Peter Schiff explains that we need to stimulate savings and production that the stimulus bill well depress that, making the situation worse. A severe recession is the price that must be paid for years of reckless borrowing and spending.
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Ron Paul gives his reaction to the recent violence in the Middle East with Israel’s invasion of Gaza, along with its implications for the United States. He correctly points out that, given the large amounts of foreign aid to Israel, the U.S. will likely be blamed for the current crisis, and that we can expect to suffer the consequences. He also brilliantly ties this crisis with our overall foreign policy of interventionism and pre-emptive war, and our overall foreign policy with the current financial crisis, reminding us that in reality this is one very large, multifaceted issue. He also gives his predictions for what we might expect in the coming year, including possible massive inflation when foreign countries financing our debt choose to start rejecting the dollar.
I can’t imagine the framers of the Constitution thought the simple wording of the 2nd Amendment would ever be brought into question.
A well regulated militia being necessary to the security of a free State, the right of the People to keep and bear arms shall not be infringed.
Dr. Paul continues his call to the GOP to return to their roots of fiscal conservatism and a sensible foreign policy. What I find disheartening is that it’s obvious that the GOP leadership still does not get it. As long as they continue to allow the likes of Newt Gingrich, John McCain, Mitt Romney, etc. to remain the face of the Republican party- past leaders whose ideas have been tried and failed- we will remain ineffective and stagnant as a party. It’s time to allow fresh faces and fresh ideas to come to the forefront if the party is to grow and become a viable force in 2010.
Naturally a recurrent theme of this lecture was monetary policy, specifically having to do with the dollar’s spiral toward hyper-inflation in the midst of the current economic collapse. Schiff stressed that sooner than later the rest of the world, more importantly those still buying our debt would wise up to our inability to repay those fiscal obligations. He told a short story about a wily old man in a certain neighborhood who had hoodwinked the neighborhood kids into vying for the job of painting his fence. He related the metaphor by surmising, “We’ve got the world painting our fences, as if they don’t have their own fences to paint.” Essentially, he said the way it is now, we get all the stuff and they only get the jobs. He then fittingly asked, “What good are jobs without stuff?” In short, we are barreling straight toward a currency crisis.
From CNN comes an awesome story about a medical marijuana superstore that has just been set up in my second hometown - Oakland, California. To paraphrase what the San Francisco Chronicle said, we can all thank Dhar Mann, the owner, and the City of Oakland for one important step in the legalization/decriminalization of marijuana in the United States.
Obama has run and, surprisingly, sustained one of the best managed campaigns since at least Reagan ‘84, but I believe he made a significant mistake by going after McCain with recent “Joe Plumber” attack lines. “A plumber is the guy he is fighting for”, Obama said sarcastically to a revved up crowd Thursday. Ironically, if Obama truly convinces the median voter that McCain is “fighting for plumbers”, then he will likely lose Ohio and Pennslyvania.