Peter Schiff of Euro Pacific Capital appears on Fox and Friends April 1, 2009.
The reality is that President Obama is actually in Europe hat-in-hand trying to convince the world to keep lending America money so we don’t have to print quite as much. Hopefully the world will have the good sense to stop lending us money.
As above so below. From the top down, America is a glutton for credit. Spending money we didn’t have got us into this mess, and the plan as it stands nowÂ is to spend more money to get us out of this mess? Does this sound counterproductive to anyone else, or is it just me?
Schiff throws out a crazy idea regarding taxes:
Why not just abolish it completely? How about a flat-tax of zero. Why don’t we shrink government and have a much smaller national tax. It’s far less destructive to our economy and people don’t have to surrender their individual rights to privacy in order to comply with tax law?
But then we’d have to cut billions in pork barrel spending andÂ eliminate welfare distribution programs. How will democrats and republicans buy constituent votes if they can’t hand out free government money?
I love the concept of a fair-tax on consumption. But unfortunately, I don’t see this every happening in America.