Peter Schiff: "The President is either incompetent, or he is lying about the US debt ceiling..."

[OsO]

You would have to be a complete idiot to believe that video. A US default would WRECK THE GLOBAL ECONOMY, period. Within days the US would fault to pay automatic social security payments and interest payments. The dollar would plunge.

This isn't a fukking game. The reason I'm not even concerned is because the global dudes with the most to lose are gonna make sure we don't default, and Boehner won't let us default.

so the elites getting richer while the rest of us bleed out slow until the standard of living drops through the floor is the route to go?

 

[Piff Perkins]

so the elites getting richer while the rest of us bleed out slow until the standard of living drops through the floor is the route to go?

That's not true. Them dudes with money in the financial sector will be the first to get fukked.

 

[Piff Perkins]

I keep hearing "boehner won't let us default"... Do you think Dems will if republicans don't cave?

Boehner already told K/Wall Street he won't allow a default tho. And he privately told some republicans he won't allow it, according to NY Times last week.

As Obama follows Harry Reid's lead, dems will win this. Obama always trying to fukk things up by giving concessions, but it sounds like he's holding firm. Boehner is fukked...

 

[OsO]

That's not true. Them dudes with money in the financial sector will be the first to get fukked.

some of them will.

but some of them will

 

[Dusty Bake Activate]

what is incorrect about what he said?





the US is in extreme debt, and it's only getting worse. our yearly balance sheets are looking

our spending is completely dysfunctional. we're spending way too much money on the wrong things (wars, excessive corporate subsidies, etc), and not enough money on the right things (education, infrastructure, technology). we need spending but we need responsible spending.

and strict regulations are needed in some sectors of the economy (banking, education, energy), while protectionism is needed in other sectors of the economy (transportation, natural resources, etc). everything is just a balance of protectionism, regulation, and free trade-but you gotta have the correct proportions of each.

and QE is no good if the right sectors are not being eased lol. the distribution of the QE money in the US was less-than-transparent at best and illegal at worst. not all spending is good spending.

and the fed is on some fukkery as well. i was done with the Fed when i found out they intentionally dont share information with the US government. greenspan admitted as much in his book and bernake is well known for buck-dancing around congressional questions. that behavior to me is unacceptable, all conspiracy shyt aside. imagine your accountant not showing you your records


but ultimately this is all a moot conversation until we get the criminals out of the government. if we continue to have a government that cares more about individual/party agendas more than they care about the welfare of the people, then we're fukked no matter what system is in place.

I don't feel like going through this one by one with you. It's already proven to be an exercise in futility (though I do agree with some of what you said). But I will say you advocated some policy ideas that are in direct contradiction with each other. (ex. at advocating fiscal stimulus but being against monetary stimulus, they're both vital components to a stabilization policy). And for what it's worth, Peter Schiff would strongly oppose a lot of what you said.

Once again, you should do some basic research on macroeconomic theory so you can develop a more concise framework for your views instead of this haphazard, all over the place, specificity-lacking stuff you say here.

 

[OsO]

But I will say you advocated some policy ideas that are in direct contradiction with each other. (ex. at advocating fiscal stimulus but being against monetary stimulus, they're both vital components to a stabilization policy).

im saying it has to be a balance.

we need more effective taxing, not more pathways for taxation. there's no reason goldman sachs pays $0 in annual taxes, while our school teachers get taxed for 30% of their income.

we also need more effective spending, saving, and investing practices, and we need a monetary policy that supplements that. but most importantly we need responsible government institutions that will execute on these principles.

it has to be balanced and it has to actually be executed on. because no economic model can be successful with white collar criminals in charge.

And for what it's worth, Peter Schiff would strongly oppose a lot of what you said.

its not worth anything. i dont post videos because i agree with everything they say, i post them to spark discussion. and i think his assertion of the president outright lying and/or being incompetent, if true, is important.

wave came through and said schiff was wrong and im waiting to hear the explanation why. it's my understanding the public tax dollars fund government spending. and if we raise the debt ceiling the people paying for that increase would be the taxpayer. is that not correct?

Once again, you should do some basic research on macroeconomic theory so you can develop a more concise framework for your views instead of this haphazard, all over the place, specificity-lacking stuff you say here.

economics by nature is all over the place.

and we have to get past the basic intro before we get into the detailed chapters.

 

[Domingo Halliburton]

That's not true. Them dudes with money in the financial sector will be the first to get fukked.

things could get fukked in the sense that interest rates probably go up as a lot of things price off it.

the ones who will really be fukked are the sleepy money market funds.

the worst would probably be the selling off of the US dollar. You want the world to get really fair, really fast let our currency go to hell.