Thursday, January 8, 2009

Peter Schiff on Origins of Economic Meltdown

Economic expert Peter Schiff gives a devastating critique of the origin and causes of the global ecnomic collapse in this extraordinary TV interview.

He largely takes aim at the the medicine being offered for the disease: more government spending, and calls for the need to amputate the gangrene originating with the illusion larger, socialistic government will be the answer to the dilemna.

Rather, Schiff exposes the government as the perpetrator of the global disaster, not the solution.

As Schiff rightly illuminates, the government has no wealth, all they can do is confiscate the wealth of others and redistribute it through their taxation and redistribution program.

So the announcement of Obama that he's going to come to the rescue with the misguided public works expenditures, he's not really creating wealth or jobs, he's simply taking it and redistributing it to less valuable areas.

In other words, he's going to take wealth that the private sector creates, and redistribute it to government-created programs. The consequences will be the destruction of real employment opportunities, according to Schiff, which will cut into our standard of living.

Schiff's solution to the problem?

Let recession run its course

More discipline by Americans in spending and consumption

Need more savings and less borrowing

More production and less consumption

Schiff on government's role:

Less government spending

Sound monetary policy

Lower taxes

Get rid of military/industrial complex

Slash government programs

Higher, not lower interest rates

View video below if you want one of the best video presentations of the truth behind the economic crisis. It's brilliant!

1 comment:

mike said...

Schiff called it right for years. Did you see his hot new video released today?