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Peter Schiff On Obamanomics: "There Are Not Enough Open Minds In The Capitol To Keep This Ship
Zero Hedge ^ | 9/19/11 | Tyler Durden

Posted on 09/19/2011 5:57:45 PM PDT by Nachum

Peter Schiff wraps his congressional testimony on the Obama jobs plan, which was one of the most memorable such Congressional hearings on the topic to date, with the following letter of caution to all Americans. To wit: "I don't think those few open minds in the Capitol are going to be enough to keep this ship from sinking. There just isn't enough time or a strong enough will for reform from the American people. That is why it is so important for you to act individually to protect yourself and your family from the new age of stagflation. Please take the time to view my testimony, understand the problems we face, and align your investments accordingly." We urge anyone who has not watched Peter's testimony yet to do so below.

From Peter Schiff:

Dear Friends and Supporters,

As many of you know, last week I was invited to Washington to testify in front of the House of Representatives Subcommittee on Government Reform and Stimulus Oversight. For that, we can thank Subcommittee Chairman Jim Jordan (R-OH).

The subject of the hearing was job creation in the United States – specifically, what the government can and can’t do to boost employment. While many people have asked me in the last few days why I even bothered to participate, I think it was a valuable experience. I don’t expect that anything I said will make an immediate impact on policy, but at least some of my opinions got a fair hearing in the halls of power.

After the testimony, I did have a few one-on-one meetings with open-minded Congressmen from both sides of the aisle. Maybe they were just being polite, but they had no obligation to talk to me, or even invite

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: obamanomics; peter; schiff; sinking
Vid at link

Full title: Peter Schiff On Obamanomics: "There Are Not Enough Open Minds In The Capitol To Keep This Ship From Sinking

1 posted on 09/19/2011 5:57:49 PM PDT by Nachum
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To: Nachum

Ping for AM


2 posted on 09/19/2011 6:00:58 PM PDT by NewHampshireDuo
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To: Nachum

The USS Titantic just keeps floating along aimlessly.

And, it’s Peter Schiff who is allegedly crazy.


3 posted on 09/19/2011 6:03:59 PM PDT by Comparative Advantage
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To: Nachum
Is this that scare letter where they lead you on and on. At the end they ask you to subscribe to their investment newsletter?
It's been going around for months.
4 posted on 09/19/2011 6:07:52 PM PDT by oldbrowser (Obama is a one trick phony (wealth distribution).)
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To: Nachum
How sad that $200 and $300 Billion deficits were once declared as national emergencies and now $1.6 Trillion is seen as necessary. Our leaders and the MSM are congenital liars.
5 posted on 09/19/2011 6:14:06 PM PDT by cashless (Unlike Obama and his supporters, I'd rather be a TEA BAGGER than a TEA BAGGEE.)
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To: Comparative Advantage

Bfl.


6 posted on 09/19/2011 6:16:40 PM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who wonÂ’t leave.)
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To: Nachum

I just received the link to his testimony in an email. It is very good.

“”Peter Schiff testified in front of Congress on Tuesday about the ridiculous jobs bill. Fantastic stuff. He embarrasses the Krugman clone next to him and the congressman who tries to challenge him.
Part 1
http://www.youtube.com/watch?v=FLmD9TeUC54&feature=youtube_gdata_player
Part 2
http://www.youtube.com/watch?v=xZbQGpf3D_Q&feature=youtube_gdata_player


7 posted on 09/19/2011 6:26:35 PM PDT by Presbyterian Reporter
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To: Nachum
That is why it is so important for you to act individually to protect yourself and your family from the new age of stagflation.

Been working on it. We're coming to a time where food and fresh water will be worth more than gold.
BTW, expect anything having to do with corn to double again. That includes animal products.

8 posted on 09/19/2011 6:30:32 PM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics

Do you have an alternative water filtration system?


9 posted on 09/19/2011 6:34:44 PM PDT by Comparative Advantage
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To: Nachum

Republicans were too stupid to elect him. The elected the owner of the WWF’s wife instead.


10 posted on 09/19/2011 6:36:53 PM PDT by FightThePower! (Fight the powers that be!)
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To: Nachum

The kernel..the nugget of it all is taxes, regulation, and immigration

The story of American jobs and labor is deeply intertwined with predatory Federal, state and local taxation and regulation....

South Koreans sleep soundly on their border with NORKS because of American Taxpayer dollars and the American GI.

Why can’t Texans, New Mexicans, Arizonans and Californians?....BECAUSE

Illegal immigration is THE KEY to the perpetuation of the status quo in DC......

Predatory tax and regulatory policies-actions that basically serve to perpetuate and grow governments-leave what business is left in the country seeking disposable labor.

Illegal Labor is the Feds out for preserving the status quo regarding Taxes and Regulation. Interestingly, that is WHY the Feds encourage in-state tuition etc for illegals under-the-table -their presence providing disposable labor allows Federal, State and local regulatory and tax excess in the status quo to continue

Immigration is the ultimate litmus test as to the candidates in question commitment to meaningful regulatory and tax reform. If they are wishy-washy on the subject...they have no real intent to disturb the DC status quo...no matter how big their cowboy hat and six-gun.

Real”leadership” is that which will place Flyover Country’s interest ahead of the Feds....haven’t yet seen anything meaningful anywhere from anybody to indicate that might happen. We have just one more election cycle to make that happen via rule of law. Otherwise its the end of the run for America.


11 posted on 09/19/2011 6:39:08 PM PDT by mo
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To: Comparative Advantage

What do you like for water filtration?


12 posted on 09/19/2011 6:39:51 PM PDT by Codeflier (Bush, Clinton, Bush, Obama - 4 democrat presidents in a row and counting...)
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To: Nachum

I have been in cash and gold only for 3 months, and I am not even comfortable with that.


13 posted on 09/19/2011 6:39:56 PM PDT by FlyingEagle
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To: Nachum

It’s interesting that this testimony was available to the congress critters but it appears that were hardly any of them present. Too bad. Kucinich asked a question at one point and then left.


14 posted on 09/19/2011 6:41:51 PM PDT by MulberryDraw ( Where's the democrat budget? What's the plan?)
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To: Comparative Advantage
Do you have an alternative water filtration system?

LOL. No. There won't be any electricity. Money will be almost worthless.
We have a well and a hand pump for fresh water, and for dirty work (laundry, etc.) a pond.
If you don't have either, a solar water heater or evaporator works. You can make your own.

15 posted on 09/19/2011 6:45:42 PM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: FightThePower!

Are you referring to Linda McMahon?
She was not elected to any office.
Linda is running for Senator Lieberman’s seat for 2012.


16 posted on 09/19/2011 6:48:01 PM PDT by mojo114 (Pray for our military)
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To: Presbyterian Reporter

Yep. Schiff’s testimony was amazing. Good links, thanks.


17 posted on 09/19/2011 6:48:28 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: MulberryDraw
It’s interesting that this testimony was available to the congress critters but it appears that were hardly any of them present.

Why should they care? Most are uber wealthy, and can just hop on a jet and haul as$ outta here! After the chaos is over and Americans are rebuilding, they can come back and lead us all over again. They'll be our heroes - or so they'll claim.

18 posted on 09/19/2011 6:51:57 PM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Nachum

bump.


19 posted on 09/19/2011 7:12:58 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: Nachum

It’s clear to those of us that understand economic principles what the Congress should do. Mr. Schiff is saying things real conservatives have been saying for years but we are considered extremists: “Repeal the minimum wage, you could do it this afternoon.” “Stop throwing money at education.”

Of course it makes sense and of course Congress won’t do it, ever. So the reality is things will not improve, especially under Obama. No one cares. Congress does not care, all millionaires with lifetime salary, pension and medical. Why should they save the rest of us?

But can someone tell me what the average person is supposed to do right now? I am on social security and have decent savings. I own my home. Probably just the typical scenario, not poor, but not much extra. I hate to have money sitting in the bank at no interest, but I am not savvy enough to play the market. Even mutual funds terrify me, when they start trending down, I can’t sleep at night.

I feel like we are all just sitting around waiting for some disaster and that maybe even the banks could fail. My money might be FDIC insured...so what? We are going to trust the govt? What else can I do, put it under the mattress? Scary.


20 posted on 09/19/2011 7:38:57 PM PDT by baa39
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To: baa39

The answer is what you are doing now. Talk to your friends in the community and build a support network. In the end, we all have each other and that is what gets us through.


21 posted on 09/19/2011 7:41:58 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum
USS Drydocked

22 posted on 09/19/2011 7:43:13 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: baa39

What skills do you have that others might need? Plenty of folks have money, skills and items they will trade with each other. Money is convenient. We will likely still be using it after the SHTF. Many are using their money now to stock up on whatever might be too expensive in the future. Remember, it isn’t the actual *end of the world*, just the end of *as we know it.*

You are not alone.


23 posted on 09/19/2011 8:14:07 PM PDT by reformedliberal
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To: reformedliberal; Nachum

Thanks!!!


24 posted on 09/19/2011 8:48:06 PM PDT by baa39
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To: baa39

“I feel like we are all just sitting around waiting for some disaster and that maybe even the banks could fail. My money might be FDIC insured...so what? We are going to trust the govt? What else can I do, put it under the mattress? Scary.”

Put your money in your gun safe, and stock up on guns, ammo , and food.


25 posted on 09/19/2011 9:13:03 PM PDT by Roklok
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To: baa39

“Stop throwing money at education.” It never reaches the classroom, or if it does it is wasted on useless toys. Teachers are seldom trained except to be “good employees” of school systems that are run by seventh-raters.


26 posted on 09/19/2011 10:41:14 PM PDT by RobbyS (Pray with the suffering souls.)
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To: baa39

Diversify in things that you know will at least be worth the same in 5 years as they are now in a stagnant or inflationary market. In all likelihood, given inflation and potential economic and market disruptions these items will be worth much more.

Food is the safest investment there is in my opinion. The worst thing that can happen is you eat it but it’s an absolute necessity that we take for granted. My wife does most of the shopping but food prices (and portions) are getting ridiculous and we supposedly have low inflation.

There are other items that seem like a safe place to store money that are obvious. Gold and silver too expensive? Consider copper and/or nickel. They are going up in value and will always be needed by industry. Screws, nails, bolts, nuts, and washers are all made out of metal. They will always be useful so it’s a good way to invest small amounts in commodity metals with a useful purpose.

Luxury items such as scotch, whiskey, and other fine spirits are worth consideration. There will always be a demand for these and they are not getting cheaper. They also store for a long time in a steady environment.

As someone else pointed out, firearms and ammo have not gotten any cheaper in a really long time despite consistent production. The Russian surplus Mosin-Nagants are still a good purchase at $90-130 bucks each. I remember when SKS rifles were $80 each and AK’s were $150. I wish I had bought more of them. Surplus rifles have been a pretty decent investment if you compare the price 10 years later. They will more than keep up with inflation and you can always use one. Ammunition also has a pretty good metal value in addition to being useful and in demand.

Just a few ideas on hedging for the future and you can probably think of others. I am confident that every item I listed above will be worth more than today’s dollar in 10 years. I assume you have a reasonably secure place to store stuff and if you are lucky you could make the best investment of all.... some land with a garden, orchard, and good neighbors.

Best wishes.


27 posted on 09/19/2011 11:11:37 PM PDT by volunbeer (Keep the dope, we'll make the change in 2012!)
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To: Presbyterian Reporter

Thanks for posting both Youtube links. Schiff destroys the lib next to him and has the last word with that blow hard Cummings (D).

Regards.


28 posted on 09/23/2011 1:53:24 PM PDT by Starboard
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