tag:blogger.com,1999:blog-2098432983500045934.post4427790294013980003..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: "...not as I do."The Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2098432983500045934.post-7711325915625213982011-08-22T22:53:38.169-04:002011-08-22T22:53:38.169-04:00It is just so WRONG to change the political situat...<i>It is just so WRONG to change the political situation to solve economic problems.</i><br /><br />Really? Consider the New Deal and the Great Society. Politics and economics are more than just joined at the hip. They are two faces of the same dragon.<br /><br />Monetary policy and fiscal policy have to work together. Otherwise you have policy nonsense.<br /><br /><i>It is the next step to complete abandonment of state sovereignty,</i> <br /><br />Don't hold your breath. The union of European states and their common currency will not last. It's coming unraveled at the edges now.<br /><br />Cheers!<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-5004324690388211702011-08-22T20:36:49.875-04:002011-08-22T20:36:49.875-04:00Hey jim. Yeah, McCulley sure looks relaxed these d...Hey jim. Yeah, McCulley sure looks relaxed these days. <a href="http://newarthurianeconomics.blogspot.com/2009/10/negative-feedback.html" rel="nofollow">Brilliant guy</a>, I think.<br /><br />What caught my ear in that interview was the Europe thing. McCulley says monetary union is not sufficient. He says fiscal union is needed. I don't like it. It means the tax policies of the European states must merge into a common policy. It is the next step to complete abandonment of state sovereignty, almost all the way there now, with economic improvement as the driving force.<br /><br />It is just so WRONG to change the political situation to solve economic problems.The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-66291535121612061022011-08-22T19:53:36.909-04:002011-08-22T19:53:36.909-04:00Hi Art
In regard to private sector debt, have you...Hi Art<br /><br />In regard to private sector debt, have you listened to Paul McCulley?<br /><br />http://www.bloomberg.com/video/73591226/<br /><br />I like is characterization<br />"the household sector has checked into the Betty Ford center for balance sheet repair"<br /><br />-jimjimnoreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-25120028489679562352011-08-22T19:51:58.264-04:002011-08-22T19:51:58.264-04:00I think that when you can find someone lying repea...I think that when you can find someone lying repeatedly, and that person has a public forum, it is vitally important to call him exactly what he is - a liar.<br /><br />The entire edifice of conservatism is based on lies. Consider, for example, the "miracle" of Texas, WMD's, the lump of labor "fallacy."<br /><br />Etc, etc and so forth.<br /><br />Cheers!<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-72237855049619901392011-08-22T18:32:23.423-04:002011-08-22T18:32:23.423-04:00There was never any acknowledgment that for the go...<i>There was never any acknowledgment that for the government to spend a dollar, it has to take it from the private economy that is then supposed to create jobs.</i> Also the "I am insane" fallacy at the root of much modern economics, in addition to the lump of labor. <br /><br />Yes, dollars have pictures of presidents on them, and say US Government, Department of Treasury, Federal Reserve, etc. But in Moore's WSJ reality they come from the private economy. Yeah, uh huh, right.Calgacushttps://www.blogger.com/profile/06031818010224747000noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-41011690090490434962011-08-22T17:19:12.814-04:002011-08-22T17:19:12.814-04:00Yes, it is my theory.
I don't think it is pro...Yes, it is my theory.<br /><br />I don't think it is productive to call somebody a liar.The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-90429069930671016512011-08-22T13:39:07.134-04:002011-08-22T13:39:07.134-04:00Let me chose a different passage from Moore's ...Let me chose a different passage from Moore's screed.<br /><br /><i>That's a perfect Keynesian answer, and also perfectly nonsensical. What the White House is telling us is that the more unemployed people we can pay for not working, the more people will work. Only someone with a Ph.D. in economics from an elite university would believe this. </i><br /><br />What the White House is telling us is that if the unemployed have a little bit of money to spend, it keeps the economy from falling even further, and might save a job or lead to another one being created. Moore is, above all, a liar. If he is ever right about anything, it is a coincidence, in the service of some fell agenda.<br /><br /><i>the White House wants to take more money from the son who works and give it to the one who doesn't work.</i> <br /><br />Gosh - another lie. <br /><br /><i>The Center for American Progress held a forum earlier this summer arguing that raising the minimum wage would create more jobs. For this to be true, you have to believe that the more it costs a business to hire a worker, the more workers companies will want to hire. </i><br /><br />One may argue against the CAP idea - but not like this. Some measure of intellectual integrity is required. <br /><br />The next para implicitly resurrects the "lump of labor fallacy: that I have personally discredited.<br /><br /><i>There was never any acknowledgment that for the government to spend a dollar, it has to take it from the private economy that is then supposed to create jobs. </i> Another god damned lie. And the reasons the stimulus had a low multiplier were 1) about 40% was wasted on tax cuts with a multiplier of 0, and 2) most of the rest went to save existing jobs rather than create new ones, because local governments are just that bad off.<br /><br />I hate to resort to ad hominem, but when someone has a proven track record as a liar and a hack, it is no longer a fallacy to discount what they say.<br /><br /><i>So, Dr. Moore is right: If the private sector had repaid its debt, none of these economic problems would have ever happened.</i><br /><br />That is your theory, not something that you know. <br /><br />Now I must go scrub my brain with a brillo pad and hug a squid.<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.com