Like many football fans around the country, I recently tuned into a heavily promoted 60 Minutes segment on the uncanny ability of tiny American Samoa to produce a steady stream of NFL players. Although it was certainly interesting to learn how Pacific island warrior culture translated seamlessly into the disciplines of American football, and how the island's players adapted to the hard-scrabble terrain and poorly funded athletic fields, the most interesting aspect of the piece concerned economics rather than sports.
In passing, the narrator mentioned that American Samoa had recently experienced major setbacks, both natural and man-made. Earthquakes and tsunamis had left scores dead and inflicted major damage on the islands’ infrastructure. More ominously, one of the two major tuna canneries, which together accounted for up to half of the islands’ private sector jobs,[i] had closed. If the second cannery closes, as 60 Minutes mentioned is a distinct possibility, American Samoa will become completely dependent on Federal support. Whether the reporters considered the subject off-target for their piece or simply could not connect the dots, the pending economic disaster was left largely unexamined. However, the Samoan situation offers a very clear lesson for the rest of America about how government policies can devastate an economy, and how the road to hell is paved with good intentions.
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Peter David Schiff, president of Euro-Pacific Capital, a Connecticut-based brokerage firm have correctly predicted the U.S. stock-market collapse , the home mortgage meltdown and the credit crunch .
Peter Schiff discusses politics, world economies, and investment strategies and is now running for a Senate Seat in his native Connecticut , Peter Schiff is Author of the Best Seller Crash Proof How to Profit From the Coming Economic Collapse
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