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John Browne of Euro Pacific Capital explains why it would be better to go over the fiscal cliff.
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-- should Republicans hold out and just let us go over the fiscal clip John Brown of Euro Pacific Capital is -- -- -- a former advisor to British prime minister Margaret Thatcher and he's gonna join for this take thanks for being with us John.
What do you think -- good morning -- -- do you think we are going over the cliff.
-- well I -- -- of -- on end -- fiscal cliff was created.
By politicians who lack the courage to do the best for the American people.
But already it is done severe damage to the economy now we have Democrats who want to suck money out of the economy and tax.
I'm we one -- we have ride out Republicans Republicans are name -- -- who wants spending cuts both those things again it do damage the economy.
At a compromise any compromise is going to damage the economy.
I'm -- father into deep recession.
Neither side discusses the real problem.
Which is the enormous cost of big government.
It cost in money in -- the regulations.
And intrusion.
I'm neither side dot at discuss -- that's because that career politicians -- -- big government is that carafe.
OK so what should Republicans -- here should they -- and let tax rates go up on the rich or should they hold out and let the company go to the country over the cliff.
Medivation hollowed out that the country go to the camp fatten -- absolutely and show that this lending limit the borrowing limit is in -- Two false government to shrink itself.
This is the thing and anyway they'll do that in my opinion -- -- -- -- that is to have strict.
Time limits -- the politicians in the future single time limits so that.
Politics is a DOC and no longer -- -- -- By buying votes with both his money in puppeteer actually which is what's happening and that is what the pistol -- is all about it sucking money -- -- huge -- from the private sector.
To big government okay -- big government just totally destructive to the economy -- to the morale of the nation.
Yeah I think the notion that our congress full introduced term -- is probably on display at Disney's new redesign of fantasy land.
But let's say we do -- the -- or let's instead let's say that marginal rates go up on the rich.
This doesn't have to be a devastating blow to the economy doesn't doesn't capital at some point.
Find a way to make money.
Well I can tell you is that when I attended the problem would moderate -- -- prime minister the top rate of tax was 92%.
On the rich and England was -- its way into the ocean.
Moderate back to drop did in the first month to 60% and then deported to send and we had an explosion of enterprise.
In Britain and that is a proof of that high tax is destroy wealth creation in a country and destroy incentive for anybody to be successful.
All right thank you so much for being with us and John -- -- -- -- -- against -- take care act -- -- -- --
