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Robert Borosage Mocks Peter Schiff and His Silly Liquidationist Comments

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Uploaded by on Oct 4, 2010

This Sept 2010 interview has quack stockbroker Peter Schiff calling "keynesian" economists "witchdoctors". Viewers might ask what they should call liquidationist stockbrokers (and i reiterate stockbroker since Peter Schiff has absolutely no accredited economic credentials whatsoever) like Peter Schiff?
This is similar to Alex Jones calling others crackpot conspiracy theorists. Right.

While Robert Borosage is not the brightest cookie in the jar, even he cannot help laughing at the inane, illogical, silly liquidationist comments made by Peter Schiff in this interview.

That aside, lets look at the facts. America is not broke as Schiff claims. In fact, its debt picture looks far better than most other industrialized countries (examples of external debt to GDP ratios as of 2010: UK 429%, Switzerland 379%, Sweden 270%, France 244%, Hong Kong 225%, Norway 209%, Germany 177%, Australia 122%, USA 98%).
Additionally, all of the US' debt is denominated in its own currency, the almighty greenback.
Ignorant quacks like Peter Schiff (and Lawrence Kotlikoff, Jim Rogers, Gerald Celente etc.) also don't understand that with the US' political, economic and military clout, it has the ability to restructure its debts easily (e.g. negating debts via various programs), although it will take some political will to do so. They also don't understand that all of the unfunded liabilities can also be restructured, but again this would require the political will to do so.

Ending quote: "Richard W. Fisher, President of the Federal Reserve Bank of Dallas has noted that "Medicare was a pay-as-you-go program from the very beginning."

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