Sheesh.

That's not really a totally fair stat as I am 90% sure those are non-inflation adjusted dollars. Also, [insert my usual disclaimer on the Federal government debt being the single most misunderstood element of modern economics].

:facepalm: Really? Harding did nothing? Reagan did nothing?

Whoever authord that (no, I can't be bothered to google it) is either negligently ignorant or intentionally disingenuous.

It's in the quote:


Where's President Harding when you need him?
Thomas Sowell on how '20s leader saw economy rebound – by doing nothing

charts/graphs/images easily found on google don't lie.

taking advantage
 

http://freebeacon.com/chinese-genera...re-for-combat/

Ever notice how the Chinese, the Russians, various dictators and most recently Al Qaeda take advantage of world unrest in order to press their agenda? Should we be taking notes?

Thomas Sowell would be my hero, if I weren't Conservative and therefore racist.

redistribution
 

"...I actually do believe in redistribution..."

Barak Obama

I never would have guessed.

Either it can't be understood by anyone but Jack (even experts), or....well, that's just it. :giggle:

Because a person uses it to manipulate popular opinion or politicizes to rile up the masses does not mean they don't understand it. :idea:

Look at all the people (Buffet, Greenspan, etc) that came out after the debt downgrade and explained how ridiculous the idea of a US govt insolvency was.

You say Buffett, I hear "collusion". So in summary, you can find supporting evidence in graphical and quote form on the internet to support ANY premise you might have.

Once that's established, good old common sense seems to take over...

You keep trying to use middle school math to understand the financial accounting of various national monetary systems and let me know how well that works out for you. You can keep all those fear-mongering newsletter writers* company while you wait around for the mythical bond vigilantes, money multiplier and American collapse into hyperinflation.


Meanwhile, I'll keep making money using a proper understanding of reality based on the research and writings of the guys that have gotten almost every major economic call of the past 25 years correct. :party:


*Fun fact: many of those same newsletters that have been predicting imminent hyperinflation and global stock market collapse for the past 4 years have not raised their dollar-denominated prices.

When you consider home and wage devaluation on one side, and gas & food, insurance and medical costs rising on the other, I'd say it feels like inflation.

My point about your fancy formulas and fiat currency is that at the core if there is no confidence in the people behind the currency, there will be no value to the currency. Hamilton knew this, and you do too Scrappy.

Oh. Yes, if we are pivoting from "people misunderstand the Federal government sector debt" to "currency has an element of social contract" and also "there has been some inflation," then we are on the same page as I agree with both. :)

And, because this is a picture thread:

Link for full size

http://www.ritholtz.com/blog/wp-cont...9/income-1.png

And just in case you are too lazy to even look at a picture (like those damn 47%ers) here is the above chart in video form.

I dont see the problem with it...Im sure the ones with the lowest income take advantage of more state programs than the rest.

plus, the difference is only a couple %...which im sure is the difference of 20-30$ a year?

You're called "Scrappy" because you just like a good fight, right? :)

If Big Ben is firing up the printing presses in order to fund QE3, then our monetary policy has a direct correlation to debt. My concern is if the debt bubble unwinds--which is a very real possibility--then everything we've discussed will happen.

Can bubbles unwind? Spools can unwind, but I'm not sure about bubbles.

No really though...what would the bubble "unwinding" entail?

islam = peace.

France to close embassies in fear of cartoon backlash - FRANCE - FRANCE 24

You no like my mixed metaphors? :)

hey look, a tax on the middle class.

CBO raises estimate of those hit by Obama health care tax - Washington Times