mick silver
4th August 2011, 09:10 AM
http://www.thedailybell.com/2756/Peter-Schiff-on-Freedom-Watch-You-Cannot-Own-the-Dollar-or-Dollar-Denominated-Debt ... host of Fox News' "Freedom Watch," interviews free-market maven Peter Schiff (javascript:showWindow(500,800,'/floatWindow.cfm?id=2005');) about the true reality of what America and the dollar-exposed world at large can expect now that debt-ceiling charade is over.
As Judge Napolitano asks Schiff to start the program, "Republicans are busy patting themselves on the back for avoiding revenue increases in the debt deal, but this ignores what raising the debt ceiling means. It permits the government to borrow more to finance spending. This doesn't force the future Congress to raise taxes to pay for it, or does it?"
Peter's take: "You know, you said they may be patting each other on the back, but they are kicking the tax payers in the groin. You know this is a complete victory for the Democrats, there are no spending cuts whatsoever in this plan. And in fact Republicans are claiming there are no tax increases, that's a lie too because the enormous increase in the national debt represents a tax increase – we have to pay it back. ... We are going to pay for it with massive inflation. We're going to have to run the presses 24/7 to buy up all this additional debt, which is massive inflation, which is a tax on this generation. ... So if you want to avoid the biggest tax increase of all, you cannot own US dollars or any debt denominated in US dollars."
Peter Schiff on Freedom Watch: You Cannot Own the Dollar or Dollar Denominated Debt!
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Andrew Napolitano: View Bio (http://www.thedailybell.com/2088/Andrew-Napolitano.html) http://www.thedailybell.com/images/blackRightArrow.gif l View Site Contributions (http://www.thedailybell.com/showContributions.cfm?contributor=73) http://www.thedailybell.com/images/blackRightArrow.gif
As Judge Napolitano asks Schiff to start the program, "Republicans are busy patting themselves on the back for avoiding revenue increases in the debt deal, but this ignores what raising the debt ceiling means. It permits the government to borrow more to finance spending. This doesn't force the future Congress to raise taxes to pay for it, or does it?"
Peter's take: "You know, you said they may be patting each other on the back, but they are kicking the tax payers in the groin. You know this is a complete victory for the Democrats, there are no spending cuts whatsoever in this plan. And in fact Republicans are claiming there are no tax increases, that's a lie too because the enormous increase in the national debt represents a tax increase – we have to pay it back. ... We are going to pay for it with massive inflation. We're going to have to run the presses 24/7 to buy up all this additional debt, which is massive inflation, which is a tax on this generation. ... So if you want to avoid the biggest tax increase of all, you cannot own US dollars or any debt denominated in US dollars."
Peter Schiff on Freedom Watch: You Cannot Own the Dollar or Dollar Denominated Debt!
ShareThishttp://w.sharethis.com/images/check-small.png
Andrew Napolitano: View Bio (http://www.thedailybell.com/2088/Andrew-Napolitano.html) http://www.thedailybell.com/images/blackRightArrow.gif l View Site Contributions (http://www.thedailybell.com/showContributions.cfm?contributor=73) http://www.thedailybell.com/images/blackRightArrow.gif