In Peter Schiff’s latest video blog he gives praise and defends David Stockman for his new book The Great Deformation: The Corruption of Capitalism in America. Stockman is Ronald Reagan’s former Budget Director and left the Reagan administration in protest over Reagan’s failure to achieve his full mandate of lower taxes and spending.
While Schiff does not agree with all of Stockman’s solutions to the economic crisis, he does agree with the problems that Stockman lays out in his new book and a recent opinion piece he contributed to the New York Times: State-Wrecked: The Corruption of Capitalism in America.
Both the book and the article are well worth reading. It’s quite remarkable to see someone that was part of the establishment come out and tell the truth about how corrupted the government and business have gotten.
And that is why Stockman has come under such vitriol from the establishment, both from the right and the left of the political spectrum. They are all Keynesians that think that debt doesn’t matter and government spending increases economic growth. It’s understandable that when these crackpots are confronted with how ridiculous their economic reasoning is, that they would lash out with ad hominem attacks on Stockman’s history and personality. They couldn’t go after his arguments because they would lose the debate and be seen for how intellectually bankrupt they are.
And Stockman has never really been a team player with the establishment so all of the collectivist minded types take particular exception to his independent nature. But of course this is just the type of person we would want in the government – someone who calls out the disastrous economic policies being implemented for how stupid they are.
Unfortunately many of the public think that the system we have now represents capitalism when in truth it is more of a fascist system of cronyism where government and business collude with each other. True capitalism is a system of free markets where there is no government intervention in the economy. No bailouts, no regulation (the market is self-regulating through property rights), and no monopoly on the money supply from a central bank (the Federal Reserve).
Here’s Peter Schiff talking about Stockman, the latest jobs report, the economy, and gold: