Irwin Schiff’s Legacy & How to Escape the Inflation Tax (Video)

Ernie Hancock of Declare Your Independence interviewed Peter Schiff about the tragic death of his father, Irwin. They discussed Irwin Schiff’s legacy and his influence on Peter’s understanding of economics. Peter has chosen to promote his father’s principles by educating the public about how to avoid the US government’s most insidious tax – not the income tax, but the inflation tax that comes from the destruction of the dollar’s purchasing power. One of the best ways to protect your hard-earned savings? Buy physical gold and silver.

I’m trying to do the best that I can to help Americans protect themselves agains that tax. My father was trying to get people to not pay the income tax. Well, this inflation tax is going to be worse, because it’s going to hit your principal – not just what you earn, but everything you have. If you don’t want to lose what you have, you have to take action now…”

Highlights from the interview:

“My father never basically gave up, no matter how overwhelming and insurmountable the odds. He never stopped fighting, and he always remained optimistic that he would prevail. Even though he acknowledged the corruption in the court system, he was so confident that he was right that he would be able to ultimately prevail. Even though any normal person looking at the evidence would say it’s hopeless, there’s just no way. But he kept fighting to the end, [even] as he was dying in his hospital bed… Practically, the government doesn’t care about the law. We are no longer a nation of law. We are a nation of men. It’s unfortunate, and that’s why the nation is in decline…

“My father helped me to understand economics. All of my understanding of basic economics, Austrian economics, sound money – all that comes from my dad. So he set me on the right course. That really helped shape everything that I’ve done. The fact that I was able to understand so clearly what the problems were in the 1990s with the stock market bubble, in the 2000s with the housing bubble. I was able to understand that the financial crisis was coming. I’m able to see the bigger picture now. I see these bigger crises coming in the near future because of my understanding of economics that but for my father’s teaching I might not have…

“I think the market is going to continue to be propped up by the Fed. Every time they think the Fed is going to raise rates, the market is under pressure. Then when there’s a hint that they might not raise rates, the market rises. The reality is the Fed is not going to raise rates. Pretending that it can is part of its plan. The Fed wants to pretend that what it did actually worked; that we have a legitimate recovery. Therefore, they have to pretend that they can raise rates. They talk about their intention to raise rates, but the one thing they can’t do is actually raise them, because then they’ll prove the recovery is not real. It’s actually a bubble. The only thing sustaining it is rates at zero…

“The debt is un-payable. You’re right about that. There are only two ways to deal with a debt you can’t pay. One is the honest way – you default. And that is what should happen. The US government should admit that it can’t keep all the promises that it made. They keep saying we have to raise the debt limit, because we pay our bills. No – we’re raising the debt limit because we never pay our bills. What we need to do is admit that we can’t pay our bills and restructure…

“We may have hyperinflation. Unfortunately, that is where this is going to end. It’s going to end in a currency crisis. Maybe it will be like the Weimar Republic. Maybe it will be like Zimbabwe. Or maybe, before it gets that bad, we’ll finally do the right thing. But between now and then is a significant loss of value in the dollar and a dramatic decline in the standard of living of every American who earns dollars, who saves dollars, who invests dollars. Which is why I’m trying to do the best that I can to help Americans protect themselves agains that tax. My father was trying to get people to not pay the income tax. Well, this inflation tax is going to be worse, because it’s going to hit your principal – not just what you earn, but everything you have. If you don’t want to lose what you have, you have to take action now…

“The Federal Reserve is going to try to make sure that Barack Obama doesn’t go out the way that Bush did. I don’t think they want to hand the White House back to the Republicans. Janet Yellen wants to keep it in the Democrats… She doesn’t want this whole thing to fall apart on Obama’s watch. She’s going to do everything she can to delay the day of reckoning beyond the 2016 election. That means a lot of money is going to be printed between now and then…

“[SchiffGold] is my precious metals company. I advocate that people physically own gold and silver, take possession of it, keep it safe. Put it in a safe place… SchiffGold is my company. We got the best prices on the internet. We also have individual representatives to help you. It’s not just going online and interacting with a computer. Real people will help you buy the right metal, the right coin. Stay away from numismatics. Stay away from the overpriced coins. Just get as much metal as you can for your money, and pay as little commission as possible…”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!