No kiddin !
Outstanding read.
‘First Principles: Five Keys to Restoring America’s Prosperity.’ John Taylor is now on my MUST read list along with Reagan’s ‘advice for an incoming President’.
Very good interview, thank you for posting.
Mr. Shultz dwells at length on the national debt, and on the Fed's role in enabling it: "It's startling that in the last year, three-quarters of the debt that's been issued has been bought by the Fed and the balance has been bought by other countries, so U.S. citizens and institutions are not on net buying U.S. debt. . . . The Fed doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt. Sooner or later that has got to get out into the economy. Can't be held forever. And when it does in that kind of volume—as Milton Friedman taught us, inflation is a monetary phenomenon—it's gonna be hard to control."
The Fed is on a printing spree to support Obama's historic spending binge.
Those on the left see the world as static with one pie with it’s size set. The pie will not, can not get any bigger. Those on the right see the world as opportunity with many pies of varying sizes and they can be increased in size with effort. New pies can be created also like Bill Gates’ Microsoft.
Those on the left will say “I am going to work to earn money”. This ties in with one pie, set size and there is no more. Those on the right say “I am going to make some money”. They talk in terms of creating wealth and then proceed to do exactly that.
To Obama we are stealing from the rest of the world to maintain our wealth. In reality we decided we wanted a bigger pie so we built one L of a big one and if the blasted socialists would get off our backs we can build another one even bigger.
One thing in Europe I noticed they always talked about earning money. Here in the US it almost always is “I’m going to make money”. Let us not adopt European ways.
Schultz has some major red flags.
1) For legalization of recreational drugs.
2) Anti Cuban embargo.
3) 2003, was named co-chair (along with Warren Buffett) of California’s Economic Recovery Council.
4) 2008, Shultz co-authored an opinion paper published in the WSJ entitled “Toward a Nuclear-Free World”. His co-authors were William Perry, Henry Kissinger and Sam Nunn.
5) Chairman of JPMorgan Chase’s International Advisory Council.
6) Supports “open borders”, and signed a document which said, “These migrants are freely contracting for their labor, which is a basic human right.”
7) Schultz was responsible for the creation of the EPA, and fully supports the theory of Man Made Global Warming.
The two options throughout human history in managing scarcity have always been divide the pie or expand the pie. The long model, what was practiced in the majority of human history has been divide the pie. There have been outbreaks of expansion, but for the most part raiding, warring and occasionally exploiting for resource scarcity is the human norm.
What first Britain (Scotland) and later America has done for the world is prove that you can expand the pie and everyone gets better. I hate the term trickle-down as applied to the economy. It reeks of class warfare and is a communist pejorative.
The reality is that the poor of America live at a middle-class and upper-middle class lifestyle when compared to the population of some 85% of the world. I’ve traveled to many countries and seen it firsthand. What we don’t teach and the conclusions we don’t draw for Americans have caused us to be at the painful place again. We must learn or forever roll round to another magic man promising something for nothing while stealing from the past, present or future.