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Production and Savings Needed

My business partner and co-author Orrin Woodward recently posted on his blog a very interesting video of investment advisor Peter Schiff. Schiff has consistently predicted the current economic malaise and continues to clearly teach the basics of economics as violated by our government. The attached article is extremely clear, interesting, and unsettling. Read it here and share your comments. It's time to educate our citizens before we are blindly led over an economic cliff. 

One of Schiff's clearest sentences bears calling out here in summary: "Consumption is made possible by production and credit is made possible by
savings." 

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7 responses to “Production and Savings Needed”

  1. Bob L. Avatar
    Bob L.

    Great post! Peter Schiff’s article is dead on. Written in such fashion that it’s understandable, love the analogies. Our political leaders still believe the US is the engine of the global economic train, however as Schiff says so often, the US is actually the caboose & by decoupling the US will allow our creditor nations, along with other nations to grow & strenghten their economies. Our monetary policies (inflation) not only hurts the US $, but also every currency thats pegged to the $ & with it being the reserve currency includes just about everyone. As you said “the herd always gets slaughtered.” At some point in the future, nations will be breaking away from the herd, leaving the US politicians to wonder “what happened.” This country will return one day to the “Greatest Nation” status it held for so long. The people of this country deserve it & the people will make it happen, no matter how hard the gov’t tries to help!
    Great topic Chris, hope to see more.
    Bob L.

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  2. Alpesh Shah Avatar
    Alpesh Shah

    I agree with you 100% lack of savings and real production of wealth are real issues. Peter Schiff recently talked about how the American Dream went from owning your own business to watching your home appreciate to unprecedented values.
    Orrin quotes this comedy routine on one of his cd’s and I laugh every time it’s about saving money.
    http://bit.ly/skoWN
    If everyone took this advice seriously

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  3. Lydia Avatar
    Lydia

    Chris,
    As always a great post! This article presents the picture so clearly with an illustration we can all understand. As I was reading it, I was thinking, “Chris could have written this!” because you always express the profound in simple ways and unmuddle the complex to clarity. Thanks for providing this education for all of us

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  4. Phyllis Hoff Avatar
    Phyllis Hoff

    Chris:
    Great article. The examples are so down to earth and easily understandable to all.
    I love the last sentence.
    Believing that we can all spend the day relaxing in a tub while the government’s printing press does all the work for us is dead on.
    The problem comes when you get out of the tub to go to dinner and the only thing on your plate is an IOU for steak.
    I would love to see a supply and demand curve over just the next year alone to illustrate what Schiff is telling us and over
    the next few years.
    Chris, you have probably already started plotting it.
    Keep these coming.

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  5. dean clouse Avatar
    dean clouse

    “Consumption is made possible by production and credit is made possible by savings.”
    And I thought that consumption was made possible by Visa and credit was made possible by parents!

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  6. Bob Avatar
    Bob

    Chris, this article is really where it’s act. Colson and Eckerd wrote a great deal about the problems with American Industry in their very well written book “Why America Doesn’t Work” (Word Books,1991) where he detailed the problems then with workers and management in American Factories including the auto industry. Hence comsumers made their choices. Between the mortgage forclosure mess and $4.50 a gallon gas took care of the rest of it…you can’t
    buy cars, clothes, and appliances when all your money went into the gas tank or the interest rate on
    that subprime ARM mortgage doubled or tripled!!! We need less laws, less control, less politics and more physical WORK!!! I’m sorry,
    but I can’t eat legal briefs for breakfast. Just look at how much litigation and liability abuse has jacked up the prices of just about everything, since that’s a good portion of your doctor’s fee or any insurance you have (especially car insurance!!!)

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  7. Bob Avatar
    Bob

    Let’s get that million people!!!
    (sorry, it was too cold in St Louis for me to wear my shirt). Then two million. Then five, Then ten, so we can MAKE A DIFFERENCE!

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