Formerly T-Bear

 
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  • in reply to: There’s Brussels And Then There’s Real People #20010
    Formerly T-Bear
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    @ Raúl Ilargi Meijer reply # 20003

    Simple answer to correct question: The European Commission did not discover €2,000 millions. The Greek Finance Minister demanded the receipt of the monies. The German Finance turd absolutely refused. These were points happening in the last fortnight of reporting, here at TAE. Are memories becoming as truncated as the Yanks are? That €2,000 millions was overlooked by the Troika in their dissembling (look up the meaning). Remember the European Commission is comprised of the political Molls bought by the banksters. Einstein’s insanity paradigm applies. That €2,000 millions fund much needed relief is the only use it should be put. V. Nuland’s fabulous “Fuck the EU” is most appropriate in this case.

    in reply to: Debt Rattle March 17 2015 #19903
    Formerly T-Bear
    Participant

    When Fidel Castro had first overcome the Batista government in Cuba, he was invited to Washington for discussions by John Foster Dulles (accompanied by the brother Allan) to meet the joint House and Senate Foreign Relations Committees behind closed doors. Midway through the expected meeting, Fidel exited the chambers and with his entourage immediately embarked for Cuba. Within a month, Castro made a call to Moscow and penned a treaty there. The rest is history. What has since been revealed about the Dulles Brothers leaves little doubt that strong-arm, mafioso tactics were applied behind those closed doors (Historians should try to get Fidel Castro’s remembrances of those times for posterity).

    Somehow, Merkel and the past use by dated Finance Minister Wolfgang Schäuble need to study their history a bit closer; it may not repeat but it sure could rhyme. Have either of these German *sparks* ever thought of two important factors that will doubtlessly affect German wellbeing: first, the Turkey/Greek gas supply pipeline, the rent for transiting Greece could be very very dear; and second, Greece had (possibly very past tense) been vital to NATO’s front against the old Soviet Union, but has an abundance of deep water ports that could easily be leased to friendly forces. I suspect much of the Greek national budget and debt payments could be easily paid by NATO for avoiding those considerations. In all, Greek geography provides some nice cards to be holding. The Germans need to rethink their austerity and the genetic obstinacy they politically rely on before it is too late (retire that brain deceased Schäuble on a good pension, it will pay in the short run).

    in reply to: The American Story Is A Mystery Only to Economists #19831
    Formerly T-Bear
    Participant

    Maybe the thesis should be the possible reason the collapse in petrol prices is not showing up in increased spending is because petrol is being bought with debt rather than income, or some factor resembling debt. Debt is just another form of asset as long as debt is being serviced, that is being returned with the agreed interest that covers the cost of not using someone’s savings by that person and the risk factor that those savings are lost either in part or in whole in the utility those savings represent.

    But this would require a story that is not being told, a story missed by mythology except in small pieces scattered over that terrain of presentation of a world view, how the world works. Myths are only a way of teaching, of presenting experience, of explaining complex concepts, of establishing coherency. Real myths are reality based; fantasy also uses myths to stimulate the imagination, sometimes fantasy can better reflect some aspects of nature with less distortion than any other way, more often though, not; the danger being confounding the two forms.

    Beliefs, when not employed in stating incomplete knowledge, are nothing but fantasy. Beliefs are like banners in the wind, showing the direction of that wind and are as fickle as the wind’s orientation is wont to be and only indicating the strength of the wind at only the place the banner is, no where else is exactly the same. All too often beliefs are taken to be measure of qualities measured by other means, like measuring girth by scale, many an erroneous results pursue the assumptions needed.

    Stories too are prone to the caprice of telling and the vagaries of ear of the listener. One such story, about a princess who needed some gold for a long weekend in Ibiza since Margate was becoming all too familiar a getaway place. Her father, the King was saving up for a new castle and couldn’t spare anything just then. The princess had heard about a smallish (that is instead of dwarf to calm the PC crowd) who spun gold out of straw and would do so if any could guess its name. The princess thought long and hard and then some more. Finally she had her answer.

    Bloomberg!

    and had enough to take her friends to Marbella instead. Finis.

    (the above is in recompense for abusing the bandwidth a few posts ago)

    in reply to: From Yellen Put To Yellen Massacre #19798
    Formerly T-Bear
    Participant

    @ Professorlocknload, reply #19795

    I do so double dare you to use either Grandma or Granny over at Naked Capitalism (see commentary, look for *Ian* and following mêlée)

    https://www.nakedcapitalism.com/2015/03/dear-federal-reserve-now-time-raise-interest-rates-really-seriously.html#comments

    The Madam des Salon might enjoy the additional traffic (take this at multiple levels, SVP). [Spoiler alert] Seems the Madam and Salon conflate an endearing term with ad hominem to lynch mob fever; quite the rational free zone created, you would likely enjoy the splendid spectacle of equating a *granny* to some imagined ad hominem e.g.:

    Janet Yellen, a surviving crone from Burnham Wood, decapitated by a shard breaking through a glass ceiling, replaced by small albino pumpkin (de seeded) with matching white wig, vacuous, without the where-with-all to coherently assemble a simple two word reply to a yes or no question.

    (sorry for the self quote of what was at hand, in mind)

    in reply to: Debt Rattle March 12 2015 #19784
    Formerly T-Bear
    Participant

    A question:

    If the dollar is strengthening as reported, and the €uro buys fewer dollars (and cents), could it be that both currencies are in free-fall? Against that the dollar buys more ¥en, go figure.

    I don’t see much change in €uro prices (except petrol slightly less) and haven’t experienced the movements of dollar prices (inflation being reported at marginal rates). Is this a marker for a universe where down is up; night is day; war is peace and poverty is wealth? Or is someone off their meds in the media?

    in reply to: Debt Rattle March 7 2015 #19677
    Formerly T-Bear
    Participant

    An interesting post from Zero Hedge.

    Nice to know someone still remembers their economic history.

    in reply to: Ukraine, Neocons and Neonazis #19658
    Formerly T-Bear
    Participant

    @ phil harris

    Rest easy, The Guardian has been for some time a moll of the lads from Threadneedle Street. Only recently has she discovered that it pays to advertise. Find The Guardian now in her finest knickers across the street from BBC trying to attract their Johnnies. The idea there is actual reporting out of London went with Edward R. Murrow and the second world war’s blitz.

    in reply to: Ukraine, Neocons and Neonazis #19649
    Formerly T-Bear
    Participant

    § 3.

    We’re drowning in nonsense here, and we’re prepared to just die without even trying to swim?

    Fat floats – may explain the obesity as well as isolating cerebral neurons from contact needed for the thinking process.

    § 5.

    What is not is the two portraits of US girl power in Ukraine from the Guardian and Bloomberg that appeared over the past two days. That’s not innocent, that’s vile and bastardly lies. Victoria Nuland and Natalie Jaresko should not be praised by the western media, they should be taken apart bone by bone, because the roles they play are far too shady to stand up to our alleged democratic principles.

    That is called professional courtesy, what one professional will do for another, the respect of status for status. Not one, from the black non-entity peace prizer in the White House; VP Joe Biden and fils; Hillary and Chuckles Clinton; the Vapid SOS John Kerry and her Victoria Nuland (and the thing Natalie Jaresko above); not to mention their supporting cast inhabiting the troika, NATO, and the lot in Brissels; are not professional prostitutes, it’s the only thing they know to do, don’t expect sow’s ears to become silk purses. Same goes for their portapotty (portaloo) press retinue. What’s not to love?

    Somehow the cri de cœur is being heard in the wilderness, the answer may come in silent whisperings from that wilderness if one listens well enough. No answers are to be found in the brazen trumpeting of power, neither guidance from its echos nor ephemeral succor from its din.

    in reply to: Great Big Fat Greek Expectations #19577
    Formerly T-Bear
    Participant

    Most do not consider the enormity of the accomplishment of changing currencies for daily needs. The Euro not only did that but was transnational in its scope as well as being fully accepted by the populations affected, some easily and immediately and others having slower rates of acceptance, none now would know how to return to their former currency without grave dislocations. Greece would be no different, the Euro is now part and parcel of being Greek, of being Eurozone European, very few would willingly change that now established fact. These things are compounded by the problem that economic change requires the parties to negotiate together to accomplish desired goals, one party, taking after U.S. Republicans, have lost any ability to negotiate (That’s you Angela M’s finance minister, a rather forgettable personage) or even acknowledge disagreement. Although modern expectations of politicians is whenever lips are moving to expect hollow promise or misrepresentations, moving lips are also required to negotiate, something the German contingent of the EMU has either forgotten or has yet to learn – but there is hope yet – maybe.

    in reply to: Debt Rattle March 2 2015 #19569
    Formerly T-Bear
    Participant

    @ reply 19568
    right on the spot, 30 February. Can’t beat that for punctual.

    in reply to: Debt Rattle February 28 2015 #19546
    Formerly T-Bear
    Participant

    @ reply 19540

    Can we make that day 30th of February? please! please!

    in reply to: Debt Rattle February 17 2015 #19243
    Formerly T-Bear
    Participant

    Perusing all the usual MSM suspects (BBC, The Guardian, The Independent, etc.) this morning and shoveling off their propaganda it is clear that the troika has given orders there will be no negotiation whatsoever with the genuinely elected Greek government. The stench of propaganda from the usual MSM suspects is high and may require breathing apparatus to wade through their shite but then that is true about most of today’s major reports – Russia, Ukraine, ISIS, Syria, Liberia, Egypt, France, Denmark and Fascist Israel, all toilet paper reporting for which many trees are liquidated daily. The gyre widens, the centre is terminally cancerous with corruption and a darkened visage shadows the land.

    But then that shining light of the beautiful people Victoria Nu(t)land so imaginatively voiced the position – “Fu*k the EU”. I’d lay money on ‘it will happen’; cannot be soon enough. The chasm betwixt the population and their ersatz rulers grown ever wider; except maybe in Greece.

    in reply to: The Euro’s Exponential Decay #19118
    Formerly T-Bear
    Participant

    @ TheGreekOne, reply # 19110

    Concerning the lack of currency you mention, an immediate step to alleviate that problem is by issuing a stamped script good for a short period and capable of refreshing with a stamp costing maybe 0.1 % or even 0.01 % for a subsequent (continuous) period renewal. The script would be issued directly to social welfare aid recipients, pensioners, the unemployed, young families, the handicaped and all students. The script should purchase all but luxury goods and all services required. The stamp scheme assures the script is used within a given time period, the continuous stamp renewal keeps the currency value current, reduces hoarding and also provides a revenue to cover administrative costs, possibly a stream of governmental revenue, etc. Such script can transition between printed euro currency and a more permanent Greek issued currency. No one should starve because of the obstinate idiot retards of the troika.

    in reply to: Greece To Return Classical Masterpiece #19103
    Formerly T-Bear
    Participant

    @ Geo-whatever, reply # 19088

    Go on and finish the lollipop, I left it there because I did not want it after it fell into the yellow snow.

    in reply to: Behind The Global – Game Of – Thrones #19086
    Formerly T-Bear
    Participant

    @ Raúl Ilargi Meijer, reply # 19084

    Armed as TPTB are, that may be the optimal position to take. And since these institutions have lost the run of themselves, they become vulnerable, not only to a growing failure of public support but also to the ability to self correct. That combination of factors become the cancer that ends empires; it only takes a little patience, wisdom and courage (none of which is controlled by a monopoly), a widespread withdrawal of consent has earthshaking power.

    in reply to: Greece To Return Classical Masterpiece #19071
    Formerly T-Bear
    Participant

    @ Geo-whatever, reply # 19036

    Return to whatever you do best, godspeed. Since you cannot respond without Youtube crutches to speak for yourself maybe trolling is the better answer after-all. It is a shame that you appear incapable of a rational discussion, but that has become the mark of the times. Don’t let the Youtube hit you on the backside as you leave.

    in reply to: Behind The Global – Game Of – Thrones #19064
    Formerly T-Bear
    Participant

    @ V. Arnold, reply # 19061

    The current IMF, WB and WTO are not your grandfather’s IMF, WB and WTO. Your grandfather who instigated those organizations would not recognise those institutions as they presently are. The change came as a result of opening the use of credit from strictly a source of economic production to that of amplifying consumption – look at the period when credit cards first came into widespread use, about mid to late nineteen-sixties. This opening of credit for consumption was not alloyed with a corresponding requirement to service the debts credit created. The miasma of that debt so created has not since cleared. That same scheme was applied to the IMF, WB and WTO by administrators installed by those under the influence of neoliberal thought collective mindset, who replaced the New Deal originators. The Nixon administration politicised not only the administration of jurisprudence but initiated the politicisation of the monetary/financial system as well. Both were necessary to begin the disassembly of the New Deal institutions and constraints on business. The Reagan administration marked the takeover coup by acolytes of neoliberal theology.

    The probability of the European Monetary Union surviving the Greek challenge is becoming vanishingly small given the obduracy of the vested interests involved. The EMU edifice, fragile in its concept, will be in full disarray as the crisis moves to the other PIIGS and possibly France as well (PFIIGS?). By austerity they ruled, by austerity they fail. It will be fun to watch Turkey put their gas terminal on the Greek border, and Piraeus will make a fine warm-water port for the Russian Navy to occupy. Two of the find hand of cards dealt the new Greek administration. Not to overlook the milch cow that remaining in NATO could turn into.

    in reply to: Debt Rattle February 7 2015 #19013
    Formerly T-Bear
    Participant

    @ Chris M, reply #19010

    Henry George made a place for himself in economics is true, but it was a cul-de-sac in historical economics, a flash-in-the-pan, a once-off and unrepeatable, fit only for the conditions as they existed at that moment in political history. Many of H. Georges ideas were incorporated into state constitutions throughout the region those populists maintained political suzerainty, many times now disabling state and local governments to address economic ills otherwise within their capacity to resolve. Most of the problems in (The Lord of the Fly)-over regions can be traced back to H. George’s theorems and the limitations inherent. To illustrate examples requires there be not only a functioning idea about economics but also a common language having agreed definitions and understandings, for example ‘wealth’, what is wealth? How does that relate to ‘rich’? What is the source of ‘wealth’? What about ‘land’, ‘labour’, ‘capital’ or ‘entrepreneur’? I doubt there would be any two readers here that have or would agree on anything in common about any of those questions. Hell, I will not agree to respond to or dialogue ‘Youtube’ in lieu of a sentient person, I refuse to even consider watching such second hand, found opinions of recorded images that some unoriginal soul thinks they agree with and uses to speak for themselves.

    As you can see, whatever may be suggested as a response is effectively useless until some form of commonality of theory and lingual usage is established. Under that condition, one of the significant warnings of economic irrelevance as proposed by Geo-whatever was land being sole source needed to base tax revenues on. That is a most preposterous proposition to take. Nothing else there holds up well either, but it is a bright glistery thing found by a sophomoric mind, a pedlar of tattered theories pressed and folded to look as new. Caveat emptor.

    in reply to: Greece To Return Classical Masterpiece #18990
    Formerly T-Bear
    Participant

    My-oh-my, another bright glittery thing. A thing that solves ALL problems. Except having an educated, well-informed knowledge of economics. Have at it …

    Might it be nothing but an opinion that the Greek finance minister’s position is anything like Geo-whatever says it is? That is information I certainly don’t have about the Greek finance minister’s state of mind. George attempted to address conditions of his age but that does not make them relevant now.

    in reply to: How Do You Solve A Problem Like Syriza? #18744
    Formerly T-Bear
    Participant

    Is there any indication as to the probable amount of the derivatives associated with the Greek debt, particularly the credit default swaps used by the creditor banks to reduce their reserve requirement exposure? What kind of multiplicand might be threatened with Greek default?

    in reply to: Debt Rattle January 14 2015 #18372
    Formerly T-Bear
    Participant

    Just observed a post at Vineyard of the Saker which might be of interest.

    https://vineyardsaker.blogspot.com.es/2015/01/breaking-news-russia-will-completely.html

    That ought to bring up the price of Brent a bit, or more. Also an increase in employment for Greek pipeline construction workers, suspect for Turkish pipeline construction workers also. Looks like idol (sic) fingers just got burnt.

    in reply to: This Oil Thing Is The Real Deal #18156
    Formerly T-Bear
    Participant

    @ Ilargi #18154
    Remember that in war conditions, governments freely deficit spend attempting to assure survival. Limits on spending are suspended, those providing needed goods and services receive the additional bounty provided by war policy under national emergency that otherwise would not readily happen in normal economic conditions. Another way of appreciating is economic demand is amplified greatly beyond normal conditions thus driving production and profits. These are effects that MMT attempts to induce without the condition of war as motivation.

    in reply to: Debt Rattle December 30 2014 #17960
    Formerly T-Bear
    Participant

    It looks like the Obama has been listening to that magic mirror on the White House wall again. BBC reports:

    https://www.bbc.com/news/world-us-canada-30629200

    How full of oneself can one get (rhetorical question, no answer needed)?

    in reply to: 2014: The Year Propaganda Came Of Age #17843
    Formerly T-Bear
    Participant

    Ilargi – simply brilliant

    in reply to: Debt Rattle Christmas Eve 2014 #17805
    Formerly T-Bear
    Participant

    Felices Fiestas, the season’s greeting that covers all from solstice, the eve of, X-day, boxing and St. Stevens day, the big night of the old year and New Year’s day. Whatever strikes your fancy or tradition. And a prosperous New Year as well.

    in reply to: About That Interview #17707
    Formerly T-Bear
    Participant

    Memory may be amiss but the referred remark was to the effect:

    … you cannot declare war on a tactic

    sometimes recall in an era of amnesia – only for the brave. YMMV

    in reply to: No No No! That Is Not Deflation! #17187
    Formerly T-Bear
    Participant

    @ Variable 81 – et al

    I am quite sure I remember it being discussed that what lead to the Great Depression was overproduction, the efficiency of production surpassed the efficiency of the workers getting living wages, plus ça change, plus c’est la mème chose.

    You may have heard the expression ‘the roaring twenties’ (and that isn’t in reference to some geographic latitude), where American investment in production became overwrought and manic. At the same time government policy allowed laissez faire doctrine to impose a mercantilistic ideology, trade barriers and tariffs on imports and requiring cash dollars for exports. Once the world’s trade ran out of dollars to buy US goods, surplus goods rapidly accumulated beyond the ability of the economy to absorb. It was then, with mounting masses of unsold goods that further production was closed down, and adding to the inability to consume those goods. Interestingly enough, the whole idea behind Breton Woods was to create a bank and a fund to overcome these barriers to world trade but that gets into another story altogether.

    It is de rigueur in current ideology to blame either labour or consumers for all that goes amiss in the economy, somehow it is never the management or more appropriately mal-management that carries the responsibility. This bias shows up in the remarks here as well. It might help as well, if history were better known, understood and interpreted, but then, that would be asking way too much.

    in reply to: Debt Rattle November 16 2014 #16642
    Formerly T-Bear
    Participant

    In addition to Italy’s Beppe Grillo’s Movement 5 Star has company growing in Spain’s Podemos (We Can) development, augmented also by Greece’s Syriza political party. From The Guardian:
    https://www.theguardian.com/commentisfree/2014/nov/16/podemos-left-crisis-ukip-anti-immigrant
    reviews the growing political opposition to orthodox economic dysfunction. Just as Franklin Delano Roosevelt depended on ‘brain trusts’ to flesh out the goals of the New Deal, and the neoliberal thought collective has adopted ‘think-tanks’ to accomplish its Chicago School of Economics nefarious agendas, it will be interesting to watch the newly forming parties to see what equivalent resources are developed or not, thus indicating their viability to address the existential economic duress being imposed through political austerity. This may be the last chance for the EMU to get itself corrected. For sure, the troika as it is presently constituted and controlled must be completely replaced with organizations adhering to their original design functions.

    in reply to: The Most Destructive Generation Ever #16553
    Formerly T-Bear
    Participant

    @Post Ilargi
    Someone needs call bollix on your source of information.

    You have been presented with an anecdotal straw-man, given a generational label (gerontologically convenient), measured with both elastic standards as well as fungible language, conveniently arranged for you to make your arguments with. At one time those born after the start of WWII were included in the baby-boomer generation (as point of variance in terminology) such was the motivation to produce offspring under duress of war; but have it your way – no matter.

    Those who you have identified as the ‘silent generation’ is another straw-man insofar as actually having responsibility for the conduct of affairs of state. The entirety of their experience lay between being overshadowed by their parent’s generation (FDR’s cohort) and the insidious loss of the Republic (and the congruent events in other political domains) that was ushered in at the rejection of the New and Fair Deal under the Nixon administration and the repudiation of those policies under the Reagan (Thatcher) insidious corruption of the Republic. Those which are referred to as baby-boomers have never really had access to power, they have hardly even had access to education (with the exception of those being educated during the period of Sputnik when it was in the national interest to have an educated population).

    Insofar as the question of economic circumstance of generations matters, what is being promulgated is pure carnival fun-house of mirrors illusions starting with the fungible use of words applied to the shape-shifting economic models of orthodox construct. Terms such as rich and wealth have become synonymous and pass without clarity or analysis of their intended economic meaning or even the term is utilized correctly. Propaganda and manufactured emotions have replaced knowledge and factuality. History itself has been totally enveloped by the miasma of induced social dementia, observe how rapidly current events are vortexed down the memory hole – does anyone even remember the details of MH-17’s downing at this point? Do keep in mind this ‘other’ generation saved at some tens units a month and are now paying some multiple of 1000 a month to continue living. Some economic chasm there – no?

    I am not sure anymore which generation you’ve described is my cohort, nonetheless the shoulders are broad and still capable of carrying a rightful load. I suspect your derived assumptions from your source may have put your opinion into erroneous territory.

    in reply to: The Broken Model Of The Eurozone #16442
    Formerly T-Bear
    Participant

    Maybe slightly OT:

    The Guardian has one of the very finest examples of prostitute journalism up on display today:

    https://www.theguardian.com/commentisfree/2014/nov/08/russia-today-western-cynics-lap-up-putins-tv-poison

    The Guardian has resorted to hasbara journalism, and in all likelihood the contamination must be considered to have spread in some degree to everything else it reports. A sure sign of the cancer of orthodoxy having taken hold is any reference still used of surface to air missiles being used in the downing of MH-17; the BBC is 100% fatally infected. The stenographer of the piece in The Guardian proceeds throughout referring as factual myriad statements for which no facts are in evidence. The writer’s presumption that this is journalism and they are journalists fall into the same category: facts not in evidence.

    Returning now to the regularly scheduled opinions of Professor Constipation aka Locked-in-load.

    in reply to: Debt Rattle November 6 2014 #16406
    Formerly T-Bear
    Participant

    An interesting posting at The Vineyard of the Saker.

    https://vineyardsaker.blogspot.com.es/2014/11/the-european-central-bank-ecb-invented.html

    Look what’s going on whilst distractions divert attention. That <strike>Nice Treaty</strike> Lisbon Treaty needs be rescinded, the Irish Republic was correct the first time, the French, as usual have theirs up their nether regions in their reconstruction of that failed attempt at constituting the EU.

    in reply to: Debt Rattle November 4 2014 #16357
    Formerly T-Bear
    Participant

    @ Boogaloo – 5 November 2014 – #16356

    A question: And just how is this going to work out in a population inflicted with cultural, historical and intellectual Alzheimer’s dementia?

    in reply to: Everything The Fed Does Is Scripted #16254
    Formerly T-Bear
    Participant

    @ Golden …

    Your § 1: That certainly states an opinion, where did you find it?

    Your’s again § 2: Sounds like the beginning of another conspiracy theory with the universal bad-guys, the progressives taking over the lead from the liberals – Oh! wait, you did get in a shot at those evil liberals at the end. How very Libertarian can you ever get. I don’t know Piketty gets almost everything wrong; I do know you do.

    Finally your § 3: Not so sure what Piketty’s claims are, most references seem to be making claims for or about the author as you are. Certainly the inequality in an economy is nothing new and at present is only beginning to resemble that of the opening of the 20th century. Wasn’t that a glorious time to be working class? Not everybody had the resources to put together a railroad and rape the benefits as is your dimensionless imagination.

    What your comment provides is a collection of opinion, nothing more, none of which is original, nary a hint of useful, but linked to another opinion (Forbes! Really!) that reflects your own – how nice you were able to find such in the vastness of the internet. Have you ever had an original thought of your own? However it did refresh an old opinion as well. Nothing has changed with The Golden Bollix.

    in reply to: Everything The Fed Does Is Scripted #16240
    Formerly T-Bear
    Participant

    @ Raúl Ilargi Meijer #16237

    In Thomas Piketty’s “Capital … Twenty First Century” (Chapter 10)he reports the growth rates (estimated) from antiquity (A.D.). Nowhere until the establishment of manufacturing did that growth rate exceed about 0.1% or 0.2%, manufacturing increased economic growth to about 0.5 % and the further development of industrialization to about 1.5 to about 2.0 %. At the higher growth rate, gold had become incapable of providing the resources needed then, fiat currency was developed in parallel to supply the required liquidity for commerce. Beginning with the buildup that led to WW 1, gold lost its utility other than an accounting device, even the British Empire abandoned gold in about 1931 after severe problems crippled that economy, leaving France and the U.S. as the sole major hoarders of gold as supporting their currencies. Breton Woods (as written by Washington) established the U.S. dollar as the reserve currency as a substitute for the direct hoarding of gold. Nixon, faced with growing debts from Viet Nam and Chas. de Gaulle’s willful conversion of dollars to gold put an end to the gold connection of the dollar. It also fully liberated the American economy from monetary constraints imposed by the gold standard. Only the imposition of the OPEC embargoes upon the economy put a serious constraint upon economic growth but that was blowback from the slight of hand policies that freedom from gold allowed. The effects of those days are still reverberating in the world markets today. Had gold remained standard, the economic instability that would cause would be incalculable, just the rate of growth needed to recover from the world wars and great depression would assure that. Listen to the gold buggers at your existential peril.

    in reply to: Everything The Fed Does Is Scripted #16225
    Formerly T-Bear
    Participant

    Paraphrasing a well known observation concerning insanity:

    Believing repeated deceptions to be true, expecting truth each time, is a form of insanity

    How long will it take for people to immediately react to such deceptions as being just another lie not worth the air it arrived on, or the bog-paper it was written on.

    in reply to: Debt Rattle October 26 2014 #16160
    Formerly T-Bear
    Participant

    @ Raleigh
    @ V. Arnold

    Acknowledging your responses:
    Although both Ebola and AIDS are horrific diseases, neither is an existential threat, other than to individuals and it is not beyond the range of possibility that some manipulation has happened, nonetheless, nature is still capable of producing what is observed. More information is needed to arrive at judgment, I’d fear conjectures only add to doubts and confusion.
    No traditional media remains trustworthy per se, this includes much appearing on the internet, the integrity of much has been compromised by the basic needs of economic survival. That is not to say there are certain sources about specific issues that on the balance tend to retain their integrity. These have to be sought, evaluated and assessed. The numbers of such founts of information in the western media are diminishing at an alarming rate nearing negligible (with occasional commission of information). This gathering void is somewhat tempered by heterodox reporting through internet and social medias in haphazard fashion. After that becomes compromised, few options remain to be discovered and utilized, that future has great fogs obscuring those possibilities.

    Both these comments address to differing degree and manner an issue that has definite existential threat. That threat has become the credibility of governing institutions to manage their political/social economies. Once the ability to competently manage complex networks is lost, it is near impossible to reestablish those networks using status quo methods without employing ever increasing compulsion, either through artificially manufactured consent or through brute force of authority. Neither bodes happiness. The (now) Ancien Régime will not surrender power until it is taken from their cold dead hands and all that implies and entails. Your milage may vary.

    in reply to: Debt Rattle October 26 2014 #16141
    Formerly T-Bear
    Participant

    The progressive Firedoglake has a post by a operationmindcrime with a number of links to the MH-17 assassination/murders. I recall one photo showing the purported cockpit floor completely awash with blood. Since the voice and flight recorders ended up in CGHQ/MI6 custody, figure on missing minutes of recording no less important than Nixon’s 18+ minutes. Count on the relevant Ukrainian ATC tapes never seeing the light of day as they would verify whatever radio transmissions occurred after the cockpit voice recorder’s recording went missing.

    Just to think Russia published whatever information they held within days of the incident, the Oaf in the White House is still lying like a poorly woven carpet, and the msm is fixated on unwitnessed, non-existant BUKs (but provides a superb marker for there being propaganda spewed therein).

    It is beyond comprehension that the Government of the Netherlands is complicit with the murder of (NATO) so many Dutch citizens and coverup of this crime. About the only redeeming factor may be it’s only a short taxi ride to the ICC The Hague for those responsible.

    in reply to: Institutional Fish #16117
    Formerly T-Bear
    Participant

    @ venuspluto67 16097

    It is forbidden to notice it’s perfectly fine to print money for whatever suits our leaders and what they want to do with it. It is totally another matter when printing money is not for something the great ones have an interest in. You are not to look behind that particular curtain, ever! If this happens again, it’s room 101 for you.

    in reply to: The Last Days Of The Growth Story #16055
    Formerly T-Bear
    Participant

    Ilargi, methinks you are onto something with:

    “The something else that is going on is that our brains have been kidnapped …”

    evidenced by the absence of any economic education and the destruction of historical memory. Without these and a common language, the likelihood of resolving the complex of problems now presented is far less than a room full of monkeys on typewriters coming up with “Hamlet”. So much of your fearsome debt isn’t debt but a debit. Not knowing this, it becomes impossible to apply the appropriate credit to cancel out the balance. Even at global scale, economics is a closed system that accounting means are applicable to, that means all credits are directly related to debits. If the public hasn’t the dimmest idea about economics, how on earth are they to competently choose amongst the various schemes they are presented with. As for history, …

    in reply to: Wealth Inequality Is Not A Problem, It’s A Symptom #15997
    Formerly T-Bear
    Participant

    There is an old cave in Northern Spain that dates back as much as 20,000 years ago, decorated by people from time to time as they felt the need. A copy of this cave has been erected in fine fidelity to the original so that the greater public can partake of experiencing the cave without endangering the original. Attached to this exhibition is a museum elaborating upon some of the contemporaneous artifacts found that still exist, mostly of bone and stone. At that early date, economic man can be discerned, incompletely; furthermore, social organization can be implied – must be implied for such organization to operate. Not much has changed since, that is the way the world still operates; why get rid of something that works, has worked? About the only thing that has changed from those times is that those of the group have lost the run of themselves; have chosen the flickering flame of belief as opposed to the steady clear light of fact; have learned myth instead of the minutiae of their history, have succumbed to temptations of passively living rather than ceaselessly striving for excellence, for those, there is no future past their present delusions and distortions – cry not for such heathen of the herd, some will surely survive.

    When, in the future, the ideological fantasy that passes as economics of this era is studied to understand the driving causes leading to failure, one of the central causes will have been the failure of language itself to provide necessary communication to maintain a desired level of complexity. The record will also show that communication had become restricted to those acolytes proving themselves ‘true’ by their willing ability to accept contradiction without question, being devout believers of their catholic orthodoxy (look at the political leadership of the EU and the politicians of the countries comprising, say it isn’t so, the reactionary status quo doesn’t do self-correction).

    The Augean stables of edifice economics will require the labours of multiple Hercules to rid the shite that now passes as economics. Language does have the ability to remove the detritus the abuse of language leaves behind. It will be for those of the future to decide how this will come to pass, if at all, and define their language to meet their needs. Power cannot be bad nor wealth evil, if the species is to survive – they are how survival is accomplished.

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