that enables, allows, and sanctions these actions/power grabs with threat of forces. Otherwise, the bad would fail and the good would succeed. At least more than not.
What the government should do is STOP COMPANIES FROM FORCING ACTION OF OTHERS. Instead ITS THE MEANS BY WHICH COMPANIES RESTRICT FREEDOM AND FORCE OTHERS.
In other words, the gov participates in that which it is made to stop.
@tripfunkmonster
That your wrong.
“The human race has the ability to transcend that way of living.” in the strongest socialist and central gov/society the poorest suffer the most. Most of these are based on compassion and equality, BUT HUMANS DO NOT TRANSCEND GREED and their biological HUMANITY (which is good, but not all good).
Like ALL LIFE humans need incentives for themselves to exert great amounts of effort.
Lazee-faire system provide the most accurate reward/punishment feedback system.
@StateExempt I’m going to ask her what a typical teacher’s union meeting is about. Luckily they don’t have much say about their pay here in Georgia.
@jetrpg22: What’s your point? Are you debating science or social issues? I’m discussing social (& political) issues. Laissez-faire Capitalism is stuck in the animal kingdom mentality of survival of the fittest. The human race has the ability to transcend that way of living. We have knowledge beyong the animal kingdom & can evolve to have compassion for all life. We can make the world a place where everyone has the necessities of life without excessive suffering for any. What do you strive for?
@jetrpg22
What are corporations – people, the interests and activities of people.
Bank of America would have split or shutdown by now 3 times, had laissez-faire policies been in place. But, BoA is still one of the largest banks in America, not because of its size but due to central planning from gov.
BoA is poorly adapted …. has a bad business model; but still exists harming all that count on it and pay for its failings due to the opposition of free enterprise. Another ex. Housing crash
@tripfunkmonster
This is a quote from you bro.
“There’s no competition because Laissez-faire Capitalism doesn’t leave room for it. Only the big dogs eat in the animal kingdom. Our system isn’t worthy of the human race. I’m not blind.”
If you don’t understand your own analogies then … best not to make them.
ALL life lives by the model of survival of the best adapted.
If the earth freezes over all humans might die (all life will not), we may tho we are massively externally adaptable.
@jetrpg22: I don’t understand the 1st part of your comment. You’re talking about the animal kingdom. We don’t live by the survival of the fittest. We are the human race. We have developed a larger brain & higher understanding. We aren’t ruled by brute strength. We are supposed to rise above the animal kingdom and show compassion for others (including animals). Why do you want to devolve back into animals? Because Madison Ave. came up with a cool sounding soundbite? By the way, Walmart is Fascist
@tripfunkmonster
Let me check this: there is only one predator, one herbivore, one plant, etc. in the the history of animal kingdom. After all there’s no competition and big dogs eats.
Your analogies prove you wrong. The best ADAPTED DOG EATS. Be it a small one, ugly, or otherwise different. If that dogs traits give it the advantage it will succeed. Walmart is not BIG DOG, its a well adapted dog. From a wife and her husband with 1 store in 63 w/ a superior business model allowing it to “EAT”
@conductus: What financial regulation did Wall St. want? The only regulation they want is fake legislation that doesn’t prevent them from doing what they want. Because they put a system in place that allows them to buy politicians and write their own legislation, they are able to continue to control most of our society. Nothing will change until we end private financing of elections and professional lobbying. How could regulating corruption of elections be bad? Please explain that theory.
@conductus: I’m sorry to sound disrespectful, but you are delusional. Corporations control society because of our financial system so they write ALMOST ALL regulatory legislation. Because of this, it is ineffective. To say that regulation is bad because corporations bypass it is like saying polluters make our air dirty so let’s get rid of the air. Regulation is the ONLY way to prevent the corporate elite from buying the entire gov’t. They’ve destroyed our economy many times & you haven’t learned
@tripfunkmonster Netflix thought they could do what they wanted regardless of what the customers wanted. It isn’t going so well so far. THAT is the free market at it’s best. The reason these large companies can first become so large and second, out compete smaller companies is the very regulations you think are so necessary. Why do you think Wall Street actually was in favor of the recent regulations? It gives them an advantage. Without the govt. they are stripped of that advantage.
@conductus: I’m starting to think you’re saying these things just to make fun of me. If there’s no regulation, corporations do what they want. Customers buy whatever’s out there because they think everyone else is. How can anyone else compete for their customers when we allow multinationals to buy everyone else? There’s no competition because Laissez-faire Capitalism doesn’t leave room for it. Only the big dogs eat in the animal kingdom. Our system isn’t worthy of the human race. I’m not blind.
@MyDormantSoul What? How many million times has he complained about Big Business in bed with Big Government? He’s been talking about the “corporate oligarchy” for years, especially in the financial services industry.
@MyDormantSoul What? How many million times has he complained about Big Business in bed with Big Government? He’s been talking about the “corporate oligarchy” for years, especially in the financial services industry.
I think the problem with Schiff is while he’s got a great eye for the basics of what’s happening to the country, he doesn’t see incorporate the oligarchy. It’s pretty obvious that the owners of industry and their supporting interest partners are using the debt crisis for a power grab. The budget is going great and then two presidents come and more than double the spending in 10 years. The Oligarchy wanted all the debt so that they would have an excuse to shed away all benefits of the people.
@tripfunkmonster I am saying that if there is no regulation there is no incentive for the company to influence anything. Why do you think a company can do anything it wants? Do you believe their customers will continue to buy their product if they do a lousy job? Do you think someone else might see an opportunity to compete for these customers? You think you can get this utopian vision of yours passed while these groups do nothing. Time to check what you are seeing. It’s not reality.
@SirTenenbaum
Some libertarians already use ‘corporatism’ and ‘communism’ interchangeably.
@SirTenenbaum
Some libertarians already use ‘corporatism’ and ‘communism’ interchangeably.
@Cubology – I am betting this teacher is part of a union that feels an average compensation of nearly fifty dollars per hour is not enough.
@Cubology – I am betting this teacher is part of a union that feels an average compensation of nearly $50 per hour is not enough.