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Ron Paul's favorite economist won this debate in a Laffer
Newark Star Ledger via NJ.COM ^ | 11/22/2008 | Paul Mulshine

Posted on 11/26/2008 4:55:45 AM PST by Kid Shelleen

This video of Peter Schiff debating Arthur Laffer back in 2006 has been making the rounds on the web. Schiff was Ron Paul's economic advisor during Paul's run for the Republican presidential nomination this year. Paul lost that race, but just about everything he predicted has come true in the interim.

Paul's most depressing - in both the emotional and economic senses - prediction was that the U.S. couldn't maintain an economy based on the easy money flowing out of the Fed.

(Excerpt) Read more at blog.nj.com ...


TOPICS: News/Current Events
KEYWORDS: economy; laffer; lp; ronpaul; schiff

1 posted on 11/26/2008 4:55:46 AM PST by Kid Shelleen
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To: Kid Shelleen
Incredible!

Laffer: "I don't know how to respond, he doesn't know the numbers..."

Guess what Laffer? Nobody "knows the numbers" but some people still have common sense.

2 posted on 11/26/2008 5:06:54 AM PST by Theophilus (Abortion: #1 National Security Issue, #1 Economic Issue, #1 Moral Issue)
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To: Kid Shelleen

I wonder if Schiff has collected the penny?


3 posted on 11/26/2008 5:07:30 AM PST by Theophilus (Abortion: #1 National Security Issue, #1 Economic Issue, #1 Moral Issue)
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To: Kid Shelleen

Schiff knows what he’s talking about. Surprisingly, Laffer seems not to understand the difference between real wealth and nominal wealth: more goods from higher productivity vs. higher money-prices for the same number (or fewer) goods.


4 posted on 11/26/2008 5:11:20 AM PST by GoodDay (Palin for POTUS 2012)
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To: Kid Shelleen

bump to watch later


5 posted on 11/26/2008 5:11:45 AM PST by Puddleglum
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To: Theophilus
I was wondering that too. Schiff is the guy that should be the new Treasury Secretary

BTW I did not know that Schiff was Paul's economic advisor during his presidential run..
6 posted on 11/26/2008 5:14:00 AM PST by Kid Shelleen (Barack the Messiah: Never in the field of US politics have so many waited so long for so little.)
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To: Kid Shelleen
The 'Austrian' School is the best.

They understand the role of fiat money/credit in creating the 'boom-bust' cycle we are in now.

Mises predicted the Great Depression years before it hit.

7 posted on 11/26/2008 5:15:44 AM PST by fortheDeclaration ("Our constitution was made only for a moral and religious people".-John Adams)
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To: Kid Shelleen

OH ya all better watch out! The Ron Paul is a loon crew will be hear shortly to slime him.

I agree with Ron Paul on everything except his foriegn policy views. Ron Paul was our best overall candidate in the primarys. The ONLY TRUE conservative in the midst of a bunch of liberal hacks.

Yet he was a wacked out loon according to some on FR.


8 posted on 11/26/2008 5:20:56 AM PST by crz
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To: Kid Shelleen
Ron Paul is dead on with the Fed. It along with the other global central banks are a diseased cartel. Eventually the Dollar will fall out of favor and come crashing back to our shores. Our lifestyles will dramatically change and will be more in line with what they, The Fabian Socialists have in mind for us. Make no mistake about it, these are words used by Obama himself and has historical precedent as an objective. Yep make no mistake about it we are being manipulated and undermined by the global elitist international pukes. We dont want to believe it but many people intuitively and thoughtfully undertand this but are afraid of being labeled a crackpot, much as Ron Paul has been in some instances.
9 posted on 11/26/2008 5:21:05 AM PST by Archon of the East (Universal Executive Power of the Law of Nature)
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To: Kid Shelleen

There are several other Schiff videos on youtube worth watching. One has 3-4 FOX business best hammering him a couple years best and guess who was correct?....Schiff. Ben Stein gets taken to school on one of them. He’s completely discredited IMO.


10 posted on 11/26/2008 5:32:52 AM PST by Doug TX
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To: crz

“I agree with Ron Paul on everything except his foriegn policy views.”

I think, if they were honest with themselves, most conservative people would also agree with Ron Paul about non-intervention, no policing the world and promoting trade/diplomacy with other countries. He also believes in a strong military, able to handle any threat to the U.S.


11 posted on 11/26/2008 5:34:02 AM PST by AmericanHunter
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To: Kid Shelleen

Laffer should watch this video and then jump off a building.


12 posted on 11/26/2008 5:41:59 AM PST by mefistofelerevised
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To: AmericanHunter
most conservative people would also agree with Ron Paul about non-intervention, no policing the world and promoting trade/diplomacy with other countries.

It's amazing how riled up people get when Dr. Paul says pretty much the same thing as George Washington did - 'Beware foreign entanglements'!

13 posted on 11/26/2008 5:55:19 AM PST by MamaTexan (* I am not an administrative, political, legal, corporate or collective entity *)
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To: MamaTexan

I think what’s REALLY amazing is the flack he catches from freepers. Which leads me to believe... if you took some founding father quotes and attributed them to Dr Paul... they’d call him a kook.


14 posted on 11/26/2008 5:58:21 AM PST by yantis
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To: All

Here’s another one(brief clip of this video to start but then more) watch as the talking heads laugh at him

http://ca.youtube.com/watch?v=2I0QN-FYkpw


15 posted on 11/26/2008 6:07:09 AM PST by janetjanet998
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To: Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; Alexander Rubin; Allerious; ...



Libertarian ping! Click here to get added or here to be removed or post a message here!
16 posted on 11/26/2008 6:07:44 AM PST by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: crz
I agree with Ron Paul on everything except his foriegn policy views.

I even agree with Ron Paul on his foreign policy views but I hate his foreign policy arguments using: Moral Equivalence.

17 posted on 11/26/2008 6:38:38 AM PST by Theophilus (Abortion: #1 National Security Issue, #1 Economic Issue, #1 Moral Issue)
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To: AmericanHunter

Especially after learning how the Debt-Based economy (and intl. bankers) finance and usually either cause wars to increase their profits or make short wars into long wars because they can become profit takers for both sides!

(yeah I recently read “the Creature From Jekyll Island).


18 posted on 11/26/2008 6:38:44 AM PST by JSDude1
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To: crz

“OH ya all better watch out! The Ron Paul is a loon crew will be hear shortly to slime him.”

By now, most of them have slithered back into their slime pits. So now, the result, the truth, and the reality exposed for all to see and experience, I doubt they will be so bold to even risk a peak at this juncture.

Ron Paul was the only candidate who “talked the talk and walked the walk.” He gave it his all to expose the truth to all Americans. As the only candidate on the republican ticket who understood the looming crisis and it’s root causes, his message fell on deaf ears. He was “laughing stock.” But no one is laughing now.

I think the bulk of his detractors here were blinded by their desire to retaliate against OBL. Surely, a worthy cause. So blinded that they were ready, willing, and able to overlook a constitutional requirement for congress to declare war before sending our sons and daughters off to war.

In this case, folks who would normally defend our constitution found themselves conflicted. And when Paul would remind them of the constitutional provision regarding war, they closed their eyes and clasped their hands over their ears. They simply didn’t want to be reminded of the truth they already knew. So the only way for them to deal with their internal struggle was to convince themselves and others that Dr. Paul was a “loon” who was against the war. Then by default, he supported terrorists. Then they went about associating him with “911 truthers” and “skinheads.” Whatever it took to silence his message was fair game.

Today, we have one lone “loon” in congress who stands ready willing and able to defend our constitution. One lone “loon” who understands what has delivered our current economic crisis. If there are others in congress like him,now is the time... please stand up!


19 posted on 11/26/2008 6:39:03 AM PST by takenoprisoner
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To: yantis
if you took some founding father quotes and attributed them to Dr Paul... they’d call him a kook.

wanna see the links? (evil grin)

20 posted on 11/26/2008 6:47:53 AM PST by slnk_rules (http://mises.org)
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To: Kid Shelleen
One of the favorite arguments used to slime Ron Paul and Schiff is that they are perpetual doom and gloom mongers and that predicting a crash five or even two years ago doesn't count on the basis that if you're always predicting gloom sooner or later you're going to be right.

Well I don't know about that but it sure counts more than the opinions of Laffer and a number of Freepers who until September, were scoffing at and pouring scorn on anyone who suggested the US was in serious trouble. Some still are. Furthermore, this crash has been a long time in coming so I'm inclined to believe that a two year old prediction of crisis does indeed have validity. One thing I've noticed though, is that Paul's correct forecast of this crisis has earned him more, not less abuse. Strange.

Paul is not a "made for the media" construct. He reminds me of an old college professor who would show up late for class with his shirt done up on the wrong buttons and his hair in a mess. He looks kooky but he has it right, though.

The spiraling multi-trillion bailout costs + the cost of the Iraq war + our foreign energy dependence + the loss of our manufacturing base = financial ruin.

21 posted on 11/26/2008 7:02:22 AM PST by marshmallow ("A country which kills its own children has no future"- Pope John Paul II)
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To: slnk_rules

“wanna see the links? (evil grin)”

Yes please


22 posted on 11/26/2008 7:28:02 AM PST by AmericanHunter
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To: Kid Shelleen

I sure do like Ron, I really had high hopes for him this election.


23 posted on 11/26/2008 7:41:16 AM PST by TeknoBeck
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To: yantis

I’ve got to admit, for all of my being a small-government constitutionalist I only credited Paul with being right in some ways, a kooky extremist in others.

Now it seems that we were living in such an unreal reality before that the ‘kooky extremist’ was right all along. At the very least, the Republican Party should have given him a place of honor in the primaries for speaking necessary and Republican truths, rather than dismissing him as they did.


24 posted on 11/26/2008 7:47:11 AM PST by 9YearLurker
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To: Theophilus
I even agree with Ron Paul on his foreign policy views but I hate his foreign policy arguments using: Moral Equivalence.

Thank you. Those are exactly my thoughts, and I hope Dr.Paul is reading your post somewhere. He has some valuable points about foreign policy, but he undermines himself when he makes remarks like the ones he made about 9/11 at the GOP debate.

25 posted on 11/26/2008 8:26:03 AM PST by murdoog ("I am involved with politics so that politics is not involved with me"-Dan Flynn)
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To: marshmallow
One of the favorite arguments used to slime Ron Paul and Schiff is that they are perpetual doom and gloom mongers and that predicting a crash five or even two years ago doesn't count on the basis that if you're always predicting gloom sooner or later you're going to be right.

The reason that's not a valid argument is because they weren't merely predicting a downturn. The predicted the exact causes and effects correctly, and in Schiff's case he even got the approximate time correct.
26 posted on 11/26/2008 10:59:39 AM PST by MinnesotaLibertarian
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To: Kid Shelleen

Ping for later


27 posted on 11/26/2008 11:12:54 AM PST by Upstate NY Guy
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To: Kid Shelleen; Theophilus; GoodDay; Puddleglum; fortheDeclaration; crz; Archon of the East; ...

http://www.europac.net/radioshow.asp

Schiff’s weekly live radio broadcast is coming up at 8pm Eastern. I’ve been getting the podcasts, he has great insight.


28 posted on 11/26/2008 2:51:19 PM PST by ovrtaxt (It is better for civilization to be going down the drain than to be coming up it. ~Henry Allen)
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To: marshmallow

http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home

The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.


29 posted on 11/26/2008 3:00:17 PM PST by traviskicks (http://www.neoperspectives.com/Ron_Paul_2008.htm)
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To: ovrtaxt

Thank you very much!


30 posted on 11/26/2008 4:24:26 PM PST by GoodDay (Palin for POTUS 2012)
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To: GoodDay

:)


31 posted on 11/26/2008 5:17:17 PM PST by ovrtaxt (It is better for civilization to be going down the drain than to be coming up it. ~Henry Allen)
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To: traviskicks
see the following thread:

http://www.freerepublic.com/focus/f-bloggers/2138562/posts

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion

• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion

• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion

• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion

• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion

• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)

• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion

• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion • NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion


32 posted on 11/26/2008 5:24:10 PM PST by Kid Shelleen (Barack the Messiah: Never in the field of US politics have so many waited so long for so little.)
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To: MamaTexan

Yep, the anomaly of American History is the record of interventionism since WWII.


33 posted on 11/26/2008 5:51:25 PM PST by glorgau
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To: takenoprisoner
By now, most of them have slithered back into their slime pits.

You may wish that, but it doesn't make it so.

34 posted on 11/26/2008 6:20:07 PM PST by elkfersupper
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To: AmericanHunter
no policing the world

On that, I'll agree with Ron Paul, but Ron Paul does a disservice to the west when he pretends Muslims will be happy if left alone.
35 posted on 12/01/2008 9:45:01 AM PST by farmer18th (George Will: Conservative, as long as the Newsweek People Don't make Fun of Me.)
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To: Kid Shelleen

I’m fascinated by the Schiff phenomenon. He got U.S. Equities and real estate spot on, but has he been right about foreign equities providing any wealth protection??


36 posted on 12/01/2008 9:46:00 AM PST by farmer18th (George Will: Conservative, as long as the Newsweek People Don't make Fun of Me.)
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To: farmer18th
but has he been right about foreign equities providing any wealth protection??

Don't know of any place that was very safe recently other than the mattress. The best forecasters are often wrong. Think of all the commodity gurus who had loaded up on oil for the ride to $200 or those that had moved everything to China. China equities did worse than those in the US.

37 posted on 12/13/2008 1:49:45 PM PST by alrea
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To: farmer18th; alrea

He’s a long term adviser, similar to Jim Rogers in his timeframe. Everyone’s stocks are taking a beating right now, Asian and otherwise, but that’s to be expected. Even gold has taken a temporary hit, mostly from the hedge funds unloading paper positions.

However, they both believe China will emerge strongest from this crash, since they have the factories and the reserves. We have neither anymore.


38 posted on 12/13/2008 1:56:48 PM PST by ovrtaxt (It is better for civilization to be going down the drain than to be coming up it. ~Henry Allen)
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To: yantis
I think what’s REALLY amazing is the flack he catches from freepers.

That isn't an accident - the criticisms being expressed aren't personal or original. Like the liberal "seminar callers" on CNN, they are repeating slogans invented by powerful financial interests to denigrate Ron Paul. These slogans usually take the form of "I like what Ron Paul says about economics but I can't stand his weakness on Islamofascism" - when even a cursory overview of his positions would show that opinion to be nonsense.

39 posted on 12/13/2008 2:02:59 PM PST by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: Mr. Jeeves

Okay, I’ll bite. Where is Paul on Islamofascism? I do happen to agree with him, for the most part, on economics, but everything I’ve heard him say about Islam has been downright crazy. He’s a doctor who has shown himself to be well-schooled in economics, but he needs to crack a history book or two.


40 posted on 12/13/2008 2:10:33 PM PST by farmer18th (George Will: Conservative, as long as the Newsweek People Don't make Fun of Me.)
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To: Kid Shelleen

Paul is an expert in protecting the shrimp industry. I’ll give him that.


41 posted on 12/13/2008 2:11:42 PM PST by Drango (A liberal's compassion is limited only by the size of someone else's wallet.)
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To: Kid Shelleen
30 million illegal aliens, many of them voting.

50 million government-schooled illiterates, many of them voting.

Millions of fake ACORN votes.

An entrenched kakistocracy.

Ron Paul can't get elected until there is a massive cull of the herd which raises the average IQ by about 30 points.

42 posted on 12/13/2008 2:32:45 PM PST by TonyStark
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To: farmer18th
Where is Paul on Islamofascism?

Essentially that it's a profound misallocation of resources to have the US military chasing 6th century goatherders up mountains and trying to impose democracy on peoples who don't want it and can't handle it anyway, when we are simultaneously pumping billions into the Saudi economy every year and thereby undermining all of the military's efforts.

Paul's enemies very cleverly tap into an underlying and unthinking "America, love it or leave it, you Commie pinko fag!!!" attitude among conservatives to get them to brand his argument "treasonous" and change the subject away from the real treason going on at the Federal Reserve.

43 posted on 12/13/2008 2:48:35 PM PST by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: Mr. Jeeves

I don’t brand his argument treasonous—just misinformed, but, for the record, I don’t think you should fight a war unless you take territory either. We didn’t fight native Americans up into caves. We brought missionaries along with the soldiers, and we added new stars onto the union flag. Where I differ with Paul is in thinking that 9/11 could have been avoided by ignoring Islam. Unless you want to leave Israel stranded, and our interest in world oil supplies unattended, you have to understand that Islam is a threat to domestic tranquility economic growth.


44 posted on 12/13/2008 4:31:48 PM PST by farmer18th (George Will: Conservative, as long as the Newsweek People Don't make Fun of Me.)
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To: farmer18th
Where is Paul on Islamofascism?

Letting them kill each other, and if they attack us again, they'll be wiped out and left to rebuild their own cesspool.

45 posted on 12/13/2008 4:38:32 PM PST by Extremely Extreme Extremist
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