Peter Schiff on Politics, Precious Metals and President Obama’s Second Term

Peter Schiff

Daily Bell: What do you think of President Obama’s reelection?

Peter Schiff: I think it’s a shame but sometimes you elect the government you deserve. To say that we deserve Obama is quite a statement because it’s pretty bad to say that we deserve this. But we voted for him and we’re going to have four more years of growth in government, four more years of decline in our living standards, four more years of taxes and inflation and regulation and stagnation and unemployment. President Obama constantly talks about how unlucky he was that he inherited such a bad economy from his predecessor. Well, his successor is going to inherit an even worse economy than the one that he did. I think the economy is going to be in much worse shape in 2016 when Obama finishes his second term than it was in ’09 when Bush finished his second term.

Daily Bell: Are elections rigged these days? Are votes trustworthy?

Peter Schiff: They’re rigged in the sense that you can’t outvote the mob at this point. The government has created so many people who depend on government, who are voting for theft, who vote for somebody who promises to steal from somebody else and distribute the loot to their supporters. That’s the problem. This is the fatal flaw in democracy. That’s why the Founding Fathers, when they wrote the Constitution had the foresight to create a republic, not a democracy. The Founding Fathers called democracy mobocracy. They thought it was tyranny of the majority, which they feared as much as tyranny from a king. And so they built in all these safeguards to protect us from what they regarded as the evils of democracy but over time, those barriers have been removed and now we’re suffering exactly the way the Founding Fathers warned.


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