Stef, to add a critique, i think you should have ended this conversation early. I am not an interviewer, so i don't know if this is a "no no" thing to do and will get you "black listed" from future interviewee, but this guy is a complete idiot theist and/or statist. I'm thinking you were surprised to find out he was like this and found out too late and had to go on. But if not, what was the purpose of this? To feed the other statists the fact that you take both sides? U need only 1st principal
@jcrongoXisXaXjerk i'll continue to fully describe coherently what I mean.
So ....you don't need to (just a reminder to what you know) interview both sides to justify your reasoning. You only need 1st principal. Maybe this is a different kind of discussion where you just try to listen, but also then, why go through that agony? Like trying to discuss philosophy with your parent, it's suicide. We, the anarchists don't want to hear it, only the statists do. Why would u want them around here?
as an economics student (anarchist), who is used to being tortured by Keynesian Professors, I can tell you guys that this guy is way, way better than his mainstream colleages. I enjoyed it, thx.
Congratulations Stef, for holding your tongue at some of his historical remarks. Especially when he adulates a man who murdered 600,000 people to realize his vision of what kind of state the US should be. I must say though, that when someone goes off a rant just to give his version of history then he opens himself up to attack.
@shmabadu I agree. It was an illuminating look at the perspective of a man who feels perfectly competent and justified in his job helping to control the lives and futures of everyone else, and helping to fund the terrible engines of war and tyranny.
The FEDS have all of the gold because they stole it from us. Usury is immoral, creating money from nothing is fraud. If you borrow 100,000 from a bank you will pay back 200,000 in 30 years. How much better off would you be if you could pay it off in only 15 years or at half of the amount per month?
I appreciate that you bring a variety of perspectives onto your show & I learned a few things from this video Unfortunately, I had to stop the video when he said Lincoln was the second greatest president in American history.
Switzerland has no gold backing since 1992 when it became member of the IWF. This guy has no idea. What a pile of crap. No wonder the system is fucked up.
raising the retirement age? that is like making people that are part of your ponzi scheme wait a little longer for their money. It doesn't solve the problem it just offsets the total collapse of your scheme.
Raise the retirement age to 73! That is an extremely creative idea to solving the social security problem! Pure economic genius! Really I'm in awe....somebody give this man a nobel prize!
Stef talks about the softening of the dollars. James smith mentions in the video, their toward the end, around the 46:00 mark, that we are one of the most economically mobile societies in history. I wonder if that's true or not. He says about 20% changes every year, for the better... I wonder if that has anything to do with the contentious growth of government jobs? Maybe someone smarter than myself, or who has read more/seen more, can help me understand this.
It used to be, back before the IRS and the Federal Reserve. Ever since then, things have been slowing, stopping in the mid 1960s, and poverty has been increasing and stagnating since.
Heh, good luck with the open immigration policy to pay for old bureaucrat's pensions. Immigrants come from countries raped by the US government, you think they'll be all happy about paying taxes to their rapist ? They'll do everything they can to keep most of their activities in the "black market", quite understandably so. They'll basically help turn the USSA back into what America was before the parasites took over.
How is Dr. Smith defining economic growth? With a constantly expanding money supply gdp will grow with out any jobs or any economy. The current economic growth is a product of more government spending (debt) abd quanitative easing(debt).... Thus debt=growth. I guess the dollar as the reserve currency has nothing to do with any of this... HA...
At minute 41 Smith claims that it is hard to see how cutting $4 Trillion over the next 10 years can be a bad thing...maybe this idiot hasn't realized what our yearly deficit is??? We need to GET RID OF THE FEDERAL GOVERNMENT. And that twit Molynieux who is a FAKE ANARCHIST doesn't say a single word. He is hopeless...and so am I for following this twit. So enough.....
Smith is a complete idiot. What world does he live in ??? He is hopeful??? He is a complete idiot. Can anyone post a way to contact this fool? He needs to be re-educated. At minute 40 he states that the only solution is for the Fed Gov to spend less....has this fool realized that the phony American economy is ONLY Federal Spending??? This guy is a complete fool.
At the 39 minute mark Molynieux actually says "So if there is no inflation" and Smith says "it is impossible to inflate you way out [of debt]". What planet do they live on? Inflation is the exact mechanism by which debt is disposed of. How can this guy be considered a credible Economist???
At 37 minutes this twit Smith says that the prescription for not having inflation is "stop printing money"! And this guy had to go to school to learn that??? And this twit thinks that we are actually going to do that??? we aren't like Argentina or the Weimar Republic??? Why? Because we are good ol' Americans? Americans are some of the dumbest people on Earth! He is a hopeful twit..and hope is not a strategy.
At the 34 minute mark Smith states alarming figures of our unfunded liabilities, yet he is hopeful??? is he crazy? And then he states that when things get really bad Congress does the right thing? Can Molynieux even ask for him to give ONE example? Congress has NEVER done the right thing in the last 100 years. That is what I mean when I say that Molynieux is a terrible interviewer.
Sort of interesting to watch the bleary mentality of the past slog through current events. Nice, Stefan, that you give the mainstream view such a thorough airing. If this is the Case for Hope then I am glad to have a little coin because we are in deep doo-doo
Molynieux can be such a twit . And I think he is a closet Socialist. At the 32 minute mark he states some statistic about Medicare recipients pulling $3 out for every dollar in. What he neglects to mention is the debt that is accumulated to account for the difference, that is, hundred of trillion of dollars in the unfunded liabilities. He can be so good and so terribly stupid sometime.
I see by the video ratings that your guest's views are are not shared by your audience. I applaud and thank you for having this conversation with an establishment type. Your restraint in not pursuing the premises of his arguments made this conversation better than if you had, but would make for a wonderful follow-up. I don't think I will be making much use Dr. Smith's economic views in my own financial planning, I find John Williams better suited for that.
Using GDP to indicate the conditions of an economy is fundamentally deceptive, and it shake's this guy's credibility.
It's true that we have reason to be optimistic about human development in general, but that is only if we continue to promote policies that continue this development - which is via the peaceful free market. I highly recommend The Rational Optimist for a rational form of optimism, unlike this Smith character.
Really enjoyed this conversation. And I love how polite you are: "you've said some interesting things"--or if someone more blunt were saying it: "some of what you've said is a bunch of BS." But some great insight, and much-needed optimism anyway. I guess time only knows which way we are headed.
He said most Texans are optimistic. What an idiot. This might be the worst Stefbot video I have watched. blah blah blah blah blah churchhill blah blah wtf wtf blah blah blah blah. Had a nasty recession? If we have inflation down the road? This guy only knows how to read charts with stacked statistics.
I've trashed you in the past but I will say that this was one of your better interviews. You seemed fairly well prepared and didn't run your yap so much about the stateless society nonsense. Mr James Smith may be as colorful as his name but he was nevertheless interesting to listen to.
Thank you Stef for presenting a different view point. Dr. Smith's comment that history is "on his side" is a little hard to understand. The history that I am familiar with is clearly not on his side. There are countless examples from history of Nations that have engaged in the monetary practices that the US is currently pursuing that have ended in disaster. Also, Dr Smith's praise of Bernanke is not helpful to Dr Smith's credibility. Please watch "Ben Bernanke was wrong" on YouTube.
I agree with him that there probably won't be another huge depression by what his view of what a depression is ; if the dollar for some crazy reason is not rejected. His view is based off GDP and the governments fudged numbers. Meanwhile reality will paint a different picture. What is "growth" worth.. When in the late 40-50s on average a single parent in a 3-10 person American household could support the entire family. Now it takes an entire family or more to support a single household.
Smiths first point about statistical ratios is a little silly. It totally ignores any context of the situation.
Its like saying since a new Simpsons episode has come out every month or so for the last 20 years there is no reason that it wont continue indefinately; ignoring the fact that the people who make it might stop, or the voice actors will get old and die.
He is prefacing all this with the past. Even though we've been fooked for about 3 years now. So any trends from before don't make a realistic difference to now. The US has never been 15 Trillion in debt. And has never been printing so much money which is inflate the hell out of the currency and debase it. 95% of the money supply(m3) is electronic debt money. This guy is supposed to be an expert. I personally am pretty disgusted. 'Doom and gloom people' ... 'we had a nasty recession' ... My God
Stef, you should have asked your guest what he thinks of John Williams' estimates at ShadowStats that year over year inflation in the US is 10,5%, why he thinks GDP is a reliable indicator of growth and why lower unemployment if it's primarily caused by public sector jobs increases is a good thing.
Hi stef, I wonder how you protected your brain from total collapse while he praised Bernanke as the allknowing and allmighty star of our universe. This information would be important for all of us. ;-)))
"My prediction, spelled out below, is that we’ll get through our current problem and see the expansion continue until at least 2010", says Dr. Smith, "Despite all the gloom and doom talk in the media and on Wall Street and the poor “Employment Report” released by the Bureau of Labor Static on..., the reality is that the U.S. economy is still growing, albeit at a level well below its potential. There is nothing wrong with the U.S. and Euro Zone economies that lower interest rates won’t cure." '07
Is this the same brilliant man that said in 2008 that there was no threat of recession, "detailed comments from economic forecaster Professor James F. Smith, Chief Economist, Parsec Financial Management,... Dr. Smith explains why the economy was in danger of slipping into a recession in the second quarter of 2007, but that those fears have now subsided, and no recession is expected now in this year, or in 2008." Let me guess he knew enough to completely get the entire collapse wrong? lol
Did Dr. Smith explain a financial strategy that didn't involve passing the bill to the next generation(s)?..I honestly don't know if he did or did not...
Stef as a long time viewer I must say you look very uncomfortable with a great deal of what your hearing here. Double facepalm from you and me on this one I'd say. I even got the feeling that on a few points you wanted to shout at him at the top of your voice like I'm sure many of your viewers will be doing in the comment section of this video. I personally can still taste the bile.
Stef is doing us a favor and exposing us to the absolute insanity of the other side's viewpoint. If Stef were to interrupt him or try to correct him, we wouldn't hear the full story in all its illogical glory.
@kihjin I completely agree, as I was watching this I had similar thoughts. I'd like to add that ( I haven't seen every interview Stef has done, but) this is a great example of how to respond and react to a person that you may not agree with; very respectful and very calm.
And Molynieux...you are a terrible interviewer...you don't challenge *any* statement. What good are you? This shit head Smith made a number of absurd statements and you didn't even blink.
@nwaustx2011 Doubt he'd get these interviews if he was a dick while interviewing people he didn't agree with (or people he knew was wrong) he interrupted and corrected them. He does a good job of letting them speak and then asking questions to flesh out the interviewers points and then asks questions to the logical problems he sees when he is done. The key here is he waits until the other person is finished speaking--like civil people do :P
@Heallun Yes, give an idiot enough rope...and he'll hang himself. This idiot has been predicting growth and denying any recession for the past 4 years - there is no sense exciting a lunatic, just try and argue with a Christian. lol
@Heallun who said anything about interrupting? you can wait until someone talks to challenge. Molynieux never questioned Smith. He could have asked: 1) doesn't the Federal Reserve based monetary system involve theft from savers? 2) why do we need a centrally-planned monetary system? 3) give any other period where interest rates were at near zero for such a long time? 4) can we really believe that GDP is a useful statistic given that 70% of it is consumption (which in large part is debt)? etc
What an arrogant fool this man is... when confidence become arrogance... mistakes are sure to follow. Hyper inflation won't happen because a guy has to write a letter and it's very embarrassing... yeah right!
Did I hear wrong? Did Smith talk about GDP as though it does not include federal spending (money stolen from the real private market)? Boeing, GE, PacCar, Grumman, and most of Wall Street would not be able to survive in their respective conditions if gvt spending stopped. To say nothing of direct gvt employees that are counted in gvt GDP numbers. Seems to me the only way to get real GDP numbers would be to shut off the gvt for 1 month and end the fed then check it. Maybe I'm wrong though.
2% inflation, My Ass!! What a crock of shit!! The consumer price index doesnt include core essentials like food, energy. Its a crock of shit done up by Government paid statisticians! Dont believe this crap at all! This guy is another shill! Why stef did you bring this clown on here? Please explain yourself Stef? You agree with this guys bullshit?
higher. Maybe another double for gold, a triple for silver. I bought silver last week at 35 and plan to buy some gold in the near future.
I wouldnt buy the hype about the astronomical numbers some people are throwing out. Anything can happen but if silver gets to 100 im selling, and if gold gets to 2.5k - 3k ill sell.
I could be wrong, no one knows the future, but thats what im doing with my money.
@Equity213 I have heard silver going up%500 by 2020 I can'tsee itgoing thathigh becausepeople who haven't followed themarket for silver much like gold, will be seeing thisastronomical price, and theother problemis Isee silver producersselling less% silver (instead of 99.9% maybe 95%) forpeople to buyit at cheaperprices. Because if your at thatpoint you have absolutely no sellers,you have a niche market. Youwill also get what you have right now with numismatic coins,people not willing to sell.
@stefbot : Probably others were reluctant to speak up....but I think someone should tell you that you may have inadvertently rubbed off a bit of hair with the sanding. Perhaps it will grow back when you've finished sanding.
Why do you guys dislike the video if you don't like the guest? Did I miss something here? Is Stef going statist or something? Look; any Bernanke supporter makes me want to puke, but my point is this video is an "interview" NOT a "debate"!
@DeathTax101 Better yet, how many of the haters have a PhD in economics? That doesnt make Dr. Smith correct, but it certainly makes his opinion worth considering.
this is my first "dislike" of one of Stef's video's. Not meant to Stef but to the other cat who has no understanding what bro Mises called "Human Action." This cat should be on the board with Chopper Ben Beard the pirate.
Stef, to add a critique, i think you should have ended this conversation early. I am not an interviewer, so i don't know if this is a "no no" thing to do and will get you "black listed" from future interviewee, but this guy is a complete idiot theist and/or statist. I'm thinking you were surprised to find out he was like this and found out too late and had to go on. But if not, what was the purpose of this? To feed the other statists the fact that you take both sides? U need only 1st principal
jcrongoXisXaXjerk 2 months ago in playlist True News! from Freedomain Radio
@jcrongoXisXaXjerk i'll continue to fully describe coherently what I mean.
So ....you don't need to (just a reminder to what you know) interview both sides to justify your reasoning. You only need 1st principal. Maybe this is a different kind of discussion where you just try to listen, but also then, why go through that agony? Like trying to discuss philosophy with your parent, it's suicide. We, the anarchists don't want to hear it, only the statists do. Why would u want them around here?
jcrongoXisXaXjerk 2 months ago in playlist True News! from Freedomain Radio
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Harold Camping was RIGHT about May 21, click on my channel to see...
youneekk 8 months ago
Thanks Stef for letting us see just how insane these guys are. You didn't have to "refute" anything he said because it was so obviously idiotic.
joybran 8 months ago
This man's understanding of history is agonizing.
strokjl 9 months ago 3
@baggytheo quite possibly, but this guy has some good points.
sundancekid122 9 months ago
Good for Stef to invite the "other side" onto his show, however hopelessly retarded they might be.
baggytheo 9 months ago 2
Smith thinks we are in recovery? LuLz
I'm not going to waste another 41 minutes listening to delusion.....
justintempler 9 months ago 2
as an economics student (anarchist), who is used to being tortured by Keynesian Professors, I can tell you guys that this guy is way, way better than his mainstream colleages. I enjoyed it, thx.
klitschko88 9 months ago
Congratulations Stef, for holding your tongue at some of his historical remarks. Especially when he adulates a man who murdered 600,000 people to realize his vision of what kind of state the US should be. I must say though, that when someone goes off a rant just to give his version of history then he opens himself up to attack.
shmabadu 9 months ago
@shmabadu I agree. It was an illuminating look at the perspective of a man who feels perfectly competent and justified in his job helping to control the lives and futures of everyone else, and helping to fund the terrible engines of war and tyranny.
leafwatch 9 months ago 2
The FEDS have all of the gold because they stole it from us. Usury is immoral, creating money from nothing is fraud. If you borrow 100,000 from a bank you will pay back 200,000 in 30 years. How much better off would you be if you could pay it off in only 15 years or at half of the amount per month?
cchessmaster 9 months ago
The comment about Lincoln: UGH.
OUexclusive 9 months ago 2
@yingyangcorpse
thank you for your kind words...your right
infokriegerBerlin 9 months ago
@yingyangcorpse
much more than you it seems....if you think bernanke is one of the best chairmen...
and if you think that the fed is a good thing..than be my guest...
infokriegerBerlin 9 months ago
why are you wasting your time with such establishment hacks? bernanke one of the best. fed-chairman..??? thanx 4 the laugh
infokriegerBerlin 9 months ago
if you print enough money, you will see gdp numbers go up
modelmark 9 months ago
Dr. Smith is an establishment hack. The guys at Mises. org would mop the floor with him.
CurtHowland 9 months ago
How about this.
Audit the Federal Reserve, then abolish it, and simply erase all the "debt" that was "owed" to the Federal Reserve. Gone.
That should take care of a whole bunch of the "debt" in one simple book-keeping entry. $0.
CurtHowland 9 months ago
I appreciate that you bring a variety of perspectives onto your show & I learned a few things from this video Unfortunately, I had to stop the video when he said Lincoln was the second greatest president in American history.
gryphonauto 9 months ago
Comment removed
GeneralKashenblade 9 months ago
Switzerland has no gold backing since 1992 when it became member of the IWF. This guy has no idea. What a pile of crap. No wonder the system is fucked up.
qminusis 9 months ago
Funny how people claim they see something while they have their eyes closed.
qminusis 9 months ago
raising the retirement age? that is like making people that are part of your ponzi scheme wait a little longer for their money. It doesn't solve the problem it just offsets the total collapse of your scheme.
jaminunit 9 months ago 2
Raise the retirement age to 73! That is an extremely creative idea to solving the social security problem! Pure economic genius! Really I'm in awe....somebody give this man a nobel prize!
GeneralKashenblade 9 months ago 2
LOL. I like the way you just move on to the next question after his Bernanke praise "Allllllright..."
StrafingMoose 9 months ago
Stef talks about the softening of the dollars. James smith mentions in the video, their toward the end, around the 46:00 mark, that we are one of the most economically mobile societies in history. I wonder if that's true or not. He says about 20% changes every year, for the better... I wonder if that has anything to do with the contentious growth of government jobs? Maybe someone smarter than myself, or who has read more/seen more, can help me understand this.
MRSketch09 9 months ago
@MRSketch09 "I wonder if that's true or not."
It used to be, back before the IRS and the Federal Reserve. Ever since then, things have been slowing, stopping in the mid 1960s, and poverty has been increasing and stagnating since.
CurtHowland 9 months ago
@CurtHowland Thanks.
MRSketch09 9 months ago
Heh, good luck with the open immigration policy to pay for old bureaucrat's pensions. Immigrants come from countries raped by the US government, you think they'll be all happy about paying taxes to their rapist ? They'll do everything they can to keep most of their activities in the "black market", quite understandably so. They'll basically help turn the USSA back into what America was before the parasites took over.
StrafingMoose 9 months ago
Hopeful? Social security is easily fixed by raising the retirement age? Wow.
nocoercion 9 months ago
How is Dr. Smith defining economic growth? With a constantly expanding money supply gdp will grow with out any jobs or any economy. The current economic growth is a product of more government spending (debt) abd quanitative easing(debt).... Thus debt=growth. I guess the dollar as the reserve currency has nothing to do with any of this... HA...
TheWillwillwill 9 months ago
At minute 41 Smith claims that it is hard to see how cutting $4 Trillion over the next 10 years can be a bad thing...maybe this idiot hasn't realized what our yearly deficit is??? We need to GET RID OF THE FEDERAL GOVERNMENT. And that twit Molynieux who is a FAKE ANARCHIST doesn't say a single word. He is hopeless...and so am I for following this twit. So enough.....
nwaustx2011 9 months ago
Smith is a complete idiot. What world does he live in ??? He is hopeful??? He is a complete idiot. Can anyone post a way to contact this fool? He needs to be re-educated. At minute 40 he states that the only solution is for the Fed Gov to spend less....has this fool realized that the phony American economy is ONLY Federal Spending??? This guy is a complete fool.
nwaustx2011 9 months ago
At the 39 minute mark Molynieux actually says "So if there is no inflation" and Smith says "it is impossible to inflate you way out [of debt]". What planet do they live on? Inflation is the exact mechanism by which debt is disposed of. How can this guy be considered a credible Economist???
nwaustx2011 9 months ago
At 37 minutes this twit Smith says that the prescription for not having inflation is "stop printing money"! And this guy had to go to school to learn that??? And this twit thinks that we are actually going to do that??? we aren't like Argentina or the Weimar Republic??? Why? Because we are good ol' Americans? Americans are some of the dumbest people on Earth! He is a hopeful twit..and hope is not a strategy.
nwaustx2011 9 months ago
At the 34 minute mark Smith states alarming figures of our unfunded liabilities, yet he is hopeful??? is he crazy? And then he states that when things get really bad Congress does the right thing? Can Molynieux even ask for him to give ONE example? Congress has NEVER done the right thing in the last 100 years. That is what I mean when I say that Molynieux is a terrible interviewer.
nwaustx2011 9 months ago
Sort of interesting to watch the bleary mentality of the past slog through current events. Nice, Stefan, that you give the mainstream view such a thorough airing. If this is the Case for Hope then I am glad to have a little coin because we are in deep doo-doo
0ldragon666 9 months ago
Molynieux can be such a twit . And I think he is a closet Socialist. At the 32 minute mark he states some statistic about Medicare recipients pulling $3 out for every dollar in. What he neglects to mention is the debt that is accumulated to account for the difference, that is, hundred of trillion of dollars in the unfunded liabilities. He can be so good and so terribly stupid sometime.
nwaustx2011 9 months ago
"The sole basis of optimism is sheer terror [of the alternative]" - Oscar Wilde
Apparently with the exception of those raised in Texas.
lonewolfmtnz 9 months ago
I see by the video ratings that your guest's views are are not shared by your audience. I applaud and thank you for having this conversation with an establishment type. Your restraint in not pursuing the premises of his arguments made this conversation better than if you had, but would make for a wonderful follow-up. I don't think I will be making much use Dr. Smith's economic views in my own financial planning, I find John Williams better suited for that.
NAVYGOLDEIGHTFOUR 9 months ago
34:30=strong poker face
njedinjedi 9 months ago
Using GDP to indicate the conditions of an economy is fundamentally deceptive, and it shake's this guy's credibility.
It's true that we have reason to be optimistic about human development in general, but that is only if we continue to promote policies that continue this development - which is via the peaceful free market. I highly recommend The Rational Optimist for a rational form of optimism, unlike this Smith character.
rockandrock44 9 months ago
Comment removed
fauyd 9 months ago
This is great.
i2aymond 9 months ago
Really enjoyed this conversation. And I love how polite you are: "you've said some interesting things"--or if someone more blunt were saying it: "some of what you've said is a bunch of BS." But some great insight, and much-needed optimism anyway. I guess time only knows which way we are headed.
Manifestatheist 9 months ago
The problem isn't about the genetics of immigration, the problem is the social implications of it.
BrianLittleton53 9 months ago
He said most Texans are optimistic. What an idiot. This might be the worst Stefbot video I have watched. blah blah blah blah blah churchhill blah blah wtf wtf blah blah blah blah. Had a nasty recession? If we have inflation down the road? This guy only knows how to read charts with stacked statistics.
giovanhagar 9 months ago
I've trashed you in the past but I will say that this was one of your better interviews. You seemed fairly well prepared and didn't run your yap so much about the stateless society nonsense. Mr James Smith may be as colorful as his name but he was nevertheless interesting to listen to.
dsturch 9 months ago
@dsturch Boring interview with a statist who propagates monetary manipulation. Stefan should have put his down with ABCT.
rumco 9 months ago
Swiss Franc is not tied to gold in any way (it was partially in the past). The Swiss central bank holds some gold just like other central banks do.
rumco 9 months ago
if you praise Bernanke saving economy, you should praise Obama for ending the wars.
munapillu 9 months ago 6
Benny B.???? WTF???..Steph...Love your response..tilt of the head..OKKKKKkkk
moving right along...lmao!!..So many things he said I totally disagree with,but it is something to debate...Thanks again for another great show.
timochio1953 9 months ago
Thank you Stef for presenting a different view point. Dr. Smith's comment that history is "on his side" is a little hard to understand. The history that I am familiar with is clearly not on his side. There are countless examples from history of Nations that have engaged in the monetary practices that the US is currently pursuing that have ended in disaster. Also, Dr Smith's praise of Bernanke is not helpful to Dr Smith's credibility. Please watch "Ben Bernanke was wrong" on YouTube.
JMBBCL34 9 months ago
I agree with him that there probably won't be another huge depression by what his view of what a depression is ; if the dollar for some crazy reason is not rejected. His view is based off GDP and the governments fudged numbers. Meanwhile reality will paint a different picture. What is "growth" worth.. When in the late 40-50s on average a single parent in a 3-10 person American household could support the entire family. Now it takes an entire family or more to support a single household.
batmanthe 9 months ago 5
Smiths first point about statistical ratios is a little silly. It totally ignores any context of the situation.
Its like saying since a new Simpsons episode has come out every month or so for the last 20 years there is no reason that it wont continue indefinately; ignoring the fact that the people who make it might stop, or the voice actors will get old and die.
Equity213 9 months ago 2
He is prefacing all this with the past. Even though we've been fooked for about 3 years now. So any trends from before don't make a realistic difference to now. The US has never been 15 Trillion in debt. And has never been printing so much money which is inflate the hell out of the currency and debase it. 95% of the money supply(m3) is electronic debt money. This guy is supposed to be an expert. I personally am pretty disgusted. 'Doom and gloom people' ... 'we had a nasty recession' ... My God
garrethdavis 9 months ago
As soon as he laughed I gave up on him.
garrethdavis 9 months ago
Well, I made it six and a half minutes.
thetimman00 9 months ago 3
I like the way Stefan presents counter viewpoints, but this clown is clueless.
pretorious700 9 months ago
Stef, you should have asked your guest what he thinks of John Williams' estimates at ShadowStats that year over year inflation in the US is 10,5%, why he thinks GDP is a reliable indicator of growth and why lower unemployment if it's primarily caused by public sector jobs increases is a good thing.
Fruerik 9 months ago 2
people can tell you how it is all day long,at the end of the day is it mainly ones experience that determines millions of different realities...?
erbeeflower 9 months ago
What a state apologist!
rumco 9 months ago 2
Hi stef, I wonder how you protected your brain from total collapse while he praised Bernanke as the allknowing and allmighty star of our universe. This information would be important for all of us. ;-)))
sandmanFDR 9 months ago
This guy is living on fairy dust and some type of mushroom! Things have picked up. Maybe if you are a control Nazi or a bank thief.
scarmenl 9 months ago 6
I might point out... he is an 'educator' lol ... double plus ungood. :P
Nexus2Eden 9 months ago
"My prediction, spelled out below, is that we’ll get through our current problem and see the expansion continue until at least 2010", says Dr. Smith, "Despite all the gloom and doom talk in the media and on Wall Street and the poor “Employment Report” released by the Bureau of Labor Static on..., the reality is that the U.S. economy is still growing, albeit at a level well below its potential. There is nothing wrong with the U.S. and Euro Zone economies that lower interest rates won’t cure." '07
Nexus2Eden 9 months ago 2
Is this the same brilliant man that said in 2008 that there was no threat of recession, "detailed comments from economic forecaster Professor James F. Smith, Chief Economist, Parsec Financial Management,... Dr. Smith explains why the economy was in danger of slipping into a recession in the second quarter of 2007, but that those fears have now subsided, and no recession is expected now in this year, or in 2008." Let me guess he knew enough to completely get the entire collapse wrong? lol
Nexus2Eden 9 months ago
This was painful. Does he differentiate between nominal growth and "growth" generated by FNM backstopping interest on non-paying morgages?
hoyhoy42 9 months ago 2
Did Dr. Smith explain a financial strategy that didn't involve passing the bill to the next generation(s)?..I honestly don't know if he did or did not...
TacticalFatNap 9 months ago
That is the big statist scam! I meen plan to save a terminally ill system.Merge with mexico, really I meen really? These guys/girls are batshit crazy
usernameted1 9 months ago
Stef as a long time viewer I must say you look very uncomfortable with a great deal of what your hearing here. Double facepalm from you and me on this one I'd say. I even got the feeling that on a few points you wanted to shout at him at the top of your voice like I'm sure many of your viewers will be doing in the comment section of this video. I personally can still taste the bile.
frostyuk2007 9 months ago 2
What I wouldn't give to watch Peter Schiff eviscerate this man.
HereticNix 9 months ago 5
Stef is doing us a favor and exposing us to the absolute insanity of the other side's viewpoint. If Stef were to interrupt him or try to correct him, we wouldn't hear the full story in all its illogical glory.
kihjin 9 months ago 14
@kihjin Just what I was thinking, that and how dare we live longer lol.
frostyuk2007 9 months ago
@kihjin I completely agree, as I was watching this I had similar thoughts. I'd like to add that ( I haven't seen every interview Stef has done, but) this is a great example of how to respond and react to a person that you may not agree with; very respectful and very calm.
TacticalFatNap 9 months ago 2
And Molynieux...you are a terrible interviewer...you don't challenge *any* statement. What good are you? This shit head Smith made a number of absurd statements and you didn't even blink.
nwaustx2011 9 months ago
@nwaustx2011 Doubt he'd get these interviews if he was a dick while interviewing people he didn't agree with (or people he knew was wrong) he interrupted and corrected them. He does a good job of letting them speak and then asking questions to flesh out the interviewers points and then asks questions to the logical problems he sees when he is done. The key here is he waits until the other person is finished speaking--like civil people do :P
Heallun 9 months ago
@Heallun Yes, give an idiot enough rope...and he'll hang himself. This idiot has been predicting growth and denying any recession for the past 4 years - there is no sense exciting a lunatic, just try and argue with a Christian. lol
Nexus2Eden 9 months ago 2
@Heallun who said anything about interrupting? you can wait until someone talks to challenge. Molynieux never questioned Smith. He could have asked: 1) doesn't the Federal Reserve based monetary system involve theft from savers? 2) why do we need a centrally-planned monetary system? 3) give any other period where interest rates were at near zero for such a long time? 4) can we really believe that GDP is a useful statistic given that 70% of it is consumption (which in large part is debt)? etc
nwaustx2011 9 months ago
Thanks Stef for this interview! Very informative.
furyofbongos 9 months ago
What an arrogant fool this man is... when confidence become arrogance... mistakes are sure to follow. Hyper inflation won't happen because a guy has to write a letter and it's very embarrassing... yeah right!
miketherevolutionary 9 months ago 2
Did I hear wrong? Did Smith talk about GDP as though it does not include federal spending (money stolen from the real private market)? Boeing, GE, PacCar, Grumman, and most of Wall Street would not be able to survive in their respective conditions if gvt spending stopped. To say nothing of direct gvt employees that are counted in gvt GDP numbers. Seems to me the only way to get real GDP numbers would be to shut off the gvt for 1 month and end the fed then check it. Maybe I'm wrong though.
anarchylogic 9 months ago 3
What he's saying at the 32 minute mark is "Thank god the government does the right thing... eventually... when they have no other choice."
DasGuntLord01 9 months ago 4
@DasGuntLord01 Basically.
nocoercion 9 months ago
2% inflation, My Ass!! What a crock of shit!! The consumer price index doesnt include core essentials like food, energy. Its a crock of shit done up by Government paid statisticians! Dont believe this crap at all! This guy is another shill! Why stef did you bring this clown on here? Please explain yourself Stef? You agree with this guys bullshit?
charronfamilyconnect 9 months ago
Where do you guys see prescious metals like gold and silver going?
charronfamilyconnect 9 months ago
@charronfamilyconnect
higher. Maybe another double for gold, a triple for silver. I bought silver last week at 35 and plan to buy some gold in the near future.
I wouldnt buy the hype about the astronomical numbers some people are throwing out. Anything can happen but if silver gets to 100 im selling, and if gold gets to 2.5k - 3k ill sell.
I could be wrong, no one knows the future, but thats what im doing with my money.
Equity213 9 months ago
@Equity213 I have heard silver going up%500 by 2020 I can'tsee itgoing thathigh becausepeople who haven't followed themarket for silver much like gold, will be seeing thisastronomical price, and theother problemis Isee silver producersselling less% silver (instead of 99.9% maybe 95%) forpeople to buyit at cheaperprices. Because if your at thatpoint you have absolutely no sellers,you have a niche market. Youwill also get what you have right now with numismatic coins,people not willing to sell.
blindtimes 9 months ago
Does anyone have an opinion on Return of Capital mutual funds? Are all mutual funds a paper scheme with no guarantee of any kind?
charronfamilyconnect 9 months ago
@PostITnoteGUY thanks, i've been sanding it
stefbot 9 months ago 63
@stefbot I thought it got that way from pounding it against the brick wall of ignorance. lol
Nexus2Eden 9 months ago
@stefbot : Probably others were reluctant to speak up....but I think someone should tell you that you may have inadvertently rubbed off a bit of hair with the sanding. Perhaps it will grow back when you've finished sanding.
GetMeThere1 9 months ago
@stefbot EPIC!
SuperMarcBot 9 months ago
@stefbot hahaha!
garrethdavis 9 months ago
@stefbot Sounds painful.
MabusZero 9 months ago
@stefbot French polish?
carefulcarpenter 9 months ago
Keiser Report: Suicide Banking (E148) shows Dr. James Smith has no clue!
911truthncDotOrg 9 months ago
Dr. James Smith lives in disneyland. So the American Empire will live another 100 years. {Twilight Zone Theme here}
Stefan would you consider yourself to a left gate keeper?
911truthncDotOrg 9 months ago 3
Why do you guys dislike the video if you don't like the guest? Did I miss something here? Is Stef going statist or something? Look; any Bernanke supporter makes me want to puke, but my point is this video is an "interview" NOT a "debate"!
DeathTax101 9 months ago
@DeathTax101 Better yet, how many of the haters have a PhD in economics? That doesnt make Dr. Smith correct, but it certainly makes his opinion worth considering.
DrDissent 9 months ago
@mistara31415 very boring.
MrHeiwa07 9 months ago
this is my first "dislike" of one of Stef's video's. Not meant to Stef but to the other cat who has no understanding what bro Mises called "Human Action." This cat should be on the board with Chopper Ben Beard the pirate.
jwhite1016aol 9 months ago 2
Did anyone else gag when Dr. Smith praised Bernanke?
ih8ronpaulh8ers 9 months ago 53
@ih8ronpaulh8ers Yes, everybody!
sandmanFDR 9 months ago
1:02 skip this guy's credentials. :D
ParadoxPerspective 9 months ago 3
wow, this guy is boring even for an economist
pretorious700 9 months ago 4
banks are not loaning the money they are getting from the discount Fed window..they're gambling with it...inflation has hit foreign shores first
mike6459 9 months ago
Stef, you still doing this? I thought you guys are wanted. Saw it on 60 minutes.
safeinsuburbia 9 months ago
First!!! :-D
TheCapitalistdog 9 months ago
Comment removed
Gu3rr1lla 9 months ago
first is theft :P
Gu3rr1lla 9 months ago