By Patrick follow 2012 Apr 9, 9:04am 3,590 views 2 comments
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Peter Schiff is right on with the reason the depression was created by the FED and that it is the central banks around the world that create most of the poverty and oppression towards the working class but when he tells it in relation to the founding fathers and the fact he defends the constitution this is where Peter trips up.
He starts to describe to his audience the taxes that are put on his business but does not tell them that he is a multi millionare and that his profits creat jobs.Well sorry Peter for suffering over that large tax burden but did it not say in the constitution that labour would not be taxed and that it was corporations that should pay the taxes, oh ya you forgot to mention that, and the fact there is no law passed that say labour should be taxed either.So what I am saying is before the FED got the government to impose taxes on labour is when the USA was the most prosperous and everyone had plenty of money.You forget to mention that as well Peter and what is it that you do?He does not produce and product but finds ways of wealthy people making money without having to work for it and it is these people that should pay taxes not labour.
I generally agree with Peter's analysis that the Fed primarily benefits those politicians who favor centralizing power in Washington. My one caveat is my belief that the wealthy should pay higher taxes because defense budgets benefit those with the most to lose; and also wealth buys political power such that the cost of cronyism must be born by the wealthy too. We don't really need higher tax rates, but let's not feed democratic victories by arguing against tax progressiveness. Let's instead focus on the significant budget reductions and the radical elimination of all the distorting deductions and credits. I love Mr. Schiff's idea of at least reigning in the Fed's power to buy high-octane sugar...I mean treasuries.
I believe Bernanke's concentrated study of the great depression is at the root of his myopic and short sighted thinking. He is so convinced of his approach that he seems to have already started victory laps at how he has saved us from another great depression...isn't that what his lecture series is...a victory lap. It really is painful to witness. In the short run, the stock market reflates, bankers and other connected entities enjoy the fruits of cronyism while hard-working, pragmatic savers and tax payers are dupped by the brilliant idiots into footing the bill via low interest rates and higher taxes.