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Peter Schiff of Euro Pacific Capital on whether Mitt Romney can actually turn the economy around if elected.
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If he's elected.
Peter Schiff from Euro Pacific Capital is in Tampa.
Are you a skeptic beta I I know that you and -- tend to take a doom and gloom view of America's finances.
Do you think the governor Romney if elected.
Could fix things.
Well he's not gonna prevent the crisis we're headed for real economic collapse regardless of of who wins this election.
But my hope though is that Romney will have a better understanding.
-- why is happening in might be more likely to entertain.
Got a free market solution which would be the exact opposite.
Of what George Bush did.
In that allowing the recession to run its course you know uninterrupted by stimulus and bailouts and actually do what really needs to be done.
To get this country on a solid footing which is dramatically reduce the size of government.
Slash spending cut regulations.
He's not talking about that right now he's talking about growing government just like Obama with more spending on Medicare more spending on Social Security more spending on national -- but we can't afford that we need -- real change that we need to downsize government.
And hopefully in the aftermath of a crisis will get that.
You can't get elected a canyon and -- can you really get elected president in nine states and on the senate and run -- house if you go out -- in -- I'm sorry was spending too much on cutting Social Security I am cutting Medicare I'm cutting these government handouts.
In this most network that you're not gonna get elected.
-- we never know no one's ever tried it before I mean everybody just Anders nobody wants to tell the truth everybody is afraid of you know they're gonna shoot the messenger Ron Paul set -- brother -- -- Ron Paul side and men and one of -- -- at maybe 10% of a lot of the well if he would've got the media coverage of Romney he might have one and only got a lot of support either really didn't Stewart L com why don't we did -- we did now he got a lot of coverage easy he's got vigorous group of supporters who -- -- that all the time Stewart got a lot of our coverage all of encumbered he got.
-- -- all the coverage he got was why he couldn't win why he was so far out there why he -- have a chance I mean maybe towards the end by the time it was too late.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Let's go back to governor Romney.
His plan is tax reform lower tax rates fewer deductions and net long -- entitlement reform.
Now -- backs a plan but least which would surely woke over the long Tom if implemented not now we've gone too far he's.
-- he's talking about reform not -- they're committed to increasing social security and increasing Medicare that's not reform.
And they're also saying that nobody over the age of 55 is gonna lose a -- that is in apostle no way I was gonna be bankrupt the country that talking about using market forces to reduce the cost of the -- cash -- -- place.
And -- -- -- you talking about us long Thomas Social Security.
Now that that's not gonna work what's gonna reduce the cost is cutting the benefits the government has over promised these are gigantic Ponzi schemes they do not work meanwhile the only reason the economy hasn't collapsed is because the interest rates -- artificially low the Fed cannot keep interest rates low indefinitely -- interest rates go up the party is over.
And then we're not gonna have -- you know.
-- have a choice anymore we're gonna have to finally deal with these problems or destroy our currency and that is gonna be a real economic crisis that will make 2008 look like a walk in the park -- -- -- -- -- when does the crunch hit us.
It's gonna happen in the next administration I hope it happens early enough.
That at least.
The blame doesn't go on capitalism again I'd I'd hate to have Romney be in their for a couple of years -- that it falls apart and somehow capitalism gets the blame even though it's not a mean it's gonna be this -- prop big government policies that were pursued by Obama and and bush.
But you.
That that is that the danger that Republicans face if they think that all we have to do is elect Romney in everything is better we can't fix these problems by repealing obamacare and cutting taxes we have structural problems and underlined the US economy that are very deep.
And require real free market reforms and unfortunately none of the major candidates are even talking about that right now you -- paid -- Paul Ron Paul's position got a lot of exposure right here right now through you Peter -- -- -- at the -- hello it's a wake up at ten minutes.
Peter -- we always appreciate being with us thanks very much -- -- --
