Inflation: Theory & reality-On the Edge with Max Keiser-06-10-2011-(Part2)

[Licmycat]

The gov. is supposed to have a law that keeps marketers from over charging our people. Why is the oil cartel allowed to do that and who isn't doing their job?

[hamletundone]

well Chernobyl was run by govt employees...how'd that go?

[globalmedium]

Corporatism + government = Fascism What we need is true capitalism and not corporatism and a true stateless society. Both Peter Schiff and Max Keiser are wrong in this debate.

[antitheistpansy]

Ultimately no company or career group has insurance against the finite limitations of the resources of mother earth or against a peoples revolution. Communication and understanding among all humans participating in an economic system is the only defence against its collapse.

[nomoreserfs]

I thought this was really good interview.I think Peter did a great job explaining Libertarianism.The question about Milton Friedman was a little unfair due to the fact he does not speak for all Libertarians and there are some fundamental differences between the Friedman philosophy and the Austrian philosophy when dealing with monetary issues.Peter did an excellent job dispelling the myth that Libertarians are for corporations doing whatever they want.Ron Paul is very critical of corporatism.

[buttonmonkey01]

* "There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt." - John Adams

[PunjabiSikhRajput1]

max is good, but Peter Schiff owned him in this interview

[juujuuuujj]

Schiff's reasoning that corporations wouldn't do anything antisocial because they fear litigation, is absurd. When banks insure crappy loans and turn them into credit default swaps (kept legal under the pretense that regulation is bad), they willingly endanger their own market, as well as the whole society, for the sake of profit.

[Budvb]

@juujuuuujj I agree, but how does one balance this properly, as like the example Max used, we wouldn't have the lifestyle we have if it wasn't for oil over the last 100 years, so did we make a bad judgement call and should have we stuck it out with the horse, but horse crap in major cities would of created a problem as it did in New York in beginning days of this great republic, how do we just balance this, we can't really, we as humans are not as perfect as our environment or Earths eco system.

[juujuuuujj]

@Budvb I think we should regard every boon as temporary - make the best of it, use it to invest as much as we can in technology and alternatives. For example, we started designing electric cars in the early 1900's, but stopped doing it until the 1990's. We could have used the oil for plastic and chemistry, and not for transportation, and most of it would be unused. But we get too euphoric and think a bubble lasts forever. Instead, we need ambitious projects and investment in technology.

[jezza1789]

@juujuuuujj NO your wrong if the Goverment wouldnt insure loans to all bank depositers then banks wouldnt be so wreckless because putting money on a bank would be like putting money on a stock. People would oviously dump a dangerous bank for a safe healthy one, so the bank wouldnt have enouph capital to create these default swaps because its depositers would ditch it. At the moment people dont care where they put their money because the Gov insures it so banks do very risky things with it.

[juujuuuujj]

@jezza1789 Countries with or without a separate loan insurer like Fannie Mae had the same credit bubbles. That's because banks can securitize and sell their own risky loans.

[jezza1789]

@juujuuuujj Yeah but Banks wouldnt exist when private stock and bond holders would ditch it. If depositers left the risky banks for fear of losing their money that would shine a light on stock and bond holders who would also leave and the bank would have alot less money to gamble. The regulations only work on small banks, its no secret or conspiracy that Big institutions have dodged clear of accusations of fraud in the past and will surely do it in the future nomatter the regulation.

[juujuuuujj]

@jezza1789 Risk can be transferred and hidden via securitization and insurance. When the great regulator like Brooksley Born tried to regulate credit default swaps, she was shot down by Larry Summers. But the Glass-Steagall act was repealed through lobbying. Good regulation out, and no good regulation allowed in. The FBI teams that worked in financial regulation were scaled down and defanged (search youtube for: Bill Black on Moyers). So regulation matters a whole lot.

[jezza1789]

@juujuuuujj Well Im not saying there shouldnt be regulation, I think its good if its against fraud. Problem is that big banks get through it all because of their influence and ability to buy the regulators, so either way itll happen. The only way it would work is if the regulation was enforced, but most people dont care so fraud goes on.

[RussMaxable]

This is what should happen, two people bringing some great points to the table.Keiser called him on the cost/benefit of his views and on energy, that was very good, it is about time someone pointed that out because it is lacking.The idea that profit is the main driver is insane, because when you have laws written to protect the profits and something like the Japan nuclear crisis goes on and on it does fail.It costs human life and profit and make's no sense what so ever except for the company.

[g4sight526]

schiff is full of it. he stated that politician's are professional lie-rs, didn't he try to run for office? He would of fit right in! he's only for business'es screw the rest.

[Aridzonan13]

Max / Peter, you missed the point. The Big Energy is the Gummint. FedGov.Inc is run for and by Wall St., MIC, Big Energy, etc. There has been no meaningful enforcement of laws pertaining to defacto monopolies. No system can function w/o equal protection of law for all involved. BP and TEPCO, should have their assets seized and be brought to trial for reckless endangerment. Small farmers and biz owners are crucified every day by EPA. Point being BP and TEPCO are above the law.

[AllianceOfJerkOffs]

big-nosed shyster schiff was exposed for what he is here in part 2. anyone who's not wealthy would have to be an absolute fool to buy into "libertarian" economics, which is just a fancy way of saying: more of the same only worse because only a few now have all the money. take the wax out of your ears & listen to these con artists. they aren't very bright.

[cpgone]

@AllianceOfJerkOffs But what has the current govt. brought us. ?

Just what you describe that lib. would.

 I'm ready for new systems. As far as the nuc . plant . It could of happened no matter who ran it. It was cited at a terrible place.

[zz911wasInsideJobzz]

Max & Peter are both wrong.

Corporations need to be outlawed just like they were before John D. Rockefeller came on the scene. Corp's used to have to petition the govt and provide proof that the project would better the people, then the govt would give them a 5 or 10 year charter to incorporate, or something like that. When the charter ran out, the corp was disbanded.

Read Jefferson's quote on corporations and banking institutions. We're experiencing exactly what he warned us against.

[Dualspec]

"Crash Proff 2.0" has great updates with alot of extra pages add. Realy great book. However another book from Peter Schiff I almost better like is "The little Book of Bull Moves ,version 2010 updatet" :-)

[jackjillsean]

Keiser should look into micro credit. In it they preserve the profit motive for the purposes of growth and efficiency of the enterprise and yet are engaged in social activities. Perhaps he could read "Banker To The Poor" .

[YouriCarma]

A small corrupt government is as worse or maybe even worse as a big corrupt government unfortunately.

[natritious1]

peter schiff is awesome!

[overseachininadoll]

peter schiff is no different than everyone else: a 50:50. both right and wrong on issues. Why doesn't he go to live in Somali where has no government?

[billybobhobnob101]

How is it small Govt to create a special legal entity called a corporation - you want to run a business then fucking take responsibility for it, you want help then have partners- but anyone supporting corporations and whines they want small Govt should be kicked in the nuts hard and often.

[billybobhobnob101]

Max exposes the flaw in the Libertarian thinking - being that they don't really believe in property rights- if you caught a man on your property poisoning your well you could shot him why can't you defend yourself the same way against a corporation that poisons your water or air? If I thought like a corporation I'd pump my shit and piss into my neighbors basement to save me the cost of putting in a septic tank.

[bobbyb1978]

@billybobhobnob101 False assumption there. Libertarians are not anarchists, as Peter said. So if you violate someone else's property, libertarians believe you should be liable for it - by the law or otherwise. Most libertarians view government as a neutral party that should ideally only provide the protection of individual liberty. Be it from theft, physical assault or fraud... I don't think Peter had ample time to make that point - as Max kept talking and ran out of time.

[Daraluz]

@bobbyb1978 and who is going to bring forth lawsuits for individuals who have no financial resources to defend themselves in courts of law??? Look at the suffering in the Gulf of Mexico.for examplet.. This is death by thousands of cuts! The costs of BP's business f$^K up is completely externalized. . . They are surely liable, but who is going to prosecute?????? Not the Feds... not when every politician's bought and paid for. . . THAT was Max's point...

[Daraluz]

@bobbyb1978 Whatever form of government we operate under.. are all like different shapes of sock puppets... makes no damn difference if it's the same hand controling the puppet...

[billybobhobnob101]

@bobbyb1978 Yet I've never seen any Libertarian thinking on how the court system should be changed to make a legal battle between an individual or groups and an corporation equitable- The Valdez Oil Spill, and the Chevron Corp pollution lawsuit in Ecuador are two examples of how it is almost impossible to get a timely and equitable settlement for damage done to life, livelihood and property by corporation.

[RunsWitGuns]

this is a good debate here and I think both sides raised some very good arguments

[BlacksAreBeautiful]

@RunsWitGuns took the words right out of.....

[TS175]

wow... I had know idea that Max Keiser is a keynesian.

[badstacksize]

@TS175 that´s because he is of the Austrian school

[HyperInflationNation]

Schiff is the man!

[jaba987]

to address Tepco, nuclear power would have never gotten into the existence if it wasnt for the government insurance guarantees which is essentially a liability put and thus interference.

[goldengyrl2010]

Schiff just can't admit that TEPCO and other libertarian hate government until it bails them out. Government is us and we are never to big, they just don't want us to see what business is doing to steal our tax dollars.

[mphello]

Max - it would be MUCH easier to just say: "companies should internalize costs".

Would take 4 seconds rather than 1 minute to say.

[mphello]

Schiff - like all libertarians - babble on and on about "we're not anarchists, we don't want no government" without giving a SINGLE thought that "government" isn't even the issue. The issue is picking and choosing WHICH LAWS one wants.

[babaloo42]

Libertarian system will protect all of your rights except your right not to be poisoned and robbed buy corporations.

[JejuLee]

Max,

You should be more selective with your guests. Pick people that can think about something other than money.

[mphello]

@JejuLee BRAVO! Best comment on youtube I read this morning!

[JejuLee]

Right on Max! You point out a glaring--almost criminal--fault with Schiff's adopted religion: It doesn't allow for differentiation and intelligent dissection of what can and cannot be safely and humanely left to self-serving ubber-capitalist (libertarian) zealots. "Proactive." It was clear you were leading Schiff into a culdesac of his own making (with your nuclear role for the gov. argument), and yet he had nowhere to go, no ability to consider reason given his anti-government religion. Weak!

[captvanhalen]

@JejuLee "Schiff's adopted religion"

Yeah ... i am definitely starting to question Max when his followers start making comments like that.

[JejuLee]

@captvanhalen

It's not Max--IMO. He seems to be infinitely more capable of considering the fullest spectrum of consequences and possibilities for systems and their implementations. He was entirely too courteous with Schiff, though he probed a little. And you know Schiff breathed a great sigh of relief when that interview was over, because Max could have mopped the floor with him--and Schiff knew it.

[JejuLee]

@JejuLee

Cont.: To paraphrase Schiff's sentiment: Government has a role after the country has been potentially fatally contaminated. Then they, the government, should act.

What a fool Schiff really is. Imagine the dangers the world would face if someone like him were to become President--oh wait, we just had that happen a few years ago when Bush sold the government to Schiff's idols.

[RandomUsername8236]

@JejuLee You do know Schiff opposed and criticised almost all of Bush's economic policies, right?

[maj1kninja07]

ayn rand = totalitarian oligarchy's troll, milton freedman = ayn rands troll = totalitarian oligarchy's troll

[captvanhalen]

Kinda awkward interview there ... not sure where Max was trying to lead Peter but where ever it was, Peter judo shifted right out of it. Max? What's up?

[maj1kninja07]

@captvanhalen what's up? bit coin... a dozen people have warned of the cashless society and who would be able to exploit it.

[captvanhalen]

@maj1kninja07 Bitcoins are digital cash. It's the exact opposite of what the NWO wants. It may fail but if people can see past the NWO shills that are currently bashing it they might understand that they can use Bitcoins to trade freely without the NWO controlling their money. (I use the label NWO for convenience, who the hell really knows who runs this show anyway?)

[maj1kninja07]

@captvanhalen any money system not controlled by a gov. for the interest of all peoples using it is what the "nwo" has crafted in the monetary system in use today. in a sense you are looking to over throw one system for another that is equally manipulateable. as keiser has said before, your bit coins are worth what demand is for them so the list of the richest people in the world that are using bit coins already now have a mechanism in which to grow their wealth simply by reporters like keiser.

[captvanhalen]

@maj1kninja07 "in a sense you are looking to over throw one system for another that is equally manipulateable"

If that's how you want to view it then go right ahead. But that's not at all what i am looking for. All i am looking for are different means for trading.

Admit it, you are scared of this, aren't you? :)

It's ok. No one is asking you to participate. In fact, don't. We really don't need ya. :)

[maj1kninja07]

@captvanhalen you cannot exploit vanity and the need to be accepted where there is none. and as a final word keep fighting the micro fights and let others that don't need leaders worry about the macro fight

[captvanhalen]

@maj1kninja07 " you cannot exploit vanity and the need to be accepted where there is none"

Exactly. So piss off ya nunce!

[cheddyrod]

@captvanhalen not really