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I have been following financial commentator, Peter Schiff, since the Ron Paul movement and his Senate run. Schiff was one of several, including Michael Burry, to forecast the 08’ financial crash. Now he is predicting a Depression that will be much worse than the 1930s. That is because it will be inflationary rather than deflationary. He was also right to call out the bullishness as bullshit, during the peak of the post-pandemic bubble. He has been consistent with his message while other bears have pivoted after some new data that appeared bullish. However, he is flat out wrong in his call for middle class austerity to fight inflation and reduce the deficit.
Source: @PeterSchiff Twitter
In an interview with the Blaze, Peter Schiff stated that “so if we’re going to raise taxes at all, if we really want to you know reduce the deficit with tax increases, we’d have to raise taxes on the middle class because those are the people who are spending money, and we need to reduce consumption not investment if we want economic growth.” His justification for soaking the middle class rather than the rich is that “when you raise taxes on the upper income earners in addition to reducing their incentive to earn money in the first place, you are taxing the money that they might otherwise have invested. You see people that earn a lot of money, they buy whatever it is they want, the money they don’t spend is what’s left over, and that’s the money that’s used to grow the economy, that’s where Capital comes from, that’s how businesses grow, that’s how they hire people. Well if you raise taxes on the upper income earners all you do is you diminish their ability to invest and grow the economy.” Schiff has called for a national sales tax, as well as cutting middle class entitlements, such as social security, countless times on his podcast.
Source: @DiMartinoBooth Twitter
While Peter Schiff is usually spot on with economic data, he is wrong that the wealthy are not primary drivers of inflation. Economist and former adviser to the president of the Dallas Fed, Daniel DiMartino Booth, rebukes Schiff’s argument, pointing out that the stealth stimulus that stoked consumption only benefited the top 20%. The top 10% of households account for about half of consumer spending (Deutsche Bank data), as wealthy Americans are still spending big. This has propped up GDP stats, delaying a technical recession which is also inflationary. This means that Fed rates will have to stay high longer. Overall, it is lower and middle income consumers that are now polling back on spending.
Daniel DiMartino Booth has mentioned that whenever she visits Paris’s Champs-Elysées, its packed with wealthy Americans splurging on luxury goods. Basically, they are spending the accesses of pandemic loans, bank bailouts, and defense contracts. Tom Barkin, president of the Federal Reserve Bank of Richmond, pointed out that “Wealthier folks are still spending, especially on international travel, blowout entertainment and other services and experiences.” Travel impacts energy costs, plus the wealthy spend much of their income on real estate, as shelter is a huge part of the CPI. Schiff is partially correct that wealthy consumers have less of an impact on food costs, though the rise in food costs is linked to energy costs as well as price gauging. In contrast with Schiff’s call for austerity, which is hedging on an hyperinflationary scenario, Booth predicts a deflationary crash.
Consumer expenditure by income
Source: WSJ via Labor Department data
There are two angles to fighting inflation, one is saving the dollar and the other is that inflation is a regressive tax. If inflation is bad because it is a regressive tax, then why enact austerity with a regressive national sales tax on the poor and middle class. If the objective is to save the dollar, then those responsible for devaluing the dollar and creating the debt must be held accountable, not those who are already struggling. Monetary policy is rigged to prop up oligarchs and large institutions. The wealthy benefit the most from the Fed printing, while ordinary people were gaslit that their measly stimmie checks were responsible for inflation.
There are also flaws with Schiff’s argument that taxing the rich is bad because it hinders their potential to invest. Since the pandemic, the wealthy have more disposable income than likely ever, while liquidity is drying up for small businesses and ordinary people are struggling. Even though Schiff was staunchly against the bailout of the wealthy, it shows the failure of trickledown economics, which he defends. If anything, raising taxes on the wealthy could ease inflation in housing, as the rich invest the most of their wealth in real estate. Not to mention that fed rate hikes also stoke rental inflation. However, I agree with Schiff that a luxury tax on conspicuous consumption should be enacted rather than taxing labor.
US Wealth by income bracket
Source: Coalition for a Prosperous America
If Schiff is right that a major financial or dollar crash is inevitable, then it is important for the middle class to hold onto their assets like real estate. Austerity would just hasten the Great Reset, that libertarian financial gurus warn against, as oligarchs would scoop up the assets of the middle class. If Schiff is right that we are facing this inflationary depression, then middle class austerity might not be enough to save the dollar. Rather it would just delay the inevitable while the middle class will own nothing. Schiff has also said that defaulting on the debt is the lesser of evils than inflating away the debt, though he predicts the latter as austerity is not politically palatable.
While populists, on both the left and right, tend to focus on what is moral and who is to blame, there is an argument that austerity is sometimes the only option when a nation is flat out broke. Regardless, there is a distinction between libertarian and populist economics. The main flaw with libertarians, like Peter Schiff, who call for a return to a true capitalism, is that this purer capitalism lead to where we are now, which you could call crony capitalism, late-stage capitalism, or state capitalism. Basically private sector elites built up their wealth under a purer form of capitalism. Then they used that wealth to rig the political system against the competition, as well as use monetary policy to enrich themselves.
In contrast with libertarians, populists tend to support using something like Lincoln’s Greenbacks to pay off the debt, and believe that ending or restricting usury is the key to preventing austerity. While libertarians make valid points that corrupt financial practices, like fractional reserve banking, is enabled by state policies like moral hazard, their shortcoming is letting the private sector off the hook. Not to mention that Schiff opposes anti-trust for Amazon, failing on the centralization vs decentralization spectrum, which is more important than public vs. private. Government creates these monopolies more so than innovation, so why should free-marketers defend them?
The Neoliberal revolution that replaced the New Deal paradigm “evolved”, as extreme austerity for the poor and middle, with tax cuts for the wealthy was too austere, and just not politically viable. Plus oligarchs wanted the stimulus from printing. Some hybrid of neoliberalism and Keynesianism emerged, that involved the Fed printing to prop up the stock markets but also maintain a social safety net to bribe the middle and lower classes, while keeping finance deregulated. While this hybrid began under Alan Greenspan, who was a protégé of Milton Friedman but shifted towards Keynesianism, it really took off after the 08’ recession with Obama and especially during the pandemic. Modern Monetary Theory and Reaganism are twin ideologies of the economic elite. The former appealing to Silicon Valley and Wall Street, who are dependent upon stimulus, while the latter appeals to sunbelt industry, who are dependent upon low taxes and deregulation.
Despite Moody’s downgrading the outlook on the US Treasury to negative from stable, Morgan Stanley’s economists are still predicting a soft landing, Goldman Sachs forecasts no landing, and UBS thinks that the U.S. economy is headed back to a Clinton-like era of the bustling 90s’. You know we are screwed when Larry Fink is saying that fear is driving us into a recession and that all the economy needs is hope. It is important to remember that hard landings are often preceded by the rising popularity of the soft landing narrative.
Source: @TheMaverickWS Twitter
An explanation for the soft landing illusion is that inflation went down while unemployment remained low. This was due to the bank bailouts offset by Biden depleting US petrol reserves that temporarily eased inflation, businesses retaining workers because they are too expensive to retrain, the lagging effects of interest rate hikes to do damage, and pandemic savings, which are now close to being taped out. Schiff says don’t be “fooled by Oct.’s flat #CPI. It’s just one month and it was only .1% lower than expectations. YoY headline is still 3.2% and core is still 4%. The #inflation numbers have been bottoming and future CPI numbers will be much hotter, even as the economy cools. #Stagflation!” Even recent stats that show decent GDP growth are explained by mass migration, increased spending via debt, and perhaps fudging the numbers via inflation. Also the stock markets are propped up by just 7, primarily big tech stocks, which are interest rate sensitive. However, current economic signals look much more bearish, such as the biggest spike in unemployment since covid, credit card debt at an all-time high, and rising corporate default s.
source: @LizAnnSonders Twitter
While the 08’ recession/financial crisis was primarily due to bad home loans, right now there are several big economic problems, the big one being unprecedented levels of debt, that will create the perfect storm. For instance, China’s financial crisis, as China’s rapid economic growth helped prevent a global recession in the late 2010s, and commercial real estate, which is already suffering due to remote work, and will have to be refinanced at higher interest rates, which will take down many more banks. Other problems include the return of student loan payments, potential mass worker strikes, the Fed’s balancing act between inflation and interest rates, energy issues due to both foreign affairs, as well as the shale industry being sensitive to high interest rates. Quantitative easing and stimulus won’t be a viable solution for the recession, as with 08’or the pandemic, due to inflation.
Source: @PeterSchiff Twitter
Peter Schiff has been predicting the biggest bond market crash in US history, with bond yields spiking as debt accelerates. Last month, the yield on the 30-year Treasury spiked to over 5% for the 1st time since 2009, though went back down due to markets hedging on no more Fed hikes. However, once bond markets factor in that interest rates will have to be high for longer, yields will spike through the roof, especially if inflation resurges. Schiff explains that “Investors still don’t get that long-term bond yields are out of the Fed’s control. Even if the #Fed decides to pivot to prevent yields from rising too much, rate cuts and a return to QE will cause the #dollar to sink and #inflation to soar. That scenario is bearish for #bonds.” Unprecedented levels of debt will make a bond market crash much more catastrophic for the financial system. If bond yields continue to spike, there is a greater risk for more bank failures.
The primary use for U.S. dollars overseas has been to buy US Treasury bonds, so debt creditors raising rates has a greater impact than the Fed’s rate hikes. Creditors tend to buy less bonds in recessions, plus there is a danger of a mass selloff off in bonds by foreign creditors, like China, Japan, and Saudi Arabia. Hedge Fund manager, Ray Dalio, declared that “America is facing a debt crisis as there may not be enough buyers for the influx of government debt on the market, per Fortune.” Schiff also predicts that “a slowing #economy will actually cause #inflation to speed up. That’s because as the economy slows budget deficits will rise and the #dollar will fall.”
Source: @WallStreetSilv Twitter
The war in Israel/Gaza, especially if it escalates into a broader regional war, will add more liquidity to markets, and delay a credit crunch. Basically, like with covid or the Ukraine war, will be simulative in the short term but will increase inflation and debt long term, so the big crash will be much more catastrophic. There is also potential for disruptions to oil supplies, which would be catastrophic for global markets.
The recession will likely start very soon, if we’re not in one already. I predict another wave of fiscal stimulus, in response to the recession. Then another wave of bullishness, as the economy will be propped up before the election, with the big crash likely occurring shortly after the election, unless something really breaks in the bond market. Perhaps Schiff is right about the inflationary depression, as the Fed will likely inflate the dollar, as debt is unsustainable under high interest rates. At the very least we’re looking at 1970’s stagflation paired with a 2008 banking crisis.
Source: @TheMaverickWS Twitter
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The problem with raising taxes on the rich is that it does not distinguish between those who made their money selling goods and services on the market and those who made money from government policies that redistributed wealth. It targets both groups equally.
Rather than any tax increases on anybody, it would be better to reduce government spending and eliminate any regulations put in place to benefit special interest groups. To take an example, we spend much more on the military than is needed to defend the country. The extra spending just makes people connected to the military-industrial complex wealthier. Other examples are government money funneled to the higher education complex via student loans, to the medical cartel via Medicare and Medicaid, to ghetto blacks via welfare, to green energy companies via government subsidies and so on. Shrinking the government should take precedence over extracting more money out of taxpayers.
I too have been following Peter Schiff for over 15 years and have watched just about every video/audio podcast he’s been featured in during that time.
Unfortunately Robert Stark, you have taken Schiff’s remark about ‘middle class austerity’ out of context.
The solution to reducing the budget deficit (and indeed turn it into a budget surplus), is exceedingly simple. And Peter Schiff and the Ron Paul Libertarians have NEVER WAVERED from stating what the solution is. Which is to:
Dr Ron Paul said it best in this 38 sec advert during his 2012 Presidential campaign (and Peter Schiff’s solution coincides with that precisely):
Video Link
Simply put, the U.S is awash with all manner of government departments that, not only don’t produce any tangible benefits for the citizenry, but they actual makes things worse, whilst simultaneously squandering countless billions that could be used more productively in the hands of the private sector and the citizenry themselves.
Take the Dept of Education for example. Many people would not be aware that there was no stand alone Dept of Education before 1979, when it was introduced under the Carter administration, yet Americans were getting a pretty good education before 1979.
Since its introduction, education standards HAVE FALLEN and the world rankings of American children have slipped precipitously in all categories – especially in maths.
Other than the complete abolition of those departments Ron Paul (and Peter Schiff) advocate for, those that remain should receive a RADICAL REDUCTION IN FUNDING.
Not least of which is the Dept of Defence – and Peter Schiff has continually stated that we don’t need much spent on ‘defence’ of the country (as opposed to the offensive belligerent wars* America has been waging to preserve its empire).
(*ie: to say nothing of funding stuff like the Ukraine proxy war and the Apartheid Israeli state as it massacres Palestinian civilians).
Next, Peter Schiff and Dr Ron Paul have never ceased repeating the mantra ‘End the Fed’.
Absent the existence of the ZOG owned U.S Federal Reserve, the federal government would be incapable of funding its budget deficits.
As things stand now, no matter how big the deficit, the central bank just prints/digitally conjures all the USD it needs to buy the bonds that the treasury offers to fund the budget deficit.
Also importantly, the ZOG owned Fed artificially keeps interest rates low, which makes debt servicing of the national debt manageable.
The Fed does this by buying bonds which raises their price, and thus keeps interest rates low (because the 5 yr, 10 yr, 30 yr bond etc, have yields that move inversely to the bond price).
Absent the Fed, the REAL market rate of interest would have been much higher, and the U.S Federal government would have defaulted on its debt and been declared insolvent long ago.
This is where you, Robert Stark, have taken Schiff’s statement out of context.
It is NOT Peter Schiff’s first choice to tax the middle class. In fact Schiff is on record as saying the both corporate and personal income taxes SHOULD BE ABOLISHED.
To the extent that some money was needed to fund a bare bones Federal Government, some sort of VAT or consumption tax could be enacted to fund those few scaled down departments that remained.
At the end of the day, with the burden of having to fund the parasites in government and their lavish salaries removed (not to mention funding all manner of boondoggles that impoverish us all), the private sector would be able to go about the business of generating wealth and creating sustainable jobs in the process.
This will entail less outgoings for the government (ie: less welfare and unemployment benefits as people are now working), whilst simultaneously increasing revenue (from whatever Sales Tax or consumption tax was in place), as vast numbers of those that were previously unemployed and flat broke, are now spending with gay abandon.
A WIN/WIN all around.
Great ideas, Mark. Why don’t you suggest them to your favorite candidate? LOL
Vote Harder
Rearranging the deck chairs on the Titanic isn’t going to change the end result. There is no possible way the Dollar is going to survive long term without a serious devaluation. That change in its buying power has been ongoing since Nixon defaulted on the US’s commitment to back the Dollar with gold. Look at any curve of the Dollar’s buying power over time and the conclusion is obvious.
The Fed will inflate the currency supply because that’s the only real tool it has. Everything else is psychological bullshit that works for a short time as people pretend things will get better. Deep down they know we are approaching the end of the road.
Real Estate is the last thing one should be invested in inside the US, at least in an urban setting. The market value will drop like a rock simultaneous to municipalities increasing property taxes. You may have a roof over your head for a time but you will be going broke day after day till the taxman comes to evict you. Sell while you can and buy what has no counterparty risk – the precious metals.
“The main flaw with libertarians, like Peter Schiff, who call for a return to a true capitalism, is that this purer capitalism lead to where we are now, which you could call crony capitalism, late-stage capitalism, or state capitalism. Basically private sector elites built up their wealth under a purer form of capitalism. Then they used that wealth to rig the political system against the competition, as well as use monetary policy to enrich themselves.”
Triple kudos! Well said!
In the 1940’s, 1950’s, and the first half of the 1960’s, low levels of immigration resulted in a tight labor market, and competition for workers reduced the amount of money that went to the top. Sure, you always need incentive, and the people who built new industries etc. did very well, but they didn’t become billionaires. You don’t need that much incentive for a capitalist economy to thrive, this has been demonstrated.
When the rich are allowed to become super rich and own everything, they don’t invest in new industries, they ‘invest’ in buying the politicians, and rigging the system for themselves. Among other things, that’s why we are being invaded by the third world, the rich are using the fact that they own the government to open the border. That’s where libertarianism leads, to feudalism, to total control by a small elite.
Since 1776, the US regime’s business has been to use people as cannon fodder/taxcattle in make-believe “democratic republicanism”.
Not starting from the beginning is just useless waste.
Under genuine unfettered Free Market Capitalism, some entrepreneurs do indeed build vast fortunes.
But in a Free Market that has no barriers to entry for new participants, that has as near as possible a level playing field, competitors invariably show up that are LEANER, HUNGRIER and more INNOVATIVE than those that preceded them.
The Captains of Industry of yesteryear are soon knocked off their perch.
Entrepreneurs that satisfy consumer wants and needs are rewarded handsomely, and provided they continue offering the best value product or service, they can continue to stay on top of the pile.
Ford Motor Company was an unstoppable juggernaut 100 years ago.
Today it is a shadow of what it once was.
Let’s turn our attention to events more recent. As much as the U.S is a socialist shit-hole today, there are still pockets of actual Capitalism that keep the economy from imploding and thus enable it to be semi-functional.
At the turn of the 21 st century General Electric was the most valuable company in the world by market capitalisation. Today it is worth a tiny fraction of what it once was, and may disappear in the not too distant future completely if it stays on its present trajectory.
Similarly, the Nokia Corporation of Finland was the undisputed market leader in mobile phones in the year 2000, and said corporation was responsible for a huge chunk of Finland’s GDP.
Today it is nowhere – bought out for pennies on the dollar a few years ago by another corporation, the last time I heard about them.
And the reason for that is Capitalism FUNCTIONED.
New entrants came along with better products and services, they eroded the market share of the previous Goliath.
Either you innovate or you die. It’s as simple as that. The new entrants built a better mouse trap.
THAT is how Capitalism works. In Capitalism someone builds a great fortune and enjoys their 15 mins of sunshine, only to be knocked off by someone better than them.
So, you ask, how is it that family dynasties like the Rothschilds never fall off their perches, and in fact get richer as the years go by ?
And, in the case of the Rothschilds and the other Jewish family dynasties that comprise the Zionist Usury Banking Cartel (aka ZOG), they have the monopoly on the creation of money.
They own the U.S Federal Reserve and also control the other major western central banks.
They print/digitally conjure scores of trillions, which they earn interest on.
ie: a River of Riches.
SOLUTION: ‘End the Fed’. Abolish all central banks (5 min Ron Paul ‘End the Fed’ video below):
Video Link
Thereafter, greatly defund all tiers of government (especially the Federal government), abolishing entire departments in the process.
Government should be limited to only those strictly defined functions as specified in the constitution.
Those departments that remain will concern themselves strictly with protecting private property, maintaining the rule of law/an honest judicial system and the defence* of the nation.
(*As opposed to funding for offensive wars of aggression).
No politician/bureaucrat should have the power to enact rules and regulations that favour any particular crony or vested interest.
Importantly also, what bare bones government that remains, should be decentralised as much as possible.
Simply put, a government with few powers and greatly diminished funding, will be FAR less mischievous. There will always be corrupt politicians, and this will never be eliminated.
But whatever corruption that does transpire will be an order of magnitude (or two) less than before, because government departments and their authority will be radically scaled down.
They also invest in debt to collect interest (aka usury). Usury is a gigantic conveyor belt of wealth from those who have less to those who have more. It also contributes to inflation, since the government is the largest debtor and also creates the money to pay back the debt, so it has a built in incentive to repay with inflated dollars.
Nothing a rightwing economist says is ever correct or even makes sense. They’re literally always wrong.
Rightwingers:
We had plenty of QE in the last 20 years. Was any inflation associated with QE? Of course not! But never let facts get in the way of an Austrian economist!
Deficits have been going through the roof forever. Has this caused any inflation? Of course not. Rightwingers: “Deficits cause inflation!” Durr hurr.
QE and stimulus didn’t cause inflation last time around, why would it now? Rightwingers: “But this time it will! Durr hurr.”
Rightwingers: “Oh noes! 3% inflation is baaaaaaaaaaaaaaaaaad! Inflation! Inflation! Inflation!” All these guys are Chicken Littles! Sane people: “Inflation is very low.” Rightwingers: “That’s because it’s bottoming out! Inflation! Inflation! Inflation! My name is Chicken Little!”
Oh noes! It’s all the way up to 3.9%! The sky is falling!
LOL. You are surprised? He’s a rightwinger. All rightwingers always oppose all antitrust enforcement, period. The pro-antitrust rightwinger does not exist.
They always make this argument. It’s their go-to.
Of course he defends it. He’s a rightwinger. They always support trickle-down economics, despite the fact that it’s never worked anywhere ever. Most rightwingers are dishonest by their nature.
Conservatism means rule by aristocracy and liberalism means rule by the people or democracy, so of course all conservatives always hate democracy. Conservatism must lie to the people and tell them it’s about popular rule and democracy when it’s really about aristocratic rule because few majorities except probably Moronicans will ever vote for aristocratic rule or rule by the rich. Of course rule of the rich is always bad for the masses. It cannot ever be anything but.
The problem with capitalism is that capitalists always support aristocratic rule and always hate democracy or rule by the people. This is a fatal flaw in capitalism, and there is no cure for it!
Libertarians are liars! They support aristocratic rule so they almost have to be liars by definition.
There is no “pure capitalism.” There’s never been any and there never will be.
Capitalism is always and only ever crony capitalism.
There’s no such thing as state capitalism. It’s bullshit.
Late stage capitalism is simply what we’ve had for decades now.
How on Earth did capitalists rig the system against competition? This sounds like libertardian BS. Libertardians complain that the state rigs the system against competition. The truth is that all capitalists hate competition. The only ones who want to use antitrust are those who are behind in the game. They want to dethrone the monopolists so they can become monopolists themselves. Basically everything a capitalist says is a lie. This is another huge problem with that system.
Because all free-marketeers care about is money! Real simple.
There’s no such thing. If it’s inflationary, it’s not a depression, and if it’s a depression, it’s not inflationary. Real simple.
Already happened during the pandemic.
Good luck with that. No Republican will ever vote for this.
LOL since when did any conservative care about regressive taxation? Answer? Never.
This part is actually correct. I can’t believe how many “leftwingers” fell for the “Stimulus caused inflation hurr durr!” BS. Pathetic.
Just another Jew prick who wouldn’t piss on you if you were on fire.
Thanks for your spittle laden foaming-at-the-mouth comment, that amply demonstrates that you’re an unhinged Marxist of the most extreme calibre.
I mean, you’d make hard left wingers like the discredited economist Michael Hudson blush, such is the ludicrousness of your remarks. ie: asinine remarks like these:
I’ve had a run in with you before Lindsay, and you have to be one of the most economically illiterate dumb f*cks that UR readers have ever had the misfortune of crossing paths with.
Anyone who believes the official U.S government figures for inflation/unemployment/GDP growth etc, is that sort of simpleton that would believe the Brooklyn Bridge is up for sale for a few dollars.
The way inflation is measured in the U.S was changed about 30 years ago or so, and now severely UNDERSTATES actual inflation. If it was measured as it was in the past, it would be at least double what it is reported to be.
I don’t have to tell the UR readers this. They have seen it for themselves as they go to the grocery store or fruit/vegetable market, as they pay their utility bills etc.
Prices have gone through the roof since the Covid Psyop (not that they weren’t increasing well in excess of the official government inflation rates before that).
For accurate figures on inflation you should visit ShadowStats.com and see what the honest broker John Williams has to say about it.
Admittedly the U.S has been running huge deficits for many years and is able to get away with reckless monetary and fiscal policies that no other country on Earth could get away with.
That’s because the USD has world reserve currency status. But its 15 minutes of sunshine will soon be gone. The profligacy of the U.S has not gone unnoticed by the rest of the world and the wheels have been set in motion to dethrone the USD.
When that occurs (if not before – in anticipation of that event), the U.S economy/stock and bond markets will implode and descend into the abyss, as the U.S becomes a banana republic beset with civil unrest, food shortages and mayhem in your cities.
That day can’t come soon enough. The end of the USD’s world currency status will coincide with the demise of ZOG and these endless wars perpetrated by the Anglo Zionist empire.
That day can’t come soon enough.
Yes, Peter Schiff is Jewish. But like Murray Rothbard and Peter’s father (Irwin Schiff) before him, he is a righteous Jew.
Former economic adviser to Ron Paul’s 2008 Presidential campaign Peter Schiff, has constantly been pointing out the malfeasance of the ZOG owned U.S Federal Reserve and the other ZOG controlled western central banks.
Proof that Peter Schiff is despised by the Malevolent Jews that control the entirety of the western financial system, is the treatment handed out to his father Irwin Schiff.
Irwin Schiff was a tax protester and wrote books showing that the income tax was unconstitutional.
He’d never committed a crime and was never proven to have not paid his taxes etc. ie: all he did was point out the constitutionality of the income tax.
The IRS said Irwin Schiff could avoid a custodial sentence if he just stopped distributing his books.
On principle Irwin Schiff refused to do so.
So he was sent to a Federal penitentiary and spent the last 10 years of his life in a high security prison where he died (aged 87) of cancer, handcuffed to his bed (the prison authorities refused to allow diagnosis of his illness and give Schiff medical attention).
That’s right – HANDCUFFED TO HIS BED.
Think about that for a moment. This man had committed no crime. All he’d done was expose ZOG Central bank/IRS mischief, yet he was treated like a serial killer.
Waaahhh! Waaahhh! Jews will punish other jews when it comes to their vampyre’s blood supply – money. I’m trying to squeeze one salt tear but…it’s not working.
Restoring economic sanity would be very simple:
1) Declare a Jubilee on the (((debt))). Jews would blow up the planet before they’d willingly allow that to occur – but we need to do that anyway.
2) Boot all jews out of banking, finance, law, government, education and pretty much everything else.
3) Restore manufacturing. Blah blah blah about the “costs” of returning manufacturing onshore. Real world history proves, everywhere, all over time, that the foundation of ANY stable economy is making your own stuff. Period. The END.
There was inflation associated with QE over the last 30 years. It concentrated in the area of nontransportable goods like increases in costs in medical care, higher education, stock prices and real estate. Inflation did not show up so much in transportable goods because consumers substituted lower cost foreign goods for higher priced domestic goods.
The main beneficiary of that substitution was China. They had moved away from Marxism which then threw a large pool of low cost but high quality workers on to the world labor market. Fed policies were a major factor in the transfer of manufacturing to China and the hollowing out of our industrial base. That process is now largely complete and Chinese wages are now starting to rise with the result that prices of transportable goods here are starting to rise too.
A Jew is a Jew is a Jew. You go ahead and weep for your masters.
there is a simple solution to all of this, simply nationalize the federal reserve (which in fact is neither). do a forensic audit on their thoroughly cooked books, throw the bastards into prison, seize the assets of all involved, in the ponzi scheme, regardless of their intent. tough tits for richie rich, that’s what you get for taking part in a ponzi scheme, so sorry for the loss of your billions, just be glad your not in jail with the ring leaders.
most important of all stop paying interest (to private parties) on your own money, you fucking morons. i think abe lincoln, suggested this and then ended up with a bullet in his brain (by total coincidence, i am assured). instead we received, a never properly ratified federal income tax, and the feral reserve in 1913, the day the american dream died.
before this time, all proceeds for the federal government, came from tariffs and excise duties, and this is exactly what they don’t want you to know. i don’t want to go into the original mandate of the federal reserve, because it make my blood boil, let’s just say they have failed spectacularly, in their mandate. there is NO hope for the so-called united states of america, while these criminals rule the roost.
1 and 3 are great ideas.
Don’t know about yall but I’m mighty tired of this shell game of government. Proven beyond a shadow of a doubt they’re a vicious criminal organization that rules by violence and coercion.
http://www.theanarchistalternative.info/index.html
Very brief read, answers many questions regarding anarchy. Please don’t let the gov propaganda scare you into disregarding this valuable information.
Schiff has a comment on Trump’s trade war and a suggestion on how to solve the trade deficit conundrum:
https://twitter.com/PeterSchiff/status/1909191179297583257