Time to End the Fed, finally admits Evans-Pritchard
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  Time to End the Fed, finally admits Evans-Pritchard
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Author Topic: Time to End the Fed, finally admits Evans-Pritchard  (Read 1387 times)
Obnoxiously Slutty Girly Girl
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« on: September 28, 2010, 03:37:23 AM »

Shut Down the Fed (Part II)

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Another former apologist for the Fed and the fools who run it sees the light...
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Oswald Acted Alone, You Kook
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« Reply #1 on: September 28, 2010, 08:18:26 AM »

And what do you suppose should take its place?
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Gustaf
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« Reply #2 on: September 28, 2010, 09:35:07 AM »

He seems a bit confused. Who opposes inflation targeting in the modern world? Price level targets (which I presume is the alternative) makes very little sense to me.
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opebo
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« Reply #3 on: September 28, 2010, 11:08:51 AM »

But Libertas, we're in a terrible deflation, not an inflation.  We should be so lucky as to be in an inflation!
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Frink
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« Reply #4 on: September 28, 2010, 04:41:28 PM »

He seems a bit confused. Who opposes inflation targeting in the modern world? Price level targets (which I presume is the alternative) makes very little sense to me.

Economic journalism is notoriously horrible in most instances.
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snowguy716
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« Reply #5 on: September 28, 2010, 05:04:06 PM »
« Edited: September 28, 2010, 05:18:19 PM by Snowguy716 »

But Libertas, we're in a terrible deflation, not an inflation.  We should be so lucky as to be in an inflation!

Terrible deflation as the investor class tries to not lose the hundreds of trillions in fake derivative assets that are quickly draining down the poop hole... which will be followed by extreme inflation as oil prices spike.

We're in a "plateau" economy.  Our access to energy will limit us from growth.  We will see fits of growth.. but energy prices will rise with them.. then they'll get too high and we'll be back in recession and repeat the cycle until we find a magical, cheap alternative, find a magical huge supply of new oil, or oil gets so expensive we simply can't afford it and the economy collapses.

This is why I believe huge investments in infrastructure are key.  If the economy were to collapse, the only thing we can rebuild upon is a good infrastructure.  While we're teetering on the edge.. we might as well borrow more and more from China and plunk it down on railroads, highways, bridges, electric grids, sewer lines, power plants, and pretty walking paths.

If the sh**t hits the fan and we just tell China "sorry.. we won't be paying you back"... what are they gonna do?  Send their hundreds of thousands of troops over here to invade us on sail boats?

And as long as I'm on the doom and gloom conspiracy wagon:  Something piqued my interest.  In the 2010 Bilderberg agenda, one of the key parts of the agenda was "Global cooling".

Now this is two-sided:  Either the top business and political people of the world are brainstorming ways to cool the globe because of runaway human induced global warming... or they know something Al Gore doesn't... that the earth is entering a term of global cooling.

As they say:  A warming world is an inconvenience.  A cooling world is a catastrophe.  Afterall, everything that many scientists pin on global warming would actually be worse with global cooling:  heatwaves, flood events, hurricanes, severe cold, unseasonable crop killing frosts, drought, famine, disease, pestilence, starvation, reductions in biodiversity...

When you cool the world.. you dry out the air.  So if the world is 3˚F colder, you can still have heatwaves.. and they can be even worse because there is less moisture in the air... so temperatures can skyrocket even higher.. which dries out the soil, which dries out the air further, and inhibits rainfall more, which leads to fewer clouds, which leads to more heat!  Then once the sun retreats south for its Austral vacation, all that dry soil can't hold moisture to keep the cold away.. so you get blistering cold.  It's be like 1936, but every year.. and when summers weren't blistering hot.. they'd be punctuated with frosts and huge gyrations from hot to cold.

Also, hurricanes would be worse... since hurricanes transfer energy from the tropics to the higher latitudes... in a colder world, the tropics would still be about as warm as they are now.. maybe a few tenths of a degree cooler.. while the Arctic would be on the order of 10-20˚F colder... in a colder world, the oceans have a harder time distributing energy.. so the atmosphere picks up the slack.  More hurricanes, more insane wind storms, stronger cyclonic winter storms that, while precipitation being reduced overall, would dump copious amounts of snow on land given the much colder air available.

So yes... perhaps the Bilderberg group is onto something.
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opebo
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« Reply #6 on: September 29, 2010, 05:24:04 AM »

...railroads, highways, bridges, electric grids, sewer lines, power plants, and pretty walking paths.

Dude, what possible use will railroads, bridges, electrical grids, sewer lines, and power plants be if we run out of energy?  The walking paths might be, but if we run out of energy, most of us will die and the country will return to being one big walking path.
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snowguy716
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« Reply #7 on: September 29, 2010, 06:17:35 AM »

...railroads, highways, bridges, electric grids, sewer lines, power plants, and pretty walking paths.

Dude, what possible use will railroads, bridges, electrical grids, sewer lines, and power plants be if we run out of energy?  The walking paths might be, but if we run out of energy, most of us will die and the country will return to being one big walking path.
Nobody said we'd run out of energy.  I said that oil prices would go so high that it would cause economies to collapse.  Trains can run on electricity provided by coal burning power plants... and America has lots of coal left.

The economy would have to be completely restructured to use drastically less oil.  And the oil would have to go mostly to critical plastics (like those in some medical supplies) and fertilizer for our crops.  We will have to drive either electric cars or hybrids that run on fuel cells or compressed natural gas.  Most freight will have to be carried by boat or by train...

I'm not talking about a catastrophe like in the armageddon movies... more a substantial decline in quality of life as energy eats up a huge part of our earnings.  Poverty, unemployment, homelessness would all rise as we restructured our economy back to more efficient ways (especially with food.... food will have to become much more local).

Oil rich nations in the Middle East would face invasion from 1st world nations as well as from China.. which would be hit hard by oil shocks.  In their favor, however, has been their very dense development patterns.... biking and walking or using transit powered by electricity from hydro-electric or coal fired plants is a viable option for most in the large cities while those in rural areas are still used to getting around by foot or by bike and by bus and train for long haul trips.

The U.S.'s car-centric development would mean we'd have to very quickly come up with an alternative fuel for our cars.
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tpfkaw
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« Reply #8 on: September 29, 2010, 04:01:29 PM »

we're in a terrible deflation, not an inflation.

That would seem to be belied by the dollar hitting new 8-month lows.
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Lief 🗽
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« Reply #9 on: September 29, 2010, 06:31:27 PM »

lolpeopleworryingaboutinflation
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Obnoxiously Slutty Girly Girl
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« Reply #10 on: September 29, 2010, 06:35:33 PM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?
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Sam Spade
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« Reply #11 on: September 29, 2010, 08:07:41 PM »

Pritchard has finally opened his eyes to a few things - read this a few days ago.
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opebo
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« Reply #12 on: September 30, 2010, 02:10:02 AM »

we're in a terrible deflation, not an inflation.

That would seem to be belied by the dollar hitting new 8-month lows.

This is the only thing that is keeping us from really shocking, dramatic, free-fall deflation.  As it is we are having rapid, destructive deflation.  The dollar needs to fall much more, and many more need to be printed if that's the way we want to go to prevent the collapse.

We should be at around 20-25 baht/$, $1.70/euro, about 5 yuan/$, and about 100 yen/$.
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Lief 🗽
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« Reply #13 on: September 30, 2010, 05:36:46 AM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?

They're right to be worrying about their futures, but inflation will have little to no effect on that. If anything a little inflation might help them out in the short term.
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opebo
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« Reply #14 on: September 30, 2010, 08:36:40 AM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?

Dude, the banks are only a tiny fraction of the problem - the problem was capitalism.  Without ongoing, heavy-duty government involvement in the economy, primarily to counteract inequality, the economy cannot function optimally.
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Obnoxiously Slutty Girly Girl
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« Reply #15 on: September 30, 2010, 01:28:30 PM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?

They're right to be worrying about their futures, but inflation will have little to no effect on that. If anything a little inflation might help them out in the short term.

No it won't. Inflation punishes responsible middle class people by robbing their purchasing power and lowering their quality of life. The only people who stand to benefit are the politicians, the banksters, and reckless debtors.
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Gustaf
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« Reply #16 on: September 30, 2010, 05:21:57 PM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?

They're right to be worrying about their futures, but inflation will have little to no effect on that. If anything a little inflation might help them out in the short term.

No it won't. Inflation punishes responsible middle class people by robbing their purchasing power and lowering their quality of life. The only people who stand to benefit are the politicians, the banksters, and reckless debtors.

Are you even aware of the difference between anticipated and unanticipated inflation? Because it really sounds like you aren't when you write things like that. The effects you describe only result from unanticipated inflation and unanticipated inflation is precisely what we avoid through an inflation target.
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Lief 🗽
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« Reply #17 on: October 02, 2010, 06:27:43 AM »


LOL, I know, those stupid middle class idiots worrying about their futures. Don't they know being robbed on behalf of big banks is a good thing?

They're right to be worrying about their futures, but inflation will have little to no effect on that. If anything a little inflation might help them out in the short term.

No it won't. Inflation punishes responsible middle class people by robbing their purchasing power and lowering their quality of life. The only people who stand to benefit are the politicians, the banksters, and reckless debtors.

What the hell is a responsible middle class family? Is that just a code word for an upper-class family who pretends they're middle-class? The fact is that very few middle-class families have any real savings, not due to lack of responsibility, but due to stagnating real wages and increasing costs of healthcare, college, etc.
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opebo
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« Reply #18 on: October 02, 2010, 08:21:28 AM »

Correct, Lief.  All but the very rich are mere twigs floating along with the State-dictated economic current, and 'personal responsibility' has virtually no bearing on economic well being.  Libertas is living in a fantasy world, but alas, its the one accepted as real by the majority of americans.
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