Contact us
CALL US NOW 1-888-GOLD-160

Peter Schiff vs. A Marxist Professor: Is Socialism the Problem or the Solution?

  by    0   0

Peter Schiff debated Marxist professor Richard Wolff on RT Boom Bust. Wolff just can’t grasp that socialism isn’t the solution to America’s problems. Socialism is America’s problem.

Wolff does a fair job of diagnosing the economic problems. He said the current bout of inflation is proof that the US economic system “really isn’t working very well.” He also acknowledged that inflation has been coming down the pike for a long time thanks to the amount of money printed relative to the number of goods and services available. He correctly notes that raising interest rates to fight inflation would put the US government and American consumers in a tight spot due to the enormous levels of debt.

Peter said he agreed with the professor saying he doesn’t think “this current socialist economic system” works.

Central government planning, manipulation of interest rates, the constant creation of inflation — inflation is not new. That’s how the government has been bailing out the markets from the crises it created with its subsidies and artificially low interest rates. So, now the inflation is moving from financial assets into real goods in a way that government statistics can no longer hide because the actual rate that prices are rising is probably twice what the government admits.”

Peter emphasized that this is not a transitory situation.

This is the tip of an inflationary iceberg.”

And what should be done about it?

Abandon the system we have now and go back to free-market capitalism – laissez faire, sound money. That is the only path back to prosperity.”

Wolff claimed the system isn’t socialist at all. He pointed to the reappointment of Jerome Powell as Fed chair, calling Powell “an enthusiastic supporter of the capitalist system.” He also claimed, “there is absolutely nothing in Mr. Biden’s portfolio that has anything to do with socialism.” He called Peter’s call for a return to free markets as “going backward.”

Peter came back firing.

If Biden were a capitalist, he would be advocating for less government, not more. He would want to cut government spending, not dramatically increase it.”

Peter also said Powell is not part of capitalism. He’s the antithesis.

This is central government planning. This is price-fixing of interest rates. The Federal Reserve has nothing to do with capitalism. Under a capitalist system, the market would set interest rates, not the Federal Reserve. And under capitalism, we would have sound money, not the fiat money that’s manufactured by the Federal Reserve. So, your problems are not with capitalism. They’re with these socialist institutions that are creatures of government.”

Wolff responded by claiming America used to have a “private capitalist system,” but it created so many problems it couldn’t solve that it had to create the institutions Peter now wants to get rid of. He went on to characterize China as a great socialist success story.

Peter pointed out the obvious: communism failed in China.

That’s why they abandoned it. Yes, it’s a communist party, but there’s actually more free-market capitalism happening in China than there is in the United States. That is the problem. It is when they went away from communism and embraced private property and profit, and unleashed entrepreneurship — it’s private capitalism that is thriving in China, despite the communist government.”

Peter said what we need is more capitalism in America.

The problem is we’re moving more in the direction of the policies that the Chinese abandoned.”

Gold Scams Free Report

Get Peter Schiff’s most important gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.

Interested in learning how to buy gold and buy silver?

Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Peter Schiff: Great Depression 2.0 Is Incoming

Peter Schiff appeared on First TV’s I’m Right with Jesse Kelly to talk about the state of the economy, inflation, and the unfolding financial crisis. Peter warned that we’re heading straight toward Great Depression 2.0.


Peter Schiff: This Is an Inflation Tsunami

Peter Schiff recently appeared on Real America with Dan Ball to talk about the ongoing banking and financial crisis. Peter emphasized that the Federal Reserve and the US government are trying to fix a problem that they caused. And their cure is going to unleash an inflation tsunami.


Peter Schiff: The US Is in a Financial Crisis Worse than ’08

During his post-FOMC meeting press conference, Federal Reserve Chairman Jerome Powell insisted that the US banking system is resilient and sound. He said this despite the failure of First Republic Bank just days before the Fed meeting. Peter Schiff appeared on the Claman Countdown on Fox News and argued that Powell and others are wrong. […]


Peter Schiff: Joe Biden Is Rewarding People With Bad Credit

On May 1, new Federal Housing Finance Agency (FHFA) rules went into effect that will allow borrowers with lower credit ratings to qualify for better mortgage rates than they otherwise would have. Meanwhile, borrowers with better credit ratings will pay higher fees to subsidize the program. Peter Schiff recently appeared on Real America with Dan […]


Peter Schiff: We Can’t Afford to Let Biden “Finish the Job”

President Biden has announced he will run for a second term in 2024. Peter Schiff recently appeared on the Ingraham Angle on Fox News to talk about what will happen if we keep going down the Biden road. In a nutshell, Peter said we can’t afford to let Biden “finish the job.”


Comments are closed.

Call Now