Ah, well that would seem to indicate that there is a decent level of spending going on in that economy, in which case employer and employee would negotiate a mutually agreeable pay level.Originally Posted by Hazlitt
As long as there are people out there spending money, everything else can be built upon that. If people are not spending money, nothing can happen.
When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?
You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "
I actually considered doing this also.*Sigh*
My god of all the ridiculous things you've said in this thread this says it all about your knowledge of economics. Do you really believe this?? hopi do you believe this also ?? I may actually add this statement to my signature because it's given me such a laugh.
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Ok I don't think this is going anywhere. It's Keynesians and Austrians talking past each other. Feargach beleives that its aggregate spending that drives economic growth, and production and consumption are completely unrelated.
On the other hand, we Austrians know better - production and consumption are two different sides of the same coin. Otherwise known as "Say's Law".
We're really not going to get anywhere fast.
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The point is that they are still operating. As for your real world, it is those that reside there who are going to have to dig deep and pay for this mess.
I don't mind a bit of verbal gymnasics now and then to pass some toime but we are in wringer, put there by nutcases spouting on about free market forces ought be let loose, rugged individualism etc. Spare us the waffle, we are kinda hurting right now.
That said, it is kind of adorable, watching them comfort each other post-defeat like that. Bless!
When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?
You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "
I know hopi, but our previous disagreement was on the markets mechanism for putting irresponsible lenders out of business, you then made the point that they were still in business, and I was just pointing out that is not the fault of the market but of government intervening to keep the banks afloat. You were clearly wrong and you can't hide from that fact behind pathetic statements such as "we are kinda hurting right now"....
Yeah myself included. What's your point and how does this relate to the discussion?
And there I was thinking that bad monetary policy from the ECB (low interest rates) and the extension of easy and cheap credit due to our fractional reserve laws caused our housing bubble and the resulting recession..... even "mainstreamers" such as Brian Lenihan think so.
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[ame="http://www.youtube.com/watch?v=zM23TZxzOw8"]YouTube- Peter Schiff debates David Epstein of Columbia University -- Nov 11 2009[/ame]
Peter starts about 20 mins in
"The individual is handicapped by coming face to face with a conspiracy so monstrous he cannot believe it exists.'' ~ J. Edgar Hoover
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Wrong. Marxists argue that all wage labour should be abolished.
And, of course, if Marxism is doing its job right, it should always be an obstacle to the recovery of capitalism. We want to see it dead and buried - not recovered.
Good vid a chara, thanks for posting. Certainly from a capitalist perspective Schiff's analysis cant be faulted, and we are almost certainly heading into a major currency crisis - how could we not be when central banks are just printing money based on debt.
To be fair to Keynes, he did make a very important rule that had to be followed if stimulous was to be effective in smothing the business cycle, and that was that countries had to maintain balance of trade at all times. Now this is something Anglo-phone countries have not done since the 1960s. So, its not fair to claim that Keynes suggested that stimulous is a cure all fix. The other point is that Schiff's analysis of the cause of recession is straight out of Keynes mouth, i.e. that in a situation of trade imbalance there are not enough good projects for available capital, and so capital is wasted on bad projects. Schiff is basically saying that the US must accept the loses caused by these bad investments, take the pain, and restore the balance of trade with the rest of the world. Pure Keynes.
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