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Wus up with the phrase "you owe it to yourself"? Imagine having 100s of those liabilities. I think I am nearing trips to Pacific island insolvency since I have accumulated more than I can count. You'd think that people might understand that national debts net to zero and what matter is the distribution. A 100 trillion dollars of national debt distributed equally is all pencil and paper merely creating a free fungible money supply with no real debt. The private asset cancels out the public debt. Better cut down on that and jam the economy full of bank debt instead thought eh? Mortgage debt is a lot more real than national debt that's for sure. Now a real debt is if one person held all that debt. But they would have no place to spend it. It would be the same as if I owned the country. What would I do? turn it into a wilderness exhibit? No, I can only consume so much and I would run it like a sovereign unless the public voted to tax the "rich", being me and I'd lose the country again. And this is in the National Review? Kinda hard to call it lefty, but then WF Buckely was a closest Georgist. Mutualist Blog: Free Market Anti-Capitalism: William F. Buckley: Closet Georgist? Guess that makes the National Review another "Worker's Vanguard", pinko commie rag.
'Originally Posted by jerseyexpat View Post
Last 40 years...USA is no longer a major or majority producer of anything anymore.'
Yes it is.
What do you want the chart to show? <LOL>
He wants it to favor his personal view. And he wants to disparage someone while acting aloof. A hallmark of insecurity. He could have provided alternative data or addressed the data you posted. Notably, he did not. Mircea is very envious of the US and tries exceptionally hard to denigrate all things USA, while pumping up Europe. He happily uses Asia as a proxy, if it suits his cause.
Much of what I say will sound like this: ##$(*##R@_FEFJDADS$)$@# If you do not agree on the assumptions. I believe that debt is money, particularly sovereign debt. Why? Because I see people make purchases with it, based upon it and because of it. Can someone buy a new car only having 25k in bonds? Do all milk bottles return to the dairy? Not if the bottles are good for something else. What would happen if an apple orchard would fill your milk bottles with cider? Milk sales would rise because of the bottle. The world uses our currency like milk bottles. What if there were two islands and one island had red clam shells the other island did not have? What if it was fixed? What if the other island wanted to use them? In the host island there would be a depression because red shells would leak from the island. If 25% of those circulated on the new island the host island would have to make do on 75% of its original money supply. Our dollars leak out like milk bottles and they do not return to hold milk. They are in the cider orchard.
I like your analogies, even when they are a bit abstract. Or, perhaps, because of it. What I get from this is that the money needs to circulate freely. But, is there not a cost to being held hostage to arbitrary energy pricing by foreign powers? Isn't there a benefit to US workers and the entire support structure it creates domestically getting paid and spending the money employing other US citizens? No doubt the money will continue to flow to foreign markets, but perhaps there is a balance that has the potential to be exceeded?
I like your analogies, even when they are a bit abstract. Or, perhaps, because of it. What I get from this is that the money needs to circulate freely. But, is there not a cost to being held hostage to arbitrary energy pricing by foreign powers? Isn't there a benefit to US workers and the entire support structure it creates domestically getting paid and spending the money employing other US citizens? No doubt the money will continue to flow to foreign markets, but perhaps there is a balance that has the potential to be exceeded?
Money isn't easy. Its an unstable equilibrium. It needs to be widely available, but retain its value. Those two are inversely related. Yes the dollar may weaken from too much of it, but other currencies are too few. China, as I have said, will suck all its currency back to China, hardly a recipe to circulate its currency.
All the solutions that I have in mind have very bad draw backs, and I am in noway original in this thought.
Money isn't easy. Its an unstable equilibrium. It needs to be widely available, but retain its value. Those two are inversely related. Yes the dollar may weaken from too much of it, but other currencies are too few. China, as I have said, will suck all its currency back to China, hardly a recipe to circulate its currency.
All the solutions that I have in mind have very bad draw backs, and I am in noway original in this thought.
I like your analogies, even when they are a bit abstract. Or, perhaps, because of it. What I get from this is that the money needs to circulate freely. But, is there not a cost to being held hostage to arbitrary energy pricing by foreign powers? Isn't there a benefit to US workers and the entire support structure it creates domestically getting paid and spending the money employing other US citizens? No doubt the money will continue to flow to foreign markets, but perhaps there is a balance that has the potential to be exceeded?
1) Imports are real gains. Our fiat, essentially created out of vapor, is exchanged for real stuff.
2) Our fiat helps run the world, and gives us great powers. It is backed by our productive output and security.
3) Energy independence will augment our security and help with our own productive output, giving more strength to our fiat. It should also help employ more of our own.
He wants it to favor his personal view. And he wants to disparage someone while acting aloof. A hallmark of insecurity. He could have provided alternative data or addressed the data you posted. Notably, he did not. Mircea is very envious of the US and tries exceptionally hard to denigrate all things USA, while pumping up Europe. He happily uses Asia as a proxy, if it suits his cause.
And after ripping on Fama before, here I go agreeing with him....
Apollo's curse . I don't even know where to begin on its absurdity.
I know there is a live gorilla in a gorilla suit.
"Don't worry, its just someone in a gorilla suit..." They says.
"Right!" I says, " a gorilla!...."
So they think lets just return the gorilla suit, no fuse no muss just like they think "pay off that debt."
"Debt is a problem"
...? "Which debt?" I says..."Its all debt. If you want equity, try the bottom of the ocean in a sunken Spanish galley cause all money these days is debt.."
Zero Hedge attracts that trendy, cynical beginning of economic sentience.
"Whoa, one's personal debt could be a problem. "
"No kidding", I says.
So these guys think they are the smart ones by comparing themselves to pigs who show up for the all you can eat buffet at the CAFO.
"Yeah well" I says. "A deer in the headlights has to worry about crossing the road and huntin season."
Good luck, Bambi.
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