Schiff still living on the magical seesaw where less govt magically equals more private enterprise and freedumb and the environment is the gift that keeps on giving to make it so. Mauldin still living in the parallel universe that allows him to make a living out of the shit he’s shoveling.
great point by Rick Rule that thew private sector can actually counterfeit faster than the govt sector.
Think CDOs and the shadow banking system.
Interesting discussion thanks@Max.
lol at one of the YT comments:
‘Get John some more coke!’
“bullish on the world and bearish on gubments”
all of this is irrelevant unles BAU wants it to be so. OWC and OWO are what the 99% should be very worried about rather than all this extraneous mouthing.
First off, this is crap, the government can create the money and they should. Government should NEVER borrow money from anyone and we have to end the debt based monetary system. YOU CAN NEVER balance the budget on the back of cuts (which the Austerity Ghouls always want to attack the poor instead of the empire) because there is always more debt than money in a debt based system. I also agree with poster number one, the magical seesaw argument is bunk too, bankers pull the money out of their arse’s and it doesn’t take from anyone but the poor who usually have to suffer the Austerity to pay interest to private bondholders..which is complete bullshit.
I watched this debate a few weeks ago.
This John whomever he is is a faux gold bug. He’s a corporatist at heart it seems. Systems guy. I didn’t pay attention to most of the nonsense he was spewing. He was clearly flustered at Schiff, who of course spoke eloquently as usual. I wonder what his agenda is anyway? Who cares?
Good to have guys like John on the show I guess occasionally maybe, so you can take them to school in a public setting.
The same government that hasn’t reined in the bankers is not fit to create the money supply. Nobody is; no organization is.
Let prices adjust in a monetary system based on 100% silver and gold backed currency, disallowing fractional reserve credit creation and requiring loans to be made only from true existing savings, at interest rates that are not set by a central authority but determined only by the parties to the loan transaction.
The only purview of government in the economic arena should be to actively prosecute fraud, theft, and breach of contract.
/debates peter schiff by claiming national debt did decrease at some time in the past 20 years
epic facepalm moment
That whole panel is a bunch of crooks, I am speechless to the arrogance of these guys.
I did not think Schiff was all that great. It was the usual Schiff blaming government. Not one mentioned monopolies, corruption and manipulation. They did mention Greece but NOT Iceland.
This guy John Mauldin is a pure example of what human waste is in the form of a supposed human being. Does nothing for anyone and likely does little or less for himself as this debate apparently shows. As a living example of waste, he needs to be flushed away, if only someone would please do us all a great favour, and pull the chain.
John Mauldin was drunk on that $2.99 bottle of wine; that’s what it sounded like to me.
I’d like to debate somebody. I could beat Schiff.
Is this John guy on drugs or something? He’s talking a load of disjointed nonsense and trying to tell silly stories.
I think this ‘debate’ needs more Steve Keen.
When someone gloats over roadkill, …
John IS the problem, same as Paul Krugman … with a pile of “ifs” he can justify the government running at a $300-400 billion deficit. That is around 3% of GDP … that is what the EU has as a target and they can’t make it work under a recession. The problem is that 3% GDP deficits don’t work when debt/GDP goes over 100% . We are now running 8+% of GDP deficits. Now the government, which was f-ing up a little bit is now stuck at having to f-up a lot to cover up a growing sinkhole.
The deficit rate under Bush Jr was running at $300-$400 billion. The current deficit rate is around $1200. Anyone with a decent HS education in math could figure this out , this is an exponential curve – the implications can only be described as a Malthusian disaster.
My guess as to what is happening now, it has a lot of parallels to WWII (rise and fall of national socialism) – which eventually led to the end of imperial colonialism.
Everyone on that panel is a huckster. But John Mauldin … yuck.
I think Mauldin has something valid to say here – it is a valid what-if.
Mauldin is more honest. Although Schiff is of course “right” – and Mauldin acknowledges this – Mauldin asks “Do you really want a hard-core system re-set?” and of course, when it gets down to it, we don’t. So … he says, let’s discuss how we might actually make the transition somehow.
We need more sentiment like “Bullish on the world, Bearish on government”.
Good… We need more master debaters.