Personally, I find MSNBC to be an abomination. However, this interview between Peter Schiff, Joe Scarborough, Mike Barnacle, and the lovely Mika Brzezinski (along with another character whom I do not recognize) was spot on. Peter lays out a clinical discussion and explanation of where we have come, what we should do, and why, eventually, we will have to do it.
Of course, to the capitalist-minded amongst us and, particularly, those out here who may have taken my admonition to study Dr. Reisman’s 1000 page opus, Capitalism, none of what Peter argues is honestly debatable or unrecognized. Schiff’s commentary regarding Keynes is tart, bold, BUT precise.
Peter speaks rather quickly, so let me briefly point out the four key points he states are necessary to right the economy and thereby not send us down the bubble path once again – only to face a far far more devastating outcome.
1. Contract government at all levels: Federal, State, and Local.
2. Restore sound money (this implies a modern metal standard, or in the least allowing a metal to compete with fiat currency).
3. Higher, not lower, interest rates are needed immediately. The effect of this will incentivize savings relative to consumption because of the interest returns relative to other investments and, especially, consumption.
4. Allow companies to fail and thereby deal directly with the consequences of the fundamental actions that brought about the failures, particularly Federal Reserve policy.
h/t to Lew Rockwell