November 28, 2008

Peter Schiff Smackdown

In the interest of accountability, please watch this series of clips. The whole thing.

Consumption is the problem. Lack of production is the problem. Lack of savings is the problem. Finally, someone who makes sense amidst the dizzy ramblings of wanton shills.

Here's part of what what Schiff has to say today:

When it comes to bailouts, the real discussions are not centered in Washington but rather in Beijing, Tokyo, and Riyadh. With no money of our own, our ability to bailout our own citizens is completely dependent on the world's willingness to foot the bill. While I am sure that Bush and Paulson are doing their best to convince the world that open ended financing of the United States is in the global interest, my guess is that, unlike Congress, our foreign creditors will see through the self-serving nature of our plea.

I don't agree with all of Schiff's proposed solutions (he's clearly a free market Reaganite and I most certainly am not) but he certainly deserves to be listened to.

1 comment:

Anonymous said...

NPR had a segment on this youtube phenom tonight. They had him on so he could say "I told you so" a little louder. Still, he wants to go back to the gold standard so I think he may be better at pointing out hazards than coming up with solutions.