Professorlocknload
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Maybe Sachs is just another wanna be “Potent Director” howling at the moon for attention. Could it be, that if left alone, the worlds economic affairs would eventually sort themselves out? No doctrine as the best doctrine? Let freedom of association sort it all out?
But then, I guess there will always be meddling for profit by Pareto’s Foxes.
As silly as all this has become, I think I’ll take it to the Micro, and announce my exit from all the “systems” at this point. Call it a “Profexit.”
Feel surrounded by too much abnormalcy bias. Don’t wanna get any on me.
Abnormalcy Bias: To Be Well Adjusted To A Profoundly Sick Society
“What is needed and necessary is adequate control of printing of the money supply.”???
We could set up the “US Department of Adequate Money Supply Control” staffed by a bipartisan committee of incumbent politicians whose function is to decide how much printing of currency would be “adequate” to insure a favorable outcome in each election, maybe? Oh, wait….
Guess we should thank our lucky stars for the “Unsubscribe” button. Before it is no longer an option, that is.
By Jove, if big government got us all into this mess, certainly it can get us out,,,no?
Statists all.
Yes, Dr. D, from those nonproductive academics and assorted apparatchiks who live at the expense of the taxpayer, the solution is always more taxes.
@zero,
“Life is more or less a lie, but then again, that’s exactly the way we want it to be.” Bob Dylan
Doesn’t Stockman understand that debt doesn’t matter? The nomenclature will simply be changed from billion and trillion to quadrillion and quintillion. Then sextillion and septillion, ad infinitum,,,
“The Fed has a printing press.”
‘Nuff said. Too soon to take cover. We haven’t even entered the “Crackup Boom” phase yet. QE4 will be a doozy.
Unfortunately, honest money, in general circulation, will never be acceptable to a dishonest corporatocracy.
Look, the buck lost 44% of its purchasing power when Stockman and pals were at the helm of this Wurlitzer, from 1980 to 1988. So, who ya gonna call?
Then again, the Fed can likely guarantee it can provide how ever much money (Liquidity) it takes to keep this “Bubble” inflated for a very long time. They just can’t guarantee its future purchasing power.
Another way of looking at it is, hey, you doubled the nominal dollar value of your stock, bond and Real Estate portfolios? Congratulations for having the foresight to not fight the Fed.
However, given the books must ultimately balance, better figure on a 50% devaluation of those “nominal” bucks by the time the reset is complete, putting you back to square one. Of course, that’s still a better place to be than that of those who were too timid to drop their blind faith in the Fed maintaining any semblance of value in their Federal Reserve Note debt instruments, maybe?
Unless, maybe one thinks it’s different this time, and somehow these maniacal money changers will find ethics? Good luck with that.
There, now,,,nothing to be concerned about,,,,if the debt ceiling can be abolished, certainly so can the laws of gravity be, as well?
Not to worry about Harvey. Team Fed/FEMA/Tax Payer will fix it. No risk,,,.gov has their back,,,,rebuild it all,,,,,right back in the flood plane. Janet says there will never be another hurricane in her lifetime.
Instead of a radical change in the measure of “Inflation,” perhaps first we should correct the definition of it. Take the Happy Face off of it by calling it what it truly is. Devaluation of the Currency. Stealth Taxation, as it were, through a most disingenuous process.
Pat,,,
‘It’s a cruel and random world, but the chaos is all so beautiful.’ ~Hiromu Arakawa
‘You must have chaos within you to give birth to a dancing star.’ ~Friedrich Nietzsche’
“The root of suffering is resisting the certainty that no matter what the circumstances, uncertainty is all we truly have.”~ Pema Chodron.
Though timing is a tough call, there, Arnold,,,us old dogs can still hope that when we finally do depart this mortal form, it might be in a blaze of glory?
As for all this cashless nonsense,,,go ahead,,,ban 100 dollar bills. We’ll simply convert to Amazon, Walmart and i Tunes gift cards and charge ’em up to whatever denomination we need to make transactions on the street. Control that! Oh, and for the seedier parts of town, BevMo! cards should carry some clout for folks that like their “45’s.” For everything else, there’s EBT cards.
Ken,Ken,Ken,,,Grandma Janet said there would be no more financial crises in our lifetime. Didn’t you get the memo??? Or are you just not a team player?
Hookay,,,I’ll say it again. Never fall in love with a politician. They’ll break your heart every time.
Tomatoes,way too expensive,,,eggs, maybe, at 79 cents a dozen here the other day. Hell, even Molotovs if gas keeps falling?
Nice house price chart. Do we spot a long term trend here? Like, maybe the inverse of fiat currency’s value?
Yes, Arnold, having also spent time on the high seas, the watercolor stirred something in me as well. Maybe the sense of loneliness and insignificance when she kicks up?
Pat,
The Federal Reserve Bank is a “Private Enterprise.” And it’s “Currency” is not an asset. It is a Liability,,,a promissory note. Whether printed or in digital form.The issue with the push for digital is very simply, to enhance control over the monetary system by that very institution.
Great piece!
And if this results in attempts at refreshing of the tree of liberty, the general population is in possession of some substantial firepower this time around,,,,as is the State. Whatever trigger starts the process, it’s a given it will not be possible to stop it,,,,only choice being to let it develope a mind of it’s own and run it’s course. “Epic” comes to mind,,,,certainly not in a positive sense.
One thing to understand,,,as soon as the intertubes become a threat to pols, it will be reined in equally, with the penny press.
So,,, the choice was a crook or a clown. Now, instead of being forced off the cliff at the point of a gun, all serious like, we must jump off laughing?
Do tax cuts pay? Well, it depends on who gets paid. If it’s the Pentagon/MIC, it might say tax cuts are not profitable. If it’s the working lower and middle classes and small businesses that actually produce things that are used for purposes other than promoting the “Broken Window Fallacy,” then yes, they are likely productive over the long haul, if for no other reason than the government is net consumptive.
But then, .gov has become very proficient at destroying the means of production and, well,,,,killing people and blowing things up. And .gov is insatiable when it comes to demanding enough revenue to continue accomplishing those “great” tasks, ie; carrying out a process of population control and creating jobs for glass makers and installers,,,,never mind the perfectly functional glass they destroyed in the endeavor.
“Their discipline is the product of ideological desire not to blame banks or creditors, wrapped in a libertarian antagonism toward government’s role as economic regulator, money creator, and financer of basic infrastructure.”
Point missed,,,,,it is .gov protection and enabling of banks and creditors, that cause the economic distortions created by profligate and irresponsible expansions of credit, that academics seem not to understand.
After all, what is a market supposed to consist of, if not the actions of many individuals acting in their own best interests?
“Money does not give you the right to fund revolutions to recast the world in your image.”
Ha! Tell that to the drunks in Brussels and coyotes in the Eccles Building
“I don’t believe the EU can be reformed, because no-one has the power to do it.”
Humm,,,,seems there are plenty of Potent Directors around to put it lower than a snakes belly in a wheel rut, though, yes?
“Diversity” has been achieved. It’s the “Conquering” that’s going to prove more difficult,,,and likely messy.
“We do need revenue.” Stockman
Yes,,,foreign (and domestic?) military intervention is expensive. And, of course, there’s this,,,,”better” forms of taxation means more efficient methods of theft.
But, the bigger the government, the better off we all are, no?
Who will buy the Boomers houses?
Immigrants? At least at the margin. There are 7 Billion people in the world to draw from. China, ME, India, South America, North Africa, and soon, North Korea,,,,the list goes on, of people who would willingly migrate if given the opportunity.The population of North America and Western Europe must continue to grow or the entire Ponzi Scheme will implode. The Social Engineers presently in power will not allow that implosion, including the manufacturer of the monetary means to buy places and things, the Fed.
The day will certainly come when a house will cost a million bucks, and they will be quite affordable. Just a matter of moving the decimal point over a couple notches. Not to date myself, but I remember the gnashing of teeth and the cries of “Unaffordable” echoing through the sensationalist media when median home prices reached $36,000. in South Silicon Valley. Heard it again when the tag hit $66,000. Yet, folks were standing in line to buy them.
But then, a new Chevy pickup sold for a shocking sticker price of $2400. back then. Unaffordable, to say the least.
