The State of the Union: A Big Joke on the American People (Video)
Peter Schiff appeared on Stefan Molyneux’s podcast Wednesday and dissected the State of the Union address. Peter summed it up this way:
He opened with a joke, he closed with a joke. The entire State of the Union address was one big joke. Unfortunately, the joke is on the American people.”
During the wide-ranging discussion, Peter took issue with Obama’s characterization of the US economy, noting the president is pretending everything is great when in reality it’s a disaster and most people know it. Peter and Stefan broke down some of the economic fallacies Obama invoked, including rosy employment numbers, the notion that the he has done something to address the national debt, and the idea that he won some great victory over the great recession. The discussion wasn’t limited to economics. Peter and Stefan also get into education, free markets, and foreign policy. Finally, they spend some time talking about the Federal Reserve’s recent actions and what’s next, along with, as Stefan put it, “The sharp screams of your stock prices going down.”
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I really appreciate this discussion. As always, Peter’s analysis is spot on. Much is explained here. My questions are:
1.) What do we DO about this predicament we are in? What can the American People do about this besides buy precious metals? Is there anything we can do to affect changes to this broken system?
2.) What if the Fed were to be abolished? Can you discuss what that would look like to our economy, policies, taxes, nation, etc.? How possible or likely is it — and what would it really take — to abolish the Fed?
3.) How on earth are we EVER going to get out of the trillions of debt we are in as a nation? I can’t even imagine how it is possible…
1. Keep cash and gold. Move out of the country.
2. No comment.
3. Inflation, maybe hyperinflation will demolish the real value of the debt.
1 Buy silver / gold. Get the govt and people to do likewise, as does China. Revalue gold higher.
2 Just abolish it. Force Congress to take control.
3 Impossible without default.