Disney World, Paul Krugman, and Market/Economic News – Ep. 75
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 19 April 2015
⏱️ 28 minutes
🧾️ Download transcript
Summary
* Disney's theme parks are a monument to capitalism as it existed when Walt Disney envisioned Disneyland
* The Hall of Presidents, however manages to honor presidents who supported big government over the free market
* The choice of presidents demonstrates revisionist history that supports the liberal, big-government narrative
* Whenever you expand government you contract liberty
* The Dow ended the week down 279 points; NASDAQ down 75
* The search is on for excuses but the real issue is not global causes but U.S. economic performance
* Housing Starts and Permits were way below estimates
* Jobless claims were higher than expected
* Leading Economic Indicators weaker than expected this month after last month's downward revision
* Core CPI came in twice expectations, but described as "better than expected"
* The dollar had a very weak week; Canadian dollar had strongest week in years, with a possible rally going forward
* Weakness in Stock Market, continuing weak economic data makes June rate hike less and less likely in the minds of traders
* The most prominent poster boy for the myth of the U.S. economic recovery, Paul Krugman, recently published an article claiming victory for U.S. Keynesian economic policy
* Krugman claims U.S. is performing better than Europe due to Keynesian policies
* Perception is not reality: the U.S. is not doing as well as Krugman would have us believe
* Krugman references an article by Germany Finance Minister Wolfgang Shauble, criticizing him for rejecting macroeconomics
* Macroeconomics IS B.S. and should be rejected
* Krugman infers that Europe's woes are the result of rejecting Keynesianism
* Shauble warns against going for the "quick fix" of Keynesian policies
* Germany understands that austerity, rather than debt, is the answer
* Krugman believes we should continue to create bubbles through stimulus and debt
* It will be interesting to see what Krugman says when the U.S. economy slips back to recession as Europe grows
* Europe's approach was not perfect, but it is better than the politically expedient solution championed by Krugman
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:08.8 | Well I am back from my vacation and before I get into all of the economic and market |
| 0:14.6 | news that happened later in the week and before I get into the latest by Paul Krugman, |
| 0:19.8 | let me talk a little bit about my experience at Walt Disney World. |
| 0:24.0 | First of all, the theme park itself really is a monument to capitalism and what happens |
| 0:31.2 | in a free society. |
| 0:33.1 | Not that we're that free or capitalistic anymore, but we certainly were a lot more so when |
| 0:38.1 | these theme parks were originally created, but of course we still have some vestiges of |
| 0:43.5 | capitalism that remain in our otherwise socialized society. |
| 0:49.2 | And certainly in a truly communist country, not China which is not really communist, but |
| 0:54.9 | maybe go back to the old Soviet Union, they would have nothing like a Disney world. |
| 0:59.9 | I mean that would never even be conceived in a communist system nor could they even pull |
| 1:04.6 | it off. |
| 1:05.7 | They wouldn't be able to orchestrate all the various components that make the whole thing |
| 1:11.3 | work. |
| 1:12.3 | You really need a free market and of course what motivated Walt Disney to create Disneyland |
| 1:19.4 | and the original one out in California in the first place. |
| 1:21.9 | I mean, he was motivated by profit. |
| 1:24.8 | He thought if I could create a spectacular, unique family entertainment experience, I |
| 1:31.9 | can make a lot of money doing so. |
| 1:34.5 | And that is in fact what he's done with with with Disneyland, Disney World and now all |
| 1:39.9 | the various other theme parks that have sprouted up around these parks. |
... |
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