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bruce MN
Advisor

Re: "5 Planks that Millennials should fight for"

Re: that long standing fued beween Mish and Schiff.  Mish recognizes that moneterization will continue to rule the day for a good long time.  He, unlike it's more enthusiastic propronents such as  DeLong, Stiglitz, Krugman, Black etc.  doesn't necessarily like it, but understands why it's in play. If it wasn't going to be Yellen would never have been nominated, as Presidents do thinnkgs like nominate Resaerve Bankers on roders, not on personal judgement, much less approved as Senators get the same instructions.  Schiff is banking on deflation, based on what appears to me to be a 19th century vision of an economy where everybody has skin of their own in production and commerce...maybe everybody with a little farm or manufacturing business, all seeking some utopian efficiency and value for what they do.  I'd actually not mind seeing how that went if it could be created, but it wil not be.   

 

Moneterization though the money supply with the addition of cheap credit will continue, no matter what shade thaey paint it or new name they put on it in the nations that issue their own currency and have a large world market share.  (That is what the Germans duped the rest of the countries that went on the Euro into believing was going to work for all of them collectively.  They should have caught on when the Brits stayed out.).  The Chinese have been botching thier credit game horribly and aren't going to cash out any time soon. 

 

But the really big effect thing that is in play is that large numbers of social, cultural and religious conservatives who hate modern culture and what they see to be "the costs" involved have found these Austrian economists and gold bug gurus who have been scanning for popular support for decades and who have welcomed them on board and  played them like a piano. 

r3020
Senior Advisor

Re: "5 Planks that Millennials should fight for"


@bruce MN wrote:

Re: that long standing fued beween Mish and Schiff.  Mish recognizes that moneterization will continue to rule the day for a good long time.  He, unlike it's more enthusiastic propronents such as  DeLong, Stiglitz, Krugman, Black etc.  doesn't necessarily like it, but understands why it's in play. If it wasn't going to be Yellen would never have been nominated, as Presidents do thinnkgs like nominate Resaerve Bankers on roders, not on personal judgement, much less approved as Senators get the same instructions.  Schiff is banking on deflation, based on what appears to me to be a 19th century vision of an economy where everybody has skin of their own in production and commerce...maybe everybody with a little farm or manufacturing business, all seeking some utopian efficiency and value for what they do.  I'd actually not mind seeing how that went if it could be created, but it wil not be.   

 

Moneterization though the money supply with the addition of cheap credit will continue, no matter what shade thaey paint it or new name they put on it in the nations that issue their own currency and have a large world market share.  (That is what the Germans duped the rest of the countries that went on the Euro into believing was going to work for all of them collectively.  They should have caught on when the Brits stayed out.).  The Chinese have been botching thier credit game horribly and aren't going to cash out any time soon. 

 

But the really big effect thing that is in play is that large numbers of social, cultural and religious conservatives who hate modern culture and what they see to be "the costs" involved have found these Austrian economists and gold bug gurus who have been scanning for popular support for decades and who have welcomed them on board and  played them like a piano. 



The really big effect hing in play is a progressive take over of society that has run out of other people's money. Now the progressives must paint anyone who question their actions as religious extremist no different than islamist taliban.
bruce MN
Advisor

Re: "5 Planks that Millennials should fight for"

Thanks.  You just confirmed what it is that the buggers have been doing.  And it's effectiveness.

schnurrbart
Veteran Advisor

Re: You have the statistical advantage

I'll say it. The electoral college is obsolete and should be done away with. It is really 6 of one and a half dozen of the other as to who it would benefit. Both sides have won or lost about the same number of elections because of it. Why do we as Americans not always get the person who has the majority of the votes? IT'S STUPID!
schnurrbart
Veteran Advisor

Re: It's a fact jackl

And then you have craigo who wants to unleash biological weapons!
schnurrbart
Veteran Advisor

Re: It's a fact jackl

Oh, yeah, there's the arrogant, know all conservative telling us that he is the one who is always correct and if you don't feel the same way, you are the brain dead fool! Take a big flying leap and bite my ASSS!
BA Deere
Honored Advisor

Re: You have the statistical advantage

The electoral college was set up with the purest of intentions, to give rural states a more level playing field.  However, urban areas have gotten so concentrated, that the result is getting to be the same that it moves the entire state.  What`s happened to California is a perfect example, they will never go Republican again...if you live in a "rural" state and your world veiw matches that of California, bully for you!

BA Deere
Honored Advisor

Re: "5 Planks that Millennials should fight for"

No, Peter Schiff is banking on eventual inflation, though I`m not a student of Mish, I believe that he`s in the deflation camp.  Here`s Schiff and Harry Dent discussing inflation against deflation

http://www.youtube.com/watch?v=27q-rKPZMn0 

 

 

Just my take is: we`ve been exporting the inflation that the fed has created through QE, we import goods bought with our dollars.  So far our dollars are accepted because we are the "prettiest girl in the leper colony".  That is why there is "strength" in the US dollar, that is why we`ve been seemingly able to defy gravity....until we can`t.  Then whoever is in office will have to make the decission of "do we go to Zimbabwe -like money printing or do we taper and have austerity with people starving in the streets?" 

 

Schiff and my opinion would be when no one in the world will buy our debt/bonds, then the printing in ernest will commence.  If the austerity route is chosen, then look for a Hilteresque leader to appear with "all the answers" such as "mint a platinum $17 trillion coin and kill the Jews".   Let us all hope that we never live to see the latter.