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Steve Forbes is one of those squishy-conservative stock pickers on CNBC and Fox Business News, and he just wrote an op-ed for the WSJ talking about the dollar. So Lawrence Kudlow had him on to debate with David Gilmore, and boy did he get his ass kicked. Gilmore uses reality-based events to discuss where the dollar is, unlike Forbes, who shovels in the dog doo most of the time -- but hey, he's got his own Fox show.
via C&L emailer:
Forbes pontificates for about 1:30 seconds. At 3:00 minutes in, Steve is called "Absurd" and "living in the land of the lazy" and is called out for being a political hack. "Steve, do you use a calculator or an abacus" in response to his gold standard fantasy. Awesome, and rarely seen on this type of show.
Here' a rough transcript:
Gilmore: It's not a threat to the underlying capitalist system that has just been asserted, not in the least. (Forbes tries to cut in)...let me finish, to assert all that is due to the weak dollar is preposterous. It's absolutely preposterous.
Forbes: We're not talking about the weather, weather happens in the world the weather goes up and down
Gilmore: And the dollar goes up and down, that's the world too. That's the world of floating exchanges ... Who's trashing the currency? Name me one policy that's trashing the dollar.
Forbes: The Federal Reserve.
Gilmore: That's absurd, it's an absurd assertion.
Forbes: What about gold?
Gilmore: That's assertion, if you live in the land of the lazy if you want to make assertions than you're appealing only to that crowd. I don't know what that basis is. Is it politics, is it an ideology...
Forbes: When the price of gold was three hundred, three hundred and fifty dollars an ounce, the dollar was up, economy went up...
Gilmore: You can take all the gold in the world and put it in two Olympic swimming pools.
Forbes: Gold is the best barometer of inflation. and when we had a steady prices in gold the stock market went up, when gold went up which meant a weak dollar, the stock market in real times has gone down...
Gilmore: There is not an economy on the planet that ties its economy to gold. Not one. You haven't been able to turn a note in to gold in decades. It is a medieval view of the modern world. Steve, do you use a calculator or an abacus?"
This is the way you have to talk to GOP hacks and free market propagandists when they lie or use nonsense for reality. I'm not a market expert, but the stock market has been high even with this economy over the last year as well as gold.
I rather enjoyed that video. More please.