This post was republished with permission from Zero Hedge
MAGA and libertarians are ripping each other apart over the tariff debate: Free trade or protectionism? Our livelihood or numbers on a graph? Foreigners ‘ripping us off’ or exploiting the dollar’s strength to live beyond our means?
Getting to the bottom of the rift last night on ZeroHedge were libertarian asset manager Peter Schiff and America-first author Spencer Morrison. Expertly moderated by ‘Rebel Capitalist’ George Gammon, below were some key moments for those short on time (though we strongly recommend the full 2 hour discussion).
Schiff: Tariffs = Inflation
When Morrison (MAGA) tried to downplay the inflationary impact of tariffs, Schiff (libertarian) parsed the effects of tariffs into their most basic terms: “When our money stops leaving the country… that money stays here.”
“The goods don’t come in anymore… so we have all this money and not a lot of good. So what happens when you have a lot of money chasing a smaller supply of goods? The prices go way up.”
— ZeroHedge Debates (@zerohedgeDebate) April 9, 2025
If you see a hole in that logic, let us know.
Morrison: “America is not a market”
For the sake of both productivity and morality, Schiff advocated for the freedom of interaction between individuals regardless of nationality. To which Morrison replied that the concept of an “individual exists but in an ontological sense” and that economy productivity is not an end in itself:
“The purpose of the economy is to serve the best interest of the nation and the people… the interests are to create beauty and protect the environment. To preserve a future for the people.”
When Gammon asked “who chooses” what is in the “interest” of the nation, Morrison replied: “We the people.”
— ZeroHedge Debates (@zerohedgeDebate) April 9, 2025
NOT A DRILL: BONDS ARE CRASHING
Schiff — true to his nature — closed the debate with severe warning about the U.S. economy and societal stability… grim even by his standards but worth a listen.
Bonds, stocks, the dollar. All tanking in unison.
— ZeroHedge Debates (@zerohedgeDebate) April 9, 2025
Watch the full debate below:
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Libertarians are a sham.
Just look at who runs the so-called Libertarian Party these days!
Maybe the illegals will go back home if things get bad enough.
Stable economies have recessionary cycles. We are currently pretending that a recession didn’t start when Biden destroyed everything in his first 100 days. Pretending is another way we kick the can so now it must hurt a lot to flush the system of unproductive debt. You can send the Kenyan a thank you note for that one.
Will some lose their shirts yes but maybe the next time round voters will remember that deficits and offshoring do matter. Speculation highs lead to sleeping in your car. Pop that gigantic bubble and take your medicine.
Same thing happened on a much smaller scale in the early 80’s and we fixed it with higher interest rates. 2008 was a massive bailout that just sped up the decline.
This time no one will escape the plunge so forget about your safe havens. Stagflation for a decade is all I see. The good news is thanks to Trump our kids won’t have to sell pencils on the street in 2035.