Are there people who think money grows on trees? Yes, Virginia there are. Sometimes you just have to shake your head in wonder.
What Norman does not seem to understand is that increasing the money supply cannot create wealth. There is no perpetual motion machine. You can get "Money for nothin' and your chicks for free," according to the Dire Straits song. But looking at washed-up rock stars, we can easily see the end of that path.
If you print money, you change nothing. The same real estate existed as before; the same factories exist; no new assets suddenly appear. If the amount of money increases as in the hypothetical money volcano cartoon on the right, everything costs more. But the people in the cartoon have been lucky, they got there first so they get the advantage of using the debased money first.
Why is there no inflation? It is simple: the money is mostly sitting on the sidelines waiting for better days—two trillion worth. The speed at which money circulates has been declining as well. This cannot last forever. But it can last a good long time. Use that time wisely.
Here is Peter Schiff's view of Mike Norman. It includes a debate between them in 2006, right before real estate crashed.