Posted by: doggings | August 25, 2010

Mike Norman vs Peter Schiff Round II (Is the US Bankrupt?)

Ok, so the dog wants to hold a poll, to make sure his doggy senses haven’t upped and left without telling him, and he’s officially an out-in-the-midday-sun, mad dog.

Mike NormanIt’s regarding Mike Norman again, the dog’s been over at his Comedy-Norman-Omics blog trying to engage him in serious debate, but LittleMikeyDoggy apparently can’t even debate a dumb dog and keeps deleting my comments, so I’m going to host a Normanomics session on WordPress and see what the general public thinks here.

We’ve mentioned before (once or twice) the famous (and highly amusing) occasion where Mike Norman graced our TV screens in a debate with Peter Schiff about the housing bubble, and Norman is:

  1. as wrong as it was possible to be
  2. pretty damn funny, mainly because he was cluelessly laughing at Schiff, thinking he was right, when he just could not have been more wrong, then, and ever since.

If you haven’t seen it before, you should probably acquaint yourself with it now, and if you have, watch it again, because it is pretty damn funny..

Mike Norman (who works for “John Thomas” Financial – I kid you not :) ) ..believes and I quote:

“This whole notion of bankruptcy is a non-starter in a country that issues it’s own currency, and where all of it’s debts and obligations are denominated in that currency, and where there’s no convertibility into Gold, or some other currency, or some other fixed rate of exchange”

Seriously, he really thinks this, watch the video if you don’t believe it. The relevant part starts at 1min 12 secs.

And here’s Peter’s thoughts on Mike’s lunacy.

“One of the things Norman said that was just so amazing, they were having this discussion on  National Health insurance, and whether or not we can afford it, given our financial circumstances, and Mike Norman tried to point out that:

“the whole discussion is nonsense, there’s no limit to what the government can afford, we can have anything we want, now that we’re no longer on the Gold standard we can have everything, because the government can print money, and that whatever the government wants it can afford, because it can print the money to pay for it..”

“..I mean this is the type of economic wisdom..? ..Just print money? ..this is it? this is his solution? everything is free? I mean too bad the world isn’t that easy, according to Mike Norman there should be no hunger, there should be no starvation or famine, there should be no economic downturns of any kind, anywhere in the world,  ..all governments need to do is print money and they can have whatever they want, they can simply print prosperity into existence by running money off the printing press, it’s absolutely amazing..

..the fact that governments can print money whenever they want, that’s not a good thing, according to Norman this is fantastic, its the greatest thing since sliced bread, that we dont have to pay for anything..

..as if being on a Gold standard prevents prosperity, and now that we dont have a gold standard, we can have whatever we want..

..somehow Norman things that Governments create purchasing power when they print money..”

Here’s the video, the relevant part starts at 3 mins 10 seconds.

So who’s right here? – See this dog was always under the impression that using paper certificates in exchange for bones was alright as long as you actually still have some bones in reserve when the time comes.

If however you’ve already eaten all your bones, and then borrowed trillions and trillions more bones from the pack of Rottweilers over the road,  having promised you will definitely repay them at some point, (but with no actual way of ever repaying them) that at some point the pack of Rottweilers whom you owe those bones to are going to realise you’re full of shit, and not want your bone certificates any more?

Mikey Pitbull Economics Norman, thinks not. Apparently the government can just keep spending, either bones the rottweilers are stupid enough to still lend, or after that bone certificates we print.

But Mikey, one question, once the Rottweilers dont want our bone certificates any more, what will we give them to get more bones then?

..MikeyDoggy, you have got one rude awakening coming to your fantasy paper-bone world in the not-too-distant future, – didn’t yo’ silly bitch of a momma ever tell you there’s no such thing as a free Bonio?

More classic Mike Norman nonsense

Mike Norman is still a cock (John Thomas) 2010

Economics Numpty of the Year 2009 – Mike Norman

Mike Norman vs Peter Schiff on Gold 2008 (great video :) )


Responses

  1. [...] Peter Schiff vs Mike Norman Round II – is the US bankrupt? [...]

  2. [...] Peter Schiff vs Mike Norman Round II – is the US bankrupt? [...]

  3. Mike Norman has been so wrong for so long now on just everything its difficult to see how he has the front to keep at it.

    Would you let this man manage your money? :)

    and he really does need to get over his bashing by Schiff, hes letting it affect his judgement I think.

  4. [...] discussed him and his “John Thomas” like qualities a few times, here and here and here. Firstly let’s define exactly what is meant by “John Thomas” [...]


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