Monday, November 24, 2008

'How The Government Wrecked The Economy' - Peter Schiff

The shorter YouTube interviews I posted with economist Peter Schiff have proved very popular -- and no wonder: while all about him were losing their heads with irrational exuberance, he was one of the few sufficiently clear-eyed to predict the coming catastrophe.  This longer fifteen minute interview linked below suggests some of the basis for his far-seeing analysis.  Says Sovereign Life's David McGregor (who sent me the link):

If you're wondering why nothing governments are doing to stave off the financial/economic crisisis working - and are looking for some clear thinkingon this - then I certainly recommend you spend 15 minutes listening to this interview.You'll get a lot more insight in a few minutes than thousands of hours on CNN, Fox News or BBC ....For a crash course on the coming depression, the"how", "why" - and the way out, listen to: How The Government Wrecked The Economy.'

Perfect lunchtime listening.

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3 Comments:

Blogger Mark Hubbard said...

And then add this: now the taxpayer has to start paying for foolish governmental exuberance:

http://news.bbc.co.uk/2/hi/uk_news/politics/7745070.stm

Quote:

"Chancellor Alistair Darling is due to announce in his pre-Budget report he intends to raise the top rate of income tax in the future, the BBC learns.

BBC political editor Nick Robinson said the move would break a Labour pledge held ever since Tony Blair came to power in the 1997 election.

He said sources suggested that after the next election a new 45p rate could apply to incomes above £150,000 a year. "

... (and)

"He described a rise in higher earners' income tax as of "huge symbolic significance", but stressed it would only raise a fraction of the sum needed to get the public finances back in order."

11/24/2008 12:51:00 pm  
Blogger mexaguil said...

According with Schiff's predictions I guess the wises investment right now would be in an immigration firm targeting wealthy Americans.

11/25/2008 12:28:00 am  
Anonymous LGM said...

Yup. They wrecked the show alright. And now they're going to make sure they wrecked it good and right proper.

Amazing to watch various govts around the world putting in place exactly the legislation and regulation required to completely destroy the economy and futures of millions of people.

A good example from across the Tasman. In Austalia they just passed revised indutrial relations legislation. It includes provision for compulsory minimum wages, compulsory "good faith" negotiation, compulsory "collective bargaining" and the like. In short the Commonwealth Govt has set in place exactly the conditions required to create a huge increase in unemployment. This also means many firms that may have survived the downturn are now walking dead. Watch for a lot of small business collapses and closures next year. For many the Lucky Country just became very unlucky.

The part I like is when the govt mouths say bullshit things like how they've learned from the last depression and are acting to prevent another. The part I dislike is how people believe in them. Recently I've had several debates with well educated workers who happen to be believers in govt mumbo jumbo. Mostly they are deluded. They support that which is impoverishing them and they have this charmless blind faith in govt dogma. Worse is that they'll support that which impoverishes others, just so long as they feel there is some angle where they get a benefit.

Ah well. They'll get what they want- good and hard. After all, it's a democracy!

LGM

11/26/2008 06:47:00 am  

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