I want to be clear that the line 'belief in Keynes is belief in self-delusion' is my crack and not Schiff's.
I don't normally post Peter Schiff videos. No real reason. He's solid. He saw it coming, but seriously, so did thousands.
Only the people in charge of watching it, didn't see it coming. Greenspan, Bernanke, Bush, Paulson, Geithner, Bob Rubin, Chuck Prince, Jimmy Cayne, Richard Fuld, Joseph Cassano, AIG, Sheila Bair, Barney Frank, Chris Dodd, the SEC, Chris Cox, Ben Stein is an idiot, CNBC, FOX, CNN, The New York Times, Larry Summers, The Wall Street Journal and all the Bank CEOs. Just to name a few.
But Peter was on MSNBC's Morning Joe today with Joe Scarborough and the annoyingly submissive Mika Brezinzki (for the record, I don't watch this show). And he rocked. Outstanding. Listen, I love Paul Krugman for fighting for taxpayers against Geithner's bank rescue plan. But I think he's dead wrong about stimulus spending and the power of government spending in general.
The entire 8 minute clip is excellent, but if you just want the frontal assault on Krugman and Keynesians, start the clip at the 2:20 mark. Here's a taste.
"Keynes. It's nonsense. He's like a witch doctor in medicine. You can't follow Keynes. Keynes didn't understand Economics."
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