Wednesday, May 23, 2012

Hey Kyle Bass...how's that gold position doing?

Hey Kyle Bas...how's your gold position doing? Jimmy Rogers...how's that short Treasury position doing? Peter Schiff...how's that dollar collapse coming along?

"The only ones who got everything right were the MMT guys." -John Carney, Sr. Editor CNBC

That's us!!

And this was all predicted in my 2012 Yearly Outlook.

17 comments:

Anonymous said...

Norman, you seem to forget laughing at Peter Schiff in 2007 when he said there was a housing bubble. See your ridiculous prediction that there was no housing bubble in this video. You made one of the worst calls in the history of economics and now you're coming back criticizing the guys who took the other side of that bet? "got everything right". Yeah right.

http://www.youtube.com/watch?v=UkCrvvSH2OI

Anonymous said...

Man, is every flipping gold bug out there going to keep bringing up that same story?

You may not have noticed but plenty of people missed the financial end-of-the-world back in 2007. The point is, since then the right-wing guys who called the housing bubble have got everything wrong.

Their austrian-school scepticism served them well back in 2007 but has made them completely wrong on everything since then.

BTW MMT people were predicting a financial crash years before Schiff and co got on the bandwagon. Maybe Norman should have spent more time studying the sectoral balances and less time reading Mosler's perma-optimist literature.

Anonymous said...

MMT predicted the Euro crisis in the late 90's. So yes, if you could afford to be short European bonds and stocks for 10 years then you were right. But they were wrong for a decade before they were right.

Also, MMT hates financial capitalism so they're always predicting some sort of collapse in something. When you're right (after 10 years of being wrong) you parade it around in everyone's face like you knew it was coming all along.

Mike Norman said...

Same for Schiff, dude. I met him in 2002 and he was calling for a housing crash back then. Since his famous "call" he's been wrong on everything...EVERYTHING. He said foreigners would sell Treasuries. WRONG! He said interest rates would spike. WRONG! He said the dollar would crash. WRONG! He said the U.S. economy would collapse. WRONG! He said ounce of gold would be equal to the value of the Dow Jones. WRONG! He said we'd have hyperinflation. WRONG!

Same for Rogers, Faber, et al.

Want me to go on?

Tom Hickey said...

How long have Austrians been calling hyperinflation?

bubbleRefuge said...
This comment has been removed by the author.
bubbleRefuge said...

Maybe Norman should have spent more time studying the sectoral balances and less time reading Mosler's perma-optimist literature.

MMT predicted the Euro crisis in the late 90's. So yes, if you could afford to be short European bonds and stocks for 10 years then you were right. But they were wrong for a decade before they were right.

Mosler did say that housing was in a bubble so I don't know where the perma-optimist thing comes from? He did admit to underestimating the amount of fraud in housing. As far as MMT and the Euro. The MMT prediction on the Euro is that it could not withstand a financial crisis because Euro nations are currency users and they do not have a centralized fiscal authority etc.

Mike Norman said...

And in early 2007 Mosler warned numerous times that the deficit had gotten too small to sustain the credit structure. He was calling for an economic downturn/market correction.

Anonymous said...

I didn't know that, my mistake.

Anonymous said...

MMTers are no better than we are. You guys hate financial capitalism and we gate the government. So when the economy implodes you blame the bankers after your endless rants about how you hate banks and how you predicted everything.

We hate the government and when the economy implodes we blame the government. The difference is, you guys also know the government messes up everything. The difference is you think the government can fix everything and we know it can't. So in the end we're right and you're wrong.

Anonymous said...

No, the difference is we have a coherent theory of economics which can deliver better living standards for all, and you don't.

What we share is an understanding that there is much that is wrong with the current economy/financial system/government policy.

Your solutions won't deliver the outcomes that we want - better living standards for all. It's that simple.

Anonymous said...

Off topic: if a platinum coin was used to pay off all national debts, would there be more money in the system, or would liabilities just be extinguished.... or something else entirely?

Also, what is turned over when the US turns over debt?

Also, could someone please give me free, private tutoring in economics at a conveniant for me location?

Thanks,
Katie

Adam1 said...

"if a platinum coin was used to pay off all national debts, would there be more money in the system, or would liabilities just be extinguished.... or something else entirely?"

The money was already created when the government debt was issued - therefore it would just be an asset swap.

If you'd like some detail on what real goes on operationally...

http://www.moslereconomics.com/wp-content/pdfs/MMT-Scott-Fullwiler.pdf

Anonymous said...

Thanks Adam1.

Anonymous said...

Mosler got slammed in 2008. He's admitted this on his website before.

Seriously, stop being so arrogant about your calls. You've gotten a lot wrong in the last few years just like a lot of other people. And the no housing bubble call is literally one of the worst calls in the history of economics so stop talking about good and bad calls. You're on Youtube's greatest hits for bad economic calls.

Anonymous said...

This discussion is pointless.

Economic theories are useless to make market calls except for long term obvious trends and some stuff like: the US is never going to default, so this is not a factor of interest rates.

Anyway, the market is not -only- the economy.

SchittReport said...

Hyperinflation:

http://www.youtube.com/watch?v=1cNfMlj0NZE

Gold & Silver & USD:

http://www.youtube.com/watch?v=eON8mQA0rVA

Treasuries:

http://www.youtube.com/watch?v=GoK53G3s920

feat. Mike

http://www.youtube.com/watch?v=eWK_VuN5LVA

feat. Tim Seymour. We hope Pete went short on German Bunds too.