February 22, 2009

Running for Connecticut?

There is a movement with a website to get Peter Schiff to run for the U.S. Senate in Connecticut. Here is his agenda as the website outlines it:

1. Increase savings and production. People need to start saving and paying down credit card debt, and the US needs to become a net producer and manufacturer of goods once again.

2. Vote no on all bailouts. Instead, the government should begin eradicating grotesque budget deficits and national debt by reigning in profligate spending.

3. Allow the recession to run its course and rebuild quickly from a fresh start. “Let it collapse today so it can prosper tomorrow.” To use a crude analogy, wildfires are devastating in the short term, but they are extremely beneficial in the long run for the entire ecology. Currently, the trillions of dollars of new government spending is akin to pouring gasoline on the fire. It will only serve to exacerbate the problem and delay meaningful recovery.

4. Let the free market operate without inefficient, ineffective, and cumbersome government involvement. The government should enforce the integrity of free markets, not manipulate them.

5. Drastically cut federal spending. It’s time to quit over spending and over borrowing and start living within our means.

6. Cut corporate and personal income taxes to spur savings, job growth, and real industrial production.

7. Minimize corporate regulation. If you allow the free market to operate, businesses and banks which accrue massive debt will fail. More efficient and fiscally responsible banks and institutions will prevail and restore prosperity to the economy.

8. Restore the value of the US dollar. Since 2002, the US dollar has been devalued by nearly 30%. Put a stop to the Federal Reserve setting artificial interest rates and printing trillions of dollars out of thin air. Instead, get the Fed out of the markets and bring back balanced budgets, low taxes, and robust production.

Peter Schiff is an American economic commentator, author and president of Euro Pacific Capital Inc., a brokerage firm based in Connecticut. Schiff is a supporter of the Austrian School of Economics.
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