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As I said, we have spent $7 Trillion in 7 months on covid and that's just the U.S. As of June it was $15 Trillion from the G10 + China. I can't find any articles at the moment counting the totals since then but it's probably more.
I never thought such a thing was possible before this year. Austerity hawks after 2008 told us if we spent about 1/6th that much it would cause hyperinflation and soveriegn debt crises. Well, we've done much more than that this year and where are the crises? Where is the inflation? There's nothing.
If we can spend that much due to a disease that kills 2% of who it infects, then we can do a lot if we put our minds to it.
Normally this would produce serious inflation. The only reason it is not is that people have a lot less to spend money on. The rate at which spending occurs, i.e. the "velocity" of money has to be way down. Thus, for the moment money could be printed without a "Weimar Germany" result. That does not mean that money can be created out of thin air for the years needed for a long-term closure of many industries to deal with "climate change." In other words you're still looking to spend other people's money.
Quote:
Originally Posted by redguard57
In the digital era, money is an infinitelty renewable resource and demand-pull inflation no longer exists. What stops us is the politics. After this year, no one can ever speak to me of a limited money supply or the debt or deficit mattering ever again. The modern monetary theorists have been proven right. Deficit spending does not cause inflation. We can just print the money.
Just $1 Trillion a year directed toward the environment and green technology would have extraordinary effects. We probably wouldn't even need that much to meet Paris Accord targets.
The Paris Accord targets are unmeetable. The U.S. would have to pay an offsetting penalty to the "Green Fund" which would fund bureaucrats in charge of administration of the fund, and Third World "leaders" who would not have a clue as to how to spend it on "climate adjustment" even if not tempted to take it for themselves.
Normally this would produce serious inflation. The only reason it is not is that people have a lot less to spend money on. The rate at which spending occurs, i.e. the "velocity" of money has to be way down. Thus, for the moment money could be printed without a "Weimar Germany" result. That does not mean that money can be created out of thin air for the years needed for a long-term closure of many industries to deal with "climate change." In other words you're still looking to spend other people's money.
The Paris Accord targets are unmeetable. The U.S. would have to pay an offsetting penalty to the "Green Fund" which would fund bureaucrats in charge of administration of the fund, and Third World "leaders" who would not have a clue as to how to spend it on "climate adjustment" even if not tempted to take it for themselves.
FYI: Each country set its own targets. Trump's problem is not with Paris, it's with Obama.
The soft bigotry of low expectations..........
Take a look at this map, and you'll see that the best performing "Paris" countries are mostly in Africa.
Normally this would produce serious inflation. The only reason it is not is that people have a lot less to spend money on. The rate at which spending occurs, i.e. the "velocity" of money has to be way down. Thus, for the moment money could be printed without a "Weimar Germany" result. That does not mean that money can be created out of thin air for the years needed for a long-term closure of many industries to deal with "climate change." In other words you're still looking to spend other people's money.
I will believe in inflation when I see it. So far I see trillions created out of thin air and not one whiff of inflation even being close.
Although I think you're onto something with "a lot less to spend money on." Weimar Germany etc... occurred in the industrial era. Today we don't have that. Extra money will be absorbed into the markets.
Quote:
The Paris Accord targets are unmeetable. The U.S. would have to pay an offsetting penalty to the "Green Fund" which would fund bureaucrats in charge of administration of the fund, and Third World "leaders" who would not have a clue as to how to spend it on "climate adjustment" even if not tempted to take it for themselves.
Oh please, the U.S. would not "have" to do anything of the sort. If we didn't pay into whatever corruption fund you're worried about, what would they do? Attack us?
FYI: Each country set its own targets. Trump's problem is not with Paris, it's with Obama.
The soft bigotry of low expectations..........
Take a look at this map, and you'll see that the best performing "Paris" countries are mostly in Africa.
That map does not show reduction goals or attainment.
Quote:
Originally Posted by redguard57
I will believe in inflation when I see it. So far I see trillions created out of thin air and not one whiff of inflation even being close.
Although I think you're onto something with "a lot less to spend money on." Weimar Germany etc... occurred in the industrial era. Today we don't have that. Extra money will be absorbed into the markets.
Did you read the part of my post about monetary "velocity"?
Quote:
Originally Posted by redguard57
Oh please, the U.S. would not "have" to do anything of the sort. If we didn't pay into whatever corruption fund you're worried about, what would they do? Attack us?
Then you're saying we should stay in treaty but simply disobey?
Never trust just one source of info. By one source I mean the pro AGW crowd or the anti AGW crowd, read opposing views to find the truth. Know your source and their biases and self interest to factor into what they say and check their sources.
This is as true of political parties as it is businesses, face it politics is big business with tons of money in play.....
Educate yourself on a topic if it is meaningful to you. Online complicated scientific topics are explained fairly simply. Dont just read them though use your own mind and common sense and always consider what their bias might be before believing all you read.
We need more open free speech and calm discussion of important controversial topics. This thread is a good example of a good discussion in my view
Neither political party can be trusted without applying our minds same is true of so called news sources. My issue with things like dogma topics such as AGW and cancel culture is too often open discussion of different views is too often impossible in todays workd, even at our universities it seems. We are dumber for it.
Enough of the GW/CC nonsense. If there is any such thing we must be winning because there is snow on my grass this morning, one month before Thanksgiving.
"Snow on the grass"??
We have about a foot of snow all over everything. Last night, the temperature at 8 PM was minus three. At bedtime, about 9:30, it was minus one. This morning, at 6AM, it was 10 above.
By Wednesday, they say, daytime highs will be back to the "30 year average", about mid 40s. The snow will be mostly gone by Halloween
I heard the Farmer's Almanac says this winter will be warmer, with very little snow. Yeah, right, it isn't even officially "winter" yet, and we have had colder temps and more snow than the "30 year averages". Records have fallen all over the place!
Yes, "Global Warming" is a fact!
Are the actions of humanity the primary cause? I do not know, but I rather doubt it.
Can humanity stop it? I do not know, but I rather doubt it.
SHOULD humanity attempt to stop it? That may be an exercise in futility.
Should humanity make preparations to live with/adapt to the inevitable results of warming? Oh, absolutely, IMO!
Has any government, anywhere, begun the preparations to live with/adapt to the inevitable results? I haven't heard of any such preparations, so I doubt it.
I bought a snow thrower a couple weeks ago. I have used it a lot in the last few days. This week I will get the plows and chains put on the ATVs so we will be ready for the next snow storm. I hope the Almanac is right, and I won't have to use them.
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