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Jobs, global economy, SBA loans, stimulus, GI bill

Schiff Report Video Blog Sept. 3rd 2010

25 Responses to Jobs, global economy, SBA loans, stimulus, GI bill

  1. mrchiefofsinners says:

    Put your faith in Christ not politicians.

  2. orgasmicide2 says:

    @InfomaniacJack Do you think that raising tariffs on Chinese goods is a good thing or bad thing for the U.S. economy?

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  4. twk373 says:

    @InfomaniacJack

    They key isn’t lowering taxes (although that’s necessary), the key is lowering government spending. But why not lower taxes for everyone?

  5. twk373 says:

    @InfomaniacJack

    Yes, you’re right about the Fed and the reserve currency. America is on the verge of collapse now. The dollar is only the reserve currency because of inertia.

  6. twk373 says:

    @InfomaniacJack

    Fluctuations aren’t bad, and just because an effect is desired doesn’t mean it’s right. Saying that it works well in other countries doesn’t mean anything, because you’re not accounting for the opportunity cost. A country with free banking would experience greater growth and prosperity than a country with central banking.

  7. InfomaniacJack says:

    @InfomaniacJack Also, the best way for china to “get out” of the dollar without loosing half of there money dooing so and setting their biggest tradepartner (the US) in a state of chaos, would be for china to start investing in US production companies while letting their currency rise in value. Eventually the chinese will have to start consuming imported products anyways.

  8. InfomaniacJack says:

    @InfomaniacJack The best thing to do right now for the US is increasing domestic production through stimulus not involving too much printing of money, but rather adjusting taxes in diffrent sectors. Increasing taxes in the financial sector and lowerin them for buisnesses that produce goods.

  9. InfomaniacJack says:

    @twk373 A combination of these two facts, that is, a private central bank and the US dollar as reserve currency, has allowed the FED to irresponibly print enormous amounts of money creating the biggest bubble, if you will, of them all. It will break as soon as the rest of the world get’s fed up feeding money into a system that devalues it. As soon as a new reserve currency has been found or oil stops selling in US dolalrs, the US economy will collapse.

  10. InfomaniacJack says:

    @twk373 The price of money can be set quite easily to have the desired effects on fluctuations. It has been exerimented with through several decades and works quite well in most countries. However I agree that you have a BIG problem in the US because of the FED which is private and works without public insight /transparancy. Also the US is a special case I admit because of the Petro-dollar recycling with the US dollar as main reserve currency.

  11. twk373 says:

    @InfomaniacJack

    As far as using currency manipulation to reduce economic fluctuation, it doesn’t work. History proves this. We had recessions (then called depressions) before the Federal Reserve. The Fed immediately created the Great Depression by setting rates too low. And we’ve still had recessions ever since.

  12. twk373 says:

    @InfomaniacJack

    Just as the government can’t know what the price of an iPhone should be, it can’t know what the price of money should be. Politicians don’t know how much money people should save, how much they should invest, and how much they should spend. Because there is no “should.” The only “should” is that people should be free to make their own decisions.

  13. twk373 says:

    @InfomaniacJack

    The same goes for controlling the price of money, except the problems are far more insidious. The main problem is that with fiat currency, you can’t have a ‘shortage’ of money. So when the Fed sets interest rates too low (as it inevitably does), you don’t run out of money to loan (like you would if the dollar was tied to gold). Instead, money is just magicked out of thin air. But this just debases its value while tricking people into thinking that the economy is prospering.

  14. twk373 says:

    In fact, serious problems occur when the government tries to set prices. The minimum wage, for example, eliminated a slew of low-paying jobs (full service gas stations, dishwashers, shoe-shiners, etc.) and has made it harder for teenage minorities to find employment. Nixon’s price controls created huge lines for gasoline in the 70’s.

  15. twk373 says:

    @InfomaniacJack

    But how does the government know what the interest rates should be? That’s the trick. The rate of interest = price of money. In that sense it’s no different from the price of a t-shirt or the price of a car or the price of a gallon of milk. The government can’t know what the price for any of these things should be, because there is no “correct” price. The price is whatever buyers and sellers agree.

  16. InfomaniacJack says:

    @twk373 Ok, I admit you have a very good point on “loan guarantees” or whatever it’s called in english. I agree to some part of what your saying about incentives too, and that third party organisations can help the customer to make goo decisions and spreading their risks, but still I think the ability for a gouvernment to be able to set the interest rates is a good tool for evening out the fluctuations in the economoy. Making companies save more during good years and spend more during bad ones.

  17. ytgv3fc7 says:

    @shalcall please get yourself an education, mine is far beyond what you can imagine and certainly beyond beginner economics or the fraud that passes for education in schools for economics.

  18. ytgv3fc7 says:

    @germana00 are you sure you read my comment properly? I can’t imagine ever making arguments that min wage makes anything illegal. What I’ve been arguing is that a lack of minimum wage makes slave-labor legal and encouraged, which is why we must always have one.

  19. SilentNoMorePubs says:

    Which is more important, speculating on when the Titanic will sink, or getting off the ship? Highly recommend watching the YouTube video WHY WE ARE IN SO MUCH DEBT. It provides the simplest and clearest explanation yet of why our money is robbing us of prosperity.

  20. tom6612 says:

    What a nut job Schiff is. You see his campaign commercials ?

    A total off the wall nut.

    He predicted the housing market would tank. BIG FUCKIN DEAL.

    High school kids knew that was gonna happen.

  21. twk373 says:

    @ytgv3fc7

    You are a complete and total idiot. The only way to prosper as fraudster is to get the government to support you. Otherwise, people wise up very quickly and stop doing business with you. Also, they sue you for the money you stole. The only way to prosper in a free economy is to be a good businessman and offer a product/service that people want at a competitive price. In a managed economy, it’s easier to prosper by bribing the managers. That’s how Wall Street works. Idiot.

  22. twk373 says:

    @ytgv3fc7

    You are a complete moron. In a free economy, if someone defrauds you, you sue them. Fraud is illegal in free economies, you know. (Apparently that never occurred to you.) In a managed economy, when the managers defraud you (through inflation, useless regulations, subsidies to favored corporations, special taxes, and so on) there is nothing you can do about it. Sorry, but fact that Washington bailed out Wall Street proves that managed economies support/promote fraud. Wake up, idiot.

  23. ytgv3fc7 says:

    @twk373 managed economies STOP FRAUD because stopping fraud is called MANAGING you dumb fuck. Wake the hell up. The precise and only alternative is to ACCEPT FRAUD which always promotes more fraud. There are only 2 choices: accept it or stop it. Stopping it IS MANAGEMENT. VOLUNTARY transactions of 100% DISHONEST INFORMATION is ABSOLUTELY DANGEROUS and THIEVING and is no better than robbery at gun-point.

  24. ytgv3fc7 says:

    @razerfish free markets promote prosperity for fraudsters and thieves, of course. There’s no consequence for being a thief or fraudster so the absolute application of profit is thieving to excess and great success. The protectionist style I mention is the only way not to be destroyed as a civilization, the other choice is suicide as sure as eating cyanide. I’m proud of showing the truth, not embarased. You should be ashamed. The “iron law”? BULLSHIT ON YOU.

  25. twk373 says:

    @InfomaniacJack

    Whereas in the government, there’s no incentive, because there are no immediate consequences to the politicians for making a bad economic decision. In fact, the incentive is to ignore/cover up mistakes, because politicians who bring bad news tend to not get reelected. Thus, in centrally managed economies, structural errors pile up continually until the politicians can’t hide them anymore, and there’s a gigantic crash. In a free economy, errors do not pile up.

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