Posted On: Wednesday - June 8th 2022 5:09PM MST
In Topics:   Global Financial Stupidity  Economics  Inflation
OK, I'm gonna be bragging here for a whole paragraph, maybe even two of them! If you find this disgusting, please don't vomit in the comments sections. Our dBase administrator is tired of cleaning up after you guys, he says. ;-}
It's not like I've kept up my whole life, but I did learn some of the real economics, past the Econ II that was a crock in college* way back. I'd say that I did most of my thinking about the subject over the last 12-15 years, starting with the housing bubble time (mentioned in the last post). This was not out of a big love of learning so much as out of "WTF are we gonna do when this country has its SHTF?!"
Let me just say that this Peter Schiff video is a great find, but almost every subject he went on about was something that I could have explained just as well. This is NOT from watching Peter Schiff videos over the years. I will credit the site ZeroHedge, however. I was obsessive in reading all posts and comments on that site for a time there, 10-11 years back.** The Tyler Durden guys and the commenters there pointed out Peter Schiff commentary plenty of times, but I came upon my views that match well with his independently. (Sure, Ron Paul and Lew Rockwell helped me too.***)
Monetary policy of the FED, the real definition of inflation as opposed to meaning "price increases", interest rates, the FED being stuck between a rock and hard place on said rates, Paul Volcker and the inflation/interest rates in 1980, moral hazards, you name it, I've said it, and it is here in this video. Do you read this site, Mr. Schiff?
A little bit more here about the video: The interviewer is comedian Jimmy Dore****. I would estimate that he talked in this video only 3% of the time! That's admirable, for an interviewer, but I think it's partly because he seems to know almost nothing about economics. That's not his job though, just to interview, but then, he came across at the beginning sounding like he was just in awe of Mr. Schiff's prescience on the '08 housing bust and today's inflation just due to Schiff's having supernatural powers or something. Mr. Schiff should have spent a minute to disabuse him of this view with "I just understand how this works, that's all. If you understand economics like an Austrian, how could you NOT see it coming?" He never did explain that to Mr. Dore.
Mr. Schiff will talk one's ears off with his knowledge and examples. It was funny when he started answering Mr. Dore's (silly, IMO) comment that wage and price controls worked (whaaaa?) for Richard Nixon with some more context and forgot what the original question was. Ha, I was about to go back and listen for said question, but then I thought "wait, if Peter Schiff and Jimmy Dore never do remember it, then what's the point?"
The Kung Flu PanicFest was (luckily!) not a part of this interview, except for the mention of the tremendous amount of money spent (yep, Trump, Biden, and Congress, Mr. Schiff notes), till the very end. At that point, I gotta say that there were no words at all said about the stupidity of the PanicFest itself. I'll be charitable and chalk that up to their running out of time.
Finally, about Peter Schiff and his Dad, Irwin Schiff. These guys are Jewish, and they are true men of principle. They are not the guys, which are lots of them, who use their knowledge only to accumulate riches, and the hell with the other guys. They know/knew a whole lot about economics and they put their money where their mouths are/were for their country.
Dad Irwin Schiff was a Libertarian/Constitutionalist who put not just his money where his mouth is, but his life, in a way. He resisted the income tax, putting his money elsewhere and simply not paying. He ended up dying while shackled to a hospital bed during a 13 1/2 year sentence for tax evasion in a Texas Federal prison in October of '15. (With blindness and cancer even, they would not let him get out to be with his family. In fact, the web sites say he was moved from New York to Texas in order to keep him from his family as additional punishment.)
These are the good guys. I'd be glad to listen to Peter Schiff, but, bragging again here, he's got nothing to say that I haven't already though of. OK, I enjoyed watching anyway.
I wish every American would watch this hour-long Austrian-style explanation of economics by Peter Schiff, or better yet, come to Peak Stupidity. What's green and stupid and read all over?
* Econ I was pretty solid - just the basics: Supply & Demand, Elasticity, etc. The professor had us graph y versus x first though, to make sure we knew our math. That gave me an idea of what people in other majors really were like....
** Wow, that was a long time ago. If I had known at least ABOUT how long it'd be until the financial situation started really accelerating toward ruin, I'd have stayed in the normal markets and acted like a normal person for the first 8 years of that and just set an alarm on my phone!
*** In fact, from reading some Lew Rockwell article, I came close to buying, OK, close to thinking about actually buying, a bunch of gold in '03-'06, sometime in there, at what was then 300-odd bucks plus a couple dozen bucks premium (it'd been flat-lined there for years). Alas, my mind was still not right.
**** I gotta say that I know almost nothing about Jimmy Dore, having seen him only for a few minutes on other interview video clips.