Yep, Peter Schiff has been saying this for years. I remember the the interview we he was basically called a conspiracy theorist when he predicted the subprime mortgage bubble bursting. Oh, and the spending continues. How many trillions is it now? And how is a "stimulus" spending more trillions going to help? Yet, how can consolidation of wealth happen otherwise. ;) The framers warned us of this quite long ago. Is this why so many states are declaring their sovereignty at the moment?
I think he's on crack. FDR's policies (New Deal) didn't make the Great Depression worse.. When he took the steps that Schiff is recommending, the economy stalled again and made the depression longer
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1) Yes, he made it illegal to own gold. This was to stop the hording of it which was causing economic problems. He devalued the dollar vs international currency.. At that time, there was very little international trade that would hurt consumers, so there was no effect in real terms. Note that the price remained the same until Nixon in 1971.
2) He did create Social Security. At the time, it was the only way to save the millions of American elderly who's savings were wiped out in the market crash. You mistake the creation of it with the mismanagement of the fund since the creation. It's not FDR's fault that 70 years later it's not fully-funded, is it? Meanwhile, the Social Security Trustees say that it's solvent until 2041, at which point it'll be able to pay out 78% until 2081, when it drops to.. wait for it... 75%.
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We are fucked.
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1) Yes, he made it illegal to own gold. This was to stop the hording of it which was causing economic problems. He devalued the dollar vs international currency.. At that time, there was very little international trade that would hurt consumers, so there was no effect in real terms. Note that the price remained the same until Nixon in 1971.
2) He did create Social Security. At the time, it was the only way to save the millions of American elderly who's savings were wiped out in the market crash. You mistake the creation of it with the mismanagement of the fund since the creation. It's not FDR's fault that 70 years later it's not fully-funded, is it? Meanwhile, the Social Security Trustees say that it's solvent until 2041, at which point it'll be able to pay out 78% until 2081, when it drops to.. wait for it... 75%.
3) FDR had nothing to do with Medicare. That was part of President Johnson's "Great Society". I'll grant that it has major funding problems, but I view that as being partially fixed by fixing the overall ( ... )
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