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Huffington Post Abolishes Scarcity
In a recent article at the Huffington Post, Lynn Parramore assembled a
team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 |
Huffington Post Abolishes Scarcity
"?baMa? Tse Dung" wrote in message ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. |
Huffington Post Abolishes Scarcity
On May 26, 8:37*am, "Fred B. Brown" wrote:
"?baMa? Tse Dung" wrote in ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. At least consider the underlying theme--that government has a duty to provide sufficient money to sustain the economy, and that government is the source of money. When an economy has the potential for expansion, the government should make additional money available. The government should curtail spending and reduce the money supply only when the economy is at maximum production and more money simply leads to inflation. The Republicans have it all backwards. The Bush administration not only spent money like drunken bank robbers, they also spent the money of useless wars and overseas adventures. They not only opened the money vaults to big business, they also shoveled the money to nonproductive investment banks, hedge funds, and international gamblers. The Republicans kept a loose money policy even while America's production facilites were being transferred overseas and America' manufacturing base was shrinking. The result was the collapse of the United States monetary system and the economy. And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. |
Huffington Post Abolishes Scarcity
On May 26, 8:35*am, ∅baMa∅ Tse Dung wrote:
In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 There's no scarcity of goods, and soon, thanks to this crisis, they'll be piling up in warehouses all over the world. There's a scarcity of consumers with enough cash to buy those goods. That's why the world will probably go into some kind of deflationary spiral quite soon. Lisa |
Huffington Post Abolishes Scarcity
On May 26, 7:48*am, dave wrote:
Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? *I remember her as a flaming right winger back in the day. She changed - she ditched the hubby and went left pretty hard. |
Huffington Post Abolishes Scarcity
On May 26, 7:34*am, Lisa Lisa wrote:
On May 26, 8:35*am, ∅baMa∅ Tse Dung wrote: In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 There's no scarcity of goods, and soon, thanks to this crisis, they'll be piling up in warehouses all over the world. There's a scarcity of consumers with enough cash to buy those goods. That's why the world will probably go into some kind of deflationary spiral quite soon. Lisa Unfortunately this is true. Enormous worker productivity and endless cheap imports along with lack of domestic largesse have seen to that. And by the way, in case you haven't noticed - a deflationary spiral is not nearly as good as it sounds!!! Bruce Jensen |
Huffington Post Abolishes Scarcity
Fred B. Brown wrote:
Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? I remember her as a flaming right winger back in the day. |
Huffington Post Abolishes Scarcity
On Wed, 26 May 2010 07:40:06 -0700 (PDT), bpnjensen
wrote in [ rec.radio.shortwave ]: On May 26, 7:48*am, dave wrote: Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? *I remember her as a flaming right winger back in the day. She changed - she ditched the hubby and went left pretty hard. Her Hubby ditched her for a man. She has always been a W. European Socialist. |
Huffington Post Abolishes Scarcity
On May 26, 7:59*am, Keith wrote:
On Wed, 26 May 2010 07:40:06 -0700 (PDT), bpnjensen wrote in [ rec.radio.shortwave ]: On May 26, 7:48*am, dave wrote: Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? *I remember her as a flaming right winger back in the day. She changed - she ditched the hubby and went left pretty hard. *Her Hubby ditched her for a man. She has always been a W. European Socialist. Ah, that's right - another one of those right-wing gays! :-) |
Huffington Post Abolishes Scarcity
On May 26, 7:35*am, ∅baMa∅ Tse Dung wrote:
In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Ah, another Gold Adorer. That "green piece of paper" represents the trust that the world accords to the US success. It could be pictures of naked Elvis instead, it matters not. Incidentally, if the US sold all of its gold to pay for the deficit, it wold cover only a very small fraction. Stop adoring false prophets, you are kindly advised. -Ramon |
Huffington Post Abolishes Scarcity
On May 26, 10:10*am, snakehawk wrote:
... *The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. Marc Faber, Obama Makes Bush Look Like a Genius http://www.youtube..com/watch?v=RfrovBR4BcQ Gerald Celente on the State of The Union http://www.youtube.com/watch?v=UPwaeaGOOUE http://www.youtube.com/watch?v=v9JHTilpdfY http://theburningplatform.com/groups...of-reality/dis... http://moneynews.com/StreetTalk/davi...itehouse/2010/... http://www.youtube.com/watch?v=Qk1O9TVJ4w8 http://www.youtube.com/watch?v=fiDgfS2pOio http://www.youtube.com/watch?v=U2pOsvEwQi8 http://www.youtube.com/watch?v=qvAlbpnmsPs&feature=fvw http://www.youtube.com/watch?v=gPdpP9Uu5Lc http://www.youtube.com/watch?v=U2pOsvEwQi8 http://www.youtube.com/watch?v=zIJkArWvqu4 http://www.youtube.com/watch?v=EcblkyjmOtg http://www.youtube.com/watch?v=UlDNMB6wYmI&NR=1 http://www.youtube.com/watch?v=78ddURofMWs&NR=1 http://www.youtube.com/watch?v=UfuiN...1&feature=fvwp http://www.youtube.com/watch?v=gdBIRD87-Ao&NR=1 http://www.youtube.com/watch?v=kA5dfcMNtCo&NR=1 “The idea that you can fix a period of excess borrowing and excess consumption by more borrowing and more consumption to me is just ludicrous,” Jim Rogers, an American investment guru "....government and the banking system have deliberately created financial bubbles to shore up the economy, engender profits, and maintain tax revenues." http://www.youtube.com/watch?v=8vk91jU8Bt0 Soros Warns of Market Crash Thursday, 15 Apr 2010 10:58 AM Article Font Size Railway porter-turned-billionaire financier George Soros delivered a stark warning that the financial world is on the wrong track and that it may be hurtling towards an even bigger boom and bust than in the credit crisis. The man who ‘broke’ the Bank of England (and who is still able to earn a cool $3.3 billion in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt the financial world towards another crisis unless tough lessons are learned. Soros, who worked as a porter to pay for his studies at the London School of Economics after emigrating from Hungary, warned the financial world to heed the lesson that modern economics had got it wrong and that markets are not inherently stable. “The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall. “Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble. “We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.” One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another eight years to go before the next crash. © 2010 Reuters. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. http://moneynews.com/StreetTalk/geor...sh/2010/04/15/... http://www.rense.com/general85/chall.htm http://www.youtube.com/watch?v=9h2x7...eature=related http://www.youtube.com/watch?v=Pt4VLX96VLM The same people who complained about the widening wealth gap now think the new money printing and borrowing is such a wonderful and necessary policy forget it helps the rich the most. The policies are intended to avoid depressing asset prices which has the effect of shrinking the wealth gap. Who owns most of the assets if not the wealthy? How do you stop asset price deflation? By inflation. Who suffers most from inflation? Poor people. Who benefits most from inflation? Rich people who own assets. Evidently change we can believe in is no change. The rich get richer and the poor get poorer by government policy, just like always. http://www.youtube.com/watch?v=o7moo-O2Rok http://www.youtube.com/watch?v=CtllmgvoT_g http://www.youtube.com/watch?v=9nU3f...eature=related http://www.youtube.com/watch?v=qfoTo...eature=related http://www.youtube.com/watch?v=LSqhr...1&feature=fvwp |
Huffington Post Abolishes Scarcity
"snakehawk" wrote in message ... On May 26, 8:37 am, "Fred B. Brown" wrote: "?baMa? Tse Dung" wrote in ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. At least consider the underlying theme--that government has a duty to provide sufficient money to sustain the economy, and that government is the source of money. When an economy has the potential for expansion, the government should make additional money available. The government should curtail spending and reduce the money supply only when the economy is at maximum production and more money simply leads to inflation. President Roosevelt (D) took the US off the gold standard in the 30's. The gold standard required the Treasury Dept to print only as much money as the value of gold held by the government. Taking the US off the gold standard allowed the government to print more money than the value of it's gold to pay for Roosevelt's New Deal programs. The money printed was to be backed by the good faith of the government and the strength of the American economy. The US economy is in the toilet and the government is printing money faster than McDonald's can make french fries. Economic meltdown is on it's way. The Republicans have it all backwards. The Bush administration not only spent money like drunken bank robbers, they also spent the money of useless wars and overseas adventures. They not only opened the money vaults to big business, they also shoveled the money to nonproductive investment banks, hedge funds, and international gamblers. The Republicans kept a loose money policy even while America's production facilites were being transferred overseas and America' manufacturing base was shrinking. The result was the collapse of the United States monetary system and the economy. And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. |
Huffington Post Abolishes Scarcity
"bpnjensen" wrote in message ... On May 26, 7:48 am, dave wrote: Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? I remember her as a flaming right winger back in the day. She changed - she ditched the hubby and went left pretty hard. Powered by a big V-8, twin turbochargers and a lead foot on the accelerator pedal. |
Huffington Post Abolishes Scarcity
On Wed, 26 May 2010 07:10:23 -0700, snakehawk wrote:
On May 26, 8:37*am, "Fred B. Brown" wrote: "?baMa? Tse Dung" wrote in ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. At least consider the underlying theme--that government has a duty to provide sufficient money to sustain the economy, and that government is the source of money. When an economy has the potential for expansion, the government should make additional money available. The government should curtail spending and reduce the money supply only when the economy is at maximum production and more money simply leads to inflation. Thank you for renewing my faith in the ability of the people in the USA to THINK and reason. The Republicans have it all backwards. The Bush administration not only spent money like drunken bank robbers, they also spent the money of useless wars and overseas adventures. They not only opened the money vaults to big business, they also shoveled the money to nonproductive investment banks, hedge funds, and international gamblers. Yup. The Republican goal has always been the destruction of government. They have attempted doing so by destruction of the currency and by creating massive debt. The Republicans kept a loose money policy even while America's production facilites were being transferred overseas and America' manufacturing base was shrinking. The result was the collapse of the United States monetary system and the economy. It hasn't collapsed YET. The Republicans are into that part of the plan at this point. And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. They WANT a depression where the rich Republicans that were awarded all the money by the Republican government can lord it over the productive servants. The proper way forward is a devaluation of the money by printing more of it and a tax system that keeps this new money out of the hands of the current money holders (the Republican thieves). -- "Senate rules don't trump the Constitution" -- http://GreaterVoice.org/60 |
Huffington Post Abolishes Scarcity
On May 26, 10:52*am, Bob Dobbs wrote:
bpnjensen wrote: Ah, that's right - another one of those right-wing gays! :-) That's what always seemed so ironic about Log Cabin Republicans. -- Operator Bob Echo Charlie 42 But what could be more delicious than irony? Speaking of which, please pass the syrup... ;-) |
Huffington Post Abolishes Scarcity
On 5/26/2010 9:37 AM, Fred B. Brown wrote:
Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. So, being 'Greek', a 'socialist' and an 'emigrant' has just exactly what to do with the Greek economy collapsing? Presumably, you are an American (and unless you are a Native American, you are also an emigrant)...so to follow your reasoning, that would make you responsible for the current American Depression. |
Huffington Post Abolishes Scarcity
On May 26, 12:25*pm, Joe from Kokomo wrote:
On 5/26/2010 9:37 AM, Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. So, being 'Greek', a 'socialist' and an 'emigrant' has just exactly what to do with the Greek economy collapsing? Presumably, you are an American (and unless you are a Native American, you are also an emigrant)...so to follow your reasoning, that would make you responsible for the current American Depression. Sounds fair to me ;-) |
Huffington Post Abolishes Scarcity
On May 26, 12:15*pm, Michael Coburn wrote:
On Wed, 26 May 2010 07:10:23 -0700,snakehawkwrote: On May 26, 8:37*am, "Fred B. Brown" wrote: "?baMa? Tse Dung" wrote in ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. At least consider the underlying theme--that government has a duty to provide sufficient money to sustain the economy, and that government is the source of money. *When an economy has the potential for expansion, the government should make additional money available. *The government should curtail spending and reduce the money supply only when the economy is at maximum production and more money simply leads to inflation. Thank you for renewing my faith in the ability of the people in the USA to THINK and reason. The Republicans have it all backwards. *The Bush administration not only spent money like drunken bank robbers, they also spent the money of useless wars and overseas adventures. *They not only opened the money vaults to big business, they also shoveled the money to nonproductive investment banks, hedge funds, and international gamblers. Yup. *The Republican goal has always been the destruction of government.. * They have attempted doing so by destruction of the currency and by creating massive debt. The Republicans kept a loose money policy even while America's production facilites were being transferred overseas and America' manufacturing base was shrinking. *The result was the collapse of the United States monetary system and the economy. It hasn't collapsed YET. *The Republicans are into that part of the plan at this point. And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. *The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. They WANT a depression where the rich Republicans that were awarded all the money by the Republican government can lord it over the productive servants. *The proper way forward is a devaluation of the money by printing more of it and a tax system that keeps this new money out of the hands of the current money holders (the Republican thieves). No need to devalue the currency. Inflation only occurs when the money supply exceeds the nation's ability to expand production. Right now the United States is operating at a fraction of its ability to produce, mainly because of the shortage of available cash caused by eight years of Republican mismanagement and the profligacy of international money shufflers. What most people don't realize is how much capital simply disappeared in the hectic gambling antics of the big investment banks and hedge funds. The notional value of all those wierd derivative trades amounted to tens of trillions of dollars. The big Wall Street gamblers borrowed gobs of money from the commercial banks--represented by account entries--then lost it and reneged on paying the commercial banks back--represented by account entries--leaving the commercial banks with little capital and books full of bad loans. The effect was that gobs of money was taken out of commerce and effectively lost to commerce and industry. Now the government must make new capital available to commerce and industry to allow the economy to recover. And the same people responsible for the near collapse are standing in the way of recovery by demanding that the government stop injecting needed currency into the economy. |
Huffington Post Abolishes Scarcity
On May 26, 9:42*am, bpnjensen wrote:
On May 26, 7:34*am, Lisa Lisa wrote: On May 26, 8:35*am, ∅baMa∅ Tse Dung wrote: In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 There's no scarcity of goods, and soon, thanks to this crisis, they'll be piling up in warehouses all over the world. There's a scarcity of consumers with enough cash to buy those goods. That's why the world will probably go into some kind of deflationary spiral quite soon. Lisa Unfortunately this is true. *Enormous worker productivity and endless cheap imports along with lack of domestic largesse have seen to that. And by the way, in case you haven't noticed - a deflationary spiral is not nearly as good as it sounds!!! Bruce Jensen its a very bad thing. and it could lead to a world wide depression, then war. |
Huffington Post Abolishes Scarcity
On May 26, 10:30*am, Ramon F Herrera wrote:
On May 26, 7:35*am, ∅baMa∅ Tse Dung wrote: In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Ah, another Gold Adorer. That "green piece of paper" represents the trust that the world accords to the US success. It could be pictures of naked Elvis instead, it matters not. Incidentally, if the US sold all of its gold to pay for the deficit, it wold cover only a very small fraction. Stop adoring false prophets, you are kindly advised. -Ramon don't ya love the gold bugs. what they do not understand is that the holders and dealers of gold, will gladly sell you their gold, for little green pieces of fiat paper. what does that tell you about gold:) |
Huffington Post Abolishes Scarcity
On May 26, 11:49*am, "Fred B. Brown" wrote:
"snakehawk" wrote in message ... On May 26, 8:37 am, "Fred B. Brown" wrote: "?baMa? Tse Dung" wrote in ... In a recent article at the Huffington Post, Lynn Parramore assembled a team of economists to refute nine "myths" about the deficit. On the one hand, it was refreshing to see these economists discuss with such candor the fact that our financial system is backed up by nothing but green pieces of paper. On the other hand, it was shocking to see these economists laud the fact. Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily http://mises.org/daily/4349 Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. At least consider the underlying theme--that government has a duty to provide sufficient money to sustain the economy, and that government is the source of money. *When an economy has the potential for expansion, the government should make additional money available. *The government should curtail spending and reduce the money supply only when the economy is at maximum production and more money simply leads to inflation. President Roosevelt (D) took the US off the gold standard in the 30's. The gold standard required the Treasury Dept to print only as much money as the value of gold held by the government. Taking the US off the gold standard allowed the government to print more money than the value of it's gold to pay for Roosevelt's New Deal programs. The money printed was to be backed by the good faith of the government and the strength of the American economy. The US economy is in the toilet and the government is printing money faster than McDonald's can make french fries. Economic meltdown is on it's way. The Republicans have it all backwards. *The Bush administration not only spent money like drunken bank robbers, they also spent the money of useless wars and overseas adventures. *They not only opened the money vaults to big business, they also shoveled the money to nonproductive investment banks, hedge funds, and international gamblers. The Republicans kept a loose money policy even while America's production facilites were being transferred overseas and America' manufacturing base was shrinking. *The result was the collapse of the United States monetary system and the economy. And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. *The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. well said. You don't have to be a Keynesian to recognize that the economics of belt-tightening is a fool's errand in a recession:the combination of financial collapse and deflation helped create depression, dictatorship, and then World War II http://www.huffingtonpost.com/robert...-austerity-doe... Robert Kuttner Co-founder and co-editor of The American Prospect Posted: May 23, 2010 08:05 PM Get a Grip: Austerity Does Not Produce Prosperity Austerity has suddenly become the universally prescribed cure for the fallout from the financial collapse. If widely adopted, it will prove worse than the disease. The price of the rescues of Greece, Spain and Portugal will be brutal deflation. The International Monetary Fund, which supposedly learned from its earlier mistakes of imposing austerity on already damaged economies, is back in cold-bath mode, demanding higher taxes and dramatically reduced spending as its pound of flesh. The European Central Bank and key leaders of the E.U. are promoting economic pain as the price of relief. Here at home, President Obama has sworn off serious new outlays for jobs or aid to the states, and is using his fiscal commission to pursue a bipartisan consensus on spending cuts and higher taxes. The nations of the European Union are being treated as the object lesson in the costs of profligacy. This is supposedly what happens when you provide decent social benefits to regular people. In fact, most of Europe had reasonably well-disciplined budgets until a made-on- Wall-Street economic crisis took down their economies. The budget deficit here and overseas does need to return to a more moderate level -- after we get an economic recovery. But the problem with the austerity treatment during a recession is that if everyone tightens their belts at once, there is nobody to buy the products; the economy shrinks and repayment of debt is even more arduous. As John Maynard Keynes famously wrote, "The patient does not need rest. He needs exercise.." You don't have to be a Keynesian to recognize that the economics of belt-tightening is a fool's errand in a recession. With the exception of a few smaller nations, the large deficits in the OECD countries are not the result of fiscal profligacy, but of revenue losses caused by the downturn. And in the case of Greece, supposedly the poster child for profligacy, the new Socialist Papandreou government is having to clean up after the fiscal finagling of its conservative predecessor. Greece certainly needs tax reform to make sure that so many of its very wealthy do not hide their assets. It does not need general austerity. The US has been spared this phase of the crisis so far, because the Federal Reserve has been willing to be buyer of last resort of all manner of securities, including government debt. This remedy is far from ideal, and it needs to be wound down as soon as recovery comes, as well as combined with structural reforms. But the Fed rescue certainly beats a total collapse In Europe, by contrast, this rescue act is far more difficult politically and institutionally. Sovereignty is divided along nations pursuing their own self-interests, a fledgling E.U. and a central bank that lacks either the Fed's full powers, its history, or its self- confidence.. But Europe had better come through this test as a more unified and politically effective system or we will all suffer. This is no time for skeptics of the Euro or the E.U. to be gloating. In fact, the Germans and the French have put their self-interest aside, and have pushed for a rescue plan that prevents default on government bonds and benefits Europe's less affluent nations. With aid to Greece monumentally unpopular, German Chancellor Angela Merkel was willing to lose a key state election in order to prevent a Euro collapse This statesmanship is admirable -- but the austerity demands are not. The current global economic crisis, now entering a new phase as a crisis of sovereign debt, has only one rough precedent. The last time major nations (such as Germany, its European creditors, and much of Latin America) faced insolvency, the combination of financial collapse and deflation helped create depression, dictatorship, and then World War II. In the US, we finally ended the Great Depression with massive wartime borrowing and public outlay. We ended the war with a debt-to- GDP ratio of more than 120 percent, more than double today's ratio.. In Britain, debt-to-GDP peaked at about 250 percent. But all of the war spending recapitalized industry, re-employed and trained jobless workers; and after the war pent up consumer demand powered a record boom and rising revenues paid down the debt. There was plenty of wartime sacrifice, but it was shared. Citizens bought war bonds and used ration books. There were wage and price controls. Surtaxes on high incomes were over 90 percent. Interest rates were administered through a deal between the Treasury and the Fed, and the war debt was financed with cheap money. Inflation rose slightly after the war, but was manageable. And thanks to the deferred demand and careful economic management of the war years, peacetime conversion brought not a recession but a boom. Today's situation is different. The origin of all the debt is not a war but a financial collapse. The new round of financial panic is the result of still fearful markets, a still fragile banking system, and deficits caused mainly by reduced output, not overspending. In this context, it is insane to think that we can recover from a financial panic and an economic recession by inducing a worse recession in the name of fiscal soundness. For now, while the real economy heals, there is no substitute for aggressive central bank intervention to restore markets in sovereign debt. The right grand bargain is tough financial reform and limits on Wall Street--so that this crisis is never repeated. The wrong grand bargain is austerity for everyone else. Robert Kuttner's new book is "A Presidency in Peril." He is co-editor of The American Prospect and a senior fellow at Demos. |
Huffington Post Abolishes Scarcity
Fred B. Brown wrote:
And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. There will be no recovery to 1990s prosperity. The bankers cleaned us out. |
Huffington Post Abolishes Scarcity
On 10-05-26 01:30 PM, bpnjensen wrote: So, being 'Greek', a 'socialist' and an 'emigrant' has just exactly what to do with the Greek economy collapsing? Presumably, you are an American (and unless you are a Native American, you are also an emigrant)...so to follow your reasoning, that would make you responsible for the current American Depression. Sounds fair to me ;-) On 5/26/2010 4:11 PM, m II wrote: 'Immigrant' is someone who comes INTO your country. 'Emigrant' is someone who LEAVES your country. Mea Culpa, my bad and touche... (all I can say in my defense is that I was quoting, and trying to be consistent with, Fred B. Brown, the OP.) I don't have a clue why one word has two 'm's in it. All I can say here is, how often do you see m II posting about two m's? nyuk, nyuk, nyuk!!! |
Huffington Post Abolishes Scarcity
On May 26, 11:51*am, "Fred B. Brown" wrote:
"bpnjensen" wrote in message ... On May 26, 7:48 am, dave wrote: Fred B. Brown wrote: Arianna Stasinopoulos Huffington is a 'real' financial expert. She's a Greek Socialist emigrant, considering that the Greek economy is collapsing I take what she has to say with a grain of salt. Really? I remember her as a flaming right winger back in the day. She changed - she ditched the hubby and went left pretty hard. Powered by a big V-8, twin turbochargers and a lead foot on the accelerator pedal. Arianna's mother Elli was active in the Communist-led Greek resistance movement during World War II. Her journalist father Constantine edited the resistance newspaper Paron. In England Arianna attended Cambridge University, where she studied Keynesian economics at Girton College and one of her tutors was the Maoist economist Joan Robinson. In 2000 Arianna Huffington was deeply involved in staging the Shadow Conventions designed as media propaganda shows to undermine Republicans and nudge Democrats farther to the political left. These mock conventions were organized by the Shadow Party organizations funded by George Soros and other wealthy leftists. Much mo http://www.discoverthenetworks.org/i...asp?indid=2010 |
Huffington Post Abolishes Scarcity
On Wed, 26 May 2010 17:15:59 -0700, dave wrote:
Fred B. Brown wrote: And now that crippled US economy is rebounding and more money is needed to fund the expanding activity, the Republicans oppose government spending and expanding the money supply, the exact opposite of what is needed right now. The spendthrift Republicans who allowed international money changers to scoop up and gamble away most of the available cash have now become thrifty nannies who think the way to prosperity is for government to sit back and allow the international bankers to control the rate of America's recovery. There will be no recovery to 1990s prosperity. The bankers cleaned us out. Spoken like a true gold bug. -- "Senate rules don't trump the Constitution" -- http://GreaterVoice.org/60 |
Huffington Post Abolishes Scarcity
On 10-05-26 06:58 PM, Joe from Kokomo wrote:
I don't have a clue why one word has two 'm's in it. All I can say here is, how often do you see m II posting about two m's? nyuk, nyuk, nyuk!!! Weird..I was listening to Martha and the Muffins while I did it. The OTHER M&M bunch: http://www.m-ms.com/us/ mike |
Huffington Post Abolishes Scarcity
On May 26, 11:15*am, Bob Dobbs wrote:
bpnjensen wrote: On May 26, 10:52*am, Bob Dobbs wrote: bpnjensen wrote: Ah, that's right - another one of those right-wing gays! :-) That's what always seemed so ironic about Log Cabin Republicans. -- Operator Bob Echo Charlie 42 But what could be more delicious than irony? *Speaking of which, please pass the syrup... ;-) - Would that be Ms Butterworth or Aunt Jemima? -- Operator Bob Echo Charlie 42 -fwiw- Mrs Butterworth has a moustache. http://en.wikipedia.org/wiki/Mrs._Butterworth%27s |
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Michael Coburn wrote:
On Wed, 26 May 2010 17:15:59 -0700, dave wrote: There will be no recovery to 1990s prosperity. The bankers cleaned us out. Spoken like a true gold bug. No gold. I can fix a radio. |
Huffington Post Abolishes Scarcity
On May 26, 11:15*am, Bob Dobbs wrote:
bpnjensen wrote: On May 26, 10:52*am, Bob Dobbs wrote: bpnjensen wrote: Ah, that's right - another one of those right-wing gays! :-) That's what always seemed so ironic about Log Cabin Republicans. -- Operator Bob Echo Charlie 42 But what could be more delicious than irony? *Speaking of which, please pass the syrup... ;-) Would that be Ms Butterworth or Aunt Jemima? Why - Log Cabin, of course! :-D |
Huffington Post Abolishes Scarcity
On May 27, 7:53*am, dave wrote:
Michael Coburn wrote: On Wed, 26 May 2010 17:15:59 -0700, dave wrote: There will be no recovery to 1990s prosperity. The bankers cleaned us out. Spoken like a true gold bug. No gold. *I can fix a radio. I hear gold is especially good for oxide-free contacts,,, ;-) |
Huffington Post Abolishes Scarcity
On May 27, 10:00*am, bpnjensen wrote:
On May 27, 7:53*am, dave wrote: Michael Coburn wrote: On Wed, 26 May 2010 17:15:59 -0700, dave wrote: There will be no recovery to 1990s prosperity. The bankers cleaned us out. Spoken like a true gold bug. No gold. *I can fix a radio. I hear gold is especially good for oxide-free contacts,,, ;-) bingo, circuit boards!!!! |
Huffington Post Abolishes Scarcity
On Thu, 27 May 2010, Nickname unavailable wrote: On May 27, 10:00*am, bpnjensen wrote: On May 27, 7:53*am, dave wrote: Michael Coburn wrote: On Wed, 26 May 2010 17:15:59 -0700, dave wrote: There will be no recovery to 1990s prosperity. The bankers cleaned us out. Spoken like a true gold bug. No gold. *I can fix a radio. I hear gold is especially good for oxide-free contacts,,, ;-) bingo, circuit boards!!!! IBM figured out how to do it with copper. ;-) |
Huffington Post Abolishes Scarcity
I don't ever read huffWHOARington post.
cuhulin |
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