>> ^Farhad2000:
Run away deregulation and free market economics is the reason this occurred. Bailouts for the private finicial sector? private housing sector? run away defense sector?
Politically you need to create jobs right now not let the free market rebalance the market and make alot of people lose jobs.
Its a fucked up situation but that's what you get running an economy on bubbles. I think Obama's plan is too moderate and doesn't go as far as it needs to shore up the economy.


There shouldn't be bailouts for anyone.

I think its really sad that instead of seeing times like these as opportunities to pursue independence and entrepreneurship it instead causes panic and dependence on government. I see the fundamental problem being that whenever there is an "emergency" the government is called upon to do something about it even when there is no constitutional authority to do so. I can't stand George Bush (just want to put that out there) but do people really think he was being purposefully evil when he signed and pushed for the Patriot Act? I don't think so. I think he really believes he is saving the country from terrorists. The road to hell is paved with good intentions. I believe Obama wants to save the country from economic disaster but will only make things worse unless he allows people to save themselves. I'm so sick of the hero worship we give presidents, they are ordinary people like you and me. This is America, THERE ARE NO KINGS HERE.
So the government has to create jobs? Where in the constitution does it say anyone is owed a job? Where does that end?

Bubbles are a market phenomena but only get as big as the current housing bubble with the help of government.

^Fine be that way

*promote

Actually Schiff is very critical of Hoover because he started the government interventionism that Roosevelt accelerated. Hoover and Roosevelt both are responsible for the severe market distortion of the Great Depression but Hoover gets all the blame.

We seem to be going down the same path with Bush and Obama. I know Obama hasn't even been sworn in yet but he is promising to do whatever is necessary, the stimulus packages he's talking about are going to cause at least high inflation, at worst hyperinflation. These economists want to scare people into thinking deflation is worse than inflation because they don't want to realize losses.

Peter Schiff is a real conservative like Ron Paul, not a socialist like Bush and Co.

What is that? A wedding announcement?

I always pictured IssyKitty as a cat with a tiara...

^ Thanks

This exact thing has happened to me except the driver was making a left from the right hand lane .... yes the driver was a woman.... on the phone.

The US having the reserve currency these few years and possibly losing it, is like someone winning the lottery, spending it all and then some, and then asking your friends for loans.

What Peter is talking about is "decoupling" which hasn't happened yet. I thought like Peter does that China would decouple soon and the dollar would fall through the floor. I'm starting to think China won't decouple until there is a change in reserve currency. If they decoupled now we still have the world's reserve currency and could build our production base up again relatively quickly. There are supposed to be new Bretton Woods-like meetings next year. I think things will stay pretty much the same until we see what comes out of those meetings.

When the US barks why does the rest of the world pay attention?
Military? No, that doesn't matter to the countries with nuclear weapons.
Morals? Oh, Please.
Democracy? We're supposed to be a republic, but until the executive gets reined in a bit that's debatable. Plus, there are other countries in the world that are similar to us. We aren't special.

It's because of the Dollar and it's reserve currency status.

>> ^alizarin:
They did recently allow a fart making app - seriously. Such backwards morals over there.


I heard that app was bringing in $10000 dollars a day..

In reply to this comment by blankfist:
*promote

Thanks for the Promote!

So the rest of the world will forever depend on US innovation because they aren't smart enough to design software, CPU's and anti-terrorism advise? What I mean by service economy is retail, restaurants, and other middleman businesses. When Asian countries send us products we give them dollars ("paper") the value of those dollars depend on the scarcity of dollars. We will monetize our debt because China won't lend in the long term because it's totally out of control now. If you had a printing press in your house and you gave me a million dollars for a truck load of TV's that I produced, then a year later the government comes to you with 1 trillion in bonds to be turned into dollars, I'm going to be pretty pissed that my earlier money isn't worth shit anymore because you're diluting it every time somebody comes to you for money. I'd be more reluctant to sell you anything I produced unless you pay me in something that can't be easily diluted.

>> ^chilaxe:
^There's no reason to prefer physical production to services, and going against your comparative advantages would be vastly inefficient for yourself and the larger economy.


The world's production is the foundation for our service economy. When the rest of the world figures out that they don't need our paper and start to become the consumers of their own goods. Good bye service economy, at least as we recognize it.

>> ^volumptuous:
Has any country anywhere, at any time, ever followed the Austrian school of econ? I look and look and look, and as far as I can tell, the answer is no.

Of course no government follows the Austrian School, nearly everyone in government follows Keynesian economics because Keynesian theory appeals to politicians' ego in that they can with a stroke of a pen make a natural part of the business cycle go away. (They can't make it go away BTW, they can only delay the inevitable. But at least they're trying right?)

Maybe Schiff and Ron Paul should move to Austria they love it so much.
Both Schiff and Paul have many valid points, but I'm sick to death of this "gold standard" "fiat" and "Austrian School of Econ" being the only thing they squawk about. And the crappy attitude they combine it with (I'm right, everyone else is wrong!) is just retarded. Guess what Dr.Paul; I don't think you're right whatsoever. I think you're wrong, so there!

Really? When you clicked on this video what did you think Peter was going to talk about?

Fucking broken records, and most probably the real reason they lost.

They lost because the Left can't deal with a president who is against the welfare state.
The Right couldn't deal with his anti-war views. A shame IMO because he would have been getting a lot of attention in this current crisis.