Investor Peter Schiff: Some Form Of Reparations For Slavery Is Coming If Democrats Take Senate
Peter Schiff, the investor most famous for predicting that the collapse of the housing market in 2008 would lead to a global financial crisis, has made another prediction.
The coming reparations are part of a laundry list that Democrats want — “Green New Deal-type stuff, jobs, government housing, Medicare for All’ — Schiff said.
“In addition to all that now you’ve got to throw in some kind of ridiculous reparations for slavery,” Schiff said. “That’s coming in some form.”
Watch Peter Schiff discuss reparations. Listen to the audio clip here:
Schiff started his investment career at Shearson Lehman Brothers in the early 1990s before co-founding Euro Pacific Capital Inc., where he serves as CEO and chief global strategist.
He founded Schiff Gold in 2010 and serves as an investor and advisor at Goldmoney. He is an author, blogger, speaker and analyst.
Reparations will raise the wealth of Black Americans at the expense of white Americans, Schiff said.
“Not just like every African American gets a check but there’s going to be some way, some program that’s going to be brought out as some type of slavery reparations to eradicate racism or make up for racism or somehow equalize the divide between white America and Black America so that we can raise the wealth of Black Americans,” Schiff said.
On June 14, Schiff tweeted that reparations for slavery “are impossible. No way to determine who gets paid and who gets stuck paying the bill.”
In a subsequent tweet, Schiff said, “How black does one have to be to qualify (does @BarackObama get reparations)? How do you know which blacks descended from slaves? Do all whites have to pay, or just those who descended from slave owners, or whose ancestors actually lived in the U.S. while slavery existed?”
Twitter user Edwin St Catherine responded to Schiff, “The THEFT!!! THEFT!!! Of black Labour, the murder of hundreds in Tulsa, no one paid a price. The systemic racism and Peter Schiff the hippocrite ask how black? Find out, do a gene test and pay reparations based upon how much black is in your genes, 23andme easily solves that”.
Schiff likened reparations to entitlement.
“You’re not entitled to what others have earned. You have the privilege of living in one of the freest nation on earth. Appreciate what you have. Stop making excuses for what you don’t have. Overcoming obstacles makes you stronger. Make the most of your freedom and opportunities,” Schiff tweeted.
Schiff predicts that Democrats in power in 2021 will bring the biggest tax hikes in history on corporations and high-income earners.
In order to make reparations, “we have to diminish the wealth of white Americans to get everybody equal,” Schiff said on his show. “If we’re going to bring up Black Americans then we have to bring down white Americans in the process. There’s going to be some way to redistribute that wealth in the form of some government program which is going to cost even more money. So in order to pay for all this there’s going to be massive tax increases on corporations and on the rich.”
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It doesn’t matter that the person on top of the Democrat party ticket is Joe Biden, Schiff said. “The philosophy at the top of the ticket or the philosophy of the party is Bernie Sanders. Sanders won. It doesn’t matter that he’s not the nominee. He won. Democratic socialism is coming to America, in fact the Republicans have already embraced a lot of Sanders’ policies.”
The U.S. already has the biggest deficit in history. The national debt exceeds $26 trillion and Schiff said he sees it going above $30 trillion by the time Biden takes the oath of office.
“And you have the Democrats coming to Washington with a mandate for even more government. We have to pay for some of it with actual taxes. The Fed isn’t going to be able to monetize it all. They’re at least going to have to pretend that we’re paying for some of it. Who are the Democrats going to ask to contribute their fair share? The rich. Corporations. They’re going to have the biggest tax increase. Nobody’s going to be against it.”
The massive tax increases on corporations and the rich will be very negative for the stock market, Schiff predicted.
“It’s going to reduce the value of corporate earnings by the amount of the tax and it’s going to reduce the value to investors of owning stocks because now they’re going to face higher personal taxes on any dividends that they earn, on any capital gains that they receive. So the market was already priced at a record high valuation, and then you’ve thrown all these problems into the mix, the market has to collapse. I think now you’re going to start to see that selloff.”