Acclaimed Economist Ha-Joon Chang Gives Peter Schiff A Lesson About 'Free Market' Capitalism

This is what happens when you put a socially retarded granny-scammer pretending to be an economist together with an acclaimed Cambridge University economics professor, academic and author.

Obviously, they are not on the same wavelength in the discussion - as all Peter Schiff knows about economics is via some dumb cartoons his criminal father drew for him when he was a kid.

Also, the audience recognizes how obnoxious Peter Schiff and his statements are - and duly boo him almost all the way through the discussion. Check out this little stockbroker with a peanuts brokerage boasting about how much money he has invested in Singapore - what a joke - its obviously a decimal point (or even less) on the trading records of most bulge bracket financial firms.

Peter Schiff - socially retarded scam artist - pwned comprehensively yet again.

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[justnotcricket]

Schiff the shiv not only doesn't know where corporate investments come from, he also thinks that 40% of his economy is socialist :s

Did he even see a U.S housing bubble? I'm starting to doubt he did.

[SchittReport]

@justnotcricket

he was touting a housing collapse since 2001 - which means he was wrong for 6 years before 2007. all bubbles pop eventually - even an 8th grader knows that.

[john2knj]

The audience didn't boo Schiff because he was wrong, it was because he was being rude with a few comments. On the data he was right. Someone scoffed at his 40% (I think he said 40%) of GDP from government spending. Well, I looked that up myself. Gov spending in the US has been > 30% of our GDP for just about the past 40 years. 35% in '06 & '07, 37% in '08, 42% in '09, 40% in '10. The 1% of GDP coming from our gov, as per Chang, is not reality as it's way more. Schiff was right.

[SchittReport]

@john2knj

read my reply to trtnec.

you obviously don't understand the difference between government business and government spending and obviously, neither does your idol.

please go back to school and take him with you, so that he doesn't embarrass himself any more in front of the public. and no, i will not waste any more time processing postings from you.

[john2knj]

@SchittReport I'm not surprised you would need to process/censor postings based on how you respond to people. Not sure why you are acting so angry, though, but it's not necessary. No worries on "wasting more time" as I'll be sure to spend mine on more informative factual channels.

[SchittReport]

@john2knj

i was testing you with that reply and true to form, a trolling response from someone whose silliness / ignorance was exposed and laid bare for all to see.

whether you spend time on watching this channel is irrelevant to us, particularly since you are obviously a cult follower.

[slightsociopath]

lol 10:04

[ObamaFTWdotcom]

Peter Schiff keeps talking over Chang to keep him from driving his point home ( that Singapore (which the free market faithful cite as their free market utopia has an economy that's 20% owned by the government (state-owned enterprises)). Taxes are lower because the government doesn't need to tax as much because they are making revenues from the 20% of the economy they comprise. That figure is only 1% in the US. Schiff reminds me of creation scientist Kent Hovind.

[DavidByrne85]

Schiff is a boorish dolt

[astraeagreek]

watching this video makes me hate our "fake it till you make it" culture.

schiff is talking out of his ass as usual.

[utubenotgoodasgvideo]

@john2knj Chang never stated that state spending in the US was only 1% of GDP. What he stated was that only 1% of US GDP CAME FROM STATE OWNED ENTERPRISES.

[mikethehammertackett]

Schifft came off looking like an ass, and Chang drilled him big time, if Peter thinks we are in a socialist economy, he is full of shit.

[Clitennestra79]

Typical American MACHO "self-made man" answer: "I've got more money in Singapore than you can't even count".

You can have all the money in the wolrd, but when you are a retarded prick, money can't really help....

[addendum044]

Singapore has state owned industries, but they're run like businesses. Case in point, there are laws against Unionization in many industries. And average IQ of Singapore is high.