View Full Version : long interview w/ Schiff by Dr. Martin Weiss

08-04-2010, 10:31 PM
This guy never did endorse Ron Paul in '08, but it's good to see him pushing for Peter now. If you know Schiff, there's probably not much new here but I'll throw out a couple snippets

Weiss: OK. Let's say you're in Congress, representing the State of Connecticut. And let's fast-forward into the future for a peek at what might happen:

Here's the scenario: The mirage of the so-called recovery has vanished. The economy is back down where it was in March 2009. The stock market is hovering around those levels as well. The credit markets are freezing up just as they were back then. Our entire nation is again teetering at the edge of the same cliff. What will be Congress's reaction? What will you be doing?

Schiff: I will mount a filibuster to block any further increase in the debt ceiling. If I'm successful, they will have no choice but to slash the size of government. And if I have my way, we will abolish entire agencies and departments, cutting spending everywhere we can.

Weiss: No. But what would you do with interest rates? You can't control the Fed. But what would you like to see the Fed do?

Schiff: The Fed should raise rates. As a senator, I'd start by ending any new deficit spending and ending the huge bond offerings we're asking them to monetize. That's the main reason the Fed is printing so much money to finance the huge budget deficits. Remove the motive and hopefully you won't see repeat offenses.

In Congress, my priority would be to rein in the spending. I'd also like to pass legislation to make the Fed more independent, which is the way it was intended to be. That way, they can raise rates without political resistance.

Weiss: You're not advocating that they raise rates to the level that Volcker did, are you?

Schiff: I don't know how high they need to go. I'd like the market to determine that not the Fed. We know one thing for certain, though: The zero percent is obviously too low.

08-05-2010, 07:36 AM

Bergie Bergeron
08-05-2010, 09:03 AM
That's not long, I was expecting something like the Norwich Bulletin Editorial interview ;)