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.
When I was a kid, we used to say some things only “sound good on paper.” In other words, they seem like good plans, but there is no way they’re going to work in the real world.
That’s socialism in a nutshell.
The Pilgrims found this out the hard way during their first couple of years in North America.
As Ron Paul pointed out, the recent brouhaha at the Federal Reserve when information came out revealing several central bank officials making multiple multimillion-dollar stock trades in 2020 even as the Fed was putting its big fat thumb on the economic scales was a minor thing compared to the bigger scandal – the everyday operation of the Fed.
The Fed engages in price-fixing. And it fixes one of the most important prices in the economy – the price of money. Peter Schiff said this always ends in a disaster.
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.
Protests have rocked the US in the wake of George Floyd’s death at the hands of a Minneapolis police officer. In some areas, peaceful protests have crossed the line into violence and looting. But the real question is what are the long-lasting political ramifications that will come out of the unrest?
Peter Schiff talked about it during a recent podcast and worried that it could lead to bigger government and more socialism.
José Niño was born in Venezuela and his family has experienced the impacts of socialism first hand. But was it “real socialism?”
On this episode of It’s Your Dime, José and host Mike Maharrey talk about it.
José had the good fortune of leaving Venezuela before it descended into chaos. After reading the tea leaves and realizing that the country was heading down the path of political turmoil, José’s parents brought his family to the US in search of better opportunities.
Venezuela’s economy is in chaos. It’s gotten so bad that a year ago, video game money was worth seven times more than the Venezuelan bolivar. Meanwhile, the Venezuelan people have suffered horrible food shortages. Many people in Venezuela have turned to barter just to survive.
Not so long ago, left-leaning publications in the US were touting Venezuela as a socialist success story. Today, any attempt to point to Venezuela as socialist disaster will be met with the refrain, “That’s not real socialism!”
Apologists for socialism also blame the collapse of the Venezuelan economy on US sanctions. But as Jon Aldekoa explained in an article published on the Mises Wire and UFM Market Trends, actual data reveals it was indeed real socialism that wrecked Venezuela.
We’ve covered the plight of the Venezuelan economy as it has plunged into chaos over the last several years. It’s gotten so bad that a year ago, video game money was worth seven times more than the Venezuelan bolivar. Meanwhile, the Venezuelan people have suffered horrible food shortages. Many people in Venezuela have turned to barter just to survive.
But Venezuela isn’t the only country suffering the effects of socialism. Cubans are currently enduring food shortages of their own as the country’s economy hurtles toward crisis mode.
The Democrats led by Alexandria Ocasio-Cortez released their “Green New Deal” last week. As Peter Schiff put it in his latest podcast, the Green New Deal is really red – as in socialist red.
The whole thing is an economic train wreck.
It’s masterful politics though.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
