A rising tide only lifts rich people's yachts
invite response
2014 Oct 4, 3:15am 25,236 views 83 comments
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Also Germany has no "guaranteed" ponzi pension appreciation, they are carefully adjusted each year and have to be approved.
Vicente
2014 Oct 5, 12:22pm
Don't forget, we would have more unemployment than lets say Bangladesh, if technology cost us jobs.
I was explicit about looking towards the endgame, not the bubble.
In 1999 everyone and their cab driver bought WebVan stocks.
In 2005 everyone thought you were a FOOL if you didn't buy a house right that second before you were priced out forever.
If you live in the bubble, it can be hard to see outside it.
The current state of American capitalism, will only last until the rest of the world has all our technological capabilities thanks to our rabid outsourcing & offshoring advocates.
Once that shit's gone, we'll have the unemployment rate of Afghanistan, with the wages of Tajikistan.
Strategist
2014 Oct 5, 2:16pm
In 2005 everyone thought you were a FOOL if you didn't buy a house right that second before you were priced out forever.
If you live in the bubble, it can be hard to see outside it.
GASP!!!
Dude!
Rock-solid example!
You are so funny Jazz, How can a bubble be rock solid?
Vicente
2014 Oct 5, 2:41pm
You are so funny Jazz, How can a bubble be rock solid?
The point I was trying to make, is Americans are so goddamn arrogant we will technology our way out of any goddamn thing. The assumption that technology is a never-ending road to prosperity is a base assumption that may never be questioned. That we can cut any corner and fold, spindle, and mutilate our society and abuse our people any way we want as long as we all have smartphones and microwave ovens and Ikea furniture.
So far it's worked for us often enough, so when it no longer works people will be REALLY SURPRISED and disappointed and keep trying it over and over and over until there's only a bloodstain where the horse lay.
Living inside the bubble where your rules work for you, you never question it. Anyone who does question it, is automatically wrong and a moron to boot.
Strategist
2014 Oct 5, 2:51pm
The assumption that technology is a never-ending road to prosperity is a base assumption that may never be questioned.
That assumption is absolutely correct. Ever since they invented the wheel our standard of living has gone up with each invention. Every single day we make more discoveries, more inventions, and more innovation. The limit to how far we can progress is literally infinity.
Strategist
2014 Oct 5, 2:57pm
The assumption that technology is a never-ending road to prosperity is a base assumption that may never be questioned.
That assumption is absolutely correct. Ever since they invented the wheel our standard of living has gone up with each invention. Every single day we make more discoveries, more inventions, and more innovation. The limit to how far we can progress is literally infinity.
In the 1930's Hoover said........Everything that can be invented, has been invented.
If he comes back to life, he's in for one helluva shock.
Vicente
2014 Oct 5, 3:06pm
That assumption is absolutely correct. Ever since they invented the wheel our standard of living has gone up with each invention. Every single day we make more discoveries, more inventions, and more innovation. The limit to how far we can progress is literally infinity.
"Innovating" a new method to monetize facebook is just technology masturbation. If you asked most people the great inventions, they would generally name shit that was invented before they were born. Ask them to name something important from last year.
marcus
2014 Oct 5, 3:10pm
Well, 1979 was the second oil crisis, and people believing in hyperinflation at that time were dime a dozen. Reagan and Volcker put that belief to an end.
I get a kick out of that. Volcker was appointed by Carter. And somehow since Reagan was President, when Volkers Federal Reserve finished their run up in inter rates killing off inflation,...Reagan gets credit for helping end inflation, and also for the boom in the economy that occurred when interest rates were allowed to come back down again.
Way to go Reagan !!
Do you know why schools have long summer breaks? So the children could go work on the farms during harvest time
Actually not true. Families in cities left town for summer vacations to get away from the heat. Schools closed during summer to accommodate this. The people that were on "farm schedules" took shorter breaks during spring and fall, not summer. If children were going to be out of school for the harvest, they would actually be getting September to October off, not the summer.
During the end of the 19th century, regionalized breaks were standardized and the city schedule of summers off prevailed over the farm schedule of short spring/fall breaks. So what we have today is actually the opposite.
Vicente
2014 Oct 5, 5:56pm
Actually not true.
Hush your mouth!
I live in farm country, I let this one pass by because it's the least of the things he's pulled out of a bucket of "everybody knows".
But go ahead maybe you can get him to say
"I was wro...."
Then a rift in space-time will open.
In particular, Hayek believed that once a country had too much "Democracy" it would have to be stamped out by a "Cromwell" type figure - a dictator.
That simple historical fact should be obvious to any decent student of history, since at least the time of Polybius, who wrote the book "The Histories" in the 2nd century BC. Even before him, the concept of "Kyklos" was well recognized and pontificated upon by many, including Plato and Aristotle.
In 2005 everyone thought you were a FOOL if you didn't buy a house right that second before you were priced out forever.
If you live in the bubble, it can be hard to see outside it.
GASP!!!
Dude!
Rock-solid example!
it's not that hard, just need to let the following pullback play out instead of backstopping it. In fact one of my condo neighbors laughed at the hype and sold her condo in 2006. All that she needed was fiscal responsibility and common sense to see right through it. Don't make me post the Schiff videos of 2007 again..
MisdemeanorRebel
2014 Oct 6, 1:56am
Sweden in fact had problems and tried various privatization, some more some less successful.
They just voted back in a center-left government after many years, following a slew of "Privatization" scandals, like kids in a privatized school being fed only crackers and water for lunch, "Flexible" Workforce "reforms" where the young can only find temporary employment, etc..
The center-right got hammered, but the radical right getting the third highest vote total - but that's Multi Cult backlash more than economics. The great news is that the Feminist Party didn't get enough to qualify for any seats (yes, there is no end to Feminazi Hysteria, the Feminist Party is ultra-fanatic thinks Sweden is a foul lair of Oppressive Patriarchy, all sex is rape, etc.).
indigenous
2014 Oct 6, 1:59am
That simple historical fact should be obvious to any decent student of history, since at least the time of Polybius, who wrote the book "The Histories" in the 2nd century BC. Even before him, the concept of "Kyklos" was well recognized and pontificated upon by many, including Plato and Aristotle.
Interesting:
"Most important to Aristotle in preserving a constitution is education: if all the citizens are aware of law, history, and the constitution they will endeavour to maintain a good government."
(We are toast)
indigenous
2014 Oct 6, 2:01am
They just voted back in a center-left government after many years, following a slew of "Privatization" scandals, like kids in a privatized school being fed only crackers and water for lunch, "Flexible" Workforce "reforms" where the young can only find temporary employment, etc..
You cannot vote/legislate your way to prosperity...
MisdemeanorRebel
2014 Oct 6, 2:02am
Yup the socialist chant, Sweden is borrowing from the future to pay for now just as the US has been doing. Their decedents will pay the price. I could explain further but you won't listen/read the link anyway.
MisdemeanorRebel
2014 Oct 6, 2:13am
You cannot vote/legislate your way to prosperity...
Prove it. If that was so, Somalia would be a paradise and Scandinavia would be like Somalia.
indigenous
2014 Oct 6, 2:16am
I question the numbers, what counts as debt with the US?
Norway gets a lot of it's budget from oil
Sweden was very much free market in the recent past which allows them to coast on yesterdays steam.
indigenous
2014 Oct 6, 2:20am
Prove it. If that was so, Somalia would be a paradise and Scandinavia would be like Somalia.
It is tantamount to the minimum wage law, which will not create more wealth for the lower quintile.
Somalia continually improves through there Xeer law, which is the opposite of statutory law.
Meanwhile the countries that continually force regulations will move closer and closer to anarchy, because of there unsustainability.
MisdemeanorRebel
2014 Oct 6, 2:24am
National debt is an issue only if you cannot defend yourself.
... and if potential rivals aren't also the biggest lenders. Just dump the bonds all at once in the secondary market and you may not have to fire a shot.
No taken out of context - Hayek was warmly supportive of the Pinochet regime and regularly visited AND defended it in the press. Hayek has said over and over again he preferred Dictators that implement his preferred Economic Solutions to Democracies that restrict them.
http://coreyrobin.com/2012/07/08/hayek-von-pinochet/
http://coreyrobin.files.wordpress.com/2012/07/hayekchile.pdf
We are now quoting socialists on Pat.net: https://www.jacobinmag.com/about/
MisdemeanorRebel
2014 Oct 6, 3:37am
We are now quoting socialists on Pat.net: https://www.jacobinmag.com/about/
Dodge, messenger, dodge - you are being shot at!
Those links all have references to Hayek's own quotes. Just because a socialist collected his quotes from newspapers and media, doesn't mean he didn't make 'em.
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http://www.salon.com/2014/10/04/income_inequalitys_sick_joke_a_rising_tide_only_lifts_luxury_yachts/