What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.
Peter SchiffMinimum wage laws make it illegal for a worker to accept a job that pays less, even if the worker needs that job.
Peter SchiffMost governments, not all of them, but most, certainly don't want their citizens using gold. They want them in the currency that they are creating. When they are debasing money, or printing money, they are spending it and they want it to have as much value as possible when they originally spend it. Of course once they spend it, it will lose value for them and everyone else that holds it. But they need demand for their currency. They need as many people as possible holding it and transacting it. The more people that use gold, the harder it makes it.
Peter SchiffPrinting money creates inflation, which weakens an economy. Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.
Peter SchiffYou have countries that have lived beyond their means, with bloated governments, huge trade deficits, and people living off the government. Then you have others where poor people are working hard and underconsuming and their governments are buying all this debt and propping up the extravagant countries. All of this has to change. There's a tremendous moral hazard involved with this system.
Peter Schiff