This is an outstanding interview of Peter Schiff by Anthony Wile, published over at The Daily Bell. When the interviewer actually lets Schiff talk, and presents the interview honestly (unlike The Daily Show did recently), theres a wealth of information to be garnered. But then, at least with me, hes obviously preaching to the choir... Anyone who has ever wondered or been confused about the raging debate going on today about raising the minimum wage should read this article, it goes into quite a bit of depth concerning that entire issue, and Schiffs position is difficult, if not impossible, to refute. But I wanted to add a little of my own commentary (of course): He does not delve into the moral, or human rights, side of the minimum wage debate. Because it is a human right to freely enter into contract on whatever terms one deems agreeable, then state minimum wage mandates are a violation of both the employers and the potential employees rights. And, as human rights violations, that makes such mandates or laws immoral as well. People tend to assign immorality to the act of paying people low wages, rather than to the act the state forcing people to do what they dont want to, or not do what they want to. THATS where the immorality lies, not with the terms of their agreement that perhaps others dont like or dont agree with. Because wages are (or should be) dictated by the market, via the law of supply and demand, and not by the state, then wages should be allowed to fluctuate with the economy. When the pool of available jobs exceeds the pool of available workers, the wages will increase, as employers bid against each other for the workers. However, if the pool of available workers exceeds the pool of available jobs, as we see today, then the wages should DECREASE, as the workers then bid against each other for the available jobs. Yes, that means that in todays economy, the minimum wage should actually be LOWER than it currently is, which is artificially high via state mandate. But instead, the decrease in wages stops at the legal minimum wage, so any continued decrease is reflected in layoffs, rather than decreased wages. Instead of having 10 workers at $5/hr each, we now have 6 workers at $8/hr each, and 4 workers unemployed. And who becomes unemployed? The least valuable workers—those with the least education, the least skills, and the least experienced. In other words, the young and the poor. Thats why minimum wage laws hurt the poor the most. And before you get started with how eliminating minimum wage laws is heartless, because people will make even less money, realize: if someone is unemployed ($0/hr)—especially if they have a family to support, kids to feed—suddenly mopping floors or stocking shelves or dropping fries in a grease vat for $5/hr doesnt seem so bad. Not nearly as bad a $0/hr. But the state outlaws these jobs for poor, unskilled, inexperienced workers via the minimum wage. Instead of the wage for unskilled labor decreasing with a poor economy, they remain artificially high for some workers, and other workers lose their jobs altogether. And then there are the added consequences of increased labor costs, such as higher consumer prices (hurts the poor the most), and higher income tax rates when minimum wage increases push people into a higher tax bracket (hurt the poor the most). The state continues to make everything worse and worse, and the people, in response, clamor for the state to do even more. Amazing. As far as Schiffs complaints about the media, realize: the federal government seized control of broadcast media in 1934 via the FCC. Now, if a media company wants to remain in business, they must keep their FCC license—which means placating Washington. As a result, instead of broadcasting news, they broadcast pro-state propaganda. And secondly, the viewers or listeners of these media stations are not their customers; their corporate sponsors are their customers. The media companys job is to serve up as many ears or eyeballs as possible to their corporate sponsors, in order to justify the massive ad expenditures that keep the media company in business. This will not be accomplished with the truth, and with real news (boring), so media companies turn to sensationalism, stories with lots of shock value, scandal, and downright fabrication (lies) in order to attract as much attention from the masses as possible, so the sponsors have a very large audience to woo with their advertising. You are simply not going to get truthful reporting, or valuable, quality information from broadcast media. Thats not the business theyre in. If you want that, youve got to turn to the alternative media online. As far as Schiffs comments about the Fed: He continues to complain about the Feds policies (and hes completely right, in every aspect), but it amazes me that he continues to frame it all as bad policy, or ignorance, or mistakes, or idiocy, or whatever—rather than realizing that debasing the currency, and thieving trillions of dollars from the American people via the printing press, is exactly the mission of the Fed/Washington banking cartel. Thats why they conspired to create the Fed in the first place. Understand this. Its intentional, they are vastly enriching themselves and impoverishing the American people—and much of the world—in the process, and using the massive wealth to project unfathomable power around the globe, all via the printing press. Pretending theyre trying to help the economy is simply cover for the corruption and criminality of what theyre really doing. So stop wishing or hoping theyll wise up and change their policies; theyre doing exactly what they intend to do, and will continue to do so until the entire system collapses, which might finally wake up the American people, and perhaps then theyll rise up, abolish the Fed, and string up all the criminals. Anyway, Im done with my rant; I highly recommend reading the interview:
Posted on: Sun, 07 Sep 2014 15:35:01 +0000
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