Thomas Sowell -- Basic Economics

i love how people make comments and cant defend them no matter how many people call them out. You liberals should just shut your mouth if you cant/wont defend your stupid comments.

Good Economics :)

he's obviously a beacon of knowledge yet he is missing something... I see that he tends to sway towards a agenda of those of the top 1℅ he sees calm in the extremely turbulent economy we live in

Trump needs this man .....

All the universe is so complex a 1000 geniuses working 1000 years could not explain it, and so simple every child can understand it.

Half way in and i turned it off.
1. Does he even understand the difference between feds dollar creation and big Banks debt creation? Obviously not. 95% of the circulating moneysupply is DEBT.
2. His understanding of the 2006-2008 mortage securities fraud is none existing. "There is a reason we didnt lend to these people - if they just would continued to play there mortage plan it would have been fine" - UH NO. It was a fraud designed to fail - it has been explained by many economists. A FRAUD. - Puting the blame on the borrowers is so ignorant.
3. He also gets it wrong with Sweden - yes we have a state run healthcare but you can get private treatment aswell - you dont have to leave the country instead of waiting.

when he said dont worry about a trade balance he lost all credibility

China is NOT a free economy. I like Sowell but every once in a while he makes ridiculous statements. And occasionally he contradicts himself but oh well, I still enjoy these interviews.

BELOW IS WHAT THE FIRST 👳 BLACK PRESIDENT HAS DONE FOR BLACK AMERICA!!
.............."VOTINGn FOR HILLARY WILL BE MORE OF THE SAME"...(read below)..........
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
THE END OF 2016 IS COMING SOON...AND YOUR HARD-EARNED DOLLARS WILL BE QUIETLY
REDUCED BY THE FOLLOWING ACTIONS IN JUST ONE BILL PASSED BY CONGRESS.

And these were baked into the cake with "The Affordable Care Act". Which is starting to unravel...

As a brief reminder for those who forgot or for many that didn’t know

Here is what happened, quietly, on January 1, 2016,:

Medicare tax went from1.45% to 2.35%

Top Income payroll tax went from 37.4% to 52.2%

Capital Gains tax went from15% to 28%

Dividend tax went from 15% to 39.6%

Estate tax went from 0% to 55%

A 3.5% Real Estate transaction tax was added.

~~Remember these facts~~

((((These taxes were all passed solely with Democrat votes.))))

*Not a single Republican voted for these new taxes.*……..

♦️These taxes were all passed under the Affordable Care Act, “Obamacare”
Top Income tax bracket went from 35% to 39.6%

Kinda awkward when he says all the best growth years have been under presidents with republican tax systems like reagan and bush, then immediately dismisses clinton because he didnt control the house.

I'm only just now becoming aware of the works of Thomas Sowell, but for those with a legit interest in learning economics from the ground up, googling "Man economy and state audio" will give you a link to the mises institute, theres a study guide you can search too, that from my reasearch on how to research, is one of the best ways to self educate on the topic. I'm only half way through the second chapter but I'm serious about reaping the understanding it brings, its good so far!

Kinda sounds stoopid but knowing there are people like tom Sowell in the world helps me sleep at night. I often drift off to his soothing baritone

Capitalism and Growth:
Peter states from 1983 to 2008 US had unprecedented growth but fails to say who grew and who was left behind. Also fails to note that after 1978 wages stopped rising with productivity as they had done in the USA for the previous 150years uninterrupted.

WHAT HAPPENED TO YOUR WAGES POST 1980 UK/US
https://i.imgsafe.org/36de5a2815.png

WHAT HAPPENED TO AMERICAN PEOPLES PRE/POST 1980
https://i.imgsafe.org/36e9e77413.jpg

Robert then asks of 2008? what went wrong? Both men then start mumbling about the "housing bubble" paying no attention to the fact that the working populations all across the west had loaded themselves up with so much debt post 1970 that they simply could not increase that debt year on year and make payments to service it. As their wages have stagnated for 40 years due to dickhead economists blowing smoke up our asses re the wonders of neoliberalism. Or as you may know it, "trickle down economics" Milton Friedman said a rising tide lifts all boats. He lied. Now, to keep economic growth going, governments have become the debt expanders to keep a bankrupt system ticking over for an ever shrinking % of people at the top.

EXAMPLES OF HOW CAPITALISM HAS FAILED THE WESTERN MAJORITY
UK: https://i.imgsafe.org/36efe3e86c.png
US: https://i.imgsafe.org/4f4644f0f5.jpg

Guest identifies correctly that monetary policy without fiscal policy is socialism for the rich and monopoly dominated markets for the masses. But frankly, no amount of fiscal nor monetary stimulus will save this system.

Capitalism:
$65Trillion is size.
$230 Trillion in debt.
Rising at 0.5Trillion a month.

When governments finally run out of road, the rich and their economists will lock us in the barn, and burn it to the ground.

Healthcare:
The USA spends 2.8Trillion dollars over 10 years for Capitalist firms to provide healthcare for 70% of its people. A fully costed single payer socialized medical system akin to the third best medical system in the world (WHO 2014) the UK NHS. Would cost 1.8Trillion over ten years for 100% cover for all Americans. Capitalism would no longer be allowed to profit from the misery and death of its citizenry. Private healthcare would still be available as it is in the UK.

Your guest is also talking out of his rear when he says "Americans have a pvt room, it costs more" My mother is in a private room having just had cancer surgery here in the UK, and was in a private room for her last one too. Diagnosed, tumor removed, and will be home. It took 26 days from tests to diagnosis to surgery and cost $0. As she is a cleaner, if she was in the USA she would most likely be dying or dead given this is her second cancer and she is a cleaner, not a banking executive. I find your country disgusting for doing this to its citizens. Even Cuba manages free healthcare.

Also drugs firms that jack up the prices of their drugs in the USA should have all public subsidies removed and a business tax conveyor applied to them that claws back the amount the Corp is trying to fleece from its customers. They wont do it if there is no profit to be made.

Robert tropes out a few words from Friedman re healthcare, then espouses some pie eyed ideal of a full market solution for healthcare. A Market solution injected into a human need only ever results in exploitation. Adam smith wrote as such. This is why your government regularly ignores Mr Smith and the anti monopoly laws within the US constitution for the greater good of the top 10%.

17:13 your guest has now veered into RANK BULLSHITTING. I am in the UK. Do our maternity wards over fill occasionally? yes, in September. Human nature being what it is at Christmas. Do our babies get delivered in "hallways and lifts" ?! NO You lying sack. We open auxiliary wards or move equipment into an underused ward which then becomes maternity for gods sakes, this isn't Victorian England, the hospitals are state of the art and most buildings are not more than ten years old.Also NURSES DO NOT IGNORE PATIENTS, those that do get struck off and cannot work in nursing within the UK again. We have heavy penalties for a reason.

In the USA, they just get fired and take their awful ass to the next state to dish out equally crappy care to some other poor fool being mugged by private health.

China:
Given the per capita of Chinese citizens wont match Americans for decades and that's only if it could maintain above 6% growth which it cant, not much to worry about even if China's economy is larger. Bare in mind the majority of firms in China are not Chinese. They sucked all the good jobs from the west as greedy capitalists relocated for even more astounding profits, abandoning their host nations. Today 60% of all goods sold by US companies in America are made in China.

Europe:
Your guest says "theres no evidence that shows since the fed, things have been better" Again, he is talking out of his rear.

Why is the fed, called the fed, and not bank of America? Answer: Because the BoA was buried in scandal and there had been so many banking crisis throughout the 18th and 19th century that the fed was formed to act as a stabilizer and standardize the industry. And at that, its been a resounding success. Its not the feds fault that Capitalism is bankrupt.

28:19 Robert says "we had only 2 downturns in that 25 years that were very shallow and very brief" Of course they were, people were not yet fully loaded with debt and the stagnation of their wages post 1978 hadn't begun to bite because they could borrow more. In 2001 Alan Greenspan panicked and threw interest rates far lower than needed opening the flood gates for global credit supplies to the masses who were already starting to creek, leading to 2008.Admitedly if he had have been more conservative it would have only delayed the inevitable by a few years. So too with Glass Steagall if it were in place.

WHAT THE 1% DID WITH OUR STOLEN WAGES
https://i.imgsafe.org/4f4c8af290.jpg

WHEN THE WAGE THEFT TOOK OFF. US DATA
https://i.imgsafe.org/36f5205e80.png

UK=A MIRROR IMAGE
https://i.imgsafe.org/36f7805a86.jpg

Marx was right. You all would do well to read Capitol Volumes 1 to 3. Having read Friedman, Laffer, Keynes, and Hayek, Marx was the only one who made any god damned sense of reality over the fictions peddled by the priors. I only with Freidman had lived long enough to see his model collapse into failure as it has done ever since 2008.

Who am I ? just an uneducated man who didn't have all the advantages of education and cheap living that your people had, but I can read. And Ive read a lot. And I am furious with every one of you, from the Keynesian, to the neoliberals, for your wanton stupidity. For If I could see the crash from 2006 via the interbank rate which was the canary in the coal mine then why couldn't you all with your fine educations.

Robert says US has highest GDP per capita of any nation. It doesn't. Not by Nominal, nor by PPP.

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita

Thus concludes my shredding of this work of fiction peddled by supposedly informed people.

P.s Look what has happened for the second time in capitalism's recent history.
http://data.worldbank.org/indicator/NY.GDP.PCAP.CD

Thanks for sharing.

He's 81 at this interview and is incredibly sharp! Wow! What a great role model of continuous learning!

Just another globalist created by Hoover. He expounds their free trade rhetoric, while they offer him a forum to sell books and speaking engagements.

"Should we be worried about the Chinese economy."

Chuckle. No. Because the American economy doesn't belong to Americans anyway and the people I play golf with won't be affected in any way.

"We pay more and get more."

And those who can't pay don't get. And that means that the sick, including those with contagious diseases continue to be sick. It means that emergency rooms become the only source of health care for a portion of the people.

My only problem with this video: Thomas Sowell saying,"Chris Christie is an articulate republican." Other than that this guy is brilliant.

Thomas Sowell -- Basic Economics

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