Peter Schiff on Capitalism

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VixR

Veritas
The video is mistitled on YT, because it was long before Bernie's time from the heyday of Occupy Wallstreet protests where Peter Schiff, a 1% businessman, wrangles and levels with the upset protesters on the street from his angle.

Beware, it's kinda long. But I stumbled onto it, and it's still applicable and kept my interest to the end.

There are a lot of Feel the Berners, commies and pro-socialists on here. I want your input on this.
 

Thegoodshepherd

Galkacyo iyo Calula dhexdood
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Peter Schiff is wrong in ascribing the problem of these people to government. The elite in the US are entirely to blame for what has happened to the US economy for the past 40 years (https://en.wikipedia.org/wiki/Regulatory_capture#United_States_examples)

What happened is very simple, the rich promised politicians untold monies for their reelection campaigns as long as they vote for their interests while in office. If they still lose their reelection, they were promised a job as an employee or a lobbyist. Politicians sold their constituents down the river and voted against their best interests, American workers worked even harder and increased their productivity by 130% over those 40 years.
But that increase gained them nothing in income.
productivity-and-real-wages.jpg


The gap that opened up between wages and productivity was a result of the hard work of the average worker, but almost all of the new wealth went to the elite. It was basically legalized theft.
change-since-1979-300.gif


The elite, through their bought politicians, simultaneously broke up unions while freezing wages. It all started with Reagan and never stopped. The US is a banana republic now.

23edsall-chart-blog480.jpg

The top 1/10 of 1%, or 0.1% have more wealth then the bottom 90%! This is from this week:
slok-wealth-inequality-cotd.jpg

This of course cannot go on forever because rich people simply do not consume enough. Bill Gates does not eat more than 1,000 poor people each year, he does not buy as many clothes, appliances, consumer electronics, cars etc... The rich simply invest and save. They cannot generate the consumption necessary to dive an economy as large as US. If the bottom 90% have stagnant wages, real economic growth will keep falling behind projected growth.
 

VixR

Veritas
@Amun What's wrong with promoting gold? You don't see fiat money as a huge problem?


@Thegoodshepherd What you say is true, but the government's constant greenspanning and bailouts through crony capitalism (through bought politicians being lobbied and bailing out the financial sector) is what's caused the stagnation, the wage depreciation, and so forth.
 
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Admin

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I don't know a lot about economy stuff but I know buying gold is a con. When I was 18 I bought 3 ounces of silver because I listened to conspiracy theorists.
 

AceofSom

nx]\\0-9
I don't know a lot about economy stuff but I know buying gold is a con. When I was 18 I bought 3 ounces of silver because I listened to conspiracy theorists.


:chrisfreshhah::chrisfreshhah::chrisfreshhah::chrisfreshhah:

Silver anit a safe heaven like gold breh. Every time theirs a economic crisis gold shoots up
 
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