Peter Schiff recently appeared on RT’s Crosstalk and ended up in a debate with a Marxist.
The focus of the discussion was a “K-shaped” recovery where some people benefit economically, but we’re left with many permanently mired in an economic underclass. Peter said you can talk about a K, L, U or V-shaped recovery, but none of it really matters because when you boil it all down — there is no recovery. And the root of the problem? We’ve abandoned true capitalism and embraced socialism and central planning.
Peter Schiff hit a number of subjects in his most recent podcast, including bitcoin, the stock market, wealth inequality, the Fed and the voting age. He also said we should be thankful for capitalism.
How are all of these unprofitable companies staying afloat and even making big splashes with media-hyped IPOs?
Peter Schiff addressed this question, along with the supposed “failure” of capitalism in his most recent podcast.
As we’ve noted before, Keynesian central planners suffer from fatal conceit. They think they are smart enough to plan and direct the economy better than the free market. When you boil it all down, these people believe they can do a better job of making your economic decisions than you can. After all, a free market is nothing more than the aggregate of all of our individual economic choices. Paul Krugman serves as the poster child for central planning arrogance, but another Nobel Prize-winning central planner is making a name for himself by tearing down the free market. Joseph Stiglitz claims capitalism is “rigged.” But as economist Bill Anderson shows in an article recently published on the Mises Wire, Stiglitz has got it completely wrong. Capitalism – in the true sense of the word – isn’t rigged. Socialism is.
The US federal government posted the largest budget deficit since 2012 in fiscal 2018. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt. The Bipartisan Policy Center called the Treasury report a “wakeup call,” noting that trillion dollar deficits during an economic expansion are a serious issue.
But not everybody is concerned. Peter Schiff appeared on RT this week to debate a socialist about the deficit.