MagickMan
Diamond Member
- Aug 11, 2008
- 7,537
- 3
- 76
Hell, if you don't understand the Bill of Rights, you can just sit there sucking my dick.
-John
HAHAHAHAHA! :awe:
Hell, if you don't understand the Bill of Rights, you can just sit there sucking my dick.
-John
Middle class continues to decrease.
Economic inequality continues to increase.
Obama's supporters find situation "massively improved"...
Uno:whiste:
Yes Obama has been great for hedge fund managers. And finance guys in general. Regular joes? not so much.
I'm sure this collapse of the middle class had nothing to do with leaving the gold standard in 1971 :whiste:
Silly goose - the rich will take care of the Regular Joes!
I'm sure this collapse of the middle class had nothing to do with leaving the gold standard in 1971 :whiste:
If one looks at graphs going back to the beginning of the 20th century, we see that inequality also exploded in the 1920's, which was another period of rapid monetary expansion and loose lending standards.
I'm sure this collapse of the middle class had nothing to do with leaving the gold standard in 1971 :whiste:
If one looks at graphs going back to the beginning of the 20th century, we see that inequality also exploded in the 1920's, which was another period of rapid monetary expansion and loose lending standards.
It's almost as if lending huge amounts of money to the super rich at very low interest rates encourages them to buy everything that has positive cash flow, but poor people use credit to get poorer because they borrow money to buy consumer goods.
He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.
Yes Obama has been great for hedge fund managers. And finance guys in general. Regular joes? not so much.
You seemed to have confused one of the faithful with the truth. Isn't it funny that when you point out how the rich keep getting richer they complain about jobs while forgetting they support and worship trickle down! DERP
Silly goose - the rich will take care of the Regular Joes!
You seemed to have confused one of the faithful with the truth. Isn't it funny that when you point out how the rich keep getting richer they complain about jobs while forgetting they support and worship trickle down! DERP
Of course it has improved... for Billionaires.
Middle Class still don't have !@#$ for purchasing power.
And until that changes, there will be no recovery.
I would have never guessed a billionaire would be happy. Huh. Learn something new everyday.
The US was moving away from a metallic standard at that time. I'm surprised you have never heard this before. The Wizard of Oz was a book about abandoning the silver standard, and it's probably one of the most famous stories in the world.It's almost like all those graphs conveniently leave out the gilded age where inequality also exploded while under the gold standard.
Interest rates were rising in the 1970's, and the fed's policy was to stop inflation from destroying America's middle class. Remember those Whip Inflation Now buttons? High interest rates are good for Americans. Imagine being able to get 10% interest on your savings while taking no risk. That would be amazing. You could save for retirement, or you could save for your child's college education. Right now we have the opposite, and "junk" bonds yield 5.6%. The current policy is to have old people lend their life savings to companies and people who probably won't pay the loans back. The savings rate is near all time lows. Young people just give up and say they won't be able to retire at any point in the future. That's what happens when the system is rigged in such a way that it's very difficult to save money without taking tremendous risks. The current system is designed to destroy low risk savings and encourage speculation. This is not a new concept. Keynes wrote this back in 1919.Also, can you explain why the super wealthy waited an entire decade to start increasing their income share after 1971?
The US was moving away from a metallic standard at that time. I'm surprised you have never heard this before. The Wizard of Oz was a book about abandoning the silver standard, and it's probably one of the most famous stories in the world.
https://en.wikipedia.org/wiki/Coinage_Act_of_1873
The common theme in these standard changes is that people always want to ban things they don't have and then mandate the use of things they do have. Back in the gilded age, Americans had silver. Money was silver, and silver was money. The people who held gold had an idea. Let's outlaw silver money and make a rule saying only gold is money. That's great for the super rich people who own gold, but it's really bad for the millions of Americans holding silver. Leaving the silver standard robbed the American people blind. When one introduces fractional reserve banking on top of this, we get a special kind of power grab. If owning 1 ounce of gold allows one to lend out 10 ounces of gold certificates, it means those rich people hoarding gold also have complete control of the banking system - they lend money to those millions of Americans who held silver. That is how you enslave an entire country. Control the country's money supply. JP Morgan famously said that gold is the only valid form of money because he owned enormous amounts of gold. If he held silver, he would be saying silver was the only valid form of money.
If we look a few decades after the crime of 1873, we find that Americans have finally adjusted to the change and Americans own gold. Now that the proles have money, it's time to change the rules. Everyone must turn in their gold. They turn it in for $25, but it will cost $35 if they want to buy the gold back. It's the crime of 1873 all over again. As expected, stealing money from average Americans extended the depression. Mission accomplished.
Where are we right now? It's the exact same thing. We don't have a silver standard to abandon, and we don't have gold to confiscate, but the fed can devalue our money by printing more of it. People still get paid $50,000 at their jobs, but that money doesn't buy as many goods. As expected, being able to buy fewer goods causes people to buy fewer goods (duh), so the economy slumps, and the only parts that are not slumping are propped up by credit (car sales). The ruling class are intentionally extending the depression. They did this in 1873, they did this in 1933, and they're doing it now.
I'll believe the fed and the government want inflation to help the middle class when they agree to give money to the middle class. If they wanted inflation to help us, we would all get $5,000 checks in the mail. It would accomplish all of the things the fed claims they want to achieve. Some people would pay down debts, and some people would go out and spend it.
Interest rates were rising in the 1970's, and the fed's policy was to stop inflation from destroying America's middle class. Remember those Whip Inflation Now buttons? High interest rates are good for Americans. Imagine being able to get 10% interest on your savings while taking no risk. That would be amazing. You could save for retirement, or you could save for your child's college education. Right now we have the opposite, and "junk" bonds yield 5.6%.
The current policy is to have old people lend their life savings to companies and people who probably won't pay the loans back. The savings rate is near all time lows. Young people just give up and say they won't be able to retire at any point in the future. That's what happens when the system is rigged in such a way that it's very difficult to save money without taking tremendous risks. The current system is designed to destroy low risk savings and encourage speculation. This is not a new concept. Keynes wrote this back in 1919.
That all changed in 1980. Interest rates peaked and they decided it was time to cause runaway inflation. Just as one would expect, the explosion of credit from 1980 caused exploding inequality. The middle class was collapsing long before jobs started moving to China.
The US was moving away from a metallic standard at that time. I'm surprised you have never heard this before. The Wizard of Oz was a book about abandoning the silver standard, and it's probably one of the most famous stories in the world.
https://en.wikipedia.org/wiki/Coinage_Act_of_1873
The common theme in these standard changes is that people always want to ban things they don't have and then mandate the use of things they do have. Back in the gilded age, Americans had silver. Money was silver, and silver was money. The people who held gold had an idea. Let's outlaw silver money and make a rule saying only gold is money. That's great for the super rich people who own gold, but it's really bad for the millions of Americans holding silver. Leaving the silver standard robbed the American people blind. When one introduces fractional reserve banking on top of this, we get a special kind of power grab. If owning 1 ounce of gold allows one to lend out 10 ounces of gold certificates, it means those rich people hoarding gold also have complete control of the banking system - they lend money to those millions of Americans who held silver. That is how you enslave an entire country. Control the country's money supply. JP Morgan famously said that gold is the only valid form of money because he owned enormous amounts of gold. If he held silver, he would be saying silver was the only valid form of money.
If we look a few decades after the crime of 1873, we find that Americans have finally adjusted to the change and Americans own gold. Now that the proles have money, it's time to change the rules. Everyone must turn in their gold. They turn it in for $25, but it will cost $35 if they want to buy the gold back. It's the crime of 1873 all over again. As expected, stealing money from average Americans extended the depression. Mission accomplished.
Where are we right now? It's the exact same thing. We don't have a silver standard to abandon, and we don't have gold to confiscate, but the fed can devalue our money by printing more of it. People still get paid $50,000 at their jobs, but that money doesn't buy as many goods. As expected, being able to buy fewer goods causes people to buy fewer goods (duh), so the economy slumps, and the only parts that are not slumping are propped up by credit (car sales). The ruling class are intentionally extending the depression. They did this in 1873, they did this in 1933, and they're doing it now.
I'll believe the fed and the government want inflation to help the middle class when they agree to give money to the middle class. If they wanted inflation to help us, we would all get $5,000 checks in the mail. It would accomplish all of the things the fed claims they want to achieve. Some people would pay down debts, and some people would go out and spend it.
Interest rates were rising in the 1970's, and the fed's policy was to stop inflation from destroying America's middle class. Remember those Whip Inflation Now buttons? High interest rates are good for Americans. Imagine being able to get 10% interest on your savings while taking no risk. That would be amazing. You could save for retirement, or you could save for your child's college education. Right now we have the opposite, and "junk" bonds yield 5.6%. The current policy is to have old people lend their life savings to companies and people who probably won't pay the loans back. The savings rate is near all time lows. Young people just give up and say they won't be able to retire at any point in the future. That's what happens when the system is rigged in such a way that it's very difficult to save money without taking tremendous risks. The current system is designed to destroy low risk savings and encourage speculation. This is not a new concept. Keynes wrote this back in 1919.
That all changed in 1980. Interest rates peaked and they decided it was time to cause runaway inflation. Just as one would expect, the explosion of credit from 1980 caused exploding inequality. The middle class was collapsing long before jobs started moving to China.
I'm seriously baffled by your description of history. It seems to have almost no bearing on the empirical evidence.
Hedge fund billionaire says something; we should listen to him - he IS a billionaire after all.
Hedge fund billionaire says something positive about Obama; he is a fucking moron.
Austrian economics needs little empirical evidence. And what it does it BS's.
What was the Austrian part in his post?
The fellating the gold standard part. And the inflation boogeyman part. And... actually what part isn't?