We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Our Recent Essays Behind the Front Page
Thursday, July 21. 2011
A few fun economic links on the troubles ahead - and the refusal of politicians to recognize the limits of government or to understand Econ 101
Mix up a Martooni or two or a Gin and Tonic, and read and weep over the fecklessness of our political betters. As I have said before, I am worried about what the heck is going on and do not know anyone who is not.
The 70-Million-Check Constituency. It's about the delusion that "money happens." Money does not "happen" without people busting their asses in profitable work.
How to Contain the European Debt Crisis: Giavazzi and Kashyap. It is not a joke: the credit cards are at the limit, and the creditors are rightly concerned. If the big creditors blow up, we all blow up with them. Debtor nations are like suicide bombers, but at some point there is not enough money in the world to pay them off.
Gelinas: Why We Don’t Recover - Washington persists in postponing the bad-debt reckoning, strangling consumption and killing jobs. A quote:
That part is heart-breaking. But if you were or are an employer, would you be hiring now? We in CT are firing, not hiring, and not happy about it at all.
Larry Summers, via Mankiw:
Saved by Hitler. Imagine that!
McArdle: Slouching Toward Default, on Both Sides of the Atlantic. Houses of cards, nothing but debt on debt to maintain an illusion of prosperity while Asia thrives on growing economic freedom.
The Fear-Based Economy - Further tax increases could bring an already frightened, sputtering economy to a standstill. We are watching the dramatic and deliberate destruction of the economy, of jobs, and of enterprise, but you'd think, from the MSM, that it is business as usual. If you have kids, you should worry because crazy, ignorant people are running this thing and harming everybody who is not a government employee.
Home Depot founder Marcus: 'I'm Not Sure Obama Would Understand Anything That I'd Say':
Dan Greenfield gets it. Edge of the Spending New Frontier:
Posted by The Barrister in Hot News & Misc. Short Subjects, Our Essays at 17:27 | Comments (5) | Trackback (1)
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"We are watching the dramatic and deliberate destruction of the economy, of jobs, and of enterprise, but you'd think, from the MSM, that it is business as usual."
So what in the hell are we going to do about it?
--keep a fight bag packed and ready and our ears peeled?
Money does not "happen" without people busting their asses in profitable work.
No, money is spontaneously generated and destroyed every moment of every day. Money is not the result of work, Barrister, it is the sum of printed debt, in effect manipulated into existence where it incurs interest that's itself unpayable because the system is closed -- a monopoly.
We've a Ponzi scheme for a monetary system. Money is not the result of work.
I think you suspect this already, but if not, it's way past time the right grasped what money really is and how it aggregates power and wealth in the hands of the cabal that owns those presses and it's beneficiary, the federal government.
Ten, your response is "correct" in the most facetious of ways. As our economy has shifted more and more toward the value of Central Bank money creation and government debt, our society has ceased to understand the nature of true, organic Economics.
Not to mention that while Economists widely agree on the value and operation of the market vs. the government - their political views have impeded many of them from making valuable statements, providing useful insight, or doing anything OF VALUE. Economists who remain firm in their stance regarding the nature of growth can still provide useful information. Those who haven't a clue (Krugman, for example), mislead and confuse the public with politically slanted arguments that have little or no basis in fact.
In addition, pseudo-economists (Thomas Friedman or Robert Reich, for example) litter the landscape with their misguided views of politics and economics, further confusing the populace into believing that political solutions exist for all our woes.
I'd be surprised if any of them ever held a real job, ever produced anything of real value, or even studied a real company to see why and how it does what it does.
The US has moved into crony capitalism. Not to the degree of the Russians, mind you, but definitely in that direction in a big way. Too Big To Fail is a dangerous and potentially fatal concept which allows the rich to become much richer on the backs of those who do the work, with very little effort on the part of the TBTF firms.
This is called, by the Left, "the market". While we, those in the know, point out that it is actually FASCISM (the true economic fascism).
We face some difficult times ahead, unless we make some substantial changes to our system, unfetter the productive capacity of our small firms and our people, and reform the tax code to benefit small businesses and the middle class. We need to reduce our debt and stop printing money.
Today, Geithner's printing press is the functional equivalent to Smoot Hawley. Our exporting of inflation is essentially a tariff on all nations we trade with, because of their need to hold dollars in reserve. It's even more devastating to those nations who link their currency to the dollar.
Agree with the Crony Capitalism - many argued that the merger of the banks into the MegaBanks would do far more harm than the bennies of centralization. That albatross has come home to hang around our necks.
Now, after bailing out this one, rescuing the others, taking ownership of GM, and all the other assistance to "too big to fail', our nation's bread/butter, the small business, is living in devastation, disillusionment, and struggling to compete both against the Mega-firms and the cheaper foreign firms, all the while under a mountain of red-tape, dwindling market shares, and demonized as 'wealthy'. Guess the politicos have never seen the E&L statements from GE and the other big boys.
No wonder Small Biz failures are as high as they are, and our economy is reeling from hits/punches our political betters can never see, but can sense the results.
Tracked: Jul 22, 12:19