Friday, September 23, 2011

Peter Schiff : I want to become a serf

Peter Schiff - Kerry Lutz Interview - September 22, 2011

Peter Schiff : medieval serfs had to turn 25 percent of what they produced to the Lord and that was considered really oppressive because they only got to keep 75 percent of what they earned , I wish that I can somehow be elevated to the level of a serf someone should have to emancipate me , my goal in life is to be treated like a serf , because that will be a vast improvement of how I am treated now

The U.S. has the highest corporate taxes in the world. On top of that, there are so many complex loopholes that only the largest corporations with hundreds of millions of dollars invested in accounting and legal departments that are able to exploit these loopholes. Perfect example: GE, Goldman Sachs, etc... The one regulation that absolutely shouldn't have been replaced is Glass-Steagall--with a caveat. Glass-Steagall was part of the Banking Act of the early 30's. It was put in place to separate comm. and investment banking. That was necessary because that same Banking Act created FDIC insurance. That is collectivized risk. A market regulates by fear of loss. When a moral hazard like collectivized risk is present then the fear of loss in gone.

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