CW 471: Economic Warfare & The Oil Card with Jim Norman Journalist and Editor for Forbes & Business Week

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In today’s Creating Wealth intro, Jason talks about how he will be changing his portfolio soon. He will keep the audience posted when he decides where to buy from next. He also talks about two very important Business Insider articles about the topic of oil and how one of those articles contradict what today’s guest, Jim Norman, talks about on the show. Jason wants to provide an overall balanced opinion on the oil subject and reads out loud what both articles say.

Jim Norman is a second-time guest on the show and he talks to Jason primarily about oil and where it is headed. He is a now retired journalist and editor for Platts Oilgram, Forbes, and Business Week. He is also the author of The Oil Card, which you can buy off of Amazon. Jim and Jason talk about NYMEX manipulation, economic warfare, both Houston and North Dakota real estate markets, and more.

Key Takeaways:

2:20 – What the heck is happening with oil?

4:45 – One of Jason’s biggest mistakes in real estate is over-diversification.

8:50 – Always important in any business to consider the life time value of a customer.

13:30 – Governments hate deflation and will do everything they can to stop or delay it from happening.

19:00 – Jason introduces Jim Norman and they talk about his book, The Oil Card.

23:45 – It’s much easier to move oil prices around and manipulate them than any other commodity.

30:35 – Is oil really only worth $3 a barrel? Jim clarifies.

36:30 – It takes a while for economic warfare to succeed.

39:40 – Jim talks about whether Putin will be a threat or not.

45:50 – Prices can fall and remain long for a long time, especially in places like Houston.

53:45 – Jim doesn’t think the drop in oil prices is why things are cheaper. He believes it’s also due to technological advancements.

57:18 – It’s in the government’s favor to have inflation. According to Jim, all roads lead to inflation.

Tweetables:

“For oil prices, this is a political price, it’s not a fundamental price.”

“Global demand is not what it needs to be to soak up all the vast industrial capacity that’s been created globally.”

“Do you want jobs in the US or do you want low cost products?”

Mentioned In This Episode:

The Oil Card by James R. Norman.