tag:blogger.com,1999:blog-2098432983500045934.post1015802836303860128..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: The Third OrderThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2098432983500045934.post-53947995116547587462013-02-11T21:13:47.219-05:002013-02-11T21:13:47.219-05:00Way to go, Art. That is an excellent excerpt.Way to go, Art. That is an excellent excerpt.Luke The Debtorhttps://www.blogger.com/profile/07527422933669490001noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-52104594085205983052013-02-11T14:07:04.403-05:002013-02-11T14:07:04.403-05:00Fantastic quote, Arthur.
The interests of the mon...Fantastic quote, Arthur.<br /><br />The interests of the moneyed elite and their everpresent need for more profits isn't compatible with the interests of the general population, or the building of a sound economy.<br /><br />Clearly, the Fed and banking cartel have become the means by which "those who seek profit" keep the system going, basing it on the issuance of new liabilities at interest. They've gone to direct purchases of Treasuries and MBSs in vast quantities--monetizing the debt all so the market doesn't correct as it needs to.<br /><br />In the longer term, the debasement of our currency will mean that the general population and their frozen real wages can't keep up. Smith anticipates this scenario and more importantly its cause.<br /><br />General American ignorance and docility figure into this system increasingly built on a serf-lord-style relationship--a wholly unAmerican situation. The lowering of educational standards means most Americans are unaware of how their future are being robbed by the overproduction of debt. This ignorance prevents emissaries of truth from being understood ("though they have ears, they do not hear...")<br /><br />Another key facet is the value of rents, the first economic necessity. Right now, outside of major urban areas, it's not profitable to fix homes up. So the work isn't there for the middle class and only slumlords prosper. This situation was of course brought on by an overabundance of houses, with flattening demand. Those circumstances were contrived through those who live by profit, as they endorsed liar's loans, and packaged risky MBSs as AAA.<br /><br />And now we have the Fed moving the goalposts, largely by chronically understating unemployment so as to benefit the political class in power. Deception increasingly seems the method by which they rule. If the people were to figure out how "those who live by profit" were controlling their economic futures, there'd be "revolution by morning."<br /><br />jbpeebleshttps://www.blogger.com/profile/11386620564536871255noreply@blogger.com