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Peter Schiff explains the concept of moral hazard—the idea that policies designed to reduce risk often result in perverse incentives that lead to bad behavior. When the government tries to mitigate the cost of risky behavior, you end up with a lot more risky behavior, and it is easy for this effect to snowball and cause well-intentioned programs to completely fail and fall apart.
Peter Schiff is an American economist, author, and financial commentator. A licensed stock broker, Schiff is also the president of Euro Pacific Capital, headquartered in Westport, Connecticut. He appears frequently as guest on CNBC, Fox News, and Bloomberg Television, and also hosts the popular radio show and podcast, The Peter Schiff Show. His most recent book is The Real Crash.
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