On Minimum Wage
Eliminate the minimum wage so teenagers and other low-skill workers can get jobs, and acquire the on-the-job training necessary to earn higher wages in the future. It should not be illegal for people who lack skills to accept employment. The minimum wage punishes workers by legally preventing them from offer their services below a specified legal minimum. If they do not have the skills to justify that minimum, it is illegal for them to work, even if they can offer some value to employers, just not enough to cover the minimum wage mandated by government. So instead of entry level jobs, that will lead to higher skills and wages in the future, many individuals are rendered legally unemployable. People have a right to accept any job that they personally prefer to unemployment. Government should not substitute its judgement for the judgment of workers.
The Housing Market
The government should stay out of housing completely. Abolish agencies that loan money or guarantee mortgages etc. no FHA, Fannie, Freddie. No Department of Housing and Urban Development. There should be a free market in housing. What I actually said on the home mortgage deduction was that, absent the repeal of the entire income tax, we should have a flat rate tax with no deductions including home mortgage, but that would include a much lower rate, so that the removal of the home mortgage deduction did not result in higher taxes. It just eliminates the government- created incentive to buy verses rent.
Peter Schiff: When Will the Dollar Bubble Burst? | Wall Street …
The Real Crash: America’s Coming Bankruptcy
Mr. Schiff first began recommending Gold to clients in 1999 when it was still below 300. To the left is a link to a 2005 interview with gold still below 500. Mark Haines vs Peter Schiff “who cares about the price of gold?”
Wikipedia also has a section on gold predictions that starts in 2012 with gold at $1,700. This is deliberately unfavorable (not neutral) as gold is currently trading around $1,200. But there is no mention of the fact that when Schiff first started recommending gold to clients it was below $300. In fact, there are numerous videos on YouTube that show Schiff on CNBC recommending gold when it was still below $500, and numerous articles written online going back to 2004 when Schiff forecast gold prices, which at that time we still below $400, would rise to $1,000 per ounce. Those accurate forecast are favorable, and they are omitted in Wikipedia
Euro Pacific Bank pioneered the use of gold and silver-backed debit cards. Mr. Schiff opened the Euro Pacific Bank to better serve his non-US investors as the current U.S. regulatory environment has made it very costly to assist international clients. Unfortunately, this means American citizens or residents cannot open an account with the bank.
Peter Schiff’s Mortgage Bankers Speech Nov/13/06
My Mortgage Bankers Speech from Nov 13th 2006 is now in one video clip. I gave this presentation at the the Western Regional Mortgage Bankers Conference in Las Vegas. There were over 2,000 mortgage bankers in attendance. I also made similar comments when I addressed this conference a year earlier in 2005 at the height of the real estate bubble. For those people who said no one saw it coming, this presentation is a real eye opener.
Thanks to a YouTuber called “csabasand” here is a full transcript: http://www.csaba.se/2009/09/26/peter-…
Appearances Before Congress
Mr. Schiff testified twice before Congress, once on September 13, 2011 to discuss Jobs and Stimulus and again on June 7, 2012 to discuss the Housing Market. In his first appearance, he stated,”It is my belief that a dollar of deficit spending does more damage to job creation than a dollar of taxes. That is because taxes (particularly those targeting the middle or lower income groups) have their greatest impact on spending, while deficits more directly impact savings and investment.”
Peter Schiff On Obamanomics: “There Are Not Enough Open Minds In The Capitol To Keep This Ship From Sinking” – Zero Hedge – 09/19/2011
Occupy Wall Street
Watch Successful CEO and Financial Expert Peter Schiff Take on ‘The 99%’ at Occupy Wall Street – The Blaze, Oct. 26, 2011
What happens when a financial expert tries to take on “the 99%” at Occupy Wall Street? Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital Inc., found out when he paid a visit to the occupiers at Zuccotti Park.
The long-time financial industry executive and radio host asked the protesters what they felt was a fair percentage for him to be taxed. None seemed to provide a clear answer, but were intent on telling Schiff that the Bush tax cuts need to be abolished. Schiff then attempted to explain to the demonstrators that, if the Bush tax cuts were allowed to expire, he would end up paying more than 50 percent to the government in taxes. Is “that fair?” he asked. The protesters simply stayed on course, reiterating that Schiff and all those in the “1%” need to “pay their fair share.”
Schiff provides a good example of what happens when “the 99%” are confronted with legitimate questions about taxes, entrepreneurship, employment, and giving back to society.
Over the past year, Occupy Wall Street marched around the globe protesting against corporations and the one percent. The general sentiment was that corporations should pay their fair share, pay workers more money and stop making so much money.
A member of the one percent, Peter Schiff, an investment guru who has railed against big government, corporatism and bailing out banks, spoke with the 99 percent and promoted the ideas of free markets and capitalism. His stunt made the news and generated
Peter Schiff Undercover At The Democratic National Convention
The Washington Examiner, September 6, 2012
This time, Schiff, a former Republican senate candidate in the state of Connecticut, traveled to the Democratic National Convention in Charlotte, North Carolina and went undercover. His disguise was an “anti-business crusader” and a person wanting to ban or place a cap on corporate profits. As he iterated this stance, he wanted to see how many people supported this move, which was actually quite a few.
The video titled “Democrats: Let’s Ban Profits!” starts off with Schiff attempting to speak with Anthony Van Jones, but he claimed he didn’t have any time to speak with the bestselling author of “Crash Proof” and “The Real Crash.” It continued onto Schiff standing inside the DNC where he noted that there weren’t a lot of people, “maybe they’re all out looking for work. Actually, wait a minute, this is the Democratic Convention, they don’t want to work.”
Great Moments In Punditry: Art Laffer Edition
Economist Arthur Laffer has had a long, distinguished career. Unfortunately one of the things that has distinguished it is that he has often been extremely wrong.
That’s why, in a new feature for this blog, I have Revoked Art Laffer’s Pundit License. ™
This means that everyone who reads this blog will understand that Laffer has been quite wrong about many things, and continues to appear on TV as if he had been right. Well, something has happened Mr. Laffer: you were caught being wrong. Now it’s time to ‘fess up if you want your Pundit License reinstated. Until it is reinstated you are strongly advised to not make grand, sweeping proclamations about the economy, or America’s political scene. The credibility you save might just be your own.
I will periodically revive this feature whenever I see pundits being completely wrong in public over long, extended periods of time, and suffering few if any repercussions.
Laffer is best known for his eponymously-named Laffer Curve, and made the case that lowering income taxes for the wealthy will generally create more revenue. This helped gain him entry into the Reagan White House, where he helped shape the idea known as “trickle-down economics.” The takeaway is that as you lower taxes on the wealthy they reinvest their cash back into the economy in infinite ways, enriching everyone. In this light the idea is that lower income taxes for the highest earner actually lead to more tax revenue for the federal government, in the end.
Peter Schiff was Right (2006-2007 Edition)
This video, originally posted in 2008 by an unknown individual, was viewed over 2 million times before being removed from YouTube in late 2013. I decided to post a copy so that those searching for the original video will at least be able to view this copy. However, I doubt it will receive the 2 million plus views garnered by the original. In addition, its worth remembering just how clueless everyone was about the artificial nature of the prior recovery and the looming financial crisis, because all of those “experts” are just as clueless with regard to the current “recovery” and the much greater economic crisis that lies ahead.
Peter Schiff Was Right – ‘Taper’ Edition
When Ben Bernanke announced that the Federal Reserve’s Open Market Committee was going to continue its monetary expansion program it calls Quantitative Easing, almost everyone in the financial media was taken by complete surprise. According to the mainstream media, the non-taper “surprised almost everyone out there.” Well it did not surprise me, nor anyone who had been paying attention to what I had been saying. As I said repeatedly over the past several months, the Fed knows that the appearance of economic health would evaporate if its stimulus were withdrawn, or even diminished. The Fed understands, as the market seems not to, that the current “recovery” could not survive without the continuation of massive monetary stimulus. In fact, the Fed’s next big move will likely be to increase, rather than taper, its monthly QE dosage! One reporter on this video said that its time for the Fed to take the training wheels off the economy. As I have been saying for years, QE is not the training wheels, its the only wheels the economy has. Take it away and the economy stalls. However, as the economy is now headed toward a cliff, taking the wheels off is much better than leaving them on and going over that cliff.
The Truth Behind my Daily Show Interview
The Daily Show produced a highly edited “commodity skit” that many in the media mistook for actual news, in which Mr. Schiff’s statements on the minimum wage were taken out of context to portray his views in a very unfavorable light. In particular was a statement about intellectually disabled workers earning $2 per hour. The show made it look as if Schiff wanted to repeal the minimum wage so that such individuals could be paid $2 per hour. What he actually told the Daily Show was that the current minimum wage did not apply to such workers, many of whom were already paid $2 per hour or less. He only brought this up to prove that law makers understood that applying the minimum wage to the intellectually disabled would prevent them from getting jobs, which not only provide such individuals with extra spending money, but a vital sense of purpose and self-estimate. His point was that if the minimum wage would prevent intellectually disabled people from getting jobs, it would also prevent some intellectually abled individuals from getting jobs as well.