Philip Schiff Debates Two Socialists on Debt Ceiling, Economy
“The problem isn’t the debt roof. The problem is the debt. The problem is we keep raising the ceiling so we keep on piling on more debt. ”
The fake debt ceiling fight rages on.
Last week, the united states Senate agreed to a small increase in the borrowing limit, however it only kicked the can down the road a couple of months. The $480 billion increase raises your debt limit to $28. nine trillion, but that’s just going to last until December. 3.
Peter Schiff recently appeared on RT Boom Bust line to issue economist Steve Keen plus Professor Richard Wolf at the debt ceiling and more generally the US economy.
HIGHLIGHTS FROM THE DEBATE
“ The problem is not the debt ceiling. The problem is the debt. The problem is we keep raising the ceiling so we keep on piling on more debt. ”
“ The debt is a huge problem. It shouldn’t help capitalism. It interferes with capitalism because what happens is the government is taking sources away from the private industry and diverting them to community spending. And this undermines capitalism. It undermines savings plus investment and all of the things we need to grow our standard of living. ”
“ A lot of this debt is now being monetized by the central bank. The Federal Reserve images up money to buy up all of this debt, and all which is is levying a massive pumpiing tax on the economy. ”
“ We have been completely depending on the productive capability of the rest of the world. ”
“ Eventually, and I think relatively soon, the significance of our money – the dollar – is going to failure and all the prices of the imported goods are going to be going up much faster than they are right now. ”
“ The issues really started when the government started to grow and began to impose more regulations and much more subsidies and more government spending, and the Federal Reserve emerged around. So , these difficulties were not created by capitalism. These were created by government’s interference with capitalism. ”
“ Every time government tries to solve the problems that they create, they make those problems a whole lot worse. ”
“ You have this gigantic risky bubble. You have asset bubbles all over the place. None of this is a byproduct of capitalism. It’s just about all because of the failure to have capitalism. If we had capitalism plus sound money, we would have got much higher interest rates. We didn’t have all this debt. We’d have a much more prosperous economic climate. ”
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