Peter Schiff debates David Epstein of Columbia University -- Nov 11 2009

The Fordham Law School Federalist Society hosted this debate between David Epstein, Professor of Political Economy at Columbia University, and Peter Schiff, President of Euro Pacific Capital and U.S. Senate Candidate from Connecticut. Moderated by Fordham Law Professor Nicholas Johnson.

The topic: "Will the Obama Administrations economic policies lead to prosperity or disaster?"

Special thanks to Reuvain Borchardt, Ross Pitcoff, and the Federalist Society.

Also, check out http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Category:

News & Politics

Tags:

• Keynesian
• Austrian
• economics
• money
• fordham
• columbia
• banking
• obama
• stimulus
• bailouts
• bush
• federal reserve
• financial crisis
• bernanke
• fraud

[BobTheBuilder378]

I give the professor credit for fixing his hair, rolling his eyes, and being a sassy faggot.

[Jotto999]

Epstein's critique of Schiff's analogies are irrelevant and unsubstantial. I find Schiff's analogies accurate.

By the way, Epstein isn't a child rapist. A creep who did incest with his daughter, yes. But she was not a child and he did not rape her, it was consensual. Don't overstate things.

He did rape economic truth here, though.

[MultiFufighter]

peter Schiff is the greatest, beat up an elitist smelly ass professor

[iTitanium]

3 years later 15T+ in debt what does he say about that now?

[AndroidPolitician]

@IBloodSweatTears

We have a free floating currency based on money creation from local banks which is more or less what the US had during the civil war (and incidentally lead to major banking crisies after the Civil War was over)

The difference now is it's poorly regulated by the fed which is more than it was centuries ago.

[pipem4n]

@pipem4n

Not to mention that in the end of this road you will ger reichsmark style hyperinflation and essentially destroy the currency. It will buy nothing just like the Zimbabwan trillion dollars banknotes. The one dollar in Zimbabwe bought more stuff than a trillion year later.

[pipem4n]

It's not the peoples who controlled the money it was the government. You just got rid of the FED in the equasion but it changes hardly anything. government money backed by nothing can not store value because it (state) can print whatever amount it wants. So the business cycle (boom->bust) is still there biting your ass just as the ABCT sais.

Again: MONEY HAS TO BE A LEGITIMATE STORE OF VALUE. And gold fulfills this need.

Damn i'm smart when I listen to Schiff :DDD

[ImhoffInstruments]

Schiff absolutely dominated this debate, that was fun to watch.

[IBloodSweatTears]

@AndroidPolitician That's not what we have now. The congress has no power over money, Private banks have full power over the issuance. The mark up account balances out of thin air, and have sent hundreds of trillions to European banks. Saying thats what we have now is like saying we have already figured out time travel. We don't have any power over money.

If the Fed exists to regulate this, why did they miss the housing & credit bank crisis? Because they caused it.

[AndroidPolitician]

@IBloodSweatTears

That's basically what we have now, I don't know if you realize this but the Federal Reserve doesn't create the money supply, it's local banks that do that and that loan it on interest, the federal reserve exists to regulate this process and encourage banks to either lend more or less.

[IBloodSweatTears]

@AndroidPolitician The "Fact" is, if we went to the Lincoln Model, we would have plentiful money & we could fully pay off our national debt with a debt free government issued currency controlled by the people of this country as the Constitution intended. We don't have to have a national debt, the bankers fear this. Taking back the monetary authority's would be the greatest thing we could do for ourselves...

[IBloodSweatTears]

@AndroidPolitician You have no knowledge of monetary history. The Lincoln model had nothing to do with gold, well, correction, at the time, money supply was scarce & they needed a way to fund the Civil War. Thus, the greenback was born, a debt free, government issued currency, backed by nothing except the good faith in credit of the united states, money then became plentiful & economy boomed, This debt free people controlled currency was a threat to the international bankers