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Posted by: Doug Henwood | November 29, 2010

Me on Russia Today TV

Here I am, debating the right again—this time two of them: another Schiff and “investor” Jim Rogers, who somehow gets all the headline credit. Lots of shouting and crosstalk, in line with the show’s name. CrossTalk: Socialism for the Rich (ft. Jim Rogers).

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Responses

  1. And the “right” were quite clear right.

  2. Schiff is a press flack who works for his brother and he still can’t come up with halfway decent lies?

  3. And BTW, where does this 50% of Americans don’t pay income tax nonsense come from? No one EVER cites the source for that. Two years ago, conservatives were claiming a nice round figure of 40%. Now it’s 50%?

    Chris Rock once said “You know what’s fucked-up about taxes? You don’t even pay taxes. They take tax. You get your check, money gone.”

  4. Hi Doug,

    Much of your observations in regards to income disparity, financialization and poverty are spot on. However, I believe you take your views too seriously and skeptical in regards to your own views. You end up looking like a fool putting quotes around the word investor when describing Jim Rogers and disparaging the right. Right and Left isn’t the whole story even though you wish it was.

    Why should a person look to you over someone like Rogers, a world traveler, successful businessman and author?

    Read Nassim Taleb’s the Black Swan and then look yourself in the mirror before you go on TV again blubbering about the ‘right,’ zero interest rate policy, and endless stimulus.

  5. “Investor” is a ridiculous job description. Someone like Rogers makes no contribution to society, but he holds forth with great authority about topics on which he knows next to nothing.

    Though I gotta say, “world traveler” is an even more ridiculous job description.

    As for telling me to read Taleb, you know, I’ve written a few books on finance & economics myself. Maybe you could check one out, whoever the hell you are.

  6. Jim Rogers is not an investor, he’s a speculator.

    In a capitalist society investors sere a useful purpose. They start and build companies, and finance economic production. Silicon Valley VCs would be an example of this. Speculators simply buy assets that they think will be worth more later. For the most part this has no economic worth whatsoever, and at its worst it can be very damaging by increasing volatility.

    Its one of the more annoying bits of contemporary Newspeak, that we talk about people investing in the stock market. Its not investment, it doesn’t finance anything directly.

  7. I gotta question the sense of adhering to “CrossTalk rules” when there’s a transmission delay. It gets comical at times.

  8. Oh that was painful to watch. Perhaps Rogers should read your 2005 text to learn a thing or two about how to nurse a hangover.

  9. Which 2005 text is that?

  10. —In a capitalist society investors sere a useful purpose. They start and build companies, and finance economic production. Silicon Valley VCs would be an example of this. Speculators simply buy assets that they think will be worth more later.—

    You can’t separate speculation from capitalism. As the Europeans are finding out.

  11. You can’t separate speculation from capitalism. As the Europeans are finding out.

    Quite possibly but speculators are not investors. And speculators used to be a lot less significant than they are now.

  12. Just wanted to clarify in case you’re worried about phantom pubs – I have the 2005 paperback to After The New Economy with the afterword.

  13. Ghastly – the moralising… oh, the moralising.

    I liked the non-sequiters though.

    Schiff: We had sustained growth in the 19th century…

    Henwood: But you also had horrible conditions for anyone who wasn’t a creditor…

    Schiff: Eh… we invented the middle-class…

    Me: Yes, Mr. Schiff – that was called the New Deal…


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