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Saturday, December 27, 2008

Peter Schiff: Talkin' some more sense to the senseless

Peter Schiff, prescient Austrian economist and Ron Paul economic adviser, talking lots of sense in the Wall Street Journal:

It would be irresponsible in the extreme for an individual to forestall a personal recession by taking out newer, bigger loans when the old loans can't be repaid. However, this is precisely what we are planning on a national level.

I believe these ideas hold sway largely because they promise happy, pain-free solutions. They are the economic equivalent of miracle weight-loss programs that require no dieting or exercise. The theories permit economists to claim mystic wisdom, governments to pretend that they have the power to dispel hardship with the whir of a printing press, and voters to believe that they can have recovery without sacrifice.

As a follower of the Austrian School of economics I believe that market forces apply equally to people and nations. The problems we face collectively are no different from those we face individually. Belt tightening is required by all, including government.

Read the rest.

h/t LRC

Posted by P.M. Jaworski on December 27, 2008 in Economic freedom | Permalink


A very good article. The problem as I see it is that we are now a nanny state in which the government has involved themselves in day to day living with the population , rather than running a country. They have removed many personal freedoms and replaced them with the perception that they will lead to a better life for all. Individualism has been replaced by the "Borg" mentality. We know what's good for you and you will abide.We have accepted that and now expect results from nanny. I have long worried about a country where the biggest issues are obesity,excess carbon and second hand smoke.For the past 30 years we have been led by doo-gooders, experts of all stripes and social workers. In return we have given up on common sense. Now we will see how the trade off works out.

Posted by: peterj | 2008-12-28 12:18:29 PM

peterj, hear, hear! You covered it all very well.

Posted by: Alain | 2008-12-28 4:49:16 PM

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