Wednesday, December 30, 2009

Peter Schiff: GDP, spending, Time, Constitution

Mr Schiff's emailing system seemed to get in the holiday mood recently and sent me three identical emails about a previous video blog. I discovered today that two of those emails should have pointed me towards the two other videos below.

In the first, The Duke discusses recent GDP figures and how they merely reflect phoney growth created by a massive debt-fuelled 'stimulus' (i.e. money taken from taxpayers or borrowed from investors, that otherwise would have been used to create real productive growth, but instead was used to reward government favourites and failures). He describes how the next decade will be the Decade from Hell, rather than the previous one, because we will be paying the price for all the Fed's mistakes in the first ten years of this century. He asks why we are still believing those who predicted the last ten years would be fantastic for stocks, when over 10 years the S&P has dropped by 20%. Later, he discusses the disconnect between the US Constitution and Obama's health bills, and how the government now has the power to force people to buy whatever it wants (such as government-licensed health insurance). He wonders what they will force people to buy next. This disconnect goes further, because Nebraska now has special 'rights' with regards to Obama's health bills, which goes directly against Section 8 of the US Constitution (you know, the thing Obama swore on twice, to uphold). Another tour de force.

In the second, Mr Schiff discusses the passing of Obama's health bills and the raising of the US government debt ceiling to $14 Trillion dollars (some ceiling!). Moving to the markets, The Duke discusses the 200 people who have been invited to a US government investigation into the causes of the 'financial crisis' and why he appears to have been excluded despite his obvious credentials as being one of the few who predicted it and why it would happen, in the face of enormous Wall Street media hostility. He then re-iterates his opposition to the further destruction of the US Constitution by Obama's health bills. (There can't be much left of it by now! :-)

No comments: