Raw Meat

While I was working out this afternoon, I saw Peter Schiff on CNBC discussing the OWS. Since I couldn't hear the audio, I'm not sure exactly what he said. When CNBC posts it later, I'll be sure to add it.

When I got home, I thought I'd check Peter's Youtube channel for some clues as to how he feels about the protest movement. Why do I care, you ask? Because I have a high level of respect for Peter. He is a very smart guy, an accomplished "Austrian" and definitely not a "mainstream media shill". On these three points, I think we can all agree.

Therefore, I thought it would be fun to post the following video from Peter's channel. Recorded last Saturday, Peter discusses Herman Cain and OWS, two very hot topics around here. It's about 14 minutes long.

Now, I've asked everyone to please refrain from politics and OWS on this main blog page and I very much appreciate the efforts that have been made to comply. On this thread, however, I am going to ask the mods to suspend the current "rules". Based upon Peter's informed opinion, we have an opportunity here for a main-page discussion of these two, very important issues. Have at it but please remember to be civil. Educated and reasonable people can disagree without being disagreeable. We'll return the main discussion back to precious metals etc tomorrow morning.  TF

216 Comments

SuperManny's picture

Thanks for the Update, Turd

I'm a big Schiff fan too, and I'm not on the 9-9-9 bandwagon either! We just need a Fair Tax, or a Flat Tax, or something like that. Here's a snippet of something I wrote earlier.

Quote:
I don't think people realize how much that 9-9-9 plan adds up to.

I ran a small company doing framing carpentry. Workers comp is mandatory, and it's 22% from every dollar I earn. So Cain is gonna throw an extra 9% on top of that, 14% for Social Security and Medicare, and another 9% from every paycheck I write.

Now we go to spend our hardearned money that's already been robbed from over half of it's value, and then Cain wants another 9% for the national sales tax ON TOP OF our 10% local sales tax.

So I get to keep a whopping twenty-some cents for every dollar I made, and people wonder why small businesses are having a hard time!?!

BTW, our primary competition Was the illegal Mexicans. How much do you think they get to keep out of every dollar they earn?

Vernon Wormer's picture

First? Turd great work. Thank

First?

Turd great work. Thank you. Keep it up.

backseatdriver's picture

Bees Nest

Two words about OWS- Hegelian Dialectic.

BSD

FreedomWins's picture

What if?

What if it goes to 10-10-10?  11% tax increase across the board.  The last thing our economy needs to grow jobs is an income tax AND a national sales tax.  A flat tax or a VAT tax.  One or the other.

TheGoodDoctor's picture

I hope someone posts the

I hope someone posts the chart from last nights thread that talked about the impact of Cain's 999 plan.

I will add a caveat. With no tax code, the only thing that really scares me as to how fast the government will raise the 999 to 202020 or whatever. I mean all they have to do is raise it. I heard no one talking about capping the 999 via legislation or something.

I am just saying we are living in strange times. I would think to foster growth the best way to handle this is to make the personal income tax void for like three years before anything else new gets implemented.

olskoolturd's picture

it starts a discussion

I agree that Cain's 9-9-9 plan leaves a lot to be desired, however it is mainstreaming discussions of alternatives to the current tax code, everyday citizens and those who are not news junkies are discussing "what if" scenarios to the IRS, and I am all for that.

¤'s picture

U'mmm....

...is this some type of thought experiment or social observation your hoping for? lol

This should be interesting to observe. My contributions will be visual.

¤'s picture

How's this?

rXh80JamT8OnEZUFgnr-XQ.jpg

¤'s picture

It's symbolic worldwideof the Golden Calf

wall street outraged

Pitch wall street outraged

The protest against the corporatization of Wall Street continues to grow

¤'s picture

It's no picnic being the 99%

Occupied America

Pitch Occupied America

The "Occupy Wall Street" movement's focus is the increasing concentration of wealth in the United States; for the past decade or two the phrase "The rich get richer and the poor get poorer" has never been more true, or extreme.

¤'s picture

Not quite raw meat but...

The greed

¤'s picture

Two sides of the same card/same deck

Year of Protest

Pitch Year of Protest

From the Arab Spring to Occupy Wall Street, 2011 has been a year of protest

¤'s picture

And lastly...Happy Halloween

New monsters...

Pitch New monsters...

Corn Dog's picture

999 Plan = 0% Taxes For The Rich?

Good quick video explains his 999 perfectly, the poor and middle class are doomed again under this guy.

SuperManny's picture

The 999 Plan is From Sim City

A lot of people still don't realize that Cain ripped off the 999 plan from a video game. Seriously... is this what we've devolved to? 

"Long before Cain was running for president and getting attention for his 999 plan, the residents of SimCity 4 -- which was released in 2003  -- were living under a system where the default tax rate was 9 percent for commercial taxes, 9 percent for industrial taxes and 9 percent for residential taxes..."

http://www.huffingtonpost.com/2011/10/13/herman-cain-999-sim-city_n_1008952.html?ref=mostpopular

Bay of Pigs's picture

Schiff

totally demolishes Cain's main platform. I would add that Cain is an ex FED gov, Bankster shill. In other words, completely biased and utterly useless to provide any workable solution to these problems.

The OWS would do well to listen to Schiff as well. We need literally millions of people to march on Wash DC. 

Bstone's picture

Peter Schiff is the man

I have to say that I am geeked out on Peter Schiff. I check youtube everyday to see any new post. I especially love it when he appears on Fox channel every once in a while and it's him v's everyone else and yet he has so much conviction that he continues to appear and preach the truth no matter what others think........it's easy when you know your right and everyone else is wrong.

printmemoney's picture

Herman Cain

In general, I don't think he is a bad candidate.  However, he most likely will be influenced by the banks (ex fed gov?) and the biggest problem I have is that he said he would consult "the generals" before coming up with a comprehensive plan on Afghanistan.  I want the president to be a check on the generals (unfortunately one of the few fringe benefits of electing obama <that of leaving the wars> was not to be - he is drawing down though....probably to attack more middle eastern countries).  Herman Cain sounded like he would be a puppet of the generals.  This topic was discussed months ago and hasn't been discussed since.

Romney is very similar to Obama.  IMHO, electing Ron Paul is the only outlet for change....probably won't happen, but I hope he runs in 2016.

The rest of it noise...all noise, lets hope that there are enough of us that will vote for civil liberties before they are all taken.  Collapse, localize, rebuild, party.

Bum in the library...'s picture

999 = lies lies lies

i could not  open the link for some reason but if one of the 9's in the 999 plan i a 9% personal income tax than I'm not sure how the current tax code could be thrown out.  it just seems like he is adding more on top of it...

daveyboy's picture

i'm sorry, but as peter

i'm sorry, but as peter schiff knows, wealthy individuals benefit ecoomy's yes, but the incredibly rich offshore their money.

that is why people are pissed, they steal the peoples money and syphon it out of the country.

awninja47's picture

Looks like you need to start copyrighting your work Turd!

Just posted on "The great silver bull market of 2012" because this article is what it pertains to. But seeing how this is the main blog...

I got to work today and logged on to goldsilver.com to see what links they had posted pertaining to PM's and the economy. I saw one about "Last Chance to Own Silver at These Prices" It piqued my interest so I clicked on it and began to read away. About a quarter of the way through I started thinking "Hmmm, I think I've already read this article" It's not copy and pasted word for word but looks like you might want to start copyrighting your work Turd!

-------------------------------------------------------------------------------------------------

So finally position limits in silver will be enforced. Will there be delays? Of course and you can bet your bottom dollar that the Cartel will be out in force with their lawyers challenging the ruling. However, there is a very high probability that on a beautiful day in 2012, JPM, et al will finally be feed of its shackles and the price of silver will move dramatically higher.

Don’t think this will happen smoothly. Beginning today, all bets are off. As of last Tuesday’s Commitment of Traders survey, the commercial short position in silver was 58,000 contracts. At 58,000 contracts the speculation is that the short position is still between 15,000 and 20,000 contracts. Clearly, they have a lot of work to do to bring themselves into compliance.

Remember the CME only raises margins in response to volatility. If the Cartel can create enough volatility the CME will be forced to act.

So the answer is simple:

  1. Violently manipulate silver to create unprecedented volatility.

  2. Have the CME raise margin rates again in response to this volatility.

  3. Use dips I price to quickly cover short positions.

  4. If Cartel buying spikes price back up, this added volatility will force additional margin hikes.

http://www.wealthwire.com/news/headlines/2082

Here's their mission statement:

At Wealth Wire, we offer investors unique insight into today's chaotic investment landscape — things you won't find from mainstream news sources.

We break down complex topics like inflation, debt and monetary policy, and explain why understanding each is critical to preserving wealth.

We cover trends in silver and gold, and the role of precious metals in any investor's portfolio. But Wealth Wire is not limited to coverage of the current raging precious metals bull market...

Our writers report on everything from emerging markets, growth stocks and the U.S. economy to energy, tech, and income investing and macro economics in their daily analysis.

Economical Disaster's picture

TSA Thugs Roaming the STREETS NOW

PORTLAND, Tenn. – You're probably used to seeing TSA's signature blue uniforms at the airport, but now agents are hitting the interstates to fight terrorism with Visible Intermodal Prevention and Response (VIPR).

"Where is a terrorist more apt to be found? Not these days on an airplane more likely on the interstate," said Tennessee Department of Safety & Homeland Security Commissioner Bill Gibbons.

Tuesday Tennessee was first to deploy VIPR simultaneously at five weigh stations and two bus stations across the state.

Agents are recruiting truck drivers, like Rudy Gonzales, into the First Observer Highway Security Program to say something if they see something.

"Not only truck drivers, but cars, everybody should be aware of what's going on, on the road," said Gonzales.

http://www.newschannel5.com/story/15725035/officials-claim-tennessee-becomes-first-state-to-deploy-vipr-statewide

Throwing Sliver Hammers's picture

OOWS

¤'s picture

EU Said to Mull Wielding $1.3T to Break Impasse

EU Said to Mull Wielding $1.3T to Break Impasse

 

CreditCrumbs's picture

@Corn Dog, Herman Cain

Awesome video, man. Great journalism from Cenk Uygur! I have shown the same analysis on this thread: http://www.tfmetalsreport.com/forum/2675/herman-cain-topic

Let's see, what's not to like about Herman Cain? 

  • Worked many years for the Fed, including as a Fed governor
  • Apprentice and worshipper of Alan Greenspan. He admitted going to Greenspan for personal mentoring multiple times
  • Paid consultant of Koch brothers' AFP since the founding of AFP
  • Tax plan comes from Rich Lowrie, Koch brothers' AFP chief economist and board of director
  • He admitted publicly how he adored Koch brothers

9-9-9 = 9+9+9 = 27% effective (not marginal) tax rate for you and me, 0% for Koch brothers. Koch brothers' rottweiler with a sheep clothing. 

Endzeit's picture

Austrian school VS Keynesian school

is just a distraction.

Although i like how P. Schiff stood against all Keynesians, i'm somehow irritated, that you Turd, are advocating his positions without mentioning, that THE MOST IMPORTANT FACT IS MISSING in P. Schiff's argumentation.

This missing fact is also not discussed by Keynesians.

And with this fact someone can pinpoint, if a critic really is honest, or if he is just confusing the people and trying to lure them AWAY from the important questions.

What P. Schiff tries to obscure, is the root of the problems is not the debt!

The root of the problem is the exponential function of interest. In combination with a debt based monetary system it has to lead to the always bigger concentration of wealth.

So please, dear readers of this blog, do not fall victim to the spectacle of Austrians VS Keneysians.

Ask yourself, why P. Schiff doesn't even mention the exponential growth of debt due to interest-slavery. Instead he suggests, that the Austrian school could solve the problems.

Ofcourse it can't. It never has! There are enough examples in the world, where Austrian economics were practized. It was a desaster for the normal people.

If you want to get rid of the huge imbalances and the obscenity of the current system, then not an Austrian financial regime will solve interest-slavery - but we must demand another kind of money and support only the forces, that ask the right questions about the roots of the problems, instead of falling victim to the ping-pong-game of Austrians VS Keynesians - both of them serve interest-slavery! Don't let they fool you.

Frankenstein Government's picture

Plugged Your Site Tonight

Turd I just wanted to say thank you for all that you do. You have allowed me to buy physical metals at the very best prices over the last year. I also want to thank your readers for the information they have passed along and their willingness to beat the shit out of trolls and keep them off the site. I don't mind differing opinions- most of us know where that line is.

Thanks again. http://thecivillibertarian.blogspot.com/2011/10/gold-and-silver-update.html

Rui's picture

The main difference between Tea Party and OWS

Tea party people didn't vote for this big govenrment nonsense. They are forced to live in this system and suffering from it.

OWS people OTOH thought big government "spreading the wealth" is the solution to "inequility" so they vote for it. What they got is a government forcing banks to "spread" overpriced home loans to them that lock them in a debt trap (Can you say karma?).

Metal Minded's picture

Cain's 999 Tax Plan

Could Cain's 999 tax plan be another empty campaign promise from a main stream politician, like Obama's promise to end the wars?

National Health has been proposed by at least three Democrats in my lifetime: Ted Kennedy(in the 70's?), Clinton, and Obama.  It gets thrown around between the President and Congress and the Supreme Court. No real chance of it ever becoming a reality, whether you like it or not. Just great PR for this great democracy we live in. Pick many of the other great issues of the last 40 years and see if they didn't get the same treatment.

Do you see much real chance of 999 replacing the many volumes of the US Tax Code? 999 is a simple remedy to draw in the simple minded. Hopium for the masses.

Exergy's picture

Death of the Middle Class

Folks...correct me if I am wrong...being a NON American I don't know all the details for your tax system...Lord knows our is enough up her in Canuckland.

Consumption taxes are everywhere in Canada and they are especially favoured by politicians becuase they argue that the folks with the most money pay the most taxes. That is true ...BUT they forget to mention that the folks with the least money pay the largest % of their purchasing power on necessities (a dollar tax is a dollar of tax but a dollar is worth a lot more to someone with few of them...than someone with a lot)..think shopping for groceries or paying bills when you are trying to make ends meet VS deciding what model of new car you are going to pop for.

Anyway... Suppose you are an average income family...say 50K per year.

The 9% consumption is new and you pay would pay it on everything you buy so you lose that (new)

Then they pay 9% income tax

This should effectively double their tax bill and completely crush them...I think the numbers go from tax of around 5100.00 to 13,500.

In addition it will also likely mean that the current deduction for interest on your mortgage goes away...details are not clear but take that as a given.

Finally, I think I read that the 9% would apply to the purchase price of a house.

95 out of 100 families live paycheck to paycheck

Can you say NO MIDDLE CLASS!

The lower classes...well yikes.

Those with higher incomes pay less real dollars and therefore should have more money to spend on stuff. Business's will see labour demand higher wages immediately to avoid starvation and bankruptcy so wage inflation is in the cards for that one...not to mention that folks trying to buy their first home would now have to come up with another 9% down AND 9% more on the mortgage since it is no longer tax deductable.

Finally...9 goes to 10 to 11 since politicians CAN"T SPEND LESS and get re-elected...the root of the whole damn problem.

This is a great talking point because it is easy to understand..but seriously...wow.

Folks...Only in Canada would something like this be considered!!! With the longest undefended border in the world...maybe we are rubbing off on ya.

As for the OWS ... and the O"anywhere "...they don't have a focus or a unified message other than we are pissed of at the status quo...however if they should get focused.... potentially very powerful.

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