Stupidity

[sprylama]

mike normanshould forget about economics and get into something he would be good at , like tanning , mike norman should open a tanning studio and leave the economics to peter schiff.

[ujisx]

The point is if there is a printing press that can counterfeit legal tender at will, it will & that is how & where you lose your freedom & standard of living.

We need free market money, the characteristics being:

Private property, the right of contract, the enforcement of contracts by the govt, no govt licensing of banks, open entry in coin production, no govt mint, no govt currency or coins, no legal tender laws.

The Soundest money is the fastest way to peace, freedom, prosperity, & justice.

[ujisx]

Mike Norman needs to answer for himself what would happen if the govt just printed all the money people ever needed. What would happen?

First off nobody would work, which means you couldn't get anything you needed to spend the money you have on. Your standard of living would go down not up.

Secondly the money the govt printed would become instantly worthless so people would have to start right back to work using another medium of exchange to maintain & increase their standard of living with.

[Playboysmurf1]

There is validity to both sides.

Goods are worth money - No doubt.

But what I think Mike is doing a dreadful job of explaining is that ownership and the services that go into non traditional services have real value. American owned companies own many of the factories in China. Many of the technologies used all over the world were created by and owned by American interests. Just consider the likes of Oracle, Facebook, Google, etc. Intangible assets still have value.

[KaitainCPS]

They're talking cross-purposes.

Norman is arguing as though Schiff is saying we have to manufacture all our goods, keep making all the TVs and cars. Norman says we can export services in exchange for these.

This is fine so far as it goes, but Schiff is not arguing - not in this snippet, anyway - that services can't be exported and we must be a manufacturing economy. He's arguing that we're not exporting ANYTHING, that we're borrowing Chinese money to buy Chinese goods - "exporting IOUs".

[Whorulesnow]

Norman, you suck. How does someone so obnoxious and dense get prime time TV coverage? To dumbing down the people. Get rid of your TV. Keep Schiff. You can get him on the computer at his site.

[doctorofghetto]

Was that Mike Norman?.....As the video's title stated....stupidity, indeed.

We might was well privatize our highways, bridges, and tunnels, along with selling our manufacturing structure to China and India....oh wait, it is already done.

[bobby4500]

haha

peter has to explain mike the very basic of economy

[imaginator]

MIke Norman needs to have monthly debates with Peter Schiff. It will be fun to watch.

[haveabeer123]

where is the entire interview? can anyone post it?

[RadioFlyer308]

The main idiocy is that blowhards like Mike DO believe that the paper can continue to flow... They don't want the party to end and prefer to saddle the debt to our grandchildren.

[smokinranger8]

Except the debt will not be payed by grandchildren. It is all going to blow up sometime this next decade. The numbers are so out of wack it isn't funny.

All I'll say is Mike Norman makes Peter look good. Peter destroys/picks him apart verbally with ease.

[shodan78]

Buffett agrees with peter schiff regarding the trade deficit. so Mike norman is one lucky fellow who lives in a sweet world where you don't have to produce anything just go to a shop and buy everything you want. if you don't have the money just print it,

[nonantianarchist]

Mike Norman's psychotic.His tenuous relationship with reality broke under the strain of getting repeatedly pwned by Peter Schiff. I expect him to come out some day and declare that the laws of physics don't matter, the government can create new energy from thin air, and that's he's discovered the secret of the magical flying rainbow-farting unicorns.

[Jaycephus01]

Insofar as we export the products/services of the mind, then yes, we can trade them for refridgerators. Norman, however, apparently does not see the massive trade deficit (back then, it's down now, but needs to drop more). We obviously are NOT producing enough, physical or mind-products regardless, to trade 1:1 for China's products, therefore Peter is right. To argue against it either back then or now is just mindless.

[19gokey78]

kayaker712,

your comment was hilarious. I wonder what I can get for a dog eared national geographic??

[htmenow454]

The question is not who is smarter here, the question is who is telling the truth(?) on the one hand I see Warren Buffet say he's investing in America, but then I see him making like a billion on a chinese stock. HES AN INSIDER. Obviously the american government has offered him something valuable to get him to spur confidence in the american market. Or perhaps they have some kind of dirt on him. I don't know. the point is hes not openly telling Americans how to save their ass. PETE IS!

[LenovoFightsPoverty]

Nobody can judge a 59 second video, thats misleading, where is Mike's answer to schiff?

Mike is not stupid I'm following him a few weeks, just like Buffett he's bullish, so who is smarter Buffett or Peter Schiff ?

I really don't know, but bashing Mike on these facts of this video, that's stupid.

[Elasaltaculos]

well, he packs in a lot of stupidity in a clip that lasts less than a minute. His youtube channel is full of videos

[nonantianarchist]

Mike is stupid. Honestly, if you're afraid of non-mainstream economics, at least listen to someone who hasn't made an ass of himself repeatedly in his economic predictions. The reason Mike's all pissed off is that he features prominently in the "Peter Schiff was right" videos as one of the guys scoffing at the idea that the housing market was bubbling or that when it bust it would bring down the economy. Seriously, even Paul Krugman is smarter than Mike Norman.

[chuska8383]

Services are almost never exportable. Our service economy is a shame centered around us borrowing from foreign countries to then buy things made in foreign countries and then sending Hillary Clinton over to China to ask for more money and argue that if they don't the Chinese will be unemployed, too. The world does not need us consuming their goods when we don't give them anything of value in return. Norman is a complete idiot. He needs to leave the gene pool - I hope he doesn't have kids.

[buzzz1213]

I'll say it again Japan has virtually no raw materials and is a very wealthy nation, Africa has many raw materials and is very poor, the difference is manufacturing.

connecticut was once one of the richest states not anymore, no manufacturing.

Norman is a boob!!!

[kayaker712]

I have some old newspapers, I wonder if Norman would sell me is car in exchange for them?

[chibbledorf]

What he's saying, in essence, is that the rest of the World is so stupid that they can't see that they're getting bits of green paper for their efforts & real, tangible goods.

He's wrong, and he and the other American idiots like him are the stupid ones.

When it comes it will flush away all of the turds like Norman - until the next economic dump that is.

[EMPIRE0FLIES]

Mike's not stupid. Hes just a paid keynesian propagandist and would sell his mom for a dollar.

[viensdestonie]

would u sell ur mom for a billion $?

[EMPIRE0FLIES]

Id sell your mom for a Billion dollars.

[carloandre0121]

judge him however you want, that is just something ignorant to do! what you should do is learn and know that every single investor is already adviced about the economy! so don't worry! things are already done, done in all this years of negligence cause by the people that control the goverment economics and the world economics!

DON'T LET ANYBODY TELL YOU HOW THINGS ARE! LEARN BY INVESTIGATING ABOUT WHAT YOU HEARD AND WHAT YOU SEE! FEED YOUR BRAINS

[Kogerii]

Norman feigns that Schiff is arguing against trade to distract fools (maybe himself included) from the worthlessness of credit. The UAE, China, and less important countries have already begun reducing their dollar holdings. A nation running on other nations trust is at the mercy of foreigners. A nation running on production is as strong as its' produce. A mighty military is a burden if you can't afford it.

[uuutheuuu]

Mike Norman doesn't get it. It's simple... money is just paper, Mike! While it does represent value, that value is subject relative to the amount of goods you can acquire from it. If our dollar is devalued, the dollar is not worth anything. If all we do is print money, there is little value in the dollar. Geez Mike. It's really not that hard.

[Sniper2008009]

Agreed! He simply does not get it. Money is just something that represents value, but ultimately, for exchange to be viable, you also must actually have something to sell with in order to get this representation of value.

Mike it's really this simple:

To get a refrigerator you need money

To get that money you need to sell something by producing something.

Once you now have that money, you can now buy a refrigerator.

It's so simple and basic yet the so-called economist just doesn't even get it

[kayaker712]

Money can be paper, but money is merely a medium of exchange. It is a store of value or supposed to be anyway, Ours is no longer a store of value is backed up by anything of value.

You work and exchange your labor for a piece of paper but that paper is accepted as representing the labor you expended to earn it.

[KingDrudge]

The dollar is backed up by Geithner's good word........(Chinese students laugh)

[nonantianarchist]

Tim Geithner is the real-life Wesley Mouch.

[jeffcaldwell2]

Mike Norman sounds like he fried his brain dropping acid and ecstasy.

[StillSmallVoices]

Mike Norman is dangerous in that people listen to him cause he paints a happy picture.

[fuzzywzhe]

> Mike Norman is dangerous in that people listen

> to him cause he paints a happy picture.

Come on. Think about this.

Do you really think people who are watching this, nodding their head and saying "That Mike Norman guy - he's smart, and that Schiff guy, he's an idiot" DO NOT deserve to lose EVERY penny they have?

You call him dangerous - to me, he's just going to help clean house in the United States.

[StillSmallVoices]

He is dangerous because I think its a proven fact that a good % of people will only believe what they already understand or what they want to be true, not what is actually reality.

It may seem obvious to us, but to people who heed on every word of Rush, Oreilly, Hannity , Olbermann, etc , they will believe Norman over Schiff.

[fuzzywzhe]

> It may seem obvious to us, but to people who

> heed on every word of Rush, Oreilly, Hannity ,

> Olbermann, etc , they will believe Norman over

> Schiff.

This may sound cold, and it is cold, but I really don't mind these sort of people getting TERRIBLY hurt. After all, it's these sort of people that have let this government get THIS crazy because they're too lazy to think and would RATHER be brainwashed.

We have this government because these people vote. I resent them for that.

[StillSmallVoices]

I hear what your saying, but in the end, its gonna take 5 to 10 million people who are fully aware of the very depth of this problem and who are willing to do what it takes to push these people out and warn the masses.

I have to have hope that some of these tards(like I was until october of 08, and I wanted to see wtf was up with this shit and finally got educated on it) can convert and wake up from the "Matrix"

I dont care what people say, i do care if people believe it somewhat.

[fuzzywzhe]

Struggle is a good teacher.

Let people struggle.

[StillSmallVoices]

well said

[sarjil]

I second that notion.

[sandorjohn]

Um, how is Peter Schiff's argument stupid?!? It's not, you moron. He's right. You just can't print money out of thin air and get goods and services. I mean, why work? As for services having real value. They do. To a degree. But you have to produce and save to build capital to invest and have real wealth. We borrow and consume. And print money to finance our spending habits. Mike Norman's philosophy is why we're in trouble. Big trouble. And it's going to get worse. Peter Schiff is dead right.

[eurogoldexchange]

I agree, I was exhasperated by the moronity of this Norman guy mocking usefull production. It is the spoiled brad syndrom.

[RobTzu]

The point was that services have a real value. And they do. We sell college educations for Cars. We sell health care. Etc. The problem is that our trade defecit including services is 800 billion dollars or so. Our solution has to been to gloss this over with paper. They were arguing at cross points I think.

[eurogoldexchange]

I don't agree. You can't cherry pick your finances to lok good, like it has been done with the cpi. It is fraud and selfdelusion on a grand scale. The US has offered paper dollars in return for real toil by Chinese and real oil from the Saudis. They have to realize they are not entitled to that for any reason.