Muscatine

Peter Schiff: Majority Doesn't "Have A Right To Steal My Money Just Because They Voted For It"

CNBC's Eamon Javers reports the latest developments on "fiscal cliff" talks in Washington, and debating the financial benefits of raising taxes on the wealthy, with Peter Schiff, Euro Pacific Capital CEO, and Richard Brodsky, Demos senior fellow.

PETER SCHIFF: First of all, I'm in the top two percent. Right now, I'm paying 45% of my total income in income taxes, both to the state of Connecticut and to the federal government, and if you take the 3% Medicare tax. After the tax hikes go into effect next year, more than half -- more than half of my total income is going to go to the government. You tell me, what's fair about that when medieval serfs pay 25%, I'm paying half? I don't care what the majority voted to do, they don't have a right to steal my money just because they vote for it.

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SCHIFF: You know what the wealthy are going to do? They're going to invest more abroad, they're not going to work as hard, they're not going to pay as much in taxes, they're not going to employ as many people. Their employees are going to pay all the taxes.

I believe we are still in a recession anyway. Our immediate future is going to suck.

The pos potus is of the belief that we can spend our way to financial solvency so he is proposing even more spending - he calls it investing. I must be doing it wrong cause when I spend on a credit card the rascals always want to get paid. Is there a secret to just spending, spending, spending and suddenly becoming solvent?

Did I hear that Bernanke just printed a bunch more $$$$?

If you have any extra funds available (and I realize this is difficult to do in this obumbler dark age), you really should be converting what you can to precious metals and/or gems (even a little bit will help).  I'm also betting that ammo will be valuable, but there is some risk to that.

What we will see in the future, when things collapse, is inflation of unprecedented proportions.   It is a given that this will happen, unless a corrective plan (such as the Ryan budget) is implemented.   And the odds against anything like that being adopted are astronomical with current America haters in office.

Precious metals and gems can be converted to the necessities of life when needed.  There will be a few powerful and corrupt individuals in control and they will want something of value for trade (money will be almost worthless).