Peter Schiffs speech last night at Lincoln Day was one of the longest Id heard but also one of the most interesting. Schiff is an investment broker and financial commentator who more or less accurately predicted the 2008 financial collspse. He certainly lived up to his Dr. Doom image during the speech. Economic forecasters are much less accurate than weather forecasters. Theres a joke about an economist predicting 6 of the last 2 recessions. What troubled me about the speech was his statement that we need to crash the economy before we can fix it. The country will never elect a government advocating an economic crash. And they shouldnt. But on the other hand, there is precedent for what he says. Some Eastern European economies after they cast off the communist model, adopted shock therapy to transition to capitalism. Some countries it worked in. Others not so much. All still have some form of slimmed-down welfare state. Here in the US, we need to make fundamental changes to the way we do things--in taxation levels, spending, and in regulations. But I dont think its necessary to crash the economy to do that.
Posted on: Sun, 13 Apr 2014 16:50:50 +0000
Trending Topics
Recently Viewed Topics
© 2015