Friday, January 9, 2009

The case for doing nothing (Peter Schiff)

Peter Schiff is featured in some great videos the last few days, which you can view here, here, here, here, and here. Mr. Schiff has done tremendous work showing the world why Austrian Economics explains the financial mess!

CNN even published an op-ed featuring Peter Schiff, who makes the case that the only thing government can do to end the recession is to drastically cut spending:

Congress will soon debate what kind of economic stimulus package should be passed, but some economists are increasingly wondering whether it's a good idea to approve any stimulus at all.

President-elect Obama again called for quick action Thursday on a yet-unspecified economic stimulus plan that could cost as much $800 billion.

Yet, some argue that the economy is already poised to rebound on its own. They point to steep rate cuts by the Federal Reserve and trillions of dollars in loans and assistance approved by the government in the past year as enough stimulus to get the economy back on track.

In addition, some stimulus skeptics believe that increased government spending will cause more problems than they solve.

Read the rest

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