Wednesday, February 11, 2009

February 11, 2009

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I (Peter Schiff) think all the major financial institutions in this country (US) are basically insolvent, there is no government solution, all they are going to do is make things worse, we have to face the problems and deal with them, I am not a running candidate for senate, I don't think we need the Federal Reserve but we still need a central bank, Obama should fire all the economists and only listen to Ron Paul


  1. Ok, I don't get this. Question: why does Peter Schiff thinks we need a central bank? With a stable money supply (gold, silver, or just a stable paper money supply) why do we need a central bank then? Because we certainly don't need it for our national debt, government bonds etc.

  2. I often heard peter argue for a gold backed money. that implies a central bank to issue the money.

    I know the ideas of those hardcore libertarians who think that money should be privately issued entirely, but there are a lot of practical problems with that and I don't think schiff argues for that.

  3. Free banking worked pretty well in Scotland before:

  4. Altough I consider myself a pretty free market person, I wouldn't go as far to say that we should all have diffirent currency's within borders of a country.

    I think the best solution is a stable money supply discussed here on this weblog (you will find it in the menu: documantaries and then money as debt and then under commments you will find it).

    My solution we should have a stable money supply, for example 100 trillion. That is all the money that is available now and forever. It will only grow when the population grows with a certain percentage.


  5. decouple may not occur for a long time all u schiff bugs ...all the leaders in most asia countries have a perverse incentive to see the us empire in tact up on game theory dudes

  6. While I can't argue with most of what Mr. says, he is nuts to suggest that there should be no deposit insurance for bank accounts. He states that the public should investigate banks to determine which ones are safe to put their money into. That is just plain stupid. Don't blindly follow his pronouncements.

    The actual problem is that business has become too greedy and uses lobbyists to take tax payers money. This is partly the fault of government but that was done mainly because of Republican (read Regan & Bush 2)destruction of government institutions. The FDA is just one example. Read "Free Lunch" by David Johnston. If you don't believe this, eat peanut butter, a lot of it. It will make you smarter.

  7. There is no deposit insurance for accounts. The amount the FDIC has is 1.6% of all money in ALL insured banks.
    Check and see. Talk to my great grandfather who lost $375,000.00 when the bank closed. If we "trust" the feds, then go ahead and put your life savings in. Not me brother.