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Quote from article:
"Historically, state and local government employers have contributed 19.4 percent of pension plan revenues. The overwhelming amount of pension funding- 70.4 percent- has come from investment returns."
The UBI bit is being used rhetorically. I am sure you're just pretending to not understand that. Go ahead and explain away the FED system that makes it not essentially a UBI system for banks.
As for the food growing bit; its a response to someone else's post. I not suggesting we actually implement it nationwide. I just stating its not the worst case scenario. I think I already explained that to you as you quoted me on it before.
Supporting yourself, and exchanging things are not mutually exclusive. How exactly does our current financial system even better facilitate the exchange of goods anyways? Or better yet, how is it, the way it is, the only system that can possibly facilitate such business climate, so much so that we do not need to revamp the whole thing which is the crux of this entire thread as stated by the TS?
Sorry but the story even says that the gap is covered by the government - while most comes from investments, the anutant gets the same amount even if the investments tank.
You seemed to want UBI since that is what you said - nothing to indicate it was rhetoric since you wanted pensions to be UBI. The FED is nowhere close to UBI for banks - really do not understand if you think that.
Again, not what you said about farming - apparently you cannot even agree with yourself and back up what you said.
The crux of the thread is that despite what you seem to think, the FED is needed for the markets to function and no clear reason has been given for disbanding.
Paper money eventually returns to its intrinsic value – zero.
Any currency that isn't backed by anything PHYSICAL always runs the danger of being printed into oblivion aka hyper-inflation.
And currencies backed by gold still had hyper-Inflation. History proves it, including your own history when you had mild hyper-Inflation in the 1910s and 1920s to name but one example.
I'd be more impressed if you could learn the difference between Demand-pull, Cost-push, and Monetary Inflation.
When Demand exceeds Supply, prices rise. That's ECON 101 (you ought to enroll in course). Prices rise and it doesn't matter if the currency is backed by gold or silver or runny excrement or nothing at all.
Incurred costs drive up prices. That's ECON 101, too. Prices will rise and it doesn't matter what backs the currency.
The Federal Reserve is not your problem and neither is Biden.
You still have various supply chain issues caused by the idiot governors who needless shut down their economies.
That creates Demand-pull Inflation.
You have conflict causing higher oil prices and natural gas prices. Those in turn increase the cost of inputs like fertilizer for crops and transporting raw and semi-finished goods to processing plants and then to wholesalers and then to retailers, plus business and industry have incurred extra costs related to STUPID-19 like spending extra money on cleaning and sanitation and various other things, like technology so employees could work remotely.
That's the cause of your, um, "Inflation" not the Federal Reserve or Congress.
Anyone who thinks Congress passes a spending bill and that money is in your economy tomorrow is either stupid or insane.
Ohio just recently got a grant from a Trump spending bill.
If you bothered to read the bills -- and I'm sure you don't -- unless the money is earmarked for a specific entity it goes to the relevant cabinet office where it's doled out as grants of the course of months and years.
And, you're quite wrong. Your Dollar is backed by something, namely, your domestic and global GDP unlike the overwhelming vast majority of countries whose currency is limited to domestic consumption only.
Then again you probably believe the Zimbabwean Dollar -- which isn't even allowed to be traded on the global markets -- was an international reserve currency and an international currency of trade.
And currencies backed by gold still had hyper-Inflation. History proves it, including your own history when you had mild hyper-Inflation in the 1910s and 1920s to name but one example.
I'd be more impressed if you could learn the difference between Demand-pull, Cost-push, and Monetary Inflation.
When Demand exceeds Supply, prices rise. That's ECON 101 (you ought to enroll in course). Prices rise and it doesn't matter if the currency is backed by gold or silver or runny excrement or nothing at all.
Incurred costs drive up prices. That's ECON 101, too. Prices will rise and it doesn't matter what backs the currency.
The Federal Reserve is not your problem and neither is Biden.
You still have various supply chain issues caused by the idiot governors who needless shut down their economies.
That creates Demand-pull Inflation.
You have conflict causing higher oil prices and natural gas prices. Those in turn increase the cost of inputs like fertilizer for crops and transporting raw and semi-finished goods to processing plants and then to wholesalers and then to retailers, plus business and industry have incurred extra costs related to STUPID-19 like spending extra money on cleaning and sanitation and various other things, like technology so employees could work remotely.
That's the cause of your, um, "Inflation" not the Federal Reserve or Congress.
Anyone who thinks Congress passes a spending bill and that money is in your economy tomorrow is either stupid or insane.
Ohio just recently got a grant from a Trump spending bill.
If you bothered to read the bills -- and I'm sure you don't -- unless the money is earmarked for a specific entity it goes to the relevant cabinet office where it's doled out as grants of the course of months and years.
And, you're quite wrong. Your Dollar is backed by something, namely, your domestic and global GDP unlike the overwhelming vast majority of countries whose currency is limited to domestic consumption only.
Then again you probably believe the Zimbabwean Dollar -- which isn't even allowed to be traded on the global markets -- was an international reserve currency and an international currency of trade.
Yawn, blah blah blah yada yada
Just a bunch of mumbo jumbo that obfuscates the fact that this monetary system is so obtuse that nobody knows what is going on with all these financial instruments on "money" that mostly doesn't exist in the real world.
You do know that a lot of people don't take economics and economists in general seriously, right?
Just a bunch of mumbo jumbo that obfuscates the fact that this monetary system is so obtuse that nobody knows what is going on with all these financial instruments on "money" that mostly doesn't exist in the real world.
You do know that a lot of people don't take economics and economists in general seriously, right?
So, we can put you down as being in favor of bank panics, giant boom and bust cycles, and economic turmoil? The Fed isn't perfect, but it's a whole lot better than what we had before it came into existence.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
Yes, because having a panic every ten years (see, 1790 through 1910) was SO much better. Because trying to run a business when there wasn't sufficient money, thus having to do barter and "in kind" transactions was so much more efficient.
I'd suggest reading some basic economics before spouting off.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
Fed control has diminished over the past couple decades. The federal government, backing loan after loan, too big to fail, has given the banks basically very little risk to lend money.
I have in fact been studying the FED and Central Banking in general but still have a ways to go to truly understand it. Especially for a monetary system that it really isn't tangible and real in the first place (which is possibly by design).
I'm still along the thought of Ron Paul when he puts it so succinctly:
END THE FED!!!
HEY, If you have a better idea on how to stabilize financial system, we are all ears, but to just get rid of it without replacing it, is a bad idea. We only have to look at history how the banking system was before the fed existed to know the dangers of having no central bank or monetary policy are.
So, we can put you down as being in favor of bank panics, giant boom and bust cycles, and economic turmoil? The Fed isn't perfect, but it's a whole lot better than what we had before it came into existence.
Rand Paul and his Dad are loons.
While I don't agree with everything Rand/Ron Paul believes in, when it comes to the FED they are absolutely correct.
I honestly can't believe there are people on this forum defending them (both on left and right)
No wonder the City Data forums have developed a "reputation" lmao.
While I don't agree with everything Rand/Ron Paul believes in, when it comes to the FED they are absolutely correct.
I honestly can't believe there are people on this forum defending them (both on left and right)
No wonder the City Data forums have developed a "reputation" lmao.
The FED is overall of great value to the US economy and stability as the go to currency - I honestly can't believe that there are people that think we would be better off without the FED.
Are you aware that many Americans rely on the stock market as a key component of their private pension plans (401k, 403b, 457, IRA, Roth, etc.)? Public pension plans are also largely tied to the stock market. Certainly an expectation that most will lose isn't a widely held belief by most financial professionals, our government, banks, or the average person. The purpose is to invest in the companies, domestic and foreign (ADRs), that employ our people and provide essential goods and services needed and grow our economy at the same time. We are not an agrarian and small shop-based economy anymore, nor are any other 1st world economies. We, as a nation, cannot produce automobiles, aircraft, a national infrastructure of energy distribution, and a modern healthcare system, etc., to serve our population without the existence of companies, large, small, and in between. Likewise, a central bank is essential to provide the liquidity and backing to stabilize markets. The Fed has its flaws but that is not justification for its elimination. In this particular instance, they were late to the game and blinded by the misbelief floated around that the supply constraints, labor shortage, and work-from-home movement tied to the pandemic were all transitory. What is transitory? They seemingly initially thought it was 2 or 3 quarters when it may play out that it is 3 or more years or perhaps a paradigm shift has already occurred in the labor force and the interest rate increases won't have the desired expected effect. Only time will tell.
Agreed and well stated. Wealth is not a zero sum game.
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