Tags: Schiff | Poland | World | Economy

Schiff: Poland Can Show World How to Sustain an Economy

Friday, 22 Jan 2010 09:27 AM

Want a model of how a country's economy should be run?

Look at Poland, says Euro-Pacific Chief Executive Officer and U.S. Senate candidate Peter Schiff.

“Watching the world's leaders stumble their way through the economic crisis, it often feels as if political success and economic understanding are mutually exclusive,” Schiff writes on europac.net.

An opinion piece by Poland’s Finance Minister Jacek Rostowski published this week in the Financial Times exemplifies the country’s commonsense approach to economics, Schiff says.

In his article, Rostowski explains how governments caused the Crash of 2008 by removing the necessary element of fear from the markets.

A product of the Solidarity movement that opposed the Polish Communist Party in the 1980's, Rostowski, like many of his colleagues in the current Polish Administration, is intimately familiar with the hazards of central economic planning.

“He has seen this movie before, and he knows how it ends,” Schiff notes.

“Instead, Poland has enacted economic policies that are informed by a belief in Austrian School (read: free market) economics.”

Reducing income tax rates was a top priority of the Polish administration, Schiff points out, and minimal use of deductions and credits makes it radically simpler than the U.S. income tax.

“If the Polish people can hold onto the traumatic lessons of communism, and continue undeterred down their current path, then this battleground of the 20th century may be the paragon of the 21st,” Schiff says.

Morgan Stanley analysts have maintained their positive forecast for Poland’s economy.

GDP growth in this Eastern Europe’s biggest economy is estimated at 1.5 percent in 2009 and 3 percent in 2010, Polish Market Online reports.

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Want a model of how a country's economy should be run? Look at Poland, says Euro-Pacific Chief Executive Officer and U.S. Senate candidate Peter Schiff. Watching the world's leaders stumble their way through the economic crisis, it often feels as if political success...
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2010-27-22
Friday, 22 Jan 2010 09:27 AM
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