Peter Schiff with James Livingstone - 'spend...goods will come' (30-Nov-11)FINANCE & ECONOMICS)

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[ralph15085]

i am going to wipe my ass with around 200 pages and sell it as a book... peter would make a stellar v.p.

[runarolsen]

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.

[36Buda]

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??

[manoman0]

@TWSceptic What can I say? You're right. Sorry for the rather unchallenging discussion on my part.

[TWSceptic]

@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]

@TWSceptic seems to me like the question of what was first. the egg or the hen.

[manoman0]

@TWSceptic Thanks, good argument. BUT Schiff is a notorius interuptor... =D

[TWSceptic]

@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]

@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]

It seems these days anyone can call themselves professor, does the word still have any meaning at all?