Peter Schiff, a one-time adviser for Ron Paul and the best-selling author of Crash Proof: How to Profit From the Coming Economic Collapse, blames “one man, one vote” democracy for the United States’ waning prosperity. He thinks the Chinese should pull their trillions out of American bonds immediately. And while he has no doubt that free market capitalism is a country’s best recipe for economic success, he turns conventional wisdom on its head by suggesting that Adam Smith’s spirit may have relocated from Washington to Beijing.Read the rest here
Slate: You’ll argue on Tuesday in support of the motion that China does capitalism better than America. What do they know that we don’t?
Peter Schiff: First of all, I don’t think either the United States or China does capitalism all that well. America did capitalism a lot better in the 19th century than China does it now, but today, China does it better than we do. Though both countries have far too much government involvement in the economy, we have more. They’re Communists, supposedly, and we’re not, but our government screws up our economy more than the Chinese government screws up its.
And because I can never get enough of this video, watch Schiff as he predicts the 2008 crash and schools the "experts".
Peter Schiff was right