Once again, the man who got laughed at for the past 5 + years is giving sound economic advise to the pundits. This time nobody is laughing. By the way, he mentions two schools of thought, the Austrian School of economics and the Keynesian School of “economics.” Guess which one caused the “Great Depression?” And, guess which school the current congress and administration are following? You guessed it, the Keynesian school.
Pass this around to your friends who don’t understand, yet, how this crisis can be solved. They will thank you and of course, Peter Schiff.
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One Comment
Thank you for passing on this post. I am not an economist, but have feared this recession’s coming for years (depression, rather). I agree with Schiff’s analysis and with the comments that political unpopularity will make a better government response unlikely. Redistributing “public” money is not going to change popular economic habits and assumptions. The economy has been getting a little better of late, temporarily masking that the worst is yet to be.
The one thing I might add is that, in my opinion, we need a large scale turning to God for deliverance from the underlying problem, human nature. But this seems less likely than a sensible political response.