“…You can mandate a minimum wage, but you can’t require anybody to actually pay it. Because ultimately, the employer decides, is it worth paying some unskilled worker $15 a hour? Now, in some cases it will be the case, in many cases, it won’t be… So all these people who are so excited about the $15 an hour minimum wage, most of them are not gonna be employed long enough to receive it… And of course, ultimately, the real movement is gonna be towards automation, towards robotics, and things like that as employers look to substitute capital, computers, technology, for ever-increasing labor costs. And, again, it’s not just that $15 an hour–it’s the workman’s comp, the disability, the social security, the liability–all the headaches that come with hiring people are eliminated if you just automate.”

-Peter Schiff


Canadian Money: Corruption On A Massive Scale?

Empires of the Future

Sound Money: Fighting Back Against by AdPunisher"> The Bank

of Canada -

…The real problem is that you are treating a highly edited comedy skit as actual news. Nothing that you saw was real. The entire conversation was pieced together by the Daily Show to try to make me look bad, entertain and outrage their audience, and advance their political agenda. Unrelated sentences were pieced together, and most of my answers were not even related to the questions being asked.

I spoke for four hours, and they simply re-arranged my words to create a 70 second conversation that never actually took place. The real conversation made a very compelling case for repealing the minimum wage. But since the Daily Show did not want their audience to hear that conversation they took my words out of context to create an alternate conversation. It’s amazing how easily you fell for it.

—  Peter Schiff responds to a ‘Jezebel’ Article on His Daily Show Appearance
Well, I don’t like the UK. I haven’t ever been a fan of the pound (sterling),
and even though they are taking some steps in the right direction – more so than the US – in addressing some of their problems, I still think they’re doing it much too slowly. So, I think that the pound will continue to lose value relative to some of these other currencies. I ultimately expect the pound to rise against the dollar, but that’s not the best way to take advantage of dollar weakness.
—  Peter Schiff

This is an awesome example in economics, everything has a consequence.  Increasing the minimum wage at big box stores and fast food restaurants raises prices or eliminates jobs.  Period.

Peter Schiff is a ballsy guy.

I’m Jewish. If someone doesn’t want to photograph a Jewish wedding, I don’t care. If there’s an anti-semite who doesn’t want to bake a cake for a Jew? Fine. There’s plenty of bakers who will bake me a cake, it’s no big deal. If there’s a guy that owns a bakery and he doesn’t like Jews, I’d just as soon that baker put a sign in his window, “No Jews”. Because then I know not to patronize his business. Why would I want to give money to a guy that’s an anti-semite? Now, most anti-semites, wouldn’t hang up a sign, because as much as they hate Jews, they like their money more. So, they’re not gonna refuse service to a Jew, they’re just gonna hate ‘em quietly.

Well, I’d rather get the hate out in the open so I can avoid it…

If somebody wants to discriminate against you, that’s their right. And they also have to deal with the consequences of that, which could be very severe… Imagine if you had a restaurant, and you put up a sign that said, “No Blacks, Whites Only”. How many people would actually eat in your restaurant? Hardly any.

Do I believe that somebody should have a right to open up a restaurant and put that sign up? Sure, if they want to. Let’s see if they survive.

If there is a guy that wants to put up a [sign in his] restaurant that says, “Whites Only” and there’s a bunch of whites that eat there, I don’t care. I wouldn’t want to eat with those whites. Why can’t bigots have a restaurant for themselves?

-Peter Schiff

Watch on

Peter Schiff on real wages and unions.

Watch on

Debate: “American Style”…

The government can’t create jobs; they’ll destroy jobs trying to do it. The government doesn’t have any money; all they have is a printing press. We need to free markets to create jobs; if the government wants to help, they should reduce their burden on the economy.
—  Peter Schiff
I’m in the top 2%. Right now, I’m paying 45% of my total income in income taxes, both to the state of Connecticut and the Federal Government, and if you take the 3% Medicare tax. After the tax hikes go into effect next year, more than half of my total income is gonna go to the government. Now you tell me, what’s fair about that? When medieval serfs paid 25%, I’m paying half. And I don’t care what the majority voted to do. They don’t have a right to steal my money because they vote for it.
—  Peter Schiff

It’ll take a crisis. We’re not going to do it differently until there is no other choice, until there is a full-on sovereign debt crisis where U.S. Treasury prices, long term, are really under pressure and the dollar is falling fast, and prices are really soaring.

That’s when the Fed will potentially do the right thing. But as long as it can delay doing the right thing, it will. And that ultimately means that doing the right thing will be that much more painful for the economy because of how long the Fed will have delayed.

—  Peter Schiff
Video: Peter Schiff on why U.S. Should Abolish Corporate and Personal Income Taxes

“Facing a $1.6 trillion budget deficit, even Congress knows the size of the government debt is unsustainable. However, both parties lack the political to will to act. Republicans talk about cutting government spending, though the record shows they are no more fiscally prudent than Democrats. Democrats say ‘tax the rich,’ but President Obama agreed to extend the Bush-era tax cuts for all.

The real fix probably lies in a combination of higher taxes and smaller government, says Peter Schiff CEO of Euro Pacific Capital. 'We need to reduce the size of government. In fact, if we can cut government enough, then we can reduce taxes,’ he tells Henry Blodget in the accompanying clip.

Schiff, a former candidate for U.S. Senate from Connecticut, believes the U.S. needs a total tax makeover, 'so we don’t encourage spending and debt.’ A long-time critic of what he sees as America’s extreme spending habits, he recommends we simplify the entire tax system and do away with many popular deductions. You can argue whether his recommendations are foolish or courageous, but it’s clear these ideas aren’t likely to win him any future political races.”