What a load of junk. Seems like just about anybody can get a book published these days. This Marxist bullshit artist should refrain from all discussions on economics in the future.
This was not so much an interview as much as it was an ambush. Considering the circumstances, Livingston did better than could be expected. Shame Schiff did not actually let Livingston answer questions rather than drilling into areas in which he admits he was not sure about (and weren't in the book). And by the way Schiff, "Government spending isn't investment", hello? Who funded the Interstate Highway System, Who funded the creation of the internet?..and what about education spending??
I guess he must be at least somewhat nice to the guests, but I really thought he could have hammered this guy on a few different points and Pete didn't do it...tighten up Schiff!!!
What does the consumer spend his/her money on? Goods and services. How do we get goods and services? Making them. How do we make them? Investment. How do we get investment? Savings. So much focus of economics is demand. It is all about demand and it stems from Keynes. We need to remember supply, and how supply creates demand. We need to remember Say's law.
Very simple question - where does money come from? The gov cant just give people money. It first has to take it from someone to give to someone else. It does this via taxation or inflation.
@manoman0 Well it's true. Without supply (invention and production) no one would own a smartphone. In fact without people looking for ways to make a supply of certain goods, we wouldn't be where we are now as human species. We would still be living like animals in the wild. It's the supply that creates the demand, not the other way around.
@manoman0 You are right in that it's not obvious on first sight what creates what. What I will admit is people have basic needs like food, water, sex, shelter... But it's not really an economy at that stage. An economy grows when certain people decide to create a product that is better than anything else out there. Then you have the supply and demand will follow. This is especially true for products that we don't really need, but are still a great improvement for our lives. E.g. electronics etc.
@manoman0 Well you have to interfere as a host because you have to point out the fallacies you see in every small part of the theory they're proposing. If you let them finish the whole thing then you have to deal with like 1000 small things and it becomes a mess.
i am going to wipe my ass with around 200 pages and sell it as a book... peter would make a stellar v.p.
ralph15085 1 month ago
What a load of junk. Seems like just about anybody can get a book published these days. This Marxist bullshit artist should refrain from all discussions on economics in the future.
runarolsen 1 month ago
This was not so much an interview as much as it was an ambush. Considering the circumstances, Livingston did better than could be expected. Shame Schiff did not actually let Livingston answer questions rather than drilling into areas in which he admits he was not sure about (and weren't in the book). And by the way Schiff, "Government spending isn't investment", hello? Who funded the Interstate Highway System, Who funded the creation of the internet?..and what about education spending??
36Buda 1 month ago
It seems these days anyone can call themselves professor, does the word still have any meaning at all?
TWSceptic 2 months ago
I guess he must be at least somewhat nice to the guests, but I really thought he could have hammered this guy on a few different points and Pete didn't do it...tighten up Schiff!!!
jcav3232 2 months ago
Peter really smashed him at 15:30 with the Clinton surplus myth.
Paulintheoh8 2 months ago
People pay for this guy to teach their kids! HAHA. What a joke!
Tracywithafacey 2 months ago
What is wrong with this guy? Like seriously, it is like he is taking what is right in economics, and then just saying the opposite.
Tracywithafacey 2 months ago
What does the consumer spend his/her money on? Goods and services. How do we get goods and services? Making them. How do we make them? Investment. How do we get investment? Savings. So much focus of economics is demand. It is all about demand and it stems from Keynes. We need to remember supply, and how supply creates demand. We need to remember Say's law.
Tracywithafacey 2 months ago
I can't believe how stupid this guy is.
RJN4444 2 months ago
Very simple question - where does money come from? The gov cant just give people money. It first has to take it from someone to give to someone else. It does this via taxation or inflation.
This guy is a douche.
Go read some Austrians.
RJN4444 2 months ago
Deficit, no problem! Hahahaha, that guest is an idiot or a liar
Zurnmusic 2 months ago
10:03 - 10:09, Shame on your for that question, Peter....shame...
manoman0 2 months ago
@manoman0 Well it's true. Without supply (invention and production) no one would own a smartphone. In fact without people looking for ways to make a supply of certain goods, we wouldn't be where we are now as human species. We would still be living like animals in the wild. It's the supply that creates the demand, not the other way around.
TWSceptic 2 months ago
@TWSceptic seems to me like the question of what was first. the egg or the hen.
manoman0 2 months ago
@manoman0 You are right in that it's not obvious on first sight what creates what. What I will admit is people have basic needs like food, water, sex, shelter... But it's not really an economy at that stage. An economy grows when certain people decide to create a product that is better than anything else out there. Then you have the supply and demand will follow. This is especially true for products that we don't really need, but are still a great improvement for our lives. E.g. electronics etc.
TWSceptic 2 months ago
@TWSceptic What can I say? You're right. Sorry for the rather unchallenging discussion on my part.
manoman0 2 months ago
Schiff, for christ's sake, let the people finish their sentences!
manoman0 2 months ago
@manoman0 Well you have to interfere as a host because you have to point out the fallacies you see in every small part of the theory they're proposing. If you let them finish the whole thing then you have to deal with like 1000 small things and it becomes a mess.
TWSceptic 2 months ago
@TWSceptic Thanks, good argument. BUT Schiff is a notorius interuptor... =D
manoman0 2 months ago