Those who ignore history are doomed to repeat it.
Here is how Krugman's ideas are working out in Zimbabwe:
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.
Ping list pinged by sickoflibs.
To join the ping list: FReepmail sickoflibs with the subject line 'add Schifflist'.
(Stop getting pings by sending the subject line 'drop Schifflist'.)
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:
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"???
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.
If I remember “The Creature From Jekyll Island” correctly, the American dollar has lost 95% of its value since we got a central bank (The “Federal” Reserve).
It’s done well the job assigned to it, taking a few lives along with it, like John F. Kennedy’s and Abraham Lincoln’s.
Impossible. Bureaucracy is by definition “harm,” and can only be kept under control by limiting the power and population of bureaucrats.