Peter Schiff Viewing For the Weekend

[ShotgunBlast]

Full disclosure: I think Peter Schiff is the man. He’s a really sharp guy in the financial world, predicted the 2008 recession years in advance, and believes in limited government. Only the economic nuts will watch the whole video, but everyone should watch the first 11 minutes to see how horrible our monetary system really is.



I've been indifferent about OWS, but this video makes me want to bang my head against the wall. The lack of financial literacy in this country is amazing and contributes to such disparity in wages. One of the stories in The Richest Man in Babylon talks about how after the public works projects (stimulus) ended, the majority of the people were left in the gutters while all of the money flowed up to a few rich people. One of the reasons that this happened is because the general population simply wasn't educated in how to create, manage, and build wealth. Since that takes work, a lot of people would rather just put things on auto-pilot and have an inefficient government managing all aspects of their life.

[ratherfish]

I thought it was Thursday?

Good stuff!

Of course I spend spare time looking at Milton Friedman videos on youtube......

[ShotgunBlast]

Yeah, I was heading out of town starting tomorrow and wanted to make sure I got this posted.

I'll have to check out the Milton Friedman videos

[ Post made via Mobile Device ]

[ThereIsNoSpoon]

You better be careful watching that Peter Schiff stuff...... you might wind up supporting Ron Paul. Peter was his financial adviser for the 2008 campaign. You can also look up Tom Woods.

This is also worth a view too...

http://video.google.com/videoplay?docid ... 0256183936

[ratherfish]

I think he'd make a dandy replacement for Geitner!

[dorminWS]

You better be careful watching that Peter Schiff stuff...... you might wind up supporting Ron Paul. Peter was his financial adviser for the 2008 campaign. You can also look up Tom Woods.

This is also worth a view too...

http://video.google.com/videoplay?docid ... 0256183936

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Interesting, but it locked up at about 40 minutes in. I'm curious. If one is offended by the idea of a private or quasi-private for-profit central bank (as is acknowledged is pretty much the case in all countries all over the world), what is seen to be a better alternative? Are we about to be told that the federal government would do a better job? What will they do, hire the former GSA people who got fired for p!ssing away $1 million on a meeting in Hawaii? Or maybe the folks who bankrupted social security or the Postal Service? What about the staff people who are responsible for our budget?

[ShotgunBlast]

Not sure why we need a central bank at all. We certainly did just fine before it. Won't be able to print anymore funny money either. Sounds like a win/win.

[ThereIsNoSpoon]

Interesting, but it locked up at about 40 minutes in. I'm curious. If one is offended by the idea of a private or quasi-private for-profit central bank (as is acknowledged is pretty much the case in all countries all over the world), what is seen to be a better alternative? Are we about to be told that the federal government would do a better job? What will they do, hire the former GSA people who got fired for p!ssing away $1 million on a meeting in Hawaii? Or maybe the folks who bankrupted social security or the Postal Service? What about the staff people who are responsible for our budget?

I believe that first and foremost we need to reconsider the practice of fractional reserve banking/lending. As long as we have a monetary system that is based on debt we will have class of people who benefit proportionally to how close they are to the production of money. Beyond that it is just a matter of how much currency shall be printed and who can be trusted the most with the responsibility. I personally like Congressman Paul's idea to allow competing currencies so that if you had a debt free (no fractional reserve) fiat currency issued by the treasury and also had a competing state or community driven hard asset/commodity backed currency this might serve as a "checks and balance" to keep them stable. Just declare that taxes can only be paid in Treasury Notes so the demand is built in and voila. I am sure that it is not that easy but I think it would be a good basis.

Check this out. I always thought this was a pretty good explanation even though he is a staunch hard asset guy. You need to watch both parts to get it all.

https://www.youtube.com/watch?v=uzef43gdupk