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SUMMARY;ENCODING=QUOTED-PRINTABLE:Economist Peter Schiff (GNOC)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:As the U.S. continues to try and stimulate its way out of the current recession, Author and Economist Peter Schiff  (who recently joined Gen Next OC ) offered an insightful recipe for economic solvency. “We cannot consume if we do not produce,” says Schiff. He could not be more correct as we have gone from the world's largest creditor to the world’s greatest debtor. =0D=0A=
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Schiff articulated our continued accumulation of too much debt on a personal, federal and corporate level. We are seeing our currency decline at an alarming rate and our domestic manufacturing sectors disappear before our very eyes. Schiff places blame on low interest rates that have only continued this downward spiral of government mismanagement. He describes our economy as a service industry where Big Government continues to spend $1.60 for every dollar it takes in and the never ending purchase of over a trillion dollars in bad debt.  =0D=0A=
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Without restructuring through a market based plan to increase production capacity and job growth, Schiff sees an inflationary recession on the horizon. This next recession will consist of double digit inflation, price increases on goods, sizeable tax hikes and forced government services on consumers. Only time will tell if the current administration takes his advice and changes course back to a free market approach.=0D=0A=
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We would like to thank Peter Schiff for an enlightening discussion, as well as Member Bill H. Lyon for graciously hosting us.=0D=0A=
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