Those who ignore history are doomed to repeat it.
Here is how Krugman's ideas are working out in Zimbabwe:
Posted on 05/15/2011 8:20:40 PM PDT by sickoflibs
If you realize both parties in Washington think that our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus that has some magic easy cure for the economy; someone who is going to get elected in Washington and fix everything just by cutting your taxes, investing (more government spending) a few trillion more we don't have and will never have, and who will just command some countries to lower their prices and others to raise their prices all to suit your best interests, then this list is not for you.
You can read past posts by clicking on : schifflist , I try to tag all relevant threads with the keyword : schifflist.
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The Austrian Economics School’s Commandments plus :From : link
1) You cannot spend your way out of a recession
2) You cannot regulate the economy into oblivion and expect it to function
3) You cannot tax people and businesses to the point of near slavery and expect them to keep producing
4) You cannot create an abundance of money out of thin air without making all that paper worthless
5) The government cannot make up for rising unemployment by just hiring all the out of work people to be bureaucrats or send them unemployment checks forever
6) You cannot live beyond your means indefinitely
7) The economy must actually produce something others are willing to buy
8) Every government bureaucrat should keep the following motto in mind when attempting to influence the economy: “First, do no harm!”
9) Central bank-supported fractional reserve banking is an economically distorting, ethically questionable activity. In particular, no government should ever do anything to save any bank from the full consequences of a bank run, no matter what the short-term consequences.
10) Gold is God’s money.
Add mine:
1) Businesses don't hire workers just because of demand for products or services, they hire because it makes them money. Sorry to have to state the obvious.
2) Government spending without taxing is still redistribution
3) Taking one man's money and giving it to another is not a job.
4) Paul Krugman and Bernake have been wrong about everything, as well as the other best and brightest Keynesian's who have been fixing our economy for over a decade.
5) Republicans in the minority (esp out of the White House) act like Republicans, in the majority they act like Democrats .
Equity bubble rules:
1)If something goes up too fast, it is going down faster,
2) By the time it looks like everybody is getting rich, it’s too late, stay out!
3) To get rich you have to get in early start of recovery and get out at the first really 'bad' news, and ignore the experts that claim that they will stop the next crash(our buddy Bernake.).
4) Don't invest money you will probably need, or worse money you don't really have.
*Krugman*
‘click’
Another “lost decade” that leads to yet another economic disaster and even less hope, just like Japan.
SAVE
I’m thinking seriously of Going d’Anconia.
Poor families cannot eat improved US manufacturing sales. Damned thieves and liars, all of them.
Ron Paul hasn't stopped the printing presses - how on earth can they blame him? They blame him for 'thinking' about stopping the printing?
Those who ignore history are doomed to repeat it.
Here is how Krugman's ideas are working out in Zimbabwe:
| Bernanke said 2011 growth has slowed to less than a 2 percent in the first three months of this year. The Fed chairman said: ''most of the factors that account for the slower growth in the first quarter appear to us to be transitory.'' Right Mr. Chairman, 'transitory' in the same way the current administration is 'transitory'. The first won't end until the other ends. And I guess if we enter the worldwide socialism club, we'll never have to worry about growth again. All I know is that if they tell us we had 1.8% growth, it really means we had no growth or negative growth. Trillions of dollars worth of unsustainable debt is signaling that more QE is inevitable regardless of the jawboning rhetoric of Ben Bernanke. For the guy who cranks out new dollars on the Treasury's printing press, he spends a lot of time insisting the value of the dollar is someone else's responsibility. Can you say 'Kabuki theater?' So the Fed's inaugural 'meet the press' moment was in fact preparing the ground for the start of QE3. Bernanke has his 'tools' you know. It's all fiat money now, meaning that it has value only because the Fed says it does! So we have an unstable economy wobbling atop unsound money. Money that the government takes from taxpayers, or borrows with no intention of paying it back, or prints without end. The Fed will have printed about $1.8 trillion from the end of 2008 to the end of June, 2011 - partly to finance staggering federal government deficits of nearly $4.5 trillion over the three years. So the Fed's actions are undermining the dollar precisely because that's what the White House wants Countdown until Obama leaves Office: 615 days as of May 15, 2011.
------------------------------ Welcome to the 1970s: low growth, high inflation. And the Keynesians argued this can't happen. The whole QE2 pump-priming has stimulated inflation. It's all virtual money now! Hope and Change.... Tragic. |
The Fed has purchased AT LEAST $4tril in public and private debt instruments and lent untold $trillions at nearly 0% to public, private and FOREIGN borrowers.
And, the production of commodities and finished goods, rather than their purchase would make this country filthy rich again.
This country could not have lost more blood if the Government/Banking/Union/Media/Wall St Complex had set out intentionally over the last 2 decades to bleed it dry.
At best Krugman is suffering from “Normalcy Bias” http://seekingalpha.com/instablog/731545-ethernal/95806-normalcy-bias-and-the-us-bond-bubble
..at worst....he's a mouthpiece for the Obama administration....... Ask yourself 1. Is the price of food I buy going up? 2. Is the price of gas going up? 3. Is the price of home heating/cooling going up? 4. Is my utility bill going up? 5. Is the price of any normal necessity going up? ...and last but not least...ask yourself....Am I suffering from "normalcy bias"???
At the end of every empire.....that is what America is an Empire. Albeit a new type, not seen on Earth in our sight. At the end of the empire, the elites begin looting the Treasury. First of all, they want to make sure THEY don’t go down with the ship of state. That is what is happening right now. As long as they can keep this nation afloat, there are billions, nay TRILLIONS left to be stolen. When it is all over, we will own nothing. We will just be tenants in our own country, to whoever holds the T-Notes. The game is over, take care of yourself, and pray.
Disagree with that article. Why do they believe that the demographics are different in America? They are very deflationary.
is that they don't have anyone on staff that speaks Austrian....
Plenty of Eubonics specialists...but nothing in Austrian
(What a putz!)
bump for later
Ben Bernanke is the worst Fed Chairman in history. It could take a generation for the nation to recover from his policies.
REFERENCE : How To Keep A Damaged Financial And Economic System Afloat?
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