Why the Meltdown Should Have Surprised No One Peter Schiff

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[gingramf14]

@xXTheRatXx The U.S. has the most capital in the world BECAUSE of lax government regulations. Companies are allowed to outsource a lot of services, including manufacturing, and because of it they roll in the dough. If the dollar were to tank, we would move back to a manufacturing economy. I think you confuse the U.S. government and the U.S. economy. The U.S. government borrows a lot, yes, but the vast majority of corporations do well, and LEND to the government.

[gingramf14]

@xXTheRatXx Companies have trillions of dollars worth of savings as we speak. Manufacturing is simply not profitable for most things. However, we do export the most airplanes and medical technology in the world. Factories right now are producing well below their potential output because there are no buyers. There are no buyers because it is still cheaper for American companies to manufacture overseas, mostly in China, because they keep their currency artificially low.

[xXTheRatXx]

@gingramf14

Sorry I read that wrong, you said "other" countries, (not China). To undercut the production of other countries we're going to have to be able to out produce them with a solid manufacturing based economy which we don't have. The issue still remains that we would need people to invest in starting all these american companies which we don't have. Whos' savings are we going to depend on to make such investments in creating these companies?

[xXTheRatXx]

@gingramf14

A "massive infrastructure FOR exports"? One of his main points was that we DON'T export nearly enough because we don't MANUFACTURE nearly enough. We've chased all of the manufacturers out with heavy taxes and regulaions. How would we be able to undercut China's production if we ourselves don't produce? Like Peter said, our economy runs on borrowing money and spending it on depreciating goods. Capitalism can't work like that. You have to work hard, save money and then invest it.

[gingramf14]

He doesn't acknowledge the fact that the U.S.A. still has a massive infrastructure FOR exports. If the dollar collapsed, we would be able to undercut other countries prices in the same way that China undercuts ours. And besides, a good customer may pay for what he or she buys, but a smart one makes the producer pay for it.

[xXTheRatXx]

Everyone in the U.S. should fucking watch this. This man knows sound economics.

Ron Paul/Peter Schiff 2012, fuck the rest!