This video is provided by RT News and was published on January 7th, 2009. The video follows my comments below.
Schiff echoes Marc Faber’s recent interview, explaining how it is the governments specific fiscal and monetary policies that have gotten us to where we are, and the best thing for them to do now is to step back and let capitalism take its course:
Americans have to have some discipline on their spending and theirÂ consumption. What we need in this country is more savings and less borrowing. We need more production and less consumption.Â But everything the government is doing now -Â all the economic stimuli, all the bailouts, they’re all designed to perpetuate the problem.
On President-Elect Obama’s $775 Billion Stimulus:
It’sÂ just bigger government than we had before. It’s a bigger stimulus. It’s not an understanding of the problems. The government is not the solution.
What we need for meaningful change is government that understands why we got in this mess, and, that the solution is less government spending, lower taxes.
We need to do things exactly the opposite.
On Stimulus Job Creation:
The government can’t create jobs. The government doesn’t have any wealth. All the government can do is redistribute the wealth that the private sector creates.
On the future:
We’re on the verge of another major crisis that’s far greater than the one the government’s trying toÂ deal with now.
We are on a collision course for massive inflation.
What Americans need to understand is if they’ve got dollars invested in government bonds, municipal bonds, treasuries, cd’s, bank accounts… All that wealth is going to be wiped out, unless they act quickly to get out of US dollars.
Watch the Interview: