Stupidity

This Norman guy is as dense as they come, sadly he vocalizes a common line of reasoning in the US. To get something you need to offer something in return. Paper is not enough.

Category:

News & Politics

Tags:

• peter
• schiff
• dollar
• Mike
• Norman
• ron
• paul

[sandorjohn]

Um, how is Peter Schiff's argument stupid?!? It's not, you moron. He's right. You just can't print money out of thin air and get goods and services. I mean, why work? As for services having real value. They do. To a degree. But you have to produce and save to build capital to invest and have real wealth. We borrow and consume. And print money to finance our spending habits. Mike Norman's philosophy is why we're in trouble. Big trouble. And it's going to get worse. Peter Schiff is dead right.

[eurogoldexchange]

I agree, I was exhasperated by the moronity of this Norman guy mocking usefull production. It is the spoiled brad syndrom.

[RobTzu]

The point was that services have a real value. And they do. We sell college educations for Cars. We sell health care. Etc.  The problem is that our trade defecit including services is 800 billion dollars or so. Our solution has to been to gloss this over with paper. They were arguing at cross points I think.

[eurogoldexchange]

I don't agree. You can't cherry pick your finances to lok good, like it has been done with the cpi. It is fraud and selfdelusion on a grand scale. The US has offered paper dollars in return for real toil by Chinese and real oil from the Saudis. They have to realize they are not entitled to that for any reason.

[EMPIRE0FLIES]

Mike's not stupid. Hes just a paid keynesian propagandist and would sell his mom for a dollar.

[Kogerii]

Norman feigns that Schiff is arguing against trade to distract fools (maybe himself included) from the worthlessness of credit. The UAE, China, and less important countries have already begun reducing their dollar holdings. A nation running on other nations trust is at the mercy of foreigners. A nation running on production is as strong as its' produce. A mighty military is a burden if you can't afford it.

[sprylama]

mike normanshould forget about economics and get into something he would be good at , like tanning , mike norman should open a tanning studio and leave the economics to peter schiff.

[ujisx]

The point is if there is a printing press that can counterfeit legal tender at will, it will & that is how & where you lose your freedom & standard of living.

We need free market money, the characteristics being:

Private property, the right of contract, the enforcement of contracts by the govt, no govt licensing of banks, open entry in coin production, no govt mint, no govt currency or coins, no legal tender laws.

The Soundest money is the fastest way to peace, freedom, prosperity, & justice.

[ujisx]

Mike Norman needs to answer for himself what would happen if the govt just printed all the money people ever needed. What would happen?

First off nobody would work, which means you couldn't get anything you needed to spend the money you have on. Your standard of living would go down not up.

Secondly the money the govt printed would become instantly worthless so people would have to start right back to work using another medium of exchange to maintain & increase their standard of living with.

[Playboysmurf1]

There is validity to both sides.

Goods are worth money - No doubt.

But what I think Mike is doing a dreadful job of explaining is that ownership and the services that go into non traditional services have real value. American owned companies own many of the factories in China. Many of the technologies used all over the world were created by and owned by American interests. Just consider the likes of Oracle, Facebook, Google, etc. Intangible assets still have value.

[KaitainCPS]

They're talking cross-purposes.

Norman is arguing as though Schiff is saying we have to manufacture all our goods, keep making all the TVs and cars. Norman says we can export services in exchange for these.

This is fine so far as it goes, but Schiff is not arguing - not in this snippet, anyway - that services can't be exported and we must be a manufacturing economy. He's arguing that we're not exporting ANYTHING, that we're borrowing Chinese money to buy Chinese goods - "exporting IOUs".

[Whorulesnow]

Norman, you suck. How does someone so obnoxious and dense get prime time TV coverage? To dumbing down the people. Get rid of your TV. Keep Schiff. You can get him on the computer at his site.

[doctorofghetto]

Was that Mike Norman?.....As the video's title stated....stupidity, indeed.

We might was well privatize our highways, bridges, and tunnels, along with selling our manufacturing structure to China and India....oh wait, it is already done.

[bobby4500]

haha

peter has to explain mike the very basic of economy

[imaginator]

MIke Norman needs to have monthly debates with Peter Schiff. It will be fun to watch.