Acclaimed Economist Ha-Joon Chang Gives Peter Schiff A Lesson About 'Free Market' Capitalism

[slightsociopath]

lol 10:04

[ObamaFTWdotcom]

Peter Schiff keeps talking over Chang to keep him from driving his point home ( that Singapore (which the free market faithful cite as their free market utopia has an economy that's 20% owned by the government (state-owned enterprises)). Taxes are lower because the government doesn't need to tax as much because they are making revenues from the 20% of the economy they comprise. That figure is only 1% in the US. Schiff reminds me of creation scientist Kent Hovind.

[DavidByrne85]

Schiff is a boorish dolt

[astraeagreek]

watching this video makes me hate our "fake it till you make it" culture.

schiff is talking out of his ass as usual.

[mikethehammertackett]

Schifft came off looking like an ass, and Chang drilled him big time, if Peter thinks we are in a socialist economy, he is full of shit.

[Clitennestra79]

Typical American MACHO "self-made man" answer: "I've got more money in Singapore than you can't even count".

You can have all the money in the wolrd, but when you are a retarded prick, money can't really help....

[addendum044]

Singapore has state owned industries, but they're run like businesses. Case in point, there are laws against Unionization in many industries. And average IQ of Singapore is high.

[justnotcricket]

Schiff the shiv not only doesn't know where corporate investments come from, he also thinks that 40% of his economy is socialist :s

Did he even see a U.S housing bubble? I'm starting to doubt he did.

[SchittReport]

@justnotcricket

he was touting a housing collapse since 2001 - which means he was wrong for 6 years before 2007. all bubbles pop eventually - even an 8th grader knows that.

[saxonkirwan]

Peter Schiff obviously doesn't realise that 60% of Singapore's GDP is generated through companies that the government has a major stake in. Most of Singapore's "free market" economy is economic planning and the People's Action Party is based on democratic socialism. He is spot on in saying that 40% of the US economy is government expenditure.

[bapyou]

Peter Schiff will appear in this year's Ayn Rand calendar for smug self-absorbed narcissists.

Narcissists are encouraged to buy the calendar only if capable of looking at another person's image for longer than 10 seconds at a time.

[john2knj]

The audience didn't boo Schiff because he was wrong, it was because he was being rude with a few comments. On the data he was right. Someone scoffed at his 40% (I think he said 40%) of GDP from government spending. Well, I looked that up myself. Gov spending in the US has been > 30% of our GDP for just about the past 40 years. 35% in '06 & '07, 37% in '08, 42% in '09, 40% in '10. The 1% of GDP coming from our gov, as per Chang, is not reality as it's way more. Schiff was right.

[SchittReport]

@john2knj

read my reply to trtnec.

you obviously don't understand the difference between government business and government spending and obviously, neither does your idol.

please go back to school and take him with you, so that he doesn't embarrass himself any more in front of the public. and no, i will not waste any more time processing postings from you.

[john2knj]

@SchittReport I'm not surprised you would need to process/censor postings based on how you respond to people. Not sure why you are acting so angry, though, but it's not necessary. No worries on "wasting more time" as I'll be sure to spend mine on more informative factual channels.

[SchittReport]

@john2knj

i was testing you with that reply and true to form, a trolling response from someone whose silliness / ignorance was exposed and laid bare for all to see.

whether you spend time on watching this channel is irrelevant to us, particularly since you are obviously a cult follower.

[utubenotgoodasgvideo]

@john2knj Chang never stated that state spending in the US was only 1% of GDP. What he stated was that only 1% of US GDP CAME FROM STATE OWNED ENTERPRISES.

[trtnec]

the funny part was when Chang stated the fact that 1% of US GDP is from gov't run business and Schiff says 40 I think? wtf? I think he was just stating his own exaggerated tax rate.

[SchittReport]

@trtnec

as usual, peter schiff tries to warp the facts (mostly because he can't even understand the facts and basic economic concepts). contribution to GDP from government owned businesses are 1%; government spending in total is 40%.

needless to say, big difference between the 2 - government spending has absolutely no correlation with regulation.

of course, schiff is too stupid to even realize this.

[gnomechomskylives]

My hat's off to @SchittReport. Good to see some resistance to Peter Schiff who has a legion of fawning sycophants licking his boot heels for God knows what reason. Get the word out on this guy. He is a fraud that needs to be put in his place!

[zsylvana]

Thank you for all good vids!This channal is a real treat!First part is almost painful!Ha Joon Chang is one the worlds most esteemed economist,and it honor him to even spend time on that babblin broken clock.Good interview!

[Seano71]

this guy's book sounds interesting. I'll look out for it

[heckler73]

@Seano71

He also wrote a coherent argument about the hypocrisy of free-trade in "Bad Samaritans"

I'd recommend that as well, if you're interested in more detailed arguments on Globalization (although Chang is not against it, per se)

But, from what I can see, his "23 things" will cover that subject.

watch?v=whVf5tuVbus

[obnoxiousvf]

Interesting point there. They want a free market for goods and services, but not for labour, that needs to be regulated in the employer's favour.

I might want to get my hands on his book.

Oh and Schiff's anti-intellectual grasp "I don't need to study it - I employ over 100 people!" Really?

[dffykvn]

@obnoxiousvf Schitt: I have more money than you so obviously I'm right.