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1 freetoken  Tue, Aug 10, 2010 7:45:34pm
For analyst Peter Schiff, the consequence of the spending binge was crystal clear: “we’re in so much trouble now because we got drunk on all that Fed alcohol”.

This is, I think, the same Schiff who is one of those libertarian fundamentalists who have been at this blame game for a while, the same Schiff that was defeated by McMahon today in the primary.

More:

Forecasts predict all countries’ debt will reach 100% of GDP by next year.

If by “debt” they mean national government debt, then that statement is just plain false.

The problems of public debt have been discussed for several decades now, and there are institutes that spend most of their efforts studying this (look up the Pete Petersen Institute, for example.)

The ability to borrow is related to one’s expectations for tomorrow. As long as populations rise and the physical means of production are available (energy, land, other resources), it’s not really that big of a deal to expect tomorrow to be better and thus to borrow against the future.

Where many nations are getting into trouble today is that the expectations of the people have exceeded what can actually be produced within the nation.

As for the US, we have a private debt problem that is bigger than the public debt problem. And, we have an ongoing trade balance problem that has contributed to our inability to control our currency.

Beware of propagandists peddling “answers”.

2 Gus  Tue, Aug 10, 2010 7:47:36pm

re: #1 freetoken

If by “debt” they mean national government debt, then that statement is just plain false.

The problems of public debt have been discussed for several decades now, and there are institutes that spend most of their efforts studying this (look up the Pete Petersen Institute, for example.)

The ability to borrow is related to one’s expectations for tomorrow. As long as populations rise and the physical means of production are available (energy, land, other resources), it’s not really that big of a deal to expect tomorrow to be better and thus to borrow against the future.

Where many nations are getting into trouble today is that the expectations of the people have exceeded what can actually be produced within the nation.

As for the US, we have a private debt problem that is bigger than the public debt problem. And, we have an ongoing trade balance problem that has contributed to our inability to control our currency.

Beware of propagandists peddling “answers”.

Did you watch the entire video?

3 freetoken  Tue, Aug 10, 2010 8:22:16pm

re: #2 Gus 802

Did you watch the entire video?

I watched the embedded video and read what you had quoted.

4 Gus  Tue, Aug 10, 2010 8:30:05pm

re: #3 freetoken

I watched the embedded video and read what you had quoted.

Well, the all countries reaching 100% debt equaling the GDP is incorrect. The IMF though is seeing all G7 nations reaching 100% or above in 2014. There are many other people in this video besides Peter Schiff and in fact it provides a good overall view much like Frontline’s “Meltdown” episode.

It also provides a balanced view politically in that it does not isolate one administration over another as the cause. It does not provide answers in the end but illustrates the problems we have created with a debt society. It bit us on October 2008 and it will come back to bite us again.

The underlying facts of the documentary remain true regardless of the ideological stances of those interviewed. We still face a rough road ahead since the current financial structure, both private and public, is not and will not work in the long run.

5 freetoken  Tue, Aug 10, 2010 8:44:02pm

re: #4 Gus 802


The underlying facts of the documentary remain true regardless of the ideological stances of those interviewed. We still face a rough road ahead since the current financial structure, both private and public, is not and will not work in the long run.

If that is indeed the claim, then I have to ask - “why?”

IOW, why concentrate on the “current financial structure”? What about the more foundational issues of borders, trade, natural resources, and population growth?

Now, I’m highly allergic to the fundamentalist libertarian crowd at Cato and Reason (to both of which the author is connected.) So perhaps my allergies are getting in the way of enjoying the the video. Yet I am concerned that this is just another libertarian cry of it’s the Fed and the Government that is the cause of these problems. As if we didn’t have the Fed or if the US gov’t was much much smaller then we’d be better off.

6 Gus  Tue, Aug 10, 2010 8:55:02pm

re: #5 freetoken

If that is indeed the claim, then I have to ask - “why?”

IOW, why concentrate on the “current financial structure”? What about the more foundational issues of borders, trade, natural resources, and population growth?

Now, I’m highly allergic to the fundamentalist libertarian crowd at Cato and Reason (to both of which the author is connected.) So perhaps my allergies are getting in the way of enjoying the the video. Yet I am concerned that this is just another libertarian cry of it’s the Fed and the Government that is the cause of these problems. As if we didn’t have the Fed or if the US gov’t was much much smaller then we’d be better off.

You can read into it what you like FT. I think the Fed could stand for some injection of moderation. Societies evolve over a period of time and much like we once had a gold standard we moved beyond that to the Fed. Nothing is written in stone and there is always room for improvement.

To assume that there is nothing wrong and that we should not consider alternatives or variations of the way things operate will only lead to stagnation. 500 years from now, if mankind survives along with this country, there will invariably be a different monetary system in place.

That being said. I posted this video for those that might find it interesting. I didn’t post it to defend it or express it as my own personal views. I did not and will not completely vet every video I post to adhere to some kind of ideological purity test. I have the innate ability to find good points within the overall scheme of things. You’ve stated your case and it is duly noted.


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