Economic Illiterate Peter Schiff's Senseless Austerity Proposals Debunked

[DavidByrne85]

My God, does Schiff really believe these things he says? It's frightening that somebody can be so at odds with basic facts

[47f0]

See, here's one teeny tiny little problem. Schiff fanboys and Austrian nutcases can't do one crucial thing - show one single economy that has CUT its way to prosperity.

[Laughingblades]

Peter Schiff is a crank

[cobol528]

Then disease that is suffers from is an excess of republicans.

[zenmachinefilms]

I listen to Schiff quite a bit, but there is a lot of doesn't seem to address. Such as how he thinks the economy will grow with low cash-flow. He never bridges that gap, or just leaves us to assume he means the wealthy will create jobs. But they have all the money now and don't. He also doesn't address how our GDP to debt ratio is about the same as Germany, England, etc. and not nearly as unfavorable as Japan for example. Or the worth of selling T-bonds while interest rates are very low.

[eovid]

@zenmachinefilms

The reason that stimulus did not work is because there is no demand because of outsourcing and corporations going overseas. Nobody mentions this. until this is addreessed it is a waste of time the stimulus has nothing to grab onto. would be better off just give people shopping coupons.

[nsolcis]

MORE TAXES! MORE SPENDING! MORE POLICE!!

[Salvysahagun]

I don't much about your ideals but I would like to exchange thoughts one day.

The problem with American politics today is that everyone thinks it's they're way or the highway.

But politicians and Americans a like need to realize. Their is more than one way to run an economy effectivally.

Example

Hong Kong vs Norway

two flourishing economies with very different economic structures.

[quadcatfly]

MORE WELFARE !!! MORE FOODSTAMPS !!!!

[Theocrasuck]

@farhadekoohkan It is fun though. I love geting those turds riled up.

[kingeric77]

Schiff's answer to the problems created by neo-liberalism: more neo-liberalism! In order to justify this ridiculous analysis he needs to construct an even more ridiculous narrative, whereby Obama is a Marxist communist and the reason for the deficit is the socialist government. Unfortunately this propaganda seems to be quite effective. De-bunk!

[TheMango121]

@kingeric77

agreed.

[bachy100]

@kingeric77 "Schiff's answer to the problems created by neo-liberalism: more neo-liberalism! "

Nonsense. More like: The statist, neo-Keynesian answer to the problems created by government/central bank interventionism, is more government/central bank interventionism. In order to justify this ridiculous analysis they need to construct an even more ridiculous narrative, whereby some phantom "deregulation" and "laissez faire ideology" has actually existed or even influenced public policy whatsoever.

[Amiduffer]

Great. Schiff transforms himself into Hjalmar Schacht.

[707hoser]

In a sovereign nation which issues its own currency, why are the deficits a problem, other than the payments to service the debt? In a deflationary period like we are in, it seems silly to introduce austerity measures. People do not have enough purchasing power, therefore there is a lack of demand in the economy. The federal government has to make up for the lack of spending in the private sector.

[SchittReport]

@707hoser

If you haven't read Warren Mosler's writings on this subject, I would highly recommend it.

[707hoser]

@SchittReport I've read quite a bit on MMT and I can't find any fault with it, although somehow it feels wrong. I suppose it could be that I've been brainwashed to some extent by people like Schiff.

[SchittReport]

@707hoser

well keep watching this channel and you will un-brainwashed :)

[zsylvana]

@SchittReport Thank you for bring in some sanity in this youtube circus.I asked this Austrians Libs, time after time in what way do von Mises and on Hayeks theoris gives us tools to analyze,for exampel: commodities,equities (stocks),residential mortgages,commercial real estate,loans, bonds), an index (e.g., interest rates, exchange rates, stock market prices,consumer price index (CPI) — inflation derivatives and such that plain vanilla economists deals with all day long?I never got any answer

[ndchriste]

@SchittReport I disagree with the MMT people a bit and that is this. Deficits aren't a problem with low interest rates and deflationary pressure now but in an economy of full employment running at full capacity, deficits can be inflationary BUT NOT IN THIS ECONOMY. Google "I Would Do Anything For Stimulus, But I Won’t Do That" For Paul Krugman's discussion on this subject.

[jeepndesert]

peter schitt of the schiff banking family, who helped setup the federal reserve on the gold standard which caused a great depression, is going to save us from the federal reserve!!!

[JonasFrimodt]

ok some of the rightwing conspiracies are out there really... but the leftwing conspiracies is just beyond compare, what a joke...