Well I guess everybody is wrong except for Mike. Even the former Comptroller General David Walker who has been warning about the deficit spending. Why don't we just print (or issue) trillions more dollars and we can all be rich.
"There might be a foreign exchange risk... but there can never, ever, ever be a payments crisis."
If taken far enough, they're the same thing, Mike. That's the frik'n point. I mean, you can disagree with Schiff, Rogers, et al, on where the breaking point is, but this 'never, ever, ever' stuff is bullshit. Are you really trying to suggest that the Federal government could issue a 3000 trillion dollar stimulous, make all Americans millionares, and the US economy would just cruise along?
Man! USA is finished! Get used to it! There is a total outflow from buying US debt ... check oficial reports! 81 days and there can be run on the dollar ...
Smaller countries cannot play this game. Their debt is in foreign currency. But the larger countries that owe in their own currency can and do play this game.
You mention in this video that there might be some foreign exchange aspect of this. But the rating agency is of course rating with that in mind. The truth is foreigners lend 1 unit of currency/asset to the US and get 0.5 unit of the same cur/asset paid back. That's not a default but it doesn't deserve a Triple-A now does it?
Thank you! We need more, rational, intelligent, thoughtful people such as yourself to counter the uneducated propaganda, lies, misinformation and dogma of people like Schiff, Jim Rogers, Nouriel Roubini, David Walker, etc.
@mikeydoggy then why was he wrong on the video saying that housing prices would go up in 2007? when in fact as shiff pointed out the prices went down HAHAHA idiot indeed is this man
Don't think so, assgrab. Shiff was my colleague?? Think you're confused there as well. By the way, in case you didn't know the Wall Street Journal did a big story on Shiff and interviewed many of his clients. According to my sources the paper even left out the most damaging material against Shiff, like the fact that he told some old widow to mortgage her house to buy foreign stocks. He did this even while he said house prices were going to collapse. While not illegal, it's morally fraudulent.
You just listed one time. Your boy, Shiff, has been wrong dozens of times: foreigners selling treasuries, gold goes to $5,000, dollar collapses, interest rates spike to attract capital. All out of paradigm and wrong. More importantly, even though he proclaims to have "called the housing bubble," (many people called it, by the way), he lost all his clients' money!! I made money!
Ummm... 2000-2009 Schiff was in gold (which has quadrupled over that time) and foreign stocks (which have had a similar ride)... and you're going to try to convince me that over that period you made more money than he did by investing in American stocks and real estate, both of which have been flat for the same time frame?
Hi mike. I've seen you on shows with peter schiff. It seems as you were wrong. However, i am glad that you now are trying to balance the supply of economic-videos on youtube. Its all about peter schiff in here. Please comment on the issues that peter schiff and jim rogers brings about. i am looking forward to hear your comments and analysis. Ps. I am quite a big fan of peter schiff - but i am looking forward to hear your arguments. Regards from Denmark
You tell em Mike!
WilhelmDrake 4 months ago
hey doggy mikey, u are an idiot. a lot of people disliked your vid. #LOL
KhmerD0g 10 months ago
Thank you for simplifying a superficial financial concoction, put out by the upper echelon and elites!
Keep it Simple!
007HubbaBubba 10 months ago
Get a lfe Mike, maybe you should larn from peter schiff
thenanook2 1 year ago
Mike you suck, gets some help.
njac1946 1 year ago 2
Hujedamej!
Han ser ju så väldigt arg och besviken ut den där gubben.
Nu ska jag lyssna på Johhn Denver istället.
jennynordpet 1 year ago
Rating agencies are not idiots! They are corrupt and those who listen to them are idiots.
2009zigi 1 year ago
Did this guy just hit a bowl before doing this video?
rcl151 1 year ago
Well I guess everybody is wrong except for Mike. Even the former Comptroller General David Walker who has been warning about the deficit spending. Why don't we just print (or issue) trillions more dollars and we can all be rich.
707hoser 2 years ago
Nice hairdo Mike...
dondalle 2 years ago
Yeah, rating agencies are idiots. If they were smart, they would have downgraded US bonds long ago.
nonantianarchist 2 years ago
It's amazing how someone can say everything that's 100 percent THE OPPOSITE of what is true
jimsnider34 2 years ago
Mikey, you look terrible. Quick drinking alcohol to cover up for your blunders on TV trying to go against Peter Schiff.
ericjordan 2 years ago 9
Mike, put 20% of your liquid assets into gold and silver. Protect yourself.
tyronebiggums3 2 years ago
"There might be a foreign exchange risk... but there can never, ever, ever be a payments crisis."
If taken far enough, they're the same thing, Mike. That's the frik'n point. I mean, you can disagree with Schiff, Rogers, et al, on where the breaking point is, but this 'never, ever, ever' stuff is bullshit. Are you really trying to suggest that the Federal government could issue a 3000 trillion dollar stimulous, make all Americans millionares, and the US economy would just cruise along?
jeremyemilio 2 years ago
Man! USA is finished! Get used to it! There is a total outflow from buying US debt ... check oficial reports! 81 days and there can be run on the dollar ...
Google: Monetization of USTreasurys in Isolation
SolitonPL 2 years ago
You need a labotomy.
PatriotReport 2 years ago
Hi Mike,
Smaller countries cannot play this game. Their debt is in foreign currency. But the larger countries that owe in their own currency can and do play this game.
You mention in this video that there might be some foreign exchange aspect of this. But the rating agency is of course rating with that in mind. The truth is foreigners lend 1 unit of currency/asset to the US and get 0.5 unit of the same cur/asset paid back. That's not a default but it doesn't deserve a Triple-A now does it?
MindControl7000 2 years ago
I resent the debt doom-and-gloom nonsense of these permabears like Peter Schiff. Great video.
Bellator656 2 years ago
Thank you! We need more, rational, intelligent, thoughtful people such as yourself to counter the uneducated propaganda, lies, misinformation and dogma of people like Schiff, Jim Rogers, Nouriel Roubini, David Walker, etc.
mikeydoggy 2 years ago
Yes, we need more rational, intelligent, thoughtful people. In other words, Mike, we need people who aren't like you.
nonantianarchist 2 years ago 5
@mikeydoggy I know it's not like these guys have been right on anything.... Oh wait, they were right you tool!
LibertySole 1 year ago
@mikeydoggy then why was he wrong on the video saying that housing prices would go up in 2007? when in fact as shiff pointed out the prices went down HAHAHA idiot indeed is this man
Leva1234 1 year ago
@Bellator656 But Peter Schiff was right. Mike Norman was WRONG!!
achalmers 1 year ago
@achalmers Peter Schiff and his kind are like broken clocks, they're right twice a day.
Bellator656 1 year ago
@Bellator656 And people like you will always believe unqualified, classless jerks like Mike Norman...who was, is, and will always be...WRONG!
achalmers 1 year ago
Oh Mike you're so confused.
And there is no way you made money, we were all down last year, thanks in part to artificial lending standards.
And why do you insist on bad mouthing a colleague who has been nothing but gracious to you.
"he lost all his clients' money!!" is simply not true.
I know you believe what you say but do it with some class and you'll be a classy guy before you know it.
assgrabberb 2 years ago 3
Don't think so, assgrab. Shiff was my colleague?? Think you're confused there as well. By the way, in case you didn't know the Wall Street Journal did a big story on Shiff and interviewed many of his clients. According to my sources the paper even left out the most damaging material against Shiff, like the fact that he told some old widow to mortgage her house to buy foreign stocks. He did this even while he said house prices were going to collapse. While not illegal, it's morally fraudulent.
mikeydoggy 2 years ago
"So many times?"
You just listed one time. Your boy, Shiff, has been wrong dozens of times: foreigners selling treasuries, gold goes to $5,000, dollar collapses, interest rates spike to attract capital. All out of paradigm and wrong. More importantly, even though he proclaims to have "called the housing bubble," (many people called it, by the way), he lost all his clients' money!! I made money!
mikeydoggy 2 years ago
"he lost all his clients' money!! I made money!"
Ummm... 2000-2009 Schiff was in gold (which has quadrupled over that time) and foreign stocks (which have had a similar ride)... and you're going to try to convince me that over that period you made more money than he did by investing in American stocks and real estate, both of which have been flat for the same time frame?
I call bullshit.
jeremyemilio 2 years ago
Mike's all about the bs.
nonantianarchist 2 years ago
Hi mike. I've seen you on shows with peter schiff. It seems as you were wrong. However, i am glad that you now are trying to balance the supply of economic-videos on youtube. Its all about peter schiff in here. Please comment on the issues that peter schiff and jim rogers brings about. i am looking forward to hear your comments and analysis. Ps. I am quite a big fan of peter schiff - but i am looking forward to hear your arguments. Regards from Denmark
johnnyfenger 2 years ago
Hi. Thanks for your comments and please keep watching my videos and share them with friends and colleagues. Important economics' lessons here.
mikeydoggy 2 years ago