Peter Schiff of Euro Pacific Capital appears on Fox and Friends April 1, 2009.
The reality is that President Obama is actually in Europe hat-in-hand trying to convince the world to keep lending America money so we don’t have to print quite as much. Hopefully the world will have the good sense to stop lending us money.
As above so below. From the top down, America is a glutton for credit. Spending money we didn’t have got us into this mess, and the plan as it stands now is to spend more money to get us out of this mess? Does this sound counterproductive to anyone else, or is it just me?
Schiff throws out a crazy idea regarding taxes:
Why not just abolish it completely? How about a flat-tax of zero. Why don’t we shrink government and have a much smaller national tax. It’s far less destructive to our economy and people don’t have to surrender their individual rights to privacy in order to comply with tax law?
But then we’d have to cut billions in pork barrel spending and eliminate welfare distribution programs. How will democrats and republicans buy constituent votes if they can’t hand out free government money?
I love the concept of a fair-tax on consumption. But unfortunately, I don’t see this every happening in America.
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Peter Schiff, right again and again and again…
If Peter Schiff is right, the USA is in some serious trouble! I hope he is wrong. I hope Marc Faber is wrong. I hope Jim Rogers is wrong. I hope Soros is wrong. But, i think they are right. That being said, take the actions necessary to preserve your wealth otherwise it will be wiped out by way of markets crashing or inflation.
Mac
goosing the money supply and taxing the rich is the MO of every banana republic there has ever been. check it out.
and our economy will end up like every banana republic before it. why wouldn’t it?
The author of this article who “loves” the idea of a consumption tax is most ignorant of his constitutional rights and how this kind of tax burdens the lower classes. This person is so used to being yoked that he cannot live without the thought. Lunatic.
The problem with zero taxes is that money will still be created and loaned out only by banks. Sure, the government will be less in our faces, we’ll just be totally at the mercy of bankers instead. Bank won’t give you a loan? Your workplace went bankrupt? I guess you’ll just die then because there are no unemployment checks or food stamps.  The solution is to nationalize the national currency and create it through a democratically elected national or preferably state bank. Bank profits would go into the public till or be redistributed to all citizens equally instead of going into the pockets of bankers. Bankers could originate their own currencies if anyone would take them, just not the national currency.
Dingo, if the lower class is exempt from paying a consumption tax on clothing, food and other necessities, i don’t see how this would be a burden on the ‘lower class’. The fair tax I am speaking of would not pertain to essential items.
Take a look at: http://www.fairtax.org/Â .
this would be more or less the idea I “love” as described in my comments above.
Mac
Comments…..I have some money invested in Shiff’s company. After this interview I’m seriously thinking of pulling it out. It sounds like he sees a national or worldwide “company town” as his ideal. Life in the company towns that sprouted up around the wild west was as close to slavery as you could get without being on a plantation. I read of one in Alaska in which there were only 2 days off the entire year, July 4th and XMAS.
THE REAL NAME FOR A FAIR TAX WOULD BE ENSLAVEMENT TAX. THIS SO CALLED FAIR TAX WOULD EVENTUALLY ESCALATE TO THE POINT YOU WOULD HAVE TO WORK 2, 3 AND 4 JOBS JUST TO PAY YOUR TAXES, WITH NO RECOURSE, SUCH AS YOU HAVE NOW. RIGHT NOW YOU CAN WHITTLE YOUR TAXES DOWN WITH DEDUCTS , CREDITS AND ADJUSTMENTS . IT WOULD NOT BE LONG TILL YOU WERE SCREAMING TAKE ME BACK TO OUR OLD SYSTEM. I PROMISE. THINK !!!
Are we talking about the same kind of tax here? If i am poor and i buy food, i dont pay tax. if i buy clothes, i don’t pay.
if i buy non-essentials, such as a flat screen TV, a new car, get a massage, etc.  then i pay.
We should all be equal under the law (for the most part). the current system is thousands and thousands of pages. Fair Tax is simple and applies to EVERYONE (except people living under the poverty level). how is the current system more fair than this type of system?
Some points on fair tax:
Isn’t this what all you libs want? Equality? More at : http://www.fairtax.org
Mac
“Schiff sounds sweet on the ears.
This is an operation gladio like ploy to leave one of their corrupt inside our ranks
to further the _ew world order agenda set by Mayer Amschel Rothschild in 1776.
Schiff’s great grand daddy Jacob, was raised in a Rothschild estate, later sent to America
as another front for the Rothschild’s with his Kuhn, Loeb bank and their Jekyll Island 1913 FED set up.
Capitalist Jacob Schiff financed bolshevik (aka communist) V.Lenin (Jew) whom killed 30+ million Christians.”
Current tax system, fair tax system….bottom line is – if the money you contribute to either one is going to pay down the debt on interest we pay to the Fed. Reserve for money they print out of thin air – then its still the same rigged system, just a new way to get you to think its fair, thats all.   I agree with Mac Slavo – at least in part – eliminate the 16th amendment, since it was never legally passed to begin with, and go back to the fundamentals of the Constitution. Also – while we are at it – lets get the courts to finally decide legally what the definition of income is.  Â
There are at least 2 high court rulings that clearly demonstrate that income is profit derived from investment.  Wages for your labor is not profit – and anyone who sees it that way is an idiot. How could you consider what you get paid for your labor as profit?Â
I can see taxing on profit – its money you make above and beyond that which you earn. But taxing your labor means the government is doing nothing but taking money from your family, food from your table, and clothes off your back, all to pay for their inability to control their spending and borrowing money that costs nothing to print, has absolutely no intrinsic value whatsoever, yet we pay interest on it.Â
And with that, I will close with this one thing:Â If anyone here can show me where one dime of our income tax goes to pay for anything OTHER than interest on the national debt – I will eat my hat……So come on – show me….I dare ya to….
Â
Sick ‘Em Mike! Sick ‘Em!!
I like your style.
Mac
Jct: So what alternative does he have for paying doctors, nurses, police, firemen, road repair, infrastructure we want from our governments?
There is an alternative. Just as King Henry I created tallies which he spent to fund government expense before taxing them back at the end of the cycle, so too, we could take a year’s break on taxes if government expenses were paid for with new U.S. Treasury notes which can be taxed out of circulation at the end of the year covering services in full and asset creation as fast as the asset depreciates.
So we could have a year’s break from taxation but there has to be an alternative to shutting down government services.
U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture.
See my banking systems engineering analysis at
http://youtube.com/kingofthepaupers with an index of articles at http://johnturmel.com/kotp.htm
To Max – Working on it sir – one lie at a time… 🙂
To King of the Paupers: If you think that ANY of your income tax goes to paying for the services you listed in your first paragraph – you are sadly mistaken.
Like I said in my first post – show me the money:Â Show me – with proof – where at least one dime of your income tax goes to anything other than paying down national debt on borrowing, and I will eat my hat. So far – hat is firmly in hand…LOL
Most, if not all of those services are paid through property taxes, city taxes, state income taxes (which by the way DON’T go to servicing the national debt, and if you notice, a lot of states don’t even deploy an income tax, such as Florida).   These are legal, apportioned taxes that are legislated and approved by the citizens of each state. Not something you are subjected to by lies and trickery by the Federal Reserve, (which by the way is a PRIVATE corporation – and the only one in this country that pays – ZERO Taxes on the INTEREST it receives….hmmmm….NO TAX on their profit – which is practically 100 percent, after you deduct the cost of the paper and ink to print the money….
Open your mind – you been drinking the grape koolaid for far too long…..
Mikeronet, you are absolutely correct. The Grace Commission discovered this little known fact that our federal income tax goes to the Rothchilds, Warburgs, Rockefellers etc and nothing for America. They also found that it costs our govt $1.60 to spend a dollar back in the Reagon days. Now, I’m sure it costs $2.00. So remember next time you get $1,000 incentive check, that it cost you $3,000. $2,000 went to support big government.
Viva La Revolution!!Â
Comments…..How did the country make so much progress up till 1913 without the income tax, think about it. It goes to the IMF towards the non exiating debt, the debt is a fraud it was created out of nothing.
Barnes….The answer to your question: Up until 1913 – the economy was driven on several basic principals developed and published by Alexander Hamilton. These principals were in place all the way up into the 1980’s I believe. When we started de-regulating the financial industry during that period – this whole problem we face in the economy today started to manifest itself. .
Also, add in the fact that prior to the 1930’s we were still on the gold standard, and our money actually had intrinsic value.   Did you know that the founding fathers not only took the concept of democracy from the Roman’s, but they also took the concept of weights and measures as well?  Our founding fathers adopted the Troy ounce for example – which specifies the exact amount of gold or silver in each coin minted by the governmentÂ
To make the point about intrinsic value: A roman coin found in the dirt today, that was minted thousands of years ago, still holds the exact same value it had the day it was minted. Why? Because the amount of precious metal in the coin never changes. It always has its value.  Our coins used to be the same way. Ever wondered why you cant find a gold coin, or a silver dollar, anywhere in this country any more?
Because starting in the 30’s, FDR confiscated all the gold. Along the way, the other precious metal coins (Silver) were also confiscated.  That was the first step in taking us off the gold standard. The next step came in the 70’s, when Richard Nixon finished the job and took us completely off the gold standard legally.  From that point on – our money was totally void of any value – and every dollar you spend is basically worthless.
Short Solution: Abolish personal income tax, nationalize the FED, implement impost and tariffs on imported stuff, this worked for 137 years. Implement a linear graduated corporate tax 15-65% based on percent profit from foreign labor. Indict bankers, and fellow thieves’ that made this mess give them full due process and public trials reopen Alcatraz as a criminal zoo for all to see. Turn FED, Enron, Madefoff offices into public crime museums, to discourage future criminals. Return ill gotten gains to the people of the world, throw a big party then reach for the stars.
Jeff – I like your thinking…..
Jeff, love the solution except…the corporate tax rate of up to 65%. The US would lose most of our biggest employers that way. But I certainly would love to see the rest of those things happen. What a wonderful dream.