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Title: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom] Post by: Aske on May 29, 2008, 11:11:47 AM http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm
[sm_shock] Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: stroh on May 29, 2008, 11:19:01 AM You really expect me to read that big long *fudge*er with only one little picture?
Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: Aske on May 29, 2008, 11:23:12 AM You really expect me to read that big long *fudge*er with only one little picture? yup Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom] Post by: gleek on May 29, 2008, 09:22:49 PM You really expect me to read that big long *fudge*er with only one little picture? I'll paraphrase for you: Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: Clive on May 30, 2008, 06:11:48 AM Quote No combination of tax hikes and spending cuts, though, will change the total burden borne by current and future generations. For the existing unfunded liabilities to be covered in the end, someone must pay $99.2 trillion more or receive $99.2 trillion less than they have been currently promised. This is a cold, hard fact. The decision we must make is whether to shoulder a substantial portion of that burden today or compel future generations to bear its full weight. Politely, even a decade-long redux of the Great Depression seems like less overall fiscal pain than the Armageddon-esque fiscal asteroid hurtling toward us.Now that you are all thoroughly depressed, let me come back to monetary policy and the Fed. It is only natural to cast about for a solution—any solution—to avoid the fiscal pain we know is necessary because we succumbed to complacency and put off dealing with this looming fiscal disaster. Throughout history, many nations, when confronted by sizable debts they were unable or unwilling to repay, have seized upon an apparently painless solution to this dilemma: monetization. Just have the monetary authority run cash off the printing presses until the debt is repaid, the story goes, then promise to be responsible from that point on and hope your sins will be forgiven by God and Milton Friedman and everyone else. We know from centuries of evidence in countless economies, from ancient Rome to today’s Zimbabwe, that running the printing press to pay off today’s bills leads to much worse problems later on. The inflation that results from the flood of money into the economy turns out to be far worse than the fiscal pain those countries hoped to avoid. Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom] Post by: gleek on May 30, 2008, 07:15:25 AM A war got this country OUT of the Great Depression. What's left to get this country out of its current funk?
Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: spacey on May 30, 2008, 08:53:58 AM A war got this country OUT of the Great Depression. What's left to get this country out of its current funk? Abortions for some, little American flags for the rest. (http://www.hyperborea.org/journal/wp-content/uploads/2006/09/kang-kodos.jpg) Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: birdymaker on May 30, 2008, 09:19:54 AM A war got this country OUT of the Great Depression. What's left to get this country out of its current funk? currently their banking on iran. Title: Re: too bad we dont hear stuff like this on the nightly news [ECON Doom n Gloom Post by: stroh on May 30, 2008, 09:31:53 AM A war got this country OUT of the Great Depression. What's left to get this country out of its current funk? currently their banking on iran. That beats banking with Iraq. (http://news.yahoo.com/s/ap/20080529/ap_on_re_mi_ea/iraq_conference;_ylt=ApwTv1NHNHySxu0latD2tzILewgF) |