Peter Schiff talks about the tech bubble and what originally woke him up to the fragility of the U.S. economy. Schiff explains why slashing interest rates to 1% after 9/11 was a mistake. As a result, Peter explains what he saw in the 2000s from the tech to the housing bubble.
“We have a bubble in housing, a bubble in stocks, a bubble in bonds, a bubble in student loans, in automobiles and credit cards. I mean, you name it, the Fed has created a bubble in it.”
“And, it’s not going to end well.”
Schiff on Politics
“When you’re playing politics it’s all about telling the people what they want to hear, rather than telling them what you think they need to hear.”
“We need to restore limited government, sound money, economic freedom to the United States. And, if we can get back to those traditional values of individual liberty and freedom and small government; then collectively, the American people can make the country great again.”
Small Government | Key to Economic Prosperity and Freedom
“The reason America became the richest nation in the history of the world, was because we had the smallest government.” And that, “If you look at countries that enjoy high standards of living, it’s those countries that have succeeded in reigning in government.”
Schiff lists many examples including North and South Korea, China and Hong Kong, East Germany and West Germany.
“Whenever you take a culture and kind of split it, where you have more government on the one hand and more freedom on the other. It’s always the country with more freedom and less government, that has more prosperity.”
In a Washington Times article Lessons from a happy place the success of Switzerland through its limited government is explained:
“The modern Swiss federal state goes back to 1848, when a federal constitution was adopted, giving the central government responsibility for defense, trade and legal matters. All other government matters were left to the cantons and the communes (i.e., cities and towns). The U.S. Constitution, which is more than a half-century older than the Swiss, also greatly limited the powers of the central government — but unlike the Swiss, there has been a centralization of power in the capital at the expense of the states and local governments.”
We interviewed Peter a few years ago at his home in Connecticut.