Skip to comments.Ron Paul's favorite economist won this debate in a Laffer
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 ...
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.
I wonder if Schiff has collected the penny?
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.
bump to watch later
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.
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.
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.
“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.
Laffer should watch this video and then jump off a building.
It's amazing how riled up people get when Dr. Paul says pretty much the same thing as George Washington did - 'Beware foreign entanglements'!
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.
Here’s another one(brief clip of this video to start but then more) watch as the talking heads laugh at him
I even agree with Ron Paul on his foreign policy views but I hate his foreign policy arguments using: Moral Equivalence.
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).
“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!
wanna see the links? (evil grin)
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.
“wanna see the links? (evil grin)”
I sure do like Ron, I really had high hopes for him this election.
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.
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.
Ping for later
Schiff’s weekly live radio broadcast is coming up at 8pm Eastern. I’ve been getting the podcasts, he has great insight.
The money thats been pledged is equivalent to $24,000 for every man, woman and child in the country. Its 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 countrys mortgages.
Thank you very much!
Yep, the anomaly of American History is the record of interventionism since WWII.
You may wish that, but it doesn't make it so.
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??
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.
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.
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.
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.
Paul is an expert in protecting the shrimp industry. I’ll give him that.
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.
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.
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.
Letting them kill each other, and if they attack us again, they'll be wiped out and left to rebuild their own cesspool.