Keyword: schifflist

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  • Unprecedented Presidential Posturing (Peter Schiff)

    04/13/2012 8:21:26 PM PDT · by sickoflibs · 18 replies
    Safe Haven/Euro Pacific Capital, Inc. ^ | April 12, 2012 | Peter Schiff
    Last week, responding to President Obama's latest populist assault on the wealthy, I issued a commentary in which I explained why his ideas about American economic history were fundamentally flawed. As dangerous and erroneous as those views are, at least I can cut the President some slack for commenting on a subject in which he really has no basis for expertise. Hailing from academia and local community organizing, Barack Obama likely did not spend huge amounts of time boning up on economic history. However, there are other subjects where he should find firmer footing. Constitutional law certainly comes to mind....
  • Obama Gets Real (Peter Schiff on Obama's history stories)

    12/09/2011 7:24:58 PM PST · by sickoflibs · 38 replies · 2+ views
    Safe Haven ^ | December 9, 2011 | Peter Schiff
    For most of his time as a national political figure, Barack Obama has been careful to cloak his core socialist leanings behind a veil of pro-capitalist rhetoric. This makes strategic sense, as Americans still largely identify as pro-capitalist. However, based on his recent speech in Osawatomie, Kansas, the President appears to have reassessed the political landscape in advance of the 2012 elections. Based on the growth of the Occupy Wall Street movement, and the recent defeat of Republicans in special elections, he has perhaps sensed a surge of left-leaning sentiment; and, as a result, he finally dropped the pretense. According...
  • In Defense of the 1%(Peter Schiff takes on OWSers)

    10/28/2011 6:43:38 PM PDT · by sickoflibs · 30 replies
    Safe haven /Europacific Capital ^ | Oct 28, 2011 | Peter Schiff
    Last week, I spent the afternoon visiting the Occupy Wall Street demonstrations in lower Manhattan. I brought a film crew and a sign that said "I Am The 1%, Let's Talk." The purpose was to understand what was motivating these protesters and try to educate them about what caused the financial crisis. I went down there with the feeling that much of their anger was justified, but broadly misdirected. Indeed, there were plenty of heated discussions. I did little more than ask how much of my earnings I should be allowed to keep. In return, I was called an idiot,...
  • How the Government Can Create Jobs (Testimony by Peter D. Schiff to congress)

    09/15/2011 9:31:56 PM PDT · by sickoflibs · 13 replies
    Safe haven /Europacific Capital ^ | Sep 13, 2011 | Peter Schiff
    Mr. Chairman, Mr. Ranking member, and all distinguished members of this panel. Thank you for inviting me here today to offer my opinions as to how the government can help the American economy recover from the worst crisis in living memory. Despite the understandable human tendency to help others, government spending cannot be a net creator of jobs. Indeed many efforts currently under consideration by the Administration and Congress will actively destroy jobs. These initiatives must stop. While it is easy to see how a deficit-financed government program can lead to the creation of a specific job, it is much...
  • Is the Need for Stimulus "Undeniable"?(stimulus #3??)

    09/05/2011 7:12:28 PM PDT · by sickoflibs · 14 replies
    Mises Institute ^ | September 05, 2011 | Hunter Lewis
    A recent article by the best-known Keynesian economist at Yale, Robert Schiller, begins this way: [A] … fact … about our current economic situation … can no longer be denied: our economy is in desperate need of government stimulus. Does the rest of the article provide a defense of stimulus? No. Since the need for stimulus is undeniable, there is no need to defend it. No reasonable person would disagree. Right? Wrong. There is a problem here. Reasonable people do disagree, strongly disagree. Robert Barro, the distinguished Harvard economist, wrote an article about the same time as Schiller's explaining why...
  • Job Killer in Chief(Another Peter Schiff home run)

    09/02/2011 11:08:55 PM PDT · by sickoflibs · 29 replies · 1+ views
    Safe haven /Europacific Capital ^ | Sep 2, 2011 | Peter Schiff
    This morning many on Wall Street were stunned by the big fat zero put up by the August jobs report, the worst showing in 11 months. The data convinced many previously optimistic economists that the United States will slip back into recession. I believe that we have been in one giant recession all along that was only temporarily interrupted by trillions of useless and destructive deficit and stimulus spending. Unfortunately, the August numbers will increase the talk of government efforts to stimulate the economy. But while President Obama prepares to unveil a new plan for the Federal Government to create...
  • The Economic Delusions of the Political Class(Spending=growth=deficit reduction)

    08/17/2011 7:35:53 PM PDT · by sickoflibs · 7 replies
    Mises Institute ^ | August 16, 2011 | William L. Anderson
    The New York Times recently ran an "analysis" article entitled, "Debt Problem's Sure Cure: Economic Growth." This is something that falls into the category of "Gee, why didn't I think of that?" All you need is growth, so let's go get us some growth! That will take care of everything! Journalist Catherine Rampell asserts, There is, in theory, a happy solution to our debt troubles. It's called economic growth. No need to raise taxes or cut programs. Just get the economy growing the way it used to. Rampell admits that this is a dicey proposition. She holds to the belief...
  • The Fix Is In (Peter Schiff Explains why it will fail again)

    08/12/2011 9:33:33 PM PDT · by sickoflibs · 64 replies
    Safe haven /Europacific Capital ^ | By: Peter Schiff | Fri, Aug 12, 2011 | Peter Schiff
    This week's wild actions on Wall Street should serve as a stark reminder that few investors have any clue as to what is really going on beneath the surface of America's troubled economy. But this week did bring startling clarity on at least one front. In its August policy statement the Federal Reserve took the highly unusual step of putting a specific time frame for the continuation of its near zero interest rate policy. Moving past the previously uncertain pronouncements that they would "keep interest rates low for an extended period," the Fed now tells us that rates will not...
  • Debt Deal is a Blank Check (Peter Schiff on Budget Control Act)

    08/04/2011 10:52:19 PM PDT · by sickoflibs · 12 replies
    Safe haven /Europacific Capital ^ | Aug 1, 2011 | Peter Schiff
    By supposedly compromising to raise the debt ceiling, Congress and the President have now paved the way for ever higher levels of federal spending. Although, the nation was spared the trauma of borrowing restrictions, the actual risk of default existed solely in the minds of Washington politicians. But the real crisis is not, nor has it ever been, the debt ceiling. The crisis is the debt itself. Economic Armageddon would not have resulted from failure to raise the ceiling, but it will come because we succeeded in raising it. This outcome falls along the lines that I had forecast (See...
  • China's Hard-Money History(back to their gold and silver roots)

    06/26/2011 7:12:08 PM PDT · by sickoflibs · 10 replies
    Mises Institute ^ | June 20, 2011 | Dan O'Connor
    Until recent centuries, the Chinese people were disconnected from places in the world such as Europe and Africa. China was either unknown or considered very distant from Europe and Africa; few ships attempted to explore that far. Most Chinese people were not familiar with Western civilization, just as few in the West were familiar with Chinese civilization. In fact, the word "China" in Chinese is Zhong Guo, meaning "center" (Zhong) and "nation/land" (Guo). Chinese people believed that their land was the center of the world, not out of arrogance, but rather out of unawareness of the rest of the world....
  • Walmart and Discrimination (How about property rights?)

    06/26/2011 6:31:06 PM PDT · by sickoflibs · 17 replies
    Mises Institute ^ | June 22, 2011 | Robert P. Murphy
    Earlier this week, the Supreme Court unanimously threw out a massive class-action sexual-discrimination lawsuit against Walmart. By overruling a lower court's decision, the Supreme Court raised the barrier to future legal challenges against large corporations. As might be expected, probusiness outlets defended the ruling, while advocates for women and minorities lamented it. In the present article I won't discuss the specific legalities of the case, as I'm not a lawyer. Rather, I will argue that standard libertarian theory says that there should be no such things as laws against "discrimination," because they are illegitimate infringements on property rights. Furthermore, in...
  • A Primer on the Never-Ending Bust (Keynesians shown wrong again)

    06/10/2011 8:33:51 PM PDT · by sickoflibs · 14 replies
    Mises Institute ^ | June 06, 2011 | Robert P. Murphy
    With Friday's dismal jobs report — showing a paltry 54,000 increase in nonfarm payroll employment in May — more and more analysts are realizing that the so-called economic "recovery" is stalling. As Jeffrey Tucker recently pointed out in an important article, Austrians realize that the recession never left. This has all been smoke and mirrors for the last two years. As John Papola and Russ Roberts's latest video underscores, the classic confrontation is still between the Austrians and the Keynesians. These contrasting visions are still the primary choice when the average person tries to understand why the economy seems broken,...
  • The End of Bernanke's "End Game"(The Endless Recession)

    05/15/2011 8:20:40 PM PDT · by sickoflibs · 29 replies · 1+ views
    Mises Institute ^ | May 13, 2011 | William L. Anderson
    In a recent screed masquerading as the thoughts of a Nobel prize winner in economics, Paul Krugman excoriates those who speak of fear: fear of a debt crisis, of runaway inflation, of a disastrous plunge in the dollar. Scare stories are very much on politicians' minds. As Krugman explains, such worries are irrational and certainly untrue: None of these scare stories reflect anything that is actually happening, or is likely to happen. And while the threats are imaginary, fear of these imaginary threats has real consequences: an absence of any action to deal with the real crisis, the suffering now...
  • Macro Confusion: Inflation, Commodities, and the Fed

    05/12/2011 8:07:26 PM PDT · by sickoflibs · 13 replies
    Mises Institute ^ | May 12, 2011 | Kel Kelly
    A recent discussion regarding commodity prices on CNBC consisted virtually of sentence-by-sentence errors with respect to macroeconomic theory. Most of the misstatements involve either accidentally or intentionally — I don't know which — attributing economic and financial market events to various incorrect or misleading cause-and-effect scenarios, when the real explanation is simply the government's creation of money and credit. Regrettably, these errors are not restricted to the CNBC commentators and guests in the segment in question, but in fact are characteristic of economic misunderstanding generally. Therefore, I offer the following as a step-by-step clarification of these issues, so that readers...
  • The Great Myth of the Inflation Cure(Bernanke does not know what he is doing)

    05/07/2011 9:11:04 PM PDT · by sickoflibs · 14 replies
    Mises Institute ^ | May 06, 2011 | Doug French
    Parents probably dream of sending their kid to the University of Chicago. Next to the Ivy League or Stanford, the Chicago school is near the top of the heap. Only 27 percent of applicants are admitted. To be among the roughly 15,000 means prestige and an education to build a lifetime on. The cost for tuition and fees: $39,381. Room and board is another $12,000 or so. Add books and other stuff, and the total Chicago-school experience costs $54,290 a year. Students learn from the likes of University of Chicago economics professor Casey B. Mulligan, who believes what the economy...
  • The Attack on the Washing Machine(energy-efficiency standards again)

    05/04/2011 7:55:10 PM PDT · by sickoflibs · 77 replies
    Mises Institute ^ | May 04, 2011 | Mark Thornton
    You can chart the course of human progress in terms of how clean our clothing is. In early times people used animal skins, had no change of clothing, and had no soap. By Adam Smith's day soap had improved in quality, was produced industrially, and was becoming available to the common man. In fact, the Industrial Revolution, which is usually discussed in terms of iron, steam, and factories, was actually all about bringing products like soap and underwear — previously only available to the rich — to the common peasants. Only after WWII did electric automatic clothes washers displace hand-cranked...
  • Six Fundamental Errors of the Current Orthodoxy (Keynesianism and regime uncertainty )

    05/03/2011 9:39:36 PM PDT · by sickoflibs · 6 replies
    Mises Institute ^ | May 02, 2011 | Robert Higgs
    As the recession has deepened and the financial debacle has passed from one flare-up to another during the past year and a half, commentary on the economy's troubles has swelled tremendously. Pundits have pontificated; journalists and editors have reported and opined; talk radio jocks have huffed and puffed; public officials have spewed out even more double-talk than usual; awkward academic experts, caught in the camera's glare like deer in the headlights, have blinked and stumbled through their brief stints as talking heads on TV. We have been deluged by an enormous outpouring of diagnosis, prognosis, and prescription, at least 95...
  • Late to The Party..Once Again(Peter Schiff:"S&P rating underestimates this disaster ")

    04/29/2011 8:45:40 PM PDT · by sickoflibs · 16 replies · 1+ views
    Safe haven /Europacific Capital ^ | Apr 18, 2011 | Peter Schiff
    The only thing more ridiculous than S&P's too little too late semi-downgrade of U.S. sovereign debt was the market's severe reaction to the announcement. Has S&P really added anything to the debate that wasn't already widely known? In any event, S&P's statement amounts to a wake up call to anyone who has somehow managed to sleepwalk through the unprecedented debt explosion of the last few years. Given S&P's concerns that Congress will fail to address its long-term fiscal problems, on what basis can it conclude that the U.S. deserves its AAA credit rating? The highest possible rating should be reserved...
  • Charting the Course to $7 Gas (Fruits of Keynesian/Obama economics)

    04/26/2011 7:31:29 PM PDT · by sickoflibs · 42 replies
    Mises Institute ^ | April 25, 2011 | J. Kevin Meaders
    Let's go back to the beginning of the current economic crisis — yes, it is still a crisis for many millions of Americans who lost their jobs, ruined their credit, filed for bankruptcy, lost their homes, and lost their lifestyle. Shanty towns have popped up all over America, though rarely gaining media exposure. Tens of millions have been ripped from the middle class back down into the poverty from whence their parents or grandparents had climbed. Make no mistake: it is not capitalism that got us here; it is government interventionism and central banking — the Federal Reserve. The first...
  • Uncle Sam: Busted (the unpopular solutions put off to the future, as usual)

    04/24/2011 8:55:38 PM PDT · by sickoflibs · 15 replies
    Mises Institute ^ | April 21, 2011 | Robert P. Murphy
    On Monday, Standard and Poor's (S&P) announced that although the US government would retain its AAA debt rating, the outlook for the United States' future was being downgraded from "stable" to "negative." The move is a welcome if tepid acknowledgement of the fiscal train wreck of which Austrians have been warning for years. The S&P Announcement The formal announcement of the downgraded outlook cited the federal government's growing debt burden: Standard & Poor's on Monday downgraded the outlook for the United States to negative, saying it believes there's a risk U.S. policymakers may not reach agreement on how to address...
  • The Fed Obliterates the Savings Ethic (promotes consumption and speculation instead)

    04/14/2011 6:40:24 PM PDT · by sickoflibs · 16 replies
    Mises Institute ^ | April 13, 2011 | Doug French
    Depression babies learned early that "saving for a rainy day" was not something one hopes to do but a requirement. The saying originated when most people worked on the farm. And when it rained, the fields were too wet to plow, and the farmer — not to mention the hired hands — made no money. Of course, my grandfather was the diligent sort who would use rainy days to do required maintenance on his implements, noting with derision other farmers who spent rainy days at the bar in town. He believed they would surely end up with broken equipment when...
  • Why Are People So Forgiving of Government Failure?

    04/05/2011 8:39:10 PM PDT · by sickoflibs · 32 replies
    Mises Institute ^ | April 05, 2011 | Christopher Westley
    Once upon a time, I developed a theory that we have much lower expectations for public-sector performance than we do for private-sector performance.[1] We saw this in accounting standards that — when applied to Enron — resulted in market forces shutting that firm down, while the Department of Defense loses billions of dollars annually. The difference in terms of waste between the two sectors is exponential, but while Enron is held accountable for its ethics, the government gets a pass. Or consider what we tolerate from the US Postal Service (USPS) as opposed what we tolerate from firms like FedEx...
  • OMG! There's Discrimination in the Modeling Industry! (on looks,age)

    03/29/2011 6:51:46 PM PDT · by sickoflibs · 32 replies
    Mises Institute ^ | March 29, 2011 | Ben O'Neill
    The Australian media recently featured a story of an allegation of race discrimination in the modeling industry.[1] Ms. Kema Rajandran, a beautiful young Indian model, complained to news services about a modeling agency in Perth that advised her that her work would be limited because of her race. In an email to Ms. Rajandran, the coordinator of the agency said, We think you are very photogenic and would be suitable for our Casting Division. … Please note however that as you are of non-Caucasian heritage your work opportunities in Perth would be extremely limited.[2] Now, there is no doubt that...
  • Everybody Knows Bernanke Is a Joke (the Wizard of Oz is now exposed)

    03/20/2011 6:57:54 PM PDT · by sickoflibs · 19 replies
    Mises Institute ^ | March 17, 2011 | Robert P. Murphy
    As YouTube and other digital media move beyond computer-savvy young people into the ranks of even stodgy businessmen, these subversive outlets become serious problems for the ruling elite. This trend is epitomized by the radical change in the Federal Reserve's image. In just a few short years, the Fed has transformed in public opinion from a mysterious, wise, and boring institution into a fascinating engine of corruption and comedy. Challenging Bernanke The chinks in the Fed's armor of legitimacy are multiplying, all made possible by the ease of producing and distributing high-quality critiques. An early example was the spoof of...
  • Quake Response Puts Yen on the Line (Peter Schiff on Japan)

    03/18/2011 6:29:03 PM PDT · by sickoflibs · 7 replies
    Euro-Pacific Capital ^ | Mar 18, 2011 | Peter Schiff
    One of the immediate financial consequences of the catastrophic Japanese earthquake is that Japan needs to call on its huge cache of foreign exchange reserves to rebuild its shattered infrastructure. To pay for domestic projects, Japan will require yen - not dollars, euros or Swiss francs. As a result of these conversions, the yen rallied considerably after the quake struck. But a surging yen runs counter to the macro-economic currency plans favored by most global economists. In order to maintain Japan's position as a net-exporter of manufactured goods and net-buyer of US debt, the yen needs to stay down. So,...
  • The Injustice of Social Justice (and the true nature of rights)

    03/16/2011 7:07:40 PM PDT · by sickoflibs · 34 replies
    Mises Institute ^ | March 16, 2011 | Ben O'Neill
    Every once in a while, something comes along that perfectly encapsulates the idea of so-called "social justice" in action. For all the wonderful critiques that have been written about this wretched concept by its many detractors,[1] none quite match the elegant simplicity of a recent work by some of its advocates. I am referring here to a recent video made for the World Day of Social Justice[2] in which students and teachers complete this sentence: Everyone has the right to _____. The video is a colorful montage of possible completions to this sentence, set to some pleasant easy-listening music. It...
  • Three Flawed Fed Exit Options(not a happy ending for QE)

    03/14/2011 6:59:19 PM PDT · by sickoflibs · 12 replies · 1+ views
    Mises Institute ^ | March 14, 2011 | Robert P. Murphy
    Whether giving public lectures or teaching at the Mises Academy, I'm often asked whether Bernanke will be able to "pull this off." Specifically, can the Fed gracefully exit from the huge hole it has dug for itself? Unfortunately my answer is no. In the present article I'll go over three possible exit options, and explain the flaws in each. The Problem Before assessing the chances of escape, let's first review what the problem is: The monetary baseThe monetary base (see here for a breakdown of the various monetary aggregates) has exploded since the onset of the financial crisis in late...
  • A Little Understanding Goes a Long Way (Peter Schiff)

    03/11/2011 6:37:41 PM PST · by sickoflibs · 19 replies
    Safe haven /Europacific Capital ^ | Mar 7, 2011 | Peter Schiff
    As the world confronts one of the most critical periods of economic upheaval that it has ever seen, it is clear that our most influential economic stewards have absolutely no idea what they are doing. But, like kids with a new chemistry set, they are nevertheless unwilling to let that stand in the way of their experimental fun. As they pour an ever-growing number of volatile ingredients into their test tubes, we can either hope that they magically stumble on the secret formula to cure the world's ills, or more pragmatically, we can try to prepare for the explosion that...
  • More for Me Does Not Mean Better for Us (Government-union members always say 'gimme more')

    03/08/2011 7:34:53 PM PST · by sickoflibs · 8 replies
    Mises Institute ^ | March 08, 2011 | Gary Galles
    In the Wisconsin labor dispute, now increasingly spreading nationwide, I have lost count of the times union defenders have justified their position based on little more than the assertion that some union benefitted them or some member of their family — followed by the conclusion that all Americans must therefore gain. Unfortunately, that "logic" is invalid. A policy that gives me more does not mean the result is better for us. And the primary effect of unions and union-backed policies is to harm the vast majority of Americans. Unions succeed by leveraging special government-granted powers to eliminate competition from other...
  • Taxpayers in Revolt(taxpayers will either flee or stay, fight, and strike) )

    03/04/2011 5:24:26 PM PST · by sickoflibs · 39 replies · 1+ views
    Mises Institute ^ | February 26, 2011 | Doug French
    Jimmy John Liautaud, founder of the Jimmy John's sub chain, just applied to move his residence from Illinois to Florida — and his company's headquarters could soon follow. "All they do is stick it to us," he says of the state legislature's move to jack up the personal income tax from 3 percent to 5 percent — and the corporate income tax from 7.3 percent to 9.5 percent. "I could absorb this and adapt," Liautaud tells his hometown paper, the Champaign-Urbana News-Gazette, "but it doesn't feel good in my soul to make it happen," he says. Where the sub business...
  • The Political Economy of Government Employee Unions (they are the servants, not the masters)

    02/24/2011 6:26:40 PM PST · by sickoflibs · 17 replies
    Mises Institute ^ | February 24, 2011 | Thomas J. DiLorenzo
    The main reason why so many state and local governments are bankrupt, or on the verge of bankruptcy, is the combination of government-run monopolies and government-employee unions. Government-employee unions have vastly more power than do private-sector unions because the entities they work for are typically monopolies. When the employees of a grocery store, for example, go on strike and shut down the store, consumers can simply shop elsewhere, and the grocery-store management is perfectly free to hire replacement workers. In contrast, when a city teachers' or garbage-truck drivers' union goes on strike, there is no school and no garbage collection...
  • Goldman Sachs: House Spending Cuts Will Hurt Economic Growth(Keynesian gloom and doom)

    02/23/2011 7:46:00 PM PST · by sickoflibs · 93 replies
    abc news ^ | February 23, 2011 | Jonathan Karl
    A confidential new report prepared by Goldman Sachs for its clients says spending cuts passed by the House of Representatives last week would be a drag on the economy, cutting economic growth by about two percent of GDP. “Under the House passed spending bill [which cut spending by $61 billion],” says the report, which was obtained by ABC News, “the drag on GDP growth from federal fiscal policy would increase by 1.5pp to 2pp in Q2 and Q3 compared with current law.” The report, which is signed by Goldman economist Alec Phillips, goes on to predict that the House-passed bill...
  • The Food Crisis Is A Dollar Crisis

    02/19/2011 8:41:49 PM PST · by blam · 29 replies
    The Daily Reckoning ^ | 2-18-2011 | Dan Amoss
    The Food Crisis Is A Dollar Crisis By Dan Amoss 02/18/11 Jacobus, Pennsylvania – At this week’s hearing on Capitol Hill, Fed Chairman Ben Bernanke demonstrated a lack of understanding about what causes inflation. His comments reflected a belief that GDP growth causes inflation. But true economic growth is production-driven, and adds to the supply of goods and services in the economy. True economic growth is not inflationary. Rather, inflation is driven by runaway government deficits and bloated central bank balance sheets. And right now, we have plenty of both. So we have every reason to expect the CPI, even...
  • The Education Bubble Is Fuel for Revolt (nothing the government provides is ever free.)

    02/15/2011 8:16:23 PM PST · by sickoflibs · 39 replies
    Mises Institute ^ | February 15, 2011 | Joshua Fulton
    Would you like your college education to be free? Sure, who wouldn't? Well, the people of Tunisia and Egypt are learning that whenever the government supplies something, it is never really "free." In Tunisia, "free" university education is guaranteed to anyone who passes the government's exams at the end of high school. Largely as a result of this, the number of Tunisians who graduated college more than tripled in the last ten years. This may sound like a good thing, but it has produced a glut of graduates. Fifty-Seven percent of young Tunisians entering the labor market are college educated....
  • Investors Finally Fear the Inflation Precipice (Bernanke 100% sure he can control inflation)

    02/12/2011 7:33:56 PM PST · by sickoflibs · 44 replies
    Mises Institute ^ | February 10, 2011 | Robert P. Murphy
    Well it's about time. The headline on Monday's CNBC article announces: "Investors Starting to Believe That Inflation Threat is Real." For some time, I have been a proud member of the fuddy duddies who have been predicting the return of serious stagflation. Thus far, our prognostications have clearly been half-right — the "real economy" is indeed caught in a terrible rut, far worse than most of the Keynesian economists recognized even in late 2008. However, on the (price) inflation front, things are not as clear-cut. Although asset prices and producer prices have surged in response to Bernanke's monetary pumping, retail...
  • The Two Faces of Ben Bernanke(Schiff:"World's reserve currency fuels inflation")

    02/11/2011 6:53:19 PM PST · by sickoflibs · 5 replies
    Safe haven /Europacific Capital ^ | 2/11/2011 | Peter Schiff
    Based on his recent public comments, Fed Chairman Bernanke seems determined to give the U.S. dollar the reputation of Egypt's Hosni Mubarak: an unwanted relic of the past that everyone agrees must go, but stubbornly clings to a privileged position. The dollar is currently the world's ruling currency, but, as with Mubarak, I believe that growing public discontent will spur regime change quicker than most pundits expect. Clearly, the most significant problem facing central bankers around the world is the recent eruption of inflation, which is sparking unrest in Asia and the Middle East. With respect to this issue, Bernanke...
  • Should Congress Raise the Debt Ceiling?(hint : 'We're broke')

    01/30/2011 5:36:01 PM PST · by sickoflibs · 36 replies
    Mises Institute ^ | January 27, 2011 | Robert P. Murphy
    At current rates of spending, the federal government may bump up against its debt limit as early as March. Treasury Secretary Timothy Geithner warns that it will be "catastrophic to the economy" if Congress doesn't increase Uncle Sam's credit limit. Writers in conservative outlets call for Republicans to use this opportunity to extract significant spending cuts before extending the limit. And some extreme libertarians argue that the debt ceiling shouldn't be raised, because a government default would be a good thing for the American people. In this article I'll explain the basic situation and comment on each of these views....
  • A Mockery of a Sham (Peter Schiff on financial crisis commission)

    01/28/2011 5:30:40 PM PST · by sickoflibs · 9 replies
    Safe haven /Europacific Capital ^ | 1/28/2011 | Peter Schiff
    Back in October of 2009, when Congress first announced the formation of a commission to investigate the cause of the 2008 financial crisis, I knew immediately that their ultimate conclusions would support the agendas of their respective political parties. (Watch the video blog I recorded that day) Particularly, I knew that the commission's Democrat majority would use the crisis to justify more government involvement in the financial markets. These concerns have now been fully validated. Given that I was one of the few people who had accurately predicted the magnitude of the housing bubble, and had laid out in my...
  • The Politics of Deflation (banking class's controlled deflation)

    01/23/2011 7:34:10 PM PST · by sickoflibs · 13 replies
    Mises Institute ^ | January 19, 2011 | Vijay Boyapati
    The reason that political establishments have always been biased against monetary deflation[1] can be found in the manner in which wealth transfer occurs under inflationary and deflationary environments. During an inflationary credit expansion, wealth is transferred from the public in general to the earliest recipients of the newly created credit money. In practice, the earliest recipients are interest groups with the strongest political connections to the state and, in particular, the state institutions that control monetary policy (i.e., the Federal Reserve in the United States). Importantly, the wealth transfer that takes place during an inflation is hidden and largely unrecognized...
  • China's Inflation Problem Looms Large (Peter Schiff)

    01/21/2011 5:18:34 PM PST · by sickoflibs · 8 replies
    Safe haven /Europacific Capital ^ | 1/19/2011 | Peter Schiff
    The global economy has become so unbalanced that even government ministers who would normally have trouble explaining supply or demand clearly recognize that something has to give. To a very large extent the distortions are caused by China's long-standing policy of pegging its currency, the yuan, to the U.S. dollar. But as China's economy gains strength, and the American economy weakens, the cost and difficulty of maintaining the peg become ever greater, and eventually outweigh the benefits that the policy supposedly delivers to China. In the first few weeks of 2011 fresh evidence has arisen that shows just how difficult...
  • Job-Killing Labor Costs and the Manufacturing Sector

    01/20/2011 7:59:37 PM PST · by sickoflibs · 40 replies · 1+ views
    Mises Institute ^ | January 20, 2011 | Christopher Westley
    If there is one issue that pops up again and again in my conversations about economics with interested noneconomists, it is manufacturing. There's a genuine concern about the state of manufacturing in the United States, and I am not sure of the reason why. It could be that there is an inchoate sense that manufacturing is dying here, given that so many of our popular-consumption goods seem to be made overseas. Then there is the issue of the trade deficit, which is generally reported on in the mainstream media in a manner that is irresponsible, uninformed, or both. Personally, I...
  • SCHIFF: Stuart Rothenberg and the arrogance of honesty

    01/14/2011 5:40:58 PM PST · by sickoflibs · 7 replies
    Washinton Times ^ | January 11, 2011 | Peter Schiff
    Subtitle :('Poll-tested politicos are what Washington insiders want'). In the early fall of 2009, just before I announced my candidacy for the U.S. Senate, I was introduced to a number of Washington-based political analysts and journalists. Among the group was Stuart Rothenberg, writer of the Rothenberg Political Report, a classic "inside the Beltway" publication targeted at those whose lives and livelihoods revolve around national politics. His acerbic comments regarding my candidacy in the months that followed reveal the enormous chasm that separates the real world from Washington. I presented myself to Mr. Rothenberg as a major-party candidate (Republican) with no...
  • Will There Be QE3, QE4, QE5...?(QE=money creation= =inflation)

    01/02/2011 9:24:54 PM PST · by sickoflibs · 23 replies
    Mises Institute ^ | December 31, 2010 | Philipp Bagus
    Recently, Ben Bernanke indicated that Quantitative Easing II (QE2) might be followed by QE3, etc. In an interview at the beginning of December, Bernanke was asked, "Do you anticipate a scenario in which you would commit to more than $600 billion?" Bernanke's answer was startling. "Oh, it's certainly possible," he said. "And again, it depends on the efficacy of the program. It depends on inflation. And finally it depends on how the economy looks." The answer is interesting because it not only indicates the possibility that the Federal Reserve (Fed) will purchase more government bonds but also implies that Bernanke...
  • Forever Stamps Tell Us Much

    01/01/2011 9:21:45 AM PST · by DeaconBenjamin · 68 replies
    Financial Sense ^ | Fri, 31 Dec 2010 | by Peter D Schiff
    The United States Postal Service announced this week that all future first class postage stamps sold will be the so-called "forever stamps" that have no face value but are guaranteed to cover the cost of mailing a first class letter, regardless of how high that cost may rise in the future. Currently these stamps are sold for 44 cents, but will increase in price if and when the Post Office hikes rates. Apart from sounding the death knell of the one cent stamp, the news is interesting on two fronts: it provides insight into remarkably irresponsible government accounting, and it...
  • For Whom the Bell Tolls (Peter Schiff)

    12/17/2010 6:25:29 PM PST · by sickoflibs · 18 replies · 1+ views
    Safe haven /Europacific Capital ^ | 12/17/2010 | Peter Schiff
    There is an old adage on Wall Street: no one rings a bell to signal a market top or bottom. Yet, I have found that bells do ring; it's just that few people know exactly what sound to listen for. Perhaps the biggest and most liquid of all markets is for US government bonds. That market has been rallying for almost thirty years. The bull can be traced back to 1981, when Treasury bond yields peaked at about 15%. At that time, high inflation and a weakening dollar had justifiably squelched demand for Treasuries. Even the ultra-high interest rates were...
  • Gold Prices and Panic (Feds actions tantamount to government counterfeiting)

    12/13/2010 7:49:16 PM PST · by sickoflibs · 33 replies · 1+ views
    Mises Institute ^ | December 13, 2010 | Doug French
    With gold selling for around $1,400 per ounce, it seems like everyone has jumped on the yellow-metal bandwagon. Resource-investment guru Rick Rule said about gold investing recently, "we're no longer lonely in the gold trade. You couldn't describe this as a contrarian activity, and you couldn't describe this as a low-risk activity." But while Rule and the likes of David Einhorn aren't alone keeping some, or a lot of, money in gold, the Wall Street Journal ran a profile of a more typical investment guide who claims, "There's no utility of gold." Investment advisor Tim Medley says people only trade...
  • Washington Orders Another Free Lunch (Peter Schiff)

    12/10/2010 5:33:25 PM PST · by sickoflibs · 14 replies · 1+ views
    Safe haven /Europacific Capital ^ | Dec 10, 2010 | Peter Schiff
    This week Washington displayed the kind of "bipartisanship" that will bankrupt our country and wreck our currency. Coming at a time when both parties say they want to address our long-term fiscal imbalances, the compromise extension of the Bush era tax cuts should be a wake-up call to anyone who somehow expected the American leadership to ever have an "adult conversation" about the country's long term economic health. The administration and Congress are prepared to take the bold political move of not raising some taxes while significantly lowering others and greatly expanding Federal benefits. The entire cost of the $900...
  • More Stimulus Means Fewer Jobs(Peter Schiff is back)

    12/03/2010 7:40:30 PM PST · by sickoflibs · 33 replies
    Safe haven /Europacific Capital ^ | Dec 3, 2010 | Peter Schiff
    Today's payroll report severely disappointed on the downside and left economists scratching their heads to explain the weakness. The explanation, however, is plain as day. As I have been saying for years, the US economy will not create jobs as long as the Fed keeps interest rates artificially low, and Congress keeps stimulating spending and consumer debt, punishing employers with mandates, regulations, and taxes, crowding out private investment with massive government borrowing, and preventing market forces from restructuring our out-of-balance economy. As new data comes in that continues to bolster my hypothesis, the politicians in Washington continue to follow the...
  • Paul Krugman's War on Austerity [Spend Baby Spend]

    06/11/2010 7:35:34 PM PDT · by Lorianne · 17 replies · 317+ views
    TIME ^ | 11 June 11 2010 | Stephen Gandel
    At a time when most people are saying the path out of the financial crisis and European debt problem is for individuals and governments around the world to cut back, Paul Krugman wants us to spend, spend, spend. So how much we spend on supporting the economy in 2010 and 2011 is almost irrelevant to the fundamental budget picture. Why, then, are Very Serious People demanding immediate fiscal austerity? The answer is, to reassure the markets — because the markets supposedly won't believe in the willingness of governments to engage in long-run fiscal reform unless they inflict pointless pain right...
  • Peter Schiff Campaign E-mail: The Government Has Crossed the Line (Health Care)

    03/23/2010 9:19:08 AM PDT · by BaBaStooey · 21 replies · 681+ views
    Campaign E-mail | March 22, 2010 | Peter Schiff
    Hello Everybody, Sunday, March 21, 2010, will go down in the history books as the day democracy died in America. Since Barack Obama took office last winter, the administration, Harry Reid and Nancy Pelosi have edged America closer to the brink of socialism with their bailouts of the banking and automobile industries, mind-blowing spending and appointment of czars to micro-manage America. But yesterday, with the House passage of the Senate health care bill, the federal government officially crossed the line. The far left has socialized nearly one-fifth of the American economy and forced our health care under government control. Liberals...