Peter Schiff Schools Mainstream Econohacks on Great Depression

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Ron Paul economic advisor Peter Schiff schools mainstream econohacks on the Austrian School’s view of the Great Depression. For more on the Austrian School, …
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25 Responses to “Peter Schiff Schools Mainstream Econohacks on Great Depression”

  1. Patricia Holloway

    Think you know what caused the Great Depression. Pretty sure you are
    wrong. It was not the crash of the Stock Market. It was the Government
    interference that caused it, and made it worse.. This is on CNN for a
    change.?

  2. DavidAtomic

    Peter Schiff kicked ass!

  3. Goby1049

    This was said in 2008 … has the market crashed yet?? Is Schiff only right
    when the market crashes, but when it doesn’t crash he’s not wrong? lol …
    We had a “free market” in the 1800s and the economy was terrible and
    constantly fluctuating. The New Deal got us OUT of the Great Depression, it
    didn’t cause it!

  4. sweetsilnce

    +Goby1049 Then how do you explain the depression of 1920-21 that happened
    with extremely minimal government intervention that lasted only one year?
    The market was allowed to regulate itself and correct inflation. The New
    Deal prolonged the great depression due to the flaws of Kaynesian
    economics.?

  5. Biobo Vieri

    the free market is totalitarian?

  6. calimar28

    They were! Peter Schiff was Ron Pauls financial adviser when Paul ran in
    2008

  7. Gabriel Pereira das Neves

    Keynesians shut the fuck up!!!!!

  8. Marco Kimani

    Everybody loves a good theory, and good theories sell, that’s why Rothbard
    could reduce a rather complex issue and sell it to dumb public. But the
    truth is no one really understands all the interactions, synergies and
    complexities involved in the Great Depression. They may grasp some, but not
    all. If it was so easy why couldn’t anyone predict this present
    depression?!!

  9. aviomaster

    fastfreddy916 – I would not say they save lives , they distroy lives , and
    create hate . That is what many people say where USA military bases are
    present.

  10. Marco Kimani

    The book is insightful but doesn’t explain everything. If the Great
    Depression was so easy to understand, then the present 2008 depression
    would have been predicted. So learn but don’t be in awe, nobody really
    knows the truth about Depressions. That’s why we are so helpless in the
    face of them.

  11. bjarnet3

    This is just starting to be funny,,, they are still listening to people
    like Mike Norman,,, my gosh!

  12. farmboycarl

    Loyal2Liberty, I couldn’t agree more. Sorry if I didn’t make my point more
    clearly. The government certainly distorted the natural balance of the
    marketplace, like it always does. My point was, rezoning agricultural land
    and issuing residential building permits is an enormous revenue producer.
    The low interest rates and “creative” financing was nessesary to keep that
    spigot running. Whether you believe they created the dangerous financing or
    just failed to protect us from WallStreet, we pay 4evr

  13. Marco Kimani

    I doubt most of you guys don’t understand 20% of what is being discussed.
    But there’s gotta be a winner and a loser, right?! Even on complex issues
    that no one really understands fully… Go couch potato economists!!

  14. Brock12186

    That was great having Mike Norman in at the end. That guy has no clue about
    anything. I hear he reacently left Fox news to persue Basket Weaving

  15. Mike Renders

    @enomarekim Well Keynes was brilliant, but he didnt intend his ideas to be
    no where near the scale its put into practice today, he would be angered by
    what his ideas have come to today (paraphrasing Milton Friedman)

  16. Mojito skurt

    well, hwat he says is very fundamental… and it is indeed silly to hear
    how theo thers “dont get it” but then again. US is a country riddled with
    ‘patriotic proganda and ignorance’ .. however as much as he is a great
    analyst, he is rather non sequituir in implementation of solutions. I can
    listen to him analyse what is happening, but I don’t think I would listen
    to him much when it comes to what to do about it.

  17. 6GUNSOUTH

    @aviomaster, Im just curious…do you really believe that? the real
    education starts after school.

  18. vince33x

    ductions for interest on loans. And, to top it all off, we wonder why we
    are no linger a nation of savers and investors. When u penalize savings and
    investment and subsidize spending and borrowing (through the tax code),
    what do people expect? Those who can’t figure this out are morons – AND
    LIBERALS CANT FIGURE THIS OUT…do the math!

  19. Marco Kimani

    ..a complex adaptive system is a system that is made up of intelligent,
    unpredictable parts, that can adapt to circumstances in real time and in
    unpredictable ways. So the Austrian school is reductionist it simplifies a
    rather complex phenomenon. No one fully understands depressions and while I
    admire Peter Schiff grasp of fundamentals, he cannot possibly say what is
    going to happen in the next 10yrs. Are we in the decline towards a Great
    Depression, or have we bottomed out? No one knows.

  20. AisAbsolute

    I would say Ludwig von Mises most represents the Austrian school of
    economics. @stephen Momentum of what from washington would have pulled us
    out of this hole? More bills and bail outs written by crony corp. lobbyist?
    We have not hit the 1920s low thanks to the feds liquidity program wich
    only buys some time while feeding the bubble. If you term free markets as
    totalitarian, what would you call an economy controlled and regulated by a
    government and their special interest backers?

  21. Chris Mac

    You have to ask yourself, if the New Deal didn’t work, why are people still
    behaving as though it did? Follow the money. Someone got very rich off
    those policies and that’s why they’re still in use today. They can say it’s
    about saving jobs all they want, but the stats don’t comply. It’s about
    redistribution of wealth, from the middle class to the upper class.

  22. Jetlag28

    Peter Schiff is fricken smart. The dumb asses can’t hang with him.

  23. flclfanman

    Thats why you have to cut spending and reduce the size of government and it
    can be possible. This wouldn’t be an overnight change, but If you cut
    spending in the big areas (defense,Healthcare,Military,etc.) you could save
    billions on how much you’d have to borrow from foreign countries. It’d be
    along road to walk, but its is doable. Austrian Economics is all about
    bursting bubbles and establishing sound currency.

  24. aviomaster

    Peter thinks USA goverment will go bankrupt … That is essentialy true ..
    But what will happen before that …. ——- WAR ——– Iraq Afganistan
    it will expand to … Iran NKorea you name it ,.,… USA is new fascist
    state. Russia and China have Nukes so It will be difficult to bomb Beijing
    or Moscow But fascists are like Pitt Bull terriers they will attack any
    animal in the wild. Bear and Dragon will tear it apart.

  25. Brandon Holt-Smith

    Peter Schiff and Ron Paul are definitely my current-day intellectual
    heroes.