Peter Schiff Confirms Jesse Benton Paul Festival Sabotage

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http://www.paulfestival.org | Peter Schiff reads a text message from Jesse Benton to Paul Festival Organizer Deborah Robinet.

Michael Moore's Mistake: "Keep The Fed, End Capitalism"

Editor's note: The next two posts provide an example of how specific objectives evolve when people begin to consider the root causes of our socio-economic breakdown.  The Federal Reserve is a key component of society's ills, but the rationale for arriving at this doorstep seems to be support for "unfettered capitalism".  A naive position to justify a worthy cause- to end the Fed.

 The Daily Bail




Don't skip the clip inside - Runs 2 minutes. Peter Schiff provides sanity at the end.

Moore is cluelessly deranged regarding bailouts, the Federal Reserve and capitalism. The problem is not unfettered capitalism; the problem is that favored industries were spared from the market by government assistance.

Capitalism does NOT exist on Wall Street.

Every single over-leveraged, fraudulent financial institution that was saved by TARP and Bernanke and Geithner's trillions in stealth bailouts should have been allowed to fail. We are talking about investment banks, after all, not your grandmother's church choir.

Investment banks take risks by nature. And they should face dissolution and bankruptcy when those bets don't work out.

We've said it from the beginning, against the ignorant and misinformed current of status-quo talking heads and wannabe financial experts, including Inside Job director Charles Ferguson and over-hyped author Ellen Brown, allowing Lehman Brothers to fail was the only thing Bernanke and Paulson ever got right.

The market spoke and the government didn't intervene. That is capitalism. And not coincidentally we learned later that Lehman was an over-leveraged cesspool of fraud and criminal malfeasance with a $600 billion crater in its balance sheet, despite assurances from Dick Fuld that $20 billion from taxpayers would have saved the company. Complete and utter nonsense. And there is little reason to believe that Lehman's fraudulent financials were any different than what we would have found at Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup or Bank of America.

Each and every major investment bank was then, and to this day, remains MASSIVELY insolvent. It's not even a close call - with 30:1 leverage on inadequate capital, assets need only decline 4% in value to wipe out the balance sheet, and assets have declined 30-40% on average. We are talking about insolvency by orders of magnitude.

Only in the Bernanke-Geithner, CNBC-promoted, 'can-kicking' world of purple unicorns and psychedelic money printing, can any other conclusion be reached.



In just 15 seconds this clip perfectly encapsulates the madness of bailing out Wall Street millionaires and billionaires.

Fire Dog Lake Attacks Peter Schiff, then Misleads About the Nature of the Federal Reserve

Economic Policy Journal

Peter Schiff must be making an impact. The big time interventionist-supporting blog site, Fire Dog Lake, has sent a hit man to take care of Schiff. The hit is so far off base that I am waiting for the movie version, The Blog that Couldn't Argue Straight.

One captjjyossarian writes that, get this, Schiff is in favor of a plutocracy because he doesn't want the Federal Reserve to control the money supply. Yes sir, the same Federal Reserve that just announced it is going to engage in billions in "currency swaps" with EU governments to help bailout bankster/plutocrats, Schiff is against. Schiff being against this, somehow in the mental wiring of an FDL blogger, makes him in favor of plutocrats.

What captjjyossarian doesn't get is that in a free market monetary system, we wouldn't be forced to use bankster money. And if you weren't forced to, who would? You would obviously use a money that the banksters couldn't print at will, such as gold and silver. Bankster/plutocrats hate gold and silver because it is a money of the people, not designed or controlled by plutocrats.Gold and silver, for example, developed as money as an unintended consequence of market exchanges (using the term "unintended consequence" in the much more complex and interesting manner that F.A. Hayek intially used the term, than the way it is used by pop commentators, who have no clue who Hayek was or what he meant).

The captain then takes Schiff on in an even more bizzare fashion. He writes:

And on a related note, Damon Vrabel made an important point about Peter Schiff’s politics on Max Keiser’s RT show. Mr. Vrabel pointed out that government is the only avenue of attack which we have for fixing our broken system. By attacking government, Mr Schiff is trying to kill our only hope.

Can the captain really be serious. Has he seen how many times bankster Jamie Dimon has visted the White House? Has he seen who Treasury Secretary Geithner gives a private briefing to?

What I want is less government so these characters don't lord over me, not for them to be replaced by other characters that will lord over me with their pet intrusions into my life. That the Captain thinks government is the solution and gets an audience for his writing is a clear indication of why we need Ron Paul and Peter Schiff explaining the problems with government. And that's why I cheer on what the Captain fears:

Peter Schiff has been given a lot of airtime on mainstream networks over the last couple years and that’s troublesome. Troublesome because he’s been showcased as an "alternative point of view" to most of the expert clowns that mainstream media brings on thier (sic) shows.