Peter Schiff - Canton, CT

Peter Schiff introduces himself to the Canton Republican Town Committee on 2-9-10

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[sirchilly]

I love how Simmons has a stack of papers in front of him and Peter just has a bottle of water LOL

[buckey2000]

If Simmons and McMahon actually cared about the country they would drop out. Nothing against them, we just need someone who actually has a difference of opinion in the Republican party. We need someone who actually understands economics besides Ron Paul.

[Rawego]

@aviomaster i wouldn't be surprised if this happens. Peter is speaking the truth to a corrupt government with its back against the wall right now. no amount of "stimulus" will jump start the economy without savings. by the way, his father who refused to pay income tax on the obvious principle is already in jail right now.

[Nintendomanwill]

Else how do unemployed people ever become involved in production ever again? Production initiates. Say's Law is a statement of reality. There are geniuses who can't understand this. Be better than a genius. So: 0 demand for a product doesn't stop you producing other products. No demand for products makes future-oriented production. Deferred finalisation of production period.

[Nintendomanwill]

Unemployment comes from low demand for the products of employment.=Wrong

Cessation of a job (a job contingent on there being demand for its product) does not equal unemployment. There not being demand for product x, or indeed for all conceivable products, does not make all production of new products or products to be sold when there is demand (since 0 demand means; now, and future temporal quality makes the product inherently different) therefore 0 demand for commodities can have 100% emplymnt

[Nintendomanwill]

Unemployment comes from low demand for the products of employment. The products of employment come from...employment. Hm, there appears to be a slight confusion here Mr Keynes.

Could it be that production enables consumption, and not the other way around (so that 0 consumption does not inhibit further production nor eventual profits to motivate such production as an extreme version of extending capital structures)?

Now you understand that Say's Law=statement of reality. Production initiates

[Nintendomanwill]

Now this means that Keynes presumed that growth and the capacity for employment (in production for that growth) relied on private consumption. Yet recessions are a problem of malco-ordinated investment that needs to liquidate, not lack of consumption. Indeed consumption is not required for full employment. Consider the logical fallacy at the bottom of Keynesianism that was refuted by JB Say 200 years ago:

[Nintendomanwill]

Everything Schiff says=common sense that Keynes attempted to refute in the General Theory of Employment, Interest and Money. Keynes' idea was that government growth, higher tax, higher spending, protection of banks who printed money in excess of specie reserves (now they have no deficit of specie because the notes are iredeemable in gold, well let's see how iredeemable they are when we keep buying gold with the progressively worthless notes) WOULDN'T come at expense IF prvt consumption fell.

[aviomaster]

I expect Peter Shiff if he continues to speak like this ... He will be assasinated or sent to prison.

[aretlev]

This is awesome. Go Schiff!

[johnidavey]

Linda looks real nervous when Schiff starts talking about spending less money. haha!

[hyylo]

Schiff or Ron Paul or Rand Paul for president.

dont forget there are others like peter schiff (ron paul and rand paul).